Amplitude Energy (ASX:AEL) shares are currently pricing in a "very conservative" portion of the East Coast Supply Project, according to a Thursday Euroz Hartleys note.
The company reported in a late Wednesday Australian bourse filing production of 7 petajoules equivalent (PJe) and sales volume of 6.9 PJe for the second quarter ended Dec. 31, 2025.
The research firm added that the company is trading cheaply at about 1.7 times the enterprise value relative to earnings before interest, tax, depreciation, and amortization on a ramped-up basis, offering an "attractive" near-term major growth project that is fully funded.
Upcoming drilling is a major catalyst aiming to grow production and cash flow, increasing mergers and acquisitions appeal on success, said Euroz Hartleys.
Euroz Hartleys maintained a buy rating on Amplitude Energy and increased its price target to AU$4.43 from AU$4.40.
Amplitude Energy's shares rose 4% in recent Friday trade and earlier hit their highest since June 2022.
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