Aveda Transportation & Energy Services Inc reports 147% EBITDA decline and 26.2 pp EBITDA Margin decline from 15.2% to -11.0%
04.04.2016 • About Aveda Transportation & Energy Services Inc (
$AVE) • By InTwits
Aveda Transportation & Energy Services Inc reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Aveda Transportation & Energy Services Inc doesn't have a profitable business model yet: 2015 ROIC is -29.6%
- EBITDA Margin is quite volatile: -11.0% in 2015, 15.2% in 2014, 16.2% in 2013, 10.5% in 2012, 15.3% in 2011
- Aveda Transportation & Energy Services Inc has high CAPEX intensity: 5 year average CAPEX/Revenue was 12.9%. At the same time it's a lot of higher than industry average of 4.9%.
- CAPEX is quite volatile: 1.00 in 2015, 35.3 in 2014, 6.3 in 2013, 18.7 in 2012, 8.3 in 2011
- The company has unprofitable business model: ROIC is at -29.6%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Aveda Transportation & Energy Services Inc ($AVE) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 72.2 | 83.3 | 88.7 | 155.9 | 101.3 | -35.0% |
| Gross Profit | 17.1 | 13.7 | 18.6 | 27.2 | -13.2 | -148.6% |
| SG&A | 10.3 | 11.8 | 12.2 | 20.7 | 19.9 | -4.1% |
| EBITDA | 11.0 | 8.7 | 14.4 | 23.7 | -11.1 | -147.0% |
| Net Income | 2.6 | -1.3 | 5.3 | 2.5 | -26.5 | -1,175.4% |
Balance Sheet
|
|---|
| Cash | 2.2 | 0.5 | 1.9 | 0.9 | 0.3 | -63.1% |
| Short Term Debt | 0.2 | 0.3 | 0.0 | 0.0 | 0.0 | |
| Long Term Debt | 23.7 | 32.7 | 25.1 | 50.1 | 34.4 | -31.3% |
Cash flow
|
|---|
| Capex | 8.3 | 18.7 | 6.3 | 35.3 | 1.0 | -97.2% |
Ratios
|
|---|
| Revenue growth | 81.2% | 15.5% | 6.4% | 75.8% | -35.0% | |
| EBITDA growth | 230.1% | -21.0% | 64.8% | 64.7% | -147.0% | |
| Gross Margin | 23.7% | 16.5% | 21.0% | 17.5% | -13.0% | -30.5% |
| EBITDA Margin | 15.3% | 10.5% | 16.2% | 15.2% | -11.0% | -26.2% |
| Net Income Margin | 3.6% | -1.5% | 6.0% | 1.6% | -26.2% | -27.8% |
| SG&A, % of revenue | 14.2% | 14.1% | 13.8% | 13.3% | 19.6% | 6.3% |
| CAPEX, % of revenue | 11.5% | 22.4% | 7.1% | 22.7% | 1.0% | -21.7% |
| ROIC | 17.3% | 3.8% | 10.0% | 6.5% | -29.6% | -36.1% |
| ROE | 18.1% | -6.1% | 17.7% | 4.6% | -41.3% | -45.9% |
| Net Debt/EBITDA | 2.0x | 3.7x | 1.6x | 2.1x | | -2.1x |
Revenue and profitability
Aveda Transportation & Energy Services Inc's Revenue dropped on 35.0% in 2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 2.7 pp from -108% to -105% in 2015.
Gross Margin dropped on 30.5 pp from 17.5% to -13.0% in 2015. SG&A as a % of Revenue increased on 6.3 pp from 13.3% to 19.6% in 2015.
Net Income marign dropped on 27.8 pp from 1.6% to -26.2% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 Aveda Transportation & Energy Services Inc had CAPEX/Revenue of 0.98%. The company's CAPEX/Revenue dropped on 21.5 pp from 22.4% in 2012 to 0.98% in 2015. Average CAPEX/Revenue for the last three years was 10.3%.
Return on investment
The company operates at negative ROIC (-29.57%) and ROE (-41.27%). ROIC dropped on 36.1 pp from 6.5% to -29.6% in 2015. ROE dropped on 45.9 pp from 4.6% to -41.3% in 2015.
Leverage (Debt)
Debt level is -0.3x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA dropped on 2.1x from 2.1x to in 2015. Debt dropped on 31.3% in 2015 while cash dropped on 63.1% in 2015.
