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Razor Energy

TSXV:RZE
Snowflake Description

Slightly overvalued with imperfect balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
RZE
TSXV
CA$31M
Market Cap
  1. Home
  2. CA
  3. Energy
Company description

Razor Energy Corp. engages in the acquisition, exploration, development, and production of oil and natural gas properties in Alberta. The last earnings update was 47 days ago. More info.


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  • Razor Energy has significant price volatility in the past 3 months.
RZE Share Price and Events
7 Day Returns
-1%
TSXV:RZE
-0.2%
CA Oil and Gas
0.4%
CA Market
1 Year Returns
-22.4%
TSXV:RZE
-14.5%
CA Oil and Gas
-3%
CA Market
RZE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Razor Energy (RZE) -1% -10.4% -26.1% -22.4% - -
CA Oil and Gas -0.2% -5.8% -6.5% -14.5% -13.7% -39.4%
CA Market 0.4% -1% -0.6% -3% 10.9% 1.6%
1 Year Return vs Industry and Market
  • RZE underperformed the Oil and Gas industry which returned -14.5% over the past year.
  • RZE underperformed the Market in Canada which returned -3% over the past year.
Price Volatility
RZE
Industry
5yr Volatility vs Market

Value

 Is Razor Energy 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 Razor Energy 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 Razor Energy.

TSXV:RZE Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 11.8%
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 TSXV:RZE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.91
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.911 (1 + (1- 26.5%) (157.89%))
1.648
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.65
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (1.648 * 5.96%)
11.77%

Discounted Cash Flow Calculation for TSXV:RZE using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Razor Energy 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.

TSXV:RZE DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CAD, Millions) Source Present Value
Discounted (@ 11.77%)
2019 21.77 Est @ 3.68% 19.48
2020 22.46 Est @ 3.16% 17.98
2021 23.09 Est @ 2.8% 16.54
2022 23.68 Est @ 2.54% 15.17
2023 24.24 Est @ 2.36% 13.89
2024 24.78 Est @ 2.24% 12.71
2025 25.31 Est @ 2.15% 11.61
2026 25.84 Est @ 2.09% 10.61
2027 26.37 Est @ 2.05% 9.69
2028 26.90 Est @ 2.02% 8.84
Present value of next 10 years cash flows CA$136.52
TSXV:RZE DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$26.90 × (1 + 1.95%) ÷ (11.77% – 1.95%)
CA$279.14
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$279.14 ÷ (1 + 11.77%)10
CA$91.73
TSXV:RZE Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$136.52 + CA$91.73
CA$228.24
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$228.24 / 15.77
CA$14.47
TSXV:RZE Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$14.47
Current discount Discount to share price of CA$1.98
= -1 x (CA$1.98 - CA$14.47) / CA$14.47
86.3%

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

Current Discount
Amount off the current price Razor Energy is available for.
Intrinsic value
>50%
Share price is CA$1.98 vs Future cash flow value of CA$14.47
Current Discount Checks
For Razor Energy to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Razor Energy's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Razor Energy'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 Razor Energy's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Razor Energy's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSXV:RZE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$-0.38
TSXV:RZE Share Price ** TSXV (2019-06-18) in CAD CA$1.98
Canada Oil and Gas Industry PE Ratio Median Figure of 59 Publicly-Listed Oil and Gas Companies 12.42x
Canada Market PE Ratio Median Figure of 545 Publicly-Listed Companies 15.01x

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

** Primary Listing of Razor Energy.

TSXV:RZE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSXV:RZE Share Price ÷ EPS (both in CAD)

= 1.98 ÷ -0.38

-5.27x

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

  • Razor Energy is loss making, we can't compare its value to the CA Oil and Gas industry average.
  • Razor Energy is loss making, we can't compare the value of its earnings to the Canada market.
Price based on expected Growth
Does Razor Energy's expected growth come at a high price?
Raw Data
TSXV:RZE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -5.27x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Canada Oil and Gas Industry PEG Ratio Median Figure of 36 Publicly-Listed Oil and Gas Companies 0.79x
Canada Market PEG Ratio Median Figure of 248 Publicly-Listed Companies 1.14x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Razor Energy, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Razor Energy's assets?
Raw Data
TSXV:RZE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$0.28
TSXV:RZE Share Price * TSXV (2019-06-18) in CAD CA$1.98
Canada Oil and Gas Industry PB Ratio Median Figure of 224 Publicly-Listed Oil and Gas Companies 0.78x
Canada Market PB Ratio Median Figure of 2,414 Publicly-Listed Companies 1.41x
TSXV:RZE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSXV:RZE Share Price ÷ Book Value per Share (both in CAD)

= 1.98 ÷ 0.28

7.07x

* Primary Listing of Razor Energy.

