Vancouver, British Columbia--(Newsfile Corp. - May 21, 2013) - PI Financial Corp has updated its buy recommendation on ENTREC Corporation (TSXV: ENT). Following the release of the 1st quarter financial results, analyst Jason Zandberg reiterated his buy recommendation and $2.75 target price, a 95% premium to the $1.41 price the day the report was issued.
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ENTREC specializes in the lifting, transportation, loading, off-loading and setting of overweight and oversized cargo for large industrial projects in Western Canada and North Dakota.
Revenue grew 121% year over year due to acquisitions made over the last 4 quarters and included 2 months of the Taylor Crane acquisition which closed on January 31, 2013. Weakness in the conventional oil and gas customers was partially offset by strength in oilsands and industrial activity in Northern British Columbia.
ENTREC added 10 cranes and 50 multi-wheeled trailers to end the quarter with 170 cranes, 600 multi-wheeled trailers, 375 lines of specialized platform trailers and 160 tractors.
"Our outlook for 2013 and 2014 continues to be very positive," stated John Stevens, President and COO. "With the tremendous expansion in our business over the past year, we are well positioned to capture a large share of the growing industrial development occurring throughout Western Canada; most notably in Alberta's oil sands region and throughout Northern B.C."
Analyst Jason Zandberg stated, "We continue to recommend ENTREC Corporation. The company is in a position to benefit from additional capital investment in Northern British Columbia and the most visible projects currently in the planning stages are LNG terminals in the Kitimat region. The recent political victory for the B.C. Liberals is a positive development for this industry."
ENTREC currently trades at $1.38, and with 106.6 million shares outstanding, the company is capitalized at $147 million. As we stated, this is well below PI Financial's target price of $2.75.
For more information please visit the company's website www.entrec.com, or contact Jason Vandenberg, CFO, at 780-960-5630.
For more information about PI Financial or to obtain a copy of their research report, contact your nearest PI Financial office. Their branches are listed on their website at www.pifinancialcorp.com.
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