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EXTN

Exterran NYSE:EXTN Stock Report

Last Price

US$4.16

Market Cap

US$138.6m

7D

-0.2%

1Y

-8.4%

Updated

01 Oct, 2022

Data

Company Financials +
EXTN fundamental analysis
Snowflake Score
Valuation5/6
Future Growth0/6
Past Performance0/6
Financial Health1/6
Dividends0/6

EXTN Stock Overview

Exterran Corporation, a systems and process company, provides various solutions in the oil, gas, water, and power markets worldwide.

Exterran Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Exterran
Historical stock prices
Current Share PriceUS$4.16
52 Week HighUS$7.70
52 Week LowUS$2.67
Beta0.20
1 Month Change-13.87%
3 Month Change6.94%
1 Year Change-8.37%
3 Year Change-66.18%
5 Year Change-87.00%
Change since IPO-76.89%

Recent News & Updates

Sep 11

Exterran 8.125% 2025: Likely To Be Called Above Par Soon

Summary Enerflex issued circular to it shareholders, achieving another big milestone to close the Exterran acquisition. Enerflex will need to issue a Change of Control offer for the Exterran 8.125% 2025 notes. Enerflex has committed financing in place to refinance Exterran's debt. The bond is expected to be taken out before the end of the year at $101-102. CUSIP: 30227KAE91. Situation Overview Enerflex (EFX:CA) announced its acquisition of Exterran (EXTN) back in January in an all-stock transaction. Enerflex and Exterran have obtained all major regulatory approvals and shareholder votes (for both Enerflex and Exterran) are scheduled for October 11, 2022. There is committed debt financing in place to refinance the entire capitals structure of the combined entity - a new $700 million RCF and a $925 million bridge loan, which will be used to refinancing the Exterran debt according to the circular filed on SEDAR. The fact that circular/proxy statement and F-4 are filed indicates that the management team believes that achieving the required shareholder vote on both sides, which is the remaining key condition to the acquisition. In addition, Chai trust which owns 24.5% of Exterran stock, and all the directors and executive officers that collectively hold ~4% of the stock entered into voting agreements in favour of the merger. The only wildcard is whether the Enerflex shareholder will approve the deal (via agreeing to issue new shares to Exterran shareholders). From existing Enerflex's shareholder perspective, I believe the transaction rationale seems logical (scale, cost synergy, more recurring gross margin) and the deal metrics are accretive in terms of cash flow per share. I also didn't find the top shareholders publicly oppose this transaction. 2021 Proxy 2022 Proxy Exterran 8.125% 2025 This transaction should trigger the Change of Control clause: Indenture This means post transaction the Enerflex is required to issue a $101 change of control offer to the bondholders, who may or may not sell into the offer. The bond is also callable at ~$102 today. Enerflex could first try the change of control offer to see how many bondholders take the $101 price, and then call the rest at $102. Alternatively, Enerflex could run a separate tender offer at a price between $101-102, while asking for consent to waive the change of control offer requirement. If I'm advising Enerflex, I'd tell them to just call all the bonds at $102 to have a clean process and build some credit with the credit community as Enerflex may need to come back to the market to refinance the bridge loan in the future. Indenture

Shareholder Returns

EXTNUS Energy ServicesUS Market
7D-0.2%2.0%-2.5%
1Y-8.4%4.8%-23.2%

Return vs Industry: EXTN underperformed the US Energy Services industry which returned 4.8% over the past year.

Return vs Market: EXTN exceeded the US Market which returned -23.2% over the past year.

Price Volatility

Is EXTN's price volatile compared to industry and market?
EXTN volatility
EXTN Average Weekly Movement9.7%
Energy Services Industry Average Movement8.9%
Market Average Movement6.8%
10% most volatile stocks in US Market15.5%
10% least volatile stocks in US Market2.8%

Stable Share Price: EXTN is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 10% a week.

Volatility Over Time: EXTN's weekly volatility (10%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19542,800Andrew Wayhttps://www.exterran.com

Exterran Corporation, a systems and process company, provides various solutions in the oil, gas, water, and power markets worldwide. The company operates through three segments: Contract Operations, Aftermarket Services, and Product Sales. It offers compression, processing, and treating services through the operation of natural gas compression equipment, and crude oil and natural gas production and process equipment; and water treatment and power generation solutions.

Exterran Fundamentals Summary

How do Exterran's earnings and revenue compare to its market cap?
EXTN fundamental statistics
Market CapUS$138.58m
Earnings (TTM)-US$84.14m
Revenue (TTM)US$760.90m

0.2x

P/S Ratio

-1.6x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
EXTN income statement (TTM)
RevenueUS$760.90m
Cost of RevenueUS$454.00m
Gross ProfitUS$306.90m
Other ExpensesUS$391.04m
Earnings-US$84.14m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)-2.53
Gross Margin40.33%
Net Profit Margin-11.06%
Debt/Equity Ratio465.2%

How did EXTN perform over the long term?

