Live-nieuws • Jun 22
GFL Environmental Launches $750 Million Notes Offering to Fund SECURE Waste Infrastructure Deal GFL Environmental is launching a private offering of US$750 million in senior notes due 2031, with proceeds earmarked to repay its revolving credit facility and cover fees and expenses related to the planned acquisition of SECURE Waste Infrastructure Corp., along with other growth spending.
The notes will be issued by a U.S. subsidiary of GFL and guaranteed by GFL and certain other subsidiaries, and GFL expects the transaction to reduce its average borrowing cost while keeping leverage around the mid 3.0x range.
SECURE Waste Infrastructure’s stock trades at about CA$21.31, with the share price up roughly 22.1% year to date.
This financing step indicates that GFL is actively progressing the SECURE Waste Infrastructure acquisition, which may reduce perceived deal execution uncertainty but also ties SECURE’s future more closely to GFL’s capital structure and integration plans. Live-nieuws • May 29
SECURE Waste Infrastructure Receives Final Court Approval For GFL Transaction Closing in 2026 SECURE Waste Infrastructure received a final court order from the Court of King's Bench of Alberta approving its previously announced plan of arrangement with GFL Environmental Inc.
SECURE shareholders approved the transaction at a special meeting held on May 27, 2026.
The company expects the transaction to close in the second half of 2026, subject to remaining conditions, including all required regulatory approvals.
The key milestone now is satisfaction of regulatory and other closing conditions, which can affect both the timing and the final terms of the arrangement with GFL.
Investors may want to monitor any updates on regulatory reviews or changes to deal conditions, as these developments can influence closing certainty and how the combined business is ultimately structured. Aankondiging • Apr 22
Abrams Capital Intends to Vote Against Business Arrangement On April 20, 2026, Abrams Capital Management LP announced that it may engage in discussions with other shareholders or representatives of Secure Waste Infrastructure Corp. concerning, among other things, the proposed transaction with GFL Environmental Inc., pursuant to which GFL would acquire all of the outstanding shares of Company by way of a shareholder approved and court approved plan of arrangement, and the business or strategy of Company, including potential changes to the foregoing; and/or take any other such actions with respect to Secure as Abrams Capital may from time to time deem appropriate. In addition, Abrams Capital believes Company is a uniquely well-positioned business with significant long-term potential under its current management team and does not believe that the arrangement is in the best interests of Company and its shareholders and intends to vote against it. Aankondiging • Apr 14
GFL Environmental Inc. (TSX:GFL) entered into a definitive agreement to acquire SECURE Waste Infrastructure Corp. (TSX:SES) from Angelo, Gordon & Co., L.P., Solus Alternative Asset Management LP and others for approximately CAD 5.5 billion. GFL Environmental Inc. (TSX:GFL) entered into a definitive agreement to acquire SECURE Waste Infrastructure Corp. (TSX:SES) from Angelo, Gordon & Co., L.P., Solus Alternative Asset Management LP and others for approximately CAD 5.5 billion on April 13, 2026. Pursuant to which GFL has agreed to acquire all of the issued and outstanding common shares of SECURE for CAD 24.75 per SECURE common share, representing an enterprise value of approximately CAD 6.4 billion (the "Transaction"). The purchase price of CAD 24.75 per SECURE common share represents a premium of 23% to the volume weighted average price of the common shares of SECURE for the 60 trading days ending April 10, 2026. Under the terms of the Transaction, SECURE common shareholders will receive, at their election, (i) CAD 24.75 in cash, (ii) 0.4195 of a GFL subordinate voting share or (iii) a combination of CAD 4.95 in cash and 0.3356 of a GFL subordinate voting share, for each SECURE common share held, subject to pro-ration, based on a maximum amount of GFL subordinate voting shares and maximum amount of cash as set out in the plan of arrangement, such that the aggregate consideration paid to SECURE common shareholders will consist of 80% GFL subordinate voting shares and 20% cash. GFL has obtained fully committed financing for the Transaction through a bridge facility which can be used, together with cash on hand and capacity under its revolving credit facility, to fund the cash component of the Transaction. SECURE has also granted GFL a right-to-match any superior proposal and will pay a termination fee of CAD 200 million to GFL if the Arrangement Agreement is terminated in certain circumstances. GFL has agreed to pay an expense reimbursement fee of up to CAD 20 million to SECURE if the Arrangement Agreement is terminated in certain circumstances. Following completion of the Transaction, it is expected that the SECURE common shares will be delisted from the TSX and SECURE will cease to be a reporting issuer under Canadian securities laws.
