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BAYTEX ENERGY CORP (BTE.CA) Stock Fundamental Analysis

TSX:BTE - Toronto Stock Exchange - CA07317Q1054 - Common Stock - Currency: CAD

3.48  +0.08 (+2.35%)

Fundamental Rating

4

Taking everything into account, BTE scores 4 out of 10 in our fundamental rating. BTE was compared to 214 industry peers in the Oil, Gas & Consumable Fuels industry. BTE has a medium profitability rating, but doesn't score so well on its financial health evaluation. BTE is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

5

1. Profitability

1.1 Basic Checks

BTE had negative earnings in the past year.
BTE had a positive operating cash flow in the past year.
In multiple years BTE reported negative net income over the last 5 years.
In the past 5 years BTE always reported a positive cash flow from operatings.
BTE.CA Yearly Net Income VS EBIT VS OCF VS FCFBTE.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 1B -1B -2B

1.2 Ratios

BTE's Return On Assets of -4.61% is on the low side compared to the rest of the industry. BTE is outperformed by 60.70% of its industry peers.
Looking at the Return On Equity, with a value of -8.81%, BTE is doing worse than 61.69% of the companies in the same industry.
The Return On Invested Capital of BTE (7.63%) is better than 77.61% of its industry peers.
The Average Return On Invested Capital over the past 3 years for BTE is above the industry average of 7.73%.
Industry RankSector Rank
ROA -4.61%
ROE -8.81%
ROIC 7.63%
ROA(3y)15.67%
ROA(5y)-4.95%
ROE(3y)31.7%
ROE(5y)-65.43%
ROIC(3y)9.78%
ROIC(5y)N/A
BTE.CA Yearly ROA, ROE, ROICBTE.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 -100 -200 -300 -400

1.3 Margins

BTE has a better Operating Margin (22.02%) than 70.65% of its industry peers.
In the last couple of years the Operating Margin of BTE has grown nicely.
BTE has a better Gross Margin (79.94%) than 92.54% of its industry peers.
In the last couple of years the Gross Margin of BTE has grown nicely.
Industry RankSector Rank
OM 22.02%
PM (TTM) N/A
GM 79.94%
OM growth 3YN/A
OM growth 5Y56.68%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y10.09%
GM growth 5Y1.85%
BTE.CA Yearly Profit, Operating, Gross MarginsBTE.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 100 -100 -200 -300

3

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), BTE is creating some value.
Compared to 1 year ago, BTE has more shares outstanding
Compared to 5 years ago, BTE has more shares outstanding
BTE has a worse debt/assets ratio than last year.
BTE.CA Yearly Shares OutstandingBTE.CA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M 800M
BTE.CA Yearly Total Debt VS Total AssetsBTE.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2B 4B 6B

2.2 Solvency

Based on the Altman-Z score of 0.55, we must say that BTE is in the distress zone and has some risk of bankruptcy.
BTE has a Altman-Z score (0.55) which is in line with its industry peers.
The Debt to FCF ratio of BTE is 3.97, which is a good value as it means it would take BTE, 3.97 years of fcf income to pay off all of its debts.
The Debt to FCF ratio of BTE (3.97) is better than 78.61% of its industry peers.
A Debt/Equity ratio of 0.57 indicates that BTE is somewhat dependend on debt financing.
With a Debt to Equity ratio value of 0.57, BTE is not doing good in the industry: 61.19% of the companies in the same industry are doing better.
Industry RankSector Rank
Debt/Equity 0.57
Debt/FCF 3.97
Altman-Z 0.55
ROIC/WACC0.96
WACC7.93%
BTE.CA Yearly LT Debt VS Equity VS FCFBTE.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 1B 2B 3B

2.3 Liquidity

A Current Ratio of 0.69 indicates that BTE may have some problems paying its short term obligations.
BTE has a Current ratio (0.69) which is in line with its industry peers.
BTE has a Quick Ratio of 0.69. This is a bad value and indicates that BTE is not financially healthy enough and could expect problems in meeting its short term obligations.
The Quick ratio of BTE (0.69) is comparable to the rest of the industry.
Industry RankSector Rank
Current Ratio 0.69
Quick Ratio 0.69
BTE.CA Yearly Current Assets VS Current LiabilitesBTE.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M 400M 500M

