Total has announced a modest preliminary 2016e capital budget of $12.1 mm, with the highlight being an already completed U.S. oilfield rentals acquisitions completed at trailing 1.4x EV/EBITDAS. Total’s current 2016e EV/EBITDAS is 9.4x. We would highlight that if Total could complete 6 more acquisitions at these metrics; it would be equivalent to ~$19 mm of EBITDAS, for a total investment of $27 mm. By comparison, Strad’s 2016e consensus EBITDAS is $20 mm, while the EV is currently $83 mm. Very ....
18 Jan 2016
Total Energy Services Inc. 2016 Capital Budget
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Total Energy Services Inc. 2016 Capital Budget
Total Energy Services Inc. (0S9F:LON) | 0 0 0.0% | Mkt Cap: 638.1m
- Published:
18 Jan 2016 -
Author:
Ian B. Gillies -
Pages:
4
Total has announced a modest preliminary 2016e capital budget of $12.1 mm, with the highlight being an already completed U.S. oilfield rentals acquisitions completed at trailing 1.4x EV/EBITDAS. Total’s current 2016e EV/EBITDAS is 9.4x. We would highlight that if Total could complete 6 more acquisitions at these metrics; it would be equivalent to ~$19 mm of EBITDAS, for a total investment of $27 mm. By comparison, Strad’s 2016e consensus EBITDAS is $20 mm, while the EV is currently $83 mm. Very ....