Research, Charts & Company Announcements
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No Change to Outlook; Attractive at Current Prices
28 Jul 16
SECURE reported adjusted EBITDAS of $8.5 mm, above our estimate of $6.4 mm, while margins in the PRD division far exceeded our estimate. 3Q16e activity has been impacted by wet weather across the WCSB, but the startup of the Kakwa FST in September 2016 will be additive for PRD volumes in 4Q16e. We expect gross margins in the PRD division to exceed 50% in upcoming quarters. We have reduced our 2016e EBITDAS to $91 mm from $97 mm while our 2017e EBITDAS is effectively unchanged at $171 mm
Re-Acquires 100% Ownership in its La Glace and Judy Creek JV Assets
13 Jul 16
SECURE has announced the acquisition of its previously owned JV assets in La Glace and Judy Creek for $26.7 mm. SECURE regains 100% ownership in portions of these assets from its JV partner, Pembina Pipeline Corporation (PPL). We believe the transaction metric is roughly 5.0x to 6.0x EV/EBITDAS. SECURE’s 2016e EBITDAS has been increased by 1% in 2016e ($97 mm) and 2% in 2017e ($171 mm). The Company’s balance sheet remains in impeccable shape at 1.6x net debt/ EBITDAS in 2016e.
Announces Midstream Acquisition and 1Q16 Results
03 May 16
SECURE has announced the acquisition of PetroLama for $53.5 mm. PetroLama specializes in the physical trade, storage, terminalling and transport of crude oil and NGLs. This transaction is expected to generate EBITDAS in the range of $8 mm to $9 mm over the next 12 months, indicating an EV/EBITDAS valuation range of 5.9x to 6.7x.
Closes Bought Deal Financing Totaling $150 mm Including Over-Allotment
22 Mar 16
Secure has closed a bought deal financing for $150 mm (19.5 mm shares), which will initially be used to reduce indebtedness, but we expect will ultimately be used to execute acquisitions. Based on our estimates, SECURE’s balance sheet could easily absorb an acquisition of $50 mm of EBITDAS at anywhere from 4.0x to 6.0x EV/EBITDAS using a 75/25 (cash/equity) structure. This would put potential acquisition amounts at $200 mm to $300 mm. The above assumptions applied to our current 2017e would lead to 22% accretion for our EBITDAS/share forecast. We have made no changes to our revenue or EBITDAS forecasts with this update. We have made changes to our depreciation assumptions and modified our share count assumptions to reflect the bought deal.
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£70m placing and open offer
21 Oct 16
Hurricane has successfully raised £70m by issuing c.205.9m shares at a price of 34p. The company is also undertaking an open offer at the same price to raise a further £4.4m. The proceeds will be used to fund two exploration wells on Lincoln and Warwick as well as further development activity on the Lancaster field.