RE:RE:RE:RE:RE:WCS discount is $40+Good discussion guys.
Here is a quick comparison between the big three with some notes below:
| Ticker | Step | TCW | CFW |
| Share Out | 66,600,000.00 | 313000000 | 145000000 |
| SP | 3.89 | 1.74 | 4.26 |
| Long Term Debt | 277,200,000 | 60,000,000 | 1,000,000,000 |
| Cash | 12,400,000 | 91,500,000 | 13,000,000 |
| HP | 490,000 | 672,000 | 1,313,000 |
| BV | 5.27 | 2.33 | 3.67 |
| LV | 628,182,000.00 | 789,290,000.00 | 1,532,150,000.00 |
| MC | 259,074,000.00 | 544,620,000.00 | 617,700,000.00 |
| EV | 523,874,000.00 | 513,120,000.00 | 1,604,700,000.00 |
| | | | |
| | | | |
| EV/HP | 1069.130612 | 763.57 | 1,222.16 |
| % SP/BV | 73.81 | 74.68 | 116.08 |
| | | | |
| rev (Q2-18)*4 | 740000000 | 688000000 | 2178400000 |
| Debt to REV | 0.37 | 0.09 | 0.46 |
| Rev/HP | 1510 | 1024 | 1659 |
| Debt to LV | 0.44 | 0.08 | 0.65 |
| Utilization Rate | ? | ? | ? |
Notes:
1) Based on BV, Step & TCW are trading at a discount whereas CFW is trading at a premium. But as you can see above Step is the cheapest among them all. Question that someone may ask why the hack CFW is trading at a premium w.r.t its peers. To answer this question probably you need to look at efficiency and their REV/HP. That being said Step is not too far behind at $1510/hp compared to CFW's at $1659/hp. Also another reason is really WILK bro interest in CFW.
2) As mentioned earlier CFW debt level is really high, Step debt is manageable whereas TCW's is the lowest.
3) As for EV/Hp valuation, CFW appeared to be valued at a premium, STEP second and TCW last. I think CFW is justified due to their international exposure and most specifically the US. ALthough STEP is 50:50 US:CA their valuation here is really lagging. TCW has lowest valuation but I think it is justified due to their 100% CA focus and recent loss of contracts.