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

  • Razor Energy is overvalued based on assets compared to the CA Oil and Gas industry average.
X
Value checks
We assess Razor Energy'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 Oil and Gas 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 Oil and Gas industry average (and greater than 0)? (1 check)
  5. Razor Energy has a total score of 2/6, 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.

Future Performance

 How is Razor Energy expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

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

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

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
7.8%
Expected Oil and Gas industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Razor Energy expected to grow at an attractive rate?
  • Unable to compare Razor Energy's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Razor Energy's earnings growth to the Canada market average as no estimate data is available.
  • Unable to compare Razor Energy's revenue growth to the Canada market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
TSXV:RZE Future Growth Rates Data Sources
Data Point Source Value (per year)
Canada Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 7.8%
Canada Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
Canada Market Earnings Growth Rate Market Cap Weighted Average 14.6%
Canada Market Revenue Growth Rate Market Cap Weighted Average 6%

*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
TSXV:RZE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSXV:RZE Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 19
2019-12-31 14
TSXV:RZE Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-03-31 106 21 -6
2018-12-31 101 22 4
2018-09-30 93 20 3
2018-06-30 82 12 3
2018-03-31 65 13 -2
2017-12-31 53 4 -4
2017-09-30 34 0 -7
2016-12-31 0 -1

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Razor Energy is high growth as no earnings estimate data is available.
  • Unable to determine if Razor Energy is high growth as no revenue estimate data is available.
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
TSXV:RZE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Razor Energy Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSXV:RZE Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
TSXV:RZE Past Financials Data
Date (Data in CAD Millions) EPS *
2019-03-31 -0.38
2018-12-31 0.27
2018-09-30 0.17
2018-06-30 0.16
2018-03-31 -0.10
2017-12-31 -0.27
2017-09-30 -0.42
2016-12-31 -0.41

*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 Razor Energy will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Take a look at our analysis of RZE’s management and see if the CEO’s compensation is within a reasonable range, who is on the board and if insiders have been trading lately.
  2. Razor Energy's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Energy companies here
  3. Razor Energy's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Razor Energy'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.
Razor Energy has a total score of 0/6, 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.

Past Performance

  How has Razor Energy 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 Razor Energy's growth in the last year to its industry (Oil and Gas).
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.
  • Razor Energy does not make a profit and there is insufficient past data to establish if their 5 year on year earnings growth rate was positive.
  • Unable to compare Razor Energy's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Razor Energy's 1-year growth to the CA Oil and Gas industry average as it is not currently profitable.
Earnings and Revenue History
Razor Energy'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 Razor Energy Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSXV:RZE Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 106.41 -5.82 6.75
2018-12-31 100.94 4.24 5.66
2018-09-30 92.90 2.72 6.60
2018-06-30 82.49 2.51 6.00
2018-03-31 64.95 -1.55 6.01
2017-12-31 52.86 -3.65 5.42
2017-09-30 33.79 -6.65 4.01
2016-12-31 -0.74 0.74

*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.
  • It is difficult to establish if Razor Energy has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Razor Energy has efficiently used its assets last year compared to the CA Oil and Gas industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Razor Energy improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Razor Energy'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 Oil and Gas 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.
Razor Energy has a total score of 0/6, 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.

Health

 How is Razor Energy'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 Razor Energy's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Razor Energy's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Razor Energy's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Razor Energy'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 not covered by short term assets, assets are 0.4x 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 Razor Energy Company Filings, last reported 2 months ago.

