Bellatrix Exploration Ltd (Canada) BXEFF

BXE Financial and Valuation Metrics

[svans12]

Here are some of BXE's metrics from 2018. I'm going to compare their metrics to a liquids-rich producer VII (Seven Generations Energy) to show that BXE really isn't that cheap. Note that these numbers are using the reports from 2018 and do not reflect the proposed equity-for-debt transaction from BXE.

EV / TTM EBITDA:

• BXE: 9.5
• VII: 3.4

Net Debt / TTM EBITDA:

• BXE: 9.0
• VII: 1.3

EV / Cash Flow:

• BXE: 7.4
• VII: 3.1

Price / Book:

• BXE: 0.06
• VII: 0.72

Interest Coverage Ratio (TTM EBIT / TTM interest payments):

• BXE: -5.95
• VII: 6.07

Current Ratio:

• BXE: 0.44
• VII: 1.03

Proved + Probable boe Reserves (2P) / 2018 boe production:

• BXE: can't find 2P boe reserves, but 2018 production is 13 million boe
• VII: 1.64 billion boe / 73.95 million boe = 22 years

Terms used:

• EV = enterprise value
• TTM = trailing twelve months
• EBITDA = earnings before interest, taxes, depreciation, and amortization
• BXE = bellatrix exploration
• VII = seven generations energy
• EBIT = earnings before interest and taxes
• BOE = barrel of oil equivalent