RE:Very impressive Q2Yeah, nice to see them print a relatively clean quarter. It's always been something. Now it's just the overhang of those new shares and the associated warrants.
DCF of $31M and growth capex of...decidedly more and looking to fund Pipestone phase 2, somehow.
I think they IPOed with the thinking of the US MLP model: issue shares, generate 'EBITDA', buy things, issue shares, right as the 'self funded growth' model was coming into vogue and relentlessly inflating share counts to tack on more EBITDA was found to be misleading (and look at how many MLPs collapsed in the 2014-2018 era). But they kept buying stuff with debt, got into trouble, have a super high cost of capital and issued shares at low prices....
...right now hopes are pinned on the RD facility coming online in a few quarters and generating more EBITDA but there is actual value in some of the real meat and potatoes assets so I'm dipping my toes back in :\