Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SAVANNA ENERGY SERVICES CORP. We currently have 18 research reports from 1 professional analysts.
|23Mar17 22:04||MKW||Savanna Reiterates Rejection of the Hostile Total Offer, Reminds Shareholders of Superior Transaction With Western Energy|
|22Mar17 11:30||MKW||Savanna Reiterates Rejection of the Inadequate Value of the Total Offer and Support for Acquisition of Savanna by Western Energy|
|17Mar17 11:30||MKW||Savanna Reiterates Support for Acquisition of Savanna by Western Energy Services Corp. and Rejection of the Inferior Total Offer|
|15Mar17 11:30||MKW||Savanna Announces Increase to Purchase Price for Acquisition of Savanna by Western Energy Services Corp. and Reiterates Rejection of the Total Offer|
|13Mar17 11:30||MKW||Savanna Explains Why Friendly Proposed Acquisition by Western Energy Is Superior to Hostile Offer From Total Energy|
|09Mar17 12:30||MKW||Savanna Announces Agreement for the Acquisition of Savanna by Western Energy Services Corp. and Unanimously Recommends Rejection of Total's Amended Unsolicited Offer for Savanna|
|08Mar17 23:56||MKW||Savanna Energy Services Corp. Announces Fourth Quarter and Year-End 2016 Results|
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SAVANNA ENERGY SERVICES CORP
SAVANNA ENERGY SERVICES CORP
05 Aug 16
Savanna reported 2Q16 EBITDAS of $9 mm, which was above our estimate of $7 mm due to better than expected cost controls. Performance contracts in Australia had a positive impact of ~$5,000 per day on drilling day rates in 2Q16, indicating the switch to this type of contract could be beneficial to Australian profitability. We have increased 2016e EBITDAS by 10% to $52 mm and 2017e EBITDAS by 11% to $59 mm.
04 May 16
Savanna reported adjusted EBITDAS of $22 mm (FCC: $21 mm). EBITDAS margins of 22.5% exceeded our estimate of 20.9% as cost cutting efforts continue to be realized in financial results. We have updated our estimates to reflect additional details on contract expiries in Australia and the United States. We have lowered our 2016e EBITDAS to $46 mm ($48 mm after adjustments) from $54 mm and 2017e EBITDAS to $52 mm from $62 mm. Positive revisions to our estimates could occur if re-contracting of rigs or spot activity is more lucrative than we are currently anticipating in Australia.
1Q16e Preview and Commodity Update – All Is Quiet on the Western Front
13 Apr 16
We are updating our oilfield industry forecasts post the release of FirstEnergy’s new commodity price forecast for crude oil and natural gas on March 24, 2016. We have updated our 2016e Canadian well count/drilling days forecast to 3,209/37,335 from 3,800/43,325. In 2017e, we have left our forecast unchanged at 6,200 wells/70,200 days. In the U.S., our 2016e rig count forecast is now 482 (prior: 610) and 2017e is 675 (prior: 775). Data for 1Q16e came in weaker than our prior forecast anticipated, and we have lowered our estimates across our coverage universe accordingly. We are currently below 1Q16 consensus for 15 of 18 companies in our coverage universe, but the percentages are misleading given the absolute size of EBITDAS being earned this quarter.
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.