Independents: themes from 2012 full-year results

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Report summary

We analyse eight themes from the Independents' Q4 2012 results statements.

What's included

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  • Document

    Independents: themes from 2012 full-year results

    PDF 334.87 KB

Table of contents

  • Overview

Tables and charts

This report includes 4 images and tables including:


  • Investment increased by 18% in 2012, but is expected to flat-line in 2013
  • 2012 was a positive year for production growth, with some stellar performances
  • Overall leverage was up year-on-year
  • Many Independents are trading at big discounts to our base-case commercial valuation

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