Aankondiging • May 25
E Automotive Inc. announced that it expects to receive CAD 21.004995 million in funding from Intercap Inc. and other investors. E Automotive Inc. announced a placement of 6,001,427 common shares at an issue price of CAD 3.5 per share for the gross proceeds of CAD 21,004,995 on May 24, 2023. The transaction will include participation from returning investor Intercap Inc. for 5,714,285 common share for the gross proceeds of CAD 20,000,000 after the transaction holding 72% of the stake in the company and other investor including director of the company will acquire 287,142 common share for the proceeds of CAD 1,005,000.The transaction is expected to close on May 25, 2023. Aankondiging • May 17
E Automotive Expects to Delist Its Shares from the TSX At Close of Markets on May 24, 2023 E Automotive Inc. d/b/a EINC is providing an update on its previously announced voluntarily delisting of its common shares ("Shares") from the Toronto Stock Exchange (the "TSX"), substantial issuer bid (the "Offer") and concurrent private placement for up to CAD 20 million in Shares (the "Private Placement"). The Company expects to delist its Shares from the TSX at close of markets on May 24, 2023, at which point there will be no public market for holders of the Company's Shares ("Shareholders") to trade such Shares. The Company will, however, remain a "reporting issuer" under applicable Canadian securities laws. Reported Earnings • May 14
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: US$0.19 loss per share (improved from US$0.31 loss in 1Q 2022). Revenue: US$30.8m (up 24% from 1Q 2022). Net loss: US$10.2m (loss narrowed 32% from 1Q 2022). Revenue exceeded analyst estimates by 5.6%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Commercial Services industry in Canada. Major Estimate Revision • Apr 15
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -US$0.55 to -US$0.623 per share. Revenue forecast unchanged at US$127.7m. Commercial Services industry in Canada expected to see average net income growth of 102% next year. Consensus price target down from CA$6.83 to CA$6.35. Share price rose 12% to CA$3.46 over the past week. Major Estimate Revision • Mar 14
Consensus EPS estimates fall by 78% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$140.8m to US$127.7m. Losses expected to increase from US$0.31 per share to US$0.55. Commercial Services industry in Canada expected to see average net income growth of 137% next year. Consensus price target down from CA$7.82 to CA$7.06. Share price fell 9.6% to CA$3.19 over the past week. Reported Earnings • Mar 09
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: US$1.07 loss per share (further deteriorated from US$0.93 loss in FY 2021). Revenue: US$110.1m (up 38% from FY 2021). Net loss: US$52.3m (loss widened 117% from FY 2021). Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 7.8%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Commercial Services industry in Canada. Aankondiging • Feb 17
E Automotive Inc. Promotes Lisa Scott as President of EBlock E Automotive Inc. announced changes to their leadership team, promoting Lisa Scott from Chief Revenue Officer to President of EBlock. This move is intended to help the Company create a unified land and technology leadership structure designed to keep the Company agile and focused on delivering on its land-meets-technology vision. Prior to joining the company, Ms. Scott served as the President of PAR North America and she has also served as Chief Client Officer at ADESA Canada. Ms. Scott is recognized as a highly skilled, knowledgeable, and visionary leader with a proven track record of motivating her team and delivering extraordinary results in all aspects of the automotive business, professional auctioneering, and auction management businesses. Aankondiging • Feb 01
E Automotive Inc. (TSX:EINC) completed the acquisition of Houston Auto Auction, Inc. E Automotive Inc. (TSX:EINC) has entered into non-binding, finalized term sheets to acquire Houston Auto Auction, Inc. for $5.5 million on November 8, 2022. E Automotive Inc. has entered into a definitive agreement to acquire Houston Auto Auction, Inc. on January 26, 2023. On November 8, 2022, E Automotive Inc. entered into non-binding, finalized term sheets with respect to the acquisition of other multiple automotive businesses as well. Total consideration is $5.5 million in cash, with $2.5 million payable on closing and the remaining payments split equally on the first and second anniversaries of closing. The acquisition is expected to close by February 1, 2023.
