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Peak Energy Services v1 Peak Energy Services v1 Document Transcript

  • investorSCOREcardStandard Stock Report as of Nov 17, 2010 Peak Energy Services Trust (PES.UN-T) Calgary, AB, Canada (403) 543-7325 www.peak-energy.com Share Price $0.48 Market Cap (Mil) $82.74 52 Week High $0.53 Cash (Mil) $9.66 52 Week Low $0.20 Debt & Preferreds (Mil) $49.24 Avg Vol Last 3 mos. (000s) 98.84 Enterprise Value (Mil) $122.32 Basic Shares Outstanding (Mil) 172.38 Distribution Yield 0.0% Diluted Shares Outstanding (Mil) 173.27 P/E (TTM) NA Stock Price and Volume Business Description Source: Morningstar Peak Energy Services Trust (“Peak” or the “Trust”) is a 2,500,000 $1.20 diversified energy services organization operating in western Canada and the United States of America. The $1.00 Trust, founded in 1996, operates through its various 2,000,000 divisions to provide drilling and production services to its customers in the conventional and unconventional oil and $0.80 Stock Price natural gas industry as well as the oil sands regions of 1,500,000 western Canada. The Trust also provides water technology Volume $0.60 solutions to a variety of customers throughout North America. Since its inception, Peak has completed 26 1,000,000 acquisitions and one public merger with Wellco Energy $0.40 Services Trust (“Wellco”) on March 12, 2008. 500,000 $0.20 - $- N D J F M A M J J A S O N D J F M A M J J A S O N 2008 2009 2010 Comparables Scorecard Highlights HWO-T Ratings Out of Possible 5 Stars PSV-V ESN-T Quarter Ending Sep 10 Quarter Ending Jun 10 Stock Market Performance 2.0 2.0 3.0 Insider Ownership 2.0 Not Provided Not Provided Revenue, EBITDA and EPS 0.9 0.8 0.7 Balance Sheet Analysis 3.4 3.1 2.7 Return on Capital 1.7 1.7 1.5 Valuation 3.7 3.0 3.6© 2010 The Equicom Group Inc.  All rights reserved. The Investor Scorecard is exclusively distributed by TMX Equicom. To learn more visit www.tmxmoney.com/scorecardFor a full description of the methodology used, refer to www.fsavaluation.com/scorecardinformation.aspxPlease see the final page(s) of this Investor Scorecard for important disclosure and disclaimer information.
  • investorSCOREcardPeak Energy Services Trust (PES.UN-T)Market Overview and OpportunityIn 2009, global oil production fell by 2 million barrels of oil per day, representing the largest decline in productionsince 1982. Similarly, global natural gas production fell by 2.1 per cent in 2009, representing the first decline innatural gas production on record. Despite these declines, oil and natural gas production actually rose slightly in NorthAmerica 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 NorthAmerica. Peak has the opportunity to meet the needs of its customers’existing and upcoming drilling and production projects as industryactivities increase. Peak has a geographical reach throughout westernCanada (14 locations) and is pursuing replicating this model in theUnited States (3 locations). There is an opportunity for Peak’sperformance to increase with both industry activity levels and increasedmarket share in the United States as Peak establishes itself in newgeographies.Products and ServicesPeak offers a range of energy services through its various operating divisions. The Trust provides drilling andproduction services to customers operating in both the conventional and unconventional oil and natural gas industry.Peak also provides water technology solutions to a variety of customers in various industries throughout NorthAmerica.Drilling ServicesPeak provides surface rentals (solids control, well-site accommodations and remote wastewater treatment systems)and camp & catering services associated with activities that support the drilling phase of oil and natural gas projects.Production ServicesPeak provides surface rentals (production equipment) and fluids handling services involved with the completion andproduction phases of oil and natural gas projects.Oil Sands ServicesPeak provides camp & catering services, fluids handling services and surface rentals that support oil sands projects.Water TechnologyThrough its Sanitherm Inc. subsidiary, Peak designs, manufactures and installs permanent and potable water andwastewater treatments systems for a variety of industries.
