Pulse Seismic Inc reports 70.3 pp EBITDA Margin decline from 70.3% to in 2016
07.03.2017 • About Pulse Seismic Inc (
$PSD) • By InTwits
Pulse Seismic Inc reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Pulse Seismic Inc is a company in decline: FY2016 revenue growth was -41.3%, 5 years revenue CAGR was -22.6%
- EBITDA Margin is declining: in FY2016 vs. 70.3% in FY2015 vs. 87.3% in FY2012
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Pulse Seismic Inc ($PSD) key annual financial indicators
| mln. CAD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 86.353 | 40.508 | 35.743 | 24.434 | 14.339 | -41.3% |
| Gross Profit | 49.491 | | | | | |
| SG&A | 3.071 | 3.117 | 2.735 | 2.327 | | -100.0% |
| EBITDA | 75.357 | 32.018 | 28.236 | 17.181 | | -100.0% |
| Net Income | 27.446 | -18.834 | 3.478 | -5.308 | -7.490 | |
Balance Sheet
|
|---|
| Cash | 20.311 | 1.745 | 0.901 | 0.000 | | |
| Short Term Debt | 12.998 | 0.000 | 0.000 | 0.222 | | -100.0% |
| Long Term Debt | 13.690 | 21.850 | 5.367 | 0.000 | | |
Cash flow
|
|---|
| Capex | 0.790 | 21.392 | 0.100 | 3.973 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 67.8% | -53.1% | -11.8% | -31.6% | -41.3% | |
| EBITDA growth | 75.5% | -57.5% | -11.8% | -39.2% | | |
| Gross Margin | 57.3% | | | | | 0.0% |
| EBITDA Margin | 87.3% | 79.0% | 79.0% | 70.3% | 0.0% | -70.3% |
| Net Income Margin | 31.8% | -46.5% | 9.7% | -21.7% | -52.2% | -30.5% |
| SG&A, % of revenue | 3.6% | 7.7% | 7.7% | 9.5% | | -9.5% |
| CAPEX, % of revenue | 0.9% | 52.8% | 0.3% | 16.3% | | -16.3% |
| ROIC | 28.3% | -20.6% | 6.5% | -10.6% | | 10.6% |
| ROE | 30.6% | -23.2% | 5.6% | -10.2% | | 10.2% |
| Net Debt/EBITDA | 0.1x | 0.6x | 0.2x | 0.0x | | -0.0x |
Pulse Seismic Inc ($PSD) key quoterly financial indicators
| mln. CAD | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 2 | 3 | 6 | 4 | -61.0% | -57.0% | 20.0% | -52.3% |
| EBITDA | 0 | 1 | 4 | 3 | -93.1% | -70.7% | 32.0% | -51.3% |
| Net Income | -3 | -2 | -0 | -1 | | | | -290.4% |
Balance Sheet
|
|---|
| Cash | 1 | 2 | 4 | 6 | 71.5% | | 367.3% | |
| Short Term Debt | 0 | 0 | 0 | 0 | | -100.0% | | -100.0% |
| Long Term Debt | 0 | 0 | 0 | 0 | -100.0% | -100.0% | -100.0% | |
Ratios
|
|---|
| EBITDA Margin | 11.7% | 51.6% | 76.7% | 70.3% | -54.5% | -24.1% | 7.0% | 1.5% |
| Net Income Margin | -197.3% | -87.8% | -5.4% | -30.0% | -123.5% | -71.7% | 28.4% | -37.5% |
Revenue and profitability
Pulse Seismic Inc's Revenue dropped on 41.3%. Revenue decline showed acceleration in FY16Q4 - it was 52.3% YoY.
Net Income marign dropped on 30.5 pp from -21.7% to -52.2% in FY2016.
Appendix 1: Peers in Energy
Below you can find Pulse Seismic Inc benchmarking vs. other companies in Energy industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Oryx Petroleum Corp Ltd ($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) | | 16.2% | 17.0% | -27.7% | -18.0% |
|---|
| Pulse Seismic Inc ($PSD) | | -53.1% | -11.8% | -31.6% | -41.3% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Americas Petrogas Inc ($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 ($INE) | 111.8% | 110.0% | 82.9% | 83.4% | 83.5% |
| |
|---|
| Median (128 companies) | 25.3% | 34.1% | 28.9% | 8.1% | 28.2% |
|---|
| Pulse Seismic Inc ($PSD) | 87.3% | 79.0% | 79.0% | 70.3% | |
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 ($VII) | 452.8% | 513.1% | 227.4% | 191.2% | 73.5% |
| |
|---|
| Median (129 companies) | 43.8% | 39.0% | 45.6% | 28.1% | 23.0% |
|---|
| Pulse Seismic Inc ($PSD) | 0.9% | 52.8% | 0.3% | 16.3% | |
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 ($IPL) | 9.5% | 8.0% | 7.5% | 9.6% | 8.5% |
| |
|---|
| Median (128 companies) | 3.6% | 5.8% | 5.5% | -8.2% | -1.9% |
|---|
| Pulse Seismic Inc ($PSD) | 28.3% | -20.6% | 6.5% | -10.6% | |
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 ($TET) | 2.6x | 1.8x | 2.3x | 25.5x | 7.3x |
| |
|---|
| Median (78 companies) | 1.6x | 1.5x | 1.4x | 2.7x | 2.7x |
|---|
| Pulse Seismic Inc ($PSD) | 0.1x | 0.6x | 0.2x | 0.0x | |