E Automotive Inc. (TSX:EINC) completed the acquisition of Houston Auto Auction, Inc. on January 31, 2023. The first payment was funded by cash on hand. TPC Management acted as advisor to Houston Auto Auction. Aankondiging • Jan 27
E Automotive Inc. entered into an agreement to acquire Houston Auto Auction FOR $5.5 million. E Automotive Inc. entered into an agreement to acquire Houston Auto Auction for $5.5 million on January 26, 2023. Prior to this On November 8, 2022, E Automotive Inc. announced it had entered into non-binding, finalized term sheets with respect to the acquisition of multiple automotive businesses (the "Proposed Acquisitions"). The Houston Auto Auction acquisition represents one of the previously proposed acquisitions. E Automotive Inc. (TSX:EINC) is acquiring Houston Auto Auction for total cash consideration of $5.5 million, with $2.5 million payable on closing and the remaining payments split equally on the first and second anniversaries of closing. The acquisition is expected to close by February 1, 2023. Aankondiging • Nov 17
E Automotive Inc. announced that it expects to receive CAD 20.363643 million in funding E Automotive Inc. announced a private placement of 4,814,100 common shares at an issue price of CAD 4.23 per share for gross proceeds of CAD 20,363,643 on November 16, 2022. The transaction remains subject to the final approval of the Toronto Stock Exchange and is expected to be completed on or about November 18, 2022. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Erin Elofson was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 10
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: US$0.22 loss per share. Revenue: US$28.8m (up 46% from 3Q 2021). Net loss: US$10.8m (loss widened 70% from 3Q 2021). Revenue missed analyst estimates by 6.8%. Earnings per share (EPS) exceeded analyst estimates by 41%. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Commercial Services industry in Canada. Aankondiging • Nov 09
E Automotive Inc. (TSX:EINC) entered into a non-binding letter of intent to acquire Multiple Automotive Businesses located in the United States for $85 million. E Automotive Inc. (TSX:EINC) entered into a non-binding letter of intent to acquire Multiple Automotive Businesses located in the United States for $85 million on November 8, 2022. The Proposed Acquisitions generated combined unaudited non-IFRS revenue of approximately $38 million and unaudited EBITDA of more than $11.5 million during the twelve-month period ended June 30, 2022. The finalized term sheets provide for a purchase price for the Proposed Acquisitions of approximately $85 million in cash consideration (prior to customary adjustments), of which approximately $30 million would be payable on closing, with the balance payable in equal installments over two years. The Company intends to finance the Proposed Acquisitions with a combination of new equity from Intercap Equity Inc. and new debt, and expects closing to occur during the fourth quarter of 2022. Aankondiging • Nov 01
E Automotive Inc. to Report Q3, 2022 Results on Nov 08, 2022 E Automotive Inc. announced that they will report Q3, 2022 results After-Market on Nov 08, 2022 Major Estimate Revision • Aug 16
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 expected loss increased from -US$0.99 to -US$1.24 per share. Revenue forecast unchanged at US$117.3m. Commercial Services industry in Canada expected to see average net income growth of 163% next year. Consensus price target down from CA$18.49 to CA$11.84. Share price fell 2.2% to CA$7.10 over the past week. Reported Earnings • Aug 11
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: US$0.26 loss per share. Revenue: US$30.1m (up 45% from 2Q 2021). Net loss: US$12.7m (loss widened 235% from 2Q 2021). Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) missed analyst estimates by 13%. Over the next year, revenue is forecast to grow 39%, compared to a 14% growth forecast for the industry in Canada. Aankondiging • Aug 03
E Automotive Inc. to Report Q2, 2022 Results on Aug 09, 2022 E Automotive Inc. announced that they will report Q2, 2022 results After-Market on Aug 09, 2022 Aankondiging • Jun 25
Intercap Inc. acquired an additional 2.5% stake in E Automotive Inc. (TSX:EINC) for CAD 5.5 million. Intercap Inc. entered into a share purchase agreement to acquire an additional 2.5% stake in E Automotive Inc. (TSX:EINC) for CAD 5.5 million on June 24, 2022. Intercap acquired 1,216,300 common shares of E Automotive Inc. at a price of CAD 4.5 per share. Post transaction, Intercap Inc. holds 33,338,618 common shares of E Automotive Inc., representing approximately 69.3% stake.
