Enviva Inc.

Informe acción OTCPK:EVVA.Q

Capitalización de mercado: US$7.5k

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Enviva Dirección

Dirección controles de criterios 1/4

El CEO de Enviva es Glenn Nunziata , nombrado en Aug 2023, tiene una permanencia de 1.33 años. compensación anual total es $2.70M, compuesta por 9.4% salario y 90.6% primas, incluidas acciones y opciones de la empresa. posee directamente un 0.4% de las acciones de la empresa, por valor de $29.86. La antigüedad media del equipo directivo y de la junta directiva es de 1.9 años y 4 años, respectivamente.

Información clave

Glenn Nunziata

Chief Executive Officer (CEO)

US$2.7m

Compensación total

Porcentaje del salario del CEO9.38%
Permanencia del CEO1.3yrs
Participación del CEO0.4%
Permanencia media de la dirección1.9yrs
Promedio de permanencia en la Junta Directiva4yrs

Actualizaciones recientes de la dirección

Recent updates

Seeking Alpha • Sep 12

Enviva Bankruptcy: Going On My Watchlist

Summary Bankruptcy exits can offer opportunities; Enviva's restructuring proposal suggests potential value, but exact ownership and cash payments are still uncertain. Post-exit, EVA will have significant debt but targets $270M EBITDA and $220M unlevered FCF by FY26, implying potential equity value. Concerns include the low liquidation value of PP&E and potential risks from political shifts affecting the wood pellet business model. Current terms don't make Enviva shares attractive, but I'll watch for improved conditions to reassess potential investment opportunities. Read the full article on Seeking Alpha
Seeking Alpha • Nov 25

Enviva Looks Like A Zero

Summary Enviva withdrew its full-year guidance and issued a going concern warning, stating it would likely break its debt covenants. A bad contract at the end of last year unexpectedly exposed the company to the spot market, despite the company touting its long-term take-or-pay contracts. Enviva's future prospects depend on a rebound in the spot market for wood pellets and renegotiating its contracts to improve profitability. Read the full article on Seeking Alpha
Seeking Alpha • Sep 13

Enviva: Time To Show Us The Money

Summary Enviva Inc. has moved lower since our last article and underperformed the S&P 500 by over 22%. Q2 2023 results were a welcome relief for the bulls as the guidance held steady. We go over what the company needs to do to create a meaningful rebound in the stock. Read the full article on Seeking Alpha
Seeking Alpha • Jun 21

Enviva: The Business No Longer Looks Predictable

Summary Enviva, a company that processes low-grade wood fiber into utility-grade wood pellets, has seen its stock drop over 70% since my initial concerns were raised about its long-term prospects. The company recently cut its adjusted EBITDA guidance and eliminated its dividend, citing weak Q1 results, as well as delayed improvements in productivity and costs. Despite insider buying and the potential for a rebound, Enviva's high leverage, poor operational results, and reliance on subsidies make it a risky investment. Read the full article on Seeking Alpha
Artículo de análisis • Jun 20

Investors Still Aren't Entirely Convinced By Enviva Inc.'s (NYSE:EVA) Revenues Despite 42% Price Jump

Those holding Enviva Inc. ( NYSE:EVA ) shares would be relieved that the share price has rebounded 42% in the last...
Seeking Alpha • Feb 08

Enviva declares $0.905 dividend

Enviva (NYSE:EVA) declares $0.905/share quarterly dividend, in line with previous. Forward yield 7.93% Payable Feb. 24; for shareholders of record Feb. 21; ex-div Feb. 17. See EVA Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Dec 21

Enviva announces long-term, 800,000 metric ton per year contract

Enviva (NYSE:EVA) signs a new 10-year take-or-pay off-take fuel supply contract with an existing European customer, extendable for up to five years. The company expects to supply 800,000 metric tons of industrial-grade wood pellets per year, with deliveries expected to commence during 2027. Terms and conditions related to this new contract reflect the strong pricing environment for woody biomass and are generally in line with other recently executed long-term contracts. Enviva’s total weighted-average remaining term of take-or-pay off-take contracts is ~14 years, with a total contracted revenue backlog of now over $23B.This contracted revenue backlog is complemented by a customer sales pipeline exceeding $50B, which includes contracts in various stages of negotiation.
Seeking Alpha • Nov 03