TSXV:RZE Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 4.26 49.31 4.54
2018-12-31 14.62 47.69 2.24
2018-09-30 12.07 47.53 5.53
2018-06-30 17.87 46.47 3.62
2018-03-31 15.37 41.87 13.11
2017-12-31 14.69 27.16 7.49
2017-09-30 12.51 26.93 12.19
2016-12-31 -0.42 0.05 0.01
  • Razor Energy's level of debt (1040.3%) compared to net worth is high (greater than 40%).
  • Unable to establish if Razor Energy's debt level has increased without past 5-year debt data.
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Whilst loss making Razor Energy has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making Razor Energy has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 13.8% per year.
X
Financial health checks
We assess Razor Energy'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. Razor Energy has a total score of 2/6, 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.

Dividends

 What is Razor Energy'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
7.58%
Current annual income from Razor Energy dividends. Estimated to be 7.58% next year.
If you bought CA$2,000 of Razor Energy shares you are expected to receive CA$152 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?
  • Razor Energy's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.13%).
  • Razor Energy's dividend is above the markets top 25% of dividend payers in Canada (5.77%).
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
TSXV:RZE 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 0 Analyst Estimates (S&P Global) See Below
Canada Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 37 Stocks 4.7%
Canada Market Average Dividend Yield Market Cap Weighted Average of 335 Stocks 3.6%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.2%
Canada Bottom 25% Dividend Yield 25th Percentile 2.1%
Canada Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

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

TSXV:RZE Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.15 1.00
2019-12-31 0.15 2.00
TSXV:RZE Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-06-03 0.150 7.354
2019-05-01 0.150 6.384
2019-04-01 0.150 5.399
2019-03-01 0.150 5.690
2019-02-01 0.150 5.786
2019-01-02 0.150 6.385
2018-12-03 0.150 6.197
2018-11-01 0.150 5.924
2018-09-05 0.150 5.096

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

  • It is too early to tell whether Razor Energy has stable dividend payments.
  • Razor Energy only just started paying a dividend, it is too early to tell if payments are increasing.
Current Payout to shareholders
What portion of Razor Energy's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
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 Razor Energy's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - 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 Razor Energy afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Razor Energy has a total score of 2/6, see the detailed checks below.


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

Management

 What is the CEO of Razor Energy'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
Doug Bailey
COMPENSATION CA$428,044
AGE 45
TENURE AS CEO 2.6 years
CEO Bio

Mr. Douglas Bailey, also known as Doug, has been the Chief Executive Officer and President of Razor Energy Corp. since November 2016. Mr. Bailey served as the Chief Executive Officer and President of Striker Exploration Corp. (Former Name: Elkwater Resources Ltd) from June 2014 to June 2016. He served as the Chief Financial Officer at Hyperion Exploration Corp. from July 23, 2010 to December 6, 2013. Mr. Bailey served as an Interim Chief Financial Officer of Knol Resources Corp. from June 24, 2008 to May 2009 and Consultant since April 2007. He has extensive experience in the finance and accounting industry, including in the oil and gas sector. He began his accounting career in commercial mortgage lending with Gibraltar Mortgage. He was employed with Aecon Infrastructure as Project Accountant and Controller from 1999 to 2003, where he oversaw financial, accounting and business development aspects of large domestic and international construction projects. For the past 10 years, Mr. Bailey has worked in oil and gas finance and accounting, including deal structure and financial analysis on a multi-billion dollar oil sands infrastructure project and in the restructuring of Arapahoe Energy, Magnus Energy and Blue Parrot Energy. He served as Project Accountant with Magnus Energy and Blue Parrot Energy. He has been a Director of Striker Exploration Corp. since February 19, 2015. He has been a Director of Razor Energy Corp. since June 14, 2016. Mr. Bailey served as a Director of Knol Resources Corp. since June 24, 2008.

CEO Compensation
  • Doug's compensation has increased whilst company is loss making.
  • Doug's remuneration is higher than average for companies of similar size in Canada.
Management Team Tenure

Average tenure and age of the Razor Energy management team in years:

2.6
Average Tenure
46
Average Age
  • The tenure for the Razor Energy management team is about average.
Management Team

Doug Bailey

TITLE
President
COMPENSATION
CA$428K
AGE
45
TENURE
2.6 yrs

Kevin Braun

TITLE
Chief Financial Officer
COMPENSATION
CA$331K
AGE
47
TENURE
2.3 yrs

Frank Muller

TITLE
Senior VP
COMPENSATION
CA$398K
AGE
56
TENURE
2.6 yrs

Hass Keshavji

TITLE
Corporate Secretary
AGE
34
Board of Directors Tenure

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

2.6
Average Tenure
45
Average Age
  • The average tenure for the Razor Energy board of directors is less than 3 years, this suggests a new board.
Board of Directors

