Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €4.04, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Energy Services industry in Europe. Total returns to shareholders of 49% over the past three years. Board Change • Jun 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. 5 experienced directors. 2 highly experienced directors. Independent Director Ken Wagner was the last director to join the board, commencing their role in 2026. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • May 21
Chief Executive Officer recently bought €72k worth of stock On the 13th of May, Tyler Dahlseide bought around 20k shares on-market at roughly €3.61 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Tyler has been a buyer over the last 12 months, purchasing a net total of €152k worth in shares. Announcement • May 14
Calfrac Well Services Ltd. Announces Election of Ken Wagner as Director Calfrac Well Services Ltd. announced the election of Ken Wagner as Director, at the annual general meeting held on May 12, 2026. Mr. Wagner is the President of Green Energy Services Inc., an environmental services company operating in Western Canada. Ken has over 30 years of oil and gas industry experience, including prior roles as founder and President of Cascade Energy Services LP and Chief Operating Officer of Essential Energy Services Trust. In 2012, Mr. Wagner co-founded Fraction Energy Services Ltd., a water management company, and served as President prior to its purchase by Canyon Services Group in 2014. After spending a short time as an independent businessman, Ken became President of Green Energy Services in 2020 and executed Green Energy's acquisition of Fraction Energy Services from Trican Well Service. Announcement • Apr 10
Calfrac Well Services Ltd. Announces CFO Changes Calfrac Well Services Ltd. announced the appointment of Scarlett Crockatt as the Company’s new Chief Financial Officer effective April 9, 2026. Ms. Crockatt succeeds Mike Olinek, who is retiring from the Company. Ms. Crockatt joins Calfrac as an accomplished finance executive with over 15 years of experience in capital markets, strategic finance and governance, including senior leadership roles at Roynat Capital, a subsidiary of Scotiabank, and Scotiabank Corporate & Investment Banking. She has advised boards and management teams on capital allocation, mergers and acquisitions, liquidity management and risk oversight across multiple sectors. Ms. Crockatt holds an MBA from Queen's University, Bachelor of Commerce from the University of Calgary, is a Chartered Professional Accountant, and an Institute-certified director (ICD.D). The Company’s CFO transition forms part of broader measures focused on optimizing Calfrac’s leadership structure and operational efficiency. In connection with these efforts, the Company expects to incur certain one-time costs to facilitate the transition, which will be reflected in future financial disclosures in accordance with applicable securities laws. Announcement • Mar 09
Calfrac Well Services Ltd., Annual General Meeting, May 12, 2026 Calfrac Well Services Ltd., Annual General Meeting, May 12, 2026. Announcement • Feb 05
Calfrac Well Services Ltd. Appoints Tyler Dahlseide as Chief Executive Officer, Effective February 4, 2026 Calfrac Well Services Ltd. appointed Tyler Dahlseide as Chief Executive Officer (CEO) effective February 4, 2026. Mr. Dahlseide joined Calfrac as Vice President, Optimization and Strategy in September 2025. He served as President and a director of Ferus Inc., a private-equity sponsored industrial gas business with operations in Canada and the United States. Mr. Dahlseide also served as Chairman of the Board of Enserva, the national trade association representing Canada's petroleum services, supply and manufacturing sectors, from 2023 to 2025. Announcement • Nov 14
Calfrac Well Services Ltd. has filed a Follow-on Equity Offering in the amount of CAD 35 million. Calfrac Well Services Ltd. has filed a Follow-on Equity Offering in the amount of CAD 35 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 13,011,152
Price\Range: CAD 2.69
Transaction Features: Rights Offering Announcement • Apr 09
Calfrac Well Services Ltd. to Report Q1, 2025 Results on May 15, 2025 Calfrac Well Services Ltd. announced that they will report Q1, 2025 results Pre-Market on May 15, 2025 Announcement • Feb 26
Calfrac Well Services Ltd., Annual General Meeting, May 15, 2025 Calfrac Well Services Ltd., Annual General Meeting, May 15, 2025. Location: alberta, calgary Canada Announcement • Feb 11
Calfrac Well Services Ltd. to Report Q4, 2024 Results on Mar 13, 2025 Calfrac Well Services Ltd. announced that they will report Q4, 2024 results Pre-Market on Mar 13, 2025 Recent Insider Transactions • Nov 17
Independent Director recently bought €102k worth of stock On the 11th of November, Charles Pellerin bought around 41k shares on-market at roughly €2.46 per share. This transaction amounted to 1.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €4.1m more in shares than they have sold in the last 12 months. Reported Earnings • Nov 08
