Energy & Power Industry Update Harris Williams & Co.
Harris Williams & Co.Energy & Power Industry Update July 2013 WHAT WE’RE READINGOil & Gas “Peak Car” Two recent studies from the U.S. PIRGEducation Fund and the University of Michigan, respectively, examine “theend of the driving boom” and its potential implications.Cleantech Solar Financing With a string of recent financingannouncements from SolarCity, SunRun, Clean Power Finance, andSungevity, GigaOm looks at “The Future of Solar Financing.” Read later onInstapaperCleantech Energy Efficiency Securitization While solar has grabbedmore headlines for potential securitization, Greentech Media notes it mayalso be a viable solution for energy efficiency financing. Read later onInstapaperOil & Gas Disappearing Spread Calculated Risk follows up on a priorarticle as well as a recent WSJ article on the decline of the Brent / WTIspread. Read later on InstapaperOil & Gas Drilling Efficiency Fuel Fix highlights increasing well siteproductivity and efficiency and its corresponding impact on oilfield servicecompanies. Read later on InstapaperOil & Gas Days Drilled Oil & Gas Investor echoes the drilling efficiencytrend in a recent article. Read later on InstapaperOil & Gas Big Picture NASA recently released some photos from theInternational Space Station, which include Eagle Ford well sites at night.Energy Here Comes Google Fuel Fix highlights what now may be “themost significant player in the energy business outside of actual energycompanies and financial institutions.” Read later on InstapaperCleantech Solar and the U.S Military GigaOM reviews the growing useof clean technology and microgrids by the U.S. military. Read later onInstapaperPolicy Obama’s Emissions Plan Bloomberg New Energy Financereviews the return of President Obama’s Climate Initative. Read later onInstapaperCONTENTSWHAT WE’RE READINGM&A TRANSACTIONSPUBLIC MARKETSINDUSTRY STATISTICSPUBLIC COMPARABLESOUR GROUPHarris Williams & Co. is a leadingadvisor to the energy and power M&Amarket.Our Energy & PowerGroup has experience across a broadrange of sectors, including services,products, and technologies thatsupport or enhance the overall energyand power infrastructure.Energy Oil and Gas Equipment andServices Coal Products and ServicesPower Power Products and Technology Electric Transmission andDistribution Energy Efficiency and CleanTech RenewablesInfrastructure Industrial and InfrastructureServices Engineering and Construction Environmental ServicesCONTACTSAndrew Spitzer Managing Directoraspitzer@harriswilliams.com 1(804) 915-0174Tiff Armstrong Managing Directortarmstrong@harriswilliams.com 1(804) 915-0176Policy Cleantech View Greentech Media highlights “The Five MostInteresting Pieces of Obama’s New Climate Plan.” Read later on InstapaperBrian Lucas Managing Directorblucas@harriswilliams.com 1(804) 932-1323Policy Oil & Gas View Fuel Fix notes that “the oil and gas industrylargely escaped attention” in the President’s new climate plan. Read later onMatthew White Directormwhite@harriswilliams.com 1(804) 915-0131InstapaperLuke Semple Vice Presidentlsemple@harriswilliams.com 1(804) 915-0158Chris Burnham Vice Presidentcburnham@harriswilliams.com 1(804) 915-0142Page 1
Energy & Power Industry Update July 2013Harris Williams & Co. M&A TRANSACTIONSSelect Recent M&A Transactions1,2AnnouncedTargetBusiness Description7/16/2013ENGlobal Corporation; Gulf CoastOperations7/16/2013Industrial Apparatus Services7/15/2013Applied Consultants7/12/2013Moffat 20007/12/2013Blackhawk Specialty Tools LLC7/8/2013Milam Tool7/2/2013Suretank Group Ltd.6/25/2013Brinderson, L.P.6/24/2013United States InfrastructureCorporation6/21/2013AcquirerUS based provider of project planning, professionalengineering, non-destructive testing, and inspectionservicesUS based provider of service and repair of electric motorsand generators for petrochemical plantsUS based provider of inspection services to the oil andgas industryEngland based provider of subsea pipeline inspectiongauge launching and receiving systems and subseaconnectorsUS based provider of automated top-drive cement headsand related equipment and services to the deepwateroffshore oil and gas industryUS based provider of solid-body centralizers for horizontalwell applicationsIreland based provider of equipment to the offshore oiland gas industryUS based provider of maintenance, construction,engineering, and turnaround services for the upstreamand downstream oil and gas marketsUS based provider