Shiv-Vani Oil & Gas Exploration Services revenue decline decelerated to 40.0% in FY2015 vs. 72.5% a year earliner

08-06-2015 • About Shiv-Vani Oil & Gas Exploration Services ($SHIV-VANI) • By InTwits

Shiv-Vani Oil & Gas Exploration Services reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:

Shiv-Vani Oil & Gas Exploration Services is a company in decline: FY2015 revenue growth was -40.0%, 5 years revenue CAGR was -3.3%
EBITDA Margin is declining: -56.2% in FY2015 vs. in FY2014 vs. 48.1% in FY2011
It operates with medium-size leverage: Net Debt/EBITDA is 0.7x while industry average is 0.7x

Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Shiv-Vani Oil & Gas Exploration Services ($SHIV-VANI) key annual financial indicators

mln. INR	2011	2012	2013	2014	2015	2015/2014
P&L
Revenue	14,619	14,840	12,395	3,413	2,049	-40.0%
EBITDA	7,025	6,938	5,586		-1,152
Net Income	2,263	2,093	224	-6,903	-8,004
Balance Sheet
Cash	2,337	671	1,160
Short Term Debt	5,642	6,848	2,761
Long Term Debt	23,893	20,584	28,139
Cash flow
Capex	926	4,201
Ratios
Revenue growth	503.4%	1.5%	-16.5%	-72.5%	-40.0%
EBITDA growth	26.0%	-1.2%	-19.5%
EBITDA Margin	48.1%	46.7%	45.1%	0.0%	-56.2%	-56.2%
Net Income Margin	15.5%	14.1%	1.8%	-202.2%	-390.7%	-188.5%
CAPEX, % of revenue	6.3%	28.3%				0.0%
ROIC	13.1%	11.7%	8.0%			0.0%
ROE	17.3%	14.2%	1.5%			0.0%
Net Debt/EBITDA	3.9x	3.9x	5.3x			0.0x

Revenue and profitability

The company's Revenue dropped on 40.0% in FY2015.

Net Income marign dropped on 188 pp from -202% to -391% in FY2015.

Appendix 1: Peers in Exploration & Production

Below you can find Shiv-Vani Oil & Gas Exploration Services benchmarking vs. other companies in Exploration & Production 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	FY2011	FY2012	FY2013	FY2014	FY2015
Aban Offshore ($ABAN)		-5.5%	16.1%	7.2%	2.7%
Oil India ($OIL)		18.5%	1.1%	-2.8%	-2.2%
Oil And Natural Gas Corporation ($ONGC)		24.5%	10.3%	7.3%	-8.0%
Cairn India ($CAIRN)		15.5%	48.3%	7.1%	-21.9%
Median (4 companies)		17.0%	13.2%	7.1%	-5.1%
Shiv-Vani Oil & Gas Exploration Services ($SHIV-VANI)		1.5%	-16.5%	-72.5%	-40.0%

Top companies by EBITDA margin, %


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Cairn India ($CAIRN)	82.0%	78.6%	74.6%	73.3%	73.1%
Aban Offshore ($ABAN)	65.6%	59.7%	55.4%	57.0%	58.9%
Selan Exploration Technology ($SELAN)					44.3%
Oil India ($OIL)	43.9%	42.7%	43.7%	37.6%	38.3%
Oil And Natural Gas Corporation ($ONGC)	36.1%	33.9%	27.3%	28.4%	26.7%
Median (5 companies)	54.7%	51.2%	49.5%	47.3%	44.3%
Shiv-Vani Oil & Gas Exploration Services ($SHIV-VANI)	48.1%	46.7%	45.1%		-56.2%

Top companies by CAPEX/Revenue, %


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Cairn India ($CAIRN)	25.1%	25.0%	9.3%	15.3%	38.1%
Oil India ($OIL)	11.4%	9.4%	17.9%	29.4%	31.6%
Aban Offshore ($ABAN)	16.8%	20.9%	25.4%	36.1%	22.7%
Oil And Natural Gas Corporation ($ONGC)	16.8%	13.1%	11.1%	8.6%	10.6%
Selan Exploration Technology ($SELAN)					5.8%
Median (5 companies)	16.8%	17.0%	14.5%	22.4%	22.7%

Top companies by ROIC, %


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Oil And Natural Gas Corporation ($ONGC)	24.3%	25.2%	18.6%	15.8%	10.2%
Cairn India ($CAIRN)	17.6%	16.6%	22.7%	21.3%	10.0%
Selan Exploration Technology ($SELAN)	19.6%	23.2%	21.9%	18.6%	9.7%
Aban Offshore ($ABAN)	10.7%	8.6%	9.2%	9.4%	9.1%
Oil India ($OIL)	21.1%	19.8%	18.3%	10.5%	8.6%
Median (5 companies)	19.6%	19.8%	18.6%	15.8%	9.7%
Shiv-Vani Oil & Gas Exploration Services ($SHIV-VANI)	13.1%	11.7%	8.0%

Top companies by Net Debt / EBITDA


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Aban Offshore ($ABAN)	5.7x	7.1x	6.6x	6.5x	5.9x
Oil And Natural Gas Corporation ($ONGC)	-0.3x	-0.2x	0.0x	0.5x	1.1x
Oil India ($OIL)	0.2x	-0.0x	0.2x	2.7x	0.0x
Cairn India ($CAIRN)	0.2x	-0.3x	-0.0x	-0.0x	-0.0x
Selan Exploration Technology ($SELAN)	0.8x	-1.7x	-0.2x	-2.2x	-3.2x
Median (5 companies)	0.2x	-0.2x	0.0x	0.5x	0.0x

Shiv-Vani Oil & Gas Exploration Services stock price chart

Shiv-Vani Oil & Gas Exploration Services financials

mln.	FY2010	FY2011	FY2012

Revenue	2,423	14,619	14,840
EBITDA	5,575	7,025	6,938
Net income	1,991	2,263	2,093
CAPEX	6,783	925.6	4,201
Debt	23,737	29,535	27,432
Cash	195.9	2,337	670.8

About Shiv-Vani Oil & Gas Exploration Services

Shiv-vani Oil & Gas Exploration Services Limited, together with its subsidiaries, provides oil and gas exploration, production, and allied services in India and internationally. Its core services comprise seismic data acquisition, processing, and interpretation; deep and directional drilling; workover; pipeline construction; and reservoir data acquisition. The company also offers specialized services, including cementing, stimulation, logging, well testing, directional drilling, mud engineering and logging, and logistics services. In addition, it provides coal bed methane development services; offshore drilling services; and gas compression and allied services. Further, the company is involved in the generation of solar power. It serves oil, gas, and petroleum industries. Shiv-vani Oil & Gas Exploration Services Limited was incorporated in 1989 and is based in New Delhi, India.

Shiv-Vani Oil & Gas Exploration Services revenue decline decelerated to 40.0% in FY2015 vs. 72.5% a year earliner

Revenue and profitability

Appendix 1: Peers in Exploration & Production

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