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Undervalued
Morningstar Quantitative Rating as of 5 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 1.41 Fair value 2.00 One-star price 2.84
Morningstar Quantitative Rating as of 5 NOV 2026.
Morningstar Quantitative Rating as of 5 NOV 2026. The slider runs from the five-star price (1.41) to the one-star price (2.84).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 0.90 |
| Price - 12 month high | 1.34 |
| Price - 12 month low | 0.81 |
| Pricing date | 5 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 8.72 |
| Market capitalization | 2,053.20 |
| 12 Month High price date | 31 MAR 2026 |
| 12 Month Low price date | 29 SEP 2026 |
| Volume - avg. trading volume for the last 3 months | 10.77 |
| Price - 1 Day % Change | -1.10% |
| Price - 13 week price percent change | 1.12% |
| Price - 26 week price percent change | -22.41% |
| Price - 5 Day % Change | -3.23% |
| Price - 52 week price percent change | -27.42% |
| Price - YTD price percent change | -23.40% |
| Price % Change Month To Date | 6.51% |
| EPS excluding extraordinary items - most recent fiscal year | 0.123 |
| EPS excluding extraordinary items - trailing 12 month | 0.123 |
| EPS Normalized - most recent fiscal year | 0.155 |
| Revenue/share - most recent fiscal year | 0.841 |
| Revenue/share - trailing 12 month | 0.841 |
| Book value per share - most recent fiscal year | 1.435 |
| Book value per share - most recent half-year | 1.435 |
| Book value (tangible) per share - most recent fiscal year | 1.432 |
| Book value (tangible) per share - most recent half-year | 1.432 |
| Cash per share - most recent fiscal year | 0.093 |
| Cash per share - most recent half-year | 0.093 |
| Cash Flow per share - most recent fiscal year | 0.390 |
| Cash Flow per share - trailing 12 month | 0.390 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.030 |
| EBITD per share - trailing 12 month | 0.378 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.123 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.123 |
| EPS including extraordinary items - most recent fiscal year | 0.123 |
| EPS including extraordinary items - trailing 12 month | 0.123 |
| Free Cash Flow per share - trailing 12 month | 0.068 |
| P/E excluding extraordinary items, most recent fiscal year | 7.31 |
| P/E Normalized, most recent fiscal year | 5.79 |
| Price to sales - most recent fiscal year | 1.07 |
| Price to Tangible Book - most fiscal year | 0.63 |
| Price to Free Cash Flow per Share - most recent fiscal year | 13.22 |
| Price to Cash Flow per share - trailing 12 month | 2.31 |
| Price to Book - most recent fiscal year | 0.63 |
| P/E excluding extraordinary items high, trailing 12 months | 7.79 |
| P/E excluding extraordinary items low, trailing 12 months | 6.70 |
| Net Debt, LFI | 470.50 |
| Net Debt, LFY | 419.30 |
| Dividend Yield - 5 Year Average | 2.32% |
| Dividend Yield - indicated annual dividend divided by closing price | 3.26% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 3.33% |
| Free Cash Flow - most recent fiscal year | 155.50 |
| LT debt/equity - most recent fiscal year | 18.94% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 19.31% |
| LT debt/equity - most recent half-year | 21.99% |
| Total debt/total equity - most recent half-year | 22.27% |
| Free Cash Flow - trailing 12 month | 155.50 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 1,921.20 |
| Revenue - trailing 12 month | 1,921.20 |
| EBITD - most recent fiscal year | 863.40 |
| EBITD - trailing 12 month | 863.40 |
| Earnings before taxes - most recent fiscal year | 402.70 |
| Earnings before taxes - trailing 12 month | 402.70 |
| Net Income available to common - most recent fiscal year | 281.40 |
| Net Income available to common - trailing 12 months | 281.40 |
| Earnings before taxes Normalized - most recent fiscal year | 405.20 |
| Net Income Available to Common, Normalized - most recent fiscal year | 354.80 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.16 |
| Net Profit Margin % - 1st historical fiscal year | 14.65% |
| Net Profit Margin % - trailing 12 month | 14.65% |
| Operating margin - 1st historical fiscal year | 20.93% |
| Operating margin - trailing 12 month | 20.93% |
| Pretax margin - trailing 12 month | 20.96% |
| Pretax margin - 1st historical fiscal year | 20.96% |
| Operating Margin - 5 year average | 20.09% |
| Pretax Margin - 5 year average | 11.33% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 14.53% |
| Free Operating Cash Flow/Revenue, TTM | 8.09% |
| Net Profit Margin - 5 year average | 7.81% |
| Return on average assets - most recent fiscal year | 5.24% |
| Return on average assets - trailing 12 month | 5.24% |
| Return on average equity - most recent fiscal year | 8.79% |
| Return on average equity - trailing 12 month | 8.79% |
| Return on average assets - 5 year average | 2.89% |
| Return on average equity - 5 year average | 4.21% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 4.80% |
| EPS growth rate, 5 year | -2.34% |
| Growth rate% - dividend, 3 year | 32.64% |
| Revenue/share (5 yr growth) | 4.78% |
| Growth rate% - Revenue, 3 year | 5.92% |
| Growth rate% - EPS, 3 year | -11.16% |
| Book value per share growth rate, 5 year | 1.18% |
| Capital Spending growth rate, 5 year | 1.74% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 13.76% |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | 2029 | |||||
| Estimate breakdown | ||||||||
Financials (AUD, millions)
| Period end: | JUN 22 | JUN 23 | JUN 24 | JUN 25 | JUN 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
Energy stocks have lagged the move in oil prices, and the reason comes down to how the market prices future earnings. The Iran conflict and disruption to Persian Gulf supply drove a sharp spike in near-term oil prices—a clear windfall for producers, but longer-dated futures moved less aggressively, even though they did rise.