  • investorSCOREcardPeak Energy Services Trust (PES.UN-T)Growth StrategySince its inception in 1996, Peak has expanded by investing approximately $200 million in the acquisition ofcomplementary service companies. In 2008, Peak Energy Services Trust completed a $62 million public merger withWellco Energy Services Trust, an organization that provides a variety of oilfield services to companies engaged in oiland natural gas development in western Canada. An additional $220 million has been invested since inception toexecute on its internal growth plan.The Trust is pursuing additional growth opportunities primarily in the United States market and continues to look foropportunities 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 three wastewater treatment contracts totaling $5.2 million (May 2010) • Signed two camp and catering contracts that are expected to generate between $6.5 and $8.5 million per annum (May 2010) • Signed a wastewater treatment contract valued at approximately $3.3 million (November 2010) • Signed two camp and catering contracts worth $9.3 million over 3 years and expanded the scope of the two existing contracts announced in May 2010 by $6.3 million (November 2010) • Announced intention to complete the conversion to a corporation by December 31, 2010Investment Highlights • Revenue growth of 17% year-to-date • United States market growth in revenue of more than threefold year-to-date to $25.0 million. • EBITDA growth of 81% year-to-date (on a margin basis improved to 13% in 2010 from 9% in 2009) • Diversified asset base with quality equipment that meets or exceeds industry averages • Strong balance sheet with working capital of $30.4 million • Tangible assets of $194.0 million with approximately 4,000 rental assets • Significant funded debt reduction of $20.9 million from $60.5 million at December 31, 2009 to $39.6 million and a current debt to equity ratio of 0.29 to 1.00
  • investorSCOREcardPeak Energy Services Trust (PES.UN-T)ManagementCurtis W. WhitteronPresident and Chief Executive OfficerMatthew J. HuberExecutive Vice PresidentMonty R. BalderstonChief Financial Officer and Investor Relations contactDale M. KaufmannChief Operating OfficerJohn E. HudsonVice President Health, Safety & Environment and Risk ManagementDean R. HerbertVice President, Human Resources and AdministrationMarion JeromeRisk Manager and Corporate SecretaryComparablesHigh Arctic Energy Services, Inc. (HWO-T)Pure Energy Services Ltd. (PSV-T)Essential Energy Services Ltd (ESN-T)
  • investorSCOREcard Peak Energy Services Trust (PES.UN-T) Stock Market Performance Rating 2.0Stock Market Returns 400,000 $14.00 Return Percentile Rating 350,000 $12.00 Three Months  66% 98% 4.9 Six Months  48% 92% 4.6 300,000 $10.00 Stock Price 1 Year  (11.1%) 14% 0.7 Volume 250,000 3 Years (CAGR)  (43.6%) 0% 0.0 $8.00 5 Years (CAGR)  (46.4%) 0% 0.0 200,000 $6.00 150,000Market Data $4.00 Price $0.48 100,000 Mkt Cap (Mil) $82.74 $2.00 Shs Outstanding (Mil) 172.38 50,000 Dividend Yield % 0.0% Avg Vol Last 3mos. (000s) 98.84 - $- 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 P/E (TTM) NA Insider Ownership Rating 2.0Value of Shares and Options Percent of Ownership Shares Options Total Value Rating Percent Rating 5.3% Insiders * Adjusted 48.7% > 10% Holders # of # of $ Value if Adjusted $ $ Value $ Value if Rating Percent of