EXTN Stock Overview
Exterran Corporation, a systems and process company, provides various solutions in the oil, gas, water, and power markets worldwide.
Price History & Performance
|Historical stock prices|
|Current Share Price||US$4.16|
|52 Week High||US$7.70|
|52 Week Low||US$2.67|
|1 Month Change||-13.87%|
|3 Month Change||6.94%|
|1 Year Change||-8.37%|
|3 Year Change||-66.18%|
|5 Year Change||-87.00%|
|Change since IPO||-76.89%|
Recent News & Updates
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
|EXTN||US Energy Services||US Market|
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.
|EXTN Average Weekly Movement||9.7%|
|Energy Services Industry Average Movement||8.9%|
|Market Average Movement||6.8%|
|10% most volatile stocks in US Market||15.5%|
|10% least volatile stocks in US Market||2.8%|
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
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
|EXTN fundamental statistics|
Is EXTN overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|EXTN income statement (TTM)|
|Cost of Revenue||US$454.00m|
Last Reported Earnings
Jun 30, 2022
Next Earnings Date
|Earnings per share (EPS)||-2.53|
|Net Profit Margin||-11.06%|
How did EXTN perform over the long term?See historical performance and comparison
Is EXTN undervalued compared to its fair value, analyst forecasts and its price relative to the market?
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
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.
|What is EXTN's n/a Ratio?|
Price to Sales Ratio vs Peers
How does EXTN's PS Ratio compare to its peers?
|EXTN PS Ratio vs Peers|
|Company||PS||Estimated Growth||Market Cap|
CCLP CSI Compressco
SMHI SEACOR Marine Holdings
NGS Natural Gas Services Group
KLXE KLX Energy Services Holdings
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.
|Current PS Ratio||0.2x|
|Fair PS Ratio||1x|
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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How is Exterran forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?
Future Growth Score0/6
Future Growth Score 0/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
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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How has Exterran performed over the past 5 years?
Past Performance Score0/6
Past Performance Score 0/6
Growing Profit Margin
Earnings vs Industry
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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How is Exterran's financial position?
Financial Health Score1/6
Financial Health Score 1/6
Short Term Liabilities
Long Term Liabilities
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.
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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What is Exterran current dividend yield, its reliability and sustainability?
Dividend Score 0/6
Cash Flow Coverage
Dividend Yield vs Market
|Exterran Dividend Yield vs Market|
|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.
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How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Andrew Way (51 yo)
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|
|Date||Total Comp.||Salary||Company Earnings|
|Jun 30 2022||n/a||n/a|
|Mar 31 2022||n/a||n/a|
|Dec 31 2021||US$6m||US$825k|
|Sep 30 2021||n/a||n/a|
|Jun 30 2021||n/a||n/a|
|Mar 31 2021||n/a||n/a|
|Dec 31 2020||US$5m||US$751k|
|Sep 30 2020||n/a||n/a|
|Jun 30 2020||n/a||n/a|
|Mar 31 2020||n/a||n/a|
|Dec 31 2019||US$6m||US$825k|
|Sep 30 2019||n/a||n/a|
|Jun 30 2019||n/a||n/a|
|Mar 31 2019||n/a||n/a|
|Dec 31 2018||US$6m||US$825k|
|Sep 30 2018||n/a||n/a|
|Jun 30 2018||n/a||n/a|
|Mar 31 2018||n/a||n/a|
|Dec 31 2017||US$6m||US$750k|
|Sep 30 2017||n/a||n/a|
|Jun 30 2017||n/a||n/a|
|Mar 31 2017||n/a||n/a|
|Dec 31 2016||US$4m||US$750k|
|Sep 30 2016||n/a||n/a|
|Jun 30 2016||n/a||n/a|
|Mar 31 2016||n/a||n/a|
|Dec 31 2015||US$7m||US$369k|
Compensation vs Market: Andrew's total compensation ($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.
Experienced Management: EXTN's management team is seasoned and experienced (5.8 years average tenure).
Experienced Board: EXTN's board of directors are considered experienced (6.9 years average tenure).
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
|28 Jan 22||BuyUS$34,680||David Barta||Individual||6,800||US$5.10|
|27 Jan 22||SellUS$33,728||David Barta||Individual||6,800||US$4.96|
|Owner Type||Number of Shares||Ownership Percentage|
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 3.2%.
|Ownership||Name||Shares||Current Value||Change %||Portfolio %|
Exterran Corporation's employee growth, exchange listings and data sources
- 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
- Exterran Corporation
- 11000 Equity Drive
- United States
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|EXTN||NYSE (New York Stock Exchange)||Yes||Common Stock||US||USD||Oct 2015|
|200||DB (Deutsche Boerse AG)||Yes||Common Stock||DE||EUR||Oct 2015|
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/10/01 00:00|
|End of Day Share Price||2022/09/30 00:00|
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.