New Risk • Jun 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CA$140.1m (US$99.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.5% net profit margin). Market cap is less than US$100m (CA$140.1m market cap, or US$99.1m). Reported Earnings • May 06
First quarter 2026 earnings released: CA$0.06 loss per share (vs CA$0.22 profit in 1Q 2025) First quarter 2026 results: CA$0.06 loss per share (down from CA$0.22 profit in 1Q 2025). Revenue: CA$55.5m (down 15% from 1Q 2025). Net loss: CA$2.45m (down 128% from profit in 1Q 2025). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Energy Services industry in Canada. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 51% per year, which means it is well ahead of earnings. Announcement • Apr 27
AKITA Drilling Ltd. (TSX:AKT.A) entered into a definitive agreement to acquire Fox Drilling Limited Partnership from Paramount Resources Ltd. (TSX:POU) for CAD 75.9 million. AKITA Drilling Ltd. (TSX:AKT.A) entered into a definitive agreement to acquire Fox Drilling Limited Partnership from Paramount Resources Ltd. (TSX:POU) for CAD 75.9 million on April 27, 2026. The purchase price includes issuance of 19,264,270 common shares to Paramount Resources Ltd. Following the completion, Paramount shareholders are expected to collectively hold approximately 33% of AKITA's outstanding Common Shares. A special meeting of AKITA shareholders to approve the Share Reorganization to be held in June 2026.
The transaction is subject to customary conditions, including the conditional approval of the TSX for the listing of the Common Shares and shareholder approvals.
Blake, Cassels & Graydon LLP acted as legal advisor for AKITA Drilling Ltd. Charles River Associates served as financial advisor to the board of directors of the AKITA Drilling Ltd. Peters & Co., Limited acted as financial advisor and Norton Rose Fulbright Canada LLP acted as legal advisor for Paramount Resources Ltd. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CA$3.92, the stock trades at a trailing P/E ratio of 10.9x. Average forward P/E is 11x in the Energy Services industry in Canada. Total returns to shareholders of 178% over the past three years. Reported Earnings • Mar 19
Full year 2025 earnings released: EPS: CA$0.35 (vs CA$0.32 in FY 2024) Full year 2025 results: EPS: CA$0.35 (up from CA$0.32 in FY 2024). Revenue: CA$200.9m (up 3.9% from FY 2024). Net income: CA$13.9m (up 8.2% from FY 2024). Profit margin: 6.9% (up from 6.7% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Energy Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 04
AKITA Drilling Ltd., Annual General Meeting, May 12, 2026 AKITA Drilling Ltd., Annual General Meeting, May 12, 2026. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to CA$2.96, the stock trades at a trailing P/E ratio of 5.3x. Average forward P/E is 12x in the Energy Services industry in Canada. Total returns to shareholders of 93% over the past three years. Announcement • Feb 10
AKITA Drilling Ltd. to Report Fiscal Year 2025 Results on Mar 18, 2026 AKITA Drilling Ltd. announced that they will report fiscal year 2025 results on Mar 18, 2026 Announcement • Nov 26
AKITA Drilling Ltd. Announces Appointment of Rob Symonds as Independent Director to its Board of Directors, effective November 24, 2025 AKITA Drilling Ltd. announced the appointment of Mr. Rob Symonds to its Board of Directors, effective November 24, 2025. Mr. Symonds was COO of Husky Energy, overseeing upstream production and downstream processing. He was accountable for all onshore North American operations, offshore operations in Atlantic Canada, marketing, trading, retail, procurement, safety, major projects, and global exploration. Mr.Symonds was an officer of Husky Energy Inc. as well as an officer and director of several Husky-owned subsidiary companies. He guided the reserves recognition process, ensuring compliance with regulations and Securities &Exchange Commission requirements. Prior to Husky, Mr.Symonds was an executive and officer at Enerplus Corporation, a Canadian upstream venture. He began his career as a reservoir engineer at Shell Canada, after attaining his Master of Science in Petroleum Engineering at University of Alberta and Bachelor of Science in Chemical Engineering at the University of Edinburgh. At Shell Canada, Mr.Symonds led upstream and offshore businesses and corporate strategy. Internationally, Mr.Symonds was JV manager for Shell U.K. Exploration and Production PLC's North Sea assets. Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: CA$0.04 (vs CA$0.028 in 3Q 2024) Third quarter 2025 results: EPS: CA$0.04 (up from CA$0.028 in 3Q 2024). Revenue: CA$44.6m (down 2.7% from 3Q 2024). Net income: CA$1.55m (up 40% from 3Q 2024). Profit margin: 3.5% (up from 2.4% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Energy Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 03
Second quarter 2025 earnings released: EPS: CA$0.06 (vs CA$0.012 loss in 2Q 2024) Second quarter 2025 results: EPS: CA$0.06 (up from CA$0.012 loss in 2Q 2024). Revenue: CA$49.6m (up 29% from 2Q 2024). Net income: CA$2.30m (up CA$2.78m from 2Q 2024). Profit margin: 4.6% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Energy Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. Independent Director D. Yeates was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 18
