Madalena Energy Inc EBITDA surged on 30.7% in 2015 and Revenue jumped on 23.4%
21.04.2016 • About Madalena Energy Inc (
$MVN) • By InTwits
Madalena Energy Inc reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Madalena Energy Inc doesn't have a profitable business model yet: 2015 ROIC is -3.0%
- EBITDA Margin is expanding: 32.0% in 2015 vs. 30.2% in 2014 vs. -268.2% in 2011
- Madalena Energy Inc has high CAPEX intensity: 5 year average CAPEX/Revenue was 440.1%. At the same time it's a lot of higher than industry average of 59.8%.
- CAPEX is quite volatile: 2.3 in 2015, 29.1 in 2014, 14.4 in 2013, 14.6 in 2012, 8.6 in 2011
- The company has unprofitable business model: ROIC is at -3.0%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Madalena Energy Inc ($MVN) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 2.077 | 4.660 | 15.585 | 72.589 | 89.541 | 23.4% |
| Gross Profit | 0.740 | -0.039 | -0.589 | 13.261 | 43.482 | 227.9% |
| SG&A | | | | | 13.581 | |
| EBITDA | -5.571 | -5.163 | -1.235 | 21.928 | 28.650 | 30.7% |
| Net Income | -16.137 | -8.865 | -23.285 | -40.720 | -17.531 | -56.9% |
Balance Sheet
|
|---|
| Cash | 16.439 | 38.253 | 14.835 | 16.002 | 5.410 | -66.2% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 5.454 | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 2.727 | |
Cash flow
|
|---|
| Capex | 20.034 | 38.941 | 43.296 | 46.186 | 52.981 | 14.7% |
Ratios
|
|---|
| Revenue growth | 931.7% | 124.3% | 234.4% | 365.8% | 23.4% | |
| EBITDA growth | 30.6% | -7.3% | -76.1% | -1,875.5% | 30.7% | |
| Gross Margin | 35.6% | -0.8% | -3.8% | 18.3% | 48.6% | 30.3% |
| EBITDA Margin | -268.2% | -110.8% | -7.9% | 30.2% | 32.0% | 1.8% |
| Net Income Margin | -776.7% | -190.2% | -149.4% | -56.1% | -19.6% | 36.5% |
| SG&A, % of revenue | | | | | 15.2% | 15.2% |
| CAPEX, % of revenue | 964.4% | 835.7% | 277.8% | 63.6% | 59.2% | -4.5% |
| ROIC | -13.0% | -10.5% | -9.2% | -2.5% | -3.0% | -0.5% |
| ROE | -34.8% | -13.5% | -27.2% | -33.8% | -11.7% | 22.1% |
| Net Debt/EBITDA | | | | -0.7x | 0.1x | 0.8x |
Revenue and profitability
Madalena Energy Inc's Revenue jumped on 23.4% in 2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 27.4 pp from 8.1% to -19.4% in 2015.
Gross Margin jumped on 30.3 pp from 18.3% to 48.6% in 2015.
Net Income marign jumped on 36.5 pp from -56.1% to -19.6% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 Madalena Energy Inc had CAPEX/Revenue of 59.2%. Madalena Energy Inc's CAPEX/Revenue dropped on 776 pp from 836% in 2012 to 59.2% in 2015. For the last three years the average CAPEX/Revenue was 134%.To fuel this fast growth the company made large investments to CAPEX (185% of EBITDA).
Return on investment
The company operates at negative ROIC (-2.98%) and ROE (-11.68%). ROIC decreased slightly on 0.53 pp from -2.5% to -3.0% in 2015. ROE surged on 22.1 pp from -33.8% to -11.7% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 0.1x and Debt / EBITDA is 0.3x. Net Debt / EBITDA surged on 0.8x from -0.7x to 0.1x in 2015. Debt surged while cash dropped on 66.2% in 2015.
Appendix 1: Peers in Energy
Below you can find Madalena 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 |
|---|
| ONEnergy Inc ($OEG) | | | | 6,002.6% | 231.5% |
| Petroshale Inc ($PSH) | | | | 159.9% | 147.8% |
| Toro Oil & Gas Ltd ($TOO) | | 25.2% | -4.6% | -35.6% | 113.4% |
| Ikkuma Resources Corp ($IKM) | | 17.0% | -4.5% | 1,231.1% | 100.3% |
| Seven Generations Energy Ltd ($VII) | | | 115.7% | 340.2% | 39.0% |
| |
|---|
| Median (150 companies) | 59.0% | 9.4% | 17.3% | 18.7% | -27.4% |
|---|
| Madalena Energy Inc ($MVN) | | 124.3% | 234.4% | 365.8% | 23.4% |
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% |
| Orca Exploration Group Inc ($ORC.B) | 69.1% | 92.3% | 69.0% | 66.3% | 93.1% |
| Serinus Energy Inc ($SEN) | 80.4% | 80.5% | 76.5% | 86.8% | 88.5% |
| Advantage Oil & Gas Ltd ($AAV) | 70.5% | 62.0% | 84.5% | 92.5% | 88.5% |
| |
|---|
| Median (135 companies) | 33.3% | 29.3% | 31.6% | 29.6% | 33.5% |
|---|
| Madalena Energy Inc ($MVN) | 35.6% | -0.8% | -3.8% | 18.3% | 48.6% |
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 ($INE) | 109.4% | 111.8% | 110.0% | 82.9% | 83.4% |
| |
|---|
| Median (152 companies) | 25.7% | 24.8% | 31.5% | 29.6% | 5.7% |
|---|
| Madalena Energy Inc ($MVN) | -268.2% | -110.8% | -7.9% | 30.2% | 32.0% |
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 ($TOO) | 192.4% | 139.0% | 39.2% | 808.7% | 307.4% |
| |
|---|
| Median (153 companies) | 42.6% | 48.7% | 39.2% | 48.6% | 29.5% |
|---|
| Madalena Energy Inc ($MVN) | 964.4% | 835.7% | 277.8% | 63.6% | 59.2% |
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 ($PRJ) | -15.5% | -9.6% | -12.7% | -3.5% | 19.4% |
| Orca Exploration Group Inc ($ORC.B) | 13.3% | 30.0% | 13.0% | 14.3% | 19.0% |
| Perpetual Energy Inc ($PMT) | -10.6% | -10.1% | 9.1% | 10.4% | 16.1% |
| |
|---|
| Median (153 companies) | 4.5% | 3.1% | 4.7% | 5.3% | -9.3% |
|---|
| Madalena Energy Inc ($MVN) | -13.0% | -10.5% | -9.2% | -2.5% | -3.0% |
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 ($PSH) | 0.1x | | | 21.7x | 9.9x |
| Connacher Oil and Gas Ltd ($CLC) | 9.7x | 16.7x | 8.8x | 17.1x | |
| Pengrowth Energy Corp ($PGF) | 1.5x | 2.9x | 2.1x | 16.8x | |
| |
|---|
| Median (138 companies) | 1.2x | 1.6x | 1.5x | 1.4x | 2.6x |
|---|
| Madalena Energy Inc ($MVN) | | | | -0.7x | 0.1x |
