Total Sa CAPEX dropped on 27.1% and Revenue increased slightly on 0.92%
06 Feb 2020 • About Total Sa (
$TTA) • By InTwits
Total Sa reported FY2019 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is expanding: 18.5% in FY2019 vs. 16.8% in FY2018 vs. 11.5% in FY2015
- Total Sa has high CAPEX intensity: 5 year average CAPEX/Revenue was 11.4%. At the same time it's in pair with industry average of 14.6%
- CAPEX is quite volatile: £39m in FY2019, £28m in FY2018, £22m in FY2017, £28m in FY2016, £8m in FY2015
- The company has business model with low profitability: ROIC is 8.8%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue increased slightly on 0.92%. During the last 5 years Revenue growth topped in FY2018 at 18.0%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.2 pp from 13.7% to 15.0% in FY2019. EBITDA Margin stuck to a growing trend at 1.7 pp per annum in the last 5 years.
Net Income margin showed almost no change in FY2019. Net Income margin followed a growing trend at 0.71 pp per annum in the last 5 years.
Investments (CAPEX, working capital and M&A)
The company's CAPEX/Revenue was 6.7% in FY2019. CAPEX/Revenue decreased on 7.5 pp from 14.2% in FY2016 to 6.7% in FY2019. It's average level of CAPEX/Revenue for the last three years was 8.4%. CAPEX as a % of Revenue followed a declining trend at -2.7 pp per annum in FY2015-FY2019.
Return on investment
The company operates at low ROIC (8.8%) and ROE (10.1%). ROIC showed almost no change in FY2019. ROE decreased slightly on 0.94 pp from 11.1% to 10.1% in FY2019. ROIC stuck to a growing trend at 1.8 pp per annum in the last 5 years. ROE grew at 1.3 pp per annum in the last 5 years.
Leverage (Debt)
Company's Net Debt / EBITDA is 1.1x and Debt / EBITDA is 1.9x. Net Debt / EBITDA jumped on 0.3x from 0.8x to 1.1x in FY2019. Debt surged on 23.8% while cash showed almost no change in FY2019. During the last 5 years Net Debt/EBITDA bottomed in FY2017 at 0.8x and was growing since that time.
Total Sa has no short term refinancing risk: cash is higher than short term debt (184.6%).
Valuation and dividends
Total Sa's trades at EV/EBITDA 1.1x and P/E 0.1x.
Management team
Total Sa's CEO is Patrick Pouyanne. Patrick Pouyanne is a founder and has 4 years tenure with the company. Total Sa's CFO is Jean Pierre Sbraire. Jean Pierre Sbraire has 0 years tenure at the company.
Financial and operational results
FY ended 30 Nov -0001
Total Sa ($TTA) key annual financial indicators| mln. € | 2015 | 2016 | 2017 | 2018 | 2019 | 2019/2018 |
|---|
P&L
|
|---|
| Revenue | 129,295 | 115,639 | 132,252 | 156,024 | 157,460 | 0.9% |
| EBITDA | 14,890 | 15,708 | 19,935 | 26,199 | 29,151 | 11.3% |
| EBIT | | | | 13,839 | | |
| Tax | | | | 5,522 | | |
| Net Income | 4,586 | 5,601 | 7,656 | 9,700 | 10,066 | 3.8% |
Balance Sheet
|
|---|
| Cash | 21,415 | 23,321 | 27,604 | 24,369 | 24,358 | -0.0% |
| Accounts Receivable | | | | 15,080 | | |
| Inventory | | | | 12,993 | | |
| Accounts Payable | | | | 22,820 | | |
| Short Term Debt | 11,493 | 13,198 | 9,230 | 11,619 | 13,197 | 13.6% |
| Long Term Debt | 38,260 | 37,372 | 33,487 | 33,399 | 42,544 | 27.4% |
Cash flow
|
|---|
| Capex | 22,657 | 16,367 | 12,211 | 14,475 | 10,551 | -27.1% |
| Dividends | | | | 4,164 | | |
Ratios
|
|---|
| Revenue growth | -19.1% | -10.6% | 14.4% | 18.0% | 0.9% | |
| EBITDA growth | -15.5% | 5.5% | 26.9% | 31.4% | 11.3% | |
|
|---|
| EBITDA Margin | 11.5% | 13.6% | 15.1% | 16.8% | 18.5% | 1.7% |
| EBIT Margin | | | | 8.9% | |
| Net Income Margin | 3.5% | 4.8% | 5.8% | 6.2% | 6.4% | 0.2% |
| CAPEX, % of revenue | 17.5% | 14.2% | 9.2% | 9.3% | 6.7% | -2.6% |
