Table of Net Asset Values of Canadian Energy, Service, Pipeline and Utility Companies
NAV of Energy Companies derived from Corporate Reserve Reports, NAV of Others from Discounted Cash Flow Analysis
April 22,2024
| Company Name | Stock Chart (opens in new tab) | Upside to Fair Value | Debt/ Cashflow | BOE Production Growth/Share (%) | Momentum | % Natural Gas | Market Capitalization ($Million) | Upside to Proved | Upside to 2P | Pdp Value $/share | Other Value $/share | Proved(1P) Value $/share | 2P Value $/share |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Advantage Energy | AAV | 54.7 | 1.0 | 29.1 | 33 | 89 | 1739 | 22 | 78 | 5.60 | 0.39 | 12.98 | 18.94 |
| Arc Resources | ARX | -3.5 | 0.5 | 10.0 | 13 | 63 | 14869 | -27 | 11 | 9.86 | 0.02 | 18.18 | 27.73 |
| Athabasca Oil | ATH | 36.1 | -0.4 | -5.9 | 3 | 2 | 2889 | 2 | 56 | 3.32 | -0.01 | 5.11 | 7.84 |
| Baytex | BTE | -13.0 | 1.5 | 24.5 | 36 | 17 | 4117 | -47 | 6 | 1.18 | 0.02 | 2.66 | 5.30 |
| Africa Oil | AOI | 23.4 | -0.7 | -7.7 | 42 | 0 | 1107 | -3 | 39 | 1.59 | 0.29 | 2.32 | 3.33 |
| Birchcliff Energy | BIR | 190.2 | 1.3 | -1.6 | 47 | 81 | 1533 | 155 | 224 | 6.99 | 0.02 | 14.62 | 18.62 |
| Bonterra Energy | BNE | 261.7 | 0.9 | 13.5 | 26 | 41 | 230 | 198 | 311 | 8.82 | 0.14 | 18.44 | 25.40 |
| Cardinal Energy | CJ | 24.1 | 0.4 | 1.5 | 27 | 12 | 1094 | 6 | 33 | 6.64 | 0.01 | 7.33 | 9.22 |
| Cenovus | CVE | 11.3 | 0.6 | 4.8 | 14 | 18 | 53592 | -1 | 26 | 9.23 | 4.03 | 28.43 | 36.06 |
| Kiwetinohk Energy | KEC | 242.0 | 0.7 | 14.8 | 38 | 52 | 557 | 145 | 306 | 11.26 | 5.42 | 31.20 | 51.72 |
| Canadian Natural Resources | CNQ | 8.2 | 0.8 | 10.8 | 10 | 26 | 113214 | -4 | 18 | 67.43 | 0.72 | 101.39 | 124.58 |
| Crescent Point | CPG | 11.6 | 1.5 | 6.6 | 9 | 26 | 7433 | -20 | 32 | 3.47 | 0.16 | 9.62 | 15.86 |
| Crew Energy | CR | 176.6 | 0.4 | -5.3 | 43 | 72 | 695 | 84 | 229 | 4.26 | 0.21 | 8.17 | 14.60 |
| Frontera Energy | FEC | 184.9 | 1.2 | -4.7 | 41 | 2 | 688 | 159 | 226 | 3.92 | 5.01 | 20.92 | 26.35 |
| Ovintiv | OVV | -56.5 | 1.6 | 6.1 | 12 | 45 | 19364 | -66 | -48 | 5.44 | 1.77 | 23.97 | 36.71 |
| Enerplus | ERF | -19.2 | 0.2 | 9.7 | 5 | 35 | 5699 | -38 | -8 | 11.19 | 0.02 | 17.06 | 25.14 |
| Freehold Royalty | FRU | -43.3 | 0.4 | 1.4 | 32 | 37 | 2156 | -59 | -35 | 4.69 | 0.22 | 5.87 | 9.24 |
