Caza Oil & Gas Inc CAPEX dropped on 93.2% in 2015 and Revenue dropped on 22.2%
30 Mar 2016 • About Caza Oil & Gas Inc (
$CAZA) • By InTwits
Caza Oil & Gas Inc reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is expanding: 49.8% in 2015 vs. 47.7% in 2014 vs. -79.5% in 2011
- Caza Oil & Gas Inc has high CAPEX intensity: 5 year average CAPEX/Revenue was 245.2%. At the same time it's a lot of higher than industry average of 21.6%.
- CAPEX is quite volatile: 2.8 in 2015, 41.0 in 2014, 29.3 in 2013, 12.4 in 2012, 17.6 in 2011
- The company has potentially unprofitable business model: ROIC is at 4.5%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Caza Oil & Gas Inc ($CAZA) key annual financial indicators
| mln. $ | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 4.090 | 4.969 | 8.297 | 23.093 | 17.978 | -22.2% |
| Gross Profit | 0.121 | 0.006 | 2.527 | 9.428 | 8.060 | -14.5% |
| SG&A | | | | | 5.184 | |
| EBITDA | -3.250 | -2.521 | -0.246 | 11.026 | 8.949 | -18.8% |
| Net Income | -20.047 | -10.551 | -7.461 | -6.303 | -4.338 | -31.2% |
Balance Sheet
|
|---|
| Cash | 10.204 | 6.810 | 18.495 | 5.161 | 1.624 | -68.5% |
| Short Term Debt | 0.000 | 1.941 | 0.000 | 42.366 | 0.000 | -100.0% |
| Long Term Debt | 0.000 | 0.000 | 35.855 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 17.592 | 12.416 | 29.283 | 40.962 | 2.785 | -93.2% |
Ratios
|
|---|
| Revenue growth | 83.1% | 21.5% | 67.0% | 178.3% | -22.2% | |
| EBITDA growth | 57.8% | -22.4% | -90.2% | -4,580.1% | -18.8% | |
| Gross Margin | 3.0% | 0.1% | 30.5% | 40.8% | 44.8% | 4.0% |
| EBITDA Margin | -79.5% | -50.7% | -3.0% | 47.7% | 49.8% | 2.0% |
| Net Income Margin | -490.2% | -212.3% | -89.9% | -27.3% | -24.1% | 3.2% |
| SG&A, % of revenue | | | | | 28.8% | 28.8% |
| CAPEX, % of revenue | 430.1% | 249.9% | 352.9% | 177.4% | 15.5% | -161.9% |
| ROIC | -11.6% | -15.2% | -7.9% | 5.2% | 4.5% | -0.7% |
| ROE | -38.8% | -28.8% | -25.1% | -20.2% | -8.2% | 12.0% |
| Net Debt/EBITDA | | | | 3.4x | -0.2x | -3.6x |
Revenue and profitability
Caza Oil & Gas Inc's Revenue dropped on 22.2% in 2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 2.0 pp from 47.7% to 49.8% in 2015.
Gross Margin increased on 4.0 pp from 40.8% to 44.8% in 2015.
Net Income marign increased on 3.2 pp from -27.3% to -24.1% in 2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 15.5% in 2015. CAPEX/Revenue dropped on 234 pp from 250% in 2012 to 15.5% in 2015. For the last three years the average CAPEX/Revenue was 182%.
Return on investment
The company operates at low but positive ROIC (4.50%) and negative ROE (-8.25%). ROIC decreased slightly on 0.67 pp from 5.2% to 4.5% in 2015. ROE jumped on 12.0 pp from -20.2% to -8.2% in 2015.
Leverage (Debt)
The company paid down all the debt in 2015. Cash dropped on 68.5% in 2015.
