Pattern Energy Group Inc EBITDA Margin dropped on 52.3 pp from 52.3% to in 2016
01.03.2017 • About Pattern Energy Group Inc (
$PEG) • By InTwits
Pattern Energy Group Inc reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is declining: in FY2016 vs. 52.3% in FY2015 vs. 59.4% in FY2012.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Pattern Energy Group Inc ($PEG) key annual financial indicators
| mln. $ | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 114.5 | 201.6 | 265.5 | 318.6 | 354.1 | 11.1% |
| Gross Profit | 30.7 | 60.7 | 187.7 | 204.0 | | -100.0% |
| SG&A | 11.5 | 13.0 | 28.3 | 37.4 | | -100.0% |
| EBITDA | 68.0 | 130.9 | 159.4 | 166.6 | | -100.0% |
| Net Income | -6.3 | 17.0 | -31.3 | -32.5 | -17.1 | |
Balance Sheet
|
|---|
| Cash | 17.6 | 103.6 | 101.7 | 94.8 | | -100.0% |
| Short Term Debt | 137.3 | 48.9 | 159.7 | 399.1 | | -100.0% |
| Long Term Debt | 1,153.3 | 1,200.4 | 1,304.2 | 1,371.7 | | -100.0% |
Cash flow
|
|---|
| Capex | 641.4 | 123.5 | 119.5 | 380.5 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -15.7% | 76.0% | 31.7% | 20.0% | 11.1% | |
| EBITDA growth | -28.3% | 92.4% | 21.8% | 4.5% | | |
| Gross Margin | 26.8% | 30.1% | 70.7% | 64.0% | | -64.0% |
| EBITDA Margin | 59.4% | 64.9% | 60.0% | 52.3% | 0.0% | -52.3% |
| Net Income Margin | -5.5% | 8.4% | -11.8% | -10.2% | -4.8% | 5.4% |
| SG&A, % of revenue | 10.0% | 6.4% | 10.7% | 11.7% | | -11.7% |
| CAPEX, % of revenue | 560.1% | 61.3% | 45.0% | 119.4% | | -119.4% |
| ROIC | 1.2% | 2.6% | 2.5% | 0.7% | | -0.7% |
| ROE | -1.4% | 3.5% | -5.7% | -4.4% | | 4.4% |
| Net Debt/EBITDA | 18.7x | 8.8x | 8.5x | 10.1x | | -10.1x |
Pattern Energy Group Inc ($PEG) key quoterly financial indicators
| mln. $ | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 88 | 93 | 92 | 81 | 35.1% | 10.4% | 15.1% | -10.5% |
| EBITDA | 44 | 48 | 46 | 37 | 39.0% | 2.5% | 10.1% | -22.7% |
| Net Income | -24 | -3 | -4 | 14 | | -122.5% | | 462.1% |
Balance Sheet
|
|---|
| Cash | 91 | 88 | 66 | 84 | -62.8% | 5.7% | -36.3% | -11.5% |
| Short Term Debt | 401 | 381 | 81 | 229 | 149.7% | -34.6% | -81.8% | -42.7% |
| Long Term Debt | 1,374 | 1,363 | 1,347 | 1,335 | 7.3% | -0.4% | -3.9% | -2.7% |
Ratios
|
|---|
| Gross Margin | 63.2% | 17.6% | 65.9% | 60.7% | 46.9% | -49.4% | 2.0% | -3.4% |
| EBITDA Margin | 50.1% | 51.1% | 49.8% | 45.9% | 1.4% | -3.9% | -2.3% | -7.2% |
| Net Income Margin | -27.0% | -3.4% | -4.4% | 17.0% | 3.7% | -20.4% | 32.4% | 14.3% |
Revenue and profitability
Pattern Energy Group Inc's Revenue jumped on 11.1%. Revenue growth showed slow down in FY16Q4 - it was -10.5% YoY.
Net Income marign increased on 5.4 pp from -10.2% to -4.8% in FY2016.
Management team
Michael Morgan Garland "Mike" is a Pattern Energy Group Inc's CEO. Michael Morgan Garland "Mike" is a founder and has spent 5 years at the company.
Appendix 1: Peers in Energy
Below you can find Pattern Energy Group 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 | 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 ($OEG) | | | 6,002.6% | 231.5% | 57.4% |
| |
|---|
| Median (116 companies) | | 15.4% | 16.9% | -29.5% | -19.1% |
|---|
| Pattern Energy Group Inc ($PEG) | | 76.0% | 31.7% | 20.0% | 11.1% |
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 ($PIF) | 39.9% | 33.6% | 32.0% | 86.7% | 88.6% |
| |
|---|
| Median (114 companies) | 32.0% | 32.2% | 32.2% | 33.6% | 32.0% |
|---|
| Pattern Energy Group Inc ($PEG) | 26.8% | 30.1% | 70.7% | 64.0% | |
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 ($INE) | 111.8% | 110.0% | 82.9% | 83.4% | 83.5% |
| |
|---|
| Median (128 companies) | 25.3% | 34.1% | 28.9% | 8.1% | 28.2% |
|---|
| Pattern Energy Group Inc ($PEG) | 59.4% | 64.9% | 60.0% | 52.3% | |
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 ($VII) | 452.8% | 513.1% | 227.4% | 191.2% | 73.5% |
| |
|---|
| Median (129 companies) | 42.3% | 39.0% | 45.6% | 27.6% | 23.0% |
|---|
| Pattern Energy Group Inc ($PEG) | 560.1% | 61.3% | 45.0% | 119.4% | |
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 ($IPL) | 9.5% | 8.0% | 7.5% | 9.6% | 8.5% |
| |
|---|
| Median (128 companies) | 3.9% | 5.8% | 5.7% | -8.5% | -1.9% |
|---|
| Pattern Energy Group Inc ($PEG) | 1.2% | 2.6% | 2.5% | 0.7% | |
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 ($TET) | 2.6x | 1.8x | 2.3x | 25.5x | 7.3x |
| |
|---|
| Median (78 companies) | 1.5x | 1.4x | 1.4x | 2.6x | 2.7x |
|---|
| Pattern Energy Group Inc ($PEG) | 18.7x | 8.8x | 8.5x | 10.1x | |