The Transaction is expected to close in the second half of 2026, subject to the satisfaction of customary closing conditions, including court approval, regulatory approvals and approval by SECURE shareholders. The Transaction has been unanimously approved by the Board of Directors of both companies. Angelo, Gordon & Co. LP and Solus Alternative Asset Management LP, which collectively own approximately 20% of the issued and outstanding SECURE common shares, together with the directors and senior officers of SECURE who collectively own approximately 2% of the issued and outstanding SECURE common shares, have entered into customary voting and support agreements pursuant to which they have agreed to vote all of their SECURE common shares in favor of the Transaction at a special meeting of shareholders which is expected to be held in late May 2026. In connection with the Transaction, the SECURE Board established a special committee (the "Special Committee"), comprised entirely of independent directors, to, among other matters, review the terms of the Transaction and consider potential alternatives available to SECURE. The acquired assets coupled with SECURE's strong operating margins and lower maintenance capital intensity are expected to increase Adjusted EBITDA margin(1) to 31.6% and Adjusted Free Cash Flow conversion to between 40.5% and 42.5%. The transaction is also expected to be immediately accretive to Adjusted Free Cash Flow per share by 12% to 15%. Our significantly enhanced scale following the acquisition will allow us to materially increase our capital deployment capacity while maintaining our targeted year end Net Leverage in the low-to-mid 3s. Additionally, the transaction increases GFL's float weighted market capitalization.
Barclays is acting as financial advisor to GFL and Stikeman Elliott LLP is acting as legal counsel to GFL in connection with the Transaction. Moelis & Company LLC and RBC Capital Markets are acting as financial advisors to SECURE. McCarthy Tétrault LLP is acting as lead Canadian legal counsel to SECURE in connection with the Transaction, with Bennett Jones LLP acting as Canadian competition counsel to SECURE. RBC Capital Markets provided a verbal independent fairness opinion to the SECURE Board and ATB Cormark Capital Markets provided a verbal independent fairness opinion to the Special Committee. Board Change • Apr 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 1 highly experienced director. President, CEO & Director Allen Gransch was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Mar 20
Fourth quarter dividend increased to CA$0.10 Dividend of CA$0.10 is 5.0% higher than last year. Ex-date: 1st April 2026 Payment date: 15th April 2026 Dividend yield will be 1.8%, which is lower than the industry average of 5.4%. Sustainability & Growth Dividend is covered by earnings (73% earnings payout ratio) but not covered by cash flows (182% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 98% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Aankondiging • Mar 18
SECURE Waste Infrastructure Corp. Declares Quarterly Dividend, Payable on or About April 15, 2026 SECURE Waste Infrastructure Corp. announced that its Board of Directors has declared a quarterly dividend of $0.105 per common share payable on or about April 15, 2026, to shareholders of record on April 1, 2026. The declared dividend reflects the previously announced 5% increase to SECURE's quarterly dividend, raising the rate from $0.10 to $0.105 per share and underscoring the Corporation's confidence in the strength and sustainability of its cash flows. Aankondiging • Mar 17
SECURE Waste Infrastructure Corp. to Report Q1, 2026 Results on Apr 30, 2026 SECURE Waste Infrastructure Corp. announced that they will report Q1, 2026 results Pre-Market on Apr 30, 2026 Recent Insider Transactions • Mar 09
Vice Chair recently sold CA$6.4m worth of stock On the 4th of March, Rene Amirault sold around 331k shares on-market at roughly CA$19.38 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Rene has been a net seller over the last 12 months, reducing personal holdings by CA$5.6m. Price Target Changed • Feb 23
Price target increased by 8.8% to CA$22.06 Up from CA$20.28, the current price target is an average from 9 analysts. New target price is 14% above last closing price of CA$19.41. Stock is up 33% over the past year. The company is forecast to post earnings per share of CA$0.95 for next year compared to CA$0.55 last year. Aankondiging • Feb 23
SECURE Waste Infrastructure Corp., Annual General Meeting, Apr 30, 2026 SECURE Waste Infrastructure Corp., Annual General Meeting, Apr 30, 2026. Reported Earnings • Feb 22
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: CA$0.55 (down from CA$2.29 in FY 2024). Revenue: CA$1.47b (up 3.6% from FY 2024). Net income: CA$123.0m (down 79% from FY 2024). Profit margin: 8.4% (down from 41% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.1%. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Feb 20
