Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. President, CEO & Director Scott Melbourn was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annonce • Apr 14
Source Energy Services Ltd. to Report Q1, 2026 Results on May 07, 2026 Source Energy Services Ltd. announced that they will report Q1, 2026 results at 4:00 PM, US Eastern Standard Time on May 07, 2026 Annonce • Mar 03
Source Energy Services Ltd., Annual General Meeting, May 08, 2026 Source Energy Services Ltd., Annual General Meeting, May 08, 2026. Annonce • Jan 27
Source Energy Services Ltd. to Report Q4, 2025 Results on Feb 26, 2026 Source Energy Services Ltd. announced that they will report Q4, 2025 results After-Market on Feb 26, 2026 Annonce • Oct 08
Source Energy Services Ltd. to Report Q3, 2025 Results on Nov 06, 2025 Source Energy Services Ltd. announced that they will report Q3, 2025 results After-Market on Nov 06, 2025 Annonce • Jul 04
Source Energy Services Ltd. to Report Q2, 2025 Results on Jul 30, 2025 Source Energy Services Ltd. announced that they will report Q2, 2025 results After-Market on Jul 30, 2025 Annonce • May 09
Source Energy Services Ltd. (TSX:SHLE) announces an Equity Buyback for 750,000 shares, representing 5.54% for CAD 5 million. Source Energy Services Ltd. (TSX:SHLE) announces a share repurchase program. Under the normal course issuer bid, the company will repurchase up to approximately 750,000 shares, representing 5.54% of its outstanding shares, for CAD 5 million. The shares purchased under the bid will be cancelled. The bid will expire on the date on which maximum number of shares are purchased pursuant to the bid or May 12, 2026, whichever is earlier. As of April 30, 2025, the company had 13,545,055 shares in issue. Annonce • Apr 16
Source Energy Services Ltd. to Report Q1, 2025 Results on May 08, 2025 Source Energy Services Ltd. announced that they will report Q1, 2025 results After-Market on May 08, 2025 Annonce • Mar 04
Source Energy Services Ltd., Annual General Meeting, May 09, 2025 Source Energy Services Ltd., Annual General Meeting, May 09, 2025. Annonce • Feb 12
Source Energy Services Ltd. to Report Q4, 2024 Results on Feb 26, 2025 Source Energy Services Ltd. announced that they will report Q4, 2024 results After-Market on Feb 26, 2025 Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: CA$0.75 (vs CA$0.28 in 3Q 2023) Third quarter 2024 results: EPS: CA$0.75 (up from CA$0.28 in 3Q 2023). Revenue: CA$183.1m (up 47% from 3Q 2023). Net income: CA$10.2m (up 172% from 3Q 2023). Profit margin: 5.5% (up from 3.0% in 3Q 2023). Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 98% per year, which means it is significantly lagging earnings growth. Annonce • Oct 18
Source Energy Services Ltd. to Report Q3, 2024 Results on Nov 06, 2024 Source Energy Services Ltd. announced that they will report Q3, 2024 results After-Market on Nov 06, 2024 Reported Earnings • Aug 03
Second quarter 2024 earnings released: EPS: CA$0.35 (vs CA$0.20 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.35 (up from CA$0.20 in 2Q 2023). Revenue: CA$176.4m (up 39% from 2Q 2023). Net income: CA$4.69m (up 71% from 2Q 2023). Profit margin: 2.7% (up from 2.2% in 2Q 2023). Revenue is forecast to grow 3.7% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has only increased by 100% per year, which means it is significantly lagging earnings growth. Annonce • Jul 22
Source Energy Services Ltd. to Report Q2, 2024 Results on Aug 01, 2024 Source Energy Services Ltd. announced that they will report Q2, 2024 results After-Market on Aug 01, 2024 Reported Earnings • May 10
First quarter 2024 earnings released: EPS: CA$0.14 (vs CA$0.58 in 1Q 2023) First quarter 2024 results: EPS: CA$0.14 (down from CA$0.58 in 1Q 2023). Revenue: CA$169.6m (up 3.6% from 1Q 2023). Net income: CA$1.89m (down 76% from 1Q 2023). Profit margin: 1.1% (down from 4.8% in 1Q 2023). Revenue is forecast to grow 5.8% p.a. on average during the next 2 years, compared to a 1.8% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 106% per year, which means it is significantly lagging earnings growth. Annonce • Apr 09