|
|---|
| ROIC | 2.5% | 3.2% | 5.8% | 9.2% | 8.8% | -0.5% |
| ROE | 5.6% | 6.9% | 8.8% | 11.1% | 10.1% | -0.9% |
| Net Debt/EBITDA | 1.9x | 1.7x | 0.8x | 0.8x | 1.1x | 0.3x |
People
|
|---|
| Insider ownership | | | | 0.0% | | |
| Employees | | | | 104,460 | | |
| Revenue/Employee, th. € | | | | 1,494 | | |
Peers in Oil & Gas Producers
Below we provide Total Sa benchmarking against other companies in Oil & Gas Producers 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 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Parkmead Group(The) ($PMG) | -24.4% | -44.0% | -60.4% | 69.7% | |
| Turkiye Petrol Rafinerileri A.S. ($TPRD) | -7.1% | -5.5% | 54.8% | 64.1% | |
| Range Resources ($RRL) | -37.9% | -46.3% | 19.4% | 54.8% | |
| Amerisur Resources ($AMER) | | -22.9% | 79.6% | 27.8% | |
| Royal Dutch Shell ($RDSB) | | -11.8% | 30.6% | 27.3% | -11.2% |
| |
|---|
| Median (7 companies) | -19.5% | -8.9% | 19.7% | 27.8% | -9.0% |
|---|
| Total Sa ($TTA) | | -10.6% | 14.4% | 18.0% | 0.9% |
Top companies by Gross margin, %
| Top 5 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Oil & Gas Development Co ($OGDC) | 62.7% | 54.0% | 55.3% | 59.2% | |
| Parkmead Group(The) ($PMG) | -111.5% | -44.2% | 28.5% | 57.8% | |
| Amerisur Resources ($AMER) | -20.2% | -1.1% | 21.3% | 28.4% | |
| Royal Dutch Shell ($RDSB) | 15.9% | 18.2% | 18.0% | 17.3% | 19.0% |
| BP ($BP.A) | 9.5% | 11.9% | 15.1% | 15.4% | 16.9% |
| |
|---|
| Median (7 companies) | 12.1% | 12.2% | 18.1% | 17.3% | 17.9% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Oil & Gas Development Co ($OGDC) | 62.4% | 53.9% | 55.8% | 59.3% | |
| Amerisur Resources ($AMER) | 0.1% | -35.0% | 20.0% | 28.8% | |
| Royal Dutch Shell ($RDSB) | 8.9% | 11.7% | 13.7% | 13.7% | 15.0% |
| BP ($BP.A) | 3.0% | 6.3% | 9.1% | 10.1% | 9.4% |
| Turkiye Petrol Rafinerileri A.S. ($TPRD) | 10.4% | 9.3% | 10.4% | 9.8% | |
| |
|---|
| Median (7 companies) | 18.8% | 12.8% | 17.9% | 10.1% | 12.2% |
|---|
| Total Sa ($TTA) | 11.5% | 13.6% | 15.1% | 16.8% | 18.5% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Amerisur Resources ($AMER) | 72.4% | 65.8% | 33.8% | 11.7% | |
| Oil & Gas Development Co ($OGDC) | 31.5% | 26.0% | 23.2% | 8.5% | |
| Royal Dutch Shell ($RDSB) | 9.9% | 9.5% | 6.8% | 5.9% | 6.7% |
| BP ($BP.A) | 8.4% | 9.1% | 6.9% | 5.6% | 5.5% |
| Range Resources ($RRL) | 43.4% | 5.7% | 0.1% | 1.9% | |
| |
|---|
| Median (7 companies) | 15.4% | 12.4% | 11.7% | 5.6% | 6.1% |
|---|
| Total Sa ($TTA) | 17.5% | 14.2% | 9.2% | 9.3% | 6.7% |
Top companies by ROIC, %
| Top 5 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Turkiye Petrol Rafinerileri A.S. ($TPRD) | 25.4% | 16.8% | 25.6% | 31.2% | |
| Oil & Gas Development Co ($OGDC) | 24.3% | 13.7% | 14.2% | 17.3% | |
| Royal Dutch Shell ($RDSB) | -1.5% | 0.9% | 5.5% | 10.9% | 7.8% |
| BP ($BP.A) | -6.1% | -1.8% | 3.9% | 8.7% | 4.3% |
| Amerisur Resources ($AMER) | -11.4% | -13.3% | 0.1% | 5.0% | |
| |
|---|
| Median (18 companies) | 0.5% | 4.7% | 5.5% | 5.0% | -1.2% |
|---|
| Total Sa ($TTA) | 2.5% | 3.2% | 5.8% | 9.2% | 8.8% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| BP ($BP.A) | 4.0x | 3.0x | 1.7x | 1.4x | 2.1x |
| Turkiye Petrol Rafinerileri A.S. ($TPRD) | 1.8x | 1.9x | 1.1x | 1.4x | |
| Royal Dutch Shell ($RDSB) | 1.1x | 2.7x | 1.6x | 0.9x | 1.5x |
| Oil & Gas Development Co ($OGDC) | -0.1x | -0.1x | -0.0x | -0.0x | |
| Amerisur Resources ($AMER) | -622.4x | | -1.8x | -1.1x | |
| |
|---|
| Median (6 companies) | 1.4x | 0.9x | 1.0x | 0.5x | 1.8x |
|---|
| Total Sa ($TTA) | 1.9x | 1.7x | 0.8x | 0.8x | 1.1x |