Doug Bailey

TITLE
President
COMPENSATION
CA$428K
AGE
45
TENURE
3 yrs

Frank Muller

TITLE
Senior VP
COMPENSATION
CA$398K
AGE
56
TENURE
3 yrs

Vick Saxon

TITLE
Independent Director
COMPENSATION
CA$90K
TENURE
2.6 yrs

Sony Gill

TITLE
Director
AGE
42
TENURE
2.6 yrs

Sonny Mottahed

TITLE
Independent Director
COMPENSATION
CA$40K
TENURE
2.6 yrs

Stan Smith

TITLE
Independent Director
COMPENSATION
CA$75K
TENURE
2.4 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Razor Energy insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
12. Jun 19 Buy Douglas Bailey Individual 11. Jun 19 11. Jun 19 2,000 CA$2.00 CA$3,953
10. Jun 19 Buy Lisa Mueller Individual 10. Jun 19 10. Jun 19 700 CA$2.09 CA$1,451
27. May 19 Buy Douglas Bailey Individual 24. May 19 24. May 19 2,200 CA$2.22 CA$4,859
21. May 19 Buy Frank Muller Individual 17. May 19 17. May 19 1,500 CA$2.30 CA$3,415
17. May 19 Buy Douglas Bailey Individual 16. May 19 16. May 19 2,100 CA$2.33 CA$4,867
15. May 19 Buy Douglas Bailey Individual 14. May 19 14. May 19 700 CA$2.36 CA$1,646
14. May 19 Buy Douglas Bailey Individual 13. May 19 13. May 19 1,900 CA$2.36 CA$4,419
13. May 19 Buy Douglas Bailey Individual 10. May 19 10. May 19 1,400 CA$2.37 CA$3,268
13. May 19 Buy Frank Muller Individual 10. May 19 10. May 19 2,000 CA$2.37 CA$4,738
10. May 19 Buy Douglas Bailey Individual 08. May 19 09. May 19 3,400 CA$2.66 CA$8,893
17. Apr 19 Buy Douglas Bailey Individual 16. Apr 19 16. Apr 19 3,000 CA$2.79 CA$8,207
15. Apr 19 Buy Lisa Mueller Individual 15. Apr 19 15. Apr 19 410 CA$2.69 CA$1,103
15. Apr 19 Buy Douglas Bailey Individual 12. Apr 19 12. Apr 19 1,700 CA$2.73 CA$4,581
10. Apr 19 Buy Lisa Mueller Individual 08. Apr 19 08. Apr 19 1,500 CA$2.84 CA$4,260
01. Mar 19 Buy Frank Muller Individual 26. Feb 19 26. Feb 19 1,000 CA$2.71 CA$2,710
27. Feb 19 Buy Kevin Braun Individual 31. Jan 19 31. Jan 19 750 CA$2.39 CA$1,795
27. Feb 19 Buy Lisa Mueller Individual 27. Feb 19 27. Feb 19 1,050 CA$2.70 CA$2,835
26. Feb 19 Buy Lisa Mueller Individual 26. Feb 19 26. Feb 19 2,000 CA$2.78 CA$5,477
05. Oct 18 Buy Marc Bergevin Individual 04. Oct 18 04. Oct 18 1,197 CA$3.00 CA$3,591
05. Feb 19 Buy Frank Muller Individual 04. Feb 19 04. Feb 19 1,000 CA$2.50 CA$2,489
28. Jan 19 Buy Lisa Mueller Individual 25. Jan 19 25. Jan 19 1,000 CA$2.40 CA$2,395
18. Jan 19 Buy Frank Muller Individual 17. Jan 19 17. Jan 19 1,500 CA$2.38 CA$3,498
14. Jan 19 Buy Frank Muller Individual 11. Jan 19 11. Jan 19 1,500 CA$2.45 CA$3,663
