Investment Thesis
CES Energy Solutions (CESDF) (TSX:CEU.TO) delivered an impressive Q2 2019 despite a weak energy market. The company is well-positioned to capture an energy recovery as it has completed all its expansion infrastructures. Therefore, it will have excessive capacity to grow its top and bottom lines when the next cycle comes. In addition, capital expenditures are expected to decline significantly due to the completion of many of its expansion projects. This should result in significant growth in its free cash flow even in this challenging time. We think investors may