Third quarter 2024 earnings released: CA$0.074 loss per share (vs CA$1.21 profit in 3Q 2023) Third quarter 2024 results: CA$0.074 loss per share (down from CA$1.21 profit in 3Q 2023). Revenue: CA$430.1m (down 11% from 3Q 2023). Net loss: CA$6.69m (down 107% from profit in 3Q 2023). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Oct 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to €2.38. The fair value is estimated to be €3.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has grown by 61%. Revenue is forecast to grow by 5.4% in 2 years. Earnings are forecast to decline by 83% in the next 2 years. Buy Or Sell Opportunity • Oct 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.4% to €2.52. The fair value is estimated to be €3.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has grown by 61%. Revenue is forecast to grow by 5.4% in 2 years. Earnings are forecast to decline by 83% in the next 2 years. Announcement • Oct 04
Calfrac Well Services Ltd. to Report Q3, 2024 Results on Nov 06, 2024 Calfrac Well Services Ltd. announced that they will report Q3, 2024 results Pre-Market on Nov 06, 2024 Recent Insider Transactions • Aug 23
Independent Director recently bought €385k worth of stock On the 16th of August, Charles Pellerin bought around 145k shares on-market at roughly €2.65 per share. This transaction amounted to 6.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €4.0m more in shares than they have sold in the last 12 months. Buy Or Sell Opportunity • Aug 08
Now 21% overvalued Over the last 90 days, the stock has fallen 2.2% to €2.68. The fair value is estimated to be €2.22, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has grown by 61%. Revenue is forecast to grow by 4.4% in 2 years. Earnings are forecast to decline by 56% in the next 2 years. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: CA$0.29 (vs CA$0.63 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.29 (down from CA$0.63 in 2Q 2023). Revenue: CA$426.0m (down 8.7% from 2Q 2023). Net income: CA$24.5m (down 51% from 2Q 2023). Profit margin: 5.8% (down from 11% in 2Q 2023). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Aug 01
Calfrac Well Services Ltd. Reports Consolidated Impairment Charges for the Second Quarter Ended June 30, 2024 Calfrac Well Services Ltd. reported consolidated impairment charges for the second quarter ended June 30, 2024. For the period, the company reported impairment of property, plant and equipment of CAD 484,000. Recent Insider Transactions • Jul 17
Independent Director recently bought €57k worth of stock On the 12th of July, Anuroop Duggal bought around 20k shares on-market at roughly €2.86 per share. This transaction amounted to 40% 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 €2.0m. Insiders have collectively bought €3.6m more in shares than they have sold in the last 12 months. Announcement • Jul 05
Calfrac Well Services Ltd. to Report Q2, 2024 Results on Aug 08, 2024 Calfrac Well Services Ltd. announced that they will report Q2, 2024 results Pre-Market on Aug 08, 2024 Recent Insider Transactions • Jun 19
Independent Director recently bought €77k worth of stock On the 13th of June, Charles Pellerin bought around 29k shares on-market at roughly €2.70 per share. This transaction amounted to 1.4% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €2.0m. Insiders have collectively bought €3.8m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jun 09
Independent Director recently bought €228k worth of stock On the 4th of June, Charles Pellerin bought around 85k shares on-market at roughly €2.69 per share. This transaction amounted to 4.2% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €2.0m. Insiders have collectively bought €3.6m more in shares than they have sold in the last 12 months. Recent Insider Transactions • May 20
Independent Director recently bought €2.0m worth of stock On the 16th of May, Charles Pellerin bought around 700k shares on-market at roughly €2.80 per share. This transaction amounted to 81% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €2.2m more in shares than they have sold in the last 12 months. Reported Earnings • May 07
First quarter 2024 earnings released: CA$0.027 loss per share (vs CA$0.45 profit in 1Q 2023) First quarter 2024 results: CA$0.027 loss per share (down from CA$0.45 profit in 1Q 2023). Revenue: CA$330.1m (down 33% from 1Q 2023). Net loss: CA$2.90m (down 108% from profit in 1Q 2023). Revenue is forecast to grow 2.1% p.a. on average during the next 2 years, compared to a 1.8% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Apr 03
Calfrac Well Services Ltd. to Report Q1, 2024 Results on May 07, 2024 Calfrac Well Services Ltd. announced that they will report Q1, 2024 results Pre-Market on May 07, 2024 Reported Earnings • Mar 14
Full year 2023 earnings released: EPS: CA$2.44 (vs CA$0.83 in FY 2022) Full year 2023 results: EPS: CA$2.44 (up from CA$0.83 in FY 2022). Revenue: CA$1.86b (up 24% from FY 2022). Net income: CA$197.6m (up 460% from FY 2022). Profit margin: 11% (up from 2.4% in FY 2022). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 148% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Feb 27
Calfrac Well Services Ltd. to Report Q4, 2023 Results on Mar 14, 2024 Calfrac Well Services Ltd. announced that they will report Q4, 2023 results Pre-Market on Mar 14, 2024 Announcement • Feb 24
