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SDE

Spartan Delta TSX:SDE Stock Report

Last Price

CA$9.96

Market Cap

CA$1.5b

7D

-16.8%

1Y

89.7%

Updated

27 Sep, 2022

Data

Company Financials +
SDE fundamental analysis
Snowflake Score
Valuation5/6
Future Growth2/6
Past Performance5/6
Financial Health4/6
Dividends0/6

SDE Stock Overview

Spartan Delta Corp. engages in the exploration, development, and production of petroleum and natural gas properties in the Western Canada.

Spartan Delta Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Spartan Delta
Historical stock prices
Current Share PriceCA$9.96
52 Week HighCA$16.03
52 Week LowCA$4.98
Beta2.56
1 Month Change-29.31%
3 Month Change-21.94%
1 Year Change89.71%
3 Year Change896.00%
5 Year Change10.67%
Change since IPO-98.47%

Recent News & Updates

Aug 31
Is Spartan Delta (TSE:SDE) Using Too Much Debt?

Is Spartan Delta (TSE:SDE) Using Too Much Debt?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...

Aug 16
Statutory Earnings May Not Be The Best Way To Understand Spartan Delta's (TSE:SDE) True Position

Statutory Earnings May Not Be The Best Way To Understand Spartan Delta's (TSE:SDE) True Position

After announcing healthy earnings, Spartan Delta Corp.'s ( TSE:SDE ) stock rose over the last week. While the headline...

Shareholder Returns

SDECA Oil and GasCA Market
7D-16.8%-10.1%-5.5%
1Y89.7%20.5%-7.3%

Return vs Industry: SDE exceeded the Canadian Oil and Gas industry which returned 17.5% over the past year.

Return vs Market: SDE exceeded the Canadian Market which returned -8.4% over the past year.

Price Volatility

Is SDE's price volatile compared to industry and market?
SDE volatility
SDE Average Weekly Movement8.6%
Oil and Gas Industry Average Movement10.5%
Market Average Movement9.8%
10% most volatile stocks in CA Market18.1%
10% least volatile stocks in CA Market3.8%

Stable Share Price: SDE is not significantly more volatile than the rest of Canadian stocks over the past 3 months, typically moving +/- 9% a week.

Volatility Over Time: SDE's weekly volatility (9%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2006122Fotis Kalantzishttps://www.spartandeltacorp.com

Spartan Delta Corp. engages in the exploration, development, and production of petroleum and natural gas properties in the Western Canada. It also owns and operates oil and gas properties in Alberta, Saskatchewan, and British Columbia. As of December 31, 2021, company owned total proved plus probable reserves of 545,734 thousand barrels of oil equivalent.

Spartan Delta Fundamentals Summary

How do Spartan Delta's earnings and revenue compare to its market cap?
SDE fundamental statistics
Market CapCA$1.55b
Earnings (TTM)CA$498.31m
Revenue (TTM)CA$1.08b

3.1x

P/E Ratio

1.4x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
SDE income statement (TTM)
RevenueCA$1.08b
Cost of RevenueCA$255.48m
Gross ProfitCA$821.95m
Other ExpensesCA$323.64m
EarningsCA$498.31m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)3.21
Gross Margin76.29%
Net Profit Margin46.25%
Debt/Equity Ratio19.9%

How did SDE perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • 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 SDE?

Other financial metrics that can be useful for relative valuation.

SDE 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/Revenue1.7x
Enterprise Value/EBITDA2.6x
PEG Ratio0.6x

Price to Earnings Ratio vs Peers

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

SDE PE Ratio vs Peers
The above table shows the PE ratio for SDE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average5x
HWX Headwater Exploration
8.3x10.9%CA$1.2b
PIPE Pipestone Energy
3.5xn/aCA$631.4m
TVE Tamarack Valley Energy
5x20.5%CA$1.7b
AAV Advantage Energy
3xn/aCA$1.8b
SDE Spartan Delta
3.1x5.5%CA$1.5b

Price-To-Earnings vs Peers: SDE is good value based on its Price-To-Earnings Ratio (3.1x) compared to the peer average (5x).


Price to Earnings Ratio vs Industry

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

Price-To-Earnings vs Industry: SDE is good value based on its Price-To-Earnings Ratio (3.1x) compared to the Canadian Oil and Gas industry average (5.2x)


Price to Earnings Ratio vs Fair Ratio

What is SDE'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.

