Dan James
Long only, value, long-term horizon, medium-term horizon

Enterprise Group Offers A Compelling 50-60% Upside

The Company

Enterprise Group trades on the TSX under the symbol E, or [(OTC:ETOLF)] in the U.S. and is a Canadian energy, utility and infrastructure service provider operating chiefly in the province of Alberta.

All $ amounts mentioned are Canadian dollars.

Over the last several years, the company has executed a strategy to "acquire complementary service companies in Western Canada" and currently has 5 divisions in infrastructure, pipeline servicing, and equipment rental. The acquisitions were done at accretive valuations, paying around 3x EBITDA for profitable companies with existing track records. Near term, the company has a stated goal of bringing revenues up to $150 million from the 2013 of $35 million.

I believe that 2014 will be a...

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