Calfrac Well Services Ltd., Annual General Meeting, May 07, 2024 Calfrac Well Services Ltd., Annual General Meeting, May 07, 2024. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €3.60, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 8x in the Energy Services industry in Europe. Total returns to shareholders of 53% over the past three years. New Risk • Nov 09
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 24% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (73% increase in shares outstanding). Minor Risks High level of debt (48% net debt to equity). Large one-off items impacting financial results. Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: CA$1.21 (vs CA$1.15 in 3Q 2022) Third quarter 2023 results: EPS: CA$1.21 (up from CA$1.15 in 3Q 2022). Revenue: CA$483.1m (up 10% from 3Q 2022). Net income: CA$97.5m (up 115% from 3Q 2022). Profit margin: 20% (up from 10% in 3Q 2022). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 153% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. New Risk • Oct 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 7.8% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (107% increase in shares outstanding). Minor Risks High level of debt (66% net debt to equity). Share price has been volatile over the past 3 months (6.1% average weekly change). Announcement • Oct 05
Calfrac Well Services Ltd. to Report Q3, 2023 Results on Nov 08, 2023 Calfrac Well Services Ltd. announced that they will report Q3, 2023 results Pre-Market on Nov 08, 2023 New Risk • Aug 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.9% 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 Risks Earnings are forecast to decline by an average of 6.9% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (107% increase in shares outstanding). Minor Risk High level of debt (66% net debt to equity). Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: CA$0.63 (vs CA$0.17 loss in 2Q 2022) Second quarter 2023 results: EPS: CA$0.63 (up from CA$0.17 loss in 2Q 2022). Revenue: CA$466.5m (up 47% from 2Q 2022). Net income: CA$50.5m (up CA$57.3m from 2Q 2022). Profit margin: 11% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 143% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Jul 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (110% increase in shares outstanding). Minor Risks High level of debt (69% net debt to equity). Share price has been volatile over the past 3 months (7.2% average weekly change). Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €3.18, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 11x in the Energy Services industry in Europe. Total returns to shareholders of 77% over the past three years. Announcement • Jul 07
Calfrac Well Services Ltd. to Report Q2, 2023 Results on Aug 10, 2023 Calfrac Well Services Ltd. announced that they will report Q2, 2023 results Pre-Market on Aug 10, 2023 Recent Insider Transactions • Jul 03
Independent Director recently bought €120k worth of stock On the 29th of June, Charles Pellerin bought around 45k shares on-market at roughly €2.67 per share. This transaction amounted to 5.7% 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 €166k. Insiders have collectively bought €2.8m more in shares than they have sold in the last 12 months. Announcement • May 10
Calfrac Well Services Ltd. Approves the Election of Holly A. Benson as Director Calfrac Well Services Ltd. approved the election of Holly A. Benson as director to hold office until the next annual meeting of shareholders, or until their successors are elected or appointed, at its AGM held on May 10, 2023. Mrs. Benson is an independent businessperson with a Chartered Public Accountant designation and the former Vice President, Finance and Chief Financial Officer of Peters & Co. Limited, a registered investment dealer, from 1999 to 2020. Mrs. Benson has her ICD.D designation from the Institute of Corporate Directors, currently serves as a director of Rubellite Energy Inc. and has served on various industry committees and boards, including as a director of the Investment Industry Regulatory Organization of Canada (IIROC) from 2015 to 2021. Reported Earnings • May 09
First quarter 2023 earnings released: EPS: CA$0.45 (vs CA$0.47 loss in 1Q 2022) First quarter 2023 results: EPS: CA$0.45 (up from CA$0.47 loss in 1Q 2022). Revenue: CA$493.3m (up 68% from 1Q 2022). Net income: CA$36.3m (up CA$54.3m from 1Q 2022). Profit margin: 7.4% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 124% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Apr 26
Co-Founder & Independent Vice Chairman recently bought €77k worth of stock On the 24th of April, Douglas Ramsay bought around 27k shares on-market at roughly €2.84 per share. This transaction amounted to 23% 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 €271k. Douglas has been a buyer over the last 12 months, purchasing a net total of €243k worth in shares. Recent Insider Transactions • Apr 17
Co-Founder & Independent Vice Chairman recently bought €166k worth of stock On the 12th of April, Douglas Ramsay bought around 60k shares on-market at roughly €2.76 per share. This transaction amounted to 99% 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 €271k. This was Douglas' only on-market trade for the last 12 months. Recent Insider Transactions • Mar 22
