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CES Energy Solutions

TSX:CEU
Snowflake Description

Undervalued with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CEU
TSX
CA$561M
Market Cap
  1. Home
  2. CA
  3. Energy
Company description

CES Energy Solutions Corp., together with its subsidiaries, provides consumable chemical solutions throughout the life-cycle of the oilfield. The last earnings update was 69 days ago. More info.


Add to Portfolio Compare Print
  • CES Energy Solutions has significant price volatility in the past 3 months.
CEU Share Price and Events
7 Day Returns
-6.6%
TSX:CEU
-0.5%
CA Energy Services
0%
CA Market
1 Year Returns
-55.7%
TSX:CEU
-30.2%
CA Energy Services
-2.8%
CA Market
CEU Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CES Energy Solutions (CEU) -6.6% -9.1% -23.3% -55.7% -45.3% -79.3%
CA Energy Services -0.5% -0.9% -15.4% -30.2% -25.5% -71.3%
CA Market 0% 1% -1.7% -2.8% 8% 1%
1 Year Return vs Industry and Market
  • CEU underperformed the Energy Services industry which returned -30.2% over the past year.
  • CEU underperformed the Market in Canada which returned -2.8% over the past year.
Price Volatility
CEU
Industry
5yr Volatility vs Market

CEU Value

 Is CES Energy Solutions undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of CES Energy Solutions to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for CES Energy Solutions.

TSX:CEU Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 11 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.9%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:CEU
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
Energy Services Unlevered Beta Simply Wall St/ S&P Global 1.08
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.078 (1 + (1- 26.5%) (85.16%))
1.505
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.5
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (1.505 * 5.96%)
10.92%

Discounted Cash Flow Calculation for TSX:CEU using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for CES Energy Solutions is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

TSX:CEU DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CAD, Millions) Source Present Value
Discounted (@ 10.92%)
2020 109.62 Analyst x5 98.83
2021 129.03 Est @ 17.71% 104.88
2022 145.77 Est @ 12.98% 106.83
2023 159.87 Est @ 9.67% 105.63
2024 171.62 Est @ 7.35% 102.24
2025 181.46 Est @ 5.73% 97.46
2026 189.80 Est @ 4.6% 91.90
2027 197.01 Est @ 3.8% 86.01
2028 203.40 Est @ 3.24% 80.06
2029 209.21 Est @ 2.86% 74.24
Present value of next 10 years cash flows CA$948.08
TSX:CEU DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CA$209.21 × (1 + 1.95%) ÷ (10.92% – 1.95%)
CA$2,378.04
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$2,378.04 ÷ (1 + 10.92%)10
CA$843.87
TSX:CEU Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$948.08 + CA$843.87
CA$1,791.95
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$1,791.95 / 265.74
CA$6.74
TSX:CEU Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$6.74
Current discount Discount to share price of CA$2.11
= -1 x (CA$2.11 - CA$6.74) / CA$6.74
68.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price CES Energy Solutions is available for.
Intrinsic value
>50%
Share price is CA$2.11 vs Future cash flow value of CA$6.74
Current Discount Checks
For CES Energy Solutions to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • CES Energy Solutions's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • CES Energy Solutions's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for CES Energy Solutions's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CES Energy Solutions's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:CEU PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$0.14
TSX:CEU Share Price ** TSX (2019-07-16) in CAD CA$2.11
Canada Energy Services Industry PE Ratio Median Figure of 17 Publicly-Listed Energy Services Companies 21.9x
Canada Market PE Ratio Median Figure of 539 Publicly-Listed Companies 15.14x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of CES Energy Solutions.

TSX:CEU PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:CEU Share Price ÷ EPS (both in CAD)

= 2.11 ÷ 0.14

15.39x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CES Energy Solutions is good value based on earnings compared to the CA Energy Services industry average.
  • CES Energy Solutions is overvalued based on earnings compared to the Canada market.
Price based on expected Growth
Does CES Energy Solutions's expected growth come at a high price?
Raw Data
TSX:CEU PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.39x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
51.8%per year
Canada Energy Services Industry PEG Ratio Median Figure of 13 Publicly-Listed Energy Services Companies 0.73x
Canada Market PEG Ratio Median Figure of 248 Publicly-Listed Companies 1.16x

*Line of best fit is calculated by linear regression .

