Added to YB: 2024-03-04
Pitch date: 2024-03-02
PSI.TO [bullish]
Pason Systems Inc.
-6.2%
current return
Author Info
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Company Info
Pason Systems Inc., together with its subsidiaries, provides instrumentation and data management systems for oil and gas drilling in Canada, the United States, and internationally.
Market Cap
CAD 957.2M
Pitch Price
CAD 13.07
Price Target
N/A
Dividend
N/A
EV/EBITDA
6.15
P/E
15.74
EV/Sales
2.12
Sector
Energy Equipment and Services
Category
growth
Pason Systems Inc Quick Update - $PSI.TO
PSI.TO Q4 missed, but 2024 guide in-line; rev/day +12% offset lower activity. N.A. rev -9% to $70.5M, Intl +25% to $17.9M. Adj EBITDA -21% YoY to $38.9M on costs & inflation. Forex loss $14.2M on Argentine Peso. Div +8% to $0.13. IWS buyout $88.3M+$7M debt. CapEx $75-80M for 2024. Growth seen in all biz areas & new products like Mud analyzer by 2025. IWS to add $20-25M rev in 2024 despite litigation. Trades ~7x TTM & <6x 2024E EBITDA - attractive in OFS space w/ tailwinds & catalysts.
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