SHAWCOR LTD. $41 (Toronto symbol SCL; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 58.8 million; Market cap: $2.4 billion; Price-to-sales ratio: 1.9; Dividend yield: 1.0%; TSINetwork Rating: Average; www.shawcor.com) has completed its plan to convert its class A (one vote per share) and class B (10 votes per share) shares into a single class of common shares (one vote per share).
Under the plan, each class A share became one common share. Class B shareholders had the option of receiving 1.1 common shares or $43.43 in cash for each share they held (the company capped the cash portion at 90% of the total compensation). ShawCor will also pay a special dividend of $1.00 a share to all shareholders on April 19, 2013.
The total cost of buying back the class B shares and the special dividend is roughly $580 million. To help pay for this, ShawCor has borrowed $350 million U.S. That pushed up its total debt to $368 million (Canadian), which is still a low 15% of its market cap.
Demand for ShawCor’s pipeline-coating services should continue to improve, particularly as oil producers shift their focus to deepwater fields. The company expects spending on deepwater projects to rise 25% per year to 2016. As well, pipeline owners are replacing more of their aging onshore pipelines. That’s also spurring demand for ShawCor’s products and services.
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