Brightoil Petroleum Holdings Ltd EBITDA surged on 199% in 2015 while Revenue dropped on 12.3%
22/09/2015 • About Brightoil Petroleum Holdings Ltd (
$933) • By InTwits
Brightoil Petroleum Holdings Ltd reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is quite volatile: 4.7% in FY2015, 1.4% in FY2014, -0.6% in FY2013, 1.1% in FY2012, 4.4% in FY2011
- Brightoil Petroleum Holdings Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.0%. At the same time it's a lot of higher than industry average of 6.0%.
- CAPEX is quite volatile: 660 in FY2015, 544 in FY2014, 1,504 in FY2013, 1,099 in FY2012, 1,647 in FY2011
- The company has highly profitable business model: ROIC is at 13.8%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Brightoil Petroleum Holdings Ltd ($933) key annual financial indicators
| mln. HKD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 39,546 | 69,946 | 55,414 | 84,499 | 74,097 | -12.3% |
| Gross Profit | 2,443 | 883 | 1,171 | 1,759 | 1,892 | 7.5% |
| SG&A | 595 | 1,146 | 922 | 565 | 513 | -9.1% |
| EBITDA | 1,731 | 735 | -340 | 1,153 | 3,451 | 199.2% |
| Net Income | 1,270 | 306 | -722 | 599 | 1,387 | 131.4% |
Balance Sheet
|
|---|
| Cash | 2,403 | 1,635 | 1,352 | 1,611 | 935 | -42.0% |
| Short Term Debt | 6,137 | 7,006 | 4,276 | 2,909 | 4,567 | 57.0% |
| Long Term Debt | 940 | 1,209 | 1,548 | 2,259 | 6,287 | 178.3% |
Cash flow
|
|---|
| Capex | 1,647 | 1,099 | 1,504 | 544 | 660 | 21.4% |
Ratios
|
|---|
| Revenue growth | 190.1% | 76.9% | -20.8% | 52.5% | -12.3% | |
| EBITDA growth | 33.0% | -57.5% | -146.2% | -439.6% | 199.2% | |
| Gross Margin | 6.2% | 1.3% | 2.1% | 2.1% | 2.6% | 0.5% |
| EBITDA Margin | 4.4% | 1.1% | -0.6% | 1.4% | 4.7% | 3.3% |
| Net Income Margin | 3.2% | 0.4% | -1.3% | 0.7% | 1.9% | 1.2% |
| SG&A, % of revenue | 1.5% | 1.6% | 1.7% | 0.7% | 0.7% | 0.0% |
| CAPEX, % of revenue | 4.2% | 1.6% | 2.7% | 0.6% | 0.9% | 0.2% |
| ROIC | 18.2% | 4.2% | -4.4% | 6.5% | 13.8% | 7.2% |
| ROE | 24.5% | 4.4% | -10.0% | 8.3% | 15.2% | 6.9% |
| Net Debt/EBITDA | 2.7x | 8.9x | | 3.1x | 2.9x | -0.2x |
Revenue and profitability
Brightoil Petroleum Holdings Ltd's Revenue dropped on 12.3% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 3.3 pp from 1.4% to 4.7% in FY2015.
Gross Margin showed almost no change in FY2015. SG&A as a % of Revenue showed almost no change in FY2015.
Net Income marign increased slightly on 1.2 pp from 0.71% to 1.9% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 the company had CAPEX/Revenue of 0.89%. CAPEX/Revenue decreased slightly on 0.68 pp from 1.6% in FY2012 to 0.89% in FY2015. Average CAPEX/Revenue for the last three years was 1.4%.
Return on investment
The company operates at good ROIC (13.79%) and ROE (15.18%). ROIC increased on 7.2 pp from 6.5% to 13.8% in FY2015. ROE increased on 6.9 pp from 8.3% to 15.2% in FY2015.
Leverage (Debt)
Debt level is 2.9x Net Debt / EBITDA and 3.1x Debt / EBITDA. Net Debt / EBITDA dropped on 0.2x from 3.1x to 2.9x in FY2015. Debt surged on 110% in FY2015 while cash dropped on 42.0% in FY2015.
Management team
Brightoil Petroleum Holdings Ltd's CEO Sit Kwong Lam "Raymond" has spent 10 years at the company. Tan Yih Lin "Danny" is a Brightoil Petroleum Holdings Ltd's CFO. Tan Yih Lin "Danny" has spent 10 years at the company.
