Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on HORIZON NORTH LOGISTICS INC. We currently have 20 research reports from 1 professional analysts.
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HORIZON NORTH LOGISTICS INC
HORIZON NORTH LOGISTICS INC
15 Aug 16
Horizon North reported 2Q16 revenue of $53 mm, above our estimate of $49 mm. The Company reported EBITDAS of $4 mm for the quarter exceeding our estimate of $2 mm. Horizon North does not appear to be undergoing the same pricing pressure as Black Diamond Group Limited. We would attribute this difference to the fact that HNL experienced significant pricing pressure in 2014 and 2015, whereas Black Diamond’s pricing had a greater level of protection due to certain contracts in place. Our estimates are largely unchanged. We have modestly reduced 2016e revenue by $5 mm to $253 mm and in 2017e by $6 mm to $313 mm to reflect continuing pricing pressure in the Camps division. EBITDAS in 2016e is largely unchanged while 2017e EBITDAS is now $51 mm (prior: $54 mm).
Announces Accretive $44.5 mm Acquisition
22 Jul 16
HNL has announced it has entered into a binding letter of intent with Empire Camp Equipment Ltd. (“Empire”) for a purchase price of $44.5 mm (undisclosed mix of cash and shares). We believe Empire will contribute $10 mm of EBITDAS in 2017e, which puts the transaction multiple at ~4.3x EV/EBITDAS. We estimate the EV/replacement value metric at 66%. Our 2016e EBITDAS has moved higher by 6.8% and 2017e is up 23.5% to $54 mm.
06 May 16
HNL’s 1Q16 EBITDAS of $13 mm surpassed our estimate of $11 mm, primarily lifted by a strong beat in the Camps and Catering division. We have left our 2016e and 2017e estimates relatively unchanged despite the estimate beat as we believe utilization will pull back in upcoming quarters. Horizon North has positioned itself to wait out the current environment. Net debt exiting the quarter was $70 mm which we have falling to $37 mm at year-end 2016e, and the Company has a manageable net debt/EBITDAS of 0.9x. The Company has opened its camps for residents and workers in the Fort McMurray area. HNL is doing so to be a good corporate citizen and proactively help a region where it has been present over the course of its corporate history. We applaud these efforts.
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