2. investorSCOREcard
Peak Energy Services Ltd. (PES-T)
Market Overview and Opportunity
In 2009, global oil production fell by 2 million barrels of oil per day, representing the largest decline in production
since 1982. Similarly, global natural gas production fell by 2.1 per cent in 2009, representing the first decline in
natural gas production on record. Despite the global decline, oil and natural gas production actually rose slightly in
North America in 2009, by 1.6 per cent in both cases (BP Statistical Review of World Energy, June 2010).
It is expected that as the global economy emerges from the recession,
oil and natural gas drilling activity levels will continue to rise in North
America. Peak has the opportunity to meet the needs of its customers’
existing and upcoming drilling and production projects as industry
activity increases. Peak has a geographical reach throughout western
Canada (14 locations) and is pursuing replicating this model in the
United States (4 locations). There is an opportunity for Peak’s
performance to improve with both industry activity levels and increased
market share in the United States as Peak establishes itself in new
geographies.
Products and Services
Peak offers a range of energy services to customers through its various operating divisions. The Company provides
drilling and production services to customers operating in both the conventional and unconventional oil and natural
gas industry. Peak’s also provides water technology solutions to a variety of customers in various industries
throughout North America.
Surface Rentals – Canada and U.S. Divisions
• Solids control – sumpless (“closed loop”) drilling systems comprised of a series of tanks and centrifuges for
the removal of drill cuttings from the drilling fluid as it is circulated out of the well bore;
• Well-site accommodations – high-quality well-site accommodation units used as offices and living quarters
for personnel on drilling rig locations;
• Remote waste water systems – waste water management systems for the processing of grey and black
water effluent in remote locations; and
• Production equipment – frac/production tanks, blow-back tanks, flare stacks, light towers, service rig
equipment and miscellaneous production and completion equipment.
Camps and Catering
The rental of camp accommodations for drilling, pipeline and oil sand related personnel, including full service on-site
catering, water supply and housekeeping in remote locations.
Fluids Handling
The provision of tank truck and related services for production and completion activities.
Water Technology
The provision of water and waste water treatment design and fabrication services. Water technology operates under
the “Sanitherm” trade name and includes design, assembly and sales of both permanent and portable water and
waste water treatment systems.
3. investorSCOREcard
Peak Energy Services Ltd. (PES-T)
Growth Strategy
Since its inception in 1996, Peak has expanded by investing approximately $200 million in the acquisition of
complementary service companies. In 2008, Peak completed a $62 million public merger with Wellco Energy
Services Trust, an organization that provided a variety of oilfield services to companies engaged in oil and natural
gas development in western Canada. An additional $220 million has been invested since inception to execute on its
internal growth plan.
The Company is pursuing additional growth opportunities primarily in the United States market and continues to look
for opportunities where it may reduce its infrastructure costs to further improve its margins.
Progress and Milestones
• Completed a $24.8 million equity raise in March 2010
• Signed nine contracts in the period between May 2010 and November 2010 for an aggregate total revenue of
approximately $37.0 million, which will be earned over fiscal year 2010 through fiscal year 2012
• Completed the conversion from a trust to a corporation on December 31, 2010
Investment Highlights
• Revenue growth of 33% in 2010
• United States market growth in revenue more than tripled to $38.2 million in 2010.