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

Valuation

Is EXTN 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-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales 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 EXTN?

Other financial metrics that can be useful for relative valuation.

EXTN 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/Revenue1x
Enterprise Value/EBITDA5x
PEG Ration/a

Price to Sales Ratio vs Peers

How does EXTN's PS Ratio compare to its peers?

EXTN PS Ratio vs Peers
The above table shows the PS ratio for EXTN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average0.8x
CCLP CSI Compressco
0.5xn/aUS$165.2m
SMHI SEACOR Marine Holdings
0.8xn/aUS$150.1m
NGS Natural Gas Services Group
1.6x2.9%US$123.8m
KLXE KLX Energy Services Holdings
0.2xn/aUS$98.5m
EXTN Exterran
0.2x6.3%US$138.6m

Price-To-Sales vs Peers: EXTN is good value based on its Price-To-Sales Ratio (0.2x) compared to the peer average (0.8x).


Price to Earnings Ratio vs Industry

How does EXTN's PE Ratio compare vs other companies in the US Energy Services Industry?

Price-To-Sales vs Industry: EXTN is good value based on its Price-To-Sales Ratio (0.2x) compared to the US Energy Services industry average (0.8x)


Price to Sales Ratio vs Fair Ratio

What is EXTN's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

EXTN PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.2x
Fair PS Ratio1x

Price-To-Sales vs Fair Ratio: EXTN is good value based on its Price-To-Sales Ratio (0.2x) compared to the estimated Fair Price-To-Sales Ratio (1x).


Share Price vs Fair Value

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

Below Fair Value: EXTN ($4.16) is trading below our estimate of fair value ($41.76)

Significantly Below Fair Value: EXTN 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: Insufficient data to show price forecast.


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Future Growth

How is Exterran forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


6.3%

Forecasted annual revenue growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if EXTN's forecast earnings growth is above the savings rate (1.9%).

Earnings vs Market: Insufficient data to determine if EXTN's earnings are forecast to grow faster than the US market

High Growth Earnings: Insufficient data to determine if EXTN's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: EXTN's revenue (6.3% per year) is forecast to grow slower than the US market (7.7% per year).

High Growth Revenue: EXTN's revenue (6.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: EXTN is forecast to be unprofitable in 3 years.


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Past Performance

How has Exterran performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-41.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: EXTN is currently unprofitable.

Growing Profit Margin: EXTN is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: EXTN is unprofitable, and losses have increased over the past 5 years at a rate of 41.2% per year.

Accelerating Growth: Unable to compare EXTN's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: EXTN is unprofitable, making it difficult to compare its past year earnings growth to the Energy Services industry (44.1%).


Return on Equity

High ROE: EXTN has a negative Return on Equity (-57.27%), as it is currently unprofitable.


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Financial Health

How is Exterran's financial position?

Financial Health Score

1/6

Financial Health Score 1/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Stable Cash Runway

  • Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: EXTN's short term assets ($428.4M) exceed its short term liabilities ($332.3M).

Long Term Liabilities: EXTN's short term assets ($428.4M) do not cover its long term liabilities ($816.3M).


Debt to Equity History and Analysis

Debt Level: EXTN's net debt to equity ratio (426.4%) is considered high.

Reducing Debt: EXTN's debt to equity ratio has increased from 67.9% to 465.2% over the past 5 years.


Balance Sheet


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.

Stable Cash Runway: EXTN has less than a year of cash runway based on its current free cash flow.

Forecast Cash Runway: Insufficient data to determine if EXTN has enough cash runway if its free cash flow continues to grow or shrink based on historical rates.


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Dividend

What is Exterran 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

Dividend Yield vs Market

Exterran Dividend Yield vs Market
How does Exterran dividend yield compare to the market?
SegmentDividend Yield
Company (Exterran)n/a
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (Energy Services)2.3%
Analyst forecast in 3 Years (Exterran)n/a

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

High Dividend: Unable to evaluate EXTN'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 EXTN's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if EXTN'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 EXTN has not reported any payouts.


Discover strong dividend paying companies

Management

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

5.8yrs

Average management tenure


CEO

Andrew Way (51 yo)

6.92yrs

Tenure

US$5,685,359

Compensation

Mr. Andrew James Way has been the Chief Executive Officer, President and Director of Exterran Corporation since October 30, 2015. Mr. Way is Director of Energy Workforce and Technology Council. He served a...


