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HZN

Horizon Oil ASX:HZN Stock Report

Last Price

AU$0.15

Market Cap

AU$236.2m

7D

-1.7%

1Y

55.3%

Updated

30 Sep, 2022

Data

Company Financials
HZN fundamental analysis
Snowflake Score
Valuation4/6
Future Growth0/6
Past Performance5/6
Financial Health6/6
Dividends4/6

HZN Stock Overview

Horizon Oil Limited, together with its subsidiaries, engages in the exploration, development, and production of oil and gas properties in China and New Zealand.

Horizon Oil Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Horizon Oil
Historical stock prices
Current Share PriceAU$0.15
52 Week HighAU$0.17
52 Week LowAU$0.083
Beta1.25
1 Month Change-1.67%
3 Month Change18.00%
1 Year Change55.26%
3 Year Change9.26%
5 Year Change168.18%
Change since IPO-59.92%

Recent News & Updates

Shareholder Returns

HZNAU Oil and GasAU Market
7D-1.7%-2.1%-0.5%
1Y55.3%19.7%-9.7%

Return vs Industry: HZN exceeded the Australian Oil and Gas industry which returned 19.7% over the past year.

Return vs Market: HZN exceeded the Australian Market which returned -9.7% over the past year.

Price Volatility

Is HZN's price volatile compared to industry and market?
HZN volatility
HZN Average Weekly Movement6.8%
Oil and Gas Industry Average Movement11.7%
Market Average Movement9.5%
10% most volatile stocks in AU Market16.7%
10% least volatile stocks in AU Market4.2%

Stable Share Price: HZN is not significantly more volatile than the rest of Australian stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: HZN's weekly volatility (7%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
196912Richard Beamenthttps://horizonoil.com.au

Horizon Oil Limited, together with its subsidiaries, engages in the exploration, development, and production of oil and gas properties in China and New Zealand. It holds interest in the Block 22/12 oil field in Beibu Gulf, China; and the PMP 38160 Maari/Manaia oil fields in New Zealand, as well as engages in the exploration and evaluation of hydrocarbons. The company was incorporated in 1969 and is based in Sydney, Australia.

Horizon Oil Fundamentals Summary

How do Horizon Oil's earnings and revenue compare to its market cap?
HZN fundamental statistics
Market CapAU$236.21m
Earnings (TTM)AU$37.54m
Revenue (TTM)AU$166.88m

6.3x

P/E Ratio

1.4x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
HZN income statement (TTM)
RevenueUS$108.13m
Cost of RevenueUS$57.37m
Gross ProfitUS$50.77m
Other ExpensesUS$26.44m
EarningsUS$24.33m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.015
Gross Margin46.95%
Net Profit Margin22.50%
Debt/Equity Ratio1.2%

How did HZN perform over the long term?

See historical performance and comparison

Dividends

20.2%

Current Dividend Yield

74%

Payout Ratio

Does HZN pay a reliable dividends?

See HZN dividend history and benchmarks
When do you need to buy HZN by to receive an upcoming dividend?
Horizon Oil dividend dates
Ex Dividend DateOct 12 2022
Dividend Pay DateOct 20 2022
Days until Ex dividend11 days
Days until Dividend pay date19 days

Does HZN pay a reliable dividends?

See HZN dividend history and benchmarks
We’ve recently updated our valuation analysis.

Valuation

Is HZN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for HZN?

Other financial metrics that can be useful for relative valuation.

HZN key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue1x
Enterprise Value/EBITDA1.6x
PEG Ration/a

Price to Earnings Ratio vs Peers

How does HZN's PE Ratio compare to its peers?

HZN PE Ratio vs Peers
The above table shows the PE ratio for HZN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average23.3x
BYE Byron Energy
7.5xn/aAU$140.6m
CTP Central Petroleum
2.9x-50.7%AU$61.7m
OEL Otto Energy
2.4xn/aAU$57.5m
ATS Australis Oil & Gas
80.4xn/aAU$44.2m
HZN Horizon Oil
6.3xn/aAU$236.2m

Price-To-Earnings vs Peers: HZN is good value based on its Price-To-Earnings Ratio (6.3x) compared to the peer average (23.3x).


Price to Earnings Ratio vs Industry

How does HZN's PE Ratio compare vs other companies in the AU Oil and Gas Industry?

