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21	member 6/04/18 2:34PM Re: Ownership structure 20
by adjusting the share count from 23 to 48 view available tags
20	member 6/04/18 1:18PM Ownership structure
Hi Shoobity, thanks for the write up. I couldn't find any reference in your note to SOI's ownership structure: "As the sole managing member of Solaris LLC, Solaris Inc. operates and controls all of the business... login to read the rest 1 view available tags
19	member 5/30/18 7:38PM Thoughts
Great discussion here. Rasputin- I think we talked to the same group as I got verbatim bullet points. Here are my comments... Useful life Shoobity cites a useful life of 5-7 years in the write up. SOI’s 10-k... login to read the rest view available tags
17	member 5/29/18 6:36PM Re: Re: Re: thoughts from a friend who knows the name well 16
I'll let rasputin respond but just to throw in my take: Yes on pricing deterioration during the downturn. However, that also means at that point they can significantly reduce their capex (the way NOV does) during... login to read the rest view available tags
16	member 5/29/18 5:01PM Re: Re: thoughts from a friend who knows the name well 15
Thank you for sharing by the way. I realize those are not your arguments. I'm just trying to assess the strength of the moat and so far I'm not seeing it. view available tags
15	member 5/29/18 3:28PM Re: thoughts from a friend who knows the name well 14
Agreed that rational capital allocators deserve a premium int the OFS space. Agreed they have the best product, but what sustainable competitive advantages do their products have? I agree EOG is a thought leader. I also agree... login to read the rest 3 view available tags
13	member 5/24/18 6:27PM Re: Re: Re: Re: Re: Re: Re: Barriers to entry 11
You bet. No, of course I would not like the business more if it had lower margins. I think what matters is whether the current margins are sustainable, or if they are a temporary phenomenon... login to read the rest view available tags
12	member 5/24/18 11:57AM Re: Re: Re: Re: Re: Re: Re: Barriers to entry 11
I'd be interested to hear if anyone has talked to the drillers / E&Ps about whether they actually want an all-in-one solution or not? The company is telling me that the industry is actually asking... login to read the rest view available tags
11	member 5/24/18 2:26AM Re: Re: Re: Re: Re: Re: Barriers to entry 10
Btw Snarfy - in my last comment when I'm talking about maintaining margins I'm talking about during this upcycle in energy. I agree with your comments that in a downturn like 2015/2016 where drilling activity... login to read the rest view available tags
10	member 5/24/18 1:58AM Re: Re: Re: Re: Re: Barriers to entry 9
Snarfy, thank you for the thoughtful response. This is what VIC is all about! Healthy debates about the investment merits of certain companies. I hadn't really thought through the replacement cost argument, which likely lowers... login to read the rest 1 view available tags
9	member 5/23/18 4:19PM Re: Re: Re: Re: Barriers to entry 7
Snary - I don't think EP's would have much hesitation changing. The logistics of sand is a huge topic that everyone in the oilfield is very focused on. And although it is a low cost... login to read the rest view available tags
8	member 5/23/18 3:27PM Re: Re: Re: Barriers to entry 3
C&J comes to mind. They even had an owner/operator. 1 view available tags
7	member 5/23/18 3:26PM Re: Re: Re: Barriers to entry 3
Thanks for actively engaging in discussion. I have spent the last day or so working on this and I'll be frank it has some of the telltale signs of being a short (at some point),... login to read the rest 4 view available tags
6	member 5/23/18 11:35AM Re: Re: Boxes vs. Silos 5
I'll also just note that where these systems are much better are the multi-well drill pads because the silos can hold much more sand. If you are going to just drill one well on the... login to read the rest view available tags
5	member 5/23/18 10:51AM Re: Boxes vs. Silos 4
Boxes hold less sand vs. silo... the box system takes up to 3 employees to manage the system vs. SOI @ 1 employee. Box system also requires additional heavy lift equipment (large forklift)... SOI system... login to read the rest 1 view available tags
4	member 5/22/18 5:08PM Boxes vs. Silos
Shoobity - most of the work we have done suggests that the market is moving toward boxed solutions. The operators we talk to say that they are faster and cheaper than SOI. I think HCLP,... login to read the rest 3 view available tags
3	member 5/22/18 1:08AM Re: Re: Barriers to entry 2
Thanks for reading snarfy and bluewater. This is certainly not a Google type of moat but it's also not a Poseidon Concepts fraud either. This is not something you want to own through the next... login to read the rest 1 view available tags
2	member 5/21/18 10:13PM Re: Barriers to entry 1
exactly. 60% margins for a basic service? after my first read through I was wondering if this is the newer sand version of poseidon concepts. we are due for another one of those... 1 view available tags
1	member 5/21/18 7:24PM Barriers to entry
I'd love to hear your thoughts on whether SOI has any sustainable competitive advantages. I agree it looks cheap, but I would want to understand clearly whether this is an investment or a trade. The... login to read the rest 4 view available tags

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			2024	2025
Price:	11.67	EPS	1.26	1.30
Shares Out. (in M):	77	P/E	8	9
Market Cap (in $M):	873	P/FCF	7	7
Net Debt (in $M):	675	EBIT	330	350
TEV (in $M):	1,548	TEV/EBIT	4.9	4.6

Description

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Sign up for free guest access to view investment ideas with a 45-day delay and read the full report. Log in to read the full report.

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