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BTEGF - Think Of Baytex As A 'Real Option' On Commodity Prices With Speculative Appeal
Baytex Energy Corp
Modern valuation theory values equity of highly leveraged companies as a "real option" on the assets of the company with a strike price equal to the debt.
Baytex "debt" which includes all third party obligations on March 31, 2021, is about CAD$2.8 billion with a duration of about 3 years.
Valued as an option, Baytex equity is worth approximately CAD$3.70 per share.