Appendix 1: Peers in Oil&Gas
Below you can find Brightoil Petroleum Holdings Ltd benchmarking vs. other companies in Oil&Gas 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 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China CBM Group Co Ltd ($8270) | 9.9% | -27.6% | 1.8% | 60.9% | |
| United Energy Group Ltd ($467) | 3,819.1% | 266.5% | 49.0% | 27.8% | |
| Yanchang Petroleum International Ltd ($346) | -1.8% | 641.9% | 155.6% | 15.5% | |
| Kunlun Energy Co Ltd ($135) | 49.5% | 27.2% | 31.8% | 10.6% | |
| Zhongyu Gas Holdings Ltd ($3633) | 53.4% | 53.5% | 13.7% | 9.0% | |
| |
|---|
| Median (17 companies) | 30.1% | 10.3% | 8.7% | -3.9% | -18.1% |
|---|
| Brightoil Petroleum Holdings Ltd ($933) | | 76.9% | -20.8% | 52.5% | -12.3% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| EPI Holdings Ltd ($689) | 0.3% | 58.0% | 50.7% | 54.6% | |
| United Energy Group Ltd ($467) | 15.4% | 39.4% | 48.0% | 53.8% | |
| Enviro Energy International Holdings Ltd ($1102) | 25.0% | 49.3% | 76.9% | 38.6% | |
| South Sea Petroleum Holdings Ltd ($76) | 48.2% | 27.3% | 25.3% | 38.5% | |
| Zhongyu Gas Holdings Ltd ($3633) | 23.9% | 23.6% | 23.8% | 24.9% | |
| |
|---|
| Median (11 companies) | 6.4% | 10.7% | 6.8% | 10.6% | 0.4% |
|---|
| Brightoil Petroleum Holdings Ltd ($933) | 6.2% | 1.3% | 2.1% | 2.1% | 2.6% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| United Energy Group Ltd ($467) | 100.6% | 71.2% | 65.3% | 69.8% | |
| MIE Holdings Corp ($1555) | 58.1% | 57.0% | 54.5% | 57.1% | |
| CNOOC Ltd ($883) | 50.3% | 48.5% | 47.2% | 50.7% | |
| Sino Oil And Gas Holdings Ltd ($702) | -273.6% | -170.8% | -132.3% | 49.6% | |
| Kunlun Energy Co Ltd ($135) | 46.8% | 47.0% | 39.5% | 34.9% | |
| |
|---|
| Median (17 companies) | 5.3% | 5.2% | 4.1% | 6.9% | -10.9% |
|---|
| Brightoil Petroleum Holdings Ltd ($933) | 4.4% | 1.1% | -0.6% | 1.4% | 4.7% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Enviro Energy International Holdings Ltd ($1102) | 1,208.5% | 301.4% | 46.5% | 111.0% | |
| MIE Holdings Corp ($1555) | 43.9% | 52.2% | 43.3% | 44.1% | |
| United Energy Group Ltd ($467) | 60.0% | 37.2% | 62.7% | 42.4% | |
| CNOOC Ltd ($883) | 21.9% | 25.4% | 30.3% | 34.8% | |
| China CBM Group Co Ltd ($8270) | 52.3% | 58.1% | 81.7% | 22.5% | |
| |
|---|
| Median (17 companies) | 27.7% | 15.0% | 10.7% | 11.0% | 0.8% |
|---|
| Brightoil Petroleum Holdings Ltd ($933) | 4.2% | 1.6% | 2.7% | 0.6% | 0.9% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| CNOOC Ltd ($883) | 32.4% | 25.7% | 18.1% | 15.8% | |
| United Energy Group Ltd ($467) | 3.6% | 7.4% | 10.3% | 15.7% | |
| Shanghai Tonva Petrochemical Co Ltd ($1103) | 5.4% | 7.3% | 12.6% | 13.0% | |
| Zhongyu Gas Holdings Ltd ($3633) | 10.6% | 17.4% | 15.0% | 12.3% | |
| Kunlun Energy Co Ltd ($135) | 12.3% | 13.0% | 12.6% | 11.0% | |
| |
|---|
| Median (19 companies) | 3.6% | 3.8% | 6.3% | 1.5% | -13.4% |
|---|
| Brightoil Petroleum Holdings Ltd ($933) | 18.2% | 4.2% | -4.4% | 6.5% | 13.8% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Titan Petrochemicals Group Ltd ($1192) | | | | 95.2x | |
| Sino Oil And Gas Holdings Ltd ($702) | | | | 55.5x | |
| Zhongyu Gas Holdings Ltd ($3633) | 2.0x | 1.6x | 2.3x | 3.7x | |
| Shanghai Tonva Petrochemical Co Ltd ($1103) | 8.3x | 6.0x | 4.3x | 3.6x | |
| China CBM Group Co Ltd ($8270) | 1.3x | 3.2x | | 3.3x | |
| |
|---|
| Median (12 companies) | 1.2x | 1.5x | 1.1x | 2.1x | |
|---|
| Brightoil Petroleum Holdings Ltd ($933) | 2.7x | 8.9x | | 3.1x | 2.9x |