of outsourced utility locating servicesFurmanite CorporationPFC EnergyUS based provider of information and analytics for the oiland gas value chainIHS Inc.6/20/2013Cross-Country Pipeline SupplyUS based provider of equipment and supplies to thedomestic oil and gas pipeline construction industryOdyssey Investment Partners LLC6/17/2013RepconStricklandUS based provider of recurring turnaround and specialtyservices to the refinery marketEMCOR Group, Inc.Integrated Power ServicesNautic PartnersForum Energy Technologies, Inc.Bain CapitalIntervale CapitalHitecVision ASAegion CorporationLeonard Green & PartnersQuarterly U.S. Energy & Power M&A Activity1(# of transactions)403530252015105Q3 2010Q4 2010Q1 2011Q2 2011Q3 2011Q4 2011Q1 2012Q2 2012Q3 2012Q4 2012Q1 2013Q2 2013Q3 2013Page 2
Energy & Power Industry Update July 2013Harris Williams & Co. PUBLIC MARKETSTrailing Twelve Months Stock Price Performance1(Indexed to -12S&P 500Oct--12Nov--12Energy Services and EquipmentDec--12Jan--13Feb--13Mar--13Power Services and EquipmentApr--13May--13Jun--13Industrial and Infrastructure ServicesKey Trading Statistics1Stock Price % Change1 Month12 MonthTEV / LTM EBITDA as ofJul-12Jan-13CurrentTEV / EBITDA20132014EP/ECurrent2013EEnergy Services and EquipmentLarge Cap ServiceLarge Cap EquipmentMid and Small-Cap Equipment and ServicesLand and Offshore x15.1x13.3x15.6xPower Services and EquipmentLarge CapMid and Small-CapEnergy Efficiency and Smart GridIndustrial & Infrastructure ServicesLarge Cap E&CMid and Small-Cap E&CIndustrial ServicesCurrent Valuations Versus Historical Five-Year Average1(Current TEV / LTM EBITDA multiple as a % of Five-Year 0%98%94%75%80%60%40%20%0%IndustrialServicesLarge CapEnergyEquipmentLarge CapE&CLarge CapPowerEquipmentand ServicesMid andSmall-CapPowerEquipmentand ServicesLand andOffshoreDrillingMid andEnergySmall-Cap Efficiency andEnergySmart GridEquipmentand ServicesLarge CapEnergyServicesMid andSmall-CapE&CPage 3
Energy & Power Industry Update July 2013Harris Williams & Co. INDUSTRY STATISTICSCommodity Prices and Rig CountsCurrentNatural Gas ( per MMBtu)PricePrior MonthChange FromPrior MonthPrior YearPrior Year 3.79 3.76 3.180.8%19.2%107.8795.1888.5013.3%21.9%Coal (CAPP) ( per ton)56.5053.8361.525.0%(8.2%)U.S. Rig Count (# of rigs)1,7701,7481,9241.3%(8.0%)Crude Oil ( per bbl)Commodity Prices – Trailing Twelve Months(Indexed to -13Natural Gas (NYMEX: NG)Apr-13Crude Oil (NYMEX: CL)Jul-13Coal (NYMEX: QL)U.S. Rig Count(# of rigs)January 2007 – PresentTrailing Twelve Months2,2002,500US Rig Count2,1002,000TTM Avg.2,0001,500US Rig Count1,9001,000Period n-12Jan-13Page 4
Harris Williams & Co.Energy & Power Industry Update July 2013PUBLIC COMPARABLESTEVStock PriceJul-13Jun-13Stock PerformanceChange fromPrior MonthJul-12Prior YearHigh52-Week% of HighJul-12TEV / LTM EBITDA as ofJan-13CurrentTEV / EBITDA20132014EP/ECurrent2013EEnergy Services and EquipmentLarge Cap ServiceSchlumberger Limited 116,030 82.74 72.8313.6% 69.3319.3% n x6.2x7.9x7.2x5.9x22.0x14.5xBaker Hughes %5.6x6.2x7.0x6.4x5.3x21.2x15.7xWeatherford International 16.5xMedian8.1%13.6%Large Cap EquipmentNational Oilwell Varco, Inc. 33,678 74.05 68.218.6% 69.217.0% 89.9582.3%6.7x7.4x8.2x7.8x6.8x13.3x13.3xCameron International %9.9x11.6x12.2x10.4x8.0x21.4x18.0xFMC xOceaneering International, Inc.Median7.7%40.7%Mid and Small-Cap Equipment and ServicesSuperior Energy Services, Inc. 6,270 27.96 26.794.4% 22.3725.0% 29.2295.7%5.4x4.5x5.0x5.0x4.3x11.8x13.8xOil States .1%5.7x5.8x7.1x7.3x6.5x13.0x14.2xKey Energy Services 5.1x6.0x4.4x15.4x38.6xExterran Holdings, .3x7.6x6.7x6.1xNM53.3xDril-Quip, .4x17.6x15.0x11.8x29.6x25.5xBasic Energy Services, 0x5.4x5.5x4.4xNMNMNewpark 9x6.3x9.0x7.5x6.3x19.3x15.1xForum Energy %7.6x8.6x11.5x10.0x8.0x19.5x17.7xTetra .7x6.1x19.3x16.4xMedian9.4%37.9%Land and Offshore DrillingTransocean Ltd. 25,455 49.74 47.973.7% 47.814.0% 59.5083.6%12.1x10.2x9.3x7.1x5.8x18.2x11.5xNoble x10.0x9.9x8.7x6.4x18.5x14.7xDiamond Offshore Drilling, 6x7.8x7.9x5.3x14.2x15.6xNabors Industries 4x4.6x5.1x4.5x23.7x18.3xHelmerich & Payne, x5.3x5.3x5.1x12.0x12.3xRowan Companies x9.8x8.5x6.0x20.4x15.8xPatterson-UTI Energy 4x4.0x4.2x4.0x12.9x16.1xHercules Offshore, 9.1x5.9x3.9xNM29.2xPDC Energy, .2x15.8xMedian8.9%11.3%Page 5