Secure Waste Infrastructure Corp. Approves Quarterly Dividend SECURE Waste Infrastructure Corp.'s Board of Directors approved a 5% increase to the quarterly dividend rate to $0.105 per share. Recent Insider Transactions Derivative • Jan 12
Vice Chair exercised options and sold CA$550k worth of stock On the 6th of January, Rene Amirault exercised options to acquire 63k shares at no cost and sold these for an average price of CA$8.69 per share. This trade did not impact their existing holding. Since March 2025, Rene's direct individual holding has increased from 1.92m shares to 1.96m. Company insiders have collectively sold CA$12m more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • Dec 19
Third quarter dividend of CA$0.10 announced Dividend of CA$0.10 is the same as last year. Ex-date: 31st December 2025 Payment date: 15th January 2026 Dividend yield will be 2.3%, which is lower than the industry average of 5.4%. Sustainability & Growth Dividend is covered by both earnings (88% earnings payout ratio) and cash flows (85% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 95% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Aankondiging • Dec 17
Secure Waste Infrastructure Corp. Declares Quarterly Dividend, Payable on or About January 15, 2026 SECURE Waste Infrastructure Corp. announced that its Board of Directors has declared a quarterly dividend of $0.10 per common share payable on or about January 15, 2026, to shareholders of record on January 1, 2026. Aankondiging • Dec 16
SECURE Waste Infrastructure Corp. to Report Q4, 2025 Results on Feb 20, 2026 SECURE Waste Infrastructure Corp. announced that they will report Q4, 2025 results Pre-Market on Feb 20, 2026 Recent Insider Transactions • Nov 06
Vice Chair recently bought CA$497k worth of stock On the 3rd of November, Rene Amirault bought around 29k shares on-market at roughly CA$17.13 per share. This transaction amounted to 1.5% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Rene has been a buyer over the last 12 months, purchasing a net total of CA$803k worth in shares. Reported Earnings • Oct 31
Third quarter 2025 earnings released: EPS: CA$0.005 (vs CA$0.39 in 3Q 2024) Third quarter 2025 results: EPS: CA$0.005 (down from CA$0.39 in 3Q 2024). Revenue: CA$2.47b (down 5.4% from 3Q 2024). Net income: CA$1.00m (down 99% from 3Q 2024). Profit margin: 0% (down from 3.6% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 84% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Canada are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 32% per year. Price Target Changed • Oct 10
Price target increased by 8.3% to CA$19.61 Up from CA$18.11, the current price target is an average from 9 analysts. New target price is 9.3% above last closing price of CA$17.94. Stock is up 27% over the past year. The company is forecast to post earnings per share of CA$0.80 for next year compared to CA$2.28 last year. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CA$19.59, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 12x in the Oil and Gas industry in Canada. Total returns to shareholders of 291% over the past three years. Declared Dividend • Sep 18
Second quarter dividend of CA$0.10 announced Dividend of CA$0.10 is the same as last year. Ex-date: 1st October 2025 Payment date: 15th October 2025 Dividend yield will be 2.3%, which is lower than the industry average of 5.4%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 46% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Aug 05
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from CA$0.863 to CA$0.765 per share. Revenue forecast steady at CA$1.54b. Net income forecast to shrink 0.6% next year vs 2.4% decline forecast for Oil and Gas industry in Canada. Consensus price target up from CA$17.67 to CA$18.11. Share price fell 5.8% to CA$15.29 over the past week. Reported Earnings • Jul 29
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: CA$0.14. Revenue: CA$2.47b (down 6.7% from 2Q 2024). Net income: CA$31.0m (down 3.1% from 2Q 2024). Profit margin: 1.3% (in line with 2Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is expected to decline by 65% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Canada are expected to grow by 3.7%. Declared Dividend • Jun 19
First quarter dividend of CA$0.10 announced Dividend of CA$0.10 is the same as last year. Ex-date: 30th June 2025 Payment date: 15th July 2025 Dividend yield will be 2.7%, which is lower than the industry average of 5.4%. Sustainability & Growth Dividend is well covered by both earnings (49% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 60% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Aankondiging • Jun 19
