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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.3x - 4.7x | 4.5x |
| Selected Fwd EBITDA Multiple | 4.1x - 4.5x | 4.3x |
| Fair Value | C$5.32 - C$5.87 | C$5.60 |
| Upside | 23.1% - 36.0% | 29.5% |
| Benchmarks | Ticker | Full Ticker |
| Calfrac Well Services Ltd. | CFW | TSX:CFW |
| STEP Energy Services Ltd. | STEP | TSX:STEP |
| Baker Hughes Company | BKR * | BMV:BKR* |
| Halliburton Company | HAL * | BMV:HAL* |
| Schlumberger Limited | SLB N | BMV:SLBN |
| Trican Well Service Ltd. | TCW | TSX:TCW |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CFW | STEP | BKR * | HAL * | SLB N | TCW | ||
| TSX:CFW | TSX:STEP | BMV:BKR* | BMV:HAL* | BMV:SLBN | TSX:TCW | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.5% | 19.0% | 8.4% | 10.0% | 8.2% | 53.0% | |
| 3Y CAGR | 69.4% | 44.2% | 20.6% | 23.7% | 22.7% | 37.3% | |
| Latest Twelve Months | -46.5% | -2.1% | 18.6% | -7.5% | 8.0% | -6.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.9% | 11.8% | 13.9% | 17.9% | 20.2% | 15.8% | |
| Prior Fiscal Year | 16.8% | 16.1% | 14.6% | 22.1% | 22.2% | 24.1% | |
| Latest Fiscal Year | 10.7% | 15.7% | 16.3% | 21.8% | 22.7% | 22.3% | |
| Latest Twelve Months | 10.7% | 15.7% | 16.6% | 21.0% | 22.8% | 22.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.38x | 0.37x | 1.44x | 1.11x | 1.62x | 0.77x | |
| EV / LTM EBITDA | 3.5x | 2.4x | 8.7x | 5.3x | 7.1x | 3.5x | |
| EV / LTM EBIT | 13.0x | 5.3x | 11.5x | 6.9x | 9.3x | 5.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.4x | 5.3x | 8.7x | ||||
| Historical EV / LTM EBITDA | 3.5x | 5.6x | 22.2x | ||||
| Selected EV / LTM EBITDA | 4.3x | 4.5x | 4.7x | ||||
| (x) LTM EBITDA | 218 | 218 | 218 | ||||
| (=) Implied Enterprise Value | 934 | 983 | 1,032 | ||||
| (-) Non-shareholder Claims * | 6 | 6 | 6 | ||||
| (=) Equity Value | 940 | 990 | 1,039 | ||||
| (/) Shares Outstanding | 180.3 | 180.3 | 180.3 | ||||
| Implied Value Range | 5.22 | 5.49 | 5.76 | ||||
| FX Rate: CAD/CAD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.22 | 5.49 | 5.76 | 4.32 | |||
| Upside / (Downside) | 20.7% | 27.1% | 33.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CFW | STEP | BKR * | HAL * | SLB N | TCW | |
| Enterprise Value | 597 | 364 | 40,778 | 25,566 | 59,242 | 773 | |
| (+) Cash & Short Term Investments | 44 | 4 | 3,277 | 1,804 | 3,935 | 26 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 1,644 | 0 | |
| (-) Debt | (344) | (84) | (6,024) | (8,574) | (14,138) | (20) | |
| (-) Other Liabilities | 0 | 0 | (164) | (42) | (1,233) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 296 | 284 | 37,867 | 18,754 | 49,450 | 779 | |
| (/) Shares Outstanding | 85.9 | 72.0 | 990.7 | 859.7 | 1,360.2 | 180.3 | |
| Implied Stock Price | 3.45 | 3.95 | 38.22 | 21.81 | 36.36 | 4.32 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.05 | 0.05 | 0.05 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3.45 | 3.95 | 741.15 | 423.00 | 705.00 | 4.32 | |
| Trading Currency | CAD | CAD | MXN | MXN | MXN | CAD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.05 | 0.05 | 0.05 | 1.00 | |