Upcoming Dividend • Jun 08
Upcoming dividend of CA$0.03 per share Eligible shareholders must have bought the stock before 15 June 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (4.5%). Declared Dividend • May 20
First quarter dividend of CA$0.03 announced Shareholders will receive a dividend of CA$0.03. Ex-date: 15th June 2026 Payment date: 30th June 2026 Dividend yield will be 2.0%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 2.0% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 66% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 03
Birchcliff Energy Ltd., Annual General Meeting, May 14, 2026 Birchcliff Energy Ltd., Annual General Meeting, May 14, 2026. Announcement • Feb 12
Birchcliff Energy Ltd. Appoints Chris Carlsen to the Board of Directors, Effective February 11, 2026 Birchcliff Energy Ltd. announced that Chris Carlsen has been appointed to the board of directors of the Corporation, effective February 11, 2026. Announcement • Nov 01
Birchcliff Energy Ltd. announced that it has received CAD 0.86 million in funding Birchcliff Energy Ltd. announced a non-brokered private placement to issue 43,000,000 shares at an issue price of CAD 0.02 per share for gross proceeds of CAD 860,000 on October 31, 2025. The common shares issued pursuant to the offering are subject to a hold period of four months and a day from the date of closing of the offering. No finders' fees were paid in connection with the offering. Announcement • Mar 04
Birchcliff Energy Ltd., Annual General Meeting, May 15, 2025 Birchcliff Energy Ltd., Annual General Meeting, May 15, 2025. Reported Earnings • Nov 15
Third quarter 2024 earnings released: CA$0.04 loss per share (vs CA$0.057 profit in 3Q 2023) Third quarter 2024 results: CA$0.04 loss per share (down from CA$0.057 profit in 3Q 2023). Revenue: CA$144.1m (down 15% from 3Q 2023). Net loss: CA$10.5m (down 169% from profit in 3Q 2023). Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 1.1% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 06
Upcoming dividend of CA$0.10 per share Eligible shareholders must have bought the stock before 13 September 2024. Payment date: 27 September 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 7.1%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.6%). Declared Dividend • Aug 18
Second quarter dividend of CA$0.10 announced Shareholders will receive a dividend of CA$0.10. Ex-date: 13th September 2024 Payment date: 27th September 2024 Dividend yield will be 9.0%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (392% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 22% per year over the past 7 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 336% to bring the payout ratio under control. EPS is expected to grow by 112% over the next year, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: CA$0.17 (vs CA$0.16 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.17 (up from CA$0.16 in 2Q 2023). Revenue: CA$221.8m (up 31% from 2Q 2023). Net income: CA$46.4m (up 8.5% from 2Q 2023). Profit margin: 21% (down from 25% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.3% p.a. on average during the next 2 years, compared to a 38% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Aug 15
Birchcliff Energy Ltd. Maintains Production Guidance for the Year 2024 Birchcliff Energy Ltd. maintains production guidance for the year 2024. The company currently expects to deliver annual average production 75,000 to 77,000 boe/d to reflect the outperformance of its capital program year-to-date. Buy Or Sell Opportunity • Aug 06
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.8% to €3.64. The fair value is estimated to be €4.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has declined by 4.5%. Upcoming Dividend • Jun 07
Upcoming dividend of CA$0.10 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 28 June 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 6.4%. Within top quartile of German dividend payers (4.5%). Higher than average of industry peers (3.4%). Declared Dividend • May 20
First quarter dividend of CA$0.10 announced Shareholders will receive a dividend of CA$0.10. Ex-date: 14th June 2024 Payment date: 28th June 2024 Dividend yield will be 11%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 5x earnings) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 22% per year over the past 7 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 456% to bring the payout ratio under control. EPS is expected to grow by 93% over the next year, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • May 16