TSX:CEU PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.39x ÷ 51.8%

0.3x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CES Energy Solutions is good value based on expected growth next year.
Price based on value of assets
What value do investors place on CES Energy Solutions's assets?
Raw Data
TSX:CEU PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$2.57
TSX:CEU Share Price * TSX (2019-07-16) in CAD CA$2.11
Canada Energy Services Industry PB Ratio Median Figure of 39 Publicly-Listed Energy Services Companies 1.06x
Canada Market PB Ratio Median Figure of 2,440 Publicly-Listed Companies 1.43x
TSX:CEU PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:CEU Share Price ÷ Book Value per Share (both in CAD)

= 2.11 ÷ 2.57

0.82x

* Primary Listing of CES Energy Solutions.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CES Energy Solutions is good value based on assets compared to the CA Energy Services industry average.
X
Value checks
We assess CES Energy Solutions's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Energy Services industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Energy Services industry average (and greater than 0)? (1 check)
  5. CES Energy Solutions has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

CEU Future Performance

 How is CES Energy Solutions expected to perform in the next 1 to 3 years based on estimates from 11 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
51.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CES Energy Solutions expected to grow at an attractive rate?
  • CES Energy Solutions's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • CES Energy Solutions's earnings growth is expected to exceed the Canada market average.
  • CES Energy Solutions's revenue growth is expected to exceed the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:CEU Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:CEU Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts 51.8%
TSX:CEU Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts 6.2%
Canada Energy Services Industry Earnings Growth Rate Market Cap Weighted Average 47.6%
Canada Energy Services Industry Revenue Growth Rate Market Cap Weighted Average 7.7%
Canada Market Earnings Growth Rate Market Cap Weighted Average 13.9%
Canada Market Revenue Growth Rate Market Cap Weighted Average 5.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:CEU Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:CEU Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 1,394 155 57 11
2019-12-31 1,298 134 28 11
TSX:CEU Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-03-31 1,304 106 37
2018-12-31 1,271 78 48
2018-09-30 1,202 87 35
2018-06-30 1,124 79 49
2018-03-31 1,078 35 42
2017-12-31 1,030 -23 36
2017-09-30 939 -46 30
2017-06-30 823 -33 -1
2017-03-31 683 -15 -33
2016-12-31 568 57 -65
2016-09-30 545 80 -175
2016-06-30 588 96 -157

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CES Energy Solutions's earnings are expected to grow significantly at over 20% yearly.
  • CES Energy Solutions's revenue is expected to grow by 6.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:CEU Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from CES Energy Solutions Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:CEU Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 0.21 0.29 0.09 8.00
2019-12-31 0.11 0.16 0.06 8.00
TSX:CEU Past Financials Data
Date (Data in CAD Millions) EPS *
2019-03-31 0.14
2018-12-31 0.18
2018-09-30 0.13
2018-06-30 0.18
2018-03-31 0.16
2017-12-31 0.14
2017-09-30 0.11
2017-06-30 0.00
2017-03-31 -0.13
2016-12-31 -0.27
2016-09-30 -0.75
2016-06-30 -0.71

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if CES Energy Solutions will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess CES Energy Solutions's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
CES Energy Solutions has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

