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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Calfrac Well Services Ltd.    CFW   CA1295841086

CALFRAC WELL SERVICES LTD.

(CFW)
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Calfrac Well Services : Canada's Calfrac rejects Wilks Brothers proposals to buy U.S. business

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07/14/2020 | 09:07am EDT

Calfrac Well Services said on Tuesday it had rejected two proposals submitted by share and debt holder Wilks Brothers to buy the Canadian oilfield services firm's U.S. business in exchange for some of the company's debt.

Calfrac Well Services said on Tuesday it had rejected two proposals submitted by share and debt holder Wilks Brothers to buy the Canadian oilfield services firm's U.S. business in exchange for some of the company's debt.

Calfrac said the two non-binding proposals submitted last month "significantly undervalued" the unit and would leave its first-lien senior creditors with less than one-third of the collateral they currently hold, with no debt reduction.

Last month, the Canadian company said it would work with advisors to examine its options as its market value had collapsed and it deferred an interest payment on debt that does not mature for six years.

The company, which had a net debt of C$987.4 million ($725.34 million) as of March 31, said on Tuesday that it agreed with some debtholders to restructure some of its debt and issue some new shares.

Wilks Brothers LLC holds about 19.78% of Calfrac's shares and more than 50% of its second-lien notes, and also owns ProFrac Services Ltd, a competitor of Calfrac in the U.S.

(Reporting by Arunima Kumar in Bengaluru; Editing by Amy Caren Daniel)

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Financials
Sales 2020 683 M 510 M 510 M
Net income 2020 -644 M -481 M -481 M
Net Debt 2020 912 M 681 M 681 M
P/E ratio 2020 -0,04x
Yield 2020 -
Capitalization 21,0 M 15,8 M 15,7 M
EV / Sales 2020 1,36x
EV / Sales 2021 1,52x
Nbr of Employees 3 300
Free-Float 77,4%
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Mean consensus UNDERPERFORM
Number of Analysts 7
Average target price 0,32 CAD
Last Close Price 0,15 CAD
Spread / Highest target 797%
Spread / Average Target 121%
Spread / Lowest Target -65,5%
EPS Revisions
Managers
NameTitle
Lindsay R. Link President, Chief Operating Officer & Director
Ronald P. Mathison Executive Chairman
Michael D. Olinek Chief Financial Officer
James Michael Brown Vice President-Technology
James S. Blair Independent Director
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