NEW YORK, April 10, 2023 /PRNewswire/ — Argus Research, an independent investment research firm, has launched Equity Research Report coverage on Bristow Group Inc. (NYSE:VTOL)
Click Here to view full Argus Equity Research Report.
COMPANY HIGHLIGHTS: Excerpts (as conveyed by Argus Analyst Steve Silver) include:
VTOL: A Leader in Offshore Energy and Government Services Transportation
We expect Bristow to benefit from the increased utilization of its fleet of 227 aircraft as energy companies expand offshore drilling.
We also like the recent expansion of the Government Services segment given its long-duration contracts and high percentage of fixed-rate revenues. We expect this expansion to boost adjusted EBITDA and believe that it is underappreciated by investors.
The company has recently won new contracts with the U.K. Maritime and Coastguard Agency (MCA) and the Netherlands Coast Guard. It has also acquired British International Helicopter Services, which provides search and rescue and support helicopter services for the UK Ministry of Defence.
As of December 31, 2022, Bristow had net liquidity of $240 million and a trailing 12-month net debt/adjusted EBITDA ratio of 2.7. We believe that adjusted EBITDA and free cash flow will be sufficient to meet the company’s capital requirements, including acquisitions.
Bristow shares have been volatile since the beginning of 2022, trading in a range of $21.60-$40.10. They are currently near the low end of this range, despite the company’s multiple new contract wins and higher EBITDA guidance.
Based on our valuation analysis, we arrive at a fair value estimate for VTOL of $33 per share, well above current levels.
INVESTMENT THESIS: Click Here to view full Argus Equity Research Report and Investment Thesis.
About Bristow Group Inc. (NYSE:VTOL)
Bristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. Bristow primarily provides aviation services to a broad base of offshore energy companies and government entities. The Company’s aviation services include personnel transportation, search and rescue (“SAR”), medevac, fixed wing transportation, unmanned systems, and ad-hoc helicopter services.
For additional information concerning Bristow please contact Jennifer Whalen at [email protected], (713) 369-4636 or visit Bristow Group’s website at http://ir.bristowgroup.com/
About Argus Research Corp.
Headquartered in NYC, Argus Research (www.argusresearch.com) is a leading independent equity research firm (est. 1934) ̶ providing fundamental and quantitative research coverage on more than 1,600 companies across all 11 sectors of the S&P 500, as well as macroeconomic and equity market forecasts, thematic research, model portfolios and IPO research. In addition, Argus has recently committed to providing a sponsored research solution for small & mid-cap companies seeking coverage. Argus’s Equity Research & earnings estimates are available on major research / earnings estimate aggregator platforms, including Bloomberg, Thomson Reuters, Factset and S&P Global.
For more Information please contact:
Darrell Stone
646-747-5438
[email protected]
Argus Research Co. has received a flat fee from the company discussed in this report as part of a Sponsored Research agreement between Argus and the company. No part of Argus Research’s compensation is directly or indirectly related to the content of this assessment or to other opinions expressed in this report. Please refer to the full Argus report and the disclaimer for complete disclosures.
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