STO shares remain heavily discounted, given superior free cash flow. Barossa project progression, completion of PNG selldown, and the potential merger proposal from WDS are all positive catalysts.
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We expect STO to report a solid 4Q on 25th January and we look to buy STO on the current dip in price.
![](https://d2cbr21qzf932u.cloudfront.net/wp-content/uploads/2024/01/STO-1024x532.png)