Appendix 1: Peers in Energy
Below you can find Aveda Transportation & 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 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| ONEnergy Inc ($OEG) | | | | 6,002.6% | 231.5% |
| Toro Oil & Gas Ltd ($TOO) | | 25.2% | -4.6% | -35.6% | 113.4% |
| Seven Generations Energy Ltd ($VII) | | | 115.7% | 340.2% | 39.0% |
| Crown Point Energy Inc ($CWV) | | 177.6% | 110.5% | -34.4% | 38.3% |
| Oando Energy Resources Inc ($OER) | | | -5.9% | 200.1% | 34.7% |
| |
|---|
| Median (139 companies) | 59.2% | 9.4% | 17.4% | 18.7% | -29.5% |
|---|
| Aveda Transportation & Energy Services Inc ($AVE) | | 15.5% | 6.4% | 75.8% | -35.0% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Americas Petrogas Inc ($BOE) | | 77.1% | 43.3% | -34.3% | 121.1% |
| TransAlta Renewables Inc ($RNW) | | | 94.4% | 94.5% | 94.5% |
| Serinus Energy Inc ($SEN) | 80.4% | 80.5% | 76.5% | 86.8% | 88.5% |
| Advantage Oil & Gas Ltd ($AAV) | 70.5% | 62.0% | 84.5% | 92.5% | 88.5% |
| Polaris Infrastructure Inc ($PIF) | 58.4% | 39.9% | 33.6% | 32.0% | 86.7% |
| |
|---|
| Median (126 companies) | 34.2% | 29.3% | 31.6% | 29.6% | 33.6% |
|---|
| Aveda Transportation & Energy Services Inc ($AVE) | 23.7% | 16.5% | 21.0% | 17.5% | -13.0% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Granite Oil Corp ($GXO) | 9.2% | 59.4% | 64.5% | 70.8% | 201.9% |
| Perpetual Energy Inc ($PMT) | 26.1% | 35.5% | 70.7% | 58.0% | 110.3% |
| Petro Rio SA ($PRJ) | -4,925.5% | -4,809.7% | -6,899.7% | 28.2% | 90.7% |
| Peyto Exploration & Development Corp ($PEY) | 83.6% | 86.1% | 83.2% | 86.3% | 84.6% |
| Innergex Renewable Energy Inc ($INE) | 109.4% | 111.8% | 110.0% | 82.9% | 83.4% |
| |
|---|
| Median (141 companies) | 25.7% | 24.8% | 31.5% | 29.7% | 6.1% |
|---|
| Aveda Transportation & Energy Services Inc ($AVE) | 15.3% | 10.5% | 16.2% | 15.2% | -11.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Primeline Energy Holdings Inc ($PEH) | | | | | 1,091.8% |
| Oryx Petroleum Corp Ltd ($OXC) | | | | 1,997.8% | 712.8% |
| WesternZagros Resources Ltd ($WZR) | | | | | 385.6% |
| Athabasca Oil Corp ($ATH) | 176.2% | 2,426.4% | 596.6% | 504.7% | 315.2% |
| Toro Oil & Gas Ltd ($TOO) | 192.4% | 139.0% | 39.2% | 808.7% | 307.4% |
| |
|---|
| Median (142 companies) | 44.3% | 50.5% | 39.2% | 48.9% | 30.3% |
|---|
| Aveda Transportation & Energy Services Inc ($AVE) | 11.5% | 22.4% | 7.1% | 22.7% | 1.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Granite Oil Corp ($GXO) | -10.9% | 4.4% | 10.8% | 16.1% | 37.7% |
| High Arctic Energy Services Inc ($HWO) | 27.0% | 31.4% | 26.3% | 24.9% | 24.2% |
| Petro Rio SA ($PRJ) | -15.5% | -9.6% | -12.7% | -3.5% | 19.4% |
| Perpetual Energy Inc ($PMT) | -10.6% | -10.1% | 9.1% | 10.4% | 16.1% |
| TransAtlantic Petroleum Ltd ($TNP) | -12.1% | 3.5% | 1.1% | 5.4% | 15.5% |
| |
|---|
| Median (142 companies) | 4.4% | 3.0% | 4.6% | 5.0% | -8.6% |
|---|
| Aveda Transportation & Energy Services Inc ($AVE) | 17.3% | 3.8% | 10.0% | 6.5% | -29.6% |
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 ($PGF) | 1.5x | 2.9x | 2.1x | 16.8x | |
| |
|---|
| Median (138 companies) | 1.2x | 1.6x | 1.5x | 1.3x | 2.6x |
|---|
| Aveda Transportation & Energy Services Inc ($AVE) | 2.0x | 3.7x | 1.6x | 2.1x | |