AKITA Drilling Ltd. to Report Q2, 2025 Results on Jul 30, 2025 AKITA Drilling Ltd. announced that they will report Q2, 2025 results on Jul 30, 2025 Reported Earnings • May 08
First quarter 2025 earnings released: EPS: CA$0.22 (vs CA$0.066 in 1Q 2024) First quarter 2025 results: EPS: CA$0.22 (up from CA$0.066 in 1Q 2024). Revenue: CA$65.1m (up 41% from 1Q 2024). Net income: CA$8.63m (up 229% from 1Q 2024). Profit margin: 13% (up from 5.7% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Energy Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CA$1.66, the stock trades at a trailing P/E ratio of 5.1x. Average forward P/E is 8x in the Energy Services industry in Canada. Total returns to shareholders of 15% over the past three years. Reported Earnings • Mar 11
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: CA$0.32 (down from CA$0.46 in FY 2023). Revenue: CA$193.3m (down 14% from FY 2023). Net income: CA$12.9m (down 30% from FY 2023). Profit margin: 6.7% (down from 8.2% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 14%. Earnings per share (EPS) exceeded analyst estimates by 118%. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Energy Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Mar 05
AKITA Drilling Ltd., Annual General Meeting, May 13, 2025 AKITA Drilling Ltd., Annual General Meeting, May 13, 2025. Price Target Changed • Nov 06
Price target decreased by 27% to CA$2.75 Down from CA$3.75, the current price target is provided by 1 analyst. New target price is 66% above last closing price of CA$1.66. Stock is up 18% over the past year. The company is forecast to post earnings per share of CA$0.19 for next year compared to CA$0.46 last year. Reported Earnings • Nov 05
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: CA$0.03 (down from CA$0.098 in 3Q 2023). Revenue: CA$45.8m (down 16% from 3Q 2023). Net income: CA$1.11m (down 72% from 3Q 2023). Profit margin: 2.4% (down from 7.1% in 3Q 2023). Revenue missed analyst estimates by 18%. Earnings per share (EPS) also missed analyst estimates by 40%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Energy Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 01
Second quarter 2024 earnings: EPS in line with expectations, revenues disappoint Second quarter 2024 results: CA$0.01 loss per share (down from CA$0.16 profit in 2Q 2023). Revenue: CA$38.3m (down 34% from 2Q 2023). Net loss: CA$478.0k (down 108% from profit in 2Q 2023). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 4.5% decline forecast for the Energy Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • May 16
AKITA Drilling Ltd. Elects D. Neil Yeates as Director AKITA Drilling Ltd. announced that annual meeting of shareholders held on May 14, 2024, elected D. Neil Yeates as Director. Reported Earnings • May 07
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: CA$0.07 (down from CA$0.24 in 1Q 2023). Revenue: CA$46.3m (down 29% from 1Q 2023). Net income: CA$2.63m (down 72% from 1Q 2023). Profit margin: 5.7% (down from 15% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 13%. Earnings per share (EPS) exceeded analyst estimates by 40%. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 9.6% decline forecast for the Energy Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Price Target Changed • Mar 23
Price target decreased by 14% to CA$2.80 Down from CA$3.25, the current price target is provided by 1 analyst. New target price is 77% above last closing price of CA$1.58. Stock is up 13% over the past year. The company is forecast to post earnings per share of CA$0.12 for next year compared to CA$0.46 last year. New Risk • Mar 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 13% 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 Risk Earnings are forecast to decline by an average of 13% per year for the foreseeable future. Minor Risk Market cap is less than US$100m (CA$66.0m market cap, or US$48.6m). Reported Earnings • Mar 22
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CA$0.46 (up from CA$0.11 in FY 2022). Revenue: CA$225.5m (up 12% from FY 2022). Net income: CA$18.4m (up 330% from FY 2022). Profit margin: 8.2% (up from 2.1% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) also missed analyst estimates by 8.0%. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 10% decline forecast for the Energy Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to CA$1.79, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 7x in the Energy Services industry in Canada. Total returns to shareholders of 46% over the past three years. Announcement • Mar 02
AKITA Drilling Ltd., Annual General Meeting, May 14, 2024 AKITA Drilling Ltd., Annual General Meeting, May 14, 2024. Price Target Changed • Dec 27
