Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CATHEDRAL ENERGY SERVICES LT. We currently have 18 research reports from 1 professional analysts.
|25Jan17 12:45||MKW||Cathedral Energy Services Ltd. Announces Increase to Previously Announced Bought Deal Financing to $11.2 Million|
|24Jan17 20:33||MKW||Cathedral Energy Services Ltd. Announces $10.1 Million Bought Deal Financing|
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CATHEDRAL ENERGY SERVICES LT
CATHEDRAL ENERGY SERVICES LT
ANNOUNCES STRATEGIC REVIEW PROCESS AND CREDIT FACILITY UPDATE
29 Aug 16
Impact: Positive, especially in light of the 40% decline in Cathedral's share price over the prior five trading days. Cathedral has initiated a strategic review process to consider different avenues for creating shareholder value, which could include capital raising (debt or equity), the sale of the Company, divestitures, mergers or joint venture or partnership transactions. The Company does not intend to provide any updates on the strategic review process until there is a formal announcement.
2Q16 Results Involve Additional Covenant Amendments
11 Aug 16
Cathedral has received a fourth amendment from its lending syndicate that has instituted minimum EBITDAS covenants, replacing traditional credit ratios until 3Q17e. We believe there is a chance the Company does not meet these requirements. The Company’s lending syndicate has worked with Cathedral until this point in the downturn. Given our view of an activity recovery in 2017e, we expect an amenable solution will be reached. Cathedral reported 2Q16 EBITDAS of a loss of $2 mm, modestly below our loss of $1 mm.
2Q16 RESULTS INVOLVE ADDITIONAL COVENANT AMENDMENTS
10 Aug 16
Impact: Negative, as Cathedral's lending syndicate continues to reduce the Company's financial flexibility. Cathedral's lending syndicate intends to reduce the Company's facility from $35 mm to $30 mm by December 31, 2016 and to $25 mm by March 31, 2017. As a result, Cathedral intends to investigate alternative forms of financing and potential corporate partnerships and transactions to improve liquidity.
27 Mar 17
Elecosoft* (ELCO): Steadily building profits (CORP) | Bioventix* (BVXP): Interim results lead to upgrades (CORP) | Hurricane Energy (HUR): Halifax discovery (BUY) | KBT Business Technology* (KBT): interims and contract win (CORP) | Independent Oil & Gas* (IOG): Licence updates (CORP)
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)
GMP FirstEnergy ― UK Energy morning research package
27 Mar 17
Amerisur Resources (AMER LN)6; HOLD, £0.30: Reduced 2017e production outlook and year-end 2016 reserves | Condor Petroleum (CPI CN)8 ; BUY, C$3.50: Reports 4Q16 results and remains on track for first production from Turkey in mid-2017e | Hurricane Energy (HUR LN) (not covered): Halifax well update in the UK | Cairn Energy (CNE LN): BUY, £2.90: Update on the VR-1 well in Senegal by Far (FAR AU) (Not covered) | Royal Dutch Shell (RDSA/B LN) (not covered): Divestment of Gabonese assets
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.