Secure Waste Infrastructure Corp. Declares Quarterly Dividend, Payable on or About July 15, 2025 SECURE Waste Infrastructure Corp. board of Directors has declared a quarterly dividend of $0.10 per common share payable on or about July 15, 2025, to shareholders of record on July 1, 2025. Aankondiging • Jun 17
SECURE Waste Infrastructure Corp. to Report Q2, 2025 Results on Jul 29, 2025 SECURE Waste Infrastructure Corp. announced that they will report Q2, 2025 results Pre-Market on Jul 29, 2025 Aankondiging • May 15
SECURE Waste Infrastructure Corp. announced that it expects to receive CAD 900 million in funding SECURE Waste Infrastructure Corp. announced that it has entered into an amended and extended credit agreement it will receive CAD 900 million in round of funding on May 13, 2025. The company will receive Senior Secured Revolving Credit Facility in the transaction. The transaction is expected to close on May 31, 2028. Reported Earnings • May 05
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: CA$0.16 (down from CA$1.50 in 1Q 2024). Revenue: CA$2.70b (down 6.1% from 1Q 2024). Net income: CA$38.0m (down 91% from 1Q 2024). Profit margin: 1.4% (down from 15% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 5.7%. Earnings per share (EPS) missed analyst estimates by 30%. Revenue is expected to decline by 55% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Canada are expected to grow by 3.3%. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Apr 20
Vice Chair recently bought CA$306k worth of stock On the 11th of April, Rene Amirault bought around 25k shares on-market at roughly CA$12.25 per share. This transaction amounted to 6.3% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth CA$725k. Despite this recent buy, Rene has been a net seller over the last 12 months, reducing personal holdings by CA$942k. Aankondiging • Apr 10
SECURE Waste Infrastructure Corp. (TSX:SES) announces an Equity Buyback for 7.22% of its issued share capital, for CAD 200 million. SECURE Waste Infrastructure Corp. (TSX:SES) announces a share repurchase program. Under the substantial issuer bid, the company will repurchase up to 7.22% of it's issued share capital for $200 million. The shares will be tendered at a price of not less than $12 per share and not more than $14.50 per share. The company plans to fund the offer from existing revolving credit facility and available cash on hand. If the aggregate cost to purchase the tendered shares exceeds $200 million, the company will accept such shares on a pro-rata basis after giving effect to “odd lot” tenders, which will not be subject to pro-ration. The bid will expire on May 14, 2025, unless extended or withdrawn. As of April 7, 2025, the company had 230,865,489 shares in issue. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CA$13.00, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 9x in the Oil and Gas industry in Canada. Total returns to shareholders of 158% over the past three years. Declared Dividend • Mar 20
Fourth quarter dividend of CA$0.10 announced Dividend of CA$0.10 is the same as last year. Ex-date: 1st April 2025 Payment date: 15th April 2025 Dividend yield will be 2.6%, which is lower than the industry average of 5.4%. Sustainability & Growth Dividend is well covered by both earnings (18% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 20% over the next 3 years. However, it would need to fall by 81% to increase the payout ratio to a potentially unsustainable range. Recent Insider Transactions • Mar 10
Independent Chairman of the Board recently bought CA$668k worth of stock On the 6th of March, Michael Dilger bought around 50k shares on-market at roughly CA$13.37 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth CA$725k. Michael has been a buyer over the last 12 months, purchasing a net total of CA$1.4m worth in shares. Recent Insider Transactions Derivative • Mar 03
Vice Chair exercised options and sold CA$5.3m worth of stock On the 27th of February, Rene Amirault exercised options to acquire 710k shares at no cost and sold these for an average price of CA$7.46 per share. This trade did not impact their existing holding. Since March 2024, Rene's direct individual holding has decreased from 2.20m shares to 1.92m. Company insiders have collectively sold CA$43m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Feb 28
Independent Chairman of the Board recently bought CA$725k worth of stock On the 24th of February, Michael Dilger bought around 50k shares on-market at roughly CA$14.51 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Aankondiging • Feb 24
SECURE Waste Infrastructure Corp., Annual General Meeting, May 02, 2025 SECURE Waste Infrastructure Corp., Annual General Meeting, May 02, 2025. Buy Or Sell Opportunity • Feb 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to CA$14.31. The fair value is estimated to be CA$18.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 101% per annum. Earnings are also forecast to decline by 31% per annum over the same time period. Aankondiging • Feb 01
