BTE Valuation

Baytex Energy Corp

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2.420

+0.15(6.608%)1D

BTE Relative Valuation

BTE's fair value is calculated using relative valuation, based on historical P/E and P/S ranges and their premiums/discounts relative to a competitor average, adjusted by weights. If the market price exceeds this fair value range, BTE is overvalued; if below, it's undervalued.

Historical Valuation

Baytex Energy Corp (BTE) is now in the Undervalued zone, suggesting that its current forward PS ratio of 3.39 is considered Undervalued compared with the five-year average of 4.29. The fair price of Baytex Energy Corp (BTE) is between 2.71 to 3.08 according to relative valuation methord. Compared to the current price of 2.42 USD , Baytex Energy Corp is Undervalued By 10.71%.

Relative Value

Fair Zone

2.71-3.08

Current Price：2.42

10.71%

Undervalued

12.28

Trailing

Forward

2.97

EV/EBITDA

Baytex Energy Corp. (BTE) has a current EV/EBITDA of 2.97. The 5-year average EV/EBITDA is 3.06. The thresholds are as follows: Strongly Undervalued below 1.70, Undervalued between 1.70 and 2.38, Fairly Valued between 3.73 and 2.38, Overvalued between 3.73 and 4.41, and Strongly Overvalued above 4.41. The current Forward EV/EBITDA of 2.97 falls within the Historic Trend Line -Fairly Valued range.

19.03

EV/EBIT

Baytex Energy Corp. (BTE) has a current EV/EBIT of 19.03. The 5-year average EV/EBIT is 21.54. The thresholds are as follows: Strongly Undervalued below -73.53, Undervalued between -73.53 and -25.99, Fairly Valued between 69.08 and -25.99, Overvalued between 69.08 and 116.61, and Strongly Overvalued above 116.61. The current Forward EV/EBIT of 19.03 falls within the Historic Trend Line -Fairly Valued range.

3.39

Baytex Energy Corp. (BTE) has a current PS of 3.39. The 5-year average PS is 0.92. The thresholds are as follows: Strongly Undervalued below 0.28, Undervalued between 0.28 and 0.60, Fairly Valued between 1.24 and 0.60, Overvalued between 1.24 and 1.56, and Strongly Overvalued above 1.56. The current Forward PS of 3.39 falls within the Strongly Overvalued range.

1.73

P/OCF

Baytex Energy Corp. (BTE) has a current P/OCF of 1.73. The 5-year average P/OCF is 1.95. The thresholds are as follows: Strongly Undervalued below 0.71, Undervalued between 0.71 and 1.33, Fairly Valued between 2.57 and 1.33, Overvalued between 2.57 and 3.19, and Strongly Overvalued above 3.19. The current Forward P/OCF of 1.73 falls within the Historic Trend Line -Fairly Valued range.

26.31

P/FCF

Baytex Energy Corp. (BTE) has a current P/FCF of 26.31. The 5-year average P/FCF is 5.15. The thresholds are as follows: Strongly Undervalued below -0.33, Undervalued between -0.33 and 2.41, Fairly Valued between 7.89 and 2.41, Overvalued between 7.89 and 10.63, and Strongly Overvalued above 10.63. The current Forward P/FCF of 26.31 falls within the Strongly Overvalued range.

Baytex Energy Corp (BTE) has a current Price-to-Book (P/B) ratio of 0.62. Compared to its 3-year average P/B ratio of 0.85 , the current P/B ratio is approximately -26.81% higher. Relative to its 5-year average P/B ratio of 1.04, the current P/B ratio is about -40.27% higher. Baytex Energy Corp (BTE) has a Forward Free Cash Flow (FCF) yield of approximately 16.12%. Compared to its 3-year average FCF yield of 14.62%, the current FCF yield is approximately 10.21% lower. Relative to its 5-year average FCF yield of 15.11% , the current FCF yield is about 6.63% lower.

0.62

P/B

Median3y

0.85

Median5y

1.04

16.12

FCF Yield

Median3y

14.62

Median5y

15.11

Competitors Valuation Multiple

The average P/S ratio for BTE's competitors is 14.45, providing a benchmark for relative valuation. Baytex Energy Corp Corp (BTE) exhibits a P/S ratio of 3.39, which is -76.51% above the industry average. Given its robust revenue growth of -12.27%, this premium appears unsustainable.

P/S

P/E

EV/EBITDA

EV/EBIT

P/S

Revenue Growth

Market Cap

Civitas Resources Inc

Mach Natural Resources LP

Performance Decomposition

Market capitalization of BTE decreased by 15.09% over the past 1 year. The primary factor behind the change was an increase in P/E Change from 6.99 to 12.40.

The secondary factor is the Revenue Growth, contributed -12.27%to the performance.

Overall, the performance of BTE in the past 1 year is driven by P/E Change. Which is more unsustainable.

-12.27%

850.82M → 746.42M

Revenue Growth

-80.34%

21.77 → 4.28

Margin Expansion

77.52%

6.99 → 12.40

P/E Change

-15.09%