Source Energy Services Ltd. to Report Q1, 2024 Results on May 09, 2024 Source Energy Services Ltd. announced that they will report Q1, 2024 results After-Market on May 09, 2024 New Risk • Apr 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 9.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Share price has been highly volatile over the past 3 months (9.8% average weekly change). Earnings are forecast to decline by an average of 77% per year for the foreseeable future. High level of non-cash earnings (43% accrual ratio). Minor Risk Significant insider selling over the past 3 months (€78k sold). Recent Insider Transactions • Mar 23
Executive VP & CFO recently sold €78k worth of stock On the 18th of March, Derren Newell sold around 12k shares on-market at roughly €6.76 per share. This transaction amounted to 36% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Derren has been a net seller over the last 12 months, reducing personal holdings by €78k. New Risk • Mar 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 73% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings are forecast to decline by an average of 73% per year for the foreseeable future. High level of non-cash earnings (43% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.7% average weekly change). Market cap is less than US$100m (€79.1m market cap, or US$86.2m). Reported Earnings • Mar 07
Full year 2023 earnings released: EPS: CA$12.35 (vs CA$0.65 loss in FY 2022) Full year 2023 results: EPS: CA$12.35 (up from CA$0.65 loss in FY 2022). Revenue: CA$569.7m (up 37% from FY 2022). Net income: CA$167.3m (up CA$176.1m from FY 2022). Profit margin: 29% (up from net loss in FY 2022). Revenue is forecast to grow 5.5% p.a. on average during the next 2 years, compared to a 1.8% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 142% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Annonce • Mar 02
Source Energy Services Ltd., Annual General Meeting, May 10, 2024 Source Energy Services Ltd., Annual General Meeting, May 10, 2024. Annonce • Feb 21
Source Energy Services Ltd. to Report Q4, 2023 Results on Mar 06, 2024 Source Energy Services Ltd. announced that they will report Q4, 2023 results After-Market on Mar 06, 2024 Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €4.58, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 8x in the Energy Services industry in Europe. Total returns to shareholders of 430% over the past three years. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €4.20, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 7x in the Energy Services industry in Europe. Total returns to shareholders of 479% over the past three years. New Risk • Nov 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 547% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (€64.6m market cap, or US$70.1m). Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: CA$0.28 (vs CA$0.43 in 3Q 2022) Third quarter 2023 results: EPS: CA$0.28 (down from CA$0.43 in 3Q 2022). Revenue: CA$124.7m (up 4.0% from 3Q 2022). Net income: CA$3.73m (down 36% from 3Q 2022). Profit margin: 3.0% (down from 4.9% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 2.1% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 139% per year but the company’s share price has increased by 174% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €4.78, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 8x in the Energy Services industry in Europe. Total returns to shareholders of 1,711% over the past three years. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €4.42, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 9x in the Energy Services industry in Europe. Total returns to shareholders of 1,192% over the past three years. Annonce • Oct 12
Source Energy Services Ltd. to Report Q3, 2023 Results on Nov 08, 2023 Source Energy Services Ltd. announced that they will report Q3, 2023 results After-Market on Nov 08, 2023 Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €3.74, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 9x in the Energy Services industry in Europe. Total returns to shareholders of 905% over the past three years. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €3.34, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 11x in the Energy Services industry in Europe. Total returns to shareholders of 1,292% over the past three years. New Risk • Aug 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 169% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (€51.8m market cap, or US$56.9m). Reported Earnings • Aug 04