CEU Past Performance

  How has CES Energy Solutions performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare CES Energy Solutions's growth in the last year to its industry (Energy Services).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • CES Energy Solutions's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • CES Energy Solutions's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • CES Energy Solutions's 1-year earnings growth is negative, it can't be compared to the CA Energy Services industry average.
Earnings and Revenue History
CES Energy Solutions's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from CES Energy Solutions Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:CEU Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 1,303.72 36.68 184.88
2018-12-31 1,271.05 47.74 184.81
2018-09-30 1,201.98 34.95 182.27
2018-06-30 1,124.35 48.53 172.68
2018-03-31 1,077.61 41.71 162.19
2017-12-31 1,029.64 36.24 156.60
2017-09-30 938.51 29.59 146.03
2017-06-30 822.77 -1.24 135.70
2017-03-31 682.93 -33.18 123.50
2016-12-31 567.73 -64.55 117.98
2016-09-30 544.98 -174.98 121.63
2016-06-30 587.60 -157.14 125.85
2016-03-31 653.00 -129.78 130.27
2015-12-31 749.61 -92.28 128.24
2015-09-30 863.33 40.94 131.70
2015-06-30 948.51 55.42 134.64
2015-03-31 975.16 62.12 132.52
2014-12-31 972.71 67.70 131.34
2014-09-30 894.60 61.73 119.71
2014-06-30 803.94 53.39 109.03
2014-03-31 744.82 46.79 101.41
2013-12-31 662.82 37.26 91.01
2013-09-30 557.28 27.27 79.32
2013-06-30 490.59 22.62 68.56
2013-03-31 464.05 24.13 61.42
2012-12-31 471.30 27.87 58.57
2012-09-30 515.06 39.90 58.88

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • CES Energy Solutions has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • CES Energy Solutions used its assets more efficiently than the CA Energy Services industry average last year based on Return on Assets.
  • CES Energy Solutions has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
X
Past performance checks
We assess CES Energy Solutions's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Energy Services industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
CES Energy Solutions has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CEU Health

 How is CES Energy Solutions's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up CES Energy Solutions's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CES Energy Solutions is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • CES Energy Solutions's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of CES Energy Solutions's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from CES Energy Solutions Company Filings, last reported 3 months ago.

TSX:CEU Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 685.09 426.42
2018-12-31 697.57 455.59
2018-09-30 649.13 443.23
2018-06-30 663.70 386.55
2018-03-31 630.40 409.63
2017-12-31 593.20 402.42
2017-09-30 582.87 390.77
2017-06-30 583.15 356.05
2017-03-31 588.36 343.06
2016-12-31 568.84 298.77 13.39
2016-09-30 552.46 298.64 22.96
2016-06-30 528.30 298.56 111.13
2016-03-31 468.33 298.47 12.68
2015-12-31 531.65 299.58
2015-09-30 626.48 298.48 21.22
2015-06-30 582.84 298.48 49.27
2015-03-31 602.66 335.68
2014-12-31 540.39 360.91
2014-09-30 509.94 319.39
2014-06-30 374.52 314.85
2014-03-31 390.38 340.25
2013-12-31 360.52 308.79
2013-09-30 339.12 277.55
2013-06-30 290.41 275.18
2013-03-31 280.80 274.06
2012-12-31 215.42 69.77
2012-09-30 209.85 83.70
  • CES Energy Solutions's level of debt (69.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (89.1% vs 69.7% today).
  • Debt is well covered by operating cash flow (22.2%, greater than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.6x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess CES Energy Solutions's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. CES Energy Solutions has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

