Rooster Energy Ltd reports 139% EBITDA decline and 44.9% Revenue decline
29.04.2016 • About Rooster Energy Ltd (
$COQ) • By InTwits
Rooster Energy Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Rooster Energy Ltd doesn't have a profitable business model yet: 2015 ROIC is -24.9%
- The company has unprofitable business model: ROIC is at -24.9%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Rooster Energy Ltd ($COQ) key annual financial indicators
| mln. $ | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 6.025 | 34.245 | 92.264 | 94.377 | 52.039 | -44.9% |
| Gross Profit | | | 33.281 | 34.276 | 24.867 | -27.5% |
| SG&A | | | | | 9.764 | |
| EBITDA | | | 19.989 | 28.014 | -10.820 | -138.6% |
| Net Income | -4.031 | -3.690 | -4.033 | -9.739 | -15.023 | 54.2% |
Balance Sheet
|
|---|
| Cash | | | 5.787 | 0.138 | 1.037 | 653.6% |
| Short Term Debt | | | 27.470 | 1.297 | 12.442 | 859.4% |
| Long Term Debt | | | 3.224 | 56.450 | 39.363 | -30.3% |
Cash flow
|
|---|
| Capex | | 32.231 | 42.638 | 12.562 | 11.681 | -7.0% |
Ratios
|
|---|
| Revenue growth | -61.5% | 468.4% | 169.4% | 2.3% | -44.9% | |
| EBITDA growth | | | | 40.1% | -138.6% | |
| Gross Margin | | | 36.1% | 36.3% | 47.8% | 11.5% |
| EBITDA Margin | 0.0% | 0.0% | 21.7% | 29.7% | -20.8% | -50.5% |
| Net Income Margin | -66.9% | -10.8% | -4.4% | -10.3% | -28.9% | -18.5% |
| SG&A, % of revenue | | | | | 18.8% | 18.8% |
| CAPEX, % of revenue | | 94.1% | 46.2% | 13.3% | 22.4% | 9.1% |
| ROIC | | | | 22.9% | -24.9% | -47.8% |
| ROE | | | | -32.5% | -154.5% | -122.0% |
| Net Debt/EBITDA | | | 1.2x | 2.1x | | -2.1x |
Revenue and profitability
Rooster Energy Ltd's Revenue dropped on 44.9% in 2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 9.4 pp from 59.8% to 69.2% in 2015.
Gross Margin surged on 11.5 pp from 36.3% to 47.8% in 2015.
Net Income marign dropped on 18.5 pp from -10.3% to -28.9% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 Rooster Energy Ltd had CAPEX/Revenue of 22.4%. CAPEX/Revenue dropped on 71.7 pp from 94.1% in 2012 to 22.4% in 2015. Average CAPEX/Revenue for the last three years was 27.3%.
Return on investment
The company operates at negative ROIC (-24.89%) and ROE (-154.45%). ROIC dropped on 47.8 pp from 22.9% to -24.9% in 2015. ROE dropped on 122 pp from -32.5% to -154% in 2015.
Leverage (Debt)
Debt level is 2.6x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA dropped on 2.1x from 2.1x to in 2015. Debt dropped on 10.3% in 2015 while cash jumped on 654% in 2015.
Appendix 1: Peers in Energy
Below we provide Rooster Energy Ltd 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 ($TOO) | | 25.2% | -4.6% | -35.6% | 113.4% |
| |
|---|
| Median (162 companies) | 78.9% | 9.4% | 17.3% | 19.0% | -27.4% |
|---|
| Rooster Energy Ltd ($COQ) | | 468.4% | 169.4% | 2.3% | -44.9% |
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 ($AAV) | 70.5% | 62.0% | 84.5% | 92.5% | 88.5% |
| |
|---|
| Median (143 companies) | 34.0% | 29.3% | 31.5% | 29.6% | 33.5% |
|---|
| Rooster Energy Ltd ($COQ) | | | 36.1% | 36.3% | 47.8% |
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 ($INE) | 109.4% | 111.8% | 110.0% | 82.9% | 83.4% |
| |
|---|
| Median (163 companies) | 25.5% | 24.6% | 31.5% | 29.6% | 5.5% |
|---|
| Rooster Energy Ltd ($COQ) | | | 21.7% | 29.7% | -20.8% |
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 ($TOO) | 192.4% | 139.0% | 39.2% | 808.7% | 307.4% |
| |
|---|
| Median (164 companies) | 43.3% | 48.7% | 39.2% | 48.9% | 29.3% |
|---|
| Rooster Energy Ltd ($COQ) | | 94.1% | 46.2% | 13.3% | 22.4% |
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 ($ORC.B) | 13.3% | 30.0% | 13.0% | 14.3% | 19.0% |
| |
|---|
| Median (165 companies) | 4.4% | 3.0% | 4.6% | 5.0% | -10.0% |
|---|
| Rooster Energy Ltd ($COQ) | | | | 22.9% | -24.9% |
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 ($PGF) | 1.5x | 2.9x | 2.1x | 16.8x | |
| |
|---|
| Median (138 companies) | 1.2x | 1.6x | 1.5x | 1.3x | 2.5x |
|---|
| Rooster Energy Ltd ($COQ) | | | 1.2x | 2.1x | |