10. Jan 19 Buy Lisa Mueller Individual 10. Jan 19 10. Jan 19 700 CA$2.42 CA$1,693
10. Jan 19 Buy Frank Muller Individual 09. Jan 19 09. Jan 19 1,500 CA$2.35 CA$3,525
09. Jan 19 Buy Lisa Mueller Individual 07. Jan 19 09. Jan 19 950 CA$2.39 CA$2,262
07. Jan 19 Buy Lisa Mueller Individual 04. Jan 19 04. Jan 19 500 CA$2.30 CA$1,150
03. Jan 19 Buy Frank Muller Individual 28. Dec 18 28. Dec 18 2,000 CA$2.25 CA$4,500
02. Jan 19 Buy Douglas Bailey Individual 31. Dec 18 31. Dec 18 2,000 CA$2.30 CA$4,600
20. Dec 18 Buy Douglas Bailey Individual 19. Dec 18 19. Dec 18 800 CA$2.45 CA$1,960
18. Dec 18 Buy Frank Muller Individual 17. Dec 18 17. Dec 18 1,500 CA$2.55 CA$3,811
17. Dec 18 Buy Lisa Mueller Individual 14. Dec 18 17. Dec 18 5,000 CA$2.55 CA$12,556
11. Dec 18 Buy Frank Muller Individual 07. Dec 18 07. Dec 18 2,500 CA$2.60 CA$6,436
04. Dec 18 Buy Douglas Bailey Individual 03. Dec 18 03. Dec 18 500 CA$2.49 CA$1,245
03. Dec 18 Buy Frank Muller Individual 30. Nov 18 30. Nov 18 1,000 CA$2.39 CA$2,390
26. Nov 18 Buy Douglas Bailey Individual 23. Nov 18 23. Nov 18 500 CA$2.45 CA$1,225
22. Nov 18 Buy Douglas Bailey Individual 21. Nov 18 21. Nov 18 800 CA$2.44 CA$1,952
22. Nov 18 Buy Frank Muller Individual 21. Nov 18 21. Nov 18 1,000 CA$2.45 CA$2,450
21. Nov 18 Buy Douglas Bailey Individual 19. Nov 18 20. Nov 18 1,505 CA$2.64 CA$3,930
21. Nov 18 Buy Frank Muller Individual 20. Nov 18 20. Nov 18 1,500 CA$2.40 CA$3,600
15. Nov 18 Buy Douglas Bailey Individual 14. Nov 18 14. Nov 18 800 CA$2.55 CA$2,040
15. Nov 18 Buy Frank Muller Individual 14. Nov 18 14. Nov 18 1,900 CA$2.66 CA$5,033
19. Nov 18 Buy Frank Muller Individual 16. Nov 18 16. Nov 18 1,500 CA$2.50 CA$3,750
18. Nov 18 Buy Frank Muller Individual 15. Nov 18 15. Nov 18 1,100 CA$2.60 CA$2,859
14. Nov 18 Buy Douglas Bailey Individual 13. Nov 18 13. Nov 18 2,000 CA$2.74 CA$5,440
14. Nov 18 Buy Frank Muller Individual 13. Nov 18 13. Nov 18 1,500 CA$2.70 CA$4,050
25. Oct 18 Buy Douglas Bailey Individual 24. Oct 18 24. Oct 18 500 CA$2.75 CA$1,375
25. Oct 18 Buy Frank Muller Individual 24. Oct 18 24. Oct 18 1,000 CA$2.80 CA$2,800
22. Oct 18 Buy Kevin Braun Individual 19. Oct 18 19. Oct 18 100 CA$2.78 CA$278
22. Oct 18 Buy Douglas Bailey Individual 19. Oct 18 19. Oct 18 700 CA$2.79 CA$1,947
22. Oct 18 Buy Frank Muller Individual 19. Oct 18 19. Oct 18 2,000 CA$2.78 CA$5,501
19. Oct 18 Buy Douglas Bailey Individual 18. Oct 18 18. Oct 18 2,800 CA$2.80 CA$7,684