Price target decreased by 13% to CA$3.25 Down from CA$3.75, the current price target is provided by 1 analyst. New target price is 129% above last closing price of CA$1.42. Stock is down 18% over the past year. The company is forecast to post earnings per share of CA$0.50 for next year compared to CA$0.11 last year. New Risk • Nov 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 14% 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 Risk Earnings are forecast to decline by an average of 14% per year for the foreseeable future. Minor Risks High level of debt (45% net debt to equity). Market cap is less than US$100m (CA$65.2m market cap, or US$47.7m). Reported Earnings • Nov 02
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: CA$0.10 (up from CA$0.067 in 3Q 2022). Revenue: CA$54.8m (up 2.4% from 3Q 2022). Net income: CA$3.88m (up 46% from 3Q 2022). Profit margin: 7.1% (up from 5.0% in 3Q 2022). Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) exceeded analyst estimates by 67%. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 75% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CA$1.89, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 6x in the Energy Services industry in Canada. Total returns to shareholders of 361% over the past three years. New Risk • Aug 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.0% 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 Risk Earnings are forecast to decline by an average of 5.0% per year for the foreseeable future. Minor Risk Market cap is less than US$100m (CA$72.5m market cap, or US$54.2m). Reported Earnings • Aug 04
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: CA$0.16 (up from CA$0.11 loss in 2Q 2022). Revenue: CA$58.3m (up 36% from 2Q 2022). Net income: CA$6.18m (up CA$10.4m from 2Q 2022). Profit margin: 11% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 25%. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 5.5% decline forecast for the Energy Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 74% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CA$1.29, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 5x in the Energy Services industry in Canada. Total returns to shareholders of 187% over the past three years. Reported Earnings • May 07
First quarter 2023 earnings: EPS exceeds analyst expectations First quarter 2023 results: EPS: CA$0.24 (up from CA$0.074 loss in 1Q 2022). Revenue: CA$65.0m (up 45% from 1Q 2022). Net income: CA$9.52m (up CA$12.5m from 1Q 2022). Profit margin: 15% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 3.0% decline forecast for the Energy Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 64% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 07
Price target decreased by 25% to CA$3.75 Down from CA$5.00, the current price target is provided by 1 analyst. New target price is 168% above last closing price of CA$1.40. Stock is down 47% over the past year. The company is forecast to post earnings per share of CA$0.61 for next year compared to CA$0.11 last year. Price Target Changed • Mar 24
Price target increased by 33% to CA$5.00 Up from CA$3.75, the current price target is provided by 1 analyst. New target price is 257% above last closing price of CA$1.40. Stock is up 0.7% over the past year. The company is forecast to post earnings per share of CA$0.60 for next year compared to CA$0.11 last year. Reported Earnings • Mar 21
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: CA$0.11 (up from CA$0.53 loss in FY 2021). Revenue: CA$201.0m (up 83% from FY 2021). Net income: CA$4.29m (up CA$25.3m from FY 2021). Profit margin: 2.1% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 6.3% decline forecast for the Energy Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 6 highly experienced directors. Independent Director Rob Peabody 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. Reported Earnings • Nov 05
Third quarter 2022 earnings released: EPS: CA$0.07 (vs CA$0.16 loss in 3Q 2021) Third quarter 2022 results: EPS: CA$0.07 (up from CA$0.16 loss in 3Q 2021). Revenue: CA$53.5m (up 79% from 3Q 2021). Net income: CA$2.66m (up CA$9.09m from 3Q 2021). Profit margin: 5.0% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Energy Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 27% per year whereas the company’s share price has increased by 24% per year. Price Target Changed • Aug 04
Price target decreased to CA$2.88 Down from CA$3.13, the current price target is an average from 2 analysts. New target price is 68% above last closing price of CA$1.71. Stock is up 114% over the past year. The company posted a net loss per share of CA$0.53 last year. Reported Earnings • Aug 04
Second quarter 2022 earnings: Revenues miss analyst expectations Second quarter 2022 results: Revenue: CA$43.0m (up 130% from 2Q 2021). Net loss: CA$4.25m (loss narrowed 30% from 2Q 2021). Revenue missed analyst estimates by 10%. Over the next year, revenue is forecast to grow 47%, compared to a 45% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has remained flat. Announcement • May 12
AKITA Drilling Ltd. Elects Robert J. Peabody as Director AKITA Drilling Ltd. announced that at its annual meeting of shareholders held on May 10, 2022, elected Robert J. Peabody as director. Reported Earnings • May 06
