External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Equity Bottom-Up

<ul><li>CES Energy (CEU) is an asset lite oil field services company focused on drilling fluids and production chemicals</li><li>Trading at C$5.55 per share with a US$931MM market cap</li><li>Analysts project a 75% upside potential with a valuation of C$10 per share by FY25 due to expected mid-single digit earnings growth and cashflow return to shareholders at a 13% yield</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

CES Energy (CEU) is an asset lite oil field services company focused on drilling fluids and production chemicalsTrading at C$5.55 per share with a US$931MM market capAnalysts project a 75% upside potential with a valuation of C$10 per share by FY25 due to expected mid-single digit earnings growth and cashflow return to shareholders at a 13% yieldThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Ces Energy Solutions Corp (CEU.) - Tuesday, Apr 9, 2024

Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Thematic (Sector/Industry)

<ul>
<li>We anticipate oil prices to remain within the US$80-$90 range, which will sustain the current uptick in E&amp;P capital expenditure and foster a strong environment for oilfield services firms.</li>
<li>Our peer group continues to trade at deep-value multiples; currently at 4.5x/4.0x 2024E/2025E EBITDA.</li>
<li>We highlight a few of our favourite small-cap names that we believe have significant upside as we move into H2/24.</li>
</ul>


We anticipate oil prices to remain within the US$80-$90 range, which will sustain the current uptick in E&amp;P capital expenditure and foster a strong environment for oilfield services firms.
Our peer group continues to trade at deep-value multiples; currently at 4.5x/4.0x 2024E/2025E EBITDA.
We highlight a few of our favourite small-cap names that we believe have significant upside as we move into H2/24.


<ul><li>We expect oilfield service stocks to continue to outperform in 2023 and beyond based on supportive oil price fundamentals, rising capex levels amongst E&amp;Ps, and pricing power leading to margin expansion </li><li>Despite the sector’s strong fundamental tailwinds and the probability for a multi-year commodity supercycle, oilfield service companies are still trading at trough-level multiples In order to end the oil supply deficit, additional rigs are required to be deployed; providing organic growth and pricing power for oilfield service names.</li><li>This will create another year of margin expansion for oilfield service stocks as they take advantage of operating leverage.</li></ul>

We expect oilfield service stocks to continue to outperform in 2023 and beyond based on supportive oil price fundamentals, rising capex levels amongst E&amp;Ps, and pricing power leading to margin expansion Despite the sector’s strong fundamental tailwinds and the probability for a multi-year commodity supercycle, oilfield service companies are still trading at trough-level multiples In order to end the oil supply deficit, additional rigs are required to be deployed; providing organic growth and pricing power for oilfield service names.This will create another year of margin expansion for oilfield service stocks as they take advantage of operating leverage.

Oilfield Services: Another Great Year Ahead

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

Sector trends are telling a bullish narrative. Cyclical sectors continue to lead, with tech at the helm, and defensive segments still exhibit lagging relative strength trends. Combined, this relationship is visible in the consumer discretionary/staples ratio, which is breaking out to multi-year highs. In today’s report we highlight the following themes:<ul><li>Auto stocks are breaking out -- buy. Highlighted charts include: Daimler (DAI-DE), Ford (F), Hyundai Motor (005380-KR), Peugeot (UG-FR), Renault (RNO-FR), and Volkswagen (VOW-DE). Increase exposure... see page 4-5</li><li>Energy is bottoming -- buy (reiteration). We highlight a wide selection of actionable names, both small- and large-caps, developed and emerging... see page 6-9</li></ul>

Sector trends are telling a bullish narrative. Cyclical sectors continue to lead, with tech at the helm, and defensive segments still exhibit lagging relative strength trends. Combined, this relationship is visible in the consumer discretionary/staples ratio, which is breaking out to multi-year highs. In today’s report we highlight the following themes:Auto stocks are breaking out -- buy. Highlighted charts include: Daimler (DAI-DE), Ford (F), Hyundai Motor (005380-KR), Peugeot (UG-FR), Renault (RNO-FR), and Volkswagen (VOW-DE). Increase exposure... see page 4-5Energy is bottoming -- buy (reiteration). We highlight a wide selection of actionable names, both small- and large-caps, developed and emerging... see page 6-9

Int'l Equity Strategy: Buy Energy, Global Autos

Canada

CES Energy Solutions Corp. provides oilfield services. The Company offers fracturing, simulation, drilling fluid systems, laboratory testing, and transportation and logistic services. CES Energy Solutions operates in the United States and Canada.

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CES Energy Solutions (CEU CN)

Ces Energy Solutions Corp (CEU.) - Tuesday, Apr 9, 2024

CES Energy (CEU) is an asset lite oil field services company focused on drilling fluids and production chemicals. Trading at C$5.55 per share with...

Value Investors Club

Oilfield Services: Still Way Too Cheap

We anticipate oil prices to remain within the US$80-$90 range, which will sustain the current uptick in E&P capital expenditure and foster a strong...

Atrium Research

Oilfield Services: Another Great Year Ahead

We expect oilfield service stocks to continue to outperform in 2023 and beyond based on supportive oil price fundamentals, rising capex levels...

Atrium Research

Int'l Equity Strategy: Buy Energy, Global Autos

Sector trends are telling a bullish narrative. Cyclical sectors continue to lead, with tech at the helm, and defensive segments still exhibit...

Vermilion Research

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