18. Oct 18 Buy Douglas Bailey Individual 17. Oct 18 17. Oct 18 1,000 CA$2.85 CA$2,850
12. Oct 18 Buy Frank Muller Individual 10. Oct 18 10. Oct 18 1,000 CA$3.00 CA$3,000
11. Oct 18 Buy Lisa Mueller Individual 11. Oct 18 11. Oct 18 4,000 CA$3.01 CA$12,040
11. Oct 18 Buy Douglas Bailey Individual 10. Oct 18 10. Oct 18 4,700 CA$3.13 CA$14,621
10. Oct 18 Buy Douglas Bailey Individual 09. Oct 18 09. Oct 18 20,752 CA$3.08 CA$61,296
09. Oct 18 Buy Douglas Bailey Individual 05. Oct 18 05. Oct 18 650 CA$2.95 CA$1,912
09. Oct 18 Buy Frank Muller Individual 05. Oct 18 05. Oct 18 1,000 CA$2.94 CA$2,934
05. Oct 18 Buy Lisa Mueller Individual 04. Oct 18 05. Oct 18 2,102 CA$3.01 CA$6,314
05. Oct 18 Buy Stephen Sych Individual 04. Oct 18 04. Oct 18 1,382 CA$3.00 CA$4,146
05. Oct 18 Buy Kevin Braun Individual 04. Oct 18 04. Oct 18 1,842 CA$3.00 CA$5,526
05. Oct 18 Buy Douglas Bailey Individual 04. Oct 18 04. Oct 18 2,230 CA$3.00 CA$6,690
05. Oct 18 Buy Devin Sundstrom Individual 04. Oct 18 04. Oct 18 1,842 CA$3.00 CA$5,526
05. Oct 18 Buy Frank Muller Individual 04. Oct 18 04. Oct 18 2,133 CA$3.00 CA$6,399
28. Sep 18 Buy Frank Muller Individual 27. Sep 18 27. Sep 18 1,000 CA$2.88 CA$2,880
25. Sep 18 Buy Frank Muller Individual 25. Sep 18 25. Sep 18 1,000 CA$2.99 CA$2,970
21. Sep 18 Buy Douglas Bailey Individual 20. Sep 18 20. Sep 18 700 CA$2.86 CA$2,002
21. Sep 18 Buy Frank Muller Individual 20. Sep 18 20. Sep 18 1,000 CA$2.93 CA$2,907
20. Sep 18 Buy Lisa Mueller Individual 20. Sep 18 20. Sep 18 800 CA$2.98 CA$2,384
18. Sep 18 Buy Lisa Mueller Individual 18. Sep 18 18. Sep 18 800 CA$3.05 CA$2,440
18. Sep 18 Buy Douglas Bailey Individual 17. Sep 18 17. Sep 18 700 CA$3.10 CA$2,170
18. Sep 18 Buy Frank Muller Individual 17. Sep 18 17. Sep 18 1,500 CA$3.08 CA$4,587
17. Sep 18 Buy Lisa Mueller Individual 14. Sep 18 17. Sep 18 350 CA$3.10 CA$1,078
17. Sep 18 Buy Frank Muller Individual 14. Sep 18 14. Sep 18 1,000 CA$3.10 CA$3,094
14. Sep 18 Buy Frank Muller Individual 11. Sep 18 12. Sep 18 2,500 CA$3.20 CA$7,933
13. Sep 18 Buy Douglas Bailey Individual 12. Sep 18 12. Sep 18 1,100 CA$3.15 CA$3,465
10. Sep 18 Buy Douglas Bailey Individual 07. Sep 18 07. Sep 18 700 CA$3.20 CA$2,240
31. Aug 18 Buy Douglas Bailey Individual 30. Aug 18 30. Aug 18 200 CA$3.09 CA$618
30. Aug 18 Buy Lisa Mueller Individual 30. Aug 18 30. Aug 18 2,500 CA$3.10 CA$7,750
30. Aug 18 Buy Douglas Bailey Individual 29. Aug 18 29. Aug 18 300 CA$3.05 CA$915
