Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on TRINIDAD DRILLING LTD. We currently have 24 research reports from 1 professional analysts.
|20Jan17 14:54||MKW||Trinidad Drilling Ltd. Announces Increase to Previously Announced Bought Deal Financing to $130 Million|
|19Jan17 21:12||MKW||Trinidad Drilling Ltd. Announces $100 Million Bought Deal Financing and Intention to Lower Leverage and Extend Debt Maturity|
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Research reports on
TRINIDAD DRILLING LTD
TRINIDAD DRILLING LTD
Reports 2Q16 Results
04 Aug 16
Trinidad reported 2Q16 EBITDAS of $57 mm, above our estimate of $47 mm due to higher-than-expected standby revenue. Internationally, Trinidad has one rig operating in the UAE on a trial basis, but this work could provide the opportunity for a broader scope of activity. In TDI, one rig contract in Saudi Arabia was cancelled during the quarter, but the Company is trying to identify new opportunities for this rig and negotiating termination compensation. Our 2016e EBITDAS is down 1% to $138 mm and 2017e EBITDAS has been lowered by 11% to $120 mm.
Reports Positive 1Q16 Results
11 May 16
Trinidad is one of our top investment ideas in the FCC Oilfield Services (OFS) coverage universe given it is well situated to benefit from a recovery in the North American rig count, while being able to remain in compliance with its covenants. We have increased 2016e EBITDAS by 13% to $137 mm and 2017e EBITDAS by 7% to $129 mm. Trinidad has reiterated its 2016e capital program of $30 mm. We are forecasting 2016e and 2017e FCF of $56 mm in each year respectively, depicting a FCF yield of 12%.
M&A coming to a company near you?
16 Mar 17
Markets have retained their relative strength over the last fortnight. We have seen a mixed reaction to the Budget last week, the passing of the Brexit Bill earlier in the week and the first interest rate hike by the Federal Reserve in the US yesterday. Against this backdrop, we have seen some notable M&A activity across a range of sectors which may move down the market capitalisation scale. We now face an extended period of heightened speculation but “no running commentary” regarding Brexit in the UK after Article 50 is triggered at the end of the month.
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.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
The Momentum Continues - 2017 to be a Good Year
16 Mar 17
Welcome to IIR’s second “Blue Book” for Junior Resource Companies. This publication covers over 60 resource companies that were present at the 121 Group’s 2017 Cape Town Conference, held at Welgemeende in the Gardens district on February 6-7, 2016. The summaries in the book have been prepared with the assistance of the 121 Group based in London/ Hong Kong and Gavin Wendt from Minelife in Sydney, with the introduction being prepared by Mark Gordon and Gavin Wendt. The company information is accurate as at the time of the conference – and further information on the companies can be provided upon request.
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.