US Geothermal Inc Net Income dropped on 74.9% in 2016
09.03.2017 • About US Geothermal Inc (
$GTH) • By InTwits
US Geothermal Inc reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: It operates with high leverage: Net Debt/EBITDA is 18.3x while industry average is 8.0x.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
US Geothermal Inc ($GTH) key annual financial indicators
| mln. $ | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 5.894 | 27.371 | 30.969 | 31.200 | 31.482 | 0.9% |
| SG&A | 0.203 | 0.202 | 0.200 | 0.216 | | -100.0% |
| EBITDA | -7.634 | 14.486 | 15.364 | 16.402 | | -100.0% |
| Net Income | -6.222 | 1.947 | 11.614 | 1.847 | 0.463 | -74.9% |
Balance Sheet
|
|---|
| Cash | 4.433 | 28.737 | 12.995 | 8.654 | | -100.0% |
| Short Term Debt | 7.514 | 4.175 | 4.357 | 4.412 | | -100.0% |
| Long Term Debt | 2.125 | 99.247 | 94.376 | 89.887 | | -100.0% |
Cash flow
|
|---|
| Capex | 26.779 | 13.869 | 3.746 | 6.603 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 81.2% | 364.4% | 13.1% | 0.7% | 0.9% | |
| EBITDA growth | 179.2% | -289.8% | 6.1% | 6.8% | | |
| EBITDA Margin | -129.5% | 52.9% | 49.6% | 52.6% | 0.0% | -52.6% |
| Net Income Margin | -105.6% | 7.1% | 37.5% | 5.9% | 1.5% | -4.4% |
| SG&A, % of revenue | 3.5% | 0.7% | 0.6% | 0.7% | | -0.7% |
| CAPEX, % of revenue | 454.3% | 50.7% | 12.1% | 21.2% | | -21.2% |
| ROIC | -11.0% | 4.5% | 4.0% | 4.6% | | -4.6% |
| ROE | -9.8% | 3.0% | 15.1% | 2.0% | | -2.0% |
| Net Debt/EBITDA | | 5.2x | 5.6x | 5.2x | | -5.2x |
US Geothermal Inc ($GTH) key quoterly financial indicators
| mln. $ | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 9 | 6 | 7 | 11 | 0.3% | -3.4% | -2.8% | 6.5% |
| EBITDA | 4 | 2 | 3 | 6 | -19.0% | 4.2% | -2.6% | -4.6% |
| Net Income | 0 | -0 | -0 | 1 | -79.4% | | -153.6% | -10.3% |
Balance Sheet
|
|---|
| Cash | 7 | 18 | 13 | 15 | -44.1% | 42.6% | 16.9% | 76.6% |
| Short Term Debt | 4 | 5 | 4 | 4 | -3.2% | 3.5% | -2.7% | -3.5% |
| Long Term Debt | 88 | 106 | 104 | 104 | -4.6% | 14.8% | 15.6% | 15.8% |
Ratios
|
|---|
| EBITDA Margin | 44.9% | 34.5% | 46.7% | 59.4% | -10.7% | 2.5% | 0.1% | -6.9% |
| Net Income Margin | 1.8% | -8.7% | -2.2% | 9.0% | -6.9% | -4.7% | -6.3% | -1.7% |
Revenue and profitability
US Geothermal Inc's Revenue increased slightly on 0.90%. Revenue growth showed acceleration in FY16Q4 - it increased 6.5% YoY.
Net Income marign decreased on 4.4 pp from 5.9% to 1.5% in FY2016.
Management team
The company's CEO Dennis J Gilles is a founder and has spent 5 years at the company. The company's CFO is Kerry D Hawkley. Kerry D Hawkley has 13 years tenure at the company.