First quarter 2024 earnings released: CA$0.06 loss per share (vs CA$0.16 loss in 1Q 2023) First quarter 2024 results: CA$0.06 loss per share (improved from CA$0.16 loss in 1Q 2023). Revenue: CA$130.2m (down 31% from 1Q 2023). Net loss: CA$15.0m (loss narrowed 65% from 1Q 2023). Revenue is forecast to grow 10% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Reported Earnings • Mar 14
Full year 2023 earnings released: EPS: CA$0.04 (vs CA$2.46 in FY 2022) Full year 2023 results: EPS: CA$0.04 (down from CA$2.46 in FY 2022). Revenue: CA$624.5m (down 56% from FY 2022). Net income: CA$9.78m (down 99% from FY 2022). Profit margin: 1.6% (down from 46% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 19% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 24% per year. Announcement • Mar 14
Birchcliff Energy Ltd. to Report Q1, 2024 Results on May 15, 2024 Birchcliff Energy Ltd. announced that they will report Q1, 2024 results at 4:00 PM, US Eastern Standard Time on May 15, 2024 Upcoming Dividend • Mar 07
Upcoming dividend of CA$0.10 per share Eligible shareholders must have bought the stock before 14 March 2024. Payment date: 28 March 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 7.1%. Within top quartile of German dividend payers (5.1%). Higher than average of industry peers (3.4%). Announcement • Mar 02
Birchcliff Energy Ltd., Annual General Meeting, May 16, 2024 Birchcliff Energy Ltd., Annual General Meeting, May 16, 2024. Recent Insider Transactions • Jan 23
Independent Director recently bought €174k worth of stock On the 19th of January, Cameron Proctor bought around 50k shares on-market at roughly €3.47 per share. This transaction amounted to 48% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €290k more in shares than they have sold in the last 12 months. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €3.35, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 6x in the Oil and Gas industry in Europe. Total returns to shareholders of 175% over the past three years. Declared Dividend • Jan 21
Third quarter dividend of CA$0.10 announced Shareholders will receive a dividend of CA$0.10. Ex-date: 14th March 2024 Payment date: 28th March 2024 Dividend yield will be 15%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (195% earnings payout ratio) nor is it covered by cash flows (194% cash payout ratio). The dividend has increased by an average of 35% per year over the past 7 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 116% to bring the payout ratio under control. EPS is expected to grow by 147% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Upcoming Dividend • Dec 07
Upcoming dividend of CA$0.20 per share at 13% yield Eligible shareholders must have bought the stock before 14 December 2023. Payment date: 29 December 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 13%. Within top quartile of German dividend payers (5.2%). Higher than average of industry peers (2.9%). Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: CA$0.057 (vs CA$0.92 in 3Q 2022) Third quarter 2023 results: EPS: CA$0.057 (down from CA$0.92 in 3Q 2022). Revenue: CA$168.9m (down 44% from 3Q 2022). Net income: CA$15.1m (down 94% from 3Q 2022). Profit margin: 8.9% (down from 82% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is expected to decline by 40% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 3.4%. Over the last 3 years on average, earnings per share has increased by 56% per year whereas the company’s share price has increased by 55% per year. Buying Opportunity • Sep 14
Now 21% undervalued Over the last 90 days, the stock is up 2.2%. The fair value is estimated to be €6.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Meanwhile, the company has become profitable. Upcoming Dividend • Sep 07
Upcoming dividend of CA$0.20 per share at 9.4% yield Eligible shareholders must have bought the stock before 14 September 2023. Payment date: 29 September 2023. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 9.4%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.3%). New Risk • Aug 14
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 27% Last year net profit margin: 48% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (27% net profit margin). Significant insider selling over the past 3 months (€402k sold). Announcement • Aug 11
Birchcliff Energy Ltd. Announces Cash Dividend for the Quarter Ending September 30, 2023, Payable on September 29, 2023 Birchcliff Energy Ltd. announced its board of directors has declared a quarterly cash dividend of $0.20 per common share for the quarter ending September 30, 2023. The dividend will be payable on September 29, 2023 to shareholders of record at the close of business on September 15, 2023. The ex-dividend date is September 14, 2023. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: CA$0.16 (vs CA$0.81 in 2Q 2022) Second quarter 2023 results: EPS: CA$0.16 (down from CA$0.81 in 2Q 2022). Revenue: CA$204.7m (down 54% from 2Q 2022). Net income: CA$42.8m (down 80% from 2Q 2022). Profit margin: 21% (down from 48% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 3.4% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 1.5%. Over the last 3 years on average, earnings per share has increased by 83% per year whereas the company’s share price has increased by 86% per year. New Risk • Jul 03
