Horizon North reported 3Q15 revenue of $82 mm, which was above our forecast of $77 mm. EBITDAS of $14.4 mm was in line with our forecast as was EPS of nil. We have reduced our estimates in 2016e to reflect a continued deterioration in revenue per day for large camps, which is partially offset by higher matting EBITDAS. Our new 2016e EBITDAS is $57 mm (prior: $64 mm), which corresponds to a 6.2x 2016e EV/EBITDAS multiple (5-year average: 6.5x).
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Upgrading to Market Perform
- Published:
30 Oct 2015 -
Author:
Ian B. Gillies -
Pages:
6
Horizon North reported 3Q15 revenue of $82 mm, which was above our forecast of $77 mm. EBITDAS of $14.4 mm was in line with our forecast as was EPS of nil. We have reduced our estimates in 2016e to reflect a continued deterioration in revenue per day for large camps, which is partially offset by higher matting EBITDAS. Our new 2016e EBITDAS is $57 mm (prior: $64 mm), which corresponds to a 6.2x 2016e EV/EBITDAS multiple (5-year average: 6.5x).