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Superior Plus Corp. Q1-2019 Earnings & Price Target Update

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Superior Plus Corp (SPB) operates two segments; Energy Services and Specialty Chemicals. The significant portion of Energy Services revenues are earned from the sale of propane, heating oil and other refined fuels to residential, commercial, industrial and wholesale customers in Canada and the US. The Specialty Chemicals segment produces sodium chlorate for the pulp and paper industries and is a regional supplier of potassium and chlor-alkali chemicals to industrial customers and the upstream petroleum sector. Approximately 65% of earnings are from the fuels segment and 35% from chemicals. Approximately 40% of revenues are in Canadian dollars and 60% in USD. A greater portion of revenues are earned in the winter quarters for energy services. Revenues are spread evenly throughout the year for the chemicals segment. The significant portion of Energy Services revenues are earned from the sale of propane, heating oil and other refined fuels to residential, commercial and industrial customers in Canada and the US. Canwest Propane was acquired from Gibsons Energy (GEI) for $2.4B in Mar-2017. The next largest acquisition has been NGL Propane for $1.2B in Jul-2018. In Nov-2014 the monthly dividend was increased by 20% to $0.06 per share from $0.05 per share.

Acquisitions - Dispositions

Superior has completed 18 acquisitions and three dispositions beginning in Sept-09 to May-2019 for a total of about $3.1B. Effective Aug-9-2016 the Construction Products Division was sold and the pending acquisition of Canexus Corp. was terminated.

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