Bellatrix Exploration (BXE) – Analysis 2015-04-22

Great book value growth last couple of years. Price does not reflect that growth. Also, Seth Klarman at Baupost is buying at current prices. Certainly is reassuring for me.

What is this business worth?

Asset value:
60% upside on tangible book.
456% upside looking at the last 5 years growth of book.

Earnings power value:
41% downside looking at average 5yEPV.
12% upside looking at average 3yEPV.
109% upside looking at last 12 months EPV.

Disclosure: The author had a long position when this post/analysis was written.

BXE-2015-04-22BXE 2015-04-22

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