BNK Petroleum Inc revenue decline accelerated from 24.6% in FY2015 to 52.6% in FY2016
23.03.2017 • About BNK Petroleum Inc (
$BKX) • By InTwits
BNK Petroleum Inc reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- BNK Petroleum Inc is a company in decline: FY2016 revenue growth was -52.6%, 5 years revenue CAGR was -18.9%
- EBITDA Margin is relatively stable: in FY2016 vs. -3.8% in FY2015 vs. -18.8% in FY2012
- BNK Petroleum Inc spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 is 0.0%. Average EBITDA Margin for the same period was -76.2%0
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
BNK Petroleum Inc ($BKX) key annual financial indicators
| mln. $ | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 20.701 | 10.363 | 23.936 | 18.055 | 8.561 | -52.6% |
| Gross Profit | 7.625 | 2.936 | 13.774 | 7.364 | | -100.0% |
| SG&A | | | | 7.882 | | -100.0% |
| EBITDA | -3.892 | -8.934 | -48.713 | -0.686 | | |
| Net Income | -14.948 | -19.710 | -57.478 | -6.569 | -11.148 | |
Balance Sheet
|
|---|
| Cash | 2.836 | 17.159 | 12.035 | 1.666 | | -100.0% |
| Short Term Debt | 31.797 | 0.000 | 15.401 | 0.000 | | |
| Long Term Debt | 0.000 | 0.100 | 0.000 | 23.961 | | -100.0% |
Cash flow
|
|---|
| Capex | 40.537 | 81.772 | 75.773 | 9.526 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -15.2% | -49.9% | 131.0% | -24.6% | -52.6% | |
| EBITDA growth | -254.2% | 129.5% | 445.3% | -98.6% | | |
| Gross Margin | 36.8% | 28.3% | 57.5% | 40.8% | | -40.8% |
| EBITDA Margin | -18.8% | -86.2% | -203.5% | -3.8% | 0.0% | 3.8% |
| Net Income Margin | -72.2% | -190.2% | -240.1% | -36.4% | -130.2% | -93.8% |
| SG&A, % of revenue | | | | 43.7% | | -43.7% |
| CAPEX, % of revenue | 195.8% | 789.1% | 316.6% | 52.8% | | -52.8% |
| ROIC | -5.4% | -7.8% | -38.1% | -6.0% | | 6.0% |
| ROE | -8.5% | -12.3% | -41.1% | -5.2% | | 5.2% |
BNK Petroleum Inc ($BKX) key quoterly financial indicators
| mln. $ | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 2 | 2 | 2 | 2 | -49.1% | -39.4% | -33.1% | -42.5% |
| EBITDA | 0 | 0 | 1 | -1 | -94.5% | -71.2% | -56.4% | -152.6% |
| Net Income | -1 | -5 | -1 | -4 | | | -120.1% | |
Balance Sheet
|
|---|
| Cash | 3 | 2 | 2 | 11 | -57.3% | -34.8% | -26.5% | 566.3% |
| Short Term Debt | 0 | 0 | 0 | 0 | | | | |
| Long Term Debt | 24 | 22 | 20 | 20 | 0.6% | -6.9% | -15.7% | -15.6% |
Ratios
|
|---|
| Gross Margin | -7.4% | 18.7% | 20.1% | 22.4% | -48.8% | -10.9% | 6.5% | -55.9% |
| EBITDA Margin | 3.3% | 19.6% | 31.7% | -31.3% | -27.1% | -21.7% | -17.0% | -65.6% |
| Net Income Margin | -60.4% | -216.4% | -36.3% | -216.3% | -41.7% | -126.0% | -157.2% | -5.2% |
Revenue and profitability
BNK Petroleum Inc's Revenue dropped on 52.6%. Annual revenue decline showed slowdown in FY16Q4 - revenue dropped on 42.5%.
Net Income marign dropped on 93.8 pp from -36.4% to -130% in FY2016.
Management team
Wolf E Regener is a the company's CEO. Wolf E Regener is a founder and has spent 10 years at the company. Gary Johnson is a BNK Petroleum Inc's CFO. Gary Johnson has spent 5 years at the company.
Appendix 1: Peers in Energy
Below you can find BNK Petroleum Inc 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 ($OEG) | | | 6,002.6% | 231.5% | 57.4% |
| |
|---|
| Median (116 companies) | | 16.2% | 16.9% | -29.5% | -18.0% |
|---|
| BNK Petroleum Inc ($BKX) | | -49.9% | 131.0% | -24.6% | -52.6% |
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 ($PIF) | 39.9% | 33.6% | 32.0% | 86.7% | 88.6% |
| |
|---|
| Median (114 companies) | 32.0% | 32.2% | 32.2% | 33.6% | 32.0% |
|---|
| BNK Petroleum Inc ($BKX) | 36.8% | 28.3% | 57.5% | 40.8% | |
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 ($INE) | 111.8% | 110.0% | 82.9% | 83.4% | 83.5% |
| |
|---|
| Median (128 companies) | 25.9% | 35.7% | 28.9% | 9.0% | 28.2% |
|---|
| BNK Petroleum Inc ($BKX) | -18.8% | -86.2% | -203.5% | -3.8% | |
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 ($VII) | 452.8% | 513.1% | 227.4% | 191.2% | 73.5% |
| |
|---|
| Median (129 companies) | 42.3% | 39.0% | 45.0% | 27.6% | 23.0% |
|---|
| BNK Petroleum Inc ($BKX) | 195.8% | 789.1% | 316.6% | 52.8% | |
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 ($IPL) | 9.5% | 8.0% | 7.5% | 9.6% | 8.5% |
| |
|---|
| Median (128 companies) | 3.9% | 5.8% | 5.7% | -8.5% | -1.9% |
|---|
| BNK Petroleum Inc ($BKX) | -5.4% | -7.8% | -38.1% | -6.0% | |
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 |
|---|
