Badger Daylighting

Last updated
Badger Daylighting Ltd.
Type Public
TSX:  BDGI
S&P/TSX Composite Component
Founded1992
Headquarters
Calgary, Alberta
,
Canada
Key people
Paul Vanderberg (President and Chief executive officer)

Badger Daylighting Ltd. is a publicly traded Canadian environmental services company, specializing in soil excavation. and headquartered in Calgary, Alberta. [1] [2] [3] [4] [5] [6] It claims to be North America's largest provider of non-destructive excavation services. [7] It had 2017 revenue of $520 million and a market capitalization of $1.1 billion in 2018. [8]

Contents

History

The company was founded in 1992, converted to an income fund in 1996. [7] In 2011, it converted back into an ordinary corporation. [9] It was originally focused on the Canadian market, but eventually expanded to the American market as well. [7] In 2011, Clean Harbours, an American environmental services company, offered to buy Badger for $20.50 a share, in a deal that was accepted by the Badger board and regulators. However, the deal was not approved by shareholders, and so did not go through. [9] In the following two years, the company experienced significant growth, eventually reaching a share price of $40 per share. [7]

In May 2017, the firm's share price fell by 28% to $22, partly as a result of its poor earnings. [10] At the same time, the company attracted the attention of noted short-seller Marc Cohodes, who criticized the company's for various issues, including illegal dumping of toxic waste. [8] As a result of this, the Alberta Securities Commission launched an investigation into Mr. Cohodes's activities.

On May 2, 2018, Badger issued a press release indicating that it had received written confirmation from the Alberta Securities Commission (the “ASC”) that it has concluded its investigation into allegations by short sellers, writing: Staff of the ASC is closing its investigation into allegations by short sellers of accounting and disclosure related breaches of Alberta securities laws by Badger Daylighting Ltd. ... Pursuant to section 45 of the Securities Act, the Executive Director of the ASC has authorized Badger to divulge that an investigation was conducted and concluded with no enforcement action taken.”. [11]

Following this announcement, some significant improvement in profitability, the indication that the board had turned down an offer to sell the company [12] and the implementation of a stock buyback program, the share price rebounded near 50 $ in the summer of 2019.

Operations

The firm's main business is the use of pressurized water and vacuums to excavate buried pipelines, pipes, cables, and other buried infrastructure. [8] It serves customers in various industries, including the oil and gas, utility, and telecommunication sectors. By the end of 2017, the company's customer base was 34% oil and gas and 66% utility and municipality. [13] Daylighting is also the manufacturer and operator of hydrovac trucks. The company has 1800 employees and 150 locations, with about 670 employees in Canada and the rest in the United States. [8]

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References

  1. ↑ Mitchell Li; Yash Patel; Thomas Yang; David Chan & Rohan Sharma (March 19, 2015). "Over-reaction from oil prices give Badger Daylighting a 30% upside". Seeking Alpha. Retrieved December 31, 2015.
  2. ↑ Brenda Bouw (May 13, 2014). "Badger Daylighting: Lots of growth potential, but you'll pay for it". The Globe and Mail. Retrieved December 31, 2015.
  3. ↑ Judy McKinnon (January 26, 2015). "Canada Stocks to Watch: Intertape Polymer, Badger, HNZ Group and Methanex". The Wall Street Journal. Retrieved December 31, 2015.
  4. ↑ "Badger Daylighting Ltd is Now Oversold". Forbes. June 4, 2012. Retrieved December 31, 2015.
  5. ↑ Nicole Siena (February 6, 2015). "Top Picks from Chris Hensen: Badger Daylighting, Cominar REIT, and MTY Foods". Business News Network. Retrieved December 31, 2015.
  6. ↑ "Three top stock picks from LDIC's Genevive Roch-Deter". The Globe and Mail. August 28, 2013. Retrieved February 25, 2016.
  7. 1 2 3 4 Barry Critchley (June 21, 2013). "Badger shareholders have done well rejecting Clean Harbors' deal". Financial Post. Retrieved December 31, 2015.
  8. 1 2 3 4 "Short-seller Marc Cohodes continues campaign against Badger Daylighting". The Globe and Mail. 2018-08-11. Retrieved 2018-08-17.
  9. 1 2 "Badger continues steady comeback after scrapped takeover". Financial Post. 2012-06-08. Retrieved 2018-08-17.
  10. ↑ "Badger Daylighting plummets as investor pounces on earnings miss". Calgary Herald. 2017-05-12. Retrieved 2018-08-17.
  11. ↑ "Badger Reports That ASC Investigation into Short Seller Allegations Concludes with No Action Taken Against Badger". 2 May 2018.
  12. ↑ "Badger Daylighting director resigns over rejected secret takeover offer | CBC News".
  13. ↑ "Badger Daylighting Annual Information Form - 2017" (PDF).
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