• EBITDA growth of 251% in 2010 (on a margin basis improved to 15% in 2010 from 6% in 2009)
• Diversified asset base with equipment that meets or exceeds average industry quality
• Strong balance sheet with working capital of $35.6 million
• Tangible assets of $194.0 million with approximately 4,000 rental assets
• Significant funded debt reduction of $23.3 million from $60.5 million at December 31, 2009 to $37.2 million
and a current debt to equity ratio of 0.29 to 1.00
4. investorSCOREcard
Peak Energy Services Ltd. (PES-T)
Management
Curtis W. Whitteron
President and Chief Executive Officer
Matthew J. Huber
Executive Vice President
Monty R. Balderston
Chief Financial Officer and Investor Relations contact
Dale M. Kaufmann
Chief Operating Officer
John E. Hudson
Vice President, Health, Safety & Environment and Risk Management
Dean R. Herbert
Vice President, Human Resources and Administration
Geoff McFarlane
Director, Sales and Marketing
Marion M. Jerome
Risk Manager and Corporate Secretary
Comparables
High Arctic Energy Services, Inc. (HWO-T)
Pure Energy Services Ltd. (PSV-T)
Essential Energy Services Ltd (ESN-T)
5. investorSCOREcard
Peak Energy Services Ltd. (PES-T)
Stock Market Performance Rating 2.9
Stock Market Returns 700,000
$14.00
Return Percentile Rating
46% 600,000
Three Months 93% 4.6 $12.00
Six Months 75% 99% 5.0
Stock Price
500,000
1 Year 218% 100% 5.0 $10.00
Volume
3 Years (CAGR) (35.3%) 0% 0.0 400,000 $8.00
5 Years (CAGR) (43.8%) 0% 0.0
300,000 $6.00
Market Data
Price $0.70 200,000 $4.00
Mkt Cap (Mil) $120.67
Shs Outstanding (Mil) 172.38 100,000 $2.00
Dividend Yield % 0.0%
Avg Vol Last 3mos. (000's) 139.36 - $-
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
P/E (TTM) NA
Insider Ownership Rating 2.5
Value of Shares and Options Percent of Ownership
Shares Options Total Value Rating Percent Rating 4.5% Insiders
* Adjusted 48.7% > 10% Holders
# of # of $ Value if Adjusted $
$ Value $ Value if Rating Percent of Rating 46.7% Other
Shares Options Exercised Value
Exercised (Add all) Mkt. Value (Add all)
Curtis W. Whitteron
908,757 $636,130 686,114 $480,280 $240,140 $876,270 0.4 0.7% 0.1
President and CEO
Monty R. Balderston
176,583 $123,608 342,501 $239,751 $119,875 $243,483 0.1 0.2% 0.0
CFO Jun-10
Other Officers
656,427 $459,499 489,168 $342,418 $171,209 $630,708 0.3 0.5% 0.1
May-10
Board of Directors (excl.
CEO)
5,377,229 $3,764,060 - $0 $0 $3,764,060 1.5 3.1% 0.6 Apr-10
> 10% Holders 84,463,163 $59,124,214 - $0 $0 $59,124,214 48.7% Mar-10
For info only
Total (excl. >10% Holders) $64,107,511 $1,062,448 $531,224 $64,638,735 2.2 4.5% 0.9 0% 20% 40% 60% 80% 100%
(Max of 4) (Max of 4) CEO CFO
Other Officers Directors
> 10% Holders Public Float
* Adjusted $ Value of Options is 50% of their full value if exercised to account for volatility. Furthermore, our view is that shareholders would rather management owned shares vs. options.
Add: Compensation Type
Category Rating Addition Percent of Compensation
Share and Total Perform- Share and
7.9%
