Premier Oil (PMOIF, PMOIY), the London Stock Exchange-listed exploration & production company, currently trades at only ~0.7x P/B and ~3x EV/EBITDA. This level may seem attractive for value investors who seek underappreciated companies with a decent strategy, reasonable governance, and a possible turnaround in the short term. One of the culprits of low trading multiples is April-August 2019 sell-off. For broader context, since August 2018, the FTSE 250 constituent's market capitalization plummeted from ~$1 billion to ~$621 million. The primary downside catalyst was Brent price volatility, which arose from the global demand