Secure reported 4Q15 EBITDAS of $32 mm, above our es mate of $30 mm. The Company’s cost control ini a ves were par cularly impressive as EBITDAS margins of 25% surpassed our es mate of 23%. The Company has announced a 2016e capital plan of $50 mm. The capital will be used to build a full service terminal at Kakwa; a land ll expansion; two disposal wells; and addi onal tanks and risers. Roughly $10 mm has been allocated to maintenance capex. We have le our 2016e EBITDAS unchanged at $106 mm as l ....
02 Mar 2016
Reiterating Top Pick Rating after Strong 4Q15
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Reiterating Top Pick Rating after Strong 4Q15
Secure Energy Services Inc. (SES:TSE) | 0 0 (-1.3%) | Mkt Cap: 1,294m
- Published:
02 Mar 2016 -
Author:
Ian B. Gillies -
Pages:
9
Secure reported 4Q15 EBITDAS of $32 mm, above our es mate of $30 mm. The Company’s cost control ini a ves were par cularly impressive as EBITDAS margins of 25% surpassed our es mate of 23%. The Company has announced a 2016e capital plan of $50 mm. The capital will be used to build a full service terminal at Kakwa; a land ll expansion; two disposal wells; and addi onal tanks and risers. Roughly $10 mm has been allocated to maintenance capex. We have le our 2016e EBITDAS unchanged at $106 mm as l ....