NuVista Energy Ltd EBITDA Margin dropped on 42.6 pp from 42.6% to in 2016
07.03.2017 • About NuVista Energy Ltd (
$NVA) • By InTwits
NuVista Energy Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: It operates with high leverage: Net Debt/EBITDA is 6.0x while industry average is 4.3x.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
NuVista Energy Ltd ($NVA) key annual financial indicators
| mln. CAD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 213.9 | 192.5 | 236.9 | 261.7 | 257.3 | -1.7% |
| Gross Profit | 114.3 | 111.6 | 3.0 | -90.2 | | |
| SG&A | 21.3 | 20.5 | 21.3 | 20.1 | | -100.0% |
| EBITDA | 83.1 | 20.7 | 40.9 | 111.6 | | -100.0% |
| Net Income | -195.2 | -61.1 | -58.9 | -172.9 | -1.7 | |
Balance Sheet
|
|---|
| Cash | 0.0 | 2.5 | 0.0 | 0.0 | | |
| Short Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | | |
| Long Term Debt | 19.9 | 0.0 | 172.0 | 196.7 | | -100.0% |
Cash flow
|
|---|
| Capex | 98.0 | 214.9 | 341.8 | 263.7 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -34.4% | -10.0% | 23.1% | 10.5% | -1.7% | |
| EBITDA growth | -50.9% | -75.2% | 98.0% | 173.0% | | |
| Gross Margin | 53.4% | 58.0% | 1.3% | -34.5% | | 34.5% |
| EBITDA Margin | 38.9% | 10.7% | 17.3% | 42.6% | 0.0% | -42.6% |
| Net Income Margin | -91.3% | -31.8% | -24.9% | -66.1% | -0.6% | 65.4% |
| SG&A, % of revenue | 10.0% | 10.6% | 9.0% | 7.7% | | -7.7% |
| CAPEX, % of revenue | 45.8% | 111.6% | 144.3% | 100.7% | | -100.7% |
| ROIC | -27.7% | -8.0% | -13.8% | -15.6% | | 15.6% |
| ROE | -27.7% | -9.0% | -8.4% | -26.3% | | 26.3% |
| Net Debt/EBITDA | 0.2x | -0.1x | 4.2x | 1.8x | | -1.8x |
NuVista Energy Ltd ($NVA) key quoterly financial indicators
| mln. CAD | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 68 | 68 | 70 | 76 | 1.1% | 6.4% | 7.2% | 16.0% |
| EBITDA | 32 | 34 | 34 | 43 | 6.7% | 12.1% | 38.7% | 61.0% |
| Net Income | 2 | -7 | 2 | 1 | | | | |
Balance Sheet
|
|---|
| Cash | 0 | 0 | 0 | 5 | | | | |
| Short Term Debt | 0 | 0 | 0 | 0 | | | | |
| Long Term Debt | 231 | 156 | 146 | 67 | -0.8% | 1.9% | -15.3% | -65.9% |
Ratios
|
|---|
| Gross Margin | 20.2% | 27.7% | 17.9% | 26.0% | 2.6% | 23.8% | 100.7% | 103.4% |
| EBITDA Margin | 47.7% | 49.6% | 48.8% | 56.4% | 2.5% | 2.6% | 11.1% | 15.8% |
| Net Income Margin | 3.6% | -10.8% | 3.0% | 1.5% | 15.0% | 22.7% | 117.9% | 107.1% |
Revenue and profitability
The company's Revenue decreased slightly on 1.7%. Annual revenue decline showed slowdown in FY16Q4 - revenue jumped on 16.0%.
Net Income marign jumped on 65.4 pp from -66.1% to -0.64% in FY2016.
Management team
NuVista Energy Ltd's CEO is Jonathan A Wright. Jonathan A Wright is a founder and has 7 years tenure at the company. The company's CFO is Ross L Andreachuk. Ross L Andreachuk has 4 years tenure at the company.
Appendix 1: Peers in Energy
Below you can find NuVista Energy Ltd benchmarking vs. other companies in Energy industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Oryx Petroleum Corp Ltd ($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) | | 16.2% | 16.9% | -29.5% | -19.1% |
|---|
| NuVista Energy Ltd ($NVA) | | -10.0% | 23.1% | 10.5% | -1.7% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Americas Petrogas Inc ($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% | 32.1% | 32.4% | 33.9% | 32.0% |
|---|
| NuVista Energy Ltd ($NVA) | 53.4% | 58.0% | 1.3% | -34.5% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Granite Oil Corp ($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% | 35.7% | 28.9% | 8.1% | 28.2% |
|---|
| NuVista Energy Ltd ($NVA) | 38.9% | 10.7% | 17.3% | 42.6% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Oryx Petroleum Corp Ltd ($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% | 45.0% | 27.6% | 23.0% |
|---|
| NuVista Energy Ltd ($NVA) | 45.8% | 111.6% | 144.3% | 100.7% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Enerplus Corp ($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% | -8.2% | -1.9% |
|---|
| NuVista Energy Ltd ($NVA) | -27.7% | -8.0% | -13.8% | -15.6% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| BlackPearl Resources Inc ($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) | 1.6x | 1.5x | 1.4x | 2.7x | 2.7x |
|---|
| NuVista Energy Ltd ($NVA) | 0.2x | -0.1x | 4.2x | 1.8x | |
