Hydrogenics Corp reports 19.2% revenue decline in FY2016
08.03.2017 • About Hydrogenics Corp (
$HYG) • By InTwits
Hydrogenics Corp reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is relatively stable: in FY2016 vs. -21.4% in FY2015 vs. -35.8% in FY2012
- Hydrogenics Corp motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 was 0.0%. On average EBITDA Margin was -15.3% for the sames years0
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Hydrogenics Corp ($HYG) key annual financial indicators
| mln. $ | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 31.697 | 42.413 | 45.548 | 35.864 | 28.990 | -19.2% |
| Gross Profit | 5.249 | 12.061 | 11.214 | 5.971 | | -100.0% |
| SG&A | 13.027 | 16.275 | 11.756 | 10.215 | | -100.0% |
| EBITDA | -11.355 | -6.071 | -3.165 | -7.684 | | |
| Net Income | -12.797 | -8.908 | -4.523 | -11.442 | -9.857 | |
Balance Sheet
|
|---|
| Cash | 13.020 | 11.823 | 6.572 | 23.398 | | -100.0% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 1.086 | | -100.0% |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | | |
Cash flow
|
|---|
| Capex | 0.424 | 0.939 | 0.871 | 2.028 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 33.0% | 33.8% | 7.4% | -21.3% | -19.2% | |
| EBITDA growth | 36.3% | -46.5% | -47.9% | 142.8% | | |
| Gross Margin | 16.6% | 28.4% | 24.6% | 16.6% | | -16.6% |
| EBITDA Margin | -35.8% | -14.3% | -6.9% | -21.4% | 0.0% | 21.4% |
| Net Income Margin | -40.4% | -21.0% | -9.9% | -31.9% | -34.0% | -2.1% |
| SG&A, % of revenue | 41.1% | 38.4% | 25.8% | 28.5% | | -28.5% |
| CAPEX, % of revenue | 1.3% | 2.2% | 1.9% | 5.7% | | -5.7% |
| ROIC | -158.7% | -126.4% | -34.9% | -44.9% | | 44.9% |
| ROE | -169.7% | -170.2% | -41.8% | -64.1% | | 64.1% |
Hydrogenics Corp ($HYG) key quoterly financial indicators
| mln. $ | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 4 | 9 | 7 | 9 | -42.5% | 24.8% | -30.2% | -22.9% |
| EBITDA | -2 | -3 | -1 | -2 | | | | |
| Net Income | -2 | -3 | -2 | -3 | | | | |
Balance Sheet
|
|---|
| Cash | 18 | 12 | 10 | 10 | 186.3% | 44.4% | 44.3% | -55.8% |
| Short Term Debt | 0 | 0 | 2 | 2 | -100.0% | -100.0% | 0.3% | 94.4% |
| Long Term Debt | 0 | 0 | 0 | 0 | | | | |
Ratios
|
|---|
| Gross Margin | 28.0% | 19.8% | 14.9% | 22.5% | 12.7% | 5.6% | -6.9% | 7.7% |
| EBITDA Margin | -45.9% | -27.7% | -21.3% | -19.3% | -15.6% | 5.2% | -7.1% | -5.2% |
| Net Income Margin | -54.6% | -33.6% | -28.2% | -28.7% | -9.1% | 16.6% | -5.5% | -9.9% |
Revenue and profitability
Hydrogenics Corp's Revenue dropped on 19.2%. Revenue decline showed acceleration in FY16Q4 - it was 22.9% YoY.
Net Income marign decreased on 2.1 pp from -31.9% to -34.0% in FY2016.
Management team
The company's CEO is Daryl C F Wilson. Daryl C F Wilson is a founder and has 11 years tenure at the company. The company's CFO is Robert Martin Motz "Bob". Robert Martin Motz "Bob" has 6 years tenure at the company.
Appendix 1: Peers in Energy
Below you can find Hydrogenics Corp 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 ($OEG) | | | 6,002.6% | 231.5% | 57.4% |
| |
|---|
| Median (116 companies) | | 15.4% | 17.0% | -29.5% | -18.0% |
|---|
| Hydrogenics Corp ($HYG) | | 33.8% | 7.4% | -21.3% | -19.2% |
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 ($PIF) | 39.9% | 33.6% | 32.0% | 86.7% | 88.6% |
| |
|---|
| Median (114 companies) | 32.0% | 32.2% | 32.4% | 33.9% | 32.0% |
|---|
| Hydrogenics Corp ($HYG) | 16.6% | 28.4% | 24.6% | 16.6% | |
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 ($INE) | 111.8% | 110.0% | 82.9% | 83.4% | 83.5% |
| |
|---|
| Median (128 companies) | 25.9% | 35.7% | 28.9% | 9.0% | 28.2% |
|---|
| Hydrogenics Corp ($HYG) | -35.8% | -14.3% | -6.9% | -21.4% | |
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 ($VII) | 452.8% | 513.1% | 227.4% | 191.2% | 73.5% |
| |
|---|
| Median (129 companies) | 43.8% | 39.2% | 45.6% | 28.1% | 23.0% |
|---|
| Hydrogenics Corp ($HYG) | 1.3% | 2.2% | 1.9% | 5.7% | |
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 ($IPL) | 9.5% | 8.0% | 7.5% | 9.6% | 8.5% |
| |
|---|
| Median (128 companies) | 3.9% | 5.8% | 5.7% | -8.2% | -1.9% |
|---|
| Hydrogenics Corp ($HYG) | -158.7% | -126.4% | -34.9% | -44.9% | |
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 |
|---|