Second quarter 2023 earnings released: EPS: CA$0.20 (vs CA$0.31 in 2Q 2022) Second quarter 2023 results: EPS: CA$0.20 (down from CA$0.31 in 2Q 2022). Revenue: CA$126.9m (up 14% from 2Q 2022). Net income: CA$2.73m (down 35% from 2Q 2022). Profit margin: 2.2% (down from 3.8% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.3% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 134% per year but the company’s share price has increased by 224% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Jun 30
Source Energy Services Ltd. to Report Q2, 2023 Results on Aug 02, 2023 Source Energy Services Ltd. announced that they will report Q2, 2023 results After-Market on Aug 02, 2023 Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €2.92, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 10x in the Energy Services industry in Europe. Total returns to shareholders of 854% over the past three years. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €4.10, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 10x in the Energy Services industry in Europe. Total returns to shareholders of 332% over the past three years. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €3.68, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 10x in the Energy Services industry in Europe. Total returns to shareholders of 667% over the past three years. Reported Earnings • May 07
First quarter 2023 earnings released: EPS: CA$0.58 (vs CA$0.49 loss in 1Q 2022) First quarter 2023 results: EPS: CA$0.58 (up from CA$0.49 loss in 1Q 2022). Revenue: CA$163.7m (up 69% from 1Q 2022). Net income: CA$7.88m (up CA$14.5m from 1Q 2022). Profit margin: 4.8% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 8.1% p.a. on average during the next 2 years, compared to a 2.9% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 124% per year but the company’s share price has increased by 145% per year, which means it is tracking significantly ahead of earnings growth. Breakeven Date Change • Apr 27
Forecast to breakeven in 2023 The 2 analysts covering Source Energy Services expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of CA$22.9m in 2023. Earnings growth of 87% is required to achieve expected profit on schedule. Reported Earnings • Mar 09
Full year 2022 earnings released: CA$0.65 loss per share (vs CA$1.80 loss in FY 2021) Full year 2022 results: CA$0.65 loss per share (improved from CA$1.80 loss in FY 2021). Revenue: CA$415.9m (up 30% from FY 2021). Net loss: CA$8.77m (loss narrowed 64% from FY 2021). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has increased by 178% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Feb 10
Source Energy Services Ltd. to Report Q4, 2022 Results on Mar 08, 2023 Source Energy Services Ltd. announced that they will report Q4, 2022 results After-Market on Mar 08, 2023 Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: CA$0.43 (vs CA$0.26 loss in 3Q 2021) Third quarter 2022 results: EPS: CA$0.43 (up from CA$0.26 loss in 3Q 2021). Revenue: CA$119.9m (up 23% from 3Q 2021). Net income: CA$5.87m (up CA$9.45m from 3Q 2021). Profit margin: 4.9% (up from net loss in 3Q 2021). Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: CA$0.31 (vs CA$0.064 loss in 2Q 2021) Second quarter 2022 results: EPS: CA$0.31 (up from CA$0.064 loss in 2Q 2021). Revenue: CA$111.6m (up 53% from 2Q 2021). Net income: CA$4.21m (up CA$5.08m from 2Q 2021). Profit margin: 3.8% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Reported Earnings • May 07
First quarter 2022 earnings released: CA$0.49 loss per share (vs CA$0.40 loss in 1Q 2021) First quarter 2022 results: CA$0.49 loss per share (down from CA$0.40 loss in 1Q 2021). Revenue: CA$97.0m (up 18% from 1Q 2021). Net loss: CA$6.64m (loss widened 23% from 1Q 2021). Over the next year, revenue is forecast to grow 10%, compared to a 17% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 43% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 11
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: CA$1.80 loss per share (up from CA$36.26 loss in FY 2020). Revenue: CA$319.9m (up 28% from FY 2020). Net loss: CA$24.4m (loss narrowed 87% from FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 5.4%, compared to a 21% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improved over the past week After last week's 21% share price gain to €1.93, the stock trades at a trailing P/E ratio of 2.6x. Average forward P/E is 10x in the Energy Services industry in Europe. Total loss to shareholders of 76% over the past three years. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improved over the past week After last week's 19% share price gain to €1.69, the stock trades at a trailing P/E ratio of 2.4x. Average forward P/E is 10x in the Energy Services industry in Europe. Total loss to shareholders of 83% over the past three years. Annonce • Feb 01