| Gear Energy | GXE | 108.0 | 0.3 | 2.3 | 31 | 14 | 173 | 51 | 138 | 0.71 | 0.00 | 1.00 | 1.57 |
| Gran Tierra | GTE | 263.3 | 2.4 | 8.4 | 7 | 0 | 365 | 126 | 345 | 7.47 | 0.00 | 25.58 | 50.43 |
| Headwater Exploration | HWX | -46.4 | -0.3 | 33.8 | 20 | 7 | 1830 | -58 | -40 | 2.56 | 0.05 | 3.23 | 4.63 |
| Hemisphere Energy | HME | 78.4 | -0.1 | 16.9 | 4 | 1 | 168 | 53 | 94 | 2.00 | 0.01 | 2.58 | 3.28 |
| International Petroleum | IPCO | 65.86 | -0.15 | 5.76 | 8.00 | 35.08 | 2210.93 | 36.40 | 89.24 | 10.64 | 0.49 | 23.75 | 32.95 |
| Imperial Oil | IMO | -3.66 | 0.40 | 17.48 | 11.00 | 0.00 | 51118.85 | -8.56 | 7.48 | 26.84 | 55.72 | 87.23 | 102.53 |
| Prairie Provident | PPR | 276.58 | 520.82 | -83.93 | 50.00 | 36.01 | 50.09 | 132.92 | 374.87 | -0.02 | 0.00 | 0.16 | 0.33 |
| Journey Energy | JOY | 175.76 | 1.51 | 11.21 | 44.00 | 45.12 | 218.13 | 117.24 | 212.90 | 4.72 | 1.01 | 7.72 | 11.12 |
| Kelt Exploration | KEL | 153.68 | 0.05 | 11.76 | 48.00 | 62.11 | 1178.67 | 90.31 | 197.66 | 4.39 | 0.01 | 11.53 | 18.04 |
| Logan Energy | LGN | -31.92 | -0.97 | 16.30 | 30.00 | 64.58 | 428.26 | -53.96 | -19.00 | 0.20 | 0.01 | 0.42 | 0.75 |
| Meg Energy | MEG | 30.64 | 0.57 | 9.45 | 15.00 | 0.00 | 8574.32 | 11.93 | 47.35 | 15.95 | 0.34 | 34.94 | 46.00 |
| Razor Energy | RZE | 3161.78 | 2.90 | -36.78 | 53.00 | 19.94 | 4.94 | 2819.84 | 3622.17 | 1.01 | 1.14 | 4.09 | 5.21 |
| Nuvista Energy | NVA | 46.03 | 0.23 | 27.93 | 34.00 | 60.23 | 2563.66 | 19.79 | 65.76 | 7.46 | 0.02 | 14.79 | 20.47 |
| Paramount Resources | POU | 46.62 | 0.09 | 2.36 | 25.00 | 53.64 | 4210.64 | 10.44 | 71.12 | 13.84 | 4.78 | 32.25 | 49.97 |
| Parex | PXT | 12.14 | 0.02 | 14.48 | 46.00 | 1.52 | 2469.96 | -7.05 | 22.67 | 18.19 | 0.00 | 21.99 | 29.02 |
| Obsidian Energy | OBE | 113.28 | 0.83 | 7.35 | 18.00 | 35.45 | 863.55 | 76.59 | 135.07 | 14.92 | 0.06 | 19.65 | 26.16 |
| Petrus | PRQ | 152.55 | 0.81 | 4.03 | 37.00 | 70.18 | 159.72 | 102.10 | 188.38 | 1.32 | 0.05 | 2.61 | 3.72 |
| Peyto | PEY | 105.78 | 1.48 | 3.35 | 16.00 | 86.52 | 2897.42 | 65.98 | 135.23 | 11.84 | 0.74 | 24.83 | 35.19 |
| Pine Cliff Energy | PNE | -19.29 | 1.36 | 1.48 | 51.00 | 85.84 | 352.41 | -48.45 | -4.71 | 0.37 | 0.00 | 0.51 | 0.94 |
| Prairiesky Royalty | PSK | -76.51 | 0.56 | 1.41 | 21.00 | 39.31 | 6627.47 | -78.42 | -74.76 | 4.19 | 1.37 | 5.99 | 7.00 |