Appendix 1: Peers in Utilities
Below we provide US Geothermal Inc benchmarking against other companies in Utilities 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 |
|---|
| Emera Inc ($EMA) | | 8.3% | 31.8% | -5.1% | 53.3% |
| Northland Power Inc ($NPI) | | 54.1% | 36.4% | -4.2% | 50.9% |
| Boralex Inc ($BLX) | | -6.7% | 13.5% | 37.1% | 11.7% |
| Algonquin Power & Utilities Corp ($AQN) | | 93.6% | 39.4% | 9.2% | 6.6% |
| TransAlta Corp ($TA) | | 3.7% | 14.4% | -13.6% | 5.7% |
| |
|---|
| Median (14 companies) | | 10.8% | 10.6% | -9.3% | 0.4% |
|---|
| US Geothermal Inc ($GTH) | | 364.4% | 13.1% | 0.7% | 0.9% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Atco Ltd/Canada ($ACO.X) | 85.6% | 85.1% | 82.3% | 85.0% | 88.8% |
| Canadian Utilities Ltd ($CU) | 81.0% | 80.8% | 77.7% | 81.0% | 86.6% |
| Northland Power Inc ($NPI) | 52.5% | 63.7% | 61.8% | 69.0% | 82.4% |
| GWR Global Water Resources Corp ($GWR) | | | | 77.8% | 79.2% |
| Fortis Inc/Canada ($FTS) | 34.6% | 34.4% | 59.3% | 61.7% | 65.8% |
| |
|---|
| Median (13 companies) | 34.6% | 37.1% | 55.0% | 59.0% | 59.8% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Northland Power Inc ($NPI) | 54.2% | 52.4% | 51.2% | 57.5% | 68.8% |
| Canadian Utilities Ltd ($CU) | 45.9% | 45.7% | 47.4% | 45.8% | 53.5% |
| Atco Ltd/Canada ($ACO.X) | 39.8% | 41.0% | 41.4% | 38.7% | 47.7% |
| TransAlta Corp ($TA) | 27.3% | 34.0% | 39.5% | 33.2% | 47.6% |
| Algonquin Power & Utilities Corp ($AQN) | 26.1% | 29.5% | 26.7% | 32.5% | 39.3% |
| |
|---|
| Median (13 companies) | 31.1% | 34.0% | 33.6% | 33.4% | 35.6% |
|---|
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Northland Power Inc ($NPI) | 84.0% | 60.2% | 238.7% | 265.9% | 148.0% |
| Algonquin Power & Utilities Corp ($AQN) | 21.7% | 23.5% | 45.9% | 19.9% | 37.0% |
| Canadian Utilities Ltd ($CU) | 70.7% | 66.4% | 58.5% | 47.2% | 35.4% |
| Atco Ltd/Canada ($ACO.X) | 58.8% | 54.2% | 48.3% | 39.6% | 33.1% |
| Caribbean Utilities Co Ltd ($CUP.U) | 13.8% | 13.0% | 17.0% | 41.3% | 29.2% |
| |
|---|
| Median (13 companies) | 31.4% | 24.5% | 21.7% | 24.5% | 28.0% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Keyera Corp ($KEY) | 13.8% | 12.7% | 14.3% | 12.6% | 10.5% |
| Atco Ltd/Canada ($ACO.X) | 10.8% | 10.5% | 9.6% | 5.6% | 8.1% |
| Canadian Utilities Ltd ($CU) | 10.0% | 9.4% | 9.2% | 5.9% | 8.0% |
| Northland Power Inc ($NPI) | 6.0% | 7.4% | 7.2% | 5.3% | 7.3% |
| Caribbean Utilities Co Ltd ($CUP.U) | 5.8% | 6.3% | 6.1% | 5.7% | 5.8% |
| |
|---|
| Median (14 companies) | 5.3% | 6.0% | 5.4% | 5.4% | 4.4% |
|---|
| US Geothermal Inc ($GTH) | -11.0% | 4.5% | 4.0% | 4.6% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Atlantic Power Corp ($ATP) | 12.6x | 13.0x | 22.4x | 251.1x | 24.3x |
| Emera Inc ($EMA) | 5.7x | 5.6x | 3.8x | 4.3x | 13.3x |
| Algonquin Power & Utilities Corp ($AQN) | 7.9x | 6.2x | 5.0x | 4.1x | 9.7x |
| Fortis Inc/Canada ($FTS) | 5.0x | 5.6x | 6.7x | 5.3x | 9.2x |
| GWR Global Water Resources Corp ($GWR) | | | | 6.3x | 8.1x |
| |
|---|
| Median (12 companies) | 5.0x | 5.5x | 4.1x | 5.0x | 6.1x |
|---|