4

3. Growth

3.1 Past

The earnings per share for BTE have decreased strongly by -133.06% in the last year.
Looking at the last year, BTE shows a very strong growth in Revenue. The Revenue has grown by 39.63%.
The Revenue has been growing by 19.46% on average over the past years. This is quite good.
EPS 1Y (TTM)-133.06%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%53.33%
Revenue 1Y (TTM)39.63%
Revenue growth 3Y49.51%
Revenue growth 5Y19.46%
Sales Q2Q%-7.6%

3.2 Future

Based on estimates for the next years, BTE will show a very strong growth in Earnings Per Share. The EPS will grow by 33.34% on average per year.
BTE is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 1.22% yearly.
EPS Next Y391.78%
EPS Next 2Y110.33%
EPS Next 3Y44.74%
EPS Next 5Y33.34%
Revenue Next Year-0.64%
Revenue Next 2Y-3.15%
Revenue Next 3Y-0.92%
Revenue Next 5Y1.22%

3.3 Evolution

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
BTE.CA Yearly Revenue VS EstimatesBTE.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 1B 2B 3B
BTE.CA Yearly EPS VS EstimatesBTE.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 0 2 -2 -4

6

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings Ratio is negative for BTE. In the last year negative earnings were reported.
A Price/Forward Earnings ratio of 9.57 indicates a reasonable valuation of BTE.
The rest of the industry has a similar Price/Forward Earnings ratio as BTE.
BTE is valuated cheaply when we compare the Price/Forward Earnings ratio to 94.77, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE N/A
Fwd PE 9.57
BTE.CA Price Earnings VS Forward Price EarningsBTE.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 20 40 60 80

4.2 Price Multiples

93.53% of the companies in the same industry are more expensive than BTE, based on the Enterprise Value to EBITDA ratio.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of BTE indicates a rather cheap valuation: BTE is cheaper than 95.52% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 4.72
EV/EBITDA 2.26
BTE.CA Per share dataBTE.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 1 2 3 4 5

4.3 Compensation for Growth

BTE's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
A more expensive valuation may be justified as BTE's earnings are expected to grow with 44.74% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y110.33%
EPS Next 3Y44.74%

3

5. Dividend

5.1 Amount

BTE has a Yearly Dividend Yield of 2.65%. Purely for dividend investing, there may be better candidates out there.
BTE's Dividend Yield is comparable with the industry average which is at 6.59.
Compared to an average S&P500 Dividend Yield of 2.29, BTE has a dividend comparable with the average S&P500 company.
Industry RankSector Rank
Dividend Yield 2.65%

5.2 History

The dividend of BTE decreases each year by -50.19%.
BTE has been paying a dividend for at least 10 years, so it has a reliable track record.
BTE has decreased its dividend recently.
Dividend Growth(5Y)-50.19%
Div Incr Years1
Div Non Decr Years1
BTE.CA Yearly Dividends per shareBTE.CA Yearly Dividends per shareYearly Dividends per share 2015 2023 2024 0.2 0.4 0.6

5.3 Sustainability

BTE has negative earnings and hence a negative payout ratio. The dividend may be in danger.
DP-20.75%
EPS Next 2Y110.33%
EPS Next 3Y44.74%
BTE.CA Yearly Income VS Free CF VS DividendBTE.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 1B -1B -2B

BAYTEX ENERGY CORP

TSX:BTE (2/7/2025, 7:00:00 PM)