Appendix 1: Peers in Oil & Gas Producers
Below you can find Caza Oil & Gas Inc benchmarking vs. other companies in Oil & Gas Producers 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 |
|---|
| Cadogan Petroleum ($CAD) | 38.9% | -46.1% | 0.3% | 764.9% | |
| Parkmead Group(The) ($PMG) | | -21.3% | 38.0% | 505.8% | -24.4% |
| Nighthawk Energy ($HAWK) | -57.5% | 75.5% | 1,533.7% | 81.8% | |
| Iofina ($IOF) | 13.4% | 17.1% | 2.9% | 29.7% | |
| LUKOIL OAO ($LKOE) | 25.3% | 10.3% | 5.0% | 23.8% | |
| |
|---|
| Median (35 companies) | 26.8% | 12.8% | 3.6% | -0.8% | -19.2% |
|---|
| Caza Oil & Gas Inc ($CAZA) | | 21.5% | 67.0% | 178.3% | -22.2% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Bankers Petroleum Ltd ($BNK) | 77.9% | 77.5% | 81.1% | 80.8% | 72.2% |
| Oil & Gas Development Co ($OGDC) | 66.0% | 69.9% | 70.9% | 68.5% | 62.7% |
| Nighthawk Energy ($HAWK) | 14.5% | 38.8% | 66.8% | 58.1% | |
| Tethys Petroleum Limited ($TPL) | -4.2% | 14.7% | 28.9% | 46.2% | -76.0% |
| Volga Gas ($VGAS) | 45.5% | | | 42.9% | |
| |
|---|
| Median (22 companies) | 17.5% | 18.3% | 19.2% | 14.1% | 9.5% |
|---|
| Caza Oil & Gas Inc ($CAZA) | 3.0% | 0.1% | 30.5% | 40.8% | 44.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Great Eastern Energy Corp ($GEEC) | 48.7% | 61.2% | 64.1% | 70.4% | 66.5% |
| Oil & Gas Development Co ($OGDC) | 67.6% | 73.7% | 65.9% | 69.3% | 62.4% |
| Bankers Petroleum Ltd ($BNK) | 51.4% | 53.3% | 59.4% | 68.3% | 38.5% |
| Jubilant Energy N.V. ($JUB) | -250.4% | 23.7% | 60.9% | 67.6% | 28.7% |
| Nighthawk Energy ($HAWK) | -358.5% | -80.7% | 72.2% | 57.7% | |
| |
|---|
| Median (36 companies) | 11.8% | 17.2% | 20.6% | 15.9% | 11.0% |
|---|
| Caza Oil & Gas Inc ($CAZA) | -79.5% | -50.7% | -3.0% | 47.7% | 49.8% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jubilant Energy N.V. ($JUB) | 301.5% | 322.7% | 481.7% | 208.5% | 5.9% |
| Ithaca Energy Inc ($IAE) | 160.2% | 95.1% | 83.4% | 103.5% | 42.8% |
| Tethys Petroleum Limited ($TPL) | 182.8% | 52.0% | 64.4% | 95.2% | 37.5% |
| Ruspetro ($RPO) | 83.5% | 139.8% | 55.2% | 77.2% | |
| Zoltav Resources Inc ($ZOL) | | | | 65.8% | |
| |
|---|
| Median (37 companies) | 13.9% | 17.5% | 21.1% | 15.9% | 17.2% |
|---|
| Caza Oil & Gas Inc ($CAZA) | 430.1% | 249.9% | 352.9% | 177.4% | 15.5% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Oil & Gas Development Co ($OGDC) | 41.2% | 46.7% | 40.4% | 39.7% | 24.3% |
| Haike Chemical Group Ltd ($HAIK) | 7.7% | 0.7% | 1.0% | 31.4% | |
| Nighthawk Energy ($HAWK) | -5.1% | -3.9% | 19.6% | 23.1% | |
| Novatek OAO ($NVTK) | 47.4% | 21.7% | 29.0% | 21.2% | 19.4% |
| Bankers Petroleum Ltd ($BNK) | 19.7% | 17.4% | 20.8% | 20.8% | -0.2% |
| |
|---|
| Median (38 companies) | 7.7% | 7.1% | 7.0% | 5.7% | 1.4% |
|---|
| Caza Oil & Gas Inc ($CAZA) | -11.6% | -15.2% | -7.9% | 5.2% | 4.5% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jubilant Energy N.V. ($JUB) | | 77.9x | 38.8x | 44.6x | 192.7x |
| Ruspetro ($RPO) | | 369.1x | 34.8x | 27.9x | |
| Bg Group ($BG.) | 1.2x | 1.3x | 1.7x | 11.7x | 1.5x |
| President Energy ($PPC) | | | | 9.9x | |
| Edge Resources Inc ($EDG) | | | | 8.0x | 7.6x |
| |
|---|
| Median (27 companies) | 0.5x | 0.5x | 0.7x | 1.3x | 1.8x |
|---|
| Caza Oil & Gas Inc ($CAZA) | | | | 3.4x | -0.2x |
