Call us : (250) 377-1182
facebook twitter linked-in
opawica ntg fairmount lingo media lux

MCR.v C$2.57



Hello there guest! Want to join in on the conversation? Login or register for a forums account by visiting this link.


By Flipper

Posted: Thursday Aug 22 7:08:19AM 2013

MCR hit another new high of $5.35 on surprisingly good results for a wet quarter. 

Macro Enterprises Inc. Announces 2013 Second Quarter Results

FORT ST. JOHN, BRITISH COLUMBIA--(Marketwired - Aug. 20, 2013) - Macro Enterprises Inc. (TSX VENTURE:MCR) - 
  Summary of financial results
  (thousands of dollars except per share amounts)
  Three months
ended
June 30
Six months
ended
June 30
  2013 2012 2013 2012
  (unaudited)
         
Revenue $37,282 $27,799 $97,404 $69,626
         
EBITDA1 9,814 4,914 24,835 13,274
         
Net earnings 5,710 2,617 15,395 7,838
         
Net earnings per share $0.21 $0.11 $0.61 $0.32
         
Weighted average common shares outstanding (thousands)    
25,120

23,931

Note 1 - References to EBITDA are to net income from continuing operations before interest, taxes, amortization and impairment charge. EBITDA is not an earnings measure recognized by International Financial Reporting Standards ("IFRS") and does not have a standardized meaning prescribed by IFRS. Management believes that EBITDA is an appropriate measure in evaluating the Company's performance. Readers are cautioned that EBITDA should not be construed as an alternative to net income (as determined under IFRS) as an indicator of financial performance or to cash flow from operating activities (as determined under IFRS) as a measure of liquidity and cash flow. The Company's method of calculating EBITDA may differ from the methods used by other issuers and, accordingly, the Company's EBITDA may not be comparable to similar measures used by other issuers.

Highlights

  • Revenues increased from the second quarter last year due in part to revenues from the new business acquired in November 2012
  • EBITDA and net income were above the second quarter of last year due to increased activity and improved performance on jobs

Second quarter results

Consolidated revenue was $37.3 million compared to $27.8 million in the second quarter last year. Most of the revenue in the quarter was derived from three larger facility and pipeline projects as well as maintenance and pipeline integrity work for two other customers. In the second quarter last year, the Company worked on two larger facility project and pipeline and related facility jobs for two other customers.

Operating expenses, as a percent of revenue, fell in the quarter compared to the same quarter last year. This reduction was due to improved bid margins and a greater percentage of non fixed-price work. 

General and administrative expenses were $2.2 million, up from $1.5 million last year, but consistent with levels of the most recent two quarters. Costs were higher this year due mainly to additional staff costs and professional fees.

Total depreciation expense of $1.8 million increased by $0.7 million due to mainly to the depreciation on the additional assets obtained in the November 2012 acquisition.

Interest expense of $0.3 million was higher than last year due to higher levels of debt.

Income tax expense in the quarter of $2.0 million was at an effective tax rate of 25.6% which approximates the statutory rate. 

Net income was $5.7 million ($0.21 per share) compared to $2.6 million ($0.11 per share).

Outlook

The Company is expecting revenues in the third quarter to be above that recorded in the third quarter last year, after taking into account the expected additional revenues resulting from the November 2012 acquisition. The Company continues to actively bid new jobs and look for new opportunities. The Company is encouraged by the prospect of significant pipeline infrastructure projects in B.C. and Alberta in the short and medium term. 

Macro's core business is providing pipeline and facilities construction and maintenance services to major companies in the oil and gas industry. The Company's corporate office is in Calgary, Alberta. Its shares are listed on the TSX Venture Exchange under the symbol MCR. Information on the Company's principal operating unit, Macro Industries Inc., can be found at www.macroindustries.ca.


By Flipper

Posted: Thursday Aug 1 11:07:54PM 2013

MCR hit a new high of $4.75

2 seperate pipelines just announced they are proceeding and collectively they are worth $13 BILLION.

Macro will surely be participating in their construction. 


