Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on GIBSON ENERGY INC. We currently have 24 research reports from 1 professional analysts.
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GIBSON ENERGY INC
GIBSON ENERGY INC
Announces 0.8 mmbbl of New Storage at Edmonton
07 Sep 16
Gibson has announced two new 400,000 bbl tanks at the Company’s Edmonton Terminal which are expected to be in service in 2Q18. This will take Gibsons’ total available storage capacity to 1.7 million barrels at Edmonton. Gibsons has also suggested its Logistics segment should see a modest improvement in 3Q16e. However, its Wholesale segment has been adversely impacted by adverse weather conditions, which means there will not be a material q/q improvement in 3Q16e. We have notched down 2016e EBITDA by 6% to $247 mm, 2017e EBITDA is unchanged at $381 mm and 2018e EBITDA has been increased by 4% to $412 mm.
IS GIBSON ENERGY (GEI) IN PLAY?
11 Aug 16
A news report in the Financial Post claimed that Gibson Energy was approached by Asia Pacific Private Equity of Singapore with an offer of $19.94/share. Neither Gibson nor Asia Pacific Private Equity confirmed the letter, but the specific identity of the bidder and share price quoted in the article lead us to believe that it is correct.
Reports 2Q16 Results; Adj. EBITDA $44 mm (FCC $46/Consensus $53 mm)
04 Aug 16
Although Gibson posted 2Q results below “Street” estimates, we think the worst may be behind the Company. The decline in earnings was primarily due to lower product revenue as a result of prolonged lower commodity prices and production outages (such as the Fort McMurray fires) limiting Gibsons’ customer’s activity. Gibsons reinforced its growth capital spending guidance of $225 mm in FY2016 and between $200 mm and $300 mm in FY2017. We have lowered the 12-MTP by $1.00 to $18.75/share, but maintain our Outperform ranking.
REPORTS 2Q16 RESULTS; ADJ. EBITDA $44 MM (FCC $46/CONSENSUS $53 MM)
02 Aug 16
Impact: Below "Street" estimates, but we think the worst may be behind Gibson. On August 2, 2016, Gibsons released its first quarter financial results with adjusted EBITDA of $44 mm, slightly below our estimate of $46 mm and below consensus of $53 mm. The decline in earnings is primarily due to lower product revenue as a result of prolonged lower commodity prices and production outages limiting Gibsons' customer's activity. Gibsons also reinforced its growth Capital spending guidance of $225 mm in FY2016 and between $200 mm-$300 mm in FY2017.
Exploring Potential Sale of Industrial Propane Business
21 Jul 16
On July 20, 2016, Gibson Energy announced that it was exploring a potential sale of its industrial propane business. In 2014 and 2015, respectively, the Industrial Propane business generated EBITDA of $43 and $41 mm. We expect a run rate of $40-$47 mm in EBITDA from 2016- 2018. Looking at comparables Amerigas, Ferrelgas and Parkland (PKI-T), we believe a ~10x EV/EBITDA valuation would be appropriate, leading us to value this business at $400-$500 mm, which would provide Gibson with sufficient cash to complete its ~$440 mm 2016-2017 growth program without adding additional debt.
Provides FirstEnergy with a Corporate Update
23 Jun 16
Gibson’s CFO Sean Brown and Manager, Investor Relations Cam Deller provided FirstEnergy with a corporate update, highlighting corporate restructuring, capital focus/direction, and current market trends. The new reporting structure is intended to better reflect the internal business structure and improve transparency for investors.Gibson is focusing a majority (>90%) of its growth capital on its Infrastructure business segment in 2016 and 2017, primarily with tank storage in Edmonton and Hardisty, effectively increasing the company’s cash flows sourced from take-or-pay contracts. Our DDM valuation remains at $19.75/share and we retain our Outperform ranking.
20 Feb 17
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The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Opuama production restarts
21 Feb 17
Eland has confirmed the successful restart of exports from OML 40 through the new shipping alternative that it has implemented. Sales from the export terminal are expected imminently, re-establishing cash generation for Eland. Cash at YE16 was US$11.1m which has since reduced to US$5.9m, mainly reflecting initial operating expenses for the shipping alternative. While it is early days, Eland has demonstrated its ability to restart exports and production from OML 40 following the shut-down of the Forcados terminal a year ago. Production to date is averaging around 7kbd and we expect that to ramp up as Opuama operational performance improves. At US$55/bbl Brent, we estimate Eland is generating a net cash margin of around US$25/bbl. We reiterate our Buy recommendation and 95p per share Target Price.
Small Cap Breakfast
24 Feb 17
GBGI—Schedule One update from integrated provider of international benefits insurance. Raising £32m at 150p. Admission expected tomorrow. Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb.
Operating update and shareholder activism
15 Feb 17
December and January have seen the emergence of shareholder activism at Bowleven (BLVN), bringing its strategy and management into greater focus. Its largest shareholder (Crown Ocean Capital, COC) evolved from being a supportive shareholder to voting against a number of resolutions at the December AGM, to recently calling for the widespread removal of the board and a radically different company structure. Operationally, the company reports that a new development concept is under review by the stakeholders in Etinde, where production would be piped to existing gas processing facilities in Equatorial Guinea. Such a solution would (if approved) require significantly less capex and could be brought online relatively quickly vs other solutions (fertiliser, FLNG, gas to power). We leave our valuation largely unchanged, save for a revision to cash holding to reflect the recent operational update. Our new core NAV is 49p/share.