| Strathcona Resources | SCR | 89.75 | 2.15 | 24.13 | 2.00 | 22.78 | 7138.31 | 45.00 | 125.03 | 10.74 | 0.09 | 48.31 | 74.98 |
| Saturn Oil and Gas | SOIL | 293.20 | 1.78 | 59.99 | 6.00 | 18.41 | 378.93 | 196.47 | 352.25 | 4.71 | -0.06 | 8.06 | 12.30 |
| Spartan Delta | SDE | 65.78 | 0.17 | -52.28 | 24.00 | 69.11 | 715.32 | 26.26 | 90.93 | 2.84 | 0.61 | 5.21 | 7.89 |
| Suncor | SU | 12.66 | 0.56 | 7.02 | 17.00 | 0.00 | 68401.10 | 6.92 | 25.61 | 17.78 | 29.83 | 56.69 | 66.60 |
| Surge Energy | SGY | 67.32 | 1.04 | 1.34 | 35.00 | 13.98 | 763.39 | 28.71 | 91.90 | 5.52 | 0.02 | 9.79 | 14.60 |
| Tamarack Valley | TVE | -0.54 | 1.25 | 3.93 | 22.00 | 15.01 | 2109.89 | -45.89 | 23.61 | 0.80 | 0.01 | 2.05 | 4.68 |
| Topaz Energy | TPZ | -51.23 | 1.18 | 9.26 | 19.00 | 69.02 | 3254.78 | -52.70 | -47.61 | 5.93 | 4.59 | 10.64 | 11.79 |
| Tourmaline | TOU | 18.41 | 0.38 | 5.98 | 39.00 | 76.10 | 22828.17 | -9.16 | 35.98 | 32.83 | 3.49 | 59.00 | 88.32 |
| Touchstone Exploration | TXP | 53.17 | 1.94 | 328.37 | 45.00 | 79.36 | 173.32 | -2.56 | 84.61 | 0.33 | 0.00 | 0.72 | 1.37 |
| Vermilion Energy | VET | 66.11 | 0.69 | 4.50 | 40.00 | 53.99 | 2648.26 | 18.83 | 90.42 | 14.78 | 0.56 | 19.39 | 31.08 |
| Whitecap | WCP | 36.56 | 0.76 | 8.61 | 23.00 | 35.20 | 6219.20 | 5.35 | 57.26 | 5.62 | 0.01 | 10.96 | 16.35 |
| Yangarra | YGR | 765.74 | 1.21 | -13.52 | 49.00 | 61.81 | 112.81 | 592.74 | 899.54 | 3.27 | 0.00 | 8.24 | 11.89 |
| Lucero Energy | PSH | 57.27 | -0.58 | -7.57 | 28.00 | 19.95 | 415.15 | 36.72 | 72.70 | 0.58 | 0.00 | 0.87 | 1.11 |
| InPlay Oil | IPO | 153.67 | 0.54 | -0.70 | 29.00 | 41.00 | 219.58 | 103.52 | 191.71 | 2.11 | 0.01 | 4.90 | 7.03 |
| Valeura Energy | VLE | -26.72 | -0.66 | 38404.95 | 1.00 | 0.09 | 604.11 | -46.86 | -8.01 | -1.03 | 0.50 | 3.13 | 5.41 |
| Company Name | Stock Chart | 8% DCF Value | IRR % | Cash Flow Yield | Debt/ Cashflow | Upside to NAV % | EV/Cash Flow | 4 yr Book Growth | 4 yr CF Growth |
|---|---|---|---|---|---|---|---|---|---|
| Gibson Energy | GEI | 24.4 | 8.5 | 15.7 | 4.6 | 8 | 6.4 | -6.1 | 8.9 |
| AltaGas | ALA | -5.9 | -1.4 | 13.7 | 9.4 | -120 | 7.3 | -3.9 | 15.7 |
| TC Energy | TRP | 39.7 | 5.2 | 13.0 | 9.0 | -19 | 7.7 | 3.9 | -1.9 |
