NEW
YORK, April 10, 2023 /PRNewswire/ -- Argus
Research, an independent investment research firm, has launched
Equity Research Report coverage on Bristow Group Inc.
(NYSE:VTOL)
Click Here to view full Argus Equity Research
Report.
COMPANY HIGHLIGHTS: Excerpts (as conveyed by Argus
Analyst Steve Silver) include:
VTOL: A Leader in Offshore Energy and Government Services
Transportation
- We expect Bristow to benefit from the increased utilization of
its fleet of 227 aircraft as energy companies expand offshore
drilling.
- We also like the recent expansion of the Government Services
segment given its long-duration contracts and high percentage of
fixed-rate revenues. We expect this expansion to boost adjusted
EBITDA and believe that it is underappreciated by investors.
- The company has recently won new contracts with the U.K.
Maritime and Coastguard Agency (MCA) and the Netherlands Coast
Guard. It has also acquired British International Helicopter
Services, which provides search and rescue and support helicopter
services for the UK Ministry of Defence.
- As of December 31, 2022, Bristow
had net liquidity of $240 million and
a trailing 12-month net debt/adjusted EBITDA ratio of 2.7. We
believe that adjusted EBITDA and free cash flow will be sufficient
to meet the company's capital requirements, including
acquisitions.
- Bristow shares have been volatile since the beginning of 2022,
trading in a range of $21.60-$40.10. They
are currently near the low end of this range, despite the company's
multiple new contract wins and higher EBITDA guidance.
- Based on our valuation analysis, we arrive at a fair value
estimate for VTOL of $33 per share,
well above current levels.
INVESTMENT THESIS: Click Here to view full Argus Equity
Research Report and Investment Thesis.
About Bristow Group Inc. (NYSE:VTOL)
Bristow Group Inc. is the leading global provider of innovative
and sustainable vertical flight solutions. Bristow primarily
provides aviation services to a broad base of offshore energy
companies and government entities. The Company's aviation services
include personnel transportation, search and rescue ("SAR"),
medevac, fixed wing transportation, unmanned systems, and ad-hoc
helicopter services.
For additional information concerning Bristow please contact
Jennifer Whalen at
InvestorRelations@bristowgroup.com, (713) 369-4636 or visit
Bristow Group's website at http://ir.bristowgroup.com/
About Argus Research Corp.
Headquartered in NYC, Argus Research (www.argusresearch.com) is
a leading independent equity research firm (est. 1934) ̶
providing fundamental and quantitative research coverage on
more than 1,600 companies across all 11 sectors of the S&P 500,
as well as macroeconomic and equity market forecasts, thematic
research, model portfolios and IPO research. In addition, Argus has
recently committed to providing a sponsored research solution for
small & mid-cap companies seeking coverage. Argus's Equity
Research & earnings estimates are available on major research /
earnings estimate aggregator platforms, including Bloomberg,
Thomson Reuters, Factset and S&P Global.
For more Information please contact:
Darrell
Stone
646-747-5438
dstone@argusresearch.com
Argus Research Co. has received a flat fee from the company
discussed in this report as part of a Sponsored Research agreement
between Argus and the company. No part of Argus Research's
compensation is directly or indirectly related to the content of
this assessment or to other opinions expressed in this report.
Please refer to the full Argus report and the disclaimer for
complete disclosures.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/argus-research-initiates-equity-research-report-coverage-on-bristow-group-inc-nysevtol-301792457.html
SOURCE Argus Research