RE:After FES & BAS, check out ARCHER for those who missed my post about FES and BAS, here it is:
Forbes Energy Services (FES) trades at pbv=0.65
2013 EBITDA: $64 million
Net Debt: $265 million.
Net Debt to EBITDA: 4.14 times.
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Basic Energy Services (BAS) trades at pbv=1.65
2013 EBITDA: $240 million.
Net Debt: ~$800 million (including the long term debt under current liabilities).
Net Debt to EBITDA: 3.33 times.
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Tuscany trades at as low as pbv=0.11
2013 EBITDA (annualized based on Q4 2013): > 45 million.
Net Debt as of today (Pro Forma Maurel deal): $175 million.
Net Debt to EBITDA: 3.88 times.
Meanwhile, Tuscany's Net debt can go even lower soon because of two reasons (Sale of 1 heli-rig, HRT case). Tuscany's EBITDA can go even higher in Q1 2014 primarily because of Ecuador and Petroamazonas.
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Disclosure: I am buying TID.