SECURE Waste Infrastructure Corp. to Report Q4, 2024 Results on Feb 21, 2025 SECURE Waste Infrastructure Corp. announced that they will report Q4, 2024 results Pre-Market on Feb 21, 2025 Recent Insider Transactions • Jan 19
Insider recently sold CA$790k worth of stock On the 13th of January, James Anderson sold around 50k shares on-market at roughly CA$15.80 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth CA$1.3m. Insiders have been net sellers, collectively disposing of CA$4.8m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Jan 13
Vice Chair exercised options and sold CA$1.4m worth of stock On the 7th of January, Rene Amirault exercised options to acquire 88k shares at no cost and sold these for an average price of CA$16.00 per share. This trade did not impact their existing holding. Since March 2024, Rene's direct individual holding has decreased from 2.20m shares to 1.90m. Company insiders have collectively sold CA$31m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Jan 13
President recently sold CA$1.3m worth of stock On the 7th of January, Allen Gransch sold around 82k shares on-market at roughly CA$16.00 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Allen has been a net seller over the last 12 months, reducing personal holdings by CA$1.3m. Declared Dividend • Dec 19
Third quarter dividend of CA$0.10 announced Dividend of CA$0.10 is the same as last year. Ex-date: 31st December 2024 Payment date: 15th January 2025 Dividend yield will be 2.5%, which is lower than the industry average of 5.4%. Sustainability & Growth Dividend is well covered by both earnings (18% earnings payout ratio) and cash flows (37% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 59% over the next 3 years. However, it would need to fall by 80% to increase the payout ratio to a potentially unsustainable range. Aankondiging • Dec 16
Secure Energy Services Inc. Declares Quarterly Dividend, Payable on or About January 15, 2025 Secure Energy Services Inc.'s Board of Directors has declared a quarterly dividend of $0.10 per common share payable on or about January 15, 2025, to shareholders of record on January 1, 2025. New Risk • Dec 05
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: CA$342k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 35% per year for the foreseeable future. High level of non-cash earnings (20% accrual ratio). Minor Risk Significant insider selling over the past 3 months (CA$342k sold). Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CA$16.12, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 9x in the Oil and Gas industry in Canada. Total returns to shareholders of 211% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$26.19 per share. Reported Earnings • Nov 01
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: CA$0.39 (up from CA$0.16 in 3Q 2023). Revenue: CA$2.61b (up 18% from 3Q 2023). Net income: CA$94.0m (up 100% from 3Q 2023). Profit margin: 3.6% (up from 2.1% in 3Q 2023). Revenue exceeded analyst estimates by 8.9%. Earnings per share (EPS) also surpassed analyst estimates by 79%. Revenue is expected to decline by 81% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Canada are expected to grow by 2.7%. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 01
Price target increased by 9.8% to CA$17.38 Up from CA$15.83, the current price target is an average from 10 analysts. New target price is 9.3% above last closing price of CA$15.90. Stock is up 101% over the past year. The company is forecast to post earnings per share of CA$2.29 for next year compared to CA$0.66 last year. Price Target Changed • Oct 09
Price target increased by 10% to CA$15.18 Up from CA$13.75, the current price target is an average from 10 analysts. New target price is 10% above last closing price of CA$13.77. Stock is up 89% over the past year. The company is forecast to post earnings per share of CA$2.14 for next year compared to CA$0.66 last year. Declared Dividend • Sep 19
Second quarter dividend of CA$0.10 announced Dividend of CA$0.10 is the same as last year. Ex-date: 1st October 2024 Payment date: 15th October 2024 Dividend yield will be 3.3%, which is lower than the industry average of 5.4%. Sustainability & Growth Dividend is well covered by both earnings (20% earnings payout ratio) and cash flows (38% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 44% over the next 3 years. However, it would need to fall by 78% to increase the payout ratio to a potentially unsustainable range. Recent Insider Transactions Derivative • Aug 13
Vice President of Environment exercised options to buy CA$456k worth of stock. On the 7th of August, Rhonda Rudnitski exercised 83.58k options at around CA$12,250, then sold 45.76k of them at CA$11.76 each and kept the remainder. Since December 2023, Rhonda has owned 26.26k shares directly. Company insiders have collectively bought CA$122m more than they sold, via options and on-market transactions, in the last 12 months. Major Estimate Revision • Aug 06
