Karoon Energy Ltd is an Australia-based oil and gas exploration and production company that has enjoyed the strong performance across most of the Energy Sector i.e. KAR is up +20% in 2022. This $1.1bn business doesn’t yet pay a dividend but it does feel unsustainably cheap trading on a P/E of 2.9x earnings for 2023 especially as it looks likely to remain FCF positive even at peak CAPEX, just as it did in 2022.
- We like this energy stock which looks and feels poised for a further +20% advance.
MM is bullish KAR targeting another test of $2.50
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