PHX posted 4Q15 adjusted EBITDAS (bank defined EBITDAS) of $10.9 mm, significantly higher than our forecast of $3.5 mm. Cost savings were much stronger than anticipated for both COGS and SG&A. We have increased our 2016e EBITDAS to $16 mm from $9 mm, to reflect expected cost savings. In 2017e, we have increased our EBITDAS to $30 mm from $23 mm. The 2017 trading multiples are 2.6x EV/EBITDAS and 0.4x Price/Book. PHX has eliminated its dividend, which we believe was widely expected. Additionally, ....
25 Feb 2016
Upgrading to Outperform Post Strong 4Q15 Results
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Upgrading to Outperform Post Strong 4Q15 Results
PHX Energy Services Corp. (PHX:TSE) | 0 0 2.3% | Mkt Cap: 130.8m
- Published:
25 Feb 2016 -
Author:
Ian B. Gillies -
Pages:
7
PHX posted 4Q15 adjusted EBITDAS (bank defined EBITDAS) of $10.9 mm, significantly higher than our forecast of $3.5 mm. Cost savings were much stronger than anticipated for both COGS and SG&A. We have increased our 2016e EBITDAS to $16 mm from $9 mm, to reflect expected cost savings. In 2017e, we have increased our EBITDAS to $30 mm from $23 mm. The 2017 trading multiples are 2.6x EV/EBITDAS and 0.4x Price/Book. PHX has eliminated its dividend, which we believe was widely expected. Additionally, ....