Yesterday, Exco reported its Q1, 2017 results. The company earned $11.5-million on revenue of $153.1-million, a 17 per cent topline gain over the same period a year prior.
Linsdell says while it while the quarter wasn’t a clean sweep of positivity, there was more good news than bad.
“As expected, there was weakness in the C&E segment, which will likely persist through F2017 as work transitions to new programs,” he says. “Automotive remains positive, especially due to contribution from AFX. Despite only modest revenue growth in F2017, and potentially volatile short-term results, we still see overall profitability growth and solid free cash flow generation, supporting the growing dividend.”
In a research update to clients today, Linsdell maintained his “Buy” rating and one-year price target of $17.00 on Exco Technologies, implying a return of 66.4 per cent at the time of publication.
Linsdell believes Exco will post EBITDA of $95.8-million on revenue of $599.8-million in fiscal 2017. He expects these numbers will improve to EBITDA of $647.9-million on a topline of $652.8-million the following year.
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