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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.
The tide is turning
20 Apr 17
Any investor worth their salt knows it is impossible to precisely call a bottom in a particular stock. For Gattaca, though, we believe this moment has now passed given the compelling valuation (6.9x EV/EBIT vs 9.8x sector average), attractive 9.8% unlevered cashflow yield and constructive secular trends supporting its specialist markets. Sure, Net Fee Income (NFI) like-for-likes (LFL) have fallen of late, yet equally there are now early indications that organic growth may soon turn positive.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
19 Apr 17
Lombard Risk Management* (LRM): Beats demanding growth and profit forecasts (CORP) | Frontier Developments* (FDEV): Steaming ahead (CORP) | Tax Systems* (TAX): Right place, right time (CORP) | Acal (ACL): Stronger H2 and brighter outlook (BUY) | Fenner (FENR): Interim results signal upgrades (BUY) | Minds + Machines* (MMX): US and Europe domain sales (CORP)
Small Cap Breakfast
19 Apr 17
Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.