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €412k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (€412k sold). Recent Insider Transactions • Jul 02
Executive Vice President of Operations recently sold €402k worth of stock On the 29th of June, David Humphreys sold around 75k shares on-market at roughly €5.35 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €109k more than they sold in the last 12 months. Upcoming Dividend • Jun 07
Upcoming dividend of CA$0.20 per share at 10% yield Eligible shareholders must have bought the stock before 14 June 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 10%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.4%). Reported Earnings • May 11
First quarter 2023 earnings released: CA$0.16 loss per share (vs CA$0.47 profit in 1Q 2022) First quarter 2023 results: CA$0.16 loss per share (down from CA$0.47 profit in 1Q 2022). Revenue: CA$89.6m (down 66% from 1Q 2022). Net loss: CA$42.5m (down 134% from profit in 1Q 2022). Revenue is expected to decline by 2.9% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 2.4%. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 93% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Apr 23
CFO & Executive VP recently bought €62k worth of stock On the 20th of April, Bruno Geremia bought around 11k shares on-market at roughly €5.42 per share. This transaction amounted to 1.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Bruno has been a buyer over the last 12 months, purchasing a net total of €89k worth in shares. Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: CA$2.46 (vs CA$1.17 in FY 2021) Full year 2022 results: EPS: CA$2.46 (up from CA$1.17 in FY 2021). Revenue: CA$1.41b (up 61% from FY 2021). Net income: CA$656.8m (up 112% from FY 2021). Profit margin: 47% (up from 35% in FY 2021). The increase in margin was driven by higher revenue. Oil reserves and sales price Proven reserves: 12.634 MMbbls Average sales price/bbl: US$120 Gas reserves and sales price Proven reserves: 2993.658 Bcf Average sales price/mcf: US$6.73 LNG reserves and sales price Proven reserves: 68.263 MMbbls Average sales price/bbl: US$41.09 Combined production and costs Oil equivalent production: 28.078 MMboe (28.661 MMboe in FY 2021) Average production cost/Boe: US$3.62 (US$3.19/Boe in FY 2021) Revenue is expected to decline by 14% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 4.6%. Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has increased by 134% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 07
Upcoming dividend of CA$0.20 per share at 9.2% yield Eligible shareholders must have bought the stock before 14 March 2023. Payment date: 31 March 2023. Payout ratio is a comfortable 2.3% and this is well supported by cash flows. Trailing yield: 9.2%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.4%). Recent Insider Transactions • Mar 01
Executive Vice President of Operations recently bought €58k worth of stock On the 27th of February, David Humphreys bought around 10k shares on-market at roughly €5.83 per share. This transaction amounted to 3.8% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth €132k. Insiders have collectively bought €888k more in shares than they have sold in the last 12 months. Announcement • Jan 19
Birchcliff Energy Ltd. Announces Cash Dividend for the Quarter Ending March 31, 2023, Payable on March 31, 2023 Birchcliff Energy Ltd. announced that its board of directors has declared a quarterly cash dividend of $0.20 per common share for the quarter ending March 31, 2023, which represents a 10-fold increase over the previous quarterly dividend of $0.02 per common share. The dividend will be payable on March 31, 2023 to shareholders of record at the close of business on March 15, 2023. The ex-dividend date is March 14, 2023. Recent Insider Transactions • Dec 22
Non-Independent Director recently bought €62k worth of stock On the 20th of December, James Surbey bought around 10k shares on-market at roughly €6.21 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth €132k. Insiders have collectively bought €932k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Dec 11
