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Chemtrade Logistics Income 6 50 Convertible Unsecured Subordinated Debentures T.CHE.DB.E

Alternate Symbol(s):  T.CHE.DB.H | T.CHE.UN | CGIFF | T.CHE.DB.F | T.CHE.DB.G

Chemicals Basic Materials
Chemtrade Logistics Income Fund is a Canada-based company that operates a diversified business providing industrial chemicals and services to customers in North America and around the world. The Company's segments include Sulphur and Water Chemicals (SWC), and Electrochemicals (EC). SWC segment markets, removes and/or produces merchant, Regen and sulphuric acid, sodium hydrosulphite, elemental sulphur, liquid sulphur dioxide, hydrogen sulphide, sodium bisulphite, and sulphides, and provides other processing services. This segment also manufactures and markets a variety of inorganic coagulants used in water treatment, including aluminum sulphate, and a number of specialty chemicals, including sodium nitrite. EC segment manufactures and markets sodium chlorate and chlor-alkali products including caustic soda, chlorine and HCl, largely for the pulp and paper, oil and gas and water treatment industries. These products are marketed primarily to North American and South American customers.


TSX:CHE.DB.E - Post by User

Chemtrade Logistics Income 6 50 Convertible Unsecured Subordinated Debentures > BMO analyst flash update
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Comment by Khersonon Nov 13, 2020 9:28am
201 Views
Post# 31894184

RE:RE:RE:RE:BMO analyst flash update

RE:RE:RE:RE:BMO analyst flash update
Capharnaum wrote:
Fantome wrote: It is hard to imagine that the SP has anywhere to go from here but down... not long ago the company was paying a distribution of 10 cents a month with a payout ratio in the 60s...now it can't even cover a 5 cent a month distribution. (115% payout ratio)...big difference...


While I think it was a bad quarter, they did more maintenance capex this quarter than in Q1 and Q2. They also had $4M in costs issuing the new debentures which are non recurring costs. Excluding the costs related to the new debentures and with an averaged maintenance capex cost (total maintenance capex for Q1+Q2+Q3 / 3), the payout would have been 71%.

However, with two maintenance shutdowns scheduled in Q4, I don't expect improvements anytime soon.


I have been saying for at least a couple of years now that Chemtrade is in trouble financially. My basic argument was that Chemtrade overpaid for the Canexus acquisition! I also still believe that Mark's only reason for pulling the trigger on Canexus was so that he could justify receiving the $5 million Long Term Incentive Bonus!

Kherson

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