By Flipper

Posted: Tuesday Jul 23 9:45:16AM 2013

PI Financial issued a research report. 

 

We are projecting a 12 month target of $7.00 for Macro shares. This valuation is based on three
valuation disciplines: discounted cash flow as well as two peer valuations (EV/EBITDA and P/E).
This analysis revealed that MCR shares are signifi cantly undervalued. In fact, our data suggested
a forward valuation of $8.79 but we felt that a discount for Macro’s low trading liquidity and small
market cap (relative to its peers) is warranted. Our target represents an EV/EBITDA of 3.4x and P/E
of 7.1x based on our FY14 estimates


By Flipper

Posted: Thursday Jun 27 12:56:53PM 2013

Paradigm Capital issued a research report. First coverage that I am aware of.

Target price of $5.50 to $6.50. About 50% higher than current levels


By Flipper

Posted: Friday Jun 21 1:14:31PM 2013

Another strong day for Macro. All time closing high of $4.15

Positive mention by an analyst on CKNW last weekend.

Between the 3 major proposed oil pipelines and the 7+ LNG terminals proposed on the BC coast there could be $50 billion in capital expenditures. If Macro got $100 million in new work the stock could triple. The potential is amazing.

Still trades at 4-5 times earnings.

 


By Flipper

Posted: Saturday Jun 15 3:31:25PM 2013

MCR hit a new all time high. Monday looks good as well.

The largest shareholder and CEO indicated his intent to sell 1 million shares.

2 blocks totalling 1 million shares crossed this week.

1 was sold to a long time director and the 2nd block of 873000 shares crossed yesterday possibly to insitutional investors.

Very bullish when large investors are willing to buy the shares near records highs.


By Flipper

Posted: Thursday May 30 7:45:26PM 2013

Up 62 cents to $3.65 or 20.5% today.

Still very undervalued given it earned a dollar in the last year.

Seems like the institutions are getting involved.


By Bobwins

Posted: Saturday May 25 2:54:20PM 2013

I sold out MCR.v.  Not because I don't like the stock or the part they are going to play in future pipeline infrastructure buildout in Canada but seasonality.  This is obviously an undervalued stock but they need earnings news to drive the stock price.  Q2 will probably be profitable but substantially weaker than Q1 due to spring breakup.  When they earn .15 to .20 instead of .40, there could be a selloff.  I also expect a slow selloff after the big Q1 earnings.  So decided to take short term profits and keep it on my radar for next qtr.  Will try to buy on weakness.  

Bobwins


By Flipper

Posted: Friday May 24 8:01:16AM 2013

I think much better days are still ahead of the stock.

Trailing basic earnings of 98 cents a share or 3.2 x

Trades at 3.15 and should earn $1.25 to $1.50 in 2013 or below 2.5 x this years earnings.

Capacity issues allow Macro to charge what they want.

Balance sheet is outstanding. Approval of a LNG terminal is the icing on the cake. Billions in work and Macro is positioned well to get its fair share.

This unknown stock should be trading substantially higher


By Bobwins

Posted: Wednesday May 22 11:48:42PM 2013

Macro Enterprises is an energy services firm that specializes in maintenance and construction of pipelines.  They just reported a great Q1 of .40eps.  Business is seasonal so you can't multiply X 4 but still very cheap.  

 

http://www.macroenterprises.ca/documents/press_releases/2013/MCR-2013-05-22.pdf

 

 

Macro should get a lot of work as Canadian producers have to find another export outlet besides the US.  US shale oil and gas production is booming and this is causing major discounting of Canadian production.  Canada needs more pipeline infrastructure to carry ngas and oil to the East and West export ports.  


Canadian Small Caps

 
Canadian Small Caps

CLICK HERE to view the presentations from the Spring 2016 Small-Cap Conferences.

We are pleased to publish the PowerPoint presentations from The Small-Cap Conferences that were held in Calgary on March 30, 2016 and in Vancouver on May 3, 2016.

We encourage investors to review the presentations and contact the companies with any further questions.

www.smallcapconference.ca/presentations.php
plus

What's New