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    Tim Monachello

    Research Analyst at ATB Capital Markets

    Tim Monachello is a Managing Director, Equity Research at ATB Capital Markets specializing in Canadian energy, industrial services, and technology sectors. He provides coverage on companies including Enerflex Ltd., North American Construction Group, AGI (Ag Growth International), Total Energy Services Inc., and Yangarra Resources Ltd., and is recognized for conducting industry-wide survey research that informs sector forecasts. Monachello has been with ATB Capital Markets for several years, steadily advancing to a senior leadership role after building his expertise in equity analysis; his professional credentials include the CFA designation. He is noted for delivering actionable insights and market analysis to institutional and corporate clients, playing a key role in driving investment strategies across the energy value chain.

    Tim Monachello's questions to Enerflex (EFXT) leadership

    Tim Monachello's questions to Enerflex (EFXT) leadership • Q2 2025

    Question

    Tim Monachello of ATB Capital Markets asked for details on the North American manufacturing facility expansion, the CapEx outlook for 2026, the company's competitive time-to-market, the strength in Q2 bookings, the expected margin normalization in Engineered Systems, and the future trend for G&A expenses.

    Answer

    Interim President & CEO Preet Dhindsa and VP Jeff Fetterly responded. Dhindsa clarified the facility expansion was an acquisition of adjacent land for future optionality. Fetterly noted that 2026 CapEx planning is progressing early due to supply chain lead times. On bookings, Fetterly confirmed Q2 was normalized with no lumpy orders and a book-to-bill of 1.1x. He reiterated that ES margins are expected to trend toward historical averages due to product mix. Dhindsa added that G&A levels are benefiting from synergies and a continued focus on optimization.

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    Tim Monachello's questions to Enerflex (EFXT) leadership • Q2 2025

    Question

    Tim Monachello of ATB Capital Markets asked about the North American manufacturing facility expansion, future CapEx outlook, time-to-market advantages, the nature of recent strong bookings, the timing of margin normalization in Engineered Systems, and the forward trend for G&A expenses.

    Answer

    Interim President & CEO Preet Dhindsa and VP Jeff Fetterly addressed the questions. Dhindsa stated the facility expansion was acquiring land for future optionality, as current capacity is sufficient. Fetterly noted that 2026 CapEx planning is already underway due to supply chain lead times. He confirmed their vertical integration provides a time-to-market advantage and that Q2 bookings were normalized. Regarding margins, Fetterly reiterated guidance for a trend toward historical averages due to product mix shifts. Dhindsa added that G&A levels are benefiting from synergies and remain a key focus for optimization.

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    Tim Monachello's questions to Enerflex (EFXT) leadership • Q1 2025

    Question

    Tim Monachello from ATB Capital Markets asked about the mix of customer demand drivers, expectations for Q2 bookings, and the outlook for working capital and operational profitability improvements.

    Answer

    Executive Jeff Fetterly explained that Enerflex's customer base is weighted towards larger, stable operators focused on long-term drivers like LNG exports. Regarding working capital, he stated that after a strong Q1 recovery, the company expects a modest build for the rest of 2025, aiming for a neutral position for the full year. Interim CEO Preet Dhindsa added that profitability improvements will come from ongoing optimization of the company's footprint and processes, with a strong focus on reducing SG&A post-integration.

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    Tim Monachello's questions to Enerflex (EFXT) leadership • Q4 2024

    Question

    Tim Monachello from ATB Capital Markets questioned the strong Q4 Engineered Systems (ES) margins and the expected timeline for their normalization. He also asked about the sustainability of high margins in the U.S. rental compression business, the potential impact of tariffs, and the company's working capital outlook for 2025.

    Answer

    Executive Jeffrey Fetterly stated that ES margins will normalize progressively through 2025 as the backlog mix shifts to lower-margin compression projects. President and CEO Marc Rossiter affirmed the sustainability of U.S. rental compression margins, citing strong market fundamentals and a high-quality fleet. Regarding tariffs, Rossiter detailed mitigation strategies, viewing it as a manageable supply chain issue. SVP and CFO Preet Dhindsa projected a modest unwind of working capital in Q1 2025, followed by relative stability for the year.

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    Tim Monachello's questions to Enerflex (EFXT) leadership • Q1 2024

    Question

    Tim Monachello asked about contractual protections for the Kurdistan project, the timeline for a strategic decision, details of the Oman water solutions project extension, the momentum of Q1's strong bookings, and the impact of recent events on 2024 deleveraging targets.

    Answer

    President and CEO Marc Rossiter stated it was premature to discuss specific contract details but confirmed the company is in force majeure and focused on protecting its interests without being distracted from strategic priorities like debt reduction. He noted the Oman water project expansion will be operational by mid-2025, with the customer contributing significantly to CapEx. Regarding bookings, he mentioned the impact of the water project's reclassification and two cryo plant orders, while noting a potential slowdown in North American Engineered Systems. On deleveraging, Rossiter reiterated that debt reduction remains a top priority.

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    Tim Monachello's questions to North American Construction Group (NOA) leadership

    Tim Monachello's questions to North American Construction Group (NOA) leadership • Q2 2024

    Question

    Tim Monachello from ATB Capital Markets inquired about Q3 oil sands fleet utilization, the impact of scope reductions at Fort Hills and Syncrude, the expected EBITDA split between Q3 and Q4, and the timing of free cash flow generation in the second half.

    Answer

    President and CEO Joseph Lambert projected Q3 Canadian utilization in the low 60s, attributing Q2 weakness to severe weather. He noted the new regional services contract has a similar value but shifts to more rental volumes. He stated Q4 EBITDA would be slightly higher than Q3, with most of the second half's free cash flow expected in Q4.

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