Ritchie Brothers- Initiating Coverage

8/14/2019 Ritchie Brothers- Initiating Coverage

1/14

: | V j l k

Rntcmnk Bratmkrs J{ctna`kkrs N`c.Rk{tkrs9 RBJ.@ Boaaebkrl9 RBJ9[S TS]9 RBJ @^SK9 RBJ

Rkckssna` Vraag*

Sjejrtm EadnRkskjrcm J`jo~stSjejrtm.eadn6=Fratej`.{tara`ta.cj

N`ntnjtk cawkrjlk |ntm j b{~9 :2 ea`tm tjrlkt vrnck ag [SD >6.>=/ RBJ mjs bkk` trjdn`l jt j vrken{e ta ntscaevktntars j`d tmk brajd ejrhkt. Tmk vrken{e ns jttrnb{tkd ta nts jbnont~ taejn`tjn` lratm j`d stra`l ejrhkt vasntna`. Bjskd a` oa`l tkrejss{evtna`s jba{t grkk cjsm goa/ DCG mjs bkk` jvvonkd. G{rtmkr/ mnstarncjoVK j`d vrnck!cjsm goa s{vvart vrken{e wjo{jtna`. N mjwk jssnl`kd kz{jo

knlmt ta tmksk tmrkk wjo{jtna` tkcm`nz{ks j`d jrrnwkd jt j wjo{k ag $>6.< vkrsmjrk/ nt rkvrksk`ts j :4+ {vsndk grae tmk c{rrk`t vrnck.

Vrnck tjrlkt nevkdnek`tsHk~ nevkdnek`ts ta vrnck tjrlkt jrk rnsh ta n`c{r oassks n` l{jrj`tkk j`da{trnlmt v{rcmjsk ca`trjcts/ n`jbnont~ ta dkonwkr onk` grkk jsskts j`d dnggnc{ot~ n`ej`jln`l lratm.

@artm Jekrncj9 Cj`jdj

N`d{strnjos% N`d{strnjo skrwncks

Jvrno :;/ 266=

N`ntnjtn`l Cawkrjlk

B{~

Vrnck -Jvrno :;/ 266=8 [SD

Vrnck tjrlkt% :2 ea`tm -[SD >6

;2 kkh rj`lk -[SD =;

@^SK Caevasntk N`dk} =>

Vrnck -: ~kjr trk`d

Vkrgarej`ck -+ :e 3e

Jbsao{tk ;.7 >.3

@^SK Caevasntk 4.6 %2.:

Stach Djtj

Ejrhkt Cjv -[SDb`

Smjrks a{tstj`dn`l -e

Jwl. djno~ wjo{k trjdkd -[SDe

Hk~

N`dncjtars RBJ @^

VK 37.=

V!BW 7.7

Dnw. ^nkod -+ :.:

Vraikctkd Gn`j`cnjos

266K

J{ctna` rkw. 3:;.2 3;=.; 46


2/14

2 | V j l k

a{`dkd n` :>;=/dj~ avkrjtks n` 2;= j`d nts mkjdz{jrtkrs jrk oacjtkd n` Rncmea`d/ Brntnsm Cao{eCj`jdj. Js ag tadj~ nt avkrjtks grae ::6 oacjtna`s n`co{dn`l 3= j{ctna` sntks/ n` 2< ca{`trnks.

N`wkstek`t Rjtna`jok

@a` rkckssna`jr~ b{sn`kss eadko

RBJs b{sn`kss eadko mjs vrawkd ta bk rkejrhjbo~ {`jggkctkd b~ ejcra n`go{k`cks. Nts lj{ctna` sjoks mjwk dkcon`kd -ejrln`joo~ aò~ n` ta ag tmk ojst 3; ~kjrs. D{rn`l rkcksskz{nvek`t a`krs jrk eark onhko~ ta skoo ndok jsskts/ tmkrkb~ n`crkjsn`l tmk s{vvo~ ag

kz{nvek`t jwjnojbok n` tmk ejrhkt. Jt tmk sjek tnek/ v{rcmjskrs oaah gar skca`d mj`d z{kz{nvek`ts rjtmkr tmj` eark k}vk`snwk `k kz{nvek`ts/ tmns n`crkjsks tmk dkej`d gar skmj`d kz{nvek`t j{ctna`. RBJ ns c{rrk`to~ bk`kgntn`l grae tmns trk`d. D{rn`l ejrhkt {vt{r`/ tmkn`crkjskd dkej`d gar batm {skd j`d `k kz{nvek`ts8 nt bk`kgnts {skd kz{nvek`t j{ctna`n`co{dn`l RBJ.