Rating 46.0% Other Shares Options Exercised Value Exercised (Add all) Mkt. Value (Add all) Curtis W. Whitteron 875,436 $420,209 686,114 $329,335 $164,667 $584,877 0.2 0.7% 0.1 President and CEO Monty R. Balderston 172,622 $82,859 342,501 $164,400 $82,200 $165,059 0.1 0.2% 0.0 Nov-10 CFO Other Officers Sep-10 622,521 $298,810 1,529,311 $734,069 $367,035 $665,845 0.3 0.8% 0.2 Board of Directors (excl. Jul-10 CEO) 6,234,729 $2,992,670 - $0 $0 $2,992,670 1.2 3.6% 0.7 May-10 > 10% Holders 84,463,163 $40,542,318 - $0 $0 $40,542,318 48.7% For info only Mar-10 Total (excl. >10% Holders) $44,336,866 $1,227,804 $613,902 $44,950,768 1.8 5.3% 1.1 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.Add: Compensation Type Category Rating Addition Percent of Compensation Share and Total Perform- Share and Salary Perform- Unit Option All Other Comp. ance Unit Option 7.9% ance Bonus Awards Awards Comp. Bonus Awards Awards Curtis W. Whitteron Salary $248,192 $95,390 $26,215 $369,797 0.25 President and CEO 21.4% Bonus Monty R. Balderston Shares & Units $176,492 $45,992 $25,315 $247,799 0.25 CFO Options Matthew J. Huber 0.0% 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 $50,000,000 Rating Option Value $40,000,000 Buying Selling Net Bonus $30,000,000Curtis W. Whitteron, President and CEO $0 $0 $0 0.00 $20,000,000 Monty R. Balderston, CFO $0 $0 $0 0.00 Other Officers $24,390 $24,390 $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) $24,390 $24,390 $0 0.00 (Total Score) Beg Trans- Ending Value actions Value
  • investorSCOREcardPeak Energy Services Trust (PES.UN-T)Balance Sheet Analysis Rating 3.4Short-Term Liquidity Quadrant 3: Quadrant 1: "RECOVERING" "OPTIMAL" $ 30.0 + VEThis Companys cash flow is considered to be seasonal, therefore this report uses trailing twelvemonths cash flow as a proxy for annual cash flow. $ 25.0 $ 20.0Quadrant Rating Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 $ 15.0Working Capital $ 9.5 ($0.7) $ 27.8 $ 26.1 $ 30.4 Sep-09Cash Flow Ops (Q in mil) ($0.4) ($0.2) $ 4.7 $ 0.3 $ 5.3 $ 10.0 Sep-10 Cash FlowCash Flow Ops (TTM in mil) $ 13.5 $ 7.0 $ 2.7 $ 4.4 $ 10.1 Dec-09 $ 5.0 Jun-10Quadrant Rating 4.0 2.0 4.0 4.0 4.0 Mar-10 $-Addition to Quadrant Rating ($5.0)Our methodology accounts for the nearness to improving or worsening a Companys quadrantranking based on current cash generation/burn rate and working capital position. The ($10.0) - VECompanys short term liquidity situation is OPTIMAL. At the current cash generation rate the ($10) $- $ 10 $ 20 $ 30 $ 40Companys working capital will double in 36 month(s). Quadrant 2: Quadrant 4: "URGENT" "DRAWING DOWN" Add: 0.0 - VE Working Capital + VEShort-Term Liquidity Rating 4.0Debt to Equity Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Utilities TelecomEquity Number of Companies MaterialsCommon Stock Equity $ 159.2 $ 150.7 $ 173.2 $ 168.9 $ 171.4 Info Tech IndustrialsTotal Equity $ 159.2 $ 150.7 $ 173.2 $ 168.9 $ 171.4 Health Care Energy Cons StaplesDebt and Equivalents Cons DiscPref. Securities of Sub Trust - - - - - PES.UN-TPref. Equity Outside Stock Equity - - - - -Preferred Stock Equity - - - - -Minority Interest (Bal. Sheet) - - - - -Short-Term Debt $ 3.2 $ 11.9 - - -Long-Term Debt $ 56.8 $ 49.7 $ 49.1 $ 49.2 $ 49.2Capital Lease Obligations - - - - -Total Debt and Equivalents $ 60.0 $ 61.5 $ 49.1 $ 49.2 $ 49.2 0.00 1.00 2.00 