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MPartners Updates Buy Recommendation for Enterprise Group with a New Target Price - Video Posted on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - June 25, 2013) - Investment firm MPartners has ...
About this update from Enterprise Group, Inc.
[{"type":"text","content":"\nMPartners Updates Buy Recommendation for Enterprise Group with a New Target Price - Video Posted on InvestmentPitch.comVancouver, British Columbia--(Newsfile Corp. - June 25, 2013) - Investment firm MPartners has updated coverage on Enterprise Group (TSX: E). Following news that the company has closed a previously announced acquisition of Calgary Tunneling and Horizontal Augering, analyst Tom Varesh reiterated his buy recommendation and increased his 12-month target price from $1.30 to $2.05, a premium of 205% over the $0.67 price the day the report was issued.InvestmentPitch.com has produced a \"video news alert\" about Enterprise Group based on this research report. If this link is not enabled, please visit www.InvestmentPitch.comand enter \"Enterprise Group\" in the search box.If you cannot view the video above, please visit:http://www.investmentpitch.com/video/0_e4gnudjk/Enterprise Group, a consolidator of construction services companies operating in the energy, utility and transportation infrastructure industries, is focused primarily in utility & infrastructure construction and specialized equipment rental. The company's strategy is to acquire complementary service companies in Western Canada, consolidating capital, management and human resources, to support continued growth. Enterprise became a Western Canadian leader in flameless heat technology in September 2012 with its acquisition of Artic Therm International and has now become a technological leader in underground infrastructure construction by the closing of Calgary Tunnelling & Horizontal Augering.Enterprise Group acquired Calgary Tunneling and Horizontal Augering for a purchase price of $12 million, consisting of $10.5 million in cash, about $0.5 million of Enterprise shares valued at $0.68 per share, and $1 million vendor take-back financing to be paid back over 2 years.Leonard Jaroszuk, President and CEO stated, \"We are excited about the opportunity this acquisition gives us since it not only allows us to better serve our Western regional customers, but it also allows us to expand our footprint and provides us the opportunity to expand all operations in Western Alberta.\"Tunnelling is a highly specialized segment of the construction industry and competition is limited. Some current projects include the Calgary Airport expansion and providing undergrou...