Harris Williams & Co.Energy & Power Industry Update July 2013TEVStock PriceJul-13Jun-13Stock PerformanceChange fromPrior MonthJul-12Prior YearHigh52-Week% of HighJul-12TEV / LTM EBITDA as ofJan-13CurrentTEV / EBITDA20132014EP/ECurrent2013EPower Services and EquipmentLarge Cap Equipment and ServicesGeneral Electric CompanySiemens AktiengesellschaftABB Ltd.Schneider Electric S.A.Emerson Electric Co.Eaton Corporation plcAlstom SAMid and Small-Cap Equipment and ServicesAmetek Inc.Dresser-Rand Group Inc.Valmont Industries, Inc.Littelfuse Inc.Powell Industries, Inc.Energy Efficiency and Smart GridItron, Inc.ESCO Technologies Inc.Ameresco, Inc.Echelon CorporationEnerNOC, Inc.PowerSecure International, Inc. 516,70882,10251,99236,30145,34041,43510,718Median 24.7283.1721.5657.7458.8068.2825.50 %7.4%6.8%2.2%6.8% 33.7%27.1%74.8%(1.9%)27.1% 7xNA15.7x 12,3036,0743,9441,662524Median 45.8166.68147.5082.4853.02 3.2% %44.9% 2x 2,0241,07662566315294Median 43.1335.339.472.4115.6016.18 10.9%8.0% )134.9%240.6%4.2% NM10.5x31.0x21.3xPage 6
Harris Williams & Co.Energy & Power Industry Update July 2013TEVStock PriceJul-13Jun-13Stock PerformanceChange fromPrior MonthJul-12Prior YearHigh52-Week% of HighJul-12TEV / LTM EBITDA as ofJan-13CurrentTEV / EBITDA20132014EP/ECurrent2013EIndustrial & Infrastructure ServicesLarge Cap E&CFluor CorporationJacobs Engineering Group Inc.KBR, Inc.Quanta Services, Inc.URS CorporationChicago Bridge & Iron Company N.V.Mid and Small-Cap E&CMcDermott International Inc.Pike Electric CorporationMYR Group, Inc.Industrial ServicesEMCOR Group Inc.Mistras Group, Inc.Team, Inc.Matrix Service CompanyFurmanite Corporation 7,1825,7683,1475,2975,3285,677Median 54.3349.4328.0126.7045.2050.92 8.8%)(1.8%)(10.4%)(9.3% ) .4%12.0%16.6%12.4% 9x12.5x19.4x11.2x15.0x15.1x 1,915708438Median 10.1814.2821.88 11.0113.9524.42(7.5%)2.4%(10.4%)(7.5% ) 11.217.7516.98(9.2%)84.3%28.9%28.9% 3x 2,056613826343239Median 37.3118.8037.3214.346.16 5.1%)(6.8% ) 10.4% NM22.6x15.1x22.5x19.3x14.5x15.6x15.6xPage 7
Harris Williams & Co.Energy & Power Industry Update July 2013SOURCES1. Capital IQ.2. MergerMarket.3. Baker Hughes.Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clientsworldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. HarrisWilliams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital marketsadvisory services.Investment banking services are provided by Harris Williams LLC and Harris Williams & Co. Ltd. Harris Williams & Co. is a trade nameunder which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. Harris Williams LLC is a registered broker-dealer andmember of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registeredoffice at 5th floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales undercompany number 7078852. Directors: Mr. Christopher Williams, Mr. Ned Valentine, Mr. Paul Poggi and Mr. Thierry Monjauze, authorisedand regulated by the Financial Conduct Authority.THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTSOWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS ISENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THESECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOTHAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANYFINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED ORATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BYSUCH THIRD PARTIES, PLEASE CONTACT US AT 1 804-648-0072.The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report,as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as anoffer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. Theinformation contained herein is believed by Harris Williams to be reliable but Harris Williams makes no representation as to the accuracy orcompleteness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to,have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seekto provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers,directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companiesdiscussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change withoutnotice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investmentdecisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investmentobjectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in anyform or by any means, or redistributed, without Harris Williams’ prior written consent.Copyright 2013 Harris Williams & Co., all rights reserved.Page 8
engineering, non-destructive testing, and inspection services Furmanite Corporation 7/16/2013 Industrial Apparatus Services US based provider of service and repair of electric motors and generators for petrochemical plants Integrated Power Services 7/15/2013 Applied Consultants US based provider of
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