3.00 4.00Debt to Equity 0.38 0.41 0.28 0.29 0.29Debt to Equity Rating 4.4 Low Risk Debt to Equity High RiskDebt to Equity Rating 4.4Interest Coverage Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 4.5 xEBIT 4.0 x Interest CoverageQuarterly ($4.6) ($4.3) $ 2.7 ($3.6) $ 4.5 3.5 xTTM $ 1.4 ($6.7) ($12.5) ($9.8) ($0.7) 3.0 xInterest Expense 2.5 xQuarterly $ 1.1 $ 1.3 $ 1.3 $ 1.1 $ 1.1 2.0 xTTM $ 4.5 $ 4.5 $ 4.6 $ 4.7 $ 4.8 1.5 xInterest Coverage 1.0 xQuarterly #N/A #N/A 2.1 x #N/A 4.0 x 0.5 xTTM 0.3 x #N/A #N/A #N/A #N/A 0.0 x Sep-09 Dec-09 Mar-10 Jun-10 Sep-10Interest Coverage RatingQtrly Interest Coverage Rating 1.0 1.7 QuarterlyTTM Interest Coverage Rating 0.4 TTMInterest Coverage Rating 1.7
  • investorSCOREcardPeak Energy Services Trust (PES.UN-T)Revenue, EBITDA and EPS Rating 0.9Revenue (in millions) Revenue (in milions) on Rolling TTM $180.00 $160.00Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 $140.00Revenue $ 110.7 $ 127.7 $ 109.0 $ 155.6 $ 115.2 $120.00Quarterly Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 $100.00 BasisQuarter Ending $ 21.1 $ 25.5 $ 38.9 $ 27.8 $ 38.3 $80.00TTM $ 140.3 $ 118.2 $ 106.6 $ 113.3 $ 130.5 $60.00Growth Percent Rating Stability R² Rating $40.00Rev. Growth % TTM -7.0% 0.4Rev. Growth % LFY -26.0% 0.0 Revenue Stability Last 2 Yrs 17.4% 0.9 $20.00Rev. Growth % 3 Year CAGR 5.3% 1.7 Revenue Stability Last 3 Yrs 3.5% 0.2 $-Rev. Growth % 5 Year CAGR 6.0% 1.8 Revenue Stability Last 5 Yrs 15.8% 0.8 Sep Sep Sep Sep Sep Sep Sep Sep Sep SepRevenue Growth Rating 1.0 Overall Revenue Stability Rating 0.6 01 02 03 04 05 06 07 08 09 10Revenue Growth and Stability Rating 0.8EBITDA (in millions) EBITDA (in milions) on Rolling TTM $ 60.00Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 $ 50.00EBITDA $ 43.2 $ 38.0 $ 24.3 $ 21.7 $ 6.8 $ 40.00Quarterly Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 BasisQuarter Ending ($1.4) ($1.0) $ 6.5 ($0.3) $ 7.7 $ 30.00TTM $ 16.9 $ 7.4 $ 1.1 $ 3.9 $ 12.9 $ 20.00Growth Percent Rating Stability R² RatingEBITDA Growth % TTM -23.2% 0.0 $ 10.00EBITDA Growth % LFY -68.7% 0.0 EBITDA Stability Last 2 Yrs 42.7% 1.1EBITDA Grwth % 3 Yr CAGR -20.7% 0.0 EBITDA Stability Last 3 Yrs 60.5% 1.5 $-EBITDA Grwth % 5 Yrr CAGR -19.3% 0.1 EBITDA Stability Last 5 Yrs 73.9% 1.8 Sep Sep Sep Sep Sep Sep Sep Sep Sep SepEBITDA Growth Rating 0.0 Overall EBITDA Stablitity Rating 1.5 01 02 03 04 05 06 07 08 09 10EBITDA Growth and Stability Rating 0.8Basic Earnings Per Share (EPS*) $2.00* (excluding acquired in process R&D, restructuring and M&A, special income & charges and discontinued ops)Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 $1.50 EPS on Rolling TTMEPS $ 1.01 $ 0.89 $ 0.26 ($0.11) ($0.27) $1.00Quarterly (TTM) Basis Sep-09 Dec-09 Mar-10 Jun-10 Sep-10Quarter Ending ($0.09) ($0.18) ($0.01) ($0.03) $ 0.01TTM ($0.10) ($0.27) ($0.39) ($0.31) ($0.21) $0.50Growth Percent Rating Stability R² Rating $-EPS Growth % TTM -110.0% 0.0EPS Growth % LFY -145.5% 0.0 EPS Stability Last 2 Yrs 70.6% 1.8EPS Grwth % 3 Year CAGR -178.7% 0.0 EPS Stability Last 3 Yrs 88.2% 2.2 ($0.50)EPS Grwth % 5 Year CAGR -175.1% 0.0 EPS Stability Last 5 Yrs 87.6% 2.2 Sep Sep Sep Sep Sep Sep Sep Sep Sep SepEPS Growth Rating 0.0 Overall EPS Stablitity Rating 2.1 01 02 03 04 05 06 07 08 09 10EPS Growth and Stability Rating 1.0