| Pembina | PPL | 36.8 | 4.8 | 10.1 | 4.2 | -23 | 9.9 | -4.5 | -0.8 |
| Enbridge | ENB | 31.6 | 4.4 | 13.9 | 5.5 | -34 | 7.2 | 4.3 | 9.5 |
| Keyera | KEY | 38.3 | 7.9 | 12.7 | 3.9 | 9 | 7.9 | -2.4 | 1.1 |
| Hydro One | H | 25.0 | 3.7 | 9.5 | 7.0 | -34 | 10.5 | 4.4 | 8.0 |
| Atco | ACO.X | 91.6 | 12.8 | 24.2 | 6.3 | 151 | 4.1 | 0.9 | 4.2 |
| Canadian Utilities | CU | 57.7 | 10.6 | 21.6 | 6.9 | 92 | 4.6 | 2.1 | 7.3 |
| Algonquin Power | AQN | -3.0 | -1.1 | 11.2 | 14.7 | -136 | 8.9 | 5.1 | -6.0 |
| Fortis | FTS | 16.5 | 2.6 | 13.6 | 9.3 | -69 | 7.4 | 8.1 | 4.6 |
| Emera | EMA | 10.6 | 2.7 | 17.2 | 9.4 | -77 | 5.8 | 23.9 | 6.5 |
| Boralex | BLX | 14.2 | 2.7 | 11.8 | 4.7 | -47 | 8.4 | 20.4 | 2.2 |
| Capital Power | CPX | 23.6 | 4.8 | 18.6 | 5.2 | -34 | 5.4 | -1.6 | 0.6 |
| Northland Power | NPI | 40.7 | 11.9 | 13.8 | 8.0 | 95 | 7.2 | 17.9 | -17.7 |
| Innergex | INE | -13.9 | -3.0 | 17.6 | 19.6 | -273 | 5.7 | 6.0 | -4.9 |
| Transalta | TA | 15.9 | 13.5 | 54.6 | 2.8 | 79 | 1.8 | -13.5 | 12.3 |
| Tidewater Midstream | TWM | 1.7 | 13.0 | 44.0 | 4.1 | 137 | 2.3 | -17.7 | 4.3 |
| Polaris Infrastructure | PIF | 15.4 | 11.1 | 13.3 | 4.5 | 29 | 7.5 | -2.1 | -9.6 |
| Mullen Group | MTL | 27.4 | 7.7 | 11.4 | 2.0 | 92 | 8.7 | 3.4 | 17.3 |
| PHX Energy Services | PHX | 8.2 | 6.6 | 22.4 | -0.5 | -9 | 4.5 | 15.0 | 21.4 |
| Secure Energy Services | ses | 5.9 | -0.2 | 12.6 | 0.8 | -46 | 7.9 | -7.9 | 10.6 |
| Enterprise Group | E | 1.3 | 15.4 | 32.0 | 0.8 | 17 | 3.1 | 2.9 | 40.1 |
| Pason Systems | PSI | 15.3 | 10.1 | 11.7 | -1.5 | -6 | 8.6 | 5.4 | 7.0 |
| Computer Modelling Group | CMG | 4.4 | 5.6 | 6.3 | -0.4 | -57 | 15.9 | -4.0 | -6.9 |
| Precision Drilling | PD | 109.6 | 11.4 | 39.5 | 1.7 | 20 | 2.5 | 1.2 | 15.5 |
| Badger Infrastructure | BAD | 27.2 | 1.3 | 8.2 | 1.0 | -41 | 12.1 | -6.4 | 4.1 |
| Black Diamond | BDI | 14.9 | 14.9 | 24.7 | 1.5 | 70 | 4.1 | 8.2 | 35.1 |
| Total Energy Services | TOT | 27.1 | 44.7 | 36.8 | -0.2 | 183 | 2.7 | 3.7 | 22.6 |
| High Arctic Services | HWO | 3.6 | 495.5 | 12.0 | -7.0 | 190 | 8.4 | -14.9 | -33.6 |
| Calfrac | CFW | 12.9 | 104.3 | 75.5 | 0.0 | 175 | 1.3 | -46.3 | -48.1 |
| Mattr Corp(Shawcor) | SCL | 15.0 | 5.2 | 10.1 | -1.0 | -11 | 9.9 | -1.2 | 23.6 |
| CES Energy Solutions | CEU | 5.7 | 14.4 | 22.4 | -0.7 | 2 | 4.5 | 14.2 | 10.7 |