30. Aug 18 Buy Frank Muller Individual 29. Aug 18 29. Aug 18 1,000 CA$3.09 CA$3,090
29. Aug 18 Buy Lisa Mueller Individual 29. Aug 18 29. Aug 18 300 CA$2.99 CA$897
29. Aug 18 Buy Douglas Bailey Individual 28. Aug 18 28. Aug 18 300 CA$2.99 CA$897
27. Aug 18 Buy Lisa Mueller Individual 27. Aug 18 27. Aug 18 2,500 CA$2.99 CA$7,475
24. Aug 18 Buy Douglas Bailey Individual 23. Aug 18 23. Aug 18 1,000 CA$2.90 CA$2,875
23. Aug 18 Buy Douglas Bailey Individual 22. Aug 18 22. Aug 18 300 CA$2.90 CA$870
22. Aug 18 Buy Douglas Bailey Individual 21. Aug 18 21. Aug 18 200 CA$2.93 CA$586
21. Aug 18 Buy Douglas Bailey Individual 17. Aug 18 17. Aug 18 100 CA$2.70 CA$270
20. Aug 18 Buy Douglas Bailey Individual 16. Aug 18 16. Aug 18 1,000 CA$2.69 CA$2,670
20. Aug 18 Buy Frank Muller Individual 17. Aug 18 17. Aug 18 1,000 CA$2.74 CA$2,740
16. Aug 18 Buy Douglas Bailey Individual 15. Aug 18 15. Aug 18 1,000 CA$2.79 CA$2,785
16. Aug 18 Buy Frank Muller Individual 15. Aug 18 15. Aug 18 1,000 CA$2.75 CA$2,748
14. Aug 18 Buy Douglas Bailey Individual 13. Aug 18 13. Aug 18 200 CA$3.04 CA$608
15. Aug 18 Buy Kevin Braun Individual 15. Aug 18 15. Aug 18 100 CA$2.69 CA$269
15. Aug 18 Buy Douglas Bailey Individual 14. Aug 18 14. Aug 18 100 CA$2.81 CA$281
10. Aug 18 Buy Frank Muller Individual 09. Aug 18 09. Aug 18 500 CA$3.19 CA$1,593
09. Aug 18 Buy Douglas Bailey Individual 08. Aug 18 08. Aug 18 500 CA$3.15 CA$1,574
16. Jul 18 Buy Douglas Bailey Individual 13. Jul 18 13. Jul 18 1,000 CA$3.14 CA$3,105
16. Jul 18 Buy Frank Muller Individual 13. Jul 18 13. Jul 18 1,000 CA$3.14 CA$3,120
14. Jul 18 Buy Douglas Bailey Individual 12. Jul 18 12. Jul 18 1,000 CA$3.00 CA$3,000
12. Jul 18 Buy Frank Muller Individual 11. Jul 18 11. Jul 18 1,000 CA$2.99 CA$2,990
09. Jul 18 Buy Douglas Bailey Individual 05. Jul 18 05. Jul 18 500 CA$2.90 CA$1,450
09. Jul 18 Buy Frank Muller Individual 06. Jul 18 06. Jul 18 500 CA$2.88 CA$1,440
28. Jun 18 Buy Douglas Bailey Individual 27. Jun 18 27. Jun 18 500 CA$2.65 CA$1,325
28. Jun 18 Buy Frank Muller Individual 27. Jun 18 27. Jun 18 250 CA$2.73 CA$680
27. Jun 18 Buy Frank Muller Individual 26. Jun 18 26. Jun 18 500 CA$2.63 CA$1,313
25. Jun 18 Buy Douglas Bailey Individual 22. Jun 18 22. Jun 18 400 CA$2.54 CA$1,008
21. Jun 18 Buy Douglas Bailey Individual 20. Jun 18 20. Jun 18 500 CA$2.58 CA$1,290
X
Management checks
We assess Razor Energy'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. Razor Energy 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.