Ca`snlèk`t wao{eks jrk nevjctkd b~ rkl{ojr gokkt {vlrjdks j`d rkca`gnl{rjtna`s/ gn`jvrkss{rk/ rktnrkek`ts/ n`wk`tar~ rkd{ctna`s j`d tnen`l ag tmk caevoktna` ag ejiar ca`str{vraikcts. Tmk dnwkrsnt~ ag dkej`d vjttkr` g{rtmkr ejhks b{sn`kss eadko ag RBJ à`%rkckssna`

K}nstn`l b{sn`kss9 Skc{ojr lra|tm vrasvkcts

RBJ kstnejtks tmjt loabjoo~ tmkrk ns $: trnoonaàrtm ag n`d{strnjo kz{nvek`ts. Jba{t $:66bnoona` ag tmksk kz{nvek`ts cmj`lk a`krsmnvkwkr~ ~kjr. Tmk ejrhkt ns ojrlko~ grjlek`tkdj`d RBJs ejrhkt smjrk ns 3+. Awkr >6+ agkz{nvek`t trj`sjctna`s acc{r wnj trjdntna`joektmads ag trjdk%v{boncjtna`s j`d brahkrs.Tmksk trjdntna`jo ektmads mjwk drjbjchss{cm js ojch ag trj`svjrk`c~/ oa`lkr k}kc{tna`tnek j`d onentkd rkjcm ta b{~krs. Tmkskonentjtna`s vrksk`t jevok lratm avvart{`ntnksgar RBJ ta ca`wkrt trjdntna`jo trj`sjctna`s agkz{nvek`ts n`ta RBJs {`nz{k j{ctna` vrackss.Tmk caevj`~ mjs bkk` gaooan`l tmns lratmstrjtkl~ awkr tmk vjst ;6 ~kjrs. Nt mjs bkk`jbok ta n`crkjsk nts lrass j{ctna` rkwk`{ks jt jCJLR ag :3.7+ n` tmk ojst 2; ~kjrs. N` e~wnk/ caevj`~s stra`l b{sn`kss eadko j`djbnont~ ta rkn`wk`t tmk vrackssks a{od k`jbok ntta ejn`tjn` ca`stj`t lratm n` tmk oa`l r{`.

K}mnbnt :

Trk`d9 Lrass j{ctna` sjoks -$b` n` tmk ojst 2; ~kj


3/14

3 | V j l k

krej`k`t j{ctna`tks jwkrjlk awkr; jcrks

BJs =6+{staekrs jrk k`d%skrs tmkrkb~aevj`~ konen`jtksrahkrs n` j{ctna`rackss

{jrj`tkk j`d{trnlmt v{rcmjska`trjcts k}vaskBJ ta rnsh agssks

Awkr =6+ ag tmk c{staekrs jrk k`d%{skrs/ tmkrkb~ vrawndn`l tmk bk`kgnt ag caevktntnwk vrncn`b{~krs b~ konen`jtn`l brahkrs j`d jlk`ts. Jddntna`joo~/ RBJ mjs dkwkoavkd k}tk`snwk k}vkrtnsejrhkt tmk kz{nvek`t bkgark j`~ j{ctna`. Gar kwkr~ n`d{strnjo j{ctna`/ tmk caevj`~ ejnojwkrjlk ag ;6/666 g{oo caoar j{ctna` bracm{rks ta j strjtklnc skokctna` ag c{staekrs graevravrnktjr~ djtjbjsk. N` e~ avn`na`/ {`rkskrwkd j{ctna` ektmad/ lkalrjvmncjo rkjcm tmra{lm `{ebkr ag j{ctna` sntks j`d ejrhktn`l k}vkrtnsk jrk dnstn`ct caevktntnwk jdwj`tjlks gar RBJ.

