Financials Spartan Delta Toronto S.E.

Equities

SDE

CA84678A1021

Oil & Gas Exploration and Production

Market Closed - Toronto S.E. Other stock markets 16:00:00 2024-05-09 EDT			5-day change	1st Jan Change
4.28 ^CAD	-0.47%		+8.08%	-71.45%

05-08	Spartan Delta Price Target Raised, Outperform Rating Unchanged, by National Bank Following Q1 Results	MT
05-08	MT Newswires Canada Overnight Stocks To Watch: B2Gold; Suncor; American Hotel Income Properties REIT; Genesis Land Development; Maxim Power; Spartan Delta	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	130.5	173.2	914.5	2,334	516.1	741.3	-	-
Enterprise Value (EV) ¹	130.5	220.2	1,356	2,473	591.4	781.2	682.6	775.8
P/E ratio	-500 x	3.47 x	2.39 x	3.85 x	0.78 x	17.1 x	8.23 x	-
Yield	-	-	-	-	322%	-	-	-
Capitalization / Revenue	-	1.91 x	1.5 x	1.59 x	0.79 x	2.01 x	1.57 x	-
EV / Revenue	-	2.42 x	2.23 x	1.69 x	0.91 x	2.11 x	1.44 x	-
EV / EBITDA	-	5.58 x	3.56 x	2.55 x	1.41 x	4 x	2.49 x	2.28 x
EV / FCF	-	-2.38 x	12.4 x	6.53 x	3.04 x	20.5 x	7.24 x	19.9 x
FCF Yield	-	-42%	8.04%	15.3%	32.9%	4.87%	13.8%	5.03%
Price to Book	-	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	26,106	58,106	153,186	156,133	173,201	173,201	-	-
Reference price ²	5.000	2.980	5.970	14.95	2.980	4.280	4.280	4.280
Announcement Date	20-04-07	21-03-12	22-02-15	23-03-02	24-02-26	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	90.84	608.1	1,464	652.8	369.5	473	-
EBITDA ¹	-	39.46	381.1	967.8	419.7	195.3	273.7	340
EBIT	-	12.33	-	-	-	-	-	-
Operating Margin	-	13.57%	-	-	-	-	-	-
Earnings before Tax (EBT)	-	41.04	-	-	-	-	-	-
Net income ¹	-1.998	47.66	-	-	-	193	346	-
Net margin	-	52.47%	-	-	-	52.23%	73.15%	-
EPS ²	-0.0100	0.8600	2.500	3.880	3.820	0.2500	0.5200	-
Free Cash Flow ¹	-	-92.52	108.9	378.5	194.5	38.03	94.22	39
FCF margin	-	-101.85%	17.91%	25.84%	29.8%	10.29%	19.92%	-
FCF Conversion (EBITDA)	-	-	28.58%	39.11%	46.34%	19.47%	34.43%	11.47%
FCF Conversion (Net income)	-	-	-	-	-	19.71%	27.23%	-
Dividend per Share ²	-	-	-	-	9.600	-	-	-
Announcement Date	20-04-07	21-03-12	22-02-15	23-03-02	24-02-26	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA ¹	193.4	211.7	292.8	230	233.3	189.7	85.08	39.05	54.48	42.8	41	-	-
EBIT	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS	0.7600	0.3600	1.050	1.640	0.8700	0.4900	2.640	0.0500	0.6400	0.0600	-	-	-
Dividend per Share ²	-	-	-	-	-	-	9.500	-	-	-	-	-	-
Announcement Date	22-02-15	22-05-10	22-08-09	22-11-08	23-03-02	23-05-12	23-08-02	23-11-07	24-02-26	24-05-07	-	-	-

¹CAD in Million²CAD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	47.1	441	138	75.3	39.9	-	34.5
Net Cash position ¹	-	-	-	-	-	-	58.8	-
Leverage (Debt/EBITDA)	-	1.193 x	1.157 x	0.143 x	0.1794 x	0.204 x	-	0.1015 x
Free Cash Flow ¹	-	-92.5	109	378	195	38	94.2	39
ROE (net income / shareholders' equity)	-	12.1%	-	56.7%	68.1%	10%	17%	-
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share	-	-	-	-	-	-	-	-
Cash Flow per Share ²	-	0.5800	2.080	4.640	2.740	1.070	1.350	1.710
Capex ¹	-	125	171	417	281	194	163	250
Capex / Sales	-	137.31%	28.09%	28.47%	43.07%	52.55%	34.43%	-
Announcement Date	20-04-07	21-03-12	22-02-15	23-03-02	24-02-26	-	-	-

¹CAD in Million²CAD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Spartan Delta

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4.28 CAD

Average target price

5.5 CAD

Spread / Average Target

+28.50%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Exploration and Production

	1st Jan change	Capi.
CHEVRON CORPORATION	+10.92%	305B
CONOCOPHILLIPS	+6.31%	144B
CNOOC LIMITED	+57.69%	126B
CANADIAN NATURAL RESOURCES LIMITED	+22.20%	82.8B
EOG RESOURCES, INC.	+7.95%	75.03B
PIONEER NATURAL RESOURCES COMPANY	+19.90%	63B
OCCIDENTAL PETROLEUM CORPORATION	+7.59%	56.96B
HESS CORPORATION	+10.95%	49.12B
DIAMONDBACK ENERGY, INC.	+31.36%	36.33B

Other Oil & Gas Exploration and Production