Barel Karsan a sorti ce petit stock inconnu avec une bonne valeur aux livres et un chiffre d’affaires croissant. LA compagnie se vend à 1 fois les ventes.
Quelqu’un connait STT ? Est-ce que ça pourrait se rapprocher de Kelso?
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Je vais jeter un coup d’oeil en fin de semaine. Le nom a déjà été mentionné sur des forums que je suis.
Ma première question: Quelle est la récurrence de leurs revenus ?
Ils ont de gros clients mais je pense pas que ce sera récurrent
Salut GP,
Je ne crois pas qu’on peut faire une comparaison directe avec Kelso, car Kelso a un quasi-monopole, des brevets, de très hautes barrières à l’entrée et une croissance hors de l’ordinaire.
Ce que j’aime de STT:
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Beau turn-around, surtout la marge brute. C’est important dans ce domaine car les marges sont faibles.
voir p.5-6: http://www.sttenvirocorp.com/assets/docs/ppt/Investor_Presentation_11MAR15-20150313120239.pdf -
Backlog qui augmente (présentement à 28.2M$)
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Ils ont été opportuniste pour lever 2.6M$ à 0.25$ car leur action est à un sommet de 5 ans. Avec l’incertitude par rapport à l’Ouest ca me semble un bon moment pour faire une acquisition à bon prix.
Ce que j’aime moins:
- Dépendance au secteur industriel qui est trop cyclique à mon goût et qui met un cap sur le ratio C/B. La page 20 du MD&A donne un outlook pour chacun de leurs marchés cibles:
Oil&Gas: The recent significant drop in oil prices to below US$50 per barrel has led to
reductions in capital spending plans for most of the major producers active in the oil sands.
It appears that most capital projects currently in progress will be completed, but future
developments will be delayed until oil prices recover to levels exceeding US$60 – US$70
per barrel. Lack of clarity on approval for pipelines to bring the oil to market is also a
concern.
Mining: Our view is that it is likely that the commodities market will remain soft until 2016.
Coal power: It has become clear we are at a bid disadvantage to some of our US competitors in aspects of this market and therefore will only be able to capitalize on projects which require some of the
products and expertise which are particular to our Company. However, we have established a
strategic alliance with a US company to address this perceived marketing disadvantage.
Waste water: There is a view that this area of activity is not as attractive as it once was due to extreme price sensitivity on projects with a green light and very few green lights due to lack of cash. We share
this view.
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Ceci dit, leur backlog va les soutenir, mais la marge brute va peut-être souffrir: As noted in our last quarterly report, this sets up the Company for a very strong revenue expectation for 2015 relative to any previous year, although our gross margins will see some pressure due to the competitive nature of our current bids.
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Leur avantage compétitif repose sur le fait que leurs tanks sont ‘‘bolted’’ au lieu de ‘‘field welded’’. Ceci permet une économie de 25-30%. J’ai de la misère à voir le moat. Je suis prêt à parier qu’ils ne sont pas les seuls à produire des bolted tanks. La compagnie me fait penser à Paul Mueller (OTC: MUEL).
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Selon mes calculs le titre est à 0.54x les ventes, mais considérant le domaine d’activité, la très faible marget nette et que les ventes n’ont pas augmenté à un rythme accéléré les dernières années je crois que 0.50x les ventes est un prix raisonnable actuellement. Peut-être encore un peu sous-évalué s’ils peuvent continuer d’augmenter les marges, mais je ne dirais pas que c’est une grosse aubaine.
Ceci dit, je crois que ca vaut la peine de suivre le titre.
Tu as de très bon points Aaron, je trouve la valorisation juste. Je vais attendre de meilleurs résultats ou une drop encore plus prononcée du titre.
Selon la dernière présentation de juin STT prévoit faire d’autre acquisitions en 2015, aucun rachat d’actions a été fait jusqu’à maintenant.
Une nouvelle quand même importante aujourd’hui pour STT Enviro
2015-06-15 07:45 ET - News Release
Mr. David Deacon reports
STT ENVIRO CORP. ANNOUNCES FULL REPAYMENT OF OUTSTANDING TERM DEBT
STT Enviro Corp. has repaid the final $1,022,959 of its outstanding term debt. The scheduled maturity date of the debt was April 30, 2017, and the interest rate was 10 per cent per annum.
David Deacon, STT Enviro’s chief executive officer, commented: “We are very pleased to have been able to repay this debt ahead of schedule. The company is now debt free, with strong working capital and cash reserves, and is in a strong position to finance future accretive acquisitions.”
