I don't really much care how analysts value a company. From my experience they are terrible at it. I value a company based on assets that have or could produce future revenue. Next to actual oil and gas reserves seismic data is the most valuable asset oil companies have. It is intellectual property, it is highly valued within the industry and it is an essential element of oil exploration.
I will give you yet another example. Remember when Anadarko sued Jim Spear and almost sued HDY because they were in possesion of some of Anakarko's proprietary seismic information? You think Anadarko sued because they thought that info had no value? HDY wasn't trying to sell it or anything. It wasn't even in an area where HDY had any acreage. Merely having it was enough to get them riled up and fighting mad. Whether you believe it or not, seismic information is a valuable asset to oil companies and it is an asset they will fight to protect at any cost. I will continue to use it my valuation. I don't really care if others do or not. If they don't it is probably becuase they fail to understand its value.