CEU Dividends

 What is CES Energy Solutions's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.84%
Current annual income from CES Energy Solutions dividends. Estimated to be 2.84% next year.
If you bought CA$2,000 of CES Energy Solutions shares you are expected to receive CA$57 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • CES Energy Solutions's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.06%).
  • CES Energy Solutions's dividend is below the markets top 25% of dividend payers in Canada (5.75%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:CEU Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
Canada Energy Services Industry Average Dividend Yield Market Cap Weighted Average of 12 Stocks 4.2%
Canada Market Average Dividend Yield Market Cap Weighted Average of 336 Stocks 3.5%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.1%
Canada Bottom 25% Dividend Yield 25th Percentile 2.1%
Canada Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:CEU Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.06 6.00
2019-12-31 0.06 6.00
TSX:CEU Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-07-11 0.060 2.772
2019-06-10 0.060 2.625
2019-05-09 0.060 2.587
2019-04-11 0.060 2.293
2019-03-12 0.060 2.070
2019-02-12 0.060 1.888
2019-01-10 0.060 1.806
2018-12-14 0.060 1.842
2018-11-08 0.060 1.910
2018-10-11 0.060 1.682
2018-09-13 0.060 1.424
2018-08-09 0.060 1.288
2018-06-14 0.060 1.311
2018-05-10 0.030 0.571
2018-04-12 0.030 0.477
2018-03-01 0.030 0.516
2018-02-08 0.030 0.545
2018-01-11 0.030 0.488
2017-12-15 0.030 0.478
2017-11-09 0.030 0.502
2017-10-12 0.030 0.435
2017-09-14 0.030 0.477
2017-08-10 0.030 0.564
2017-07-13 0.030 0.499
2017-06-15 0.030 0.530
2017-05-11 0.030 0.452
2017-04-13 0.030 0.452
2017-03-09 0.030 0.416
2017-02-09 0.030 0.384
2017-01-12 0.030 0.385
2016-12-15 0.030 0.397
2016-11-10 0.030 0.446
2016-10-14 0.030 0.559
2016-09-15 0.030 0.592
2016-08-11 0.030 0.651
2016-07-18 0.030 0.789
2016-06-16 0.030 0.758
2016-05-12 0.030 0.856
2016-04-14 0.030 0.863
2016-03-10 0.030 0.925
2016-02-11 0.030 0.916
2016-01-14 0.216 6.043
2015-12-10 0.216 5.717
2015-10-15 0.330 6.593
2015-09-17 0.330 4.961
2015-08-12 0.330 5.008
2015-07-17 0.330 5.197
2015-06-18 0.330 4.749
2015-05-14 0.330 4.562
2015-04-16 0.330 5.427
2015-03-13 0.330 5.818
2015-02-12 0.330 5.308
2015-01-15 0.330 5.667
2014-12-11 0.330 5.691
2014-11-13 0.330 4.431
2014-10-16 0.330 3.743
2014-09-18 0.330 3.704
2014-08-13 0.330 3.178
2014-07-17 0.300 3.012
2014-07-10 0.300 2.903
2014-05-13 0.300 2.730
2014-04-17 0.280 2.597
2014-03-13 0.280 2.913
2014-02-12 0.260 2.989
2014-01-16 0.260 3.436
2013-12-16 0.260 3.431
2013-11-07 0.260 3.826
2013-10-17 0.240 4.028
2013-09-12 0.240 4.143
2013-08-14 0.240 4.086
2013-07-18 0.220 3.650
2013-05-08 0.220 4.369
2013-04-15 0.220 5.327
2013-03-08 0.220 5.514
2013-02-13 0.220 5.839
2013-01-17 0.220 5.685
2012-12-13 0.220 5.963
2012-11-07 0.220 6.321
2012-10-18 0.200 5.894
2012-09-20 0.200 5.685
2012-08-14 0.200 5.705
2012-07-12 0.200 5.936
2012-06-14 0.200 6.354
2012-05-11 0.200 5.795
2012-04-12 0.200 5.112
2012-03-08 0.200 4.970
2012-02-16 0.180 4.206
2012-01-19 0.180 4.615
2011-12-15 0.180 4.809
2011-10-18 0.160 3.970
2011-09-07 0.160 4.465
2011-08-11 0.160 4.112
2011-07-14 0.160 4.045
2011-06-15 1.440 41.064
2011-05-12 1.440 38.064
2011-04-14 1.440 34.608
2011-03-17 1.440 38.133
2011-02-17 1.200 33.043
2011-01-17 1.200 38.532
2010-12-16 1.200 37.738
2010-11-09 1.200 41.030
2010-10-18 0.960 41.552
2010-09-17 0.960 48.319
2010-08-10 0.960 48.391
2010-07-15 0.960 49.771
2010-06-16 0.960 52.581
2010-05-11 0.720 42.359
2010-04-15 0.720 40.873
2010-03-10 0.720 44.764
2010-01-14 0.240 15.459
2009-11-11 0.080 6.444
2009-10-19 0.317 30.016
2009-09-17 0.317 31.389
2009-08-18 0.317 34.741
2009-07-20 0.317 35.579
2009-06-18 0.317 37.494
2009-05-21 0.317 38.907
2009-04-22 0.317 44.517
2009-03-16 0.317 53.461
2009-02-20 0.317 56.503
2009-01-23 0.317 45.225
2008-12-19 0.317 41.667
2008-11-20 0.317 39.692
2008-10-22 0.317 34.955
2008-09-23 0.317 34.900
2008-08-21 0.317 25.868
2008-07-22 0.317 24.802