[`rkskrwkd j{ctna` nevonks tmjt tmkrk jrk `a en`ne{e bnds j`d `a rkskrwk vrncks. Kwkr~ ntke ta tmk mnlmkst bnddkr a` j{ctna` dj~/ rkljrdokss ag tmk vrnck. RBJ bjrs skookrs ta bnd gar tmknrkz{nvek`t ta vratkct grae j`~ ej`nv{ojtna` n` bnddn`l. RBJs kjr`s rkwk`{ks grae 3 sa{rcks9:. Strjnlmt caeenssna`9 J vrk%`klatnjtkd caeenssna` rjtk ag lrass j{ctna` wjo{k.

caeenssna` rj`lks grae >+ ta :6+. Tmns sa{rck jcca{`ts gar


4/14

4 | V j l k

òn`k jvvoncjtna` caevokek`t a`%tk j{ctna`

a`l tkre lra|tmae kekrln`lcaàenks

}vj`sna` nàevokek`tjr~sskt cjtklarnks ta`mj`ck oa`l tkrera|tm vrasvkcts

3. Sjok ag n`wk`tar~9 N` ckrtjn` cjsks/ RBJ gnrst jcz{nrks a`krsmnv ag tmk kz{nvek`t j`d skoos tmke jt j{ctna`. D{rn`l tmk vkrnad ag rktjn`n`l a`krsmnv/ tmk cast ag tmk kz{nvekrkcardkd js n`wk`tar~ n` caevj`~s bjoj`ck smkkt. Tmk `kt ljn` ar oass n` j{ctna` ns rkcajs j{ctna` rkwk`{ks. Tmns sa{rck caevrnsks ag jvvra}nejtko~ :6+ ag tmk j{ctna` rkwk`{kRBJ.

Okwkrjln`l tkcmàoal~RBJ josa jooas vjrtncnvjtna` n` j{ctna`s tmra{lm nts aòn`k bnddn`l jvvoncjtna`/ rbj{ctna`bnda` nts kbsntk -.rbj{ctna`.cae. Tmk gjcnont~ jooas c{staekrs ta vjrtncnvjtk n` j{ctna` vraonwk j`d n` rkjo tnek/ kwk` ng tmk~ ca{od`t ejhk nt ta tmk j{ctna` sntk a` j{ctna` dj~. Soj{`cmn`l nts aòn`k skrwncks n` 2662/ nt mjs saod awkr $:.< bnoona` ag kz{nvek`ts. N` 266


5/14

; | V j l k

;+ ag tmk b{sn`kssrkojtnwko~ rnsh grkk

sh entnljtna` b~{nodn`l rnshrken{e n`aeenssna` j`dlara{s jvvrjnsjo

\knlmtkd jwkrjlkg mnstarncjo VK/!CG/ DCG s{vvartswjo{jtna` ag $>6.=8 RBJ mjs trjdkd jt j vrken{e ta nts caevktntars j`d brajd ejrhkt. Tmk vrken{e wjo{jtn

K}mnbnt 7

Jss{evtna`s [`dkro~n`l tmk DCG eadko

Lratm Rjtk d{rn`l 26:2%26:7K -+

\JCC -+ >3.4 enoona`trj`sojtks n` j vkr smjrk wjo{k ag $=7.6

Gn`joo~/ N jssnl`kd kz{jo knlmts ta wjo{jtna` tkcm`nz{ks j`d jrrnwkd jt j wjo{k ag $>6.< vkr stmk vrnck rkvrksk`ts :4+ vatk`tnjo {vsndk grae tmk c{rrk`t ejrhkt vrnck ag $.7 -Jvrno :;/ 266

RBJ mjs trjdkd jt j` jwkrjlk mnlm VK ag 33.4 tneks sn`ck2663 -K}mnbnt :: Tmk kstnejtkd KVS ag 2.>7 gar 266> a`tmns mnstarncjo jwkrjlk lnwks j wjo{k ag $>=.< vkr smjrk.

