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.
Frequency of research reports
Research reports on
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.
07 Dec 16
Severfield’s (SFR’s) H117 results were well ahead of the previous year; margin performance and order book development cause us to raise our FY17 profit expectations. This combination has also proved to be a catalyst for share price outperformance following the results. Revenue growth and further margin development towards management’s stated aim of doubling FY16 PBT by 2020 can sustain further progress.
Exceptional trading continues
08 Nov 16
Keywords has announced that the strong trading in localisation and audio services has continued into H216. In particular, the Synthesis business acquired in April continues to benefit from exceptionally strong trading. Full-year results are now expected to be materially ahead of consensus and we upgrade our FY16e EPS by 13%. Erring on the side of caution, we have not changed our FY17 estimates significantly. Nevertheless, we believe the company does have a platform to sustain double-digit earnings growth, and hence medium-/long-term prospects for further share appreciation remain good.
Panmure Morning Note 02-12-16
02 Dec 16
Today James Halstead will be holding its 101st AGM. Trading during the first part of FY17 has been mixed, with some notable challenges. However, movements in FX (i.e. weak sterling) is boosting reported earnings, offsetting UK volume trends and pricing pressures. Whilst earnings are likely to be second half weighted, the picture is in-line with expectations and we are leaving our FY17 PBT estimates unchanged (£47.4m in FY17 vs £45.4m FY16).
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)
02 Dec 16
On 30 September 2016, when the company announced its full year results, it reported that the UK business had seen a slow start to the year, with particular weakness in repair and renewal spending by the NHS as well as “reticence” in the education sector. However, with the UK only representing about a third of the business, this weakness was expected to be more than offset by the positive effect of a weakened sterling on its overseas business, given the benefits for competitiveness and margins.