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of CES Energy Solutions's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.5x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess CES Energy Solutions's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can CES Energy Solutions afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CES Energy Solutions has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

CEU Management

 What is the CEO of CES Energy Solutions's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Tom Simons
COMPENSATION CA$2,959,475
AGE 49
TENURE AS CEO 13.3 years
CEO Bio

Mr. Thomas J. Simons, also known as Tom, has been the Chief Executive Officer and President at Canadian Energy Services Inc. since March 2006 and CES Energy Solutions Corp. (formerly known as Canadian Energy Services & Technology Corp.) since January 1, 2010. Mr. Simons served as a Vice President and Principal of Impact Fluid Systems, Inc. since 2001. Prior to joining Impact Fluid Systems, Inc, he served as a Technical Sales Manager for Newpark Canada and Protec Mud Services for five years. Prior to Newpark Canada, he was a technician with MI Drilling Fluids Ltd. Mr. Simons has over 15 years of experience in the Canadian oilfield service industry. He has his operational expertise and business acumen. He has been Director of Canadian Energy Services Inc. He has been Non Independent Director at CES Energy Solutions Corp. since December 9, 2005. He was an Independent Director of Spyglass Resources Corp. and Midnight Oil Exploration Ltd. since March 4, 2010. Mr. Simons received a Business Administration Diploma from Medicine Hat College in 1991 and attended the University of Lethbridge from 1989 to 1991.

CEO Compensation
  • Tom's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Tom's remuneration is higher than average for companies of similar size in Canada.
Management Team Tenure

Average tenure of the CES Energy Solutions management team in years:

5.5
Average Tenure
  • The average tenure for the CES Energy Solutions management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Tom Simons

TITLE
President
COMPENSATION
CA$3M
AGE
49
TENURE
13.3 yrs

Tony Aulicino

TITLE
Chief Financial Officer
COMPENSATION
CA$1M
TENURE
0.8 yrs

Ken Zinger

TITLE
COO & President of Canadian Drilling Fluids
COMPENSATION
CA$2M
TENURE
13.5 yrs

Jason Waugh

TITLE
President of Canadian Production Chemicals
COMPENSATION
CA$2M
TENURE
0.9 yrs

Vern Disney

TITLE
President of US Production Chemicals
COMPENSATION
CA$2M
TENURE
0.9 yrs

Ken Zandee

TITLE
Vice President of Sales & Marketing
COMPENSATION
CA$413K
TENURE
13.3 yrs

Jim Pasieka

TITLE
Corporate Secretary
AGE
65
TENURE
5.5 yrs

Richard Baxter

TITLE
President of AES Drilling Fluids
TENURE
5.5 yrs
Board of Directors Tenure

Average tenure and age of the CES Energy Solutions board of directors in years:

8.9
Average Tenure
61
Average Age
  • The tenure for the CES Energy Solutions board of directors is about average.
Board of Directors