Salary Perform- Unit Option All Other Comp. ance Unit Option
ance Bonus Awards Awards Comp. Bonus Awards Awards
Curtis W. Whitteron Salary
$248,192 $95,390 $26,215 $369,797 0.25 4%
President and CEO Bonus
Monty R. Balderston Shares & Units
$176,492 $45,992 $25,315 $247,799 0.25
CFO Options
Matthew J. Huber % All Other
$197,635 $66,433 $25,581 $289,649 0.25
Executive VP 70.7%
Dale M. Kaufmann $183,846 $51,102 $6,855 $241,803 0.25
COO
Dean R. Herbert
$170,058 $35,771 $25,235 $231,064 0.25
VP Human Resources
Total $976,223 $0 $0 $294,688 $109,201 $1,380,112 0.00 0.00 0.25
(Max Score)
Bonus: Net Buying/Selling Last Six Months
Insider Holdings Beginning and Ending Value
Transactions
Adjusted Share and
$70,000,000
Rating $60,000,000
Option Value
Buying Selling Net Bonus $50,000,000
$40,000,000
Curtis W. Whitteron, President and CEO $0 $0 $0 0.00 $30,000,000
Monty R. Balderston, CFO $10,204 $10,204 $0 0.00 $20,000,000
Other Officers $0 $0 $0 0.00
$10,000,000
Board of Directors (excl. CEO) $0 $0 $0 0.00
$-
> 10% Holders (info only) $0 $0 $0
Total (excl. >10% Holders) $10,204 $10,204 $0 0.00 (Total Score) Beg Trans- Ending
Value actions Value
6. investorSCOREcard
Peak Energy Services Ltd. (PES-T)
Balance Sheet Analysis Rating 3.5
Short-Term Liquidity Quadrant 3: Quadrant 1:
"RECOVERING" "OPTIMAL"
$ 30.0 Dec-10
+ VE
This Company's cash flow is considered NOT SEASONAL, therefore this report uses the last
quarter's cash flow multiplied by 4 as a proxy for annual cash flow. $ 25.0 Sep-10
Mar-10
$ 20.0
Quadrant Rating Dec-09 Mar-10 Jun-10 Sep-10 Dec-10
Working Capital ($0.7) $ 27.8 $ 26.1 $ 30.4 $ 35.6 $ 15.0
Cash Flow Ops (Q in mil) $ 0.6 $ 5.6 $ 1.0 $ 6.0 $ 7.3
Cash Flow
Cash Flow Ops (Ann Q's in mil) $ 2.3 $ 22.2 $ 4.1 $ 24.2 $ 29.4 $ 10.0
Quadrant Rating 2.0 4.0 4.0 4.0 4.0
$ 5.0 Jun-10
Dec-09
Addition to Quadrant Rating $-
Our methodology accounts for the 'nearness' to improving or worsening a Company's quadrant
ranking based on current cash generation/burn rate and working capital position. The ($5.0)
- VE
Company's short term liquidity situation is OPTIMAL. At the current cash generation rate the
($10) $- $ 10 $ 20 $ 30 $ 40 $ 50
Company's working capital will double in 15 month(s). Quadrant 2:
Quadrant 4:
"URGENT" "DRAWING DOWN"
Add: 0.4 - VE Working Capital + VE
Short-Term Liquidity Rating 4.4
Debt to Equity
Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Utilities
Telecom
Equity
Number of Companies
Materials
Common Stock Equity $ 150.7 $ 173.2 $ 168.9 $ 171.4 $ 172.6 Info Tech
Industrials
Total Equity $ 150.7 $ 173.2 $ 168.9 $ 171.4 $ 172.6 Health Care
Energy
Cons Staples
Debt and Equivalents Cons Disc
PES-T
Pref. Securities of Sub Trust - - - - -
Pref. Equity Outside Stock Equity - - - - -
Preferred Stock Equity - - - - -
Minority Interest (Bal. Sheet) - - - - -
Short-Term Debt $ 11.9 - - - -
Long-Term Debt $ 49.7 $ 49.1 $ 49.2 $ 49.2 $ 49.3
Capital Lease Obligations - - - - -
Total Debt and Equivalents $ 61.5 $ 49.1 $ 49.2 $ 49.2 $ 49.3
0.00 1.00 2.00 3.00 4.00
Debt to Equity 0.41 0.28 0.29 0.29 0.29
