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.
Strong trading leads to upgrades
22 Mar 17
On the back of today’s positive trading update and slightly upgraded profit forecasts for FY2017, FY2018 and FY2019 we have reviewed our DCF analysis. This has led to an increased DCF valuation per share of 1500p (from 1200p) which we have made our new target price (from 1200p). Both TFP and JC Paper have contributed to the upgrades shown in the table below as have favourable currency movements. With the potential for further upgrades due to capitalising 3DP costs to come we maintain our Add recommendation.
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.
Bang to rights
21 Mar 17
Tullow unexpectedly announced a US$750m rights issue on Friday at a 45.2% discount to the previous close. While this step confirms our investment thesis, the scale of the discount and the timing look like a slap in the face for investors and/or indicative of a weaker financial position than we are modelling. We publish revised estimates to reflect the impact of the issue and cut our Target Price to 215p per share (from 245p). We maintain our Hold recommendation.
Panmure Morning Note 22-03-2017
22 Mar 17
Acacia Mining and Endeavour Mining confirmed merger talks have now ended with Endeavour claiming an inability to “create adequate value for Endeavour shareholders”, most likely, we believe, given the disappointing ruling from the Tanzanian government on copper-gold concentrate sales. We were positive on the merger and believed a credible London listed Pan-African producer capable of challenging Randgold, would have been established. We make no change to our Hold recommendation today, and expect the shares to be marked lower in early trade.