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Bellatrix Exploration Ltd (Canada) BXEFF

Energy
Bellatrix Exploration Ltd is a Canada-based oil and gas company, engaged in the exploration, acquisition, development, and production of oil and natural gas reserves in the provinces of Alberta, British Columbia, and Saskatchewan. It primarily focuses on developing its two core resource plays, the Cardium and the Notikewin/Falher intervals in Western Canada. The Notikewin/Falher in Alberta's deep basin boasts abundant, liquids-rich natural gas with compelling economics. The Cardium is a highly e


GREY:BXEFF - Post by User

Bellatrix Exploration Ltd (Canada)
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Post by George98on Mar 10, 2017 9:42am
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Post# 25962547

BXE's Leverage remains above 4 times in 2017 (best case)

BXE's Leverage remains above 4 times in 2017 (best case)Based on the latest news, and proforma the Harmattan sale, BXE's net debt is C$398 million in December 2016.

And even if BXE's annual FFO in 2017 reaches C$100 million according to the guidance, which is very very very optimistic guidance because BXE made just C$10.5 million FFO in Q3 2016, this is 4 times leverage and BXE must sell again producing assets in 2017 to tame this unstainable debt.

This high leverage is the key reason why BXE trades and will continue to trade well below its NAV-10 per share.

jmho




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