Debt to Equity Rating 4.4 Low Risk Debt to Equity High Risk
Debt to Equity Rating 4.4
Interest Coverage
Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 7.0 x
EBIT 6.0 x
Interest Coverage
Quarterly ($4.3) $ 2.7 ($3.6) $ 4.5 $ 7.0
TTM ($6.7) ($12.5) ($9.8) ($0.7) $ 10.7 5.0 x
4.0 x
Interest Expense
Quarterly $ 1.3 $ 1.3 $ 1.1 $ 1.1 $ 1.1
3.0 x
TTM $ 4.5 $ 4.6 $ 4.7 $ 4.8 $ 4.6
2.0 x
Interest Coverage
1.0 x
Quarterly #N/A 2.1 x #N/A 4.0 x 6.2 x
TTM #N/A #N/A #N/A #N/A 2.3 x
0.0 x
Dec-09 Mar-10 Jun-10 Sep-10 Dec-10
Interest Coverage Rating
Qtrly Interest Coverage Rating 1.0 1.7 2.4 Quarterly
TTM Interest Coverage Rating 1.1 TTM
Interest Coverage Rating 1.8
7. investorSCOREcard
Peak Energy Services Ltd. (PES-T)
Revenue, EBITDA and EPS Rating 1.8
Revenue (in millions)
Revenue (in milions) on Rolling TTM
$180.00
$160.00
Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 $140.00
Revenue $ 127.7 $ 109.0 $ 155.6 $ 115.2 $ 153.0
$120.00
Quarterly Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 $100.00
Basis
Quarter Ending $ 25.5 $ 38.9 $ 27.8 $ 38.3 $ 48.0
$80.00
TTM $ 118.2 $ 106.6 $ 113.3 $ 130.5 $ 153.0
$60.00
Growth Percent Rating Stability R² Rating $40.00
Rev. Growth % TTM 29.5% 4.7
Rev. Growth % LFY 32.8% 4.9 Revenue Stability Last 2 Yrs 17.2% 0.9 $20.00
Rev. Growth % 3 Year CAGR 12.0% 2.8 Revenue Stability Last 3 Yrs 5.8% 0.3 $-
Rev. Growth % 5 Year CAGR 6.7% 2.0 Revenue Stability Last 5 Yrs 12.6% 0.6 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec
Revenue Growth Rating 3.6 Overall Revenue Stability Rating 0.6 01 02 03 04 05 06 07 08 09 10
Revenue Growth and Stability Rating 2.1
EBITDA (in millions)
EBITDA (in milions) on Rolling TTM
$ 60.00
Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 $ 50.00
EBITDA $ 38.0 $ 24.3 $ 21.7 $ 6.8 $ 23.8
$ 40.00
Quarterly Dec-09 Mar-10 Jun-10 Sep-10 Dec-10
Basis
Quarter Ending ($1.0) $ 6.5 ($0.3) $ 7.7 $ 9.9 $ 30.00
TTM $ 7.4 $ 1.1 $ 3.9 $ 12.9 $ 23.8
$ 20.00
Growth Percent Rating Stability R² Rating
EBITDA Growth % TTM 221.3% 5.0 $ 10.00
EBITDA Growth % LFY 250.6% 5.0 EBITDA Stability Last 2 Yrs 16.8% 0.8
EBITDA Grwth % 3 Yr CAGR -0.7% 1.2 EBITDA Stability Last 3 Yrs 29.4% 0.7 $-
EBITDA Grwth % 5 Yrr CAGR -11.3% 0.3 EBITDA Stability Last 5 Yrs 73.2% 1.8 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec
EBITDA Growth Rating 2.9 Overall EBITDA Stablitity Rating 1.1 01 02 03 04 05 06 07 08 09 10
EBITDA Growth and Stability Rating 2.0
Basic Earnings Per Share (EPS*) $1.40
* (excluding acquired in process R&D, restructuring and M&A, special income & charges and discontinued ops)
$1.20
Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 $1.00
EPS on Rolling TTM
EPS $ 0.89 $ 0.26 ($0.11) ($0.27) ($0.01) $0.80
$0.60
Quarterly (TTM)
Basis
Dec-09 Mar-10 Jun-10 Sep-10 Dec-10
Quarter Ending ($0.18) ($0.01) ($0.03) $ 0.01 $ 0.02 $0.40
TTM ($0.27) ($0.39) ($0.31) ($0.21) ($0.01) $0.20
$-
Growth Percent Rating Stability R² Rating
($0.20)
EPS Growth % TTM 96.3% 2.5
EPS Growth % LFY 96.3% 2.5 EPS Stability Last 2 Yrs 24.1% 0.6 ($0.40)
