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.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
24 Apr 17
Lok’nStore* (LOK): Growth supported by a strong balance sheet (CORP) | Mortice* (MORT): UK acquisition (CORP) | Avacta* (AVCT): Another milestone – 1st non-therapeutics licence (CORP) | Petra Diamonds (PDF): Trading update and Q3 results (BUY) | Nasstar* (NASA): Growth and margin focus (CORP)
Small Cap Breakfast
19 Apr 17
Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.