Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MULLEN GROUP LTD. We currently have 16 research reports from 1 professional analysts.
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MULLEN GROUP LTD
MULLEN GROUP LTD
Reports 2Q16 Results Well Above FCC Estimates
22 Jul 16
Mullen reported 2Q16 EBITDAS of $46 mm, far exceeding our estimate of $34 mm. OFS revenue and margins were much stronger than we had anticipated due to pipeline hauling work. There were no changes to the Company’s 2016e capex program. The outlook remains tepid for the remainder of the year, especially with a number of large work programs rolling off in the OFS (Premay Pipeline Hauling) and T&L (Kleysen Group) divisions. We have revised 2016e EBITDAS higher by 11.2% while our 2017e EBITDAS is unchanged.
Closes $149 mm Bought-Deal Financing and Concurrent $10 mm Private Placement
17 May 16
Mullen has closed its bought-deal financing, which involved the issuance of 11.2 mm shares (including the over-allotment) at an offer price of $13.30 per share for gross proceeds of $149 mm. An additional $10 mm was raised through a concurrent private placement to the Mullen family and insiders at the same issuance price.
Reports 1Q16 Results Below Expectations, Dividend Reduced, and Covenant Waiver Obtained
22 Apr 16
Mullen reported 1Q16 EBITDAS of $46 mm, below our forecast of $50 mm due to higher than expected G&A costs. The Company reduced its monthly dividend by 63% to $0.03/share (prior: $0.08 share). The new dividend implies a yield of 2.6% while our 2016e payout ratio is 51%. Mullen received covenant waivers in 1Q16 which allowed it to change its net debt formula, which we view positively. Additionally, Mullen paid off its $70 mm Series C notes in the quarter.
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.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.
Scott deal puts spotlight back on corporate strategy and valuation
17 Mar 17
The acquisition of Scott Safety by 3M announced yesterday is not a huge surprise but it puts the spotlight back on (1) Avon’s corporate strategy as two strong competitors merge and (2) Avon’s break-up valuation given the rich multiple (12.9x EBITDA) being paid by 3M. Avon and other competitors, particularly MSA Safety, cannot ignore the fact that Scott, which is the leader in SCBA (self-contained breathing apparatus) market and 3M, which derives the bulk of sales from industrial hard hats and masks, would together have the most comprehensive portfolio of products in the PPE (Personal Protective Equipment) market. The good news for investors is that if we were to apply similar EBITDA multiple, then Avon’s Protection & Defence business alone would account for the entire market cap. In effect, at the current share price, investors are getting the Dairy business for free. Our sum-of-the parts model now values the shares at 1,279p, up 7% compared with 1,200p previously.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017