CEU reported 1Q15 EBITDAS of $39 mm, above our estimate of $34 mm as U.S. market share (10%) was stronger than expected. We have increased our revenue estimates in 2015e and 2016e, but our EBITDAS estimates are largely unchanged on lower margin assumptions. We continue to rank the Company as an Outperform with an $8.00/share target price. We continue to appreciate the company’s cash flow generation, low capital reinvestment requirements and revenue tied to production.
