HNL’s 1Q16 EBITDAS of $13 mm surpassed our estimate of $11 mm, primarily lifted by a strong beat in the Camps and Catering division. We have left our 2016e and 2017e estimates relatively unchanged despite the estimate beat as we believe utilization will pull back in upcoming quarters. Horizon North has positioned itself to wait out the current environment. Net debt exiting the quarter was $70 mm which we have falling to $37 mm at year-end 2016e, and the Company has a manageable net debt/EBITDAS ....
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1Q16 Results
- Published:
06 May 2016 -
Author:
Ian B. Gillies -
Pages:
5
HNL’s 1Q16 EBITDAS of $13 mm surpassed our estimate of $11 mm, primarily lifted by a strong beat in the Camps and Catering division. We have left our 2016e and 2017e estimates relatively unchanged despite the estimate beat as we believe utilization will pull back in upcoming quarters. Horizon North has positioned itself to wait out the current environment. Net debt exiting the quarter was $70 mm which we have falling to $37 mm at year-end 2016e, and the Company has a manageable net debt/EBITDAS ....