ASIA PACIFIC WIRE&CABLE CORP APWC
July 05, 2014 - 1:01pm EST by
member
| 2014 | 2015 | ||||||
| Price: | 2.61 | EPS | $0.42 | $0.00 | |||
| Shares Out. (in M): | 14 | P/E | 6.2x | 0.0x | |||
| Market Cap (in $M): | 36 | P/FCF | 0.0x | 0.0x | |||
| Net Debt (in $M): | -20 | EBIT | 0 | 0 | |||
| TEV (in $M): | 16 | TEV/EBIT | 0.0x | 0.0x | |||
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| 64 | |
Hi falcon - would love to know if you still follow and have any update? thanks. | |
| 62 | |
I was curious if anyone has any updated thoughts on the potential purchaser of CST and its impact on CAPL?
Fundamentally it's not entirely clear that CAPL is that important in a potental buyer's valuation... login to read the rest | |
| 61 | |
You're right that on the status quo capex budget, MPC doesn't have capacity to buy CST today. But MPC would love to own CST to complete the vertical integration of their refining business and get... login to read the rest | |
| 59 | |
The only two realistic strategic buyers of CST in this environment in our view are ATD/B CN and MPC. A year ago, SUN could have done this deal, but they have taken up leverage with... login to read the rest | |
| 58 | |
elehunter,
I have never been a believer in the MLP dvd yield + growth valuation although one must respect it because it drives prices during bull markets. But then this financial engineering premium goes away (and... login to read the rest | |
| 57 | |
Thanks elehunet. First how do you get the multiple for SUN? I have a pro-forma EV around $7,000 and a pro forma EBITDA around 800 million for 2016 so a multiple around 8.8. (pro forma... login to read the rest | |
| 55 | |
Hi Straw,
I think what they are referring to here is monetizing CAPL real estate at a tighter cap rate than CAPL currently trades. With CAPL at a 10-11% yield, it may make sense to sell... login to read the rest | |
| 54 | |
falcon,
Thanks for the update. I also heard the real estate monetization comment, but I did not understand it. Of course, they own real estate, but they derive income from that real estate. And that is... login to read the rest | |
| 53 | |
CAPL reported a good quarter this morning in our view so we are surprised to see the unit price weakness. We had actually expected CAPL to be well below 1.0x coverage in 4Q given the seasonality of... login to read the rest | |
| 52 | |
Seems like business is booming as far as retail fuel margins are concerned. Here are the monthly fuel margins per CST: http://www.cstbrands.com/en-us/investors/Pages/Historical-Fuel-Margins.aspx
You can also look at retail fuel margins for Speedway (reported by MPC), Couche-tard, etc.... login to read the rest | |
| 51 | |
falcon,
thanks for the detailed reply.
what do you think about third-party lessees? Are they going to struggle with sub $30 crude in terms of retail fuel margin. I understand that fuel margin initially goes up as... login to read the rest | |
| 50 | |
There will be a few million $ of negative impact from dealer tank wagon discounts from the sharp decline in crude oil prices, but in the short term that should be largely offset by the... login to read the rest | |
| 49 | |
It's an overreaction.
CST can just lower the wholesale fuel dropdown. We'd like to see 5x-6x EBITDA but we'll see what the sponsor is willing to do. If they are smart, they will just lower... login to read the rest | |
| 48 | |
elehunter,
I'd argue that the dilution is more than priced in here, and Alerian has direct oil exposure and much more indirect oil exposure via counterparty risk.
Clearly, the MLP model is broke for CAPL (and everyone),... login to read the rest | |
| 46 | |
is there a reason why CAPL should be getting destroyed? Could retail fuel margins drop so low that lessees would default on their leases?
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| 45 | |
I had a call with management and got answers to my concerns.
Topic #1: The 63 "missing" sites from Q1 to Q2 '15 were due to a change in accounting definitions. They were improperly including sites... login to read the rest | |
| 44 | |
Falcon,
Topic #1: Leased Sites
I have spent a great deal of time trying to reconcile the quarterly site data. I have been unsuccessful. I have an inquiry into investor relations, but I thought I would ask... login to read the rest | |
| 43 | |
CST continues to be out in the market buying back north of 20% of trading volume every single day since 9/21/15. Check out CAPL EQUITY GPTR on Bloomberg and then Table view to see the... login to read the rest | |
| 42 | |
jso1123 -
I haven't refreshed on SUN recently, but a key difference is the size of the backlog opportunity at CST for CAPL vs. a smaller dropdown opportunity at ETP for SUN. SUN has been more aggressive... login to read the rest | |
| 41 | |
Has anyone on this thread looked at SUN vs. CAPL? Lower yield and more levered but still 8.5% yield and much more liquid with larger scale/better brand.
Thanks for anyone's thoughts.
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| 39 | |
Understood....this hatred of yield is confusing to me however given that it's clear as day that rates aren't going to be going up materially anytime soon...people didn't all of the sudden lose their need for... login to read the rest | |
| 37 | |
agree....the only problem with that is that I heard the same thing 20-30% ago.
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| 34 | |
Lpartners- are you able to provide any more info on where the forced liquidation in NRF is coming from? | |
| 33 | |
Clearly there is a fund flow problem with MLP space broadly right now as we are seeing a lot of retail selling.
However, check the tape on CAPL. CST has been buying back 20k shares per... login to read the rest | |
| 29 | |
This was on Barron's last night:
By JOHN KIMELMAN Updated Sept. 28, 2015 7:37 p.m. ET In recent months, shares of energy-based master-limited partnerships have gone south, thanks largely to the declining price of oil. But now, one informed... login to read the rest | |
| 27 | |
falcon/mip any thoughts on what is going on in the overall MLP space...we aren't in the business of timing these things but it looks like we are seeing liquidations all over the place. | |
| 25 | |
This is huge news and it's shocking the unit price isn't up more today.
CST to acquire $50MM of CAPL units. CAPL only trades $2.5-3.0MM per day, so the $50MM buyback should really put upward pressure... login to read the rest | |
| 24 | |
Over the last week, CEO Joseph Topper, President Jeremy Bergeron ,and Director John Reilly have been backing up the truck, with total insider buying of ~$2 million. Buying occurred every day from Tuesday to Friday | |
| 23 | |
We spoke with CAPL President Jeremy Bergeron today. It was a really positive call as it seems like these guys really understand what they need to do to get their stock price back up in the... login to read the rest | |
| 22 | |
Form 4 filing indicates that Chairman Joseph Topper purchased another 14.3k units at $22.1 for total proceeds of $316k.
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