Independent Director recently bought €271k worth of stock On the 17th of March, Charles Pellerin bought around 100k shares on-market at roughly €2.71 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €2.9m more in shares than they have sold in the last 12 months. Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: CA$0.82 (vs CA$2.21 loss in FY 2021) Full year 2022 results: EPS: CA$0.82 (up from CA$2.21 loss in FY 2021). Revenue: CA$1.50b (up 50% from FY 2021). Net income: CA$35.3m (up CA$118.1m from FY 2021). Profit margin: 2.4% (up from net loss in FY 2021). Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Feb 24
Independent Director recently bought €219k worth of stock On the 21st of February, Charles Pellerin bought around 55k shares on-market at roughly €3.99 per share. This transaction amounted to 9.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €2.6m more in shares than they have sold in the last 12 months. Announcement • Feb 10
Calfrac Well Services Ltd. to Report Q4, 2022 Results on Mar 16, 2023 Calfrac Well Services Ltd. announced that they will report Q4, 2022 results at 9:30 AM, US Eastern Standard Time on Mar 16, 2023 Recent Insider Transactions • Jan 11
Independent Director recently bought €134k worth of stock On the 3rd of January, Charles Pellerin bought around 33k shares on-market at roughly €4.12 per share. This transaction amounted to 5.8% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €203k. Insiders have collectively bought €2.3m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jan 05
Independent Director recently bought €55k worth of stock On the 29th of December, Charles Pellerin bought around 13k shares on-market at roughly €4.11 per share. This transaction amounted to 2.4% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €203k. Insiders have collectively bought €2.2m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Dec 27
Independent Director recently bought €203k worth of stock On the 22nd of December, Charles Pellerin bought around 50k shares on-market at roughly €4.06 per share. This transaction amounted to 10.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €2.1m more in shares than they have sold in the last 12 months. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CEO & Director Pat Powell was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 03
Third quarter 2022 earnings released: EPS: CA$1.15 (vs CA$0.041 loss in 3Q 2021) Third quarter 2022 results: EPS: CA$1.15 (up from CA$0.041 loss in 3Q 2021). Revenue: CA$438.3m (up 48% from 3Q 2021). Net income: CA$45.4m (up CA$46.9m from 3Q 2021). Profit margin: 10% (up from net loss in 3Q 2021). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has fallen by 49% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Sep 24
Independent Director recently bought €682k worth of stock On the 20th of September, Charles Pellerin bought around 167k shares on-market at roughly €4.10 per share. This transaction amounted to 50% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €2.4m more in shares than they have sold in the last 12 months. Breakeven Date Change • Sep 15
Forecast breakeven date moved forward to 2022 The 6 analysts covering Calfrac Well Services previously expected the company to break even in 2023. New consensus forecast suggests the company will make a profit of CA$18.6m in 2022. Earnings growth of 97% is required to achieve expected profit on schedule. Recent Insider Transactions • Aug 05
Independent Director recently bought €53k worth of stock On the 2nd of August, Chetan Mehta bought around 15k shares on-market at roughly €3.59 per share. In the last 3 months, there was an even bigger purchase from another insider worth €273k. Insiders have collectively bought €1.3m more in shares than they have sold in the last 12 months. Reported Earnings • Jul 29
Second quarter 2022 earnings released: CA$0.18 loss per share (vs CA$0.82 loss in 2Q 2021) Second quarter 2022 results: CA$0.18 loss per share (up from CA$0.82 loss in 2Q 2021). Revenue: CA$318.5m (up 54% from 2Q 2021). Net loss: CA$6.78m (loss narrowed 78% from 2Q 2021). Over the next year, revenue is forecast to grow 17%, compared to a 20% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 60% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Jun 22
Independent Director recently bought €68k worth of stock On the 17th of June, Charles Pellerin bought around 20k shares on-market at roughly €3.41 per share. In the last 3 months, they made an even bigger purchase worth €122k. Insiders have collectively bought €780k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jun 03
Independent Director recently bought €87k worth of stock On the 30th of May, Charles Pellerin bought around 26k shares on-market at roughly €3.36 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €588k more in shares than they have sold in the last 12 months. Board Change • Jun 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Pat Powell was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 04
First quarter 2022 earnings released: CA$0.47 loss per share (vs CA$0.60 loss in 1Q 2021) First quarter 2022 results: CA$0.47 loss per share (up from CA$0.60 loss in 1Q 2021). Revenue: CA$294.5m (up 22% from 1Q 2021). Net loss: CA$18.0m (loss narrowed 20% from 1Q 2021). Over the next year, revenue is forecast to grow 20%, compared to a 18% growth forecast for the industry in Germany. Announcement • May 04
