BIOX Corp reports 11.6% revenue growth in FY2015 and 19.5 pp EBITDA Margin growth from -15.1% to 4.4%
10.12.2015 • About BIOX Corp (
$BX) • By InTwits
BIOX Corp reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- BIOX Corp doesn't have a profitable business model yet: FY2015 ROIC is -2.5%
- BIOX Corp spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2011-FY2015 is 0.0%. Average EBITDA Margin for the same period was -1.7%0
- BIOX Corp has low CAPEX intensity: 5 year average CAPEX/Revenue was 4.2%. At the same time it's a lot of higher than industry average of 4.5%.
- CAPEX is quite volatile: 0.64 in FY2015, 2.2 in FY2014, 4.7 in FY2013, 6.1 in FY2012, 2.2 in FY2011
- The company has unprofitable business model: ROIC is at -2.5%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
BIOX Corp ($BX) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 97.330 | 69.537 | 75.246 | 67.547 | 75.352 | 11.6% |
| Gross Profit | 10.389 | 1.267 | 8.908 | -4.011 | 1.945 | -148.5% |
| EBITDA | 6.352 | -8.245 | 2.185 | -10.209 | 3.316 | -132.5% |
| Net Income | 5.622 | -14.107 | -2.841 | -26.692 | -3.041 | -88.6% |
Balance Sheet
|
|---|
| Cash | 27.887 | 7.543 | 15.909 | 7.212 | 7.709 | 6.9% |
| Short Term Debt | 6.082 | 6.851 | 1.531 | 1.154 | 1.522 | 31.9% |
| Long Term Debt | 11.429 | 9.939 | 10.883 | 9.755 | 8.611 | -11.7% |
Cash flow
|
|---|
| Capex | 2.174 | 6.053 | 4.720 | 2.151 | 0.637 | -70.4% |
Ratios
|
|---|
| Revenue growth | 141.8% | -28.6% | 8.2% | -10.2% | 11.6% | |
| EBITDA growth | -207.7% | -229.8% | -126.5% | -567.2% | -132.5% | |
| Gross Margin | 10.7% | 1.8% | 11.8% | -5.9% | 2.6% | 8.5% |
| EBITDA Margin | 6.5% | -11.9% | 2.9% | -15.1% | 4.4% | 19.5% |
| Net Income Margin | 5.8% | -20.3% | -3.8% | -39.5% | -4.0% | 35.5% |
| CAPEX, % of revenue | 2.2% | 8.7% | 6.3% | 3.2% | 0.8% | -2.3% |
| ROIC | 2.0% | -14.2% | -3.2% | -29.9% | -2.5% | 27.5% |
| ROE | 6.7% | -18.5% | -4.4% | -53.8% | -8.8% | 45.0% |
| Net Debt/EBITDA | -1.6x | | -1.6x | | 0.7x | 0.7x |
Revenue and profitability
The company's Revenue jumped on 11.6% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 4.7 pp from -4.3% to 0.47% in FY2015.
Gross Margin increased on 8.5 pp from -5.9% to 2.6% in FY2015.
Net Income marign jumped on 35.5 pp from -39.5% to -4.0% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 BIOX Corp had CAPEX/Revenue of 0.85%. BIOX Corp's CAPEX/Revenue decreased on 7.9 pp from 8.7% in FY2012 to 0.85% in FY2015. It's average CAPEX/Revenue for the last three years was 3.4%.
Return on investment
The company operates at negative ROIC (-2.48%) and ROE (-8.78%). ROIC surged on 27.5 pp from -29.9% to -2.5% in FY2015. ROE surged on 45.0 pp from -53.8% to -8.8% in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 0.7x and Debt / EBITDA is 3.1x. Net Debt / EBITDA surged0.7x from to 0.7x in FY2015. Debt decreased on 7.1% in FY2015 while cash increased on 6.9% in FY2015.