Chairman & CEO recently bought €132k worth of stock On the 8th of December, A. Tonken bought around 19k shares on-market at roughly €6.79 per share. This transaction amounted to 1.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. A. has been a buyer over the last 12 months, purchasing a net total of €196k worth in shares. Upcoming Dividend • Dec 07
Upcoming dividend of CA$0.02 per share Eligible shareholders must have bought the stock before 14 December 2022. Payment date: 30 December 2022. Payout ratio is a comfortable 2.3% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (1.0%). Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Independent Director Stacey McDonald was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: CA$0.92 (vs CA$0.52 in 3Q 2021) Third quarter 2022 results: EPS: CA$0.92 (up from CA$0.52 in 3Q 2021). Revenue: CA$454.2m (up 79% from 3Q 2021). Net income: CA$245.6m (up 78% from 3Q 2021). Profit margin: 54% (in line with 3Q 2021). Revenue is expected to fall by 4.3% p.a. on average during the next 2 years compared to a 4.5% decline forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has only increased by 74% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €7.13, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 4x in the Oil and Gas industry in Europe. Total returns to shareholders of 419% over the past three years. Upcoming Dividend • Sep 07
Upcoming dividend of CA$0.02 per share Eligible shareholders must have bought the stock before 14 September 2022. Payment date: 03 October 2022. Payout ratio is a comfortable 2.0% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (1.0%). Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improved over the past week After last week's 16% share price gain to €8.91, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 677% over the past three years. Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: CA$0.81 (vs CA$0.17 in 2Q 2021) Second quarter 2022 results: EPS: CA$0.81 (up from CA$0.17 in 2Q 2021). Revenue: CA$409.4m (up 129% from 2Q 2021). Net income: CA$214.9m (up 390% from 2Q 2021). Profit margin: 53% (up from 25% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 11%, compared to a 43% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 82% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jun 22
Executive Vice President of Operations recently bought €465k worth of stock On the 17th of June, David Humphreys bought around 60k shares on-market at roughly €7.70 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €641k more in shares than they have sold in the last 12 months. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €7.43, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 334% over the past three years. Upcoming Dividend • Jun 07
Upcoming dividend of CA$0.02 per share Eligible shareholders must have bought the stock before 14 June 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 1.9% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of German dividend payers (4.2%). Lower than average of industry peers (4.9%). Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 18% share price gain to €8.01, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 6x in the Oil and Gas industry in Europe. Total returns to shareholders of 260% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €12.97 per share. Reported Earnings • May 13
First quarter 2022 earnings released: EPS: CA$0.47 (vs CA$0.083 in 1Q 2021) First quarter 2022 results: EPS: CA$0.47 (up from CA$0.083 in 1Q 2021). Revenue: CA$294.6m (up 67% from 1Q 2021). Net income: CA$126.8m (up 472% from 1Q 2021). Profit margin: 43% (up from 13% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 21%, compared to a 59% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Independent Director Stacey McDonald was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 17% share price gain to €6.60, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Oil and Gas industry in Europe. Total returns to shareholders of 179% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €10.21 per share. Reported Earnings • Mar 18
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: CA$1.17 (up from CA$0.23 loss in FY 2020). Revenue: CA$941.8m (up 80% from FY 2020). Net income: CA$314.7m (up CA$376.7m from FY 2020). Profit margin: 33% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 12%, compared to a 43% growth forecast for the oil industry in Germany. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 07
Upcoming dividend of CA$0.01 per share Eligible shareholders must have bought the stock before 14 March 2022. Payment date: 31 March 2022. Payout ratio is a comfortable 2.2% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of German dividend payers (3.5%). Lower than average of industry peers (4.7%). Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improved over the past week After last week's 15% share price gain to €5.10, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Oil and Gas industry in Europe. Total returns to shareholders of 143% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €8.64 per share. Board Change • Jan 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Independent Director Stacey McDonald was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Dec 07