Calfrac Well Services Ltd. Elects Charles Pellerin, Pat Powell and Chetan R. Mehta as Directors Calfrac Well Services Ltd. elected Charles Pellerin, Pat Powell and Chetan R. Mehta as Directors, at its annual and special meeting of shareholders held on May 3, 2022. Announcement • Mar 31
Calfrac Well Services Ltd. to Report Q1, 2022 Results on May 03, 2022 Calfrac Well Services Ltd. announced that they will report Q1, 2022 results Pre-Market on May 03, 2022 Reported Earnings • Mar 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: CA$2.21 loss per share (up from CA$76.78 loss in FY 2020). Revenue: CA$1.00b (up 42% from FY 2020). Net loss: CA$82.8m (loss narrowed 75% from FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 28%, compared to a 21% growth forecast for the industry in Germany. Announcement • Feb 19
Calfrac Well Services Ltd., Annual General Meeting, May 03, 2022 Calfrac Well Services Ltd., Annual General Meeting, May 03, 2022. Announcement • Feb 11
Calfrac Well Services Ltd. to Report Q4, 2021 Results on Mar 16, 2022 Calfrac Well Services Ltd. announced that they will report Q4, 2021 results Pre-Market on Mar 16, 2022 Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €3.20, the stock trades at a trailing P/E ratio of 2.5x. Average forward P/E is 9x in the Energy Services industry in Europe. Total loss to shareholders of 96% over the past three years. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 17% share price gain to €3.36, the stock trades at a trailing P/E ratio of 2.7x. Average forward P/E is 9x in the Energy Services industry in Europe. Total loss to shareholders of 96% over the past three years. Reported Earnings • Nov 03
Third quarter 2021 earnings released: CA$0.04 loss per share (vs CA$17.20 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: CA$295.8m (up 132% from 3Q 2020). Net loss: CA$1.54m (loss narrowed 97% from 3Q 2020). Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 15% share price gain to €3.80, the stock trades at a trailing P/E ratio of 8.7x. Average forward P/E is 9x in the Energy Services industry in Europe. Total loss to shareholders of 97% over the past three years. Recent Insider Transactions • Oct 09
Co-Founder & Executive Chairman recently bought €500k worth of stock On the 7th of October, Ronald Mathison bought around 175k shares on-market at roughly €2.86 per share. This was the largest purchase by an insider in the last 3 months. This was Ronald's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improved over the past week After last week's 18% share price gain to €2.60, the stock trades at a trailing P/E ratio of 6.6x. Average forward P/E is 9x in the Energy Services industry in Europe. Total loss to shareholders of 98% over the past three years. Reported Earnings • Jul 30
Second quarter 2021 earnings released: CA$0.82 loss per share (vs CA$95.61 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: CA$207.3m (up 127% from 2Q 2020). Net loss: CA$30.5m (loss narrowed 89% from 2Q 2020). Announcement • Jun 03
Wilks Brothers Files Appeal to U.S. Court of Appeals for the Fifth Circuit Calfrac Well Services Ltd. announces that Wilks Brothers, LLC and its affiliated funds ("Wilks Brothers") filed an appeal on June 1, 2021 to the U.S. Court of Appeals for the Fifth Circuit. Wilks Brothers is appealing the decision by the U.S. District Court for the Southern District of Texas affirming an order by the U.S. Bankruptcy Court for the Southern District of Texas. That order granted recognition and enforcement in the United States of Calfrac's Plan of Arrangement under the Canada Business Corporations Act, which was consummated in December of 2020. The time frame for the appeal hearing remains to be determined. The U.S. Court of Appeals for the Fifth Circuit will, as a preliminary matter, issue a notice setting out the briefing schedule for the parties' written arguments. Calfrac will provide a further update upon any material developments. As recently announced, the application of Wilks Brothers for leave to appeal to the Supreme Court of Canada was dismissed. Similarly, Calfrac believes that it is well-positioned to oppose this new appeal and looks forward to the opportunity to dispense with the appeal on the merits. Calfrac's common shares and warrants are publicly traded on the Toronto Stock Exchange under the trading symbols "CFW" and "CFW.WT", respectively. Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells drilled throughout western Canada, the United States, Argentina and Russia. Announcement • May 28