Profit de $602,243 pour STT Enviro et fini la journé flat, l’action n’a même pas pris une cent.
STT Enviro earns $602,243 in Q2
2015-08-17 08:20 ET - News Release
Mr. David Deacon reports
STT ENVIRO CORP ACHIEVES RECORD FINANCIAL RESULTS FOR ITS QUARTER ENDED JUNE 30TH, 2015
STT Enviro Corp. has released its financial results for the quarter ended June 30, 2015. It had approximately $11.2-million in revenue, $1.2-million of EBITDA (earnings before interest, taxes, depreciation and amortization) and net income after tax of $600,000. For the six months ended June 30, 2015, the company reported approximately $19-million of revenue, $1.9-million of EBITDA and net income after tax of $880,000.
FINANCIAL HIGHLIGHTS FOR THE QUARTER
Quarter ended Quarter ended
June 30, 2015 June 30, 2014
Revenue $11,166,560 $4,982,579
EBITDA 1,155,912 359,584
Net income before tax 884,250 151,163
Net income after tax 602,243 206,558
EBITDA per issued common share 0.024 0.010
Earnings per share – basic 0.013 0.006
Earnings per share – diluted 0.012 0.006
FINANCIAL HIGHLIGHTS FOR THE YEAR TO DATE
Six months
ended June Six months ended
30, 2015 June 30, 2014
Revenue $19,905,696 $10,001,396
EBITDA 1,913,392 984,634
Net income before tax 1,306,319 615,841
Net income after tax 884,078 558,296
EBITDA per issued common share 0.045 0.032
Earnings per share – basic 0.021 0.018
Earnings per share – diluted 0.020 0.017
Closing backlog 25,076,216 12,859,648
Closing working capital 5,562,105 3,736,961
David Deacon, chief executive officer, commented: “We are pleased to report a record quarter. Our entry into complementary areas of business was an attempt to regain sales momentum despite major headwinds and I am pleased to share results that show our strategy has worked. It is also worth noting that our sales funnel remains full. The company has been fortunate to have very dedicated employees who have been instrumental in executing this push into new markets and in continuing to improve our profitability.”
He continued: “The strong cash generation in the first half of the year means that even after the retirement of all remaining long-term debt during the second quarter of 2015, the company still has approximately the same working capital surplus it had at the end of first quarter 2015. The company has repaid $5.4-million of term debt since the beginning of 2013 and is well positioned to pursue organic growth and growth through acquisition.”
Voici ce que j’ai vue sur sedard pour les prévisions de ventes…
Q2 2015 Results
The Company achieved record financial results for its quarter ended June 30, 2015 of approximately $11.2 million of revenue, $1,155,912 of EBITDA and net income after tax of $602,243. For the same quarter in 2014, the Company reported approximately $5.0 million of revenue, $359,584 of EBITDA and net income after tax of $206,558. As well, the Company’s backlog is $25,076,216 at June 30, 2015, compared to $12,859,648 at the end of the same quarter in 2014.
Sales Outlook
We had a relatively strong quarter for new order intake at $5 million plus, and certainly our sales funnel is quite full. The Tanks & Industrial group is seeing a great deal of bid activity and we expect that some smaller projects will be awarded in the third quarter, but most awards will occur in the fourth quarter of 2015. The Systems & Solutions group saw significant new orders in the first quarter (over $12 million), but is also of the view that late in the third quarter or sometime in the fourth quarter is the likely timing for their next orders. The Solutions part of that business remains strong and year over year growth is once again anticipated, with the service side of the business starting to get more traction as retrofit and other more complex solutions are sold.
The main difference in our sales funnel today, as opposed to the last several years, is that while we are still seeing many potential orders in the $500,000 to $3 million size range, we are now tracking approximately a dozen projects from $3 million to $15 million in scope. In the past we rarely had more than two or three of these large projects in our sales funnel. Projects of this scale offer their own set of challenges, as winning a couple more than anticipated can create stress on our current personnel and stress our recruiting, hiring and onboarding processes.