EPS Grwth % 3 Year CAGR -131.8% 0.0 EPS Stability Last 3 Yrs 67.4% 1.7 ($0.60)
EPS Grwth % 5 Year CAGR -139.9% 0.0 EPS Stability Last 5 Yrs 87.3% 2.2 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec
EPS Growth Rating 1.2 Overall EPS Stablitity Rating 1.5 01 02 03 04 05 06 07 08 09 10
EPS Growth and Stability Rating 1.4
8. investorSCOREcard
Peak Energy Services Ltd. (PES-T)
Return On Capital Rating 1.9
Return On Invested Capital (ROIC)
15%
Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10
Invested Capital Period Ending $ 257.4 $ 229.6 $ 275.5 $ 218.6 $ 230.5
Average Invested Capital $ 255.0 $ 243.5 $ 252.5 $ 247.1 $ 224.6 10%
ROIC on Rolling TTM
* Net Income $ 23.9 $ 7.8 ($4.8) ($12.9) ($2.1)
Add Back: After Tax Interest Expense $ 1.9 $ 2.8 $ 3.3 $ 2.9 $ 3.0
Annual ROIC 10.1% 4.4% -0.6% -4.0% 0.4% 5%
Basis
Level Rating 3.1 2.4 1.8 1.5 2.0
Consistency Rating 2.2
0%
Quarterly (TTM) Dec-09 Mar-10 Jun-10 Sep-10 Dec-10
Invested Capital Period Ending $ 218.6 $ 228.1 $ 222.9 $ 225.8 $ 230.5
Average Invested Capital $ 246.8 $ 237.3 $ 227.1 $ 224.5 $ 225.2
(5%)
* Net Income ($12.8) ($19.5) ($18.6) ($11.8) ($2.1)
Add Back: After Tax Interest Expense $ 2.9 $ 2.9 $ 3.0 $ 3.0 $ 3.0
Quarterly ROIC -4.0% -7.0% -6.8% -3.9% 0.4%
Level Rating 1.5 1.2 1.2 1.5 2.0 (10%)
Consistency Rating 1.5 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec
01 02 03 04 05 06 07 08 09 10
Return on Invested Capital (ROIC) Rating 1.9
Return On Assets (ROA)
15%
Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10
Total Assets Period Ending $ 271.7 $ 240.9 $ 301.2 $ 235.2 $ 252.0
Average Total Assets $ 270.5 $ 256.3 $ 271.1 $ 268.2 $ 243.6 10%
ROA on Rolling TTM
* Net Income $ 23.9 $ 7.8 ($4.8) ($12.9) ($2.1)
Add Back: After Tax Interest Expense $ 1.9 $ 2.8 $ 3.3 $ 2.9 $ 3.0
Annual ROA 9.5% 4.2% -0.6% -3.7% 0.4% 5%
Basis
Level Rating 3.1 2.5 2.0 1.7 2.1
Consistency Rating 2.3
0%
Quarterly (TTM) Dec-09 Mar-10 Jun-10 Sep-10 Dec-10
Total Assets Period Ending $ 235.2 $ 249.3 $ 237.6 $ 243.5 $ 252.0
Average Total Assets $ 264.9 $ 254.5 $ 242.1 $ 241.0 $ 243.5
(5%)
* Net Income ($12.8) ($19.5) ($18.6) ($11.8) ($2.1)
Add Back: After Tax Interest Expense $ 2.9 $ 2.9 $ 3.0 $ 3.0 $ 3.0
Quarterly ROA -4.0% -7.0% -6.8% -3.9% 0.4%
Level Rating 1.7 1.4 1.4 1.7 2.1 (10%)
Consistency Rating 1.7 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec
01 02 03 04 05 06 07 08 09 10
Return on Assets (ROA) Rating 2.0
Return On Common Equity (ROE)
20%
Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10
Total Equity Period Ending $ 162.7 $ 138.7 $ 173.8 $ 150.7 $ 172.6 15%
Average Common Equity $ 171.5 $ 150.7 $ 156.3 $ 162.3 $ 161.7
ROE on Rolling TTM
* Net Income $ 23.9 $ 7.8 ($4.8) ($12.9) ($2.1) 10%
Add Back: NA $ - $ - $ - $ - $ -
Annual ROE 13.9% 5.2% -3.1% -7.9% -1.3%
5%
Basis
Level Rating 3.0 2.3 1.6 1.3 1.8
Consistency Rating 2.0
0%
Quarterly (TTM) Dec-09 Mar-10 Jun-10 Sep-10 Dec-10
Total Equity Period Ending $ 150.7 $ 173.2 $ 168.9 $ 171.4 $ 172.6 (5%)
