Trinidad is one of our top investment ideas in the FCC Oilfield Services (OFS) coverage universe given it is well situated to benefit from a recovery in the North American rig count, while being able to remain in compliance with its covenants. We have increased 2016e EBITDAS by 13% to $137 mm and 2017e EBITDAS by 7% to $129 mm. Trinidad has reiterated its 2016e capital program of $30 mm. We are forecasting 2016e and 2017e FCF of $56 mm in each year respectively, depicting a FCF yield of 12%.
