RE:RBC Capital Markets initiates coverage of BBIThat quote is somewhat misleading. You copied and pasted one snippet out of a 40 page analysis. They talk about the monetizing of BBI's Stage holding as one tactic to help fuel growth. There is so much more detail in the document and Bellepheron does it no justice. It is a conservative analysis and incorporates key things like the initial failures with stage and the need at least 50m in capital for 2019. Overall I liked the analysis and I think it paints a realistically good view of BBI's prospects.
Regarding the extract, I could do the same with other 'curated' extracts to paint a different picture.
"Given BBI’s scalable asset and proximity to significant industry activity (Kakwa, Pipestone, Wapiti), which is dominated by many large wellcapitalized producers, we believe an eventual company sale is in the cards, though we have not factored any strategic value into our current estimates or price target."
"The Tidewater partnership is highly strategic, in our view, given a large portion of BBI’s land is situated north of the Wapiti River, which is currently limited by processing capacity. Tidewater has agreed to evaluate gathering options that would accommodate the majority of Blackbird’s land base and is currently looking at developing a gathering system that would tie Blackbird’s fully owned Pipestone battery to the facility (BBI’s battery is situated south of the Wapiti river). In addition, the company has a large natural gas storage facility in the region, which can be used as a buffer between now and 2020/2021 when planned NGTL and Alliance connections are built out in the area (providing additional egress options)."