Americas Petrogas Inc CAPEX dropped on 51.7% in 2015 and Revenue dropped on 21.9%
29.04.2016 • About Americas Petrogas Inc (
$BOE) • By InTwits
Americas Petrogas Inc reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Americas Petrogas Inc doesn't have a profitable business model yet: 2015 ROIC is -17.7%
- The company operates at negative EBITDA Margin: -64.3%
- Americas Petrogas Inc has high CAPEX intensity: 5 year average CAPEX/Revenue was 155.5%. At the same time it's a lot of higher than industry average of 59.1%.
- CAPEX is quite volatile: 10.0 in 2015, 20.8 in 2014, 84.2 in 2013, 75.9 in 2012, 29.3 in 2011
- The company has unprofitable business model: ROIC is at -17.7%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Americas Petrogas Inc ($BOE) key annual financial indicators
| mln. | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 8.888 | 46.208 | 54.500 | 26.033 | 20.336 | -21.9% |
| Gross Profit | 5.831 | 35.608 | 23.621 | -8.941 | 24.636 | -375.5% |
| SG&A | | | | | 22.607 | |
| EBITDA | -9.968 | 20.737 | 37.343 | -6.407 | -13.071 | 104.0% |
| Net Income | -16.740 | -12.500 | -11.755 | -52.851 | -40.451 | -23.5% |
Balance Sheet
|
|---|
| Cash | 27.763 | 12.426 | 18.334 | 14.718 | 56.671 | 285.0% |
| Short Term Debt | 17.453 | 0.000 | 2.595 | 4.458 | 0.000 | -100.0% |
| Long Term Debt | 0.000 | 0.000 | 5.056 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 29.313 | 75.865 | 84.172 | 20.773 | 10.032 | -51.7% |
Ratios
|
|---|
| Revenue growth | 112.3% | 419.9% | 17.9% | -52.2% | -21.9% | |
| EBITDA growth | 40.9% | -308.0% | 80.1% | -117.2% | 104.0% | |
| Gross Margin | 65.6% | 77.1% | 43.3% | -34.3% | 121.1% | 155.5% |
| EBITDA Margin | -112.2% | 44.9% | 68.5% | -24.6% | -64.3% | -39.7% |
| Net Income Margin | -188.4% | -27.1% | -21.6% | -203.0% | -198.9% | 4.1% |
| SG&A, % of revenue | | | | | 111.2% | 111.2% |
| CAPEX, % of revenue | 329.8% | 164.2% | 154.4% | 79.8% | 49.3% | -30.5% |
| ROIC | -14.2% | -4.1% | 1.6% | -17.8% | -17.7% | 0.1% |
| ROE | -17.1% | -8.5% | -6.9% | -36.2% | -35.3% | 0.8% |
| Net Debt/EBITDA | | -0.6x | -0.3x | | | 0.0x |
Revenue and profitability
Americas Petrogas Inc's Revenue dropped on 21.9% in 2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 39.7 pp from -24.6% to -64.3% in 2015.
Gross Margin surged on 155 pp from -34.3% to 121% in 2015.
Net Income marign increased on 4.1 pp from -203% to -199% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 the company had CAPEX/Revenue of 49.3%. Americas Petrogas Inc showed big decline in CAPEX/Revenue of 115 pp from 164% in 2012 to 49.3% in 2015. It's average CAPEX/Revenue for the last three years was 94.5%.
Return on investment
The company operates at negative ROIC (-17.73%) and ROE (-35.32%). ROIC showed almost no change in 2015. ROE increased slightly on 0.84 pp from -36.2% to -35.3% in 2015.
Leverage (Debt)
The company paid down all the debt in 2015. Cash surged on 285% in 2015.
Management team
Abdel F Badwi "Abby" is a the company's CEO. Abdel F Badwi "Abby" is a founder and has spent 3 years at the company.
Appendix 1: Peers in Energy
Below we provide Americas Petrogas Inc 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 |
|---|
| Striker Exploration Corp ($SKX) | | -23.2% | -7.6% | 226.9% | 314.7% |
| NXT Energy Solutions Inc ($SFD) | | 7,543.4% | -75.5% | 61.0% | 303.1% |
| ONEnergy Inc ($OEG) | | | | 6,002.6% | 231.5% |
| Petroshale Inc ($PSH) | | | | 159.9% | 147.8% |
| Toro Oil & Gas Ltd ($TOO) | | 25.2% | -4.6% | -35.6% | 113.4% |
| |
|---|
| Median (162 companies) | 78.9% | 9.5% | 17.3% | 19.0% | -27.6% |
|---|
| Americas Petrogas Inc ($BOE) | | | 17.9% | -52.2% | -21.9% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| 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% |
| Polaris Infrastructure Inc ($PIF) | 58.4% | 39.9% | 33.6% | 32.0% | 86.7% |
| |
|---|
| Median (143 companies) | 34.0% | 29.3% | 31.5% | 29.6% | 33.5% |
|---|
| Americas Petrogas Inc ($BOE) | | 77.1% | 43.3% | -34.3% | 121.1% |
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 ($INE) | 109.4% | 111.8% | 110.0% | 82.9% | 83.4% |
| |
|---|
| Median (163 companies) | 25.5% | 24.2% | 31.1% | 29.7% | 5.5% |
|---|
| Americas Petrogas Inc ($BOE) | | 44.9% | 68.5% | -24.6% | -64.3% |
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 ($TOO) | 192.4% | 139.0% | 39.2% | 808.7% | 307.4% |
| |
|---|
| Median (164 companies) | 43.3% | 48.7% | 39.2% | 48.6% | 28.6% |
|---|
| Americas Petrogas Inc ($BOE) | | 164.2% | 154.4% | 79.8% | 49.3% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Granite Oil Corp ($GXO) | -10.9% | 4.4% | 10.8% | 16.1% | 37.7% |
| NXT Energy Solutions Inc ($SFD) | | | -103.5% | -39.7% | 25.5% |
| 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 ($ORC.B) | 13.3% | 30.0% | 13.0% | 14.3% | 19.0% |
| |
|---|
| Median (165 companies) | 4.4% | 3.1% | 4.7% | 5.3% | -10.0% |
|---|
| Americas Petrogas Inc ($BOE) | | -4.1% | 1.6% | -17.8% | -17.7% |
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 (139 companies) | 1.2x | 1.6x | 1.5x | 1.4x | 2.5x |
|---|
