RE:WHY AM I WASTING MY TIME
Street consensus was neg 1 mil ebita...they came in @ +1.3 ebita....way better than expected...what part are you having a hard time with?
I'd point to HWO CN, High Arctic's earnings release on friday @ which they mentioned they have invested about 12 mil in CANADIAN ENERGY SERVICE COMPANIES which they are looking at as possible acquisition targets. HWO CN, has net debt of 5 mil, could pay as much as 1.60 for ESN and it would be accretive(assuming it's an all stock deal and equity of HWO CN were to stay stable) We think the street would react quite favorably as HWO would diverse their operations further by adding coil tubing and expand their tool rental and be the dominate rig servicing company.
We continue to add.