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  "documentTitle": "Hess Corporation (HES)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Management",
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  "presentationDate": "2013-04-15 00:00:00",
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  "notes": "Uses a comparison table to show valuation discrepancies and a Venn-style diagram to show analyst coverage overlap.",
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      "text": "Penalty #2: Hess given lower multiple than peers due in part to higher capital intensity and cash flow gap (partially caused by Bakken build-out)",
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      "text": "Bakken Operators: NAV-based valuation; Focus on acreage value sees through initial capital intensity; Only 2 Hess analysts cover other Bakken operators.",
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      "text": "Hess is penalized twice: Multiple-based valuation undervalues Bakken; Hess given lower multiple than peers due in part to higher capital intensity and cash flow gap.",
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      "text": "Large-cap Internationals: heavy reliance on multiple-based valuation; Perceived risk of FCF gap and capital intensity reduce multiple; 20 of 22 Hess analysts cover large cap internationals.",
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      "text": "2012E EBITDA Multiple: 3.0x",
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      "text": "Sources: Bloomberg, Cap IQ, Company Filings. Notes 1-7.",
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      "text": "Comparison table of 2012E EBITDAX Multiple, Capital Intensity, FCF Gap, and Net Asset Value across Bakken Operators, Large Cap Int'l, and Hess.",
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      "kind": "title",
      "text": "We Think It Makes Sense Because... Current Portfolio Mix Undervalued and Penalized by Analysts",
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