BAT Upside Comparisons with SYR and BSM, page-3

The peer comparison between the other undeveloped projects is an excellent angle to consider. Cheers.

As for the MC comparison, something continues to feel off about this. Not faulting the work, just the application. I've always found that 99% of the time when you're wondering if it's you or the market that's missing something, it's you. I'd be more inclined to trust the current SYR share price than the broker estimate. You should probably also strip it back to enterprise value, ie. subtract cash. Even then though, both SYR and BAT look good.