RE:P/E ratio = 183.3... The P/E looks bad for the past 4 QT's because in the fourth quarter of 2012 they decommissioned 42 Tier 3 drilling rigs and 10 Tier 2 rigs from their fleet and took a impairment charge of
$192 million. Not something that re-occurs too often. That charge equates to 69 cents a share. If you look at the 4th QT in 2012 you'll find a loss of 42c . Without thge impairment charge the would have had a earnings for the QT of 15cents. (I've highlighted the charge below.)
I expect them to do about 75c for 2013 which would equate to a P/E of 16 on a share value of $12.00 ( conservative estimate)
From TSX money:
| Income [+] | in Thousands of Dollars | |
| |
| Operating Revenue | 595,720 | 533,948 | 484,761 | 381,966 | 640,066 |
| Adjustments to Revenue | N/A | N/A | N/A | - | - |
| Cost of Revenue | 341,838 | 326,806 | 300,396 | 259,513 | 356,586 |
| Gross Operating Profit | 253,882 | 207,142 | 184,365 | 122,453 | 283,480 |
| |
| Selling/General/Admin Expense | (38,701) | (30,116) | (33,365) | (25,261) | (37,906) |
| Research & Development | - | - | - | - | - |
| EBITDA (Operating Income Before Depreciation) | 217,565 | (66,883) | 145,723 | 97,192 | 245,574 |
| Depreciation & Amortization | - | - | - | (66,669) | (74,824) |
| Operating Income | 217,565 | (66,883) | 145,723 | 30,523 | 170,750 |
| Interest Income | 186 | - | - | 580 | 400 |
| Other Income, Net | 2,198 | (51,440) | (5,277) | 4,793 | (6,355) |
| Total Income Before Interest Expense (EBIT) | 132,672 | (156,161) | 68,969 | 35,896 | 164,795 |
| Interest Expense | (21,649) | (22,107) | (21,741) | (21,400) | (21,332) |
| Income Before Tax | 111,023 | (177,510) | 47,228 | 14,496 | 143,463 |
| Income Taxes | (17,710) | 61,171 | (7,871) | 3,765 | (32,382) |
| Minority Interest | - | - | - | - | - |
| Net Income from Continuing Operations | 93,313 | (116,339) | 39,357 | 18,261 | 111,081 |
| Net Income from Discontinued Operations | - | - | - | - | - |
| Net Income from Total Operations | 93,313 | (116,339) | 39,357 | 18,261 | 111,081 |
| |
| Normalized Income | 93,313 | 76,130 | 39,357 | 18,261 | 111,081 |
| Extraordinary Income/Loss | - | - | - | - | - |
| Special Income/Charges | - | (192,469) | - | - | - |
| Income from *****. Effect of Acct Change | - | - | - | - | - |
| Income from Tax Loss Carryforward | - | - | - | - | - |
| Other Gains | - | - | - | - | - |
| Total Net Income | 93,313 | (116,339) | 39,357 | 18,261 | 111,081 |
| |
| Results [+] | in Dollars (Preferred Dividends in Thousands) | |
| |
| Dividends Paid Per Share | 0.05 | 0.05 | 0.00 | 0.00 | 0.00 |
| Preferred Dividends | - | - | - | - | - |
| Basic EPS from Continuing Operations | 0.34 | -0.42 | 0.14 | 0.07 | 0.40 |
| Basic EPS from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Basic EPS from Total Operations | 0.34 | -0.42 | 0.14 | 0.07 | 0.40 |
| |
| Diluted EPS from Continuing Operations | 0.33 | -0.41 | 0.14 | 0.06 | 0.39 |
| Diluted EPS from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Diluted EPS from Total Operations | 0.33 | -0.42 | 0.14 | 0.06 | 0.39 |