Global Credit Insights

Sebastian Ashton, CFA

SAA Advisors

Event-Driven

We believe that Bristow’s senior secured bonds are overvalued at current levels of ~ 86% and would be better BUYERS in the low 60’s based on our valuation.Accordingly, our analysis suggests that the value breaks in the senior secured part of the capital structure and we expect recoveries on the unsecured bonds to be close to zero.

We believe that Bristow’s senior secured bonds are overvalued at current levels of ~ 86% and would be better BUYERS in the low 60’s based on our valuation.Accordingly, our analysis suggests that the value breaks in the senior secured part of the capital structure and we expect recoveries on the unsecured bonds to be close to zero.

Bristow – Is There an Opportunity to Invest Prior to the Financial Restructuring?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Outside of weakness in interest-rate sensitive segments, namely REITs and Utilities, the latter which is breaking down to 15-year relative strength lows, U.S. equity market technicals remain constructive. And allowing for occasional back and filling, we expect this bullish trend to continue. In today's report, we outline our investment thesis and highlight actionable names in energy service stocks.

Outside of weakness in interest-rate sensitive segments, namely REITs and Utilities, the latter which is breaking down to 15-year relative strength lows, U.S. equity market technicals remain constructive. And allowing for occasional back and filling, we expect this bullish trend to continue. In today's report, we outline our investment thesis and highlight actionable names in energy service stocks.

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

Value-focused bottom-up Asian equity research

NVB Asia Pte Ltd

Equity Bottom-Up

<ul><li><a href="https://www.smartkarma.com/entities/9561" target="_blank" data-smartkarma-citation="entities:9561:1">Bristow Group Inc (BRS US)</a> is nr. 1 global player in industrial aviation services</li><li>Listed since 1978 it has long operating history</li><li>Bristow mainly exposed to offshore oil &amp; gas which is in the doldrums</li><li>Share price peaked at 80 USD/share in June 2014</li><li>Stock declined by nearly 50% in last week after dreadful 2017 earnings</li><li>Today trading below 8 USD/share, lowest level since 1990</li><li>Fair Market Value of helicopters is over 42 USD/share according to industry blue blook</li></ul>

Bristow Group Inc (BRS US) is nr. 1 global player in industrial aviation servicesListed since 1978 it has long operating historyBristow mainly exposed to offshore oil &amp; gas which is in the doldrumsShare price peaked at 80 USD/share in June 2014Stock declined by nearly 50% in last week after dreadful 2017 earningsToday trading below 8 USD/share, lowest level since 1990Fair Market Value of helicopters is over 42 USD/share according to industry blue blook

Bristow (BRS US): #1 Global Player in Industrial Aviation Services at 0.21x Book; Lowest Since 1990

United States

Bristow Group, Inc. provides helicopter transportation services to the offshore oil and gas industry.  Through its subsidiaries, affiliates, and joint ventures, the Company offers transportation services in oil and gas producing regions around the world.

Bristow Group (BRS US)

Bristow – Is There an Opportunity to Invest Prior to the Financial Restructuring?

We believe that Bristow’s senior secured bonds are overvalued at current levels of ~ 86% and would be better BUYERS in the low 60’s based on our...

Sebastian Ashton, CFA

U.S. Equity Strategy Weekly

Outside of weakness in interest-rate sensitive segments, namely REITs and Utilities, the latter which is breaking down to 15-year relative strength...

Vermilion Research

Bristow (BRS US): #1 Global Player in Industrial Aviation Services at 0.21x Book; Lowest Since 1990

Bristow Group Inc (BRS US) is nr. 1 global player in industrial aviation services Listed since 1978 it has long operating history Bristow mainly...

Nicolas Van Broekhoven