Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on TIDEWATER MIDSTREAM AND INFR. We currently have 16 research reports from 1 professional analysts.
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TIDEWATER MIDSTREAM AND INFR
TIDEWATER MIDSTREAM AND INFR
2Q16 Results In Line; Fills BRC Gas Plant, Purchases New Facility For $11 mm
16 Aug 16
Tidewater Midstream and Infrastructure Ltd. announced 2Q16 results in line with expectations with adjusted EBITDA of $9.3 mm (FCC $9.4 mm, street $10 mm). The Company purchased the Acheson gas plant west of Edmonton for $11 mm; the property includes land where Tidewater intends to build a rail loading facility. Tidewater’s Brazeau River Complex (BRC facility) has contracted out its remaining capacity from 4Q16 to 4Q18.
06 Jul 16
We are revising our estimates to reflect the impact of weaker market conditions at the BRC; FY2016e EBITDA is now $41 mm, down from $48 mm.The mild winter and seasonality of the propane business has also driven us to reduce our 2Q16 and 3Q16 EBITDA forecast.Management expects truck rack revenue to increase in 4Q16 due to efforts to increase delivery of C5 and possible expansion into other products.With these changes we have lowered our 12-month target price to $1.75/share. We maintain our Outperform ranking.
Reports 1Q16 Results
31 May 16
Tidewater’s 1Q16 results were in line with market and FirstEnergy expectations. Volumes at Tidewater’s flagship Brazeau River gas plant were off 5% y/y. The Company revealed it intends to spend $85-$125 mm by YE2017 on projects that the Company anticipates could generate $20-$30 mm in annual EBITDA; Tidewater will announce more detail on its spending plans in August with its 2Q16 results. With the capital program under consideration, Tidewater is looking at building fractionation, rail and pipeline assets as well as reactivating existing assets After 1Q16, Tidewater also purchased another group of assets for $10.8 mm plus a net profit interest of up to $3 mm.
REPORTS 1Q16 RESULTS
26 May 16
With 1Q16 results coming in as expected, we believe attention will turn to Tidewater's potential capital investment program. As described, Tidewater expects to invest capital at anywhere from 2.8x-6.3x EBITDA. The lower number reflects the potential capital returns associated with reactivating existing assets, while the higher number is a good run rate number for new build investment.
Releases 4Q15 Results; Adj. EBITDA of $7.1 mm (FCC: $7.1 mm)
31 Mar 16
Tidewater reported an adjusted EBITDA of $7.1 mm, aligned with FirstEnergy’s estimate of $7.1 mm and slightly below consensus of $7.2 mm. During the quarter, Tidewater was involved in the acquisition of interests in three additional gas processing plants for $12 mm and a 100% WI in the 33 mmcf/d Seal Gas Plant for ~$17 mm. Subsequent to the end of 4Q15, Tidewater announced the acquisition of a 100% WI in three deep cut gas processing facilities with a combined 142 mmcf per day of capacity, and a deal acquiring 102 mmcf/d of new gas processing throughput for $87 mm. We maintain our 12-month target price of $2.00/share and our Outperform ranking.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Time to go over weight
24 Feb 17
We believe equity investors are taking an unnecessarily cautious stance on the construction sector. Forward looking indicators (e.g. consumer confidence, construction PMIs and housing starts) point to a stable market and recent sales LFL are particularly encouraging (e.g. Marshalls). Near term margins may suffer temporary distortions as inflationary pressures build. However, history has shown that modest input cost inflation is actually a positive for earnings growth in the sector. Therefore, as we move into 2018, margin trends are likely to surprise on the upside.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced