Image source: shutterstock
Highlights
- Superior Plus Corp. has placed an order of Mobile Storage Units (MSUs) with Hexagon Agility worth USD 54.0 million.
- SPB has acquired Certarus, which posted record pro forma Adjusted EBITDA of CAD 41.5 million for Q2.
- In Q4 2023, the company witnessed a decline in its net revenue to CAD 985.8 million, as compared to CAD 1070.3 million in Q4 2022.
A North American distributor and marketer, Superior Plus Corp. (TSX: SPB) is involved in the business of propane, distillates and other related products and services. Its client base includes around 936,000 customers based across the United States and Canada.
Recently, SPB placed an order for Mobile Storage Units (MSUs) with Hexagon Agility worth USD 54.0 million. The delivery is expected to begin in the first quarter of the year 2024. MSU deployment will support the transportation of hydrogen, RNG, and CNG.
Also, Superior Plus has acquired Certarus, which posted record pro forma Adjusted EBITDA of CAD 41.5 million for Q2, marking a 58% surge against the prior year quarter.
SPB has paid a dividend of CAD 0.18 per common share in October 2023, for the third quarter. Notably, SPB had a healthy dividend yield of 7.73% based on last closing price of CAD 9.55 as on November 1, 2023.

In the fourth quarter of the year 2023, the company witnessed a decline in its net revenue to CAD 985.8 million, as compared to CAD 1070.3 million in Q4 2022. This drop in revenue was mainly because of decreased revenue from the Wholesale Propane, Canadian Propane and U.S. Propane segments.
The company’s gross profit was recorded at CAD 513.7 million, compared to CAD 429.2 million in the previous corresponding period. This was due to the contribution from Certarus and increased U.S. Propane gross profit. Moreover, SPB’s adjusted EBITDA rose from CAD 182.6 million in pcp to CAD 213.6 million in the reporting period, following surge in gross profit.
For the full year 2024, The company is anticipating an adjusted EBITDA growth of about 5%, as against 2023 Pro Forma Adjusted EBITDA of CAD 643.3 million.

Top 10 Shareholders:
Approximately 22.62% of the total shareholding is held by its top ten shareholders. While Marquard & Bahls AG is the biggest shareholder in the company with 9.57% stake, The Vanguard Group, Inc. is the second biggest shareholder in SPB with 2.20% shareholding.

Stock Price Performance
SPB’s stock price gas gained 7.5% over the last one week. It has increased by 8.44% in the past one month. The stock’s 52-week high and low price stand at CAD 11.59 and CAD 9.05, respectively.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is March 06, 2024. The reference data in this report has been partly sourced from EODHD/Others.






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