Enerflex Ltd T.EFX

Alternate Symbol(s): EFXT

Energy Oil & Gas Equipment & Services

Enerflex Ltd. is a Canada-based integrated global provider of energy infrastructure and energy transition solutions, delivering natural gas processing, compression, power generation, refrigeration, cryogenic, and produced water solutions. The Company's North America segment is engaged in manufacturing natural gas infrastructure under contract, refrigeration, processing, and electric power equipment, including custom and standard compression packages and modular natural gas processing equipment, refrigeration systems and produced water treatment services. Its Latin America segment operates its energy infrastructure assets under take-or-pay contracts, providing after-market services. The Company's Eastern Hemisphere segment operates its energy infrastructure assets under take-or-pay contracts, manufacturing, after-market services, including parts and components, as well as operations, maintenance, and overhaul services, and rentals of compression and processing equipment.

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Enerflex Ltd

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Post by retiredcfon Mar 20, 2023 9:10am

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Post# 35348468

RBC

March 19, 2023

Enerflex Ltd.
Sanjay Bishnoi resigns as CFO; Interim appointed

TSX: EFX | CAD 7.89 | Outperform | Price Target CAD 16.00

Sentiment: Neutral

Our view: Enerflex announced that Sanjay Bishnoi, Senior VP and Chief Financial Officer will be departing the company effective April 10, 2023 to pursue another opportunity. Matthew Lemieux, VP, Corporate Development and Treasury will be appointed as Interim CFO and Enerflex plans to select a permanent CFO in due course. As Mr. Bishnoi has left for a specific opportunity, we do not currently believe his departure changes our constructive stance on EFX shares. We would see any weakness surrounding his departure as a buying opportunity given execution on its in-flight capital projects, strong Engineered Systems backlog, and expected financial de-leveraging through FCF generation in FY23.

Matthew Lemieux appointed Interim Chief Financial Officer following Mr. Bishnoi's leave. Mr. Lemieux has been with Enerflex since early 2020, serving as Enerflex's EVP, Corporate Development and Treasury. Prior to Enerflex, Mr. Lemieux worked for GE Energy Financial Services, where he led equity & mezzanine transactions. He was also responsible for debt underwriting and syndication for Merrill Lynch Capital and Wachovia Bank. He holds an MBA from NYU Stern.