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Questerre Energy Corp reports 22.1% revenue decline in FY2016

24.03.2017 • About Questerre Energy Corp ($QEC) • By InTwits

Questerre Energy Corp reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • EBITDA Margin is declining: in FY2016 vs. -291.4% in FY2015 vs. -104.9% in FY2012
  • Questerre Energy Corp spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 is 0.0%. Average EBITDA Margin for the same period was -120.2%0
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Questerre Energy Corp ($QEC) key annual financial indicators

mln. CAD201220132014201520162016/2015
Gross Profit3.2748.23812.1812.972-100.0%
Net Income-19.472-19.354-36.738-73.5340.169
Balance Sheet
Short Term Debt0.0000.0000.00014.542-100.0%
Long Term Debt0.0000.0000.0000.000
Cash flow
Revenue growth5.1%28.0%16.9%-21.0%-22.1%
EBITDA growth-320.6%-32.3%162.3%84.9%
Gross Margin18.6%36.6%46.3%14.3%-14.3%
EBITDA Margin-104.9%-55.5%-124.5%-291.4%0.0%291.4%
Net Income Margin-110.8%-86.1%-139.7%-354.1%1.0%355.1%
SG&A, % of revenue24.0%19.6%18.1%17.1%-17.1%
CAPEX, % of revenue242.1%232.0%241.7%98.8%-98.8%

Questerre Energy Corp ($QEC) key quoterly financial indicators

mln. CADFY16Q1FY16Q2FY16Q3FY16Q4YoY change
Net Income-0-2-14-263.0%
Balance Sheet
Short Term Debt20211923194.2%66.5%57.4%
Long Term Debt0000
Gross Margin-0.4%6.1%-2.1%-16.4%-8.7%-25.5%-17.2%-17.2%
EBITDA Margin 39.7% 39.0% 33.1% 184.2%16.8%-4.0%325.0%1,100.6%
Net Income Margin -7.6% -47.1% -24.1% 118.5%8.9%-69.8%275.9%1,232.3%

Revenue and profitability

The company's Revenue dropped on 22.1%. Revenue decline showed acceleration in FY16Q4 - it was 38.4% YoY.

Net Income marign surged on 355 pp from -354% to 1.0% in FY2016.

Appendix 1: Peers in Energy

Below we provide Questerre Energy Corp benchmarking against other companies in Energy industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.

Top companies by Revenue growth, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Oryx Petroleum Corp Ltd ($OXC)-18.4%141.2%
Seven Generations Energy Ltd ($VII)115.7%340.2%39.0%94.4%
Athabasca Oil Corp ($ATH)342.7%5.5%-22.9%73.1%
Painted Pony Petroleum Ltd ($PPY)41.3%56.0%-42.5%60.7%
ONEnergy Inc ($OEG)6,002.6%231.5%57.4%
Median (116 companies)15.4%17.0%-29.5%-18.0%
Questerre Energy Corp ($QEC)28.0%16.9%-21.0%-22.1%

Top companies by Gross margin, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Americas Petrogas Inc ($BOE)77.1%43.3%-34.3%121.1%
TransAlta Renewables Inc ($RNW)94.4%94.5%94.5%91.1%
Serinus Energy Inc ($SEN)80.5%76.5%86.8%88.5%
Advantage Oil & Gas Ltd ($AAV)62.0%84.5%92.5%88.5%90.3%
Polaris Infrastructure Inc ($PIF)39.9%33.6%32.0%86.7%88.6%
Median (114 companies)32.0%32.1%32.2%33.9%32.0%
Questerre Energy Corp ($QEC)18.6%36.6%46.3%14.3%

Top companies by EBITDA margin, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Granite Oil Corp ($GXO)59.4%64.5%70.8%201.9%
Perpetual Energy Inc ($PMT)35.5%70.7%58.0%110.3%
Petro Rio SA ($PRJ)-4,809.7%-6,899.7%28.2%90.7%
Peyto Exploration & Development Corp ($PEY)86.1%83.2%86.3%84.6%80.7%
Innergex Renewable Energy Inc ($INE)111.8%110.0%82.9%83.4%83.5%
Median (128 companies)25.9%35.7%28.9%9.0%28.2%
Questerre Energy Corp ($QEC)-104.9%-55.5%-124.5%-291.4%

Top companies by CAPEX/Revenue, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Oryx Petroleum Corp Ltd ($OXC)1,997.8%712.8%
WesternZagros Resources Ltd ($WZR)385.6%
Athabasca Oil Corp ($ATH)2,426.4%596.6%504.7%315.2%83.7%
TORC Oil & Gas Ltd ($TOG)453.8%466.9%104.5%229.4%76.3%
Seven Generations Energy Ltd ($VII)452.8%513.1%227.4%191.2%73.5%
Median (129 companies)42.3%39.0%45.0%27.6%23.0%
Questerre Energy Corp ($QEC)242.1%232.0%241.7%98.8%

Top companies by ROIC, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Enerplus Corp ($ERF)-17.3%10.2%11.5%-55.5%16.3%
Whitecap Resources Inc ($WCP)7.1%8.1%9.6%-10.6%10.1%
Ecopetrol SA ($ECP)29.3%24.4%16.5%3.0%9.6%
Parkland Fuel Corp ($PKI)22.3%23.3%9.9%7.8%8.6%
Inter Pipeline Ltd ($IPL)9.5%8.0%7.5%9.6%8.5%
Median (128 companies)3.9%5.8%5.7%-8.2%-1.9%
Questerre Energy Corp ($QEC)-13.1%-10.2%-20.5%-46.3%

Top companies by Net Debt / EBITDA

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
BlackPearl Resources Inc ($PXX)-0.2x-0.1x0.2x3,726.1x-0.2x
Paramount Resources Ltd ($POU)14.6x23.9x8.9x421.5x-5.8x
Precision Drilling Corp ($PD)2.2x1.9x2.0x68.4x7.6x
Trican Well Service Ltd ($TCW)2.5x3.4x2.9x31.4x
Trilogy Energy Corp ($TET)2.6x1.8x2.3x25.5x7.3x
Median (79 companies)1.6x1.4x1.4x2.6x2.7x