First quarter 2022 earnings: EPS in line with expectations, revenues disappoint First quarter 2022 results: CA$0.07 loss per share (up from CA$0.092 loss in 1Q 2021). Revenue: CA$45.0m (up 66% from 1Q 2021). Net loss: CA$2.93m (loss narrowed 20% from 1Q 2021). Revenue missed analyst estimates by 12%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 73%, compared to a 15% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 3% per year. Price Target Changed • Apr 27
Price target increased to CA$3.13 Up from CA$2.83, the current price target is provided by 1 analyst. New target price is 43% above last closing price of CA$2.18. Stock is up 134% over the past year. The company is forecast to post a net loss per share of CA$0.05 next year compared to a net loss per share of CA$0.53 last year. Board Change • Apr 27
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. 2 experienced directors. 6 highly experienced directors. Independent Director Doug Dafoe was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Apr 15
Consensus forecasts updated The consensus outlook for 2022 has been updated. Forecast profits in 2022 with EPS up from -CA$0.12 to CA$0 per share. Revenue forecast unchanged from last update at CA$210.0m. Energy Services industry in Canada expected to see average net income growth of 52% next year. Consensus price target up from CA$2.08 to CA$2.83. Share price rose 23% to CA$2.75 over the past week. Recent Insider Transactions • Mar 30
Executive Chair & CEO recently bought CA$2.4m worth of stock On the 28th of March, Linda Southern-Heathcott bought around 2m shares on-market at roughly CA$1.50 per share. This was the largest purchase by an insider in the last 3 months. This was Linda's only on-market trade for the last 12 months. Major Estimate Revision • Mar 21
Consensus estimates of losses per share improve by 14% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from CA$181.0m to CA$195.5m. EPS estimate increased from -CA$0.14 per share to -CA$0.12 per share. Energy Services industry in Canada expected to see average net income growth of 54% next year. Consensus price target up from CA$1.70 to CA$2.08. Share price fell 5.3% to CA$1.42 over the past week. Reported Earnings • Mar 15
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: CA$0.53 loss per share (up from CA$2.36 loss in FY 2020). Revenue: CA$110.1m (down 8.0% from FY 2020). Net loss: CA$21.0m (loss narrowed 78% from FY 2020). Revenue missed analyst estimates by 7.1%. Earnings per share (EPS) exceeded analyst estimates by 5.0%. Over the next year, revenue is forecast to grow 89%, compared to a 16% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has fallen by 28% per year, which means it is performing significantly worse than earnings. Breakeven Date Change • Mar 04
Forecast to breakeven in 2023 The 2 analysts covering AKITA Drilling expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 64% per year to 2022. The company is expected to make a profit of CA$8.00m in 2023. Average annual earnings growth of 76% is required to achieve expected profit on schedule. Announcement • Mar 03
AKITA Drilling Ltd., Annual General Meeting, May 10, 2022 AKITA Drilling Ltd., Annual General Meeting, May 10, 2022. Price Target Changed • Mar 03
Price target increased to CA$1.70 Up from CA$1.25, the current price target is an average from 2 analysts. New target price is 60% above last closing price of CA$1.06. Stock is up 18% over the past year. The company is forecast to post a net loss per share of CA$0.50 next year compared to a net loss per share of CA$2.35 last year. Breakeven Date Change • Dec 08
Forecast to breakeven in 2023 The 2 analysts covering AKITA Drilling expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 72% per year to 2022. The company is expected to make a profit of CA$1.00m in 2023. Average annual earnings growth of 88% is required to achieve expected profit on schedule. Reported Earnings • Nov 06
Third quarter 2021 earnings released The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: CA$29.9m (up 59% from 3Q 2020). Net loss: CA$6.43m (loss narrowed 22% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has fallen by 38% per year, which means it is performing significantly worse than earnings. Price Target Changed • Nov 06
Price target decreased to CA$1.33 Down from CA$1.68, the current price target is an average from 2 analysts. New target price is 26% above last closing price of CA$1.05. Stock is up 250% over the past year. The company is forecast to post a net loss per share of CA$0.50 next year compared to a net loss per share of CA$2.35 last year. Board Change • Nov 02
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. 5 highly experienced directors. Independent Director Doug Dafoe was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Price Target Changed • Oct 22
Price target increased to CA$1.68 Up from CA$1.53, the current price target is provided by 1 analyst. New target price is 20% above last closing price of CA$1.40. Stock is up 367% over the past year. The company is forecast to post a net loss per share of CA$0.38 next year compared to a net loss per share of CA$2.35 last year. Board Change • Oct 02
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. 5 highly experienced directors. Independent Director Doug Dafoe was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Major Estimate Revision • Aug 05
