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Superior Plus Corp. Q2-2021 Earnings, Price Target Update

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Superior Plus Corp (SPB) operates in the propane distribution business with operations in Canada and the US. In Apr-2021 the Specialty Chemicals segment was sold for $725M marking their departure from the Chemicals business and focus on the retail, commercial and wholesale propane distribution business in Canada and the US. Approximately 70% of earnings were from the fuels segment and 30% were from chemicals. Following the sale of the chemical business, 55% of EBITDA is from the US and 45% from Canada. Canada contributes 64% of volumes the US -36%. A greater portion of revenues are earned in the winter quarters for energy services. Revenues were spread evenly throughout the year for the chemicals segment. The strategy is now to focus on the propane distribution after exiting from the industrial chemicals sector. Major acquisitions in this direction were 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 Superior's board so long as its ownership on an as-exchanged basis is greater than 7.5% of the outstanding common shares. If exchanged it is estimated Brookfield would own 30M common shares or 14.5% compared to 17% in Jun-2020.

Effective Aug-9-2016 the Construction Products Division was sold and the pending acquisition of Canexus Corp. was terminated. The Chemical's segment was put up for sale during 2019; no deal was completed at that time. The Chemicals business was completely sold in Q1-2021.

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