Appendix 1: Peers in Energy
Below we provide BIOX 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 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Petro Rio SA ($PRJ) | -36.3% | -32.1% | -34.9% | 10,977.1% | |
| ONEnergy Inc ($OEG) | | | | 6,002.6% | |
| Sterling Resources Ltd ($SLG) | | -94.8% | 4,514.9% | 2,244.4% | |
| Ikkuma Resources Corp ($IKM) | 22.5% | 17.0% | -4.5% | 1,231.1% | |
| Spartan Energy Corp ($SPE) | -8.2% | 16.6% | 29.9% | 923.7% | |
| |
|---|
| Median (160 companies) | 37.4% | 10.4% | 17.1% | 18.5% | -16.1% |
|---|
| BIOX Corp ($BX) | | -28.6% | 8.2% | -10.2% | 11.6% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| TransAlta Renewables Inc ($RNW) | | | 94.4% | 94.5% | |
| Advantage Oil & Gas Ltd ($AAV) | 70.5% | 62.0% | 84.5% | 92.5% | |
| Freehold Royalties Ltd ($FRU) | 91.7% | 90.4% | 89.0% | 90.2% | |
| MEG Energy Corp ($MEG) | 85.5% | 86.8% | 87.4% | 87.6% | |
| NXT Energy Solutions Inc ($SFD) | -43.2% | 65.6% | 36.0% | 87.3% | |
| |
|---|
| Median (140 companies) | 34.2% | 29.3% | 31.6% | 30.3% | 51.1% |
|---|
| BIOX Corp ($BX) | 10.7% | 1.8% | 11.8% | -5.9% | 2.6% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Seven Generations Energy Ltd ($VII) | | 56.9% | 54.0% | 106.0% | |
| Tourmaline Oil Corp ($TOU) | 67.4% | 67.9% | 80.0% | 97.6% | |
| Bonavista Energy Corp ($BNP) | 63.8% | 64.6% | 62.6% | 91.6% | |
| Bellatrix Exploration Ltd ($BXE) | 42.7% | 58.6% | 83.6% | 89.6% | |
| Advantage Oil & Gas Ltd ($AAV) | -4.0% | 5.2% | 66.1% | 87.8% | |
| |
|---|
| Median (159 companies) | 25.5% | 25.7% | 31.1% | 29.6% | -19.4% |
|---|
| BIOX Corp ($BX) | 6.5% | -11.9% | 2.9% | -15.1% | 4.4% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Oryx Petroleum Corp Ltd ($OXC) | | | | 1,997.8% | |
| Petroshale Inc ($PSH) | 30.6% | | 346.6% | 865.9% | |
| Toro Oil & Gas Ltd ($TOO) | 192.4% | 139.0% | 39.2% | 808.7% | |
| Athabasca Oil Corp ($ATH) | 176.2% | 2,426.4% | 596.6% | 504.7% | |
| BNK Petroleum Inc ($BKX) | 139.2% | 195.8% | 789.1% | 316.6% | |
| |
|---|
| Median (162 companies) | 43.3% | 50.0% | 39.2% | 48.8% | 68.2% |
|---|
| BIOX Corp ($BX) | 2.2% | 8.7% | 6.3% | 3.2% | 0.8% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Pason Systems Inc ($PSI) | 33.5% | 30.0% | 29.7% | 41.0% | |
| Sea Dragon Energy Inc ($SDX) | -10.1% | 8.1% | 21.8% | 32.9% | |
| Raging River Exploration Inc ($RRX) | | | | 29.1% | |
| High Arctic Energy Services Inc ($HWO) | 27.0% | 31.4% | 26.3% | 24.9% | |
| Rooster Energy Ltd ($COQ) | | | | 22.9% | |
| |
|---|
| Median (165 companies) | 4.5% | 3.5% | 4.6% | 5.1% | -15.2% |
|---|
| BIOX Corp ($BX) | 2.0% | -14.2% | -3.2% | -29.9% | -2.5% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Veresen Inc ($VSN) | 22.3x | 16.2x | 14.7x | 30.3x | |
| Lightstream Resources Ltd ($LTS) | | 2.0x | | 27.8x | |
| Petroshale Inc ($PSH) | 0.1x | | | 21.7x | |
| Connacher Oil and Gas Ltd ($CLC) | 9.7x | 16.7x | 8.8x | 17.1x | |
| Pengrowth Energy Corp ($PGF) | 1.5x | 2.9x | 2.1x | 16.8x | |
| |
|---|
| Median (137 companies) | 1.2x | 1.5x | 1.5x | 1.4x | 15.6x |
|---|
