Atrium Research commenthttps://mcusercontent.com/4bc421505c66d079778a0d0be/files/48c66272-67a8-86e4-152d-977dbed26bf4/20240624_Atrium_Oilfield_Services_Update.pdf
Tornado Global Hydrovacs Ltd. (TGH:TSXV)
Tornado Global Hydrovacs designs and manufactures hydrovac trucks that are sold to service
providers in the infrastructure, industrial construction, and oil-and-gas markets. The Company also
offers maintenance services for heavy-duty trucks. The Company intends to add new products to
meet expected demand from the infrastructure, telecommunications, and oil and gas industries to
move beyond hydrovac manufacturing and become a full-service provider of infrastructure
solutions. The business is exploring options for organic product development as well as M&A on this
front. In Q1/24, the Company achieved record quarterly sales of $33.9M, marking the eighth
consecutive quarter of record revenue. TGH reported EBITDA of $3.4M representing an increase of
99% YoY. In 2024, TGH is expected to post $131.6M in revenue (+25% YoY) and $13.2M in
EBITDA (+10% YoY), translating to 9.2x 2024E EBITDA. In the last three months, TGH stock has
increased 90%