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

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

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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•••
Post by CanSiamCypon Nov 12, 2020 8:00pm
1166 Views
Post# 31892269

BMO analyst flash update

BMO analyst flash updateJust Another One of Those Quarters for CHE

Bottom Line:
 
Large Q3 miss (water the only bright spot) with 2020E EBITDA seemingly ~$275M
and some 2021 guidance commentary implying to us 2021 EBITDA ~$300M, implying
a 75-80% 2021E payout ratio. There's sizable upside if CHE can recover earnings (to
the high end of "normalized" ~$300-350M earnings), and right the ship, but finding
conviction amid high payout ratios is difficult (it may have to start with sharp caustic
recovery). Our target price is ~6x 2021E EV/EBITDA

Adj. Q3 EBITDA of $65M (down ~28% y/y, ~14% q/q) missed $75M consensus
(BMO: $76M estimate). Distributable cash after maintenance capex was $12.1M ($0.13/
unit), a ~115% payout.
 

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