Enviva reports Q3 results

Enviva press release (NYSE:EVA): Q3 Adj. net loss of $8M. Revenue of $325.7M (+37.2% Y/Y) misses by $26.5M. Distributable cash flow (“DCF”) for third-quarter 2022 was $36.3 million as compared to distributable cash outflow of $3.6 million and DCF of $49.5 million for the third quarter of 2021 on a recast and non-recast basis, respectively. 2022 Guidance: Net income of $(57)M-$(37)M. DCF of $170M-$190M. Capex of $255M-$265M.
Seeking Alpha • Oct 20

Enviva: Why Blue Orca's Short Report Is Grossly Misleading

Summary Blue Orca released a short report on Enviva last week, knocking the stock down ~20%. They characterized Enviva as overstating cash flows, EBITDA, and likely to cut the dividend. We point out the realities of their dividend coverage, which is weak, but unlikely to get. Their claims surrounding deforestation are simply silly in our view. While we have no idea where EVA might trade in this bear market, this sell-off looks to be an opportunity to pick up shares at a significant discount. We posit that the long-term upside is well over $100 in 4-5 years.
Seeking Alpha • Sep 07

Enviva: 2 Critical Upcoming Tests

Summary Despite a surprise corporate restructuring late in 2021, the numbers are still not stacking up for the dividends of Enviva. The second quarter saw some green shoots when digging into their cash flow performance, although nowhere near sufficient to fund their oversized dividend payments. The first of their critical upcoming tests centers around their cash conversion rate during the second half of 2022. The second test centers around their ability to continue accessing external capital from debt markets as their bond prices sell off similar to the panic of 2020. Given their junk credit rating, there are plenty of risks abound and thus I believe that maintaining my sell rating is appropriate. Introduction Despite a surprise corporate restructuring late in 2021, sadly the numbers are not still stacking up for the dividends of Enviva (EVA) and thus as my previous article warned, it leaves their moderate yield of 5.41% very risky. Whilst their dividends were sustained throughout the last few months, there are two critical upcoming tests to pass during the second half of 2022 to see them sustained heading into 2023, as discussed within this follow-up analysis that also reviews their subsequently released results for the second quarter of 2022. Executive Summary & Ratings Since many readers are likely short on time, the table below provides a very brief executive summary and ratings for the primary criteria that were assessed. This Google Document provides a list of all my equivalent ratings as well as more information regarding my rating system. The following section provides a detailed analysis for those readers who are wishing to dig deeper into their situation. Author *Instead of simply assessing dividend coverage through earnings per share cash flow, I prefer to utilize free cash flow since it provides the toughest criteria and also best captures the true impact upon their financial position. Detailed Analysis Author Following the first quarter of 2022 seeing operating cash flow of negative $42.9m, disappointingly, it continued during the second quarter with their result for the first half now down to negative $68.9m and thus leaving a result of negative $26m for the second quarter. Similar to the first quarter, this means that they endured a cash burn to merely operate their company, let alone fund any investments. If considering these, their capital expenditure of $97.4m and $4.9m of relatively minor miscellaneous cash expenses as listed beneath the graph included above, it ultimately leaves their free cash flow at negative $171.2m for the first half and by extension, their dividend payments of $105.6m are oversized. Admittedly, if digging deeper there are some green shoots, although relatively speaking, they appear far too small to rectify this problem. If removing their temporary working capital movements from their operating cash flow, it sees their underlying operating cash flow for the second quarter at $20.1m, as they saw a working capital build that weighed down their surface-level results. This is clearly better than the first half that saw an equivalent result of negative $16m but alas, even $20.1m per quarter of operating cash flow is relatively insignificant versus their capital expenditure and dividend payments. When looking ahead into the second half, it will be very interesting to see if their operating cash flow scales higher with their accrual-based earnings that are forecast to accelerate, as the graph included below displays. Enviva Second Quarter Of 2022 Results Presentation When examining the breakdown of their adjusted EBITDA guidance for 2022, it sees the third and fourth quarters accelerating versus the first and second quarters. The first of their two