Upcoming dividend of CA$0.01 per share Eligible shareholders must have bought the stock before 14 December 2021. Payment date: 31 December 2021. Payout ratio is a comfortable 2.2% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of German dividend payers (3.4%). Lower than average of industry peers (4.4%). Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS CA$0.52 (vs CA$0.067 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CA$321.2m (up 124% from 3Q 2020). Net income: CA$139.4m (up CA$157.1m from 3Q 2020). Profit margin: 43% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improved over the past week After last week's 15% share price gain to €3.36, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Oil and Gas industry in Europe. Total returns to shareholders of 16% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.71 per share. Reported Earnings • Aug 14
Second quarter 2021 earnings released: EPS CA$0.17 (vs CA$0.15 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CA$179.2m (up 70% from 2Q 2020). Net income: CA$43.9m (up CA$83.4m from 2Q 2020). Profit margin: 25% (up from net loss in 2Q 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • May 16
First quarter 2021 earnings released: EPS CA$0.083 (vs CA$0.17 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CA$179.0m (up 46% from 1Q 2020). Net income: CA$22.2m (up CA$67.4m from 1Q 2020). Profit margin: 12% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 13
Full year 2020 earnings released: CA$0.23 loss per share (vs CA$0.22 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: CA$524.0m (down 14% from FY 2019). Net loss: CA$62.0m (loss widened 4.1% from FY 2019). Oil reserves and sales price Proven reserves: 17.222 MMbbls Average sales price/bbl: US$42.39 Gas reserves and sales price Proven reserves: 3311.226 Bcf Average sales price/mcf: US$2.49 LNG reserves and sales price Proven reserves: 78.253 MMbbls Average sales price/bbl: US$28.49 Combined production and costs Oil equivalent production: 27.886 MMboe (28.462 MMboe in FY 2019) Average production cost/Boe: US$2.95 (US$3.09/Boe in FY 2019) Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Mar 13
Revenue beats expectations Revenue exceeded analyst estimates by 6.6%. Over the next year, revenue is forecast to grow 36%, compared to a 35% growth forecast for the Oil and Gas industry in Germany. Is New 90 Day High Low • Feb 03
New 90-day high: €1.53 The company is up 31% from its price of €1.17 on 05 November 2020. The German market is up 16% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 62% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.08 per share. Is New 90 Day High Low • Jan 14
New 90-day high: €1.43 The company is up 22% from its price of €1.17 on 16 October 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 37% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.57 per share. Reported Earnings • Nov 13
Third quarter 2020 earnings released: CA$0.07 loss per share The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2020 results: Revenue: CA$101.8m (down 19% from 3Q 2019). Net loss: CA$16.6m (loss narrowed 65% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 28% per year whereas the company’s share price has fallen by 26% per year. Is New 90 Day High Low • Nov 09
New 90-day high: €1.32 The company is up 40% from its price of €0.94 on 11 August 2020. The German market is down 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 49% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.27 per share. Recent Insider Transactions • Oct 31
VP of Exploration & COO recently bought €63k worth of stock On the 28th of October, Myles Bosman bought around 52k shares on-market at roughly €1.21 per share. This was the largest purchase by an insider in the last 3 months. Myles has been a buyer over the last 12 months, purchasing a net total of €79k worth in shares. Is New 90 Day High Low • Oct 15
New 90-day high: €1.11 The company is up 52% from its price of €0.73 on 17 July 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 46% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.13 per share. Is New 90 Day High Low • Sep 19
New 90-day high: €1.09 The company is up 56% from its price of €0.70 on 19 June 2020. The German market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 58% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.00 per share.