Cathedral’s 2Q15 was largely in line with our expectations as the Company continues to take proactive steps to right size its business for expected activity. Pricing for directional drilling in Canada and the U.S. is expected to be lower than our previous expectations, which has resulted in us lowering our forecast. We are now forecasting 2015e EBITDAS of $11 mm (prior: $14 mm) and 2016e EBITDAS of $13 mm (prior: $18 mm). We are retaining our 0.8x P/Book valuation multiple which results in a red ....
