Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SECURE ENERGY SERVICES INC. We currently have 18 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
SECURE ENERGY SERVICES INC
SECURE ENERGY SERVICES INC
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.
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.
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.
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