Enterprise Group Inc.
TSX: E
Enterprise, formed in 2004, provides specialized equipment and services for companies operating in the energy, pipeline, and construction sectors. The company operates in Alberta and B.C. The company has $41M in equipment and property assets. Enterprise’ EV (enterprise value) of $31M, implies that its shares are trading at just 76% of hard assets.
Exposure
Revenue primarily comes from renting equipment to oil and gas companies, including majors such as Suncor (TSX: SU), Chevron (NYSE: CVX), and ConocoPhillips (NYSE: COP).
Equity Report
EBITDA was up 29% in 2021, and 27% YoY in Q1-2022, amid a rebound in market activities due to stronger oil and gas pricest. It is estimated that the oil and gas field services market in Canada will grow 15% this year vs the five-year average of 5% p.a. (Source: IBISWorld).
Market Overview
We have a positive outlook on oil prices as we are expecting a prolonged period of conflict between the West and East. Russia accounts for 13% of global oil production.
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