Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Event-Driven

<ul><li>Woodside Petroleum proposes an all scrip merger with Oil Search via scheme of arrangement.</li><li>Oil Search shareholders will receive one Woodside share for every four shares held.</li><li>The proposal equates to a 14% premium for Oil Search holders based on the immediate pre-announcement share prices of AUD 30.60 for Woodside and AUD 6.75 for Oil Search.</li><li>Oil Search shareholders would own 32% of the combined entity. Our fair values are under review pending a change to our oil price forecasts, but we would expect approximately 35% accretion to Oil Search's fair value based on prior estimates.</li><li>This is a good deal for Oil Search chiefly because it ignores PNG sovereign risk.</li><li>On a proven and probable reserves basis, the transaction enterprise value of approximately USD 20 per barrel of oil equivalent for Oil Search is almost double Woodside's sub-USD 12 position.</li></ul>Analyst: Mark TaylorSector Head: Mathew HodgeFull report below the fold....

Woodside Petroleum proposes an all scrip merger with Oil Search via scheme of arrangement.Oil Search shareholders will receive one Woodside share for every four shares held.The proposal equates to a 14% premium for Oil Search holders based on the immediate pre-announcement share prices of AUD 30.60 for Woodside and AUD 6.75 for Oil Search.Oil Search shareholders would own 32% of the combined entity. Our fair values are under review pending a change to our oil price forecasts, but we would expect approximately 35% accretion to Oil Search's fair value based on prior estimates.This is a good deal for Oil Search chiefly because it ignores PNG sovereign risk.On a proven and probable reserves basis, the transaction enterprise value of approximately USD 20 per barrel of oil equivalent for Oil Search is almost double Woodside's sub-USD 12 position.Analyst: Mark TaylorSector Head: Mathew HodgeFull report below the fold....

Woodside Puts Merger Proposal to Oil Search, Value Accretive for Oil Search

Founder Evidente. Top rated quantitative analyst, Evidente

Sam Ferraro

Founder Evidente. Top rated quantitative analyst

Evidente

Evidente is an independent financial education firm that delivers innovative financial advice to wholesale investors, including active long only funds, hedge funds, pension funds, and sovereign wealth funds, in Australia and globally.  Drawing on academic research in asset pricing, behavioural finance and portfolio construction, Evidente provides wholesale investors with commercial solutions to stock selection and asset allocation decisions across equities and other asset classes.

Thematic (Sector/Industry)

<ul><li>Most active funds tout their ability to discriminate between good and poor quality management, and accordingly weight their portfolios towards businesses that they consider to be well managed.&nbsp; In the past decade, portfolio managers have also boasted of their ability to identify and invest in companies that score strongly across environment, governance and social (ESG) dimensions.</li></ul><ul><li>In the second instalment of Evidente's Dissecting Quality series, I show that management quality and corporate governance matter more for complex companies, where shareholders face high monitoring costs. To that end, I develop a systematic model of complexity and agency costs for the ASX200 based on eight company specific factors.</li><li>Some of the industrials that make up the top 20 complex stocks include: Qantas, Amcor, Computershare, Seek and Brambles. Investors can use the model to integrate their assessments of company management and corporate governance. In particular, investors should avoid complex stocks that score poorly across management quality and governance practices.</li></ul>

Most active funds tout their ability to discriminate between good and poor quality management, and accordingly weight their portfolios towards businesses that they consider to be well managed.&nbsp; In the past decade, portfolio managers have also boasted of their ability to identify and invest in companies that score strongly across environment, governance and social (ESG) dimensions.In the second instalment of Evidente's Dissecting Quality series, I show that management quality and corporate governance matter more for complex companies, where shareholders face high monitoring costs. To that end, I develop a systematic model of complexity and agency costs for the ASX200 based on eight company specific factors.Some of the industrials that make up the top 20 complex stocks include: Qantas, Amcor, Computershare, Seek and Brambles. Investors can use the model to integrate their assessments of company management and corporate governance. In particular, investors should avoid complex stocks that score poorly across management quality and governance practices.

Dissecting Quality: When Does Management Quality and Corporate Governance Matter Most?

Australia

Oil Search Limited explores for and produces gas and oil through operations in Papua New Guinea.  The Company's activities are located in the Papuan Highlands which include the Kutubu, Hides, and Gobe oil and gas projects.

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Oil Search Ltd (OSH AU)

Woodside Puts Merger Proposal to Oil Search, Value Accretive for Oil Search

Woodside Petroleum proposes an all scrip merger with Oil Search via scheme of arrangement. Oil Search shareholders will receive one Woodside share...

Morningstar, Inc.

Dissecting Quality: When Does Management Quality and Corporate Governance Matter Most?

Most active funds tout their ability to discriminate between good and poor quality management, and accordingly weight their portfolios towards...

Sam Ferraro

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