Calfrac Well Services Ltd. Announces Supreme Court of Canada Dismisses Wilks Brothers' Leave to Appeal Application with Costs Calfrac Well Services Ltd. announced that the Supreme Court of Canada has dismissed the leave to appeal application by Wilks Brothers, LLC with costs. Wilks Brothers' proposed appeal related to the decision of the Court of Appeal of Alberta upholding the order of the Court of Queen's Bench of Alberta, which approved Calfrac's Plan of Arrangement pursuant to the Canada Business Corporations Act ("CBCA Final Order"). The Supreme Court of Canada's dismissal of the leave to appeal application means that the CBCA Final Order, pursuant to which Calfrac implemented its Recapitalization Transaction, is no longer subject to any further Canadian appeal rights, and remains in full force and effect. As previously disclosed, Wilks Brothers' has applied to the Ontario Securities Commission (the "OSC") requesting a hearing and review by the OSC of the decision of the Toronto Stock Exchange granting relief in respect of the rescission of the purchase of 1.5 Lien Notes of Calfrac acquired by an institutional shareholder. Calfrac believes that the TSX acted appropriately within its jurisdiction in granting such relief. Therefore, Calfrac is opposing the application to the OSC, which is anticipated to be heard in July. Calfrac has similarly opposed other litigation by Wilks Brothers, and has prevailed in each case. Calfrac will provide a further update upon any material developments. Reported Earnings • May 01
First quarter 2021 earnings released: CA$0.60 loss per share (vs CA$42.38 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: CA$241.6m (down 21% from 1Q 2020). Net loss: CA$22.4m (loss narrowed 82% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 2 percentage points per year. Announcement • Apr 25
Calfrac Well Services Ltd. Prevails in Wilks Brothers U.S. Appeal and Provides Update on Legal Proceedings Calfrac Well Services Ltd. confirmed that a hearing was held April 23, 2021, in the U.S. District Court for the Southern District of Texas, to consider the appeal brought by Wilks Brothers, LLC. This was Wilks Brothers' appeal of the order of the U.S. Bankruptcy Court for the Southern District of Texas which granted enforcement in the United States of Calfrac's Plan of Arrangement under the Canada Business Corporation Act. At hearing, the District Court quickly affirmed the decision of the Bankruptcy Court, dispensing in full with Wilks Brothers' most recent attempt in the United States to derail Calfrac's already-completed Recapitalization Transaction. In addition, Calfrac has received notice that Wilks Brothers has filed an application to the Ontario Securities Commission (the "OSC"), requesting a hearing and review by the OSC of the decision of the Toronto Stock Exchange granting exemptive relief in respect of the rescission of the purchase of 1.5 Lien Notes acquired by an institutional shareholder. Calfrac believes that the TSX acted appropriately within its jurisdiction in granting exemptive relief, and that the application should be seen as a further attempt by Wilks Brothers to advance its self-interested business purposes. Calfrac intends to oppose the application and will provide a further update upon any material developments. Announcement • Mar 17
Calfrac Well Services Ltd. to Report Q1, 2021 Results on Apr 29, 2021 Calfrac Well Services Ltd. announced that they will report Q1, 2021 results Pre-Market on Apr 29, 2021 Announcement • Mar 06
Calfrac Well Services Ltd. Announces Retirement of Kevin Baker and Jamie Blair Calfrac Well Services Ltd. announced Messrs. Kevin Baker and Jamie Blair retired from Calfrac's board with the Company's deep appreciation for their many years of service and best wishes for the future. Analyst Estimate Surprise Post Earnings • Mar 05
Revenue beats expectations Revenue exceeded analyst estimates by 4.5%. Over the next year, revenue is forecast to grow 22% while theEnergy Services industry in Germany is not expected to grow. Reported Earnings • Mar 05
Full year 2020 earnings released: CA$111 loss per share (vs CA$54.03 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: CA$705.4m (down 56% from FY 2019). Net loss: CA$324.2m (loss widened 108% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 32 percentage points per year, which is a significant difference in performance. Announcement • Feb 20
Calfrac Well Services Ltd., Annual General Meeting, May 04, 2021 Calfrac Well Services Ltd., Annual General Meeting, May 04, 2021. Announcement • Feb 10
Appeal of U.S. Enforcement Order for Calfrac's Recapitalization Transaction to Be Heard in U.S. District Court Calfrac Well Services Ltd. had applied to the U.S. District Court for the Southern District of Texas to dismiss, on an expedited basis, a further appeal filed by Wilks Brothers, LLC. This appeal relates to the order of the U.S. Bankruptcy Court for the Southern District of Texas which granted enforcement in the United States of Calfrac's Plan of Arrangement under the Canada Business Corporations Act (the "U.S. Enforcement Order"). Calfrac's motion to dispose of this matter was, however, denied. The full Appeal will therefore be heard by the District Court at a future date. Calfrac is well-positioned to oppose the Appeal by Wilks Brothers and looks forward to the opportunity to dispense with the Appeal on the merits. Wilks Brothers has objected to essentially every application that Calfrac has made in both Canada and the United States. Accordingly, on December 11, 2020, Wilks Brothers filed an appeal of the U.S. Enforcement Order before the U.S. District Court for the Southern District of Texas. On December 18, 2020, the Amended Recapitalization Transaction that had been approved at all levels, was consummated. On January 8, 2021, Calfrac filed a motion to dismiss the Appeal on the basis of equitable mootness, because the Recapitalization Transaction has already been completed pursuant to the Plan of Arrangement. At a hearing held earlier today the U.S. District Court denied Calfrac's motion to dismiss. Calfrac will provide further information as the Appeal proceedings move forward. As indicated, Calfrac will be vigorously opposing the Appeal. Announcement • Jan 27
