TransAtlantic Petroleum Ltd EBITDA Margin dropped on 56.8 pp from 56.8% to in 2016
22.03.2017 • About TransAtlantic Petroleum Ltd (
$TNP) • By InTwits
TransAtlantic Petroleum Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: TransAtlantic Petroleum Ltd is a company in decline: FY2016 revenue growth was -51.7%, 5 years revenue CAGR was -11.9%.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
TransAtlantic Petroleum Ltd ($TNP) key annual financial indicators
| mln. $ | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 143.9 | 130.8 | 138.8 | 142.1 | 68.6 | -51.7% |
| Gross Profit | 118.4 | 112.2 | 70.0 | 89.5 | | -100.0% |
| SG&A | 33.9 | 29.0 | 31.1 | 24.1 | | -100.0% |
| EBITDA | 38.7 | 44.1 | 65.5 | 80.8 | | -100.0% |
| Net Income | 16.2 | -13.7 | 29.1 | -107.5 | -6.2 | |
Balance Sheet
|
|---|
| Cash | 14.8 | 12.9 | 34.7 | 7.5 | | -100.0% |
| Short Term Debt | 0.0 | 43.3 | 34.8 | 41.9 | | -100.0% |
| Long Term Debt | 32.8 | 26.5 | 100.9 | 55.0 | | -100.0% |
Cash flow
|
|---|
| Capex | 53.5 | 104.9 | 113.7 | 26.4 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 11.6% | -9.1% | 6.1% | 2.4% | -51.7% | |
| EBITDA growth | -574.7% | 13.9% | 48.4% | 23.4% | | |
| Gross Margin | 82.3% | 85.8% | 50.4% | 63.0% | | -63.0% |
| EBITDA Margin | 26.9% | 33.7% | 47.1% | 56.8% | 0.0% | -56.8% |
| Net Income Margin | 11.3% | -10.5% | 20.9% | -75.7% | -9.1% | 66.6% |
| SG&A, % of revenue | 23.6% | 22.2% | 22.4% | 17.0% | | -17.0% |
| CAPEX, % of revenue | 37.2% | 80.2% | 81.9% | 18.6% | | -18.6% |
| ROIC | 3.5% | 1.1% | 5.4% | 15.5% | | -15.5% |
| ROE | 8.4% | -7.2% | 15.4% | -79.5% | | 79.5% |
| Net Debt/EBITDA | 0.5x | 1.3x | 1.5x | 1.1x | | -1.1x |
TransAtlantic Petroleum Ltd ($TNP) key quoterly financial indicators
| mln. $ | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 17 | 18 | 19 | 19 | -34.8% | -42.8% | 5.7% | 17.3% |
| Net Income | -6 | -7 | 12 | -6 | | | 138.0% | |
Balance Sheet
|
|---|
Ratios
|
|---|
| Net Income Margin | -33.1% | -37.2% | 60.2% | -30.5% | -11.7% | -14.0% | 33.5% | 595.8% |
Revenue and profitability
The company's Revenue dropped on 51.7%. Annual revenue decline showed slowdown in FY16Q4 - revenue jumped on 17.3%.
Net Income marign jumped on 66.6 pp from -75.7% to -9.1% in FY2016.
Management team
TransAtlantic Petroleum Ltd's CEO is N Malone Mitchell III. N Malone Mitchell III is a founder and has 7 years tenure at the company.
Appendix 1: Peers in Energy
Below we provide TransAtlantic Petroleum Ltd 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 ($OEG) | | | 6,002.6% | 231.5% | 57.4% |
| |
|---|
| Median (116 companies) | | 16.2% | 17.0% | -29.5% | -18.0% |
|---|
| TransAtlantic Petroleum Ltd ($TNP) | | -9.1% | 6.1% | 2.4% | -51.7% |
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 ($PIF) | 39.9% | 33.6% | 32.0% | 86.7% | 88.6% |
| |
|---|
| Median (114 companies) | 32.0% | 32.1% | 32.2% | 33.6% | 32.0% |
|---|
| TransAtlantic Petroleum Ltd ($TNP) | 82.3% | 85.8% | 50.4% | 63.0% | |
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 ($INE) | 111.8% | 110.0% | 82.9% | 83.4% | 83.5% |
| |
|---|
| Median (128 companies) | 25.3% | 35.7% | 28.9% | 8.1% | 28.2% |
|---|
| TransAtlantic Petroleum Ltd ($TNP) | 26.9% | 33.7% | 47.1% | 56.8% | |
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 ($VII) | 452.8% | 513.1% | 227.4% | 191.2% | 73.5% |
| |
|---|
| Median (129 companies) | 43.8% | 39.0% | 45.0% | 28.1% | 23.0% |
|---|
| TransAtlantic Petroleum Ltd ($TNP) | 37.2% | 80.2% | 81.9% | 18.6% | |
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 ($IPL) | 9.5% | 8.0% | 7.5% | 9.6% | 8.5% |
| |
|---|
| Median (128 companies) | 3.9% | 5.8% | 5.7% | -8.5% | -1.9% |
|---|
| TransAtlantic Petroleum Ltd ($TNP) | 3.5% | 1.1% | 5.4% | 15.5% | |
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 ($TET) | 2.6x | 1.8x | 2.3x | 25.5x | 7.3x |
| |
|---|
| Median (78 companies) | 1.6x | 1.5x | 1.4x | 2.7x | 2.7x |
|---|
| TransAtlantic Petroleum Ltd ($TNP) | 0.5x | 1.3x | 1.5x | 1.1x | |