Average Common Equity $ 165.4 $ 165.2 $ 163.2 $ 164.7 $ 167.4
* Net Income ($12.8) ($19.5) ($18.6) ($11.8) ($2.1)
(10%)
Add Back: NA $ - $ - $ - $ - $ -
Quarterly ROE -7.8% -11.8% -11.4% -7.2% -1.3%
Level Rating 1.3 1.0 1.1 1.3 1.8 (15%)
Consistency Rating 1.3 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec
01 02 03 04 05 06 07 08 09 10
Return on Common Equity (ROE) Rating 1.7
* Net Income - Excludes Net Income from Discontinued Operations, Income Acquired in Process R&D, Income Restructuring And M&A, and Other Special Income/(Charges)
9. investorSCOREcard
Peak Energy Services Ltd. (PES-T)
Valuation Rating 4.2
Price to Earnings (P/E)
120.0 x
(Lower numbers receive higher rankings)
Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 100.0 x
* Price $ 4.42 $ 2.85 $ 0.53 $ 0.30 $ 0.68
P/E on Rolling TTM
Earnings Per Share (EPS) $ 0.89 $ 0.26 ($0.11) ($0.27) ($0.01)
80.0 x
Annual P/E 5.0 x 11.0 x
Basis
Annual P/E Rating 4.3 3.7 60.0 x
Quarterly (TTM) Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 40.0 x
* Price $ 0.30 $ 0.33 $ 0.28 $ 0.48 $ 0.66
Earnings Per Share (EPS) ($0.27) ($0.39) ($0.31) ($0.21) ($0.01)
20.0 x
Quarterly (TTM) P/E
Quarterly (TTM) P/E Rating 0.0 x
Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec
01 02 03 04 05 06 07 08 09 10
Price to Earnings (P/E) N/A
Price to Book (P/Book)
2.5 x
(Lower numbers receive higher rankings)
Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10
2.0 x
P/Book on Quarterly
* Price $ 4.42 $ 2.85 $ 0.53 $ 0.30 $ 0.68
Book Equity Per Share $ 5.92 $ 5.01 $ 3.59 $ 3.11 $ 1.00
1.5 x
Annual P/Book 0.7 x 0.6 x 0.1 x 0.1 x 0.7 x
Basis
Annual P/Book Rating 4.4 4.5 4.7 4.7 4.5
1.0 x
Quarterly Dec-09 Mar-10 Jun-10 Sep-10 Dec-10
* Price $ 0.30 $ 0.33 $ 0.28 $ 0.48 $ 0.66
Book Equity Per Share $ 3.11 $ 1.00 $ 0.98 $ 0.99 $ 1.00 0.5 x
Quarterly P/Book 0.1 x 0.3 x 0.3 x 0.5 x 0.7 x
Quarterly P/Book Rating 4.7 4.6 4.7 4.6 4.5 0.0 x
Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec
01 02 03 04 05 06 07 08 09 10
Price to Book (P/Book) 4.5
Enterprise Value to EBITDA (EV/EBITDA)
100.0 x
(Lower numbers receive higher rankings)
90.0 x
EV/EBITDA on Rolling TTM
Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10
80.0 x
* Enterprise Value $ 185.4 $ 148.1 $ 106.1 $ 75.8 $ 154.4
EBITDA $ 38.00 $ 24.30 $ 21.71 $ 6.79 $ 23.80 70.0 x
60.0 x
Annual EV/EBITDA 5.0 x 6.2 x 5.3 x 11.2 x 7.0 x
Basis
Annual EV/EBITDA Rating 4.4 4.2 4.4 2.7 4.0 50.0 x
40.0 x
Quarterly (TTM) Dec-09 Mar-10 Jun-10 Sep-10 Dec-10
* Enterprise Value $ 75.8 $ 95.6 $ 86.7 $ 121.5 $ 150.9 30.0 x
EBITDA $ 7.41 $ 1.11 $ 3.88 $ 12.95 $ 23.80
20.0 x
Quarterly (TTM) EV/EBITDA 10.2 x 94.8 x 25.1 x 10.1 x 6.9 x 10.0 x
Quarterly (TTM) EV/EBITDA Ratin 3.0 0.0 3.1 4.0 0.0 x
Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec
01 02 03 04 05 06 07 08 09 10
Enterprise Value to EBITDA (EV/EBITDA) 4.0
* Price - Delayed 60 days to reflect the fact that financial statements are public approximately 60 days after the last day of the reporting period. For the last period the most recent price is used.