Calfrac Well Services Ltd. to Report Q4, 2020 Results on Mar 04, 2021 Calfrac Well Services Ltd. announced that they will report Q4, 2020 results Pre-Market on Mar 04, 2021 Announcement • Jan 13
Clarke MT Reportedly May Sell Shares in Calfrac Well The Toronto Stock Exchange reported that Clarke Inc, Pension Plan (Clarke Inc. Master Trust) (Clarke MT) has filed a notice of intention to sell up to 2,645,743 common shares of Calfrac Well Services Ltd. (TSX:CFW). According to the TSX, Clarke MT currently holds 2,645,743 common shares and $2,781,000 principal amount of 10% senior secured convertible payment-in-kind notes of the company, which are convertible into an additional approximately 2,087,054 common shares. Collectively, Clarke MT, together with its deemed joint actor, G2S2 Capital Inc., has ownership and control of an aggregate of 14,162,243 common shares and $26,083,000 principal amount of convertible notes, which are convertible into an additional approximately 19,574,484 common shares. The TSX reported that Clarke MT may sell the common shares as early as January 12, 2021. Announcement • Dec 20
Calfrac Well Services Ltd. Announces Board Changes Calfrac Well Services Ltd. announced that two new directors have been appointed to the Calfrac Board: the well-known entrepreneur and
investor, Mr. George Armoyan; and a senior investment manager, Mr. Anuroop Duggal. Mr. Armoyan is now the most significant investor in Calfrac; and Mr. Duggal is the nominee of another important new investor. With the appointment of the two new directors, Messrs. Kevin R. Baker, QC and James S. Blair have retired from the Board. Analyst Estimate Surprise Post Earnings • Nov 13
Revenue misses expectations Revenue missed analyst estimates by 4.6%. Over the next year, revenue is expected to shrink by 16% compared to a 9.7% decline forecast for the Energy Services industry in Germany. Reported Earnings • Nov 13
Third quarter 2020 earnings released: CA$0.34 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: CA$127.8m (down 68% from 3Q 2019). Net loss: CA$50.0m (loss widened 70% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 106% per year but the company’s share price has only fallen by 67% per year, which means it has not declined as severely as earnings. Announcement • Oct 06
Wilks Brothers, LLC made an offer to acquire an additional 80.27% stake in Calfrac Well Services Ltd. (TSX:CFW) for CAD 29.7 million. THRC Holdings, LP made an offer to acquire additional 80.27% stake in Calfrac Well Services Ltd. (TSX:CFW) for CAD 21.3 million on September 1, 2020. As part of the transaction, THRC Holdings will acquire the shares of Calfrac Well Services for CAD 0.18 per share in cash. As of October 5, 2020, THRC Holdings improved the terms of its premium offer to acquire additional 80.2% stake in Calfrac Well and agreed to pay CAD 0.25 per share in cash. The THRC Holdings and its affiliates own 28.7 million share, Wilks Brothers already directly own 17.39 million shares of Calfrac while Dan and Staci Wilks own 11.33 million shares. THRC Holdings intends to acquire the remaining Calfrac Shares pursuant to the right of Compulsory Acquisition provided in the ABCA. If the offeror acquires less than 90% of the Calfrac Shares (excluding the Calfrac Shares it or its affiliates currently own) subject to the offer, or the right of Compulsory Acquisition. THRC Holdings has funded the cash consideration from existing cash resources and none of the necessary funds will be borrowed or obtained from third party sources.
The transaction is subject to 50% minimum tender condition, offer is also subject to the condition that the Management Transaction (i) shall have failed to be approved by the required majorities of the shareholders of Calfrac, approval of Interim Order of the Court Of Queen’s Bench of Alberta and the insider-led transaction that has been proposed to THRC Holdings by the entrenched board and management of Calfrac, not having been completed and having been terminated without material liability to Calfrac. Calfrac's Board recommended shareholders to reject the proposal and vote instead for its own debt reduction plan. As of Calfrac Well formed a special committee of the Board of Directors to review the offer. As of September 14, 2020, special committee and the Board of Directors of Calfrac advised its shareholders to take no action on the offer and not to tender their shares. Special meeting of shareholders of Calfrac will be held on September 17, 2020. The shareholder meeting of Calfrac is postponed to September 29, 2020. Institutional Shareholder Services, Inc. and Glass Lewis &Co. unanimously recommend that shareholders vote AGAINST the Management Transaction. The offer expiration date is December 23, 2020. Laurel Hill Advisory Group acted as proxy solicitation agent and Depositary for THRC Holdings. Jeffrey Roy of Cassels Brock & Blackwell and John F. Storz of Stroock & Stroock & Lavan LLP acted as legal advisors to THRC. Norton Rose Fulbright LLP and Bennett Jones LLP acted as legal to special committee of Calfrac Well Services.
