Ensign reported 2Q15 EBITDAS of $70 mm, well above our forecast of $48 mm due to lower R&M spending and a one-time payment of $5
mm related to an International contract cancellation. We have increased our 2015e EBITDAS by 13% to $342 mm due to the incorporation of 2Q15 results and modestly increased margin assumptions for 2H15e. In 2016e, our EBITDAS forecast has been increased by 6% to $384 mm due to higher margin assumptions.
05 Aug 2015
Ensign Energy Services Inc. (ESI) 2Q15 EBITDAS Margins Above Expectations
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Ensign Energy Services Inc. (ESI) 2Q15 EBITDAS Margins Above Expectations
Ensign Energy Services Inc. (ESI:TSE) | 0 0 (-1.6%) | Mkt Cap: 1,063m
- Published:
05 Aug 2015 -
Author:
Ian B. Gillies -
Pages:
5
Ensign reported 2Q15 EBITDAS of $70 mm, well above our forecast of $48 mm due to lower R&M spending and a one-time payment of $5
mm related to an International contract cancellation. We have increased our 2015e EBITDAS by 13% to $342 mm due to the incorporation of 2Q15 results and modestly increased margin assumptions for 2H15e. In 2016e, our EBITDAS forecast has been increased by 6% to $384 mm due to higher margin assumptions.