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Superior Plus Corp. - Q2-2020 Earnings & Price Target Update

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Superior Plus Corp (SPB) operates in 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. Canwest Propane was acquired from Gibsons Energy (GEI) for $400M 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.

On Jun-15-2020 Brookfield Asset Management(BAM.A) invested US$260M (C$350M) in a private placement of preferred shares paying monthly cash dividend of 7.25% per annum through to Jun-30-2027. The shares may be exchanged, at Brookfield's option, into Superior at a Canadian dollar equivalent price of $11.63 per common share. Brookfield will have the right to nominate one director to Superiors board so long as its ownership on an as-exchanged basis is greater than 7.5% of the outstanding common shares. If exchanged Brookfield would own 30M common shares or 17% of the outstanding common shares as of Jun-30-2020.

Acquisitions – Dispositions

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