RBJ mjs trjdkd jt j` jwkrjlk mnlm ag 23.> tneks cjsm goavkr smjrk sn`ck 2663 -K}mnbnt :2. Bjskd a` kstnejtkd cjsmgoa vkr smjrk 3.7< gar 266> a` tmns mnstarncjo jwkrjlk/ Njrrnwkd jt j wjo{k ag $==V!CG $=6


6/14

7 | V j l k

jbnont~ ta dkonwkrk` grkkz{nvek`ts j`dggnc{ot~ n`j`jln`l lra|tm

j~ mjevkraevktntnwkasntna`

Vrnck tjrlkt nevkdnek`t

RBJ accjsna`joo~ aggkrs nts skrwncks js j ca`snl`ar ag {skd kz{nvek`t j`d vrawndks tmk sken`ne{e sjok vrnck l{jrj`tkk. N` tmk kwk`t ag skoon`l vrnck okss tmj` v{rcmjsk vrnckcaevj`~s vragnt ejrln`s ej~ rkd{ck. Ar ng tmk j{ctna` vrackkds jrk snl`ngncj`to~ oakr tmj`v{rcmjsk vrnck/ RBJ a{od n`c{r j oass.

RBJ l{jrj`tkks tmjt tmk kz{nvek`ts saod jt nts j{ctna`s noo mjwk j cokjr tntok j`d bk grkk aonk`. Ng RBJ gjnos ta vravkro~ ndk`tng~ j onk` a` j vnkck ag kz{nvek`t tmjt mjs bkk` saod/ nt cn`c{r jddntna`jo cast j`d k}vk`sks rkojtkd ta tmjt sjok.

Tmk caevj`~ ns dkvk`dk`t a` tmk s{vvo~ j`d dkej`d gar {skd n`d{strnjo kz{nvek`t. Sma{odcaevj`~ bk {`jbok ta jttrjct skookrs ar b{~krs ta nts j{ctna`s/ nts gn`j`cnjo rks{ots a{odjdwkrsko~ jggkctkd.

N`tklrjo ta RBJs lkalrjvmncjo strjtkl~ ns tmk ndk`tngncjtna`/ v{rcmjsk j`d ca`str{ctna` ag j{sntk. K}tkr`jo gjctars onentn`l jwjnojbnont~ ag oj`d/ dkoj~ n` e{`ncnvjo vkrenttn`l vracksk`wnra`ek`tjo caevonj`ck ej~ jdwkrsko~ nevjct k}vj`sna`.


7/14

< | V j l k

K}mnbnt >

Dktjnos9 [`rkskrwkd j{ctna` ektmad

Jdwj`tjlk B{~kr

..

Trj`svjrk`t j`dAvk` vrackss/@a ej`nv{ojtna`b~ skookr

Onk` grkkkz{nvek`t

Caevrkmk`snwkskokctna`

Tmk jbnont~ tan`svkct/ tkst j`dcaevjrk dnggkrk`t

kz{nvek`ts

@a b{~krsvrken{e

Kjs~ rklnstrjtna`j`d n`tkr`kt bnddn`l

Bnddn`l Vrackss

Jttrjctn`l kz{nvek`t skookrs/jvvrjnsn`l j`d wjo{n`l tmk

kz{nvek`t

Drjgtn`l tmk j{ctna` ca`trjct

Rkg{rbnsmn`l tmk kz{nvek`t gar gn`josjok

Jttrjctn`l bnddkrs

Rkskjrcm gar onk` grkk l{jrj`tkk tab{~krs

Skttn`l {v j{ctna` ~jrd

Ca`d{ctn`l tmk j{ctna`Jrrj`ln`l n`tkrekdnjr~ skrwncks

n`co{dn`l gn`j`ck caevj`~rkvrksk`tjtnwks/ c{stae brahkrs/

trj`svartjtna` caevj`nks

Vast j{ctna` garejontnks9 Caookctn`l

vrackkds/ rkl{ojtar~ garejontnks/skttokek`t stjtkek`ts ta

ca`snl`ars/ dnsb{rsn`l vrackkds

.

Jdwj`tjlk Skookr

.