THRC Holdings, LP cancelled the offer to acquire additional 80.2% stake in Calfrac Well Services Ltd. on September 23, 2020. Calfrac board unanimously rejects the offer and recommends shareholders not to tender. The Board, on recommendation of the Special Committee, has unanimously determined that the offer is not in the best interest of shareholders. Announcement • Oct 01
Calfrac Well Services Ltd. to Report Q3, 2020 Results on Nov 12, 2020 Calfrac Well Services Ltd. announced that they will report Q3, 2020 results at 9:00 AM, Eastern Standard Time on Nov 12, 2020 Announcement • Sep 28
THRC Holdings, LP cancelled the offer to acquire an additional 80.2% stake in Calfrac Well Services Ltd. (TSX:CFW). THRC Holdings, LP made an offer to acquire additional 80.2% stake in Calfrac Well Services Ltd. (TSX:CFW) for CAD 21.3 million on September 1, 2020. As part of the transaction, THRC Holdings will acquire the shares of Calfrac Well Services for CAD 0.18 per share in cash. Wilks Brothers already directly own 17.39 million shares of Calfrac while Dan and Staci Wilks own 11.33 million shares. THRC Holdings intends to acquire the remaining Calfrac Shares pursuant to the right of Compulsory Acquisition provided in the ABCA. If the Offeror acquires less than 90% of the Calfrac Shares (excluding the Calfrac Shares it or its affiliates currently own) subject to the Offer, or the right of Compulsory Acquisition. THRC Holdings has funded the cash consideration from existing cash resources and none of the necessary funds will be borrowed or obtained from third party sources.
The transaction is subject to 50% minimum tender condition, Offer is also subject to the condition that the Management Transaction (i) shall have failed to be approved by the required majorities of the shareholders of Calfrac, approval of Interim Order of the Court Of Queen’s Bench of Alberta and the insider-led transaction that has been proposed to THRC Holdings by the entrenched board and management of Calfrac, not having been completed and having been terminated without material liability to Calfrac. Calfrac's Board recommended shareholders to reject the proposal and vote instead for its own debt reduction plan. As of Calfrac Well formed a special committee of the Board of Directors to review the offer. As of September 14, 2020, special committee and the Board of Directors of Calfrac advised its shareholders to take no action on the offer and not to tender their shares. Special meeting of shareholders of Calfrac will be held on September 17, 2020. The shareholder meeting of Calfrac is postponed to September 29, 2020. Institutional Shareholder Services, Inc. and Glass Lewis &Co. unanimously recommend that shareholders vote AGAINST the Management Transaction. The offer expiration date is December 23, 2020. Laurel Hill Advisory Group acted as proxy solicitation agent and Depositary for THRC Holdings. Jeffrey Roy of Cassels Brock & Blackwell and John F. Storz of Stroock & Stroock & Lavan LLP acted as legal advisors to THRC. Norton Rose Fulbright LLP and Bennett Jones LLP acted as legal to special committee of Calfrac Well Services.
THRC Holdings, LP cancelled the offer to acquire additional 80.2% stake in Calfrac Well Services Ltd. (TSX:CFW) on September 23, 2020. Calfrac board unanimously rejects the offer and recommends shareholders not to tender. The Board, on recommendation of the Special Committee, has unanimously determined that the offer is not in the best interest of shareholders. Announcement • Jul 21
Calfrac Well Services Ltd. announced that it expects to receive $60 million in funding from G2S2 Capital Inc., Matco Investments Ltd. Calfrac Well Services Ltd. (TSX:CFW) announced a private placement of 1.5 lien notes for gross proceeds of $60 million on July 14, 2020. The transaction will include participation from G2S2 Capital Inc. for $18 million, Matco Investments Ltd. for $13 million, members of a supporting ad hoc committee of noteholders for $14 million, aggregate of $15 million of 1.5lLien notes will be reserved for other holders of unsecured notes, and the company may allocate up to $6 million to other holders of unsecured notes on or before July 31, 2020. Each investor, other than G2S2 Capital Inc., Matco Investments Ltd. will subscribe for and backstop any portion of the $15 million of 1.5 lien notes reserved for other holders of unsecured notes on a pro rata basis and G2S2 Capital Inc. as to the remaining amount. The investors will be entitled to an aggregate fee of $1.5 million in respect of such backstopped amount, payable in common stock following the conversion of the unsecured notes to common shares pursuant to recapitalization transaction. The company has entered into support agreements with G2S2 Capital Inc., Matco Investments Ltd. The lien notes will have a term to maturity of three years from closing. The company will have no right of redemption. The notes will bear interest at a rate of 10% per annum payable in cash semiannually on March 15 and September 15 of each year. The obligations in respect of the 1.5 lien notes will be fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by the obligors, and will be secured over not less than all of the present and future existing collateral securing the company’s first lien credit facility and the second lien notes. The 1.5 lien notes will be convertible at the holder's option into common shares at any time prior to maturity at a conversion price of $0.0266 per common share. The transaction is subject to completion of the recapitalization transaction, approval of the Toronto Stock Exchange, shareholder approval, and regulatory approvals. Announcement • Jun 30
Calfrac Well Services Ltd. to Report Q2, 2020 Results on Jul 30, 2020 Calfrac Well Services Ltd. announced that they will report Q2, 2020 results at 9:00 AM, Eastern Standard Time on Jul 30, 2020 Announcement • Jun 22
Calfrac Well Services Ltd.(TSX:CFW) dropped from S&P Global BMI Index Calfrac Well Services Ltd.(TSX:CFW) dropped from S&P Global BMI Index 
