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Clint Edgington

 
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  • Awilco Drilling: A Whopping 39.1% In Dividend. What Is The Catch? [View article]
    Gw McLean scrapped: http://bit.ly/16ADKEA
    Dec 19, 2014. 05:58 PM | 1 Like Like |Link to Comment
  • Best Long Idea For 2015: BNCCORP [View article]
    Same here Chris- thx for sharing thoughts. All timeframes are somewhat arbitrary-you have maintained consistency, which is frankly all that you can do.

    As a holder of bncc we agree with your position generally although are slightly more sanguine on prospects should oil continue its drop or even stabilize. we would be supportive of a sale as well.

    Fd: long
    Dec 17, 2014. 08:32 PM | Likes Like |Link to Comment
  • The Pending Takeout Of Horizon Lines' Equity Offers Potential For 'Home Run' Arbitrage [View article]
    Interesting information, great writeup and idea! Aside from SEC filings and the writeups that you reference, what other source documents would you recommend a review of to get a handle on the situation?
    Dec 10, 2014. 09:07 AM | 1 Like Like |Link to Comment
  • SAExploration Holdings: A Better Bargain After Q2 2014 Results [View article]
    anybody see anything other than big insiders' purchases?
    Dec 9, 2014. 04:27 PM | Likes Like |Link to Comment
  • A Christmas List For Slumping Oil [View article]
    Prudent Finances- There are upcoming yard stays for both of Awilco's rigs, and new blowout preventers are going to be installed. Management is very straightforward and (so far) have been straightshooters re: Capex, projections, and the firms' explicit dividend policy. Their stated intention is to pay out "all Free Cash Flow above a robust cash buffer of $30m". I disagree with the author, according to that stated intention and modeling out capex they will drop their dividend (but it will still be hefty). There are some articles on SA that go more in-depth on Awilco. Pay attention to Bobdbus comments- he has done a nice job modeling out Awilco's coming cash flows.

    fd: long AWLCF
    Dec 9, 2014. 10:07 AM | Likes Like |Link to Comment
  • Sittin' On The Bid Side Of The Market [View instapost]
    Can anybody smarter than me or with more insight into management read between the lines to figure out intentions?

    "In anticipation of the settlement with the Government of Alberta relating to the UDSR cancellation, the board of
    directors of AOS (“Board”) has been reviewing the Comp
    any's current business plan, as well as other alternatives
    to identify the best appropriate actions for the Company to maximize value for shareholders upon receipt of the
    compensation funds. The objective of the strategic review, which has been underway, is to examine a number of
    alternatives including, but not limited to, joint ventures, partnerships, mergers, acquisitions, farm-outs,
    recruitment of a management team, a corporate reorganization or other corporate transactions to enhance
    shareholder value. This strategic review is ongoing, and has identified a variety of options available to the
    Company with a view to enhancing shareholder value. "
    Dec 3, 2014. 10:25 PM | Likes Like |Link to Comment
  • Q&A: Awilco Drilling Lost More Than 30%, What To Do Next? [View article]
    Management pointed to the graph they always show in their presentations that showed that dayrates dropped to $250k in the bottom of the 2008/2009 recession. I assume that's where the analyst got the figure from and there was quite a bit of Q&A re: that figure and their marginal day cost.
    Nov 18, 2014. 11:09 AM | Likes Like |Link to Comment
  • Q&A: Awilco Drilling Lost More Than 30%, What To Do Next? [View article]
    Good earnings and conference call today. $1.27 EPS and $1.15 divvy announced. Good clarification that Hess delayed pricing the option likely because they do not yet know if any rig will be needed at the Wilhunter location.

    Mgmt mentioned that Transocean just struck a contract today for $335k dayrate (I can't find a source doc- anybody help out here) and they signaled (at least I took it as such) that $250k would be a bit of a trough in dayrates, which would still be profitable for them ($160k costs/day). They assume lead times will get shorter which will give them less visibility.

    fd: long
    Nov 12, 2014. 04:32 PM | Likes Like |Link to Comment
  • Yellow Media: Not Pretty, But Pretty Darn Cheap [View article]
    No big surprises here on today's earnings that I can see. Digital is now over 50% of revenues. They continue to pay down debt aggressively. I was little disappointed in the core digital growth (8.7% annual) and in the print declines; but the story is still in tact and it is still cheap (IMO). Management has been guiding to digital growth in the high single digits; so I shouldn't be that surprised.

    They've signaled that Capex will be heavy into Q4, but from what I can see the money that has been spent has been yielding results; renewals are steady at 85% and they've hit customer count goals.

    If I annualize this quarter (which is obviously optimistic), I get an EV/EBITDA of about 3.6.

    Others' thoughts?
    fd: long
    Nov 12, 2014. 02:53 PM | Likes Like |Link to Comment
  • SAExploration Holdings: A Better Bargain After Q2 2014 Results [View article]
    Thanks!
    Nov 11, 2014. 09:34 AM | Likes Like |Link to Comment
  • SAExploration Holdings: A Better Bargain After Q2 2014 Results [View article]
    What inputs did you use to stress the model? What revenue, specifically?
    Nov 11, 2014. 09:04 AM | Likes Like |Link to Comment
  • SAExploration Holdings: A Better Bargain After Q2 2014 Results [View article]
    Re: bankruptcy: Well, I don't see anything in the bond indenture showing restrictive covenants: http://1.usa.gov/1u2ssS2 Does anyone else? I don't see that they have to maintain a certain fixed coverage ratio, or debt- EBITDA, etc.

    So, I think it'll take quite a bit of a further dip to not be able to handle interest payments- and I don't see any covenants that will make bonds due.

    fd: long
    Nov 10, 2014. 02:57 PM | Likes Like |Link to Comment
  • SAExploration Holdings: A Better Bargain After Q2 2014 Results [View article]
    Ouch, I was lulled into just expecting a positive quarter and was really just interested in forward guidance on drilling co's Capex and how they planned to bat down the hatches.

    Does anyone have any takes on their bond covenants? interest coverage ratios, etc.?
    Nov 7, 2014. 09:46 AM | Likes Like |Link to Comment
  • Q&A: Awilco Drilling Lost More Than 30%, What To Do Next? [View article]
    bobdbus- great analysis! I especially like your disclaimers
    Nov 5, 2014. 10:48 AM | Likes Like |Link to Comment
  • Q&A: Awilco Drilling Lost More Than 30%, What To Do Next? [View article]
    DM me your email and I'll be happy to shoot it to you.
    Nov 4, 2014. 01:08 PM | Likes Like |Link to Comment
COMMENTS STATS
246 Comments
62 Likes