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Pacific Energy (PEA) - Tracking Well

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PEA provided an upgrade to expectations at an upbeat AGM last week, indicating the Company was on track to beat the $54-55m underlying EBITDA guidance provided in August. PEA’s ability to consistently meet, or beat, guidance is a key attraction of the business model; average contract length of ~4 years on take or pay terms offers visibility rarely seen in the cyclical mining services sector. The stock is undervalued and we maintain a BUY call on an unchanged $0.75 valuation.

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