Kyle Kitagawa

TITLE
Chairman of the Board
COMPENSATION
CA$265K
AGE
58

Tom Simons

TITLE
President
COMPENSATION
CA$3M
AGE
49
TENURE
13.6 yrs

John Hooks

TITLE
Independent Director
COMPENSATION
CA$167K
AGE
61
TENURE
13.6 yrs

Rod Carpenter

TITLE
Independent Director
COMPENSATION
CA$164K
AGE
65
TENURE
13.6 yrs

Phil Scherman

TITLE
Independent Director
COMPENSATION
CA$164K
AGE
68
TENURE
4.2 yrs

Stella Cosby

TITLE
Independent Director
COMPENSATION
CA$158K
AGE
61
TENURE
1.8 yrs

Spencer Armour

TITLE
Independent Director
COMPENSATION
CA$103K
AGE
64
TENURE
0.6 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by CES Energy Solutions individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
05. Jul 19 Buy Anthony Aulicino Individual 04. Jul 19 04. Jul 19 2,000 CA$2.23 CA$4,460
26. Jun 19 Buy Anthony Aulicino Individual 25. Jun 19 25. Jun 19 2,000 CA$2.20 CA$4,400
20. Jun 19 Buy Anthony Aulicino Individual 19. Jun 19 20. Jun 19 4,000 CA$2.29 CA$9,113
20. Jun 19 Buy Kenneth Zinger Individual 20. Jun 19 20. Jun 19 5,727 CA$2.28 CA$13,058
19. Jun 19 Buy Kenneth Zinger Individual 19. Jun 19 19. Jun 19 2,700 CA$2.25 CA$6,075
05. Jun 19 Buy Anthony Aulicino Individual 04. Jun 19 04. Jun 19 2,000 CA$2.19 CA$4,380
23. May 19 Buy Anthony Aulicino Individual 23. May 19 23. May 19 6,000 CA$2.23 CA$13,350
16. May 19 Buy Anthony Aulicino Individual 15. May 19 16. May 19 10,000 CA$2.45 CA$23,799
08. Apr 19 Buy Anthony Aulicino Individual 05. Apr 19 05. Apr 19 1,000 CA$2.99 CA$2,990
04. Apr 19 Buy Thomas Simons Individual 04. Apr 19 04. Apr 19 8,900 CA$2.89 CA$25,705
03. Apr 19 Sell Burton Ahrens Individual 15. Mar 19 15. Mar 19 -16,000 CA$2.85 CA$-45,656
01. Apr 19 Buy Anthony Aulicino Individual 28. Mar 19 29. Mar 19 2,000 CA$2.81 CA$5,584
28. Mar 19 Buy Anthony Aulicino Individual 26. Mar 19 26. Mar 19 1,000 CA$2.83 CA$2,825
25. Mar 19 Sell Jason Waugh Individual 20. Mar 19 20. Mar 19 -29,200 CA$2.85 CA$-83,243
15. Mar 19 Buy Anthony Aulicino Individual 15. Mar 19 15. Mar 19 2,000 CA$2.89 CA$5,780
15. Mar 19 Buy Kenneth Zinger Individual 15. Mar 19 15. Mar 19 10,000 CA$2.89 CA$28,900
11. Jan 19 Sell Burton Ahrens Individual 11. Jan 19 11. Jan 19 -7,500 CA$3.53 CA$-26,475
28. Dec 18 Buy Anthony Aulicino Individual 27. Dec 18 27. Dec 18 2,000 CA$2.98 CA$5,960
25. Dec 18 Sell John Hooks Individual 19. Dec 18 20. Dec 18 -80,000 CA$3.28 CA$-261,854
10. Dec 18 Buy Anthony Aulicino Individual 07. Dec 18 07. Dec 18 1,000 CA$3.06 CA$3,060
04. Dec 18 Buy Anthony Aulicino Individual 27. Nov 18 03. Dec 18 2,000 CA$3.12 CA$6,157
04. Dec 18 Sell Burton Ahrens Individual 04. Dec 18 04. Dec 18 -7,850 CA$3.09 CA$-24,249
04. Dec 18 Sell Jason Waugh Individual 30. Nov 18 30. Nov 18 -8,500 CA$2.98 CA$-25,300
19. Nov 18 Buy Burton Ahrens Individual 19. Nov 18 19. Nov 18 4,350 CA$3.27 CA$14,213
14. Nov 18 Buy Anthony Aulicino Individual 14. Nov 18 14. Nov 18 3,000 CA$3.43 CA$10,290
13. Nov 18 Sell Burton Ahrens Individual 09. Nov 18 09. Nov 18 -5,500 CA$3.33 CA$-18,315
17. Oct 18 Sell Jason Waugh Individual 15. Oct 18 15. Oct 18 -26,000 CA$3.92 CA$-101,920
16. Oct 18 Sell Burton Ahrens Individual 12. Oct 18 12. Oct 18 -9,200 CA$3.89 CA$-35,786
10. Oct 18 Sell Burton Ahrens Individual 09. Oct 18 10. Oct 18 -950 CA$4.02 CA$-3,736
09. Oct 18 Sell Zandee Investments Ltd Company 09. Oct 18 09. Oct 18 -149,400 CA$4.00 CA$-598,317
27. Sep 18 Sell Kenneth Zinger Individual 26. Sep 18 26. Sep 18 -20,000 CA$4.50 CA$-90,000
17. Sep 18 Sell Burton Ahrens Individual 13. Sep 18 13. Sep 18 -5,000 CA$4.26 CA$-21,320
24. Aug 18 Sell Burton Ahrens Individual 22. Aug 18 22. Aug 18 -2,000 CA$5.01 CA$-10,020
X
Management checks
We assess CES Energy Solutions's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. CES Energy Solutions has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

