PEYUF - Peyto Exploration & Development: Low-Cost Natural Gas Producer Trading At Attractive Valuations

• Peyto Exploration & Development is a very low-cost natural gas producer in Canada.
• The company's 2022 FCF is set to increase nearly 3x from 2021, with continued production growth.
• Equity is trading at ~4x 2022 FCF, and FCF is expected to continue increasing under the current forward curve.
• Leverage profile is improving, with <1x Debt/ EBITDA expected by YE 2022 compared with a leverage of 2.5x at 3Q 2021.
• The Peyto stock offers a ~6% dividend yield while you wait, plus a strong likelihood of increased capital returns to shareholders in the next 1-2 years.

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