Horizon Oil Valuation

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

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: HZNF.F ($0.13) is trading below our estimate of fair value ($0.49)

Significantly Below Fair Value: HZNF.F is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for HZNF.F?

Key metric: As HZNF.F is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for HZNF.F. This is calculated by dividing HZNF.F's market cap by their current earnings.
What is HZNF.F's PE Ratio?
PE Ratio	7.5x
Earnings	US$25.90m
Market Cap	US$194.30m

HZNF.F 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/Revenue	1.5x
Enterprise Value/EBITDA	2.5x
PEG Ratio	1.8x

Price to Earnings Ratio vs Peers

How does HZNF.F's PE Ratio compare to its peers?

The above table shows the PE ratio for HZNF.F vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	17.6x
SJT San Juan Basin Royalty Trust	20.2x	n/a	US$181.3m
EPM Evolution Petroleum	42.3x	n/a	US$191.1m
GTE Gran Tierra Energy	5x	-113.4%	US$221.8m
REI Ring Energy	2.8x	6.9%	US$303.2m
HZNF.F Horizon Oil	7.5x	4.2%	US$301.0m

Price-To-Earnings vs Peers: HZNF.F is good value based on its Price-To-Earnings Ratio (7.5x) compared to the peer average (17.6x).

Price to Earnings Ratio vs Industry

How does HZNF.F's PE Ratio compare vs other companies in the US Oil and Gas Industry?

3 Companies	Price / Earnings	Estimated Growth	Market Cap
AXAS Abraxas Petroleum	0.09x	n/a	US$10.27m
BYRO.F Byron Energy	0.03x	-10.3%	US$312.17k
USOP.Y U.S. Oil and Gas	n/a	n/a	US$6.00

No more companies available in this PE range

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: HZNF.F is good value based on its Price-To-Earnings Ratio (7.5x) compared to the US Oil and Gas industry average (11.3x).

Price to Earnings Ratio vs Fair Ratio

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

HZNF.F PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	7.5x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate HZNF.F's Price-To-Earnings Fair Ratio for valuation analysis.

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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