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from CA$147.5m to CA$129.5m. EPS estimate increased from -CA$0.38 to -CA$0.37 per share. Energy Services industry in Canada expected to see average net income decline 16% next year. Consensus price target up from CA$1.55 to CA$1.60. Share price fell 8.7% to CA$0.84 over the past week. Reported Earnings • Jul 31
Second quarter 2021 earnings released The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: CA$18.7m (down 29% from 2Q 2020). Net loss: CA$6.11m (loss widened 17% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 46% per year, which means it is performing significantly worse than earnings. Executive Departure • May 18
President, CEO & Director Karl Ruud has left the company On the 15th of May, Karl Ruud's tenure as President, CEO & Director of the company ended after 11.9 years in the role. As of December 2020, Karl personally held only 59.75k shares (CA$29k worth at the time). Karl is the only executive to leave the company over the last 12 months. Under Karl's leadership, the company delivered a total shareholder return of -79%. Major Estimate Revision • May 13
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from CA$149.0m to CA$143.5m. 2021 losses expected to reduce from -CA$0.46 to -CA$0.40 per share. Energy Services industry in Canada expected to see average net income decline 9.3% next year. Consensus price target of CA$1.35 unchanged from last update. Share price was steady at CA$0.95 over the past week. Reported Earnings • May 08
First quarter 2021 earnings released 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$27.2m (down 49% from 1Q 2020). Net loss: CA$3.65m (loss narrowed 93% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 48% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 17
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$119.7m (down 32% from FY 2019). Net loss: CA$93.3m (loss widened 369% from FY 2019). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. Announcement • Mar 02
AKITA Drilling Ltd., Annual General Meeting, May 11, 2021 AKITA Drilling Ltd., Annual General Meeting, May 11, 2021. Is New 90 Day High Low • Feb 26
New 90-day high: CA$0.94 The company is up 185% from its price of CA$0.33 on 27 November 2020. The Canadian market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 29% over the same period. Is New 90 Day High Low • Jan 29
New 90-day high: CA$0.61 The company is up 103% from its price of CA$0.30 on 30 October 2020. The Canadian market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 53% over the same period. Announcement • Jan 29
AKITA Drilling Ltd. Announces Executive Changes The Board of Directors of AKITA Drilling Ltd. announced that Linda Southern-Heathcott will become Executive Chair of AKITA Drilling Ltd. following the retirement of Karl A. Ruud as President on May 15, 2021, after a 45-year career with AKITA and predecessors. Ms. Southern-Heathcott is a founding director of the Company. She has been Chair of the Board since May 2006 and was Deputy Chair from 2004 to 2006. AKITA further announces that concurrent with Mr. Ruud's retirement, Colin A. Dease will be appointed President of the Canadian Division of the Company. Ray T. Coleman will continue as President, USA Division. Mr. Dease was appointed Vice President, Canadian Operations in November 2019, and was previously Vice President, Corporate Secretary and Legal Counsel. Mr. Dease is a director of the CAODC (Canadian Association of Oilwell Drilling Contractors). Mr. Coleman has served as President, USA Division since May 2020. Prior to that role, he served as Senior Vice President/Managing Director US Operations and Senior Vice President. Ms. Southern-Heathcott and Mr. Dease will remain in their current roles until the transition takes place on May 15, 2021. Announcement • Jan 28
AKITA Drilling Ltd. Announces Executive Changes AKITA Drilling Ltd. announced appointment of Linda Southern-Heathcott CEO following the retirement of Karl A. Ruud as CEO on May 15, 2021. Ms. Southern-Heathcott is a founding director of the Company. She has been Chair of the Board since May 2006 and was Deputy Chair from 2004 to 2006. Price Target Changed • Jan 12
Price target raised to CA$0.60 Up from CA$0.45, the current price target is an average from 2 analysts. The new target price is 5.3% above the current share price of CA$0.57. As of last close, the stock is down 49% over the past year. Is New 90 Day High Low • Jan 05
New 90-day high: CA$0.58 The company is up 104% from its price of CA$0.28 on 07 October 2020. The Canadian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 35% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CA$0.13 per share. Is New 90 Day High Low • Dec 02
New 90-day high: CA$0.38 The company is up 15% from its price of CA$0.33 on 03 September 2020. The Canadian market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Energy Services industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CA$0.082 per share. Is New 90 Day High Low • Nov 04
New 90-day low: CA$0.27 The company is down 26% from its price of CA$0.36 on 06 August 2020. The Canadian market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CA$0.21 per share. 