After a fourth quarter production report, Morgan Stanley notes the Western Flank production decline continues though the overall valuation is beginning to look attractive, at an around -30% discount to valuation.

Revenue for the quarter was $421m versus the broker's estimate of $415m, and management guided to FY21 earnings (EBITDA) at the top-end of its previous guidance of $850 - $900m, in-line with expectations.

Equal-weight retained. Target is $1.50. Industry view: Attractive.

Sector: Energy.

Target price is $1.51.Current Price is $1.21. Difference: $0.30 - (brackets indicate current price is over target). If BPT meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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