23 Oct vermilion assets
At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. The Zacks Industry Rank assigns a rating to each of the 265 X (Expanded) Industries based on their average Zacks Rank. For 2020, we forecast operating cash flow of C$523m and funds from operations (FFO) of C$449m (Vermilion defines FFO as oil and natural gas revenues minus transportation, operating costs, general and administration, Petroleum Resource Rent Tax (PRRT), corporate income taxes, interest expense, realised gain on derivative instruments and foreign exchange, which excludes changes in working capital and asset retirement obligations). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. ***Impact of 10% lower commodity prices on net debt to FFO in FY21. With most of the capex for the year already invested, we stress test the impact of differing commodity price scenarios on total debt to EBITDA. The table shows that Vermilion’s FY21e P/CF and EV/EBITDA multiples are currently 0.9 and 3.8x, respectively. Source: Edison Investment Research, Bloomberg. Valuation: Blended valuation at C$9.6/share. At low commodity price levels, its gearing multiples exceed the current total debt to EBITDA covenants. Learn more about Zacks Equity Research reports. Our free cash flow-oriented model seeks to create value for our shareholders while minimizing risk. Vermilion has grown organically and inorganically. Mr Kaluza has spent over 32 years delivering results in North America and overseas in the energy business. However, it has recovered and learned from them by abiding with these principles, which provide flexibility and balance sheet headroom during periods of low commodity prices. We believe this discount may reflect Vermilion’s current reduced yield and its relatively high leverage metrics such as a net debt to EBITDA ratio of 3.7x for FY20e, while peers trade at lower multiples of 3.4x, 2.9x and 2.1x. In the US, Vermilion completed and brought on production the remaining six wells of its nine well programme. Impairment charges were incurred due to global commodity price forecasts deteriorating and decreases in demand due to COVID-19. Source: Edison Investment Research. If you do not, click Cancel. More recently, the company had deviated from these principles to maintain its dividend. Source: Vermilion Energy accounts, Edison Investment Research. As with all companies in the sector, reserves and resources are defined by distributions, and the amount of oil and gas recovered can differ from published point values. The detailed multi-page Analyst report does an even deeper dive on the company's vital statistics. At Vermilion, our people deliver excellence daily, around the world. From 2000 to 2003, he was VP, Finance and CFO at NAL Oil & Gas Trust, and from 1998 to 2000 he was CEO of Caravan Oil & Gas. In Southeast Saskatchewan, Vermilion holds an average WI of 85% across an area of over 500,000 net acres. We also stress test management’s target of net debt to FFO under 1.5x. Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. His earlier commercial and technical experience included work in various ConocoPhillips operating subsidiaries in the US Gulf Coast, China and Indonesia. Vermilion is highly leveraged to commodity prices. and except. Vermilion has production assets in a range of mature basins and developed economies: Canada, the US, France, the Netherlands, Ireland, Germany and Australia, and diverse exposure to different commodity prices. Mr Glemser has over 15 years’ experience, primarily in the financial area of oil and gas operations. Lorenzo Donadeo – executive chairman: Mr Donadeo has more than 35 years’ experience in the oil and gas business, including mergers and acquisitions, gas marketing, production, exploitation, and field operations in western Canada and internationally in Australia, France, the Netherlands, Germany, Ireland, and Trinidad and Tobago. An industry with a larger percentage of Zacks Rank #1's and #2's will have a better average Zacks Rank than one with a larger percentage of Zacks Rank #4's and #5's. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. Delayed quotes by Sungard. Note: *Impact of incremental net debt required in low case scenario (10% commodity prices: US$35/bbl Brent) maintaining sustaining capex in line with guidance.
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