Dejour Energy Inc CAPEX surged on 49.7% in 2015 while Revenue decreased on 6.1%
09.03.2016 • About Dejour Energy Inc (
$DEJ) • By InTwits
Dejour Energy Inc reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Dejour Energy Inc doesn't have a profitable business model yet: 2015 ROIC is -41.6%
- Dejour Energy Inc motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for 2011-2015 was 0.0%. On average EBITDA Margin was -9.7% for the sames years0
- Dejour Energy Inc has high CAPEX intensity: 5 year average CAPEX/Revenue was 69.9%. At the same time it's in pair with industry average of 88.7%.
- CAPEX is quite volatile: 5.7 in 2015, 3.8 in 2014, 2.0 in 2013, 4.5 in 2012, 8.1 in 2011
- The company has unprofitable business model: ROIC is at -41.6%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Dejour Energy Inc ($DEJ) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 7.196 | 5.766 | 7.506 | 7.561 | 7.096 | -6.1% |
| Gross Profit | -3.955 | -8.703 | 0.478 | -3.053 | 3.253 | -206.6% |
| SG&A | | | | | 2.246 | |
| EBITDA | -0.008 | -2.327 | 0.376 | -1.689 | 0.230 | -113.6% |
| Net Income | -11.043 | -11.753 | -2.577 | -7.203 | -7.108 | -1.3% |
Balance Sheet
|
|---|
| Cash | 2.488 | 1.508 | 0.505 | 1.215 | 0.038 | -96.9% |
| Short Term Debt | 5.545 | 7.262 | 4.148 | 1.955 | 0.147 | -92.5% |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 8.135 | 4.485 | 2.041 | 3.834 | 5.738 | 49.7% |
Ratios
|
|---|
| Revenue growth | 6.2% | -19.9% | 30.2% | 0.7% | -6.1% | |
| EBITDA growth | -147.2% | 30,191.1% | -116.2% | -549.2% | -113.6% | |
| Gross Margin | -55.0% | -150.9% | 6.4% | -40.4% | 45.8% | 86.2% |
| EBITDA Margin | -0.1% | -40.4% | 5.0% | -22.3% | 3.2% | 25.6% |
| Net Income Margin | -153.5% | -203.8% | -34.3% | -95.3% | -100.2% | -4.9% |
| SG&A, % of revenue | | | | | 31.7% | 31.7% |
| CAPEX, % of revenue | 113.0% | 77.8% | 27.2% | 50.7% | 80.9% | 30.2% |
| ROIC | -36.4% | -66.1% | -21.2% | -64.1% | -41.6% | 22.6% |
| ROE | -59.4% | -88.5% | -26.6% | -73.9% | -83.9% | -9.9% |
| Net Debt/EBITDA | | | 9.7x | | 0.5x | 0.5x |
Revenue and profitability
Dejour Energy Inc's Revenue decreased on 6.1% in 2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin surged on 25.6 pp from -22.3% to 3.2% in 2015.
Gross Margin surged on 86.2 pp from -40.4% to 45.8% in 2015.
Net Income marign decreased on 4.9 pp from -95.3% to -100% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 the company had CAPEX/Revenue of 80.9%. CAPEX/Revenue increased on 3.1 pp from 77.8% in 2012 to 80.9% in 2015. For the last three years the average CAPEX/Revenue was 52.9%.Battling declining revenue Dejour Energy Inc made large investments to CAPEX (2,495% of EBITDA) but that didn't help at least in this year.
Return on investment
The company operates at negative ROIC (-41.55%) and ROE (-83.86%). ROIC surged on 22.6 pp from -64.1% to -41.6% in 2015. ROE decreased on 9.9 pp from -73.9% to -83.9% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 0.5x and Debt / EBITDA is 0.6x. Net Debt / EBITDA jumped0.5x from to 0.5x in 2015. Debt dropped on 92.5% in 2015 while cash dropped on 96.9% in 2015.
Appendix 1: Peers in Energy
Below you can find Dejour Energy 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 | 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 ($SPE) | -8.2% | 16.6% | 29.9% | 923.7% | |
| |
|---|
| Median (160 companies) | 43.4% | 10.4% | 16.2% | 18.5% | -27.7% |
|---|
| Dejour Energy Inc ($DEJ) | | -19.9% | 30.2% | 0.7% | -6.1% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| TransAlta Renewables Inc ($RNW) | | | 94.4% | 94.5% | 94.5% |
| Advantage Oil & Gas Ltd ($AAV) | 70.5% | 62.0% | 84.5% | 92.5% | 88.5% |
| Freehold Royalties Ltd ($FRU) | 91.7% | 90.4% | 89.0% | 90.2% | 86.3% |
| MEG Energy Corp ($MEG) | 85.5% | 86.8% | 87.4% | 87.6% | 84.1% |
| NXT Energy Solutions Inc ($SFD) | -43.2% | 65.6% | 36.0% | 87.3% | |
| |
|---|
| Median (140 companies) | 34.2% | 29.3% | 31.6% | 30.3% | 30.7% |
|---|
| Dejour Energy Inc ($DEJ) | -55.0% | -150.9% | 6.4% | -40.4% | 45.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Seven Generations Energy Ltd ($VII) | | 56.9% | 54.0% | 106.0% | 70.0% |
| Tourmaline Oil Corp ($TOU) | 67.4% | 67.9% | 80.0% | 97.6% | 70.1% |
| Bonavista Energy Corp ($BNP) | 63.8% | 64.6% | 62.6% | 91.6% | 54.5% |
| Bellatrix Exploration Ltd ($BXE) | 42.7% | 58.6% | 83.6% | 89.6% | |
| Advantage Oil & Gas Ltd ($AAV) | -4.0% | 5.2% | 66.1% | 87.8% | 81.8% |
| |
|---|
| Median (159 companies) | 25.5% | 25.7% | 31.1% | 29.6% | 12.6% |
|---|
| Dejour Energy Inc ($DEJ) | -0.1% | -40.4% | 5.0% | -22.3% | 3.2% |
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 ($BKX) | 139.2% | 195.8% | 789.1% | 316.6% | |
| |
|---|
| Median (162 companies) | 42.0% | 47.3% | 39.2% | 47.1% | 28.1% |
|---|
| Dejour Energy Inc ($DEJ) | 113.0% | 77.8% | 27.2% | 50.7% | 80.9% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Pason Systems Inc ($PSI) | 33.5% | 30.0% | 29.7% | 41.0% | 6.0% |
| Sea Dragon Energy Inc ($SDX) | -10.1% | 8.1% | 21.8% | 32.9% | |
| Raging River Exploration Inc ($RRX) | | | | 29.1% | 6.2% |
| High Arctic Energy Services Inc ($HWO) | 27.0% | 31.4% | 26.3% | 24.9% | |
| Rooster Energy Ltd ($COQ) | | | | 22.9% | |
| |
|---|
| Median (165 companies) | 4.5% | 3.5% | 4.6% | 5.1% | -6.7% |
|---|
| Dejour Energy Inc ($DEJ) | -36.4% | -66.1% | -21.2% | -64.1% | -41.6% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Veresen Inc ($VSN) | 22.3x | 16.2x | 14.7x | 30.3x | 7.4x |
| Lightstream Resources Ltd ($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 | 2.8x |
|---|