10. investorSCOREcard
Disclosure and Disclaimer
The issuer (“Issuer”) covered under this investor scorecard (“Investor Scorecard”) has paid a fee or has been charged a fee for the production and distribution of
this Investor Scorecard. The fee paid or charged for the production and distribution of this Investor Scorecard was not subject to the rankings or information
provided herein, nor was any securities of the Issuer accepted as payment for such fee. FSA Financial Science & Art Ltd. (“FSA”), The Equicom Group Inc.
(“Equicom”) and their respective employees and directors may have had or from time to time acquire, hold or sell an interest in the listed securities of the Issuer.
Unless specified otherwise, all forward looking statements in this Investor Scorecard have been approved by the Issuer, and the Issuer has advised FSA and
Equicom, without independent verification by FSA or Equicom that a reasonable basis exists for such forward looking statements. Other information contained in
this Investor Scorecard has been compiled by FSA or Equicom from sources believed to be reliable, which may include but not limited to, public information,
research reports and discussions with management of the Issuer. Prior to its publication, this Investor Scorecard had been submitted to the management of the
Issuer for review for factual accuracy.
No representation or warranty, express or implied, is made by FSA, Equicom, its affiliates, any other person that provided information or data for this Investor
Scorecard or any person that distributes this Investor Scorecard with respect to the adequacy, accuracy, completeness or timeliness of any information, estimates
or opinions provided in this Investor Scorecard. All estimates, opinions and other information in this Investor Scorecard are provided by FSA, Equicom or another
party as of the date of this Investor Scorecard. Such estimates, opinions and other information are subject to change without notice, and are provided in good
faith but without any legal responsibility. Past performance is no guarantee of future results.
This Investor Scorecard is provided for informational purposes only and does not constitute an offer or solicitation to buy or sell any securities discussed herein in
any jurisdiction. The securities discussed in this Investor Scorecard may not be eligible for sale in some jurisdictions. This Investor Scorecard is not, and under no
circumstances should be construed as, a solicitation to act as a securities broker, dealer or advisor in any jurisdiction by any person or company that is not legally
permitted to carry on the business of a securities broker, dealer or advisor in that jurisdiction. Neither FSA nor Equicom is a registered investment dealer, broker
or advisor, has investment banking operations or makes markets in any securities.
This Investor Scorecard is prepared for general circulation and to provide an overview of Issuer’s business. This Investor Scorecard does not consider the
investment objectives, financial situation or particular needs of any particular person, and is not tailored to the needs of any person receiving this Investor
Scorecard. Readers of this Investor Scorecard should obtain professional advice based on their own individual circumstances before making an investment
decision. Nothing in this Investor Scorecard constitutes individual investment, legal or tax advice. To the fullest extent permitted by law, FSA, Equicom,
Morningstar Inc., its content providers, any other person that has provided information or data for this Investor Scorecard nor any authorized person that
distributes this Investor Scorecard accepts any liability whatsoever for any direct, indirect, special, economic or consequential loss (whether in contract or tort
even if FSA, Equicom or the other party has been advised of the possibility of such loss) arising from any use of, or reliance on the estimates, opinions or other
information contained in this Investor Scorecard.
Without limiting the generality of the foregoing, you are prohibited from using or disclosing any personal information contained in the Investor Scorecard for
purposes unrelated to the purposes for which the information is made available to you and/or the public under Canadian securities laws, including, without
limitation, for secondary marketing purposes, unless you have obtained any and all consents as required under applicable Canadian privacy laws.
The information contained in this Investor Scorecard is copyrighted, and it may not be sold or licensed for commercial value or altered, in whole or in part, without
prior express written consent of Equicom. Furthermore, Investor Scorecard can only be distributed in its entirety. Information or data herein, including any trade
mark, service mark or logo is the intellectual property of FSA, Equicom, Morningstar Inc. and/or its content providers, Issuer or other persons that have provided
such information or data, including but not limited to the organizations listed below and their respective content providers.
This report was produced in part with information from the following organizations:
