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Investing.com - Canaccord Genuity initiated coverage on Condor Energies Inc (TSX:CDR) with a Buy rating and a C$4.00 price target on Monday.
The research firm’s valuation applies a 0.8x multiple to its calculated current net asset value (C-NAV) for the energy company, which includes Condor’s upstream business operations in Uzbekistan and a discounted cash flow valuation of its modular LNG business in Kazakhstan.
Canaccord’s C$4.00 target represents a 2026 estimated EV/DACF multiple of 9.6x and a P/NAV of 0.6x for the company.
The firm noted potential upside beyond its current valuation could come from increases to Condor’s reserve book as it begins its drilling program in Uzbekistan.
Canaccord also mentioned that its analysis does not currently include Condor’s critical minerals projects in Kazakhstan, which could provide additional value opportunities.
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