BPT has fallen over 17% in 2025, putting its performance between STO and WDS. This month's 3rd quarter revenue numbers beat estimates, but construction delays at the company's Waitsia plant in WA narrowed production guidance, and a higher capital expenditure illustrated diminishing free cash flow (FCF).
BPT has found some love in the last two months after delivering reasonable production updates in mid-October. It was important for the company to rekindle some confidence with analysts after their massive downgrade to reserves in August. We don’t regard BPT as a quality business that we want to own, but it is a high beta play on the oil price. If/when oil bounces, BPT is likely to outperform both WDS and STO.
BPT has declined 20% year-to-date, handing the wooden spoon to Woodside in the majors so far in 2024. In June, BPT announced plans to diversify into gas power generation and storage as part of a far-reaching turnaround strategy, but they followed up this fresh outlook in August with a significant downgrade to reserves at its Enterprise natural gas field by a whopping 34%, taking the overall group reserves down by ~20%– hence we are in no hurry with BPT. We have consistently highlighted the challenging nature of BPT’s assets, and they continue to validate these concerns.
BPT’s new boss, Brett Woods, intends to diversify the oil & gas producer into gas power generation and storage as part of a far-reaching turnaround strategy, but since the bold announcement in June, the stock has fallen over 27%.
BPT fell 4.25% on Wednesday following downgrades from Macquarie, Jarden, and Citi—a painful trifecta for the oil and gas company after it presented its Strategic Review and plan to become Australia's leading domestic energy company on Tuesday.
BPT -15.04%: the gas company announced the 3rd delay and cost increase to stage 2 of their Waitsia joint venture that was due to come on in just a few months. Capex expectations have been increased by $150m, or ~30%, just 1Q out from when the market was pricing in first production.
BPT popped +3.3% yesterday to a 52-week high after announcing a 1H underlying profit of $172.7. The numbers were weaker for production, leading to the winding back of full-year guidance, but it had a good 6-months in terms of earnings. They also announced the freezing of projects in a turnaround bid – the news was welcomed with upgrades from Citi, Macquarie and RBC.
BPT is the junior player compared to STO and WDS. We see no reason to consider BPT given the challenging nature of their assets. With BPT, capex risks are also an issue, although it does look set to increase its free cash flow (FCF) over the next year.
BPT rallied +6.9% yesterday making it the best-performing stock on the main board as it played catch up to the recently strong Energy Sector.
MM is neutral towards BPT
MM is neutral towards BPT
MM is neutral towards BPT
MM is neutral towards BPT
MM is neutral at best towards BPT
MM is neutral at best towards BPT
MM is neutral BPT
MM is cautiously optimistic towards BPT
MM is neutral towards BPT ~$1.50
MM is bullish toward BPT
Beach produces oil, gas, and gas liquids from numerous joint ventures in the onshore Cooper and Eromanga basins. Beach merged with Cooper Basin joint-venture partner Drillsearch Energy Limited in 2016, which increased equity production to about 10 million barrels of oil equivalent. This more than doubled to over 20 million barrels of oil equivalent following the successful purchase of Lattice from Origin Energy in 2018. The average field life is around seven years based on forecast production and 173 mmboe of proven and probable reserves. We credit less than 15 years, assuming some additional conversion of 2C contingent resources into the reserve category with drilling. Shale gas resources are blue-sky.
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