SDE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio3.1x
Fair PE Ratio12.6x

Price-To-Earnings vs Fair Ratio: SDE is good value based on its Price-To-Earnings Ratio (3.1x) compared to the estimated Fair Price-To-Earnings Ratio (12.6x).


Share Price vs Fair Value

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

Below Fair Value: SDE (CA$9.96) is trading below our estimate of fair value (CA$50.76)

Significantly Below Fair Value: SDE 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: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


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Future Growth

How is Spartan Delta forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


5.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SDE's forecast earnings growth (5.5% per year) is above the savings rate (1.6%).

Earnings vs Market: SDE's earnings (5.5% per year) are forecast to grow slower than the Canadian market (7.6% per year).

High Growth Earnings: SDE's earnings are forecast to grow, but not significantly.

Revenue vs Market: SDE's revenue (6.2% per year) is forecast to grow faster than the Canadian market (5.8% per year).

High Growth Revenue: SDE's revenue (6.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if SDE's Return on Equity is forecast to be high in 3 years time


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Past Performance

How has Spartan Delta 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


86.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: SDE has a high level of non-cash earnings.

Growing Profit Margin: SDE's current net profit margins (46.2%) are higher than last year (36.5%).


Past Earnings Growth Analysis

Earnings Trend: SDE has become profitable over the past 5 years, growing earnings by 86.2% per year.

Accelerating Growth: SDE's earnings growth over the past year (493.9%) exceeds its 5-year average (86.2% per year).

Earnings vs Industry: SDE earnings growth over the past year (493.9%) exceeded the Oil and Gas industry 176.9%.


Return on Equity

High ROE: SDE's Return on Equity (43.7%) is considered outstanding.


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Financial Health

How is Spartan Delta's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: SDE's short term assets (CA$195.1M) do not cover its short term liabilities (CA$274.9M).

Long Term Liabilities: SDE's short term assets (CA$195.1M) do not cover its long term liabilities (CA$397.1M).


Debt to Equity History and Analysis

Debt Level: SDE's net debt to equity ratio (19.4%) is considered satisfactory.

Reducing Debt: SDE's debt to equity ratio has reduced from 76.8% to 19.9% over the past 5 years.

Debt Coverage: SDE's debt is well covered by operating cash flow (252.9%).

Interest Coverage: SDE's interest payments on its debt are well covered by EBIT (20x coverage).


Balance Sheet


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Dividend

What is Spartan Delta current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


5.05%

Forecast Dividend Yield

Dividend Yield vs Market

Spartan Delta Dividend Yield vs Market
How does Spartan Delta dividend yield compare to the market?
SegmentDividend Yield
Company (Spartan Delta)n/a
Market Bottom 25% (CA)2.1%
Market Top 25% (CA)6.1%
Industry Average (Oil and Gas)5.0%
Analyst forecast in 3 Years (Spartan Delta)5.1%

Notable Dividend: Unable to evaluate SDE's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate SDE's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if SDE's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if SDE's dividend payments have been increasing.


Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as SDE has not reported any payouts.


Discover strong dividend paying companies

Management

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

2.8yrs

Average management tenure


CEO

Fotis Kalantzis

2.75yrs

Tenure

CA$2,407,141

Compensation

Dr. Fotis Kalantzis, P.Geoph, Ph D., serves as an Independent Director at Willow Biosciences Inc. since April 12, 2019. Dr. Kalantzis was a Senior Vice President of Exploration at Spartan Energy Corp. sinc...


CEO Compensation Analysis

Fotis Kalantzis's Compensation vs Spartan Delta Earnings
How has Fotis Kalantzis's remuneration changed compared to Spartan Delta's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

CA$498m

Mar 31 2022n/an/a

CA$336m

Dec 31 2021CA$2mCA$419k

CA$334m

Sep 30 2021n/an/a

CA$218m

Jun 30 2021n/an/a

CA$84m

Mar 31 2021n/an/a

CA$112m

Dec 31 2020CA$1mCA$317k

CA$48m

Compensation vs Market: Fotis's total compensation ($USD1.75M) is about average for companies of similar size in the Canadian market ($USD1.57M).

Compensation vs Earnings: Fotis's compensation has increased by more than 20% in the past year.


Leadership Team

Experienced Management: SDE's management team is considered experienced (2.8 years average tenure).