Consensus revenue estimates increase by 13% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from CA$1.21b to CA$1.36b. EPS estimate increased from CA$2.07 to CA$2.13 per share. Net income forecast to shrink 34% next year vs 1.6% growth forecast for Energy Services industry in Canada . Consensus price target up from CA$13.75 to CA$14.47. Share price fell 6.7% to CA$11.46 over the past week. Reported Earnings • Jul 31
Second quarter 2024 earnings released: EPS: CA$0.12 (vs CA$0.12 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.12. Revenue: CA$2.55b (up 43% from 2Q 2023). Net income: CA$32.0m (down 5.9% from 2Q 2023). Profit margin: 1.3% (down from 1.9% in 2Q 2023). Revenue is expected to fall by 68% p.a. on average during the next 3 years compared to a 4.8% decline forecast for the Energy Services industry in Canada. Declared Dividend • Jun 20
First quarter dividend of CA$0.10 announced Dividend of CA$0.10 is the same as last year. Ex-date: 28th June 2024 Payment date: 15th July 2024 Dividend yield will be 3.4%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by both earnings (21% earnings payout ratio) and cash flows (64% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 47% over the next 3 years. However, it would need to fall by 77% to increase the payout ratio to a potentially unsustainable range. Recent Insider Transactions • Jun 10
Insider recently sold CA$748k worth of stock On the 6th of June, James Anderson sold around 65k shares on-market at roughly CA$11.50 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth CA$755k. Insiders have been net sellers, collectively disposing of CA$1.2m more than they bought in the last 12 months. Recent Insider Transactions • Apr 30
Insider recently sold CA$755k worth of stock On the 26th of April, James Anderson sold around 65k shares on-market at roughly CA$11.62 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$477k more than they bought in the last 12 months. Aankondiging • Apr 30
Secure Energy Services Inc. (TSX:SES) announces an Equity Buyback for 13,181,020 shares, for CAD 150 million. Secure Energy Services Inc. (TSX:SES) announces a share repurchase program. Under the program, the company will repurchase up to 13,181,020 shares for $150 million. The shares will be repurchased at a price not more than CAD 11.38 per share. The repurchases will be funded from available cash on hand. The repurchased shares will be cancelled. The company has entered into a share repurchase agreement with TPG Angelo Gordon to repurchase it's shares. Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: CA$1.50 (vs CA$0.18 in 1Q 2023) First quarter 2024 results: EPS: CA$1.50 (up from CA$0.18 in 1Q 2023). Revenue: CA$2.85b (up 49% from 1Q 2023). Net income: CA$422.0m (up CA$367.0m from 1Q 2023). Profit margin: 15% (up from 2.9% in 1Q 2023). Revenue is expected to fall by 60% p.a. on average during the next 3 years compared to a 9.5% decline forecast for the Energy Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. New Risk • Apr 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. Minor Risk High level of debt (80% net debt to equity). Price Target Changed • Apr 02
Price target increased by 7.2% to CA$12.78 Up from CA$11.92, the current price target is an average from 9 analysts. New target price is 11% above last closing price of CA$11.47. Stock is up 81% over the past year. The company is forecast to post earnings per share of CA$0.92 for next year compared to CA$0.66 last year. Recent Insider Transactions Derivative • Mar 27
CEO & Director exercised options and sold CA$8.3m worth of stock On the 21st of March, Rene Amirault exercised options to acquire 732k shares at no cost and sold these for an average price of CA$11.35 per share. This trade did not impact their existing holding. For the year to December 2017, Rene's total compensation was 10% salary and 90% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2023, Rene's direct individual holding has decreased from 2.43m shares to 2.40m. Company insiders have collectively sold CA$25m more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • Mar 21
Upcoming dividend of CA$0.10 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 15 April 2024. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Canadian dividend payers (6.4%). Higher than average of industry peers (3.1%). Declared Dividend • Mar 20
Fourth quarter dividend of CA$0.10 announced Dividend of CA$0.10 is the same as last year. Ex-date: 28th March 2024 Payment date: 15th April 2024 Dividend yield will be 3.5%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by both earnings (61% earnings payout ratio) and cash flows (49% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 79% over the next 3 years, which should provide support to the dividend and adequate earnings cover. 