CEU News

Simply Wall St News

Do You Like CES Energy Solutions Corp. (TSE:CEU) At This P/E Ratio?

The formula for price to earnings is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for CES Energy Solutions: P/E of 15.82 = CA$2.17 ÷ CA$0.14 (Based on the trailing twelve months to March 2019.) Is A High Price-to-Earnings Ratio Good? … CES Energy Solutions's earnings per share fell by 12% in the last twelve months. … How Does CES Energy Solutions's Debt Impact Its P/E Ratio?

Simply Wall St -

How Does CES Energy Solutions Corp. (TSE:CEU) Affect Your Portfolio Volatility?

Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market. … What this means for you: Beta only tells us that the CES Energy Solutions share price is sensitive to broader market movements.

Simply Wall St -

How Much Are CES Energy Solutions Corp. (TSE:CEU) Insiders Taking Off The Table?

So shareholders might well want to know whether insiders have been buying or selling shares in CES Energy Solutions Corp. … All up, insiders sold more shares in CES Energy Solutions than they bought, over the last year. … CES Energy Solutions Insiders Bought Stock Recently Over the last three months, we've seen significant insider buying at CES Energy Solutions.

Simply Wall St -

Read This Before Judging CES Energy Solutions Corp.'s (TSE:CEU) ROE

Check out our latest analysis for CES Energy Solutions How Do You Calculate Return On Equity? … The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for CES Energy Solutions: 5.4% = CA$37m ÷ CA$685m (Based on the trailing twelve months to March 2019.) It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. … Combining CES Energy Solutions's Debt And Its 5.4% Return On Equity CES Energy Solutions has a debt to equity ratio of 0.70, which is far from excessive.

Simply Wall St -

Are CES Energy Solutions Corp.’s (TSE:CEU) Returns Worth Your While?

Last but not least, we'll look at what impact its current liabilities have on its ROCE. … The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for CES Energy Solutions: 0.064 = CA$74m ÷ (CA$1.3b - CA$144m) (Based on the trailing twelve months to March 2019.) So, CES Energy Solutions has an ROCE of 6.4%. … CES Energy Solutions's Current Liabilities And Their Impact On Its ROCE Current liabilities include invoices, such as supplier payments, short-term debt, or a tax bill, that need to be paid within 12 months.

