scotiaTidewater Midstream and Infrastructure Ltd. (TWM-V; C$1.37; SO) Solid Quarter Sets Up 2017 for Significant Growth
OUR TAKE: Tidewater reported an in-line Q4/16, with adjusted EBITDA of $11.8m meeting our estimate (Exhibit 1). After a few relatively soft quarters, we view Q4/16 as solid operationally and expect the same for Q1/17. The company continues to progress its capital plan and secure small tuck-in acquisition opportunities, which we expect will drive significant cash flow growth. We maintain our $2.00 target price and Sector Outperform rating.
Full Report Robert Hope, CFA | Analyst | 416-863-7798 | Scotia Capital Inc. - Canada Arnav Gupta | Associate | 416-863-7996 | Scotia Capital Inc. - Canada
New Old Rating SO 1-Yr. Target C$2.00 FCFPS17E $0.17 FCFPS18E $0.18 $0.17 Div. (NTM) $0.04 Div. (Curr.) $0.04 Yield (Curr.) 2.9% Valuation: Discounted cash flow analysis using 9.7%