Price-To-Earnings vs Industry: HZN is good value based on its Price-To-Earnings Ratio (6.3x) compared to the Australian Oil and Gas industry average (6.6x)


Price to Earnings Ratio vs Fair Ratio

What is HZN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

HZN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio6.3x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate HZN's Price-To-Earnings Fair Ratio for valuation analysis.


Share Price vs Fair Value

What is the Fair Price of HZN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: HZN (A$0.15) is trading below our estimate of fair value (A$1.55)

Significantly Below Fair Value: HZN is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.


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Future Growth

How is Horizon Oil forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-10.7%

Forecasted Energy industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Horizon Oil has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Discover growth companies

  • Examine whether Horizon Oil is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  • Horizon Oil competitive advantages and company strategy can generally be found in its financial reports archived here.

Past Performance

How has Horizon Oil performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


19.8%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: HZN has high quality earnings.

Growing Profit Margin: HZN's current net profit margins (22.5%) are higher than last year (7.6%).


Past Earnings Growth Analysis

Earnings Trend: HZN has become profitable over the past 5 years, growing earnings by 19.8% per year.

Accelerating Growth: HZN's earnings growth over the past year (400.3%) exceeds its 5-year average (19.8% per year).

Earnings vs Industry: HZN earnings growth over the past year (400.3%) underperformed the Oil and Gas industry 653.3%.


Return on Equity

High ROE: HZN's Return on Equity (24.5%) is considered high.


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Financial Health

How is Horizon Oil's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: HZN's short term assets ($68.9M) exceed its short term liabilities ($36.8M).

Long Term Liabilities: HZN's short term assets ($68.9M) exceed its long term liabilities ($46.5M).


Debt to Equity History and Analysis

Debt Level: HZN has more cash than its total debt.

Reducing Debt: HZN's debt to equity ratio has reduced from 117.1% to 1.2% over the past 5 years.

Debt Coverage: HZN's debt is well covered by operating cash flow (4836.5%).

Interest Coverage: HZN's interest payments on its debt are well covered by EBIT (42.5x coverage).


Balance Sheet


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Dividend

What is Horizon Oil current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


20.22%

Current Dividend Yield

Upcoming Dividend Payment

TodaySep 30 2022Ex Dividend DateOct 12 2022Dividend Pay DateOct 20 20228 days from Ex DividendBuy in the next 11 days to receive the upcoming dividend

Dividend Yield vs Market

Horizon Oil Dividend Yield vs Market
How does Horizon Oil dividend yield compare to the market?
SegmentDividend Yield
Company (Horizon Oil)20.2%
Market Bottom 25% (AU)2.8%
Market Top 25% (AU)7.2%
Industry Average (Oil and Gas)8.1%
Analyst forecast in 3 Years (Horizon Oil)n/a

Notable Dividend: HZN's dividend (20.22%) is higher than the bottom 25% of dividend payers in the Australian market (2.77%).

High Dividend: HZN's dividend (20.22%) is in the top 25% of dividend payers in the Australian market (7.18%)


Stability and Growth of Payments

Stable Dividend: Too early to tell whether HZN's dividend payments have been stable as they only just started paying a dividend.

Growing Dividend: Too early to tell if HZN's dividend payments are increasing as they only just started paying a dividend.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (73.9%), HZN's dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonable cash payout ratio (66.6%), HZN's dividend payments are covered by cash flows.


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Management

How experienced are the management team and are they aligned to shareholders interests?

0.2yrs

Average management tenure


CEO

Richard Beament

0.17yr

Tenure

US$491,316

Compensation

Mr. Richard Beament serves as Chief Executive Officer, Managing Director and Director of Horizon Oil Limited since July 01, 2022. He served as Chief Financial Officer at Horizon Oil Ltd since July 1, 2018...


CEO Compensation Analysis

Richard Beament's Compensation vs Horizon Oil Earnings
How has Richard Beament's remuneration changed compared to Horizon Oil's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022US$491kUS$319k

US$24m

Dec 31 2021n/an/a

US$11m

Sep 30 2021n/an/a

US$8m

Jun 30 2021US$480kUS$312k

US$5m

Dec 31 2020n/an/a

US$10m

Sep 30 2020n/an/a

US$13m

Jun 30 2020US$384kUS$294k

US$16m

Mar 31 2020n/an/a

US$19m

Dec 31 2019n/an/a

US$23m

Sep 30 2019n/an/a

US$30m

Jun 30 2019US$435kUS$304k

US$36m

Compensation vs Market: Richard's total compensation ($USD491.32K) is about average for companies of similar size in the Australian market ($USD625.70K).

