BIOX Corp reports 1,096% CAPEX growth and 52.3% Revenue growth
15.12.2016 • About BIOX Corp (
$BX) • By InTwits
BIOX Corp reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- BIOX Corp spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 is 0.0%. Average EBITDA Margin for the same period was -1.9%0
- BIOX Corp has medium CAPEX intensity: 5 year average CAPEX/Revenue was 5.1%. At the same time it's in pair with industry average of 7.8%.
- CAPEX is quite volatile: 7.6 in FY2016, 0.64 in FY2015, 2.2 in FY2014, 4.7 in FY2013, 6.1 in FY2012
- The company has potentially unprofitable business model: ROIC is at 6.4%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
BIOX Corp ($BX) key annual financial indicators
| mln. CAD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 69.5 | 75.2 | 67.5 | 75.4 | 114.8 | 52.3% |
| Gross Profit | 1.3 | 8.9 | -4.0 | 1.9 | 8.0 | 313.8% |
| SG&A | | | | | 5.4 | |
| EBITDA | -8.2 | 2.2 | -10.2 | 3.3 | 5.2 | 57.0% |
| Net Income | -14.1 | -2.8 | -26.7 | -3.0 | -3.4 | |
Balance Sheet
|
|---|
| Cash | 7.5 | 15.9 | 7.2 | 7.7 | 3.5 | -54.2% |
| Short Term Debt | 6.9 | 1.5 | 1.2 | 1.5 | 9.8 | 546.3% |
| Long Term Debt | 9.9 | 10.9 | 9.8 | 8.6 | 7.1 | -17.5% |
Cash flow
|
|---|
| Capex | 6.1 | 4.7 | 2.2 | 0.6 | 7.6 | 1,095.6% |
Ratios
|
|---|
| Revenue growth | -28.6% | 8.2% | -10.2% | 11.6% | 52.3% | |
| EBITDA growth | -229.8% | -126.5% | -567.2% | -132.5% | 57.0% | |
| Gross Margin | 1.8% | 11.8% | -5.9% | 2.6% | 7.0% | 4.4% |
| EBITDA Margin | -11.9% | 2.9% | -15.1% | 4.4% | 4.5% | 0.1% |
| Net Income Margin | -20.3% | -3.8% | -39.5% | -4.0% | -3.0% | 1.1% |
| SG&A, % of revenue | | | | | 4.7% | 4.7% |
| CAPEX, % of revenue | 8.7% | 6.3% | 3.2% | 0.8% | 6.6% | 5.8% |
| ROIC | -14.2% | -3.2% | -29.9% | -2.5% | 6.4% | 8.8% |
| ROE | -18.5% | -4.4% | -53.8% | -8.8% | -10.6% | -1.9% |
| Net Debt/EBITDA | | -1.6x | | 0.7x | 2.6x | 1.8x |
BIOX Corp ($BX) key quoterly financial indicators
| mln. CAD | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 26 | 21 | 40 | 28 | -6.1% | 33.4% | 193.6% | 52.1% |
| EBITDA | 5 | -2 | 1 | 1 | -7.9% | | 28.2% | |
| Net Income | 4 | -6 | -1 | -1 | -2.8% | | | |
Balance Sheet
|
|---|
| Cash | 7 | 8 | 1 | 4 | -3.7% | -20.2% | -94.5% | -54.2% |
| Short Term Debt | 4 | 4 | 2 | 10 | 205.1% | 146.2% | 32.2% | 546.3% |
| Long Term Debt | 8 | 8 | 7 | 7 | -15.5% | -16.1% | -16.8% | -17.5% |
Ratios
|
|---|
| Gross Margin | 22.8% | -8.3% | 2.8% | 10.1% | 1.4% | -1.4% | 11.5% | 19.4% |
| EBITDA Margin | 20.4% | -10.5% | 2.1% | 3.8% | -0.4% | -3.1% | -2.7% | 13.6% |
| Net Income Margin | 16.3% | -26.2% | -3.0% | -2.9% | 0.6% | -13.7% | 4.5% | 20.7% |
Revenue and profitability
The company's Revenue surged on 52.3%. Revenue growth showed slow down in FY16Q4 - it was 52.1% YoY. Despite revenue decline the EBITDA margin expanded. EBITDA Margin jumped on 111 pp from -69.8% to 41.6% in 2016.
Gross Margin increased on 4.4 pp from 2.6% to 7.0% in FY2016.
Net Income marign increased slightly on 1.1 pp from -4.0% to -3.0% in FY2016.
Capital expenditures (CAPEX) and working capital investments
BIOX Corp's CAPEX/Revenue was 6.6% in FY2016. BIOX Corp's CAPEX/Revenue showed almost no change from FY2013 to FY2016. It's average CAPEX/Revenue for the last three years was 3.6%.To secure this fast growth BIOX Corp made large investments to CAPEX (146% of EBITDA).