Board Members

Experienced Board: SDE's board of directors are not considered experienced ( 2.8 years average tenure), which suggests a new board.


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

TSX:SDE Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
14 Apr 22BuyCA$61,497Donald ArchibaldIndividual20,499CA$3.00
14 Apr 22SellCA$276,337Donald ArchibaldIndividual25,099CA$11.01
14 Apr 22SellCA$1,003,365Fotis KalantzisIndividual91,133CA$11.01
14 Apr 22SellCA$50,646Elliot WeissbluthIndividual4,600CA$11.01
14 Apr 22SellCA$295,065Craig MartinIndividual26,800CA$11.01
14 Apr 22SellCA$259,834Brendan PatonIndividual23,600CA$11.01
14 Apr 22SellCA$259,834Ashley HohmIndividual23,600CA$11.01
29 Mar 22SellCA$121,539,852Areti Energy S.A.Company15,000,000CA$8.11

Ownership Breakdown

What is the ownership structure of SDE?
Owner TypeNumber of SharesOwnership Percentage
Institutions8,349,1275.4%
Private Companies9,081,0555.8%
Individual Insiders14,592,9079.4%
Hedge Funds33,287,96521.4%
General Public90,087,72458.0%

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 5.6%.


Top Shareholders

Top 25 shareholders own 40.81% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
21.42%
GMT Capital Corp.
33,287,965CA$331.5m0%10.68%
5.84%
Areti Energy S.A.
9,081,055CA$90.4m0%no data
2.36%
Richard McHardy
3,661,343CA$36.5m0.05%no data
1.38%
Fotis Kalantzis
2,150,163CA$21.4m0.09%no data
1.14%
BlackRock, Inc.
1,777,955CA$17.7m-2.78%no data
0.73%
Jennison Associates LLC
1,138,019CA$11.3m30.93%0.01%
0.68%
Ninepoint Partners LP
1,050,000CA$10.5m-4.55%0.54%
0.67%
Donald Archibald
1,042,735CA$10.4m0%no data
0.67%
Reginald Greenslade
1,036,325CA$10.3m0%no data
0.66%
PenderFund Capital Management Ltd.
1,024,275CA$10.2m-63%2.35%
0.64%
Kevin Overstrom
1,000,000CA$10.0m0%no data
0.62%
Stephen Lowden
958,442CA$9.5m0%no data
0.51%
Geraldine Greenall
797,911CA$7.9m0.17%no data
0.46%
Craig Martin
720,396CA$7.2m0.17%no data
0.39%
Sergey Vorobiev
603,924CA$6.0m0%no data
0.39%
Middlefield Capital Corporation
600,000CA$6.0m0%0.72%
0.33%
Mark Hodgson
520,303CA$5.2m0.22%no data
0.32%
Tamara MacDonald
500,000CA$5.0m0%no data
0.28%
Thanos Natras
440,722CA$4.4m0.3%no data
0.25%
Brendan Paton
382,570CA$3.8m0.28%no data
0.23%
Elliot Weissbluth
365,144CA$3.6m0%no data
0.23%
BMO Asset Management Corp.
358,484CA$3.6m1.13%no data
0.21%
TD Asset Management, Inc.
328,318CA$3.3m-6.14%no data
0.2%
Ashley Hohm
316,514CA$3.2m0.33%no data
0.18%
American Century Investment Management Inc
282,816CA$2.8m68.11%no data

Company Information

Spartan Delta Corp.'s employee growth, exchange listings and data sources


Key Information

  • Name: Spartan Delta Corp.
  • Ticker: SDE
  • Exchange: TSX
  • Founded: 2006
  • Industry: Oil and Gas Exploration and Production
  • Sector: Energy
  • Implied Market Cap: CA$1.548b
  • Shares outstanding: 155.40m
  • Website: https://www.spartandeltacorp.com

Number of Employees


Location

  • Spartan Delta Corp.
  • 308 – 4th Avenue S.W
  • Suite 1500
  • Calgary
  • Alberta
  • T2P 0H7
  • Canada


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SDETSX (The Toronto Stock Exchange)YesCommon SharesCACADMay 2006
DALX.FOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDMay 2006
4YJDB (Deutsche Boerse AG)YesCommon SharesDEEURMay 2006

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/27 00:00
End of Day Share Price2022/09/27 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.