Compensation vs Earnings: Richard's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: HZN's management team is not considered experienced ( 0.2 years average tenure), which suggests a new team.


Board Members

Experienced Board: HZN's board of directors are considered experienced (4.7 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

ASX:HZN Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
24 Jun 22BuyAU$30,165Gregory BittarIndividual250,000AU$0.12
23 Nov 21BuyAU$43,500Christopher HodgeIndividual500,000AU$0.087
20 Oct 21SellAU$2,014,151Spheria Asset Management Pty LtdCompany20,172,789AU$0.10

Ownership Breakdown

What is the ownership structure of HZN?
Owner TypeNumber of SharesOwnership Percentage
Public Companies18,213,7411.1%
Individual Insiders52,984,5893.3%
Private Companies205,315,65612.8%
VC/PE Firms252,240,25915.8%
Institutions461,805,76928.8%
General Public610,882,94838.1%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 61.82% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
19.62%
Samuel Terry Asset Management Pty Ltd
314,212,423$46.3m0%18.51%
15.75%
IMC Investments Ltd.
252,240,259$37.2m0%100%
9.26%
Austral-Asia Energy Pty. Ltd.
148,333,916$21.9m0%no data
7.63%
Spheria Asset Management Pty Ltd
122,134,457$18.0m0%2.47%
1.25%
Carrington Land Pty. Ltd.
20,000,000$3.0m0%no data
1.14%
Computershare Limited
18,213,741$2.7m10.99%no data
1.12%
Yacktman Asset Management LP
18,000,000$2.7m9.58%0.01%
0.75%
Global Mosaic Pty Ltd
12,055,100$1.8m9.08%no data
0.74%
Michael Sheridan
11,822,050$1.7m48.37%no data
0.53%
Grizzly Holdings Pty Ltd
8,511,941$1.3m0%no data
0.47%
John Porteous
7,558,716$1.1m0%no data
0.47%
Geoffrey Day
7,500,000$1.1m-25%no data
0.47%
Andrew Day
7,500,000$1.1m-25%no data
0.36%
Damian Cifonelli
5,700,000$840.8k0%no data
0.35%
Kaluki Pty Limited
5,645,811$832.8k0%no data
0.34%
Brides Pty. Ltd.
5,500,000$811.3k0%no data
0.33%
Cidt Pty Limited
5,268,888$777.2k0%no data
0.3%
Leendert Hoeksema
4,800,000$708.0k60%no data
0.3%
Aaltje Hoeksema
4,800,000$708.0k60%no data
0.27%
Credit Suisse Asset Management (Switzerland)
4,292,017$633.1k0%no data
0.17%
Dimensional Fund Advisors LP
2,665,573$393.2k0.16%no data
0.062%
Gregory Bittar
1,000,000$147.5k0%no data
0.062%
Christopher Hodge
1,000,000$147.5k0%no data
0.044%
Gerrit de Nys
703,639$103.8k-68.07%no data
0.031%
Acadian Asset Management LLC
501,299$73.9k0%no data

Company Information

Horizon Oil Limited's employee growth, exchange listings and data sources


Key Information

  • Name: Horizon Oil Limited
  • Ticker: HZN
  • Exchange: ASX
  • Founded: 1969
  • Industry: Oil and Gas Exploration and Production
  • Sector: Energy
  • Implied Market Cap: AU$236.213m
  • Shares outstanding: 1.60b
  • Website: https://horizonoil.com.au

Number of Employees


Location

  • Horizon Oil Limited
  • 360 Kent Street
  • Level 4
  • Sydney
  • New South Wales
  • 2000
  • Australia


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
HOJDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
HZNASX (Australian Securities Exchange)YesOrdinary SharesAUAUDJan 1992
HZNF.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
HZNCHIA (Chi-X Australia)YesOrdinary SharesAUAUDJan 1992

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/30 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/06/30
Annual Earnings2022/06/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.