Simply Wall St -

Why We Think CES Energy Solutions Corp. (TSE:CEU) Could Be Worth Looking At

TSX:CEU Past and Future Earnings, May 16th 2019 CEU is financially robust, with ample cash on hand and short-term investments to meet upcoming liabilities. … This indicates that CEU has sufficient cash flows and proper cash management in place, which is a key determinant of the company’s health. … TSX:CEU Historical Debt, May 16th 2019 Next Steps: For CES Energy Solutions, there are three important aspects you should look at: Historical Performance: What has CEU's returns been like over the past?

Simply Wall St -

Would CES Energy Solutions Corp. (TSE:CEU) Be Valuable To Income Investors?

Owning a strong dividend company and reinvesting the dividends is widely seen as an attractive way of growing your wealth. … Unfortunately, one common occurrence with dividend companies is for investors to be enticed in by the seemingly attractive yield, and lose money when the company has to cut its dividend payments. … While CES Energy Solutions's 2.2% dividend yield is not the highest, we think its lengthy payment history is quite interesting.

Simply Wall St -

What Kind Of Investor Owns Most Of CES Energy Solutions Corp. (TSE:CEU)?

Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. … With a market capitalization of CA$774m, CES Energy Solutions is a small cap stock, so it might not be well known by many institutional investors. … View our latest analysis for CES Energy Solutions

Simply Wall St -

4 Days Left Before CES Energy Solutions Corp. (TSE:CEU) Will Be Trading Ex-Dividend

Have you been keeping an eye on CES Energy Solutions Corp.'s (TSE:CEU) upcoming dividend of CA$0.005 per share payable on the 15 April 2019? … Below, I will explain how holding CES Energy Solutions can impact your portfolio income stream, by analysing the stock's most recent financial data and dividend attributes. … Whenever I am looking at a potential dividend stock investment, I always check these five metrics:?

Simply Wall St -

Is CES Energy Solutions Corp.'s (TSE:CEU) High P/E Ratio A Problem For Investors?

This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … CES Energy Solutions has a P/E ratio of 23.94, based on the last twelve months. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

CEU Company Info

Description

CES Energy Solutions Corp., together with its subsidiaries, provides consumable chemical solutions throughout the life-cycle of the oilfield. The company provides solutions at the drill-bit, at the point of completion and stimulation, at the wellhead and pump-jack, and through to the pipeline and midstream market. Its solutions include corrosion inhibitors, demulsifiers, H2S scavengers, paraffin control products, surfactants, scale inhibitors, biocides, and other specialty products. The company also designs and implements drilling fluid systems and completion solutions for oil and gas producers; and designs and manufactures production and specialty chemicals for use in the oil and natural gas production markets, the stimulation and fracturing markets, and the pipeline and midstream markets. In addition, it provides environmental consulting, water management services, and drilling fluids waste disposal services primarily to oil and gas producers; and trucks and trailers to transport products in the oil and gas industry. It serves oil and natural gas industry, including multinational producers, intermediate oil and natural gas operators, independent juniors, and joint ventures, as well as pipeline and mid-stream markets in western Canada and the United States. The company was formerly known as Canadian Energy Services & Technology Corp. and changed its name to CES Energy Solutions Corp. in June 2017. CES Energy Solutions Corp. was incorporated in 1986 and is headquartered in Calgary, Canada.

Details
Name: CES Energy Solutions Corp.
CEU
Exchange: TSX
Founded: 1986
CA$560,708,781
265,738,759
Website: http://www.cesenergysolutions.com
Address: CES Energy Solutions Corp.
332-6th Avenue,
Suite 1400,
Calgary,
Alberta, T2P 0B2,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX CEU Common Shares The Toronto Stock Exchange CA CAD 02. Mar 2006
OTCPK CESD.F Common Shares Pink Sheets LLC US USD 02. Mar 2006
DB 7C4 Common Shares Deutsche Boerse AG DE EUR 02. Mar 2006
Number of employees
Current staff
Staff numbers
2,003
CES Energy Solutions employees.
Industry
Oil and Gas Equipment and Services
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/17 00:22
End of day share price update: 2019/07/16 00:00
Last estimates confirmation: 2019/07/09
Last earnings filing: 2019/05/09
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.