Loabjo ejrhkt ta skootmknr kz{nvek`ts 'j arodndkj{ctna` `ktarh

Dnrkct jcckss tak`d {skrs

N`tkr`jtna`joejrhktn`lk}vkrtnsk

Rkg{rbnsmn`lk}vkrtnsk

Gok}nbnont~ j`dc{staenyjtna` n`j{ctna` ca`trjcts

rbj{ctna`.caek}vas{rk


8/14

= | V j l k

K}mnbnt :6

Gn`j`cnjo S{eejr~[S$e/ ^kjr k`dn`l Dkckebkr 2667J 266K 26:6K

Stjtkek`t ag N`caek

Lrass J{ctna` Sjoks 2/ 4/67=.; 4/73=.:J{ctna` Rkwk`{ks 27:.6 3:;.2 3;=.; 46

Dnrkct K}vk`sks 3 76.3

Lrass Vragnt 224.6 2 463.7

Dkvrkcnjtna` ' Jeartnyjtna` :;.6 :>.4 2:.4 24.4 2.4 2:.4 24.4 2 % % %

@kt cmj`lk n` arhn`l cjvntjo -=.4 2.6 -2;.>.> -:6=.2

Jcz{nsntna`s -2.3 -6.7 % % %

Atmkrs .> -:6=.2

Smart tkre onjbnontnks 6.: -6.2 % % %

Atmkrs ;.3 :6.; % % %

Nss{j`ck ag smjrk cjvntjo ;.2 3.7 % % %

Dnwndk`ds -27.> -3:.3 -33.4 -33.4 -33.4

@kt cjsm grae gn`j`cn`l -:7.3 -:..2 >:.4


9/14

> | V j l k

Bjoj`ck Smkkt -[S$e

Js jt9 Dkc%3:%2667J Dkc%3:%266K Dkc%3:%26:6K

Jsskts

Cjsm j`d cjsm kz{nwjok`ts :>.2 >:.4

Rkcknwjboks 37.< 76.6 46.< :6:.< :::.2

Jcca{`t vj~jboks 7=.6 :66.= :62.; :67.=

Smart tkre dkbt 6.2 6.2 6.2 6.2 6.2

C{rrk`t vartna` ag oa`l tkre dkbt 6.> % % % %C{rrk`t Onjbnontnks :33.< : :>:.< 264.4 2:=.3

Oa`l tkre dkbt 43.: 44.= 44.= 44.= 44.=

Atmkrs =.= :4.6 :4.6 :4.6 :4.6

Tatjo Onjbnontnks :=;.7 23


10/14

:6 | V j l k

K}mnbnt ::

Wjo{jtna`9 VK E{otnvoks

Mnstarncjo VK E{otnvoksCjok`djr ^kjr Mnlm Oa| KVS -dno{tkd VK -Mnlm VK -Oa|

:>>= $:4.> $:6.6 $6..3 :3.6

:>>> $:>.< $:3.2 $6.77 2>.> 26.6

2666 $:;.< $=.3 $6.;: 36.< :7.3

266: $:4.; $:6.2 $6.76 24.2 :.7 :4.>= 2>.: :>.:

Jwkrjlk sn`ck 2663 33.4 22.6

C{rrk`t 36.7

KVS -266> VK e{otnvok Tjrlkt vrnck bjskd a` VK e{otnvok2.>7 33.4 $>=.


11/14

:: | V j l k

K}mnbnt :2

Wjo{jtna`9 V!CG E{otnvok

Mnstarncjo V!CG E{otnvoks

Cjok`djr ^kjr V!CG -Mnlm V!CG -Oa|

:>>> >.> 36.:

2666 2>.= ;.2

266: 27.6 4.=

2662 ::.6 7.=

2663 23.2 :4.>

2667 2=.3 :>.=

266< 36.: :>.:

Jwkrjlk sn`ck :>>> 2:.= :3.4Jwkrjlk sn`ck 2663 23.> :4.

V!CG e{otnvok Tjrlkt vrnck bjskd a`V!CG e{otnvok

3.7< 23.> $=


12/14

:2 | V j l k

K}mnbnt :3

DCG Wjo{jtna`

Jss{evtna`s

Tj} Rjtk 32+

OTD 44.=

Smjrkmaodkrs kz{nt~ 43;.:

OTD! Kz{nt~ 6.6>

Ejrhkt Rnsh Vrken{e 7.66+

Bktj 6.4>

Rnsh Grkk rjtk ag rkt{r` 4.3=+

Cast ag Dkbt 7.;6+

Cast ag Kz{nt~ 3.4

@a. ag Caeea` Smjrks -ee 34.=

Vrnck vkr smjrk -$ =7.6


13/14

:3 | V j l k

K}mnbnt :4

Wjo{jtna` ejtrn}

Wjo{jtna` tkcm`nz{k Tjrlkt Vrnck

VK $>=.

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Ritchie Brothers- Initiating Coverage