CEO Compensation Analysis

Andrew Way's Compensation vs Exterran Earnings
How has Andrew Way's remuneration changed compared to Exterran's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

-US$84m

Mar 31 2022n/an/a

-US$111m

Dec 31 2021US$6mUS$825k

-US$111m

Sep 30 2021n/an/a

-US$114m

Jun 30 2021n/an/a

-US$115m

Mar 31 2021n/an/a

-US$99m

Dec 31 2020US$5mUS$751k

-US$86m

Sep 30 2020n/an/a

-US$114m

Jun 30 2020n/an/a

-US$110m

Mar 31 2020n/an/a

-US$118m

Dec 31 2019US$6mUS$825k

-US$108m

Sep 30 2019n/an/a

-US$52m

Jun 30 2019n/an/a

-US$36m

Mar 31 2019n/an/a

-US$10m

Dec 31 2018US$6mUS$825k

-US$249k

Sep 30 2018n/an/a

US$7m

Jun 30 2018n/an/a

US$6m

Mar 31 2018n/an/a

US$10m

Dec 31 2017US$6mUS$750k

-US$6m

Sep 30 2017n/an/a

-US$12m

Jun 30 2017n/an/a

-US$46m

Mar 31 2017n/an/a

-US$155m

Dec 31 2016US$4mUS$750k

-US$172m

Sep 30 2016n/an/a

-US$190m

Jun 30 2016n/an/a

-US$167m

Mar 31 2016n/an/a

-US$76m

Dec 31 2015US$7mUS$369k

US$22m

Compensation vs Market: Andrew's total compensation ($USD5.69M) is above average for companies of similar size in the US market ($USD774.31K).

Compensation vs Earnings: Andrew's compensation has increased whilst the company is unprofitable.


Leadership Team

Experienced Management: EXTN's management team is seasoned and experienced (5.8 years average tenure).


Board Members

Experienced Board: EXTN's board of directors are considered experienced (6.9 years average tenure).


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

NYSE:EXTN Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
28 Jan 22BuyUS$34,680David BartaIndividual6,800US$5.10
27 Jan 22SellUS$33,728David BartaIndividual6,800US$4.96

Ownership Breakdown

What is the ownership structure of EXTN?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders1,374,9064.1%
VC/PE Firms8,157,41524.5%
General Public9,249,05527.8%
Institutions14,532,09743.6%

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 3.2%.


Top Shareholders

Top 25 shareholders own 62.89% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
24.49%
Equity Group Investments
8,157,415$33.9m0%3.34%
5.14%
Dimensional Fund Advisors LP
1,712,782$7.1m0%no data
4.47%
Morgan Stanley, Investment Banking and Brokerage Investments
1,488,888$6.2m31.95%no data
3.79%
Flat Footed LLC
1,264,036$5.3m4.81%2.09%
3.41%
Robotti & Company, Incorporated
1,137,120$4.7m-9.09%1%
3.32%
The Vanguard Group, Inc.
1,104,601$4.6m18.27%no data
2.23%
JPMorgan Chase & Co, Brokerage and Securities Investments
743,110$3.1m176.69%no data
1.64%
BlackRock, Inc.
544,816$2.3m-4.96%no data
1.5%
Aegis Financial Corporation
500,549$2.1m0%0.99%
1.35%
Andrew Way
448,496$1.9m0%no data
1.34%
Qube Research And Technologies Ltd
444,843$1.9m-25.61%0.02%
1.31%
Ergoteles LLC
437,421$1.8m276.98%0.06%
0.97%
Two Sigma Advisers, LP
321,900$1.3m-32.98%no data
0.9%
Polar Asset Management Partners Inc.
300,000$1.2m0%0.02%
0.83%
GAMCO Investors, Inc.
276,173$1.1m0%0.01%
0.75%
D. E. Shaw & Co., L.P.
248,993$1.0m-15.7%no data
0.7%
American Century Investment Management Inc
232,293$966.3k35.04%no data
0.69%
Geode Capital Management, LLC
230,875$960.4k0.95%no data
0.64%
Potomac Capital Management Inc.
213,055$886.3k-34.39%1.22%
0.62%
Bridgeway Capital Management, LLC
205,800$856.1k0%0.02%
0.61%
Tudor Investment Corporation
202,157$841.0k-0.35%0.03%
0.59%
Gabelli & Company Investment Advisers, Inc.
198,000$823.7k0%0.15%
0.55%
Invesco Capital Management LLC
182,948$761.1k22.47%no data
0.53%
William Goodyear
177,591$738.8k0%no data
0.53%
Highland Capital Management, L.P.
175,703$730.9k0%0.11%

Company Information

Exterran Corporation's employee growth, exchange listings and data sources


Key Information

  • Name: Exterran Corporation
  • Ticker: EXTN
  • Exchange: NYSE
  • Founded: 1954
  • Industry: Oil and Gas Equipment and Services
  • Sector: Energy
  • Implied Market Cap: US$138.584m
  • Shares outstanding: 33.31m
  • Website: https://www.exterran.com

Number of Employees


Location

  • Exterran Corporation
  • 11000 Equity Drive
  • Houston
  • Texas
  • 77041
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
EXTNNYSE (New York Stock Exchange)YesCommon StockUSUSDOct 2015
200DB (Deutsche Boerse AG)YesCommon StockDEEUROct 2015

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/01 00:00
End of Day Share Price2022/09/30 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.