Perpetual Energy Inc reports 220% Net Income growth while 39.3% Revenue decline
15.03.2017 • About Perpetual Energy Inc (
$PMT) • By InTwits
Perpetual Energy Inc reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: Perpetual Energy Inc is a company in decline: FY2016 revenue growth was -39.3%, 5 years revenue CAGR was -19.0%.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Perpetual Energy Inc ($PMT) key annual financial indicators
| mln. | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 170.2 | 191.2 | 239.7 | 133.9 | 81.2 | -39.3% |
| Gross Profit | -25.9 | 12.7 | 54.1 | -31.7 | | |
| SG&A | 31.5 | 28.5 | 28.3 | 21.2 | | -100.0% |
| EBITDA | 60.5 | 135.2 | 138.9 | 147.6 | | -100.0% |
| Net Income | -76.0 | 7.6 | 3.4 | -89.3 | 107.1 | |
Balance Sheet
|
|---|
| Cash | 0.0 | 0.0 | 11.5 | 2.1 | | -100.0% |
| Short Term Debt | 0.0 | 70.6 | 0.0 | 42.0 | | -100.0% |
| Long Term Debt | 376.8 | 302.2 | 270.7 | 271.7 | | -100.0% |
Cash flow
|
|---|
| Capex | 79.7 | 95.5 | 116.4 | 76.3 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -26.8% | 12.3% | 25.4% | -44.1% | -39.3% | |
| EBITDA growth | -0.3% | 123.6% | 2.7% | 6.3% | | |
| Gross Margin | -15.2% | 6.6% | 22.6% | -23.7% | | 23.7% |
| EBITDA Margin | 35.5% | 70.7% | 58.0% | 110.3% | 0.0% | -110.3% |
| Net Income Margin | -44.6% | 4.0% | 1.4% | -66.7% | 131.9% | 198.6% |
| SG&A, % of revenue | 18.5% | 14.9% | 11.8% | 15.9% | | -15.9% |
| CAPEX, % of revenue | 46.8% | 50.0% | 48.6% | 57.0% | | -57.0% |
| ROIC | -10.1% | 9.1% | 10.4% | 16.1% | | -16.1% |
| ROE | -92.7% | 8.2% | 3.3% | -116.3% | | 116.3% |
| Net Debt/EBITDA | 6.2x | 2.8x | 1.9x | 2.1x | | -2.1x |
Perpetual Energy Inc ($PMT) key quoterly financial indicators
| mln. | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 31 | 18 | 18 | 11 | -21.3% | -46.3% | -38.8% | -63.3% |
| EBITDA | 13 | 1 | -2 | 26 | 20.6% | -99.3% | -120.5% | |
| Net Income | 33 | 65 | -11 | 20 | | -37.6% | | |
Balance Sheet
|
|---|
| Cash | 26 | 6 | 4 | 3 | | -70.5% | | 36.0% |
| Short Term Debt | 42 | 11 | 11 | 0 | -51.9% | -90.3% | -89.7% | -100.0% |
| Long Term Debt | 272 | 60 | 60 | 60 | 0.4% | -77.9% | -77.9% | -77.9% |
Ratios
|
|---|
| Gross Margin | -11.2% | -50.5% | -42.4% | 15.9% | 17.4% | -40.4% | -3.0% | 33.5% |
| EBITDA Margin | 43.4% | 5.2% | -12.4% | 227.2% | 15.1% | -402.3% | -49.5% | 273.6% |
| Net Income Margin | 105.9% | 352.2% | -60.8% | 180.0% | 189.1% | 48.9% | 167.8% | 483.0% |
Revenue and profitability
The company's Revenue dropped on 39.3%. Revenue decline showed acceleration in FY16Q4 - it was 63.3% YoY.
Net Income marign jumped on 199 pp from -66.7% to 132% in FY2016.
Management team
Perpetual Energy Inc's CEO is Susan L Riddell Rose. Susan L Riddell Rose is a founder and has 16 years tenure at the company.
Appendix 1: Peers in Energy
Below we provide Perpetual Energy Inc benchmarking against other companies in Energy industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Oryx Petroleum Corp Ltd ($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% | 16.9% | -27.7% | -18.0% |
|---|
| Perpetual Energy Inc ($PMT) | | 12.3% | 25.4% | -44.1% | -39.3% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Americas Petrogas Inc ($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 (114 companies) | 32.0% | 32.2% | 32.4% | 33.9% | 32.0% |
|---|
| Perpetual Energy Inc ($PMT) | -15.2% | 6.6% | 22.6% | -23.7% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Granite Oil Corp ($GXO) | 59.4% | 64.5% | 70.8% | 201.9% | |
| 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 ($INE) | 111.8% | 110.0% | 82.9% | 83.4% | 83.5% |
| PrairieSky Royalty Ltd ($PSK) | | | | 82.5% | 80.3% |
| |
|---|
| Median (128 companies) | 25.3% | 34.1% | 28.9% | 8.1% | 28.2% |
|---|
| Perpetual Energy Inc ($PMT) | 35.5% | 70.7% | 58.0% | 110.3% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Oryx Petroleum Corp Ltd ($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) | 42.3% | 39.0% | 45.0% | 27.6% | 23.0% |
|---|
| Perpetual Energy Inc ($PMT) | 46.8% | 50.0% | 48.6% | 57.0% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Enerplus Corp ($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% | 5.4% | 5.5% | -8.5% | -1.9% |
|---|
| Perpetual Energy Inc ($PMT) | -10.1% | 9.1% | 10.4% | 16.1% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| BlackPearl Resources Inc ($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 | 2.7x | 2.7x |
|---|
| Perpetual Energy Inc ($PMT) | 6.2x | 2.8x | 1.9x | 2.1x | |