  • investorSCOREcardPeak Energy Services Trust (PES.UN-T)Return On Capital Rating 1.7Return On Invested Capital (ROIC) 15%Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09Invested Capital Period Ending $ 252.6 $ 257.4 $ 229.6 $ 275.5 $ 218.6Average Invested Capital $ 219.4 $ 255.0 $ 243.5 $ 252.5 $ 247.1 10% ROIC on Rolling TTM* Net Income $ 24.2 $ 23.9 $ 7.8 ($4.8) ($12.9)Add Back: After Tax Interest Expense $ 1.1 $ 1.9 $ 2.8 $ 3.3 $ 2.9Annual ROIC 11.5% 10.1% 4.4% -0.6% -4.0% 5% BasisLevel Rating 3.2 3.1 2.4 1.8 1.5Consistency Rating 2.4 0%Quarterly (TTM) Sep-09 Dec-09 Mar-10 Jun-10 Sep-10Invested Capital Period Ending $ 226.9 $ 218.6 $ 228.1 $ 222.9 $ 225.8Average Invested Capital $ 257.5 $ 246.8 $ 237.3 $ 227.1 $ 224.5 (5%)* Net Income ($4.8) ($12.8) ($19.5) ($18.6) ($11.8)Add Back: After Tax Interest Expense $ 2.9 $ 2.9 $ 2.9 $ 3.0 $ 3.0Quarterly ROIC -0.8% -4.0% -7.0% -6.8% -3.9%Level Rating 1.8 1.5 1.2 1.2 1.5 (10%)Consistency Rating 1.4 Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep 01 02 03 04 05 06 07 08 09 10Return on Invested Capital (ROIC) Rating 1.7Return On Assets (ROA) 15%Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09Total Assets Period Ending $ 269.4 $ 271.7 $ 240.9 $ 301.2 $ 235.2Average Total Assets $ 234.4 $ 270.5 $ 256.3 $ 271.1 $ 268.2 10% ROA on Rolling TTM* Net Income $ 24.2 $ 23.9 $ 7.8 ($4.8) ($12.9)Add Back: After Tax Interest Expense $ 1.1 $ 1.9 $ 2.8 $ 3.3 $ 2.9Annual ROA 10.8% 9.5% 4.2% -0.6% -3.7% 5% BasisLevel Rating 3.2 3.1 2.5 2.0 1.7Consistency Rating 2.5 0%Quarterly (TTM) Sep-09 Dec-09 Mar-10 Jun-10 Sep-10Total Assets Period Ending $ 239.2 $ 235.2 $ 249.3 $ 237.6 $ 243.5Average Total Assets $ 276.5 $ 264.9 $ 254.5 $ 242.1 $ 241.0 (5%)* Net Income ($4.8) ($12.8) ($19.5) ($18.6) ($11.8)Add Back: After Tax Interest Expense $ 2.9 $ 2.9 $ 2.9 $ 3.0 $ 3.0Quarterly ROA -0.8% -4.0% -7.0% -6.8% -3.9%Level Rating 2.0 1.7 1.4 1.4 1.7 (10%)Consistency Rating 1.6 Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep 01 02 03 04 05 06 07 08 09 10Return on Assets (ROA) Rating 1.9Return On Common Equity (ROE) 20%Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09Total Equity Period Ending $ 180.3 $ 162.7 $ 138.7 $ 173.8 $ 150.7 15%Average Common Equity $ 160.9 $ 171.5 $ 150.7 $ 156.3 $ 162.3 ROE on Rolling TTM* Net Income $ 24.2 $ 23.9 $ 7.8 ($4.8) ($12.9) 10%Add Back: NA $ - $ - $ - $ - $ -Annual ROE 15.0% 13.9% 5.2% -3.1% -7.9% 5% BasisLevel Rating 3.1 3.0 2.3 1.6 1.3Consistency Rating 2.3 0%Quarterly (TTM) Sep-09 Dec-09 Mar-10 Jun-10 Sep-10Total Equity Period Ending $ 159.2 $ 150.7 $ 173.2 $ 168.9 $ 171.4 (5%)Average Common Equity $ 170.1 $ 165.4 $ 165.2 $ 163.2 $ 164.7* Net Income ($4.8) ($12.8) ($19.5) ($18.6) ($11.8) (10%)Add Back: NA $ - $ - $ - $ - $ -Quarterly ROE -2.8% -7.8% -11.8% -11.4% -7.2%Level Rating 1.6 1.3 1.0 1.1 1.3 (15%)Consistency Rating 1.3 Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep 01 02 03 04 05 06 07 08 09 10Return on Common Equity (ROE) Rating 1.5* Net Income - Excludes Net Income from Discontinued Operations, Income Acquired in Process R&D, Income Restructuring And M&A, and Other Special Income/(Charges)