Return on investment
The company operates at low but positive ROIC (6.37%) and negative ROE (-10.64%). ROIC increased on 8.8 pp from -2.5% to 6.4% in FY2016. ROE decreased slightly on 1.9 pp from -8.8% to -10.6% in FY2016.
Leverage (Debt)
Company's Net Debt / EBITDA is 2.6x and Debt / EBITDA is 3.3x. Net Debt / EBITDA jumped on 1.8x from 0.7x to 2.6x in FY2016. Debt jumped on 67.2% while cash dropped on 54.2%.
Appendix 1: Peers in Energy
Below we provide BIOX Corp 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Oryx Petroleum Corp Ltd ($OXC) | | | | -18.4% | 141.2% |
| Seven Generations Energy Ltd ($VII) | | 115.7% | 340.2% | 39.0% | 94.4% |
| Athabasca Oil Corp ($ATH) | | 342.7% | 5.5% | -22.9% | 73.1% |
| Painted Pony Petroleum Ltd ($PPY) | | 41.3% | 56.0% | -42.5% | 60.7% |
| ONEnergy Inc ($OEG) | | | 6,002.6% | 231.5% | 57.4% |
| |
|---|
| Median (117 companies) | | 15.4% | 17.0% | -28.6% | -19.0% |
|---|
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Americas Petrogas Inc ($BOE) | 77.1% | 43.3% | -34.3% | 121.1% | |
| TransAlta Renewables Inc ($RNW) | | 94.4% | 94.5% | 94.5% | 91.1% |
| Serinus Energy Inc ($SEN) | 80.5% | 76.5% | 86.8% | 88.5% | |
| Advantage Oil & Gas Ltd ($AAV) | 62.0% | 84.5% | 92.5% | 88.5% | 90.3% |
| Polaris Infrastructure Inc ($PIF) | 39.9% | 33.6% | 32.0% | 86.7% | 88.6% |
| |
|---|
| Median (115 companies) | 32.0% | 32.1% | 32.4% | 33.6% | 32.0% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Granite Oil Corp ($GXO) | 59.4% | 64.5% | 70.8% | 201.9% | |
| Perpetual Energy Inc ($PMT) | 35.5% | 70.7% | 58.0% | 110.3% | |
| Petro Rio SA ($PRJ) | -4,809.7% | -6,899.7% | 28.2% | 90.7% | |
| Peyto Exploration & Development Corp ($PEY) | 86.1% | 83.2% | 86.3% | 84.6% | 80.7% |
| Innergex Renewable Energy Inc ($INE) | 111.8% | 110.0% | 82.9% | 83.4% | 83.5% |
| |
|---|
| Median (129 companies) | 25.7% | 34.5% | 28.9% | 8.4% | 28.2% |
|---|
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Oryx Petroleum Corp Ltd ($OXC) | | | 1,997.8% | 712.8% | |
| WesternZagros Resources Ltd ($WZR) | | | | 385.6% | |
| Athabasca Oil Corp ($ATH) | 2,426.4% | 596.6% | 504.7% | 315.2% | 83.7% |
| TORC Oil & Gas Ltd ($TOG) | 453.8% | 466.9% | 104.5% | 229.4% | 76.3% |
| Seven Generations Energy Ltd ($VII) | 452.8% | 513.1% | 227.4% | 191.2% | 73.5% |
| |
|---|
| Median (130 companies) | 42.5% | 39.1% | 45.3% | 27.8% | 23.0% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Enerplus Corp ($ERF) | -17.3% | 10.2% | 11.5% | -55.5% | 16.3% |
| Whitecap Resources Inc ($WCP) | 7.1% | 8.1% | 9.6% | -10.6% | 10.1% |
| Ecopetrol SA ($ECP) | 29.3% | 24.4% | 16.5% | 3.0% | 9.6% |
| Parkland Fuel Corp ($PKI) | 22.3% | 23.3% | 9.9% | 7.8% | 8.6% |
| Inter Pipeline Ltd ($IPL) | 9.5% | 8.0% | 7.5% | 9.6% | 8.5% |
| |
|---|
| Median (129 companies) | 3.8% | 5.6% | 5.5% | -8.4% | -1.9% |
|---|
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| BlackPearl Resources Inc ($PXX) | -0.2x | -0.1x | 0.2x | 3,726.1x | -0.2x |
| Paramount Resources Ltd ($POU) | 14.6x | 23.9x | 8.9x | 421.5x | -5.8x |
| Precision Drilling Corp ($PD) | 2.2x | 1.9x | 2.0x | 68.4x | 7.6x |
| Trican Well Service Ltd ($TCW) | 2.5x | 3.4x | 2.9x | 31.4x | |
| Trilogy Energy Corp ($TET) | 2.6x | 1.8x | 2.3x | 25.5x | 7.3x |
| |
|---|
| Median (79 companies) | 1.6x | 1.4x | 1.4x | 2.6x | 2.7x |
|---|
