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Hyduke Energy Services Inc reports 45.4% revenue decline in FY2016

27.03.2017 • About Hyduke Energy Services Inc ($HYD) • By InTwits

Hyduke Energy Services Inc reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • Hyduke Energy Services Inc is a company in decline: FY2016 revenue growth was -45.4%, 5 years revenue CAGR was -31.6%
  • EBITDA Margin is declining: in FY2016 vs. -14.8% in FY2015 vs. 4.8% in FY2012
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Hyduke Energy Services Inc ($HYD) key annual financial indicators

mln. CAD201220132014201520162016/2015
Gross Profit13.911.38.22.1-100.0%
Net Income0.8-5.1-8.8-6.4-7.8
Balance Sheet
Short Term Debt1.
Long Term Debt8.
Cash flow
Revenue growth22.6%-44.6%-20.6%-49.1%-45.4%
EBITDA growth21.8%-31.6%-113.1%676.9%
Gross Margin13.4%19.6%18.0%9.1%-9.1%
EBITDA Margin4.8%5.9%-1.0%-14.8%0.0%14.8%
Net Income Margin0.8%-8.8%-19.4%-27.6%-61.3%-33.7%
SG&A, % of revenue1.0%1.2%21.0%31.1%-31.1%
CAPEX, % of revenue1.1%0.7%1.3%1.3%-1.3%
Net Debt/EBITDA1.6x1.8x0.0x

Hyduke Energy Services Inc ($HYD) key quoterly financial indicators

mln. CADFY16Q1FY16Q2FY16Q3FY16Q4YoY change
Net Income-2-2-2-2
Balance Sheet
Net Income Margin -70.5% -46.9% -55.2% -73.7%-57.8%-0.1%-35.3%-29.3%

Revenue and profitability

The company's Revenue dropped on 45.4%. Annual revenue decline showed slowdown in FY16Q4 - revenue dropped on 40.5%.

Net Income marign dropped on 33.7 pp from -27.6% to -61.3% in FY2016.

Appendix 1: Peers in Energy

Below you can find Hyduke Energy Services Inc benchmarking vs. other companies in Energy industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.

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 ($OEG)6,002.6%231.5%57.4%
Median (116 companies)16.2%17.0%-27.7%-18.0%
Hyduke Energy Services Inc ($HYD)-44.6%-20.6%-49.1%-45.4%

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 ($PIF)39.9%33.6%32.0%86.7%88.6%
Median (114 companies)32.0%32.2%32.4%33.9%32.0%
Hyduke Energy Services Inc ($HYD)13.4%19.6%18.0%9.1%

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 ($INE)111.8%110.0%82.9%83.4%83.5%
Median (128 companies)25.9%35.7%28.9%9.0%28.2%
Hyduke Energy Services Inc ($HYD)4.8%5.9%-1.0%-14.8%

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 ($VII)452.8%513.1%227.4%191.2%73.5%
Median (129 companies)43.8%39.2%45.6%28.1%23.0%
Hyduke Energy Services Inc ($HYD)1.1%0.7%1.3%1.3%

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 ($IPL)9.5%8.0%7.5%9.6%8.5%
Median (128 companies)3.6%5.4%5.7%-8.2%-1.9%
Hyduke Energy Services Inc ($HYD)8.8%5.8%-4.2%-16.8%

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)1.5x1.4x1.4x2.6x2.7x