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#	AUTHOR DATE SUBJECT
52	member 11/26/24 10:40PM Re: Re: update 51
their businesses were less resilient than we expected view available tags
49	member 11/13/24 3:36PM update
Adams Resources announced it has entered into a definitive agreement to be acquired by an affiliate of Tres Energy LLC in an all-cash transaction that values the Company at a total enterprise value of approximately... login to read the rest view available tags
47	member 12/18/23 1:04PM Re: Raising equity 46
edit: filed for an offering, not actually raising equity I believe. Still raises the question of what is the need for this? 2 view available tags
46	member 12/18/23 12:50PM Raising equity
Haven't been following this but seems like they are raising 60m USD in shares? What for? 1 view available tags
34	member 3/24/23 5:27PM Re: Re: Re: Interesting 27
Vex pipeline profitability - Vex is currently just being used intra-company and is generating some company wide profits but it is masked and shown in the marketing unit. it should turn on to outside companies... login to read the rest view available tags
33	member 3/23/23 1:44PM Re: I Start With GAAP 31
Hi, all -- Me:> the annual $4/share wedge between depreciation That should be $2/share. Yours, Bowd view available tags
26	member 3/21/23 11:15AM Re: Interesting 16
I have met management numerous times. They are well suited to be running this business. Other than the one-time charges that were not well communicated, the oil marketing business had soft margins for the quarter... login to read the rest view available tags
24	member 3/20/23 4:24PM Re: Re: an update... 23
yes, if they can hit our numbers in 2023, those would be the right ratios. view available tags
19	member 3/20/23 3:48PM an update...
we talked to management this morning. we think this is a solid and decent long-term business with a rock-solid balance sheet. they will not hit our original ebitda numbers for 2023, we were too optimistic,... login to read the rest view available tags
15	member 3/16/23 12:23PM Re: andreas...your thoughts on the quarter? 13
yes, not a great quarter but don't think it was as bad as market thinks. as VC noted, we think there are significant non-recurring items in Q4 results, but need to talk with management to... login to read the rest 1 view available tags
13	member 3/16/23 12:06PM andreas...your thoughts on the quarter?
andreas, would appreciate your take on the earnings. obviously weak energy tape, but the reaction (stock down 13%) seems a bit rough? view available tags
11	member 2/08/23 11:31AM Re: News? 10
really nothing... view available tags
9	member 1/24/23 7:58PM Re: Gulfmark Field Level Earnings 8
it is a good question. field level earnings for gulfmark have been up meaningfully for really the entire year to date. i think it is likely a better margin and also the underlying efficiency of... login to read the rest view available tags
6	member 1/20/23 4:29PM Re: FCF yield 5
yes, it definitely has higher capex than a software company. we think unlevered 12% fcf yield, assuming they can hit that, is pretty good downside protection. if you look at how much they have improved... login to read the rest 2 view available tags
5	member 1/20/23 3:25PM FCF yield
Thank you for the idea. This seems cheap on EBITDA but cash conversion is very low according to the write up - 50m EBITDA flowing to only 15-20m FCF... Why is the 12% FCF yield... login to read the rest view available tags
4	member 1/19/23 6:44PM Re: D&A v Capex 3
we are using $15m to $20m but some of that might be growth. we didn't play it up but part of Roycraft's strategy to turn around STC has been to modernize the fleet and have... login to read the rest 2 view available tags
2	member 1/19/23 2:37PM Re: quick question 1
thanks for the question. not sure those include the phoenix and firebird acquisition in August 2022. we think that will add about $10m in adjusted EBITDA in 2023. LTM they are at about $35m. we... login to read the rest view available tags
1	member 1/19/23 9:05AM quick question
Thanks for the write-up. Just curious about the leap to $50 million in EBITDA vs. sell side at $36 million post deals and proxy targets from '22 are below. Thanks view available tags

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			2022	2023
Price:	8.30	EPS	0.66	0.73
Shares Out. (in M):	15	P/E	12	11
Market Cap (in $M):	124	P/FCF	12	11
Net Debt (in $M):	-30	EBIT	14	15
TEV (in $M):	94	TEV/EBIT	6.9	6.3

Description

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