Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CANADIAN ENERGY SERVICES & T. We currently have 22 research reports from 1 professional analysts.
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CANADIAN ENERGY SERVICES & T
CANADIAN ENERGY SERVICES & T
Announces 2Q16 Results; PureChem Increasing Market Share
15 Aug 16
CEU posted 2Q16 revenue of $98 mm, in line with our forecast of $102 mm. The Company generated EBITDAS of -$1 mm, in line with our expectation. CEU has increased its Drilling Fluids market share in the U.S. to 11% and the acquisition of Catalyst should improve the Company’s Production Chemicals U.S. market share. However, competitive pricing is likely to continue until there is a recovery in activity. We are increasing our 2017e EBITDAS estimate to $94 mm from $89 mm driven by an upward revision to our revenue assumption for the year from Canadian production chemicals and an increase in U.S. Drilling Fluids market share.
Announces Acquisition of U.S. Production and Specialty Chemicals Business
03 Aug 16
CEU has announced it has acquired Catalyst Oilfield Services, a private West Texas based Production and Specialty Chemicals company, with exposure to the Permian, Barnett and Eagle Ford. We believe the transaction price was in the C$75 mm range, and that annual EBITDAS contribution will be $5 mm to $10 mm. The midpoint EV/EBITDAS transaction metric is 10.0x, whereas CEU was trading at 14.2x 2017e EV/EBITDAS prior to this announcement. We have increased our 2016e EBITDAS by 4.5% to $34 mm and 2017e EBITDAS by 9.0% to $89 mm.
ANNOUNCES ACQUISITION OF U.S. PRODUCTION AND SPECIALTY CHEMICALS BUSINESS
01 Aug 16
Impact: Neutral, as no transaction price or financial metrics were provided. As such, it is challenging to assess the transaction impact, but it is strategically aligned with the Company's previously stated goal of expanding its production chemicals presence in the Permian.
16 May 16
CEU expects to realize $20 mm of annualized cost savings through restructuring that occurred in 1Q16. CEU has shuttered eight of eleven mud facilities in the U.S. in an effort to reduce costs. The Company will now be focusing its drilling fluids business on the Permian, Eagle Ford, Utica and SCOOP/Stack in Oklahoma. The U.S. drilling fluids business generated negative margins in 1Q16. We have lowered 2016e EBITDAS to $35 mm (prior: $37 mm) and 2017e EBITDAS to $71 mm (prior: $74 mm).
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
24 Nov 16
Quixant* (QXT): Gaming gains (CORP) | SCISYS* (SSY): Bringing good news from Germany (CORP) | Hayward Tyler Group*: Contract wins (CORP) | Sound Energy (SOU): TE-7 flow rate and fund raise (BUY) | Water Intelligence* (WATR): Growth and improving returns in a defensive market (CORP) | Imaginatik* (IMTK): Interim trading update (CORP)
High grade, low cost gold
28 Nov 16
High grades and low costs mean that, in our view, Scotgold’s Cononish project could generate more than £14m a year in EBITDA. In addition to advancing funding discussions based on the compelling bankable feasibility study mine plan (which at £950/oz gold price and 8% WACC gives a project NPV of £43.0m), the company is exploring optimisation opportunities, as well as the potential for a phased approach requiring lower up front capital. We are resuming coverage with a Buy recommendation and target price of 2.2p