  • investorSCOREcardPeak Energy Services Trust (PES.UN-T)Valuation Rating 3.7Price to Earnings (P/E) 120.0 x(Lower numbers receive higher rankings)Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 100.0 x* Price $ 12.10 $ 4.52 $ 2.79 $ 0.53 $ 0.32 P/E on Rolling TTMEarnings Per Share (EPS) $ 1.01 $ 0.89 $ 0.26 ($0.11) ($0.27) 80.0 xAnnual P/E 12.0 x 5.1 x 10.7 x BasisAnnual P/E Rating 3.6 4.3 3.7 60.0 xQuarterly (TTM) Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 40.0 x* Price $ 0.54 $ 0.32 $ 0.33 $ 0.29 $ 0.48Earnings Per Share (EPS) ($0.10) ($0.27) ($0.39) ($0.31) ($0.21) 20.0 xQuarterly (TTM) P/EQuarterly (TTM) P/E Rating 0.0 x Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep 01 02 03 04 05 06 07 08 09 10Price to Earnings (P/E) N/APrice to Book (P/Book) 2.5 x(Lower numbers receive higher rankings)Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 2.0 x P/Book on Quarterly* Price $ 12.10 $ 4.52 $ 2.79 $ 0.53 $ 0.32Book Equity Per Share $ 6.77 $ 5.92 $ 5.01 $ 3.59 $ 3.11 1.5 xAnnual P/Book 1.8 x 0.8 x 0.6 x 0.1 x 0.1 x BasisAnnual P/Book Rating 3.7 4.4 4.5 4.7 4.7 1.0 xQuarterly Sep-09 Dec-09 Mar-10 Jun-10 Sep-10* Price $ 0.54 $ 0.32 $ 0.33 $ 0.29 $ 0.48Book Equity Per Share $ 3.29 $ 3.11 $ 1.00 $ 0.98 $ 0.99 0.5 xQuarterly P/Book 0.2 x 0.1 x 0.3 x 0.3 x 0.5 xQuarterly P/Book Rating 4.7 4.7 4.6 4.7 4.6 0.0 x Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep 01 02 03 04 05 06 07 08 09 10Price to Book (P/Book) 4.6Enterprise Value to EBITDA (EV/EBITDA) 100.0 x(Lower numbers receive higher rankings) 90.0 x EV/EBITDA on Rolling TTMAnnual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 80.0 x* Enterprise Value $ 353.6 $ 188.1 $ 146.4 $ 106.1 $ 77.0EBITDA $ 43.24 $ 38.00 $ 24.30 $ 21.71 $ 6.79 70.0 x 60.0 xAnnual EV/EBITDA 8.3 x 5.1 x 6.1 x 5.3 x 11.4 x BasisAnnual EV/EBITDA Rating 3.6 4.4 4.2 4.4 2.6 50.0 x 40.0 xQuarterly (TTM) Sep-09 Dec-09 Mar-10 Jun-10 Sep-10* Enterprise Value $ 83.8 $ 77.0 $ 95.6 $ 88.4 $ 122.3 30.0 xEBITDA $ 16.85 $ 7.41 $ 1.11 $ 3.88 $ 12.95 20.0 xQuarterly (TTM) EV/EBITDA 5.1 x 10.4 x 94.8 x 25.6 x 10.2 x 10.0 xQrtly (TTM) EV/EBITDA Rating 4.4 3.0 0.0 3.0 0.0 x Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep 01 02 03 04 05 06 07 08 09 10Enterprise Value to EBITDA (EV/EBITDA) 2.8* 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.
  • investorSCOREcardDisclosure and DisclaimerThe issuer (“Issuer”) covered under this investor scorecard (“Investor Scorecard”) has paid a fee to or has been charged a fee to produce and distribute thisInvestor Scorecard. The fee paid or charged for the production and distribution of this Investor Scorecard was not subject to the rankings or information providedherein, nor was any securities of the Issuer accepted as payment for such fee. FSA Financial Science & Art Ltd. (“FSA”), The Equicom Group Inc. (“Equicom”) andtheir 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 andEquicom, without independent verification by FSA or Equicom that a reasonable basis exists for such forward looking statements. Other information contained inthis 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 theIssuer 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 InvestorScorecard or any person that distributes this Investor Scorecard with respect to the adequacy, accuracy, completeness or timeliness of any information, estimatesor opinions provided in this Investor Scorecard. All estimates, opinions and other information in this Investor Scorecard are provided by FSA, Equicom or anotherparty as of the date of this Investor Scorecard. 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