Etrion Corp EBITDA Margin dropped on 69.8 pp from 69.8% to in 2016
13.03.2017 • About Etrion Corp (
$ETX) • By InTwits
Etrion Corp reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: Etrion Corp is a company in decline: FY2016 revenue growth was -69.8%, 5 years revenue CAGR was -21.7%.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Etrion Corp ($ETX) key annual financial indicators
| mln. $ | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 55.662 | 53.911 | 49.628 | 50.448 | 15.233 | -69.8% |
| Gross Profit | 29.736 | 25.431 | 25.862 | 16.951 | | -100.0% |
| SG&A | 8.452 | 8.631 | 10.588 | 10.824 | | -100.0% |
| EBITDA | 43.971 | 41.259 | 33.560 | 35.237 | | -100.0% |
| Net Income | -8.458 | -10.296 | -16.386 | -15.317 | -43.153 | |
Balance Sheet
|
|---|
| Cash | 37.750 | 94.914 | 95.349 | 52.499 | | -100.0% |
| Short Term Debt | 30.024 | 21.152 | 70.282 | 47.688 | | -100.0% |
| Long Term Debt | 369.747 | 417.432 | 454.969 | 485.372 | | -100.0% |
Cash flow
|
|---|
| Capex | 0.676 | 7.706 | 148.514 | 29.317 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 7.2% | -3.1% | -7.9% | 1.7% | -69.8% | |
| EBITDA growth | 49.6% | -6.2% | -18.7% | 5.0% | | |
| Gross Margin | 53.4% | 47.2% | 52.1% | 33.6% | | -33.6% |
| EBITDA Margin | 79.0% | 76.5% | 67.6% | 69.8% | 0.0% | -69.8% |
| Net Income Margin | -15.2% | -19.1% | -33.0% | -30.4% | -283.3% | -252.9% |
| SG&A, % of revenue | 15.2% | 16.0% | 21.3% | 21.5% | | -21.5% |
| CAPEX, % of revenue | 1.2% | 14.3% | 299.3% | 58.1% | | -58.1% |
| ROIC | 5.8% | 4.9% | 3.3% | 0.7% | | -0.7% |
| ROE | | | | -82.6% | | 82.6% |
| Net Debt/EBITDA | 8.2x | 8.3x | 12.8x | 13.6x | | -13.6x |
Revenue and profitability
Etrion Corp's Revenue dropped on 69.8%.
Net Income marign dropped on 253 pp from -30.4% to -283% in FY2016.
Management team
The company's CEO Marco A Northland is a founder and has spent 9 years at the company.
Appendix 1: Peers in Energy
Below we provide Etrion Corp benchmarking against other companies in Energy 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 |
|---|
| 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 ($OEG) | | | 6,002.6% | 231.5% | 57.4% |
| |
|---|
| Median (116 companies) | | 16.2% | 17.0% | -29.5% | -18.0% |
|---|
| Etrion Corp ($ETX) | | -3.1% | -7.9% | 1.7% | -69.8% |
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 ($PIF) | 39.9% | 33.6% | 32.0% | 86.7% | 88.6% |
| |
|---|
| Median (114 companies) | 32.0% | 32.1% | 32.2% | 33.9% | 32.0% |
|---|
| Etrion Corp ($ETX) | 53.4% | 47.2% | 52.1% | 33.6% | |
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 ($INE) | 111.8% | 110.0% | 82.9% | 83.4% | 83.5% |
| |
|---|
| Median (128 companies) | 25.3% | 34.1% | 28.9% | 8.1% | 28.2% |
|---|
| Etrion Corp ($ETX) | 79.0% | 76.5% | 67.6% | 69.8% | |
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 ($VII) | 452.8% | 513.1% | 227.4% | 191.2% | 73.5% |
| |
|---|
| Median (129 companies) | 43.8% | 39.2% | 45.0% | 27.6% | 23.0% |
|---|
| Etrion Corp ($ETX) | 1.2% | 14.3% | 299.3% | 58.1% | |
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 ($IPL) | 9.5% | 8.0% | 7.5% | 9.6% | 8.5% |
| |
|---|
| Median (128 companies) | 3.6% | 5.8% | 5.7% | -8.5% | -1.9% |
|---|
| Etrion Corp ($ETX) | 5.8% | 4.9% | 3.3% | 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 ($TET) | 2.6x | 1.8x | 2.3x | 25.5x | 7.3x |
| |
|---|
| Median (78 companies) | 1.5x | 1.4x | 1.4x | 2.6x | 2.7x |
|---|
| Etrion Corp ($ETX) | 8.2x | 8.3x | 12.8x | 13.6x | |
