We have lowered our Pason target price to $24.00/share from $27.50/share to reflect the reduction in our estimates. We are maintaining an
Outperform ranking as we believe the projected return of 27% is attractive on a risk adjusted basis. We have lowered our 2015e EBITDAS to $96 mm (prior: $101 mm) and 2016e EBITDAS to $112 mm (prior: $131 mm) to try and reflect potential risks of a weaker-than-expected North American rig count recovery in 2H15e and 2016e.
12 Aug 2015
Pason Systems Inc. (PSI) 2Q15 Results In Line, Lowering Target Price to $24.00/share
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Pason Systems Inc. (PSI) 2Q15 Results In Line, Lowering Target Price to $24.00/share
Pason Systems Inc. (PSI:TSE) | 0 0 -0.1% | Mkt Cap: 1,477m
- Published:
12 Aug 2015 -
Author:
Ian B. Gillies -
Pages:
5
We have lowered our Pason target price to $24.00/share from $27.50/share to reflect the reduction in our estimates. We are maintaining an
Outperform ranking as we believe the projected return of 27% is attractive on a risk adjusted basis. We have lowered our 2015e EBITDAS to $96 mm (prior: $101 mm) and 2016e EBITDAS to $112 mm (prior: $131 mm) to try and reflect potential risks of a weaker-than-expected North American rig count recovery in 2H15e and 2016e.