Intercap Inc. completed the acquisition of an additional 2.5% stake in E Automotive Inc. (TSX:EINC) on June 24, 2022. Aankondiging • Jun 02
E Automotive Inc. (TSX:EINC) acquired Louisiana 1st Choice Auto Auction. E Automotive Inc. (TSX:EINC) acquired Louisiana 1st Choice Auto Auction. on June 1, 2022.
E Automotive Inc. (TSX:EINC) completed the acquisition of Louisiana 1st Choice Auto Auction. on June 1, 2022. Recent Insider Transactions Derivative • May 20
Chief People Officer exercised options to buy CA$135k worth of stock. On the 13th of May, Jill Murray exercised options to buy 15k shares at a strike price of around CA$3.61, costing a total of CA$54k. As of today, Jill currently holds no shares directly. Company insiders have collectively bought CA$740k more than they sold, via options and on-market transactions, in the last 12 months. Aankondiging • May 18
Intercap Inc. acquired 2.34% stake in E Automotive Inc. (TSX : EINC) for CAD 9 million. Intercap Inc. acquired 2.34% stake in E Automotive Inc. (TSX : EINC) for CAD 9 million on May 16, 2022. The equity interests of Intercap are beneficially owned, controlled or directed, directly or indirectly, by Jason Chapnik, Chairman and Chief Executive Officer of Intercap, and accordingly Jason Chapnik is considered to be a joint actor.
Intercap Inc. completed the acquisition of 2.34% stake in E Automotive Inc. (TSX : EINC) on May 16, 2022. Major Estimate Revision • May 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from US$107.2m to US$115.0m. Forecast EPS reduced from -US$0.64 to -US$0.88 per share. Commercial Services industry in Canada expected to see average net income growth of 94% next year. Consensus price target down from CA$22.89 to CA$18.97. Share price fell 16% to CA$9.18 over the past week. Reported Earnings • May 12
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: US$0.31 loss per share (down from US$0.23 loss in 1Q 2021). Revenue: US$24.8m (up 51% from 1Q 2021). Net loss: US$14.9m (loss widened 394% from 1Q 2021). Revenue exceeded analyst estimates by 9.8%. Earnings per share (EPS) missed analyst estimates by 102%. Over the next year, revenue is forecast to grow 41%, compared to a 15% growth forecast for the industry in Canada. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Erin Elofson was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Aankondiging • Apr 16
E Automotive Inc., Annual General Meeting, Jun 21, 2022 E Automotive Inc., Annual General Meeting, Jun 21, 2022. Recent Insider Transactions Derivative • Apr 03
Independent Chairman exercised options to buy CA$15m worth of stock. On the 31st of March, Jason Chapnik exercised options to buy 1m shares at a strike price of around CA$6.50, costing a total of CA$6.9m. This transaction amounted to 3.6% of their direct individual holding at the time of the trade. Since December 2021, Jason's direct individual holding has increased from 29.65m shares to 30.99m. Company insiders have collectively bought CA$32m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Apr 02
Independent Chairman recently bought CA$3.6m worth of stock On the 25th of March, Jason Chapnik bought around 276k shares on-market at roughly CA$12.93 per share. This was the largest purchase by an insider in the last 3 months. Jason has been a buyer over the last 12 months, purchasing a net total of CA$9.8m worth in shares. Major Estimate Revision • Mar 29
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from US$99.2m to US$107.2m. Forecast EPS reduced from -US$0.46 to -US$0.60 per share. Commercial Services industry in Canada expected to see average net income growth of 95% next year. Consensus price target down from CA$24.62 to CA$22.39. Share price rose 8.0% to CA$13.50 over the past week. Aankondiging • Feb 24
E Automotive Inc. (TSX : EINC) acquired FastLane Auto Exchange. E Automotive Inc. (TSX : EINC) acquired FastLane Auto Exchange on February 22, 2022.
E Automotive Inc. (TSX : EINC) completed the acquisition of FastLane Auto Exchange on February 22, 2022. Reported Earnings • Nov 15
Third quarter 2021 earnings released: US$0.61 loss per share The company reported a soft third quarter result with weaker control over costs, although losses were stable and revenues were flat. Third quarter 2021 results: Revenue: US$19.8m (flat on 3Q 2020). Net loss: US$6.35m (flat on 3Q 2020).