critical upcoming tests centers around the extent this translates into higher operating cash flow and whether it can exceed their dividend payments for the full year. As a reminder, to pass this test at the barest minimum, across the full year they need to generate enough operating cash flow to at least slightly exceed their dividend payments. Whilst dividend coverage would normally be assessed via free cash flow, given this special situation, it is more important that they first pass this easier test. No company, regardless of their industry can safely return more cash to shareholders than their operations generate, as the resulting debt funding to bridge the gap is guaranteed to result in higher leverage. Whilst the prospects for their financial performance to accelerate during the second half of 2022 are positive, thus far their results indicate that it would still be insufficient. If their underlying operating cash flow of $20.1m during the second quarter is compared against their adjusted EBITDA of $39.5m, it shows a cash conversion rate of roughly half, absent of temporary working capital movements. Unless this dramatically improves during the second half, even the $270m upper end of their adjusted EBITDA guidance would only equal operating cash flow of circa $135m, assuming no material working capital builds or draws. Since their dividend payments were $105.6m during the first half, naturally, the full year is going to see these north of $200m and possibly more, depending on whether they issue more equity as was routinely been the case in the past. Author Despite their underlying cash flow performance improvement during the second quarter of 2022, their oversized dividend payments made higher net debt unavoidable with it landing at $1.244b and thus 13.91% or $151.9m higher than its level of $1.092b when conducting the previous analysis following the first quarter. This is a particularly large increase to see from only one quarter and whilst this is merely back to essentially its same level at the end of 2021, the only reason it decreased during the first quarter of 2022 was due to a $333.6m equity issuance, which is now already been depleted, as was broadly expected when conducting my previous analysis. Unless they see dramatically higher cash flow performance during the second half of 2022, this could deplete their remaining capital very fast, as subsequently discussed, which is a very concerning prospect as monetary policy tightens and their bond yields rise significantly, as the graph included below displays. Finra Markets Via Morningstar It can be seen that the tighter monetary policy of 2022 is not being kind to their bonds, which have endured a sell-off that leaves their yield pushing towards heights not seen since the panic of 2020 when the Covid-19 pandemic rocked the financial system. Even though their yield at slightly over 7% is not too high in the grand scheme, its direction is nevertheless still concerning given their likely requirement to source new external capital, especially since central banks are very likely to further tighten monetary policy. The fact that their credit rating is also only B+ as seen above, it makes this situation even more precarious, as anything below BBB- is non-investment grade and commonly referred to as "junk". If they lean upon issuing equity, this would obviously make their already oversized dividend payments even more burdensome and thus not rectify anything. Similar to the previous analysis, as their operating cash flow is negative and remains barely positive even after removing their working capital build, it would be rather pointless to assess their leverage in detail. If viewing their gearing ratio, their equity of $433.8m sees it currently standing at 74.15% and thus unsurprisingly, it once again represents another increase versus its result of 68.55% when conducting the previous analysis following the first quarter 2022, thereby further pushing pass the threshold of 50.01% for the very high territory. Author Even though their liquidity was not been an area of concern in the past, if nothing else, it was positive to see it improving during the second quarter of 2022. Thanks to their working capital build, their respective current and cash ratios climbed to 0.96 and 0.05 versus their results of 0.79 and 0.02 when conducting the previous analysis following the first quarter. Whilst this once again ensures their liquidity is adequate, since monetary policy is widely expected to further tighten it will be important to monitor going forwards given their history of requiring external capital as a result of their oversized dividend payments.
Artículo de análisis • Aug 07

Enviva (NYSE:EVA) Is Increasing Its Dividend To $0.905

Enviva Inc. ( NYSE:EVA ) has announced that it will be increasing its dividend from last year's comparable payment on...
Seeking Alpha • Aug 03

Enviva declares $0.905 dividend

Enviva (NYSE:EVA) declares $0.905/share quarterly dividend, in line with previous. Forward yield 5.27% Payable Aug. 26; for shareholders of record Aug. 15; ex-div Aug. 12. See EVA Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Jun 25

Enviva: The Numbers Are Still Not Stacking Up For Their Dividends

Even after completing their corporate restructuring during late 2021, it disappointingly seems that the dividends of Enviva are still unsustainable and thus very risky. They saw a cash burn just to operate their company during the first quarter of 2022, even after removing the impacts of their temporary working capital movements. Even if looking elsewhere, their dividend payments were still more than double their accrual-based distributable cash flow, with their full-year guidance still not sufficient to provide adequate coverage. Due to their immense cash outflows, they have to keep issuing equity, but this only makes their oversized dividend payments even more burdensome and thus unsustainable. Regardless of how the situation is viewed, their numbers are still not stacking up for their dividends, and thus, I believe that maintaining my sell rating is appropriate.
Seeking Alpha • Apr 08

Enviva: 10% Dividend Growth In 2022, No K-1, Renewables Play

Enviva is the world's biggest wood pellet producer, with a $21B revenue backlog. It works on long-term contracts with major European and Asian utilities. EVA became a C-Corp in Q4 '21, eliminating ~$25M in IDRs, and its K-1s. This article explains the 2022 dividend coverage, and details EVA's valuations, earnings, capex, profitability, and performance.
Seeking Alpha • Mar 29

Enviva: Accounting Complexities Make Their 2022 Outlook Difficult

Despite their impressive share price performance, I have not been a fan of the dividends offered by Enviva due to historically being oversized relative to their cash flow performance. They completed their corporate restructuring during the fourth quarter of 2021, which saw their financial statements recast, and as a result, they saw massive changes to their operating cash flow. Compared to their non-recast results during the first nine months of 2021, their recast operating cash flow is down a massive 80%, which appears to mostly arise from intercompany eliminations. When looking ahead, their guidance for 2022 appears to utilize their non-recast results as a basis, thereby making their outlook difficult to ascertain, especially for their operating cash flow. Since their new record high dividend payments stand to cost way more than seems reasonable to expect for their operating cash flow, I believe that maintaining my sell rating is appropriate.

Análisis de compensación del CEO

¿Cómo ha cambiado la remuneración de Glenn Nunziata en comparación con los beneficios de Enviva?
FechaCompensación totalSalarioIngresos de la empresa
Dec 31 2023US$3mUS$253k

-US$687m

Compensación vs. Mercado: La compensación total de Glenn($USD2.70M) está por encima de la media de empresas de tamaño similar en el mercado US ($USD621.92K).

Compensación vs. Ingresos: Datos insuficientes para comparar la compensación de Glenn con los resultados de la empresa.

CEO

Glenn Nunziata (50 yo)

1.3yrs
Permanencia
US$2,702,313
Compensación

Mr. Glenn T. Nunziata serves as Principal accounting officer and Chief Financial Officer at Enviva Inc. since August 29, 2023 and also serves as its Interim CEO since November 09, 2023 and was its Executiv...

Equipo directivo

NombrePosiciónPermanenciaCompensaciónPropiedad
Glenn Nunziata
Interim CEO1.3yrsUS$2.70m0.40%
$ 29.9
Thomas Meth
President & Director2.6yrsUS$3.47m0.64%
$ 48.0
Mark Coscio
Executive VP & COO1.1yrsUS$2.52m0.015%
$ 1.2
Jason Paral
Executive VP6.9yrsUS$1.68m0.014%
$ 1.1
John-Paul Taylor
Senior VP & Chief Commercial Officer1.9yrsUS$2.11m0.094%
$ 7.0
James Geraghty
Executive Vice President of Finance1.9yrssin datossin datos
Brandi Colander
Senior VP of Corporate Affairs & Chief Sustainability Officer1.9yrssin datossin datos
Craig Lorraine
Senior Vice President of Fiberno datasin datossin datos
1.9yrs
Permanencia media
49yo
Promedio de edad

Equipo directivo experimentado: El equipo directivo de EVVA.Q no se considera experimentado ( 1.9 años antigüedad media), lo que sugiere un nuevo equipo.

Miembros de la Junta

NombrePosiciónPermanenciaCompensaciónPropiedad
Glenn Nunziata
Interim CEO1yrUS$2.70m0.40%
$ 29.9
Thomas Meth
President & Director2.1yrsUS$3.47m0.64%
$ 48.0
John Bumgarner
Independent Director9.7yrsUS$307.12k0.80%
$ 59.8
David Leuschen
Independent Director3.7yrsUS$131.25ksin datos
Jim Derryberry
Independent Director6.4yrsUS$288.75k0.023%
$ 1.7
Pierre Lapeyre
Independent Director3.8yrsUS$131.25ksin datos
Gary Whitlock
Independent Director8.7yrsUS$288.75k0.13%
$ 9.4
Ralph Alexander
Lead Independent Director & Interim Chairman11.1yrsUS$587.69k0.039%
$ 2.9
Gerrit Lansing
Independent Director4.2yrsUS$288.75k0.040%
$ 3.0
Eva Zlotnicka
Independent Director3yrsUS$304.50k0.0046%
$ 0.3
John Keppler
Non-Management Member of the Board1.7yrsUS$5.89m0.49%
$ 36.7
Janet Wong
Independent Director9.7yrsUS$309.75k0.051%
$ 3.8
4.0yrs
Permanencia media
63yo
Promedio de edad

Junta con experiencia: La junta directiva de EVVA.Q se considera experimentada (4 años de antigüedad promedio).

Análisis de la empresa y estado de los datos financieros

DatosÚltima actualización (huso horario UTC)
Análisis de la empresa2024/12/10 12:36
Precio de las acciones al final del día2024/12/06 00:00
Beneficios2023/12/31
Ingresos anuales2023/12/31

Fuentes de datos

Los datos utilizados en nuestro análisis de empresas proceden de S&P Global Market Intelligence LLC. Los siguientes datos se utilizan en nuestro modelo de análisis para generar este informe. Los datos están normalizados, lo que puede introducir un retraso desde que la fuente está disponible.

PaqueteDatosMarco temporalEjemplo Fuente EE.UU. *
Finanzas de la empresa10 años
  • Cuenta de resultados
  • Estado de tesorería
  • Balance
Estimaciones del consenso de analistas+3 años
  • Previsiones financieras
  • Objetivos de precios de los analistas
Precios de mercado30 años
  • Precios de las acciones
  • Dividendos, escisiones y acciones
Propiedad10 años
  • Accionistas principales
  • Información privilegiada
Gestión10 años
  • Equipo directivo
  • Consejo de Administración
Principales avances10 años
  • Anuncios de empresas

* Ejemplo para valores de EE.UU., para no EE.UU. se utilizan formularios y fuentes normativas equivalentes.

A menos que se especifique lo contrario, todos los datos financieros se basan en un periodo anual, pero se actualizan trimestralmente. Esto se conoce como datos de los últimos doce meses (TTM) o de los últimos doce meses (LTM). Más información.

Modelo de análisis y copo de nieve

Los detalles del modelo de análisis utilizado para generar este informe están disponibles en nuestra página de Github, también tenemos guías sobre cómo utilizar nuestros informes y tutoriales en Youtube.

Conozca al equipo de talla mundial que diseñó y construyó el modelo de análisis Simply Wall St.

Métricas industriales y sectoriales

Simply Wall St calcula cada 6 horas nuestras métricas sectoriales y de sección. Los detalles de nuestro proceso están disponibles en Github.

Fuentes analistas

Enviva Inc. está cubierta por 9 analistas. 0 de esos analistas presentaron las estimaciones de ingresos o ganancias utilizadas como datos para nuestro informe. Las estimaciones de los analistas se actualizan a lo largo del día.

AnalistaInstitución
Moses SuttonBarclays
Moses SuttonBarclays
Ryan LevineCitigroup Inc