Mullen Group Ltd. T.MTL

Alternate Symbol(s): MLLGF | T.MTL.DB

Industrials Integrated Shipping & Logistics

Mullen Group is one of North America's largest logistics providers with a network of independently operated businesses provide a wide range of service offerings including less-than-truckload, truckload, warehousing, logistics, transload, oversized, third-party logistics & specialized hauling transportation. Mullen also provides a diverse set of specialized services related to the energy, mining, forestry, and construction industries in western Canada.

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Mullen Group Ltd.

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Post by retiredcfon Oct 05, 2020 8:47am

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Post# 31665851

TD

Maintain their Buy rating and $13.00 target. GLTA

Mullen Group Ltd.

(MTL-T) C$9.22

Warehousing/Logistics Acquisition Event

Mullen announced the acquisition of International Warehousing & Distribution Inc. (IWD).

Impact: NEUTRAL; minimal disclosures provided

Details: Mullen announced that it has entered into a definitive agreement to purchase Mississauga-based IWD, a company that provides “custom sufferance warehousing services, air import/export deliveries along with full container deliveries” in the Greater Toronto Area. Management expects that the transaction will close in Q4/20.

TD View: Management notes that IWD is “not large in terms of revenue”, highlighting that this acquisition is smaller in nature; however, no financial disclosures were provided. This acquisition is consistent with management’s ongoing strategy to grow exposure to the consumer part of the economy and continues to diversify the company away from western Canada. We expect additional disclosures on October 21, 2020, with the company’s Q3/20 results.

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Advancing an underexplored area of the Yukon with the same geology as B.C’.s Golden Triangle