3.48

+0.08 (+2.35%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)10-31 2024-10-31/amc
Earnings (Next)03-04 2025-03-04/amc
Inst Owners27.55%
Inst Owner ChangeN/A
Ins Owners0.82%
Ins Owner ChangeN/A
Market Cap2.72B
Analysts72.86
Price Target5.68 (63.22%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.65%
Yearly Dividend0.05
Dividend Growth(5Y)-50.19%
DP-20.75%
Div Incr Years1
Div Non Decr Years1
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-23.82%
Min EPS beat(2)-28.09%
Max EPS beat(2)-19.55%
EPS beat(4)0
Avg EPS beat(4)-184.53%
Min EPS beat(4)-573.97%
Max EPS beat(4)-19.55%
EPS beat(8)2
Avg EPS beat(8)-30.76%
EPS beat(12)5
Avg EPS beat(12)49.18%
EPS beat(16)6
Avg EPS beat(16)88.73%
Revenue beat(2)1
Avg Revenue beat(2)4.15%
Min Revenue beat(2)-0.04%
Max Revenue beat(2)8.33%
Revenue beat(4)2
Avg Revenue beat(4)-1.25%
Min Revenue beat(4)-18.82%
Max Revenue beat(4)8.33%
Revenue beat(8)4
Avg Revenue beat(8)-3.59%
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)-6.03%
PT rev (3m)-8.69%
EPS NQ rev (1m)-15.94%
EPS NQ rev (3m)-12.12%
EPS NY rev (1m)-1.52%
EPS NY rev (3m)12.07%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)4.74%
Revenue NY rev (1m)0.03%
Revenue NY rev (3m)-19.83%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE 9.57
P/S 0.81
P/FCF 4.72
P/OCF 1.42
P/B 0.68
P/tB 0.68
EV/EBITDA 2.26
EPS(TTM)-0.41
EYN/A
EPS(NY)0.36
Fwd EY10.45%
FCF(TTM)0.74
FCFY21.19%
OCF(TTM)2.45
OCFY70.45%
SpS4.3
BVpS5.1
TBVpS5.1
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -4.61%
ROE -8.81%
ROCE 10.6%
ROIC 7.63%
ROICexc 7.66%
ROICexgc 7.66%
OM 22.02%
PM (TTM) N/A
GM 79.94%
FCFM 17.16%
ROA(3y)15.67%
ROA(5y)-4.95%
ROE(3y)31.7%
ROE(5y)-65.43%
ROIC(3y)9.78%
ROIC(5y)N/A
ROICexc(3y)9.81%
ROICexc(5y)N/A
ROICexgc(3y)9.81%
ROICexgc(5y)N/A
ROCE(3y)13.59%
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5Y83%
ROICexc growth 3YN/A
ROICexc growth 5Y83%
OM growth 3YN/A
OM growth 5Y56.68%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y10.09%
GM growth 5Y1.85%
F-Score5
Asset Turnover0.44
Health
Industry RankSector Rank
Debt/Equity 0.57
Debt/FCF 3.97
Debt/EBITDA 1.04
Cap/Depr 92.95%
Cap/Sales 39.88%
Interest Coverage 3.47
Cash Conversion 87.85%
Profit Quality N/A
Current Ratio 0.69
Quick Ratio 0.69
Altman-Z 0.55
F-Score5
WACC7.93%
ROIC/WACC0.96
Cap/Depr(3y)86.01%
Cap/Depr(5y)78.44%
Cap/Sales(3y)27.37%
Cap/Sales(5y)30.88%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-133.06%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%53.33%
EPS Next Y391.78%
EPS Next 2Y110.33%
EPS Next 3Y44.74%
EPS Next 5Y33.34%
Revenue 1Y (TTM)39.63%
Revenue growth 3Y49.51%
Revenue growth 5Y19.46%
Sales Q2Q%-7.6%
Revenue Next Year-0.64%
Revenue Next 2Y-3.15%
Revenue Next 3Y-0.92%
Revenue Next 5Y1.22%
EBIT growth 1Y17.5%
EBIT growth 3YN/A
EBIT growth 5Y87.17%
EBIT Next Year261.83%
EBIT Next 3Y50.59%
EBIT Next 5Y20.13%
FCF growth 1Y-6.42%
FCF growth 3Y50.35%
FCF growth 5YN/A
OCF growth 1Y72.42%
OCF growth 3Y54.24%
OCF growth 5Y21.7%