Much of this sales growth opportunity is in the new area of transload systems used for the off load (from railcars or trucks), storage (in bolted steel silos) and download (to trucks) of dry materials or chemicals. We are certainly on a learning curve, but the systems are significantly less complex than the chemical storage and make-down systems our Systems & Solutions group normally designs, and therefore lend themselves very well to our in-house engineering and design expertise
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Voici un article sur STT Enviro corp. paru dans Small Cap power Canadian Clean Tech Junior Sees Success Despite Resource Client Woes
Selon leur dernière présentation STT Enviro démontre que la valeur de leurs actions est sous-évalués
Investor presention august 2015
Potential Current Value:By the numbers (example only)
•Net financial position –plus $5 million
•Thumbnail Valuation at 5 X EBITDA = 5 X $3.2 million + $5 million cash = $21 million •Shares Outstanding = 47,490,525 Value per Share = $0.44
•Thumbnail Valuation at 6 X EBITDA = 6 X $3.2 million + $5 million cash = $24.2 million •Shares Outstanding = 47,490,525 Value per Share = $0.50
Potential Future Value (due to capital structure):By Opportunity (example only)
•Net financial position –plus $5 million •Buy $2.5 million of EBITDA for $10 million
•Source of funds ‐Cash $2 million, Debt $8 million •Resulting valuation 6 X EBITDA = 6 X $5.7 = $34.2 million ‐ $5 million = $29.2
•Shares Outstanding = 47,490,525 Value per Share = $0.61
•Thumbnail Valuation at 7 X EBITDA = 7 X $5.7 = $39.9 million ‐$5 million = $34.9 million
•Shares Outstanding = 47,490,525 Value per Share = $0.73
Présentement la compagnie ce négocie environ 3x son net. Mais pourrait ce négocier 5 à 6 fois cela?
Sa commence a bouger pour STT enviro aujourd’hui, +20%
Voila la nouvelle…
STT Enviro to hold special shareholder meeting Oct. 22
2015-09-10 17:23 ET - News Release
Mr. David Deacon reports
STT ENVIRO CORP. ANNOUNCES SPECIAL MEETING IN ANTICIPATION OF IMPLEMENTING A DIVIDEND POLICY
Further to the notice of meeting and record date filed on SEDAR on Aug. 21, 2015, STT Enviro Corp. has confirmed that it will hold a special meeting of shareholders on Oct. 22, 2015, at 10 a.m., at the Holiday Inn Express and Suites, 2750 High Point Dr., Milton, Ont.
The purpose of the meeting is to put the company in a position to implement a dividend policy in the future. This is currently not permitted due to a technical provision under the Canada Business Corporations Act (CBCA), which prohibits the payment of dividends if, after paying dividends, the company’s assets would be less than the sum of its liabilities and stated capital of all classes of shares. At the meeting, shareholders will be asked to approve a resolution to reduce the company’s stated capital by an amount equal to the balance of the company’s retained earnings deficit at Dec. 31, 2014. Approval of the resolution will reduce both the stated capital and deficit by the same amount, resulting in no change to total shareholder equity, and will bring the company into compliance with the CBCA provisions to permit it to pay dividends. There is no impact on taxes, cash flow or valuation of the company as a result of approving this resolution.
David E. Deacon, chief executive officer of STT, commented: “In the past few years, the company has proven its ability to consistently generate cash from operations. It has also completed an ambitious debt repayment plan. While the company intends to continue its growth plan through organic growth and accretive acquisitions, we believe that it is important that the company be in a position to implement a dividend policy. The resolution to be tabled at the Oct. 22, 2015, meeting puts the company in a position to do so when it feels it is appropriate. Shareholders are encouraged to vote in favour of the resolution to allow a dividend policy to be implemented in the future.”
We seek Safe Harbor.
Belle accumulation dernièrement par RBC, BMO et Raymond James (les insiders). Les bids sont très gros à partir de 0.24$ en descendant, le dernier trimestre a été quelque peu décevant mais ils ont trouvé les cause et apporté des correctifs disent-ils…
avec les insiders qui accumulent et l’annonce de l’instauration d’un dividende prochainement, je crois qu’il va bientôt être très mur pour une poussée à la hausse.
On peut qualifier les achats sur ce titre de bizarre depuis le début de la semaine, lundi RBC s’est mis a acheté des lots au ask à 0.23$ sans réellement se positionner au bid. Résultats le lendemain, aucun bid pour supporter la hausse du SP mais peu de vendeur aussi alors il baisse sur faible volume. Mercredi c’Est au tour de merryl lynch d’acheter + de 500k actions a partir de 15:53 au ask, dont la majorité a 0.25$ et 0.26$. Encore la aucun bid pour supporter la montée, aujourdhui, tranquille et encore aucun support côté bid. Seulement 10k actions vendu a 0.225$.
Je ne sais trop quoi penser de ça… on t’il des infos sur quelques choses de bon qui s’en vient? si non, je ne comprend pas le point de payer le gros prix au ask.
Des fois quand tu veux prendre une grosse position rapidement, t’a pas le choix d’acheter au ask tout simplement, ca peut aussi être un cross pré-arrangé.