News

Simply Wall St News

Investors Who Bought Razor Energy (CVE:RZE) Shares A Year Ago Are Now Down 10%

Check out our latest analysis for Razor Energy Because Razor Energy is loss-making, we think the market is probably more focussed on revenue and revenue growth, at least for now. … Razor Energy grew its revenue by 50% over the last year. … A Different Perspective While Razor Energy shareholders are down 1.8% for the year (even including dividends), the market itself is up 0.8%.

Simply Wall St -

Only 2 Days Left Until Razor Energy Corp. (CVE:RZE) Trades Ex-Dividend

(CVE:RZE): The dividend payment of CA$0.013 per share will be distributed to shareholders on 30 April 2019, and the stock will begin trading ex-dividend at an earlier date, 12 April 2019. … Has it consistently paid a stable dividend without missing a payment or drastically cutting payout? … Is its earnings sufficient to payout dividend at the current rate

Simply Wall St -

Does Razor Energy Corp. (CVE:RZE) Have A Particularly Volatile Share Price?

Every stock in the market is exposed to this volatility, which is linked to the fact that stocks prices are correlated in an efficient market. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … Any stock with a beta of greater than one is considered more volatile than the market, while those with a beta below one are either less volatile or poorly correlated with the market.

Simply Wall St -

What Kind Of Investor Owns Most Of Razor Energy Corp. (CVE:RZE)?

I generally like to see some degree of insider ownership, even if only a little. … With a market capitalization of CA$41m, Razor Energy is a small cap stock, so it might not be well known by many institutional investors. … Taking a look at our data on the ownership groups (below), it's seems that.

Simply Wall St -

Should Razor Energy Corp. (CVE:RZE) Be Part Of Your Dividend Portfolio?

A sizeable part of portfolio returns can be produced by dividend stocks due to their contribution to compounding returns in the long run. … Does Razor Energy tick all the boxes of a great dividend stock? … View our latest analysis for Razor Energy

Simply Wall St -

4 Days Left Until Razor Energy Corp. (CVE:RZE) Trades Ex-Dividend

If you are interested in cashing in on Razor Energy Corp.'s (CVE:RZE) upcoming dividend of CA$0.013 per share, you only have 4 days left to buy the shares before its ex-dividend date, 14 January 2019, in time for dividends payable on the 31 January 2019. … Below, I'm going to look at the latest data and analyze the stock and its dividend property in further detail. … Whenever I am looking at a potential dividend stock investment, I always check these five metrics:?

Simply Wall St -

Can We See Significant Insider Ownership On The Razor Energy Corp (CVE:RZE) Share Register?

A look at the shareholders of Razor Energy Corp (CVE:RZE) can tell us which group is most powerful. … With a market capitalization of CA$36m, Razor Energy is a small cap stock, so it might not be well known by many institutional investors. … Check out our latest analysis for Razor Energy

Simply Wall St -

Read This Before Buying Razor Energy Corp (CVE:RZE) For Its Dividend

A sizeable part of portfolio returns can be produced by dividend stocks due to their contribution to compounding returns in the long run. … Recently, Razor Energy Corp (CVE:RZE) has started paying dividends to shareholders. … Let's dig deeper into whether Razor Energy should have a place in your portfolio.

Simply Wall St -

Should You Be Tempted To Buy Razor Energy Corp (CVE:RZE) At Its Current PE Ratio?

Although some investors may jump to the conclusion that this is a great buying opportunity, understanding the assumptions behind the P/E ratio might change your mind. … I will deconstruct the P/E ratio and highlight what you need to be careful of when using the P/E ratio … See our latest analysis for Razor Energy

Simply Wall St -

Razor Energy Corp (CVE:RZE) Delivered A Better ROE Than The Industry, Here’s Why

Razor Energy Corp (CVE:RZE) outperformed the oil and gas exploration and production industry on the basis of its ROE – producing a higher 14.03% relative to the peer average of 6.08% over the past 12 months. … If RZE borrows debt to invest in its business, its profits will be higher. … But ROE does not capture any debt, so we only see high profits and low equity, which is great on the surface.

Simply Wall St -

Company Info

Description

Razor Energy Corp. engages in the acquisition, exploration, development, and production of oil and natural gas properties in Alberta. It operates assets in the Kaybob and Swan Hills areas. The company was founded in 2016 and is headquartered in Calgary, Canada.

Details
Name: Razor Energy Corp.
RZE
Exchange: TSXV
Founded: 2016
CA$31,228,231
15,771,834
Website: http://www.razor-energy.com
Address: Razor Energy Corp.
500-5th Avenue SW,
Suite 800,
Calgary,
Alberta, T2P 3L5,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSXV RZE New Common Shares TSX Venture Exchange CA CAD 01. Feb 2017
OTCPK RZRE.F New Common Shares Pink Sheets LLC US USD 01. Feb 2017
DB R9N New Common Shares Deutsche Boerse AG DE EUR 01. Feb 2017
Number of employees
Current staff
Staff numbers
33
Razor Energy employees.
Industry
Oil and Gas Exploration and Production
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/19 00:48
End of day share price update: 2019/06/18 00:00
Last estimates confirmation: 2019/05/13
Last earnings filing: 2019/05/03
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.