Talisman Energy (TLM:TO; C$8.84--Dec. 16; Sector Perform; PT: C$9.33)Acquisition by Repsol S.A. The transaction implies ~$33,000 per flowing BOE, ~$12.00 per P+P BOE (incl. FDC), ~8.5 times our forecast 2015 DACF, ~9.7 times our forecast 2016 DACF, and compares to our risked PAV of $5.58 per share at current strip prices. At current strip prices of WTI ~US$60.00/B and WTI~US$63.50/B in 2015 and 2016 respectively, we forecast D/CF increasing from 2.6 times in 2014......
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