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EnerCare Inc. 2017 Earnings & Price Target Update

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Enercare provides water heaters, furnaces, air conditioners, HVAC rental products, plumbing services, protection plans and sub-metering services to more than 1.2M customers in Canada and the US. Prior to the acquisition of Service Experts in May-2016 revenues were predominantly earned from the rental of water heaters in Ontario. Over the past three years they have diversified from the water heater rental business through two acquisitions and by adding HVAC rental and service to the water heater rental business in Canada. Water heater rentals and Home Services in Canada now contribute 36% of revenues, Service Experts, mainly in the US contributes 53% of revenues with the balance from the Sub-metering segment.

Enercare, primarily through acquisitions, has become a multi-segment and product company since its origins in 2002 as the Consumers Waterheater Income Fund, which primarily financed rental equipment originated and serviced by Direct Energy who were initially owned by Enbridge Inc.(ENB). In Oct-2014, Enercare purchased the Ontario home and small commercial services business from Direct Energy and effectively reunited the business separated in 2002 with the creation of the Consumers Waterheater Income Fund. They were an early entrant into the submetering business in 2014 and acquired Service Experts in May-2016.

Operating History

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