| Trican | TCW | 4.1 | 10.5 | 28.4 | -0.6 | -3 | 3.5 | 3.5 | 84.4 |
| Ensign Energy Services | ESI | 9.1 | 24.5 | 110.7 | 2.2 | 291 | 0.9 | -7.8 | 1.5 |
| Western Energy Service | WRG | 7.0 | 22.1 | 54.5 | 1.8 | 150 | 1.8 | -60.8 | -56.2 |
| Dexterra(Horizons North) | HNL | 5.4 | 7.2 | 21.0 | 0.6 | -9 | 4.8 | 12.4 | 50.0 |
| Enerflex | EFX | 19.7 | 17.7 | 25.4 | 3.8 | 150 | 3.9 | -5.4 | 36.5 |
| North American Construction | NOA | 57.8 | 17.3 | 31.1 | 2.4 | 106 | 3.2 | 30.5 | 19.2 |
| Source Energy Services | SHLE | 25.7 | 19.1 | 49.3 | 2.0 | 69 | 2.0 | -24.1 | -4.2 |
| Step Energy Services | STEP | 7.1 | 23.5 | 43.7 | 0.7 | 80 | 2.3 | -7.3 | 1.5 |
| Telus | T | 23.0 | 8.1 | 13.7 | 5.9 | 5 | 7.3 | 3.3 | -1.5 |
| BCE | bce | 48.1 | 8.6 | 18.7 | 4.5 | 7 | 5.4 | -4.6 | -0.4 |
| A&W Income Fund | AW.UN | 23.2 | 4.1 | 5.6 | 1.3 | -20 | 17.9 | 4.2 | -4.7 |
| Boston Pizza | bpf.UN | 18.3 | 8.3 | 11.3 | 2.1 | 16 | 8.9 | 10.8 | 2.0 |
| CN Rail | CNR | 139.1 | 4.4 | 6.1 | 2.6 | -21 | 16.5 | 3.0 | 6.5 |
| Westshore Terminals | WTE | 46.4 | 14.2 | 11.8 | 1.7 | 85 | 8.5 | 1.5 | 5.4 |
| Magna | MG | 135.6 | 18.2 | 15.5 | 1.5 | 106 | 6.5 | 2.0 | -3.3 |
| Canadian Apartments | car/un | 54.5 | 5.3 | 7.6 | 12.2 | 28 | 13.1 | 3.4 | 8.2 |
| Algoma Central | ALC | 34.4 | 17.9 | 19.4 | 2.4 | 132 | 5.1 | 4.0 | -3.0 |
| Brookfield Infrastructure | BIP/UN | 17.9 | 3.5 | 17.3 | 12.5 | -52 | 5.8 | -3.2 | 9.1 |
| Constellation Software | mrg/UN | 1490.3 | -1.7 | 3.0 | 2.7 | -59 | 33.7 | 31.3 | 23.4 |
| Premium Brands | PBH | 100.6 | 8.7 | 8.3 | 4.5 | 15 | 12.0 | 8.3 | 4.6 |
| NFI Group | NFI | -1.5 | -8.1 | -4.4 | -8.7 | -113 | -22.6 | -16.9 | -50.0 |
| Boyd Group Services | BYD | 149.9 | 0.6 | 5.3 | 3.3 | -44 | 18.9 | 22.2 | 2.8 |
| Toromont | TIH | 62.6 | -4.3 | 6.6 | -1.5 | -51 | 15.1 | 18.0 | 11.1 |
| Parkland Corp | PKI | 55.0 | 10.2 | 22.6 | 2.9 | 30 | 4.4 | -2.3 | 13.5 |
| CCL Industries | CCL/b | 69.7 | 7.3 | 7.9 | 1.0 | -1 | 12.7 | 13.7 | 6.6 |
| Alimentation Couche | atd-b | 27.2 | -1.8 | 5.9 | 2.0 | -64 | 17.0 | 13.9 | 21.9 |
| Cineplex | CGX | -8.7 | -0.3 | 43.0 | 9.7 | -210 | 2.3 | 37.7 | -10.3 |
| Canadian Tire | CTC/A | 324.9 | 18.7 | 18.0 | 2.9 | 147 | 5.6 | 11.2 | 8.1 |
| Stella Jones | SJ | 69.9 | 6.4 | 2.6 | -1.0 | -12 | 38.8 | 12.0 | 9.0 |
| GoEasy | GSY | 273.2 