Source Energy Services Ltd. to Report Q4, 2021 Results on Mar 09, 2022 Source Energy Services Ltd. announced that they will report Q4, 2021 results After-Market on Mar 09, 2022 Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improved over the past week After last week's 23% share price gain to €1.39, the stock trades at a trailing P/E ratio of 2x. Average forward P/E is 10x in the Energy Services industry in Europe. Total loss to shareholders of 85% over the past three years. Reported Earnings • Nov 06
Third quarter 2021 earnings released: CA$0.26 loss per share (vs CA$1.53 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: CA$97.7m (up 24% from 3Q 2020). Net loss: CA$3.58m (loss narrowed 53% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 51% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment improved over the past week After last week's 26% share price gain to €1.16, the stock trades at a forward P/E ratio of 97x. Average forward P/E is 9x in the Energy Services industry in Europe. Total loss to shareholders of 95% over the past three years. Reported Earnings • Jul 30
Second quarter 2021 earnings released: CA$0.06 loss per share (vs CA$3.16 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: CA$72.7m (up 357% from 2Q 2020). Net loss: CA$872.0k (loss narrowed 95% from 2Q 2020). Reported Earnings • May 07
First quarter 2021 earnings released: CA$0.40 loss per share (vs CA$36.91 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: CA$81.9m (down 15% from 1Q 2020). Net loss: CA$5.39m (loss narrowed 97% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 7 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 20
Full year 2020 earnings released The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: CA$249.9m (down 25% from FY 2019). Net loss: CA$182.7m (loss widened 106% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 26
New 90-day high: €1.47 The company is up 1,125% from its price of €0.12 on 27 November 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 14% over the same period. Annonce • Feb 26
Source Energy Services Ltd., Annual General Meeting, May 07, 2021 Source Energy Services Ltd., Annual General Meeting, May 07, 2021. Annonce • Feb 11
Source Energy Services Ltd. to Report Q4, 2020 Results on Mar 18, 2021 Source Energy Services Ltd. announced that they will report Q4, 2020 results After-Market on Mar 18, 2021 Annonce • Jan 02
Source Energy Services Ltd. Announces Board Changes Source Energy Services Ltd. announced that the two new directors have been appointed to board of directors: Mr. Chris Johnson is the co-founder, CEO and President of Crown Capital Partners Inc. a public alternative finance provider. Mr. Johnson brings a wealth of finance, M&A and corporate governance experience to the Board, gained through his experience as financier and/or director of numerous public and private companies. Mr. Johnson is a Certified Financial Analyst. Mr. Steven Sharpe is the Managing Director of The EmBeSa Corporation. He is a seasoned business executive and corporate director with experience in a number of sectors including energy, technology, investment banking and hospitality. Mr. Sharpe currently sits on the Advisory Board of the Pine River Institute, and is a director of Dundee Corporation, Essential Energy Services Ltd. and Crown Capital Partners Inc. With the appointment of the two new directors, Mr. Jim McMahon and Mr. Mick MacBean have resigned from the Board. Analyst Estimate Surprise Post Earnings • Oct 30
Third-quarter earnings released: Revenue beats expectations Third-quarter revenue exceeded analyst estimates by 67% at CA$78.5m. Revenue is expected to shrink by 20% over the next year, compared to a 12% decline forecast for the Energy Services industry in Germany. Annonce • Oct 16
Source Energy Services Ltd. to Report Q3, 2020 Results on Oct 29, 2020 Source Energy Services Ltd. announced that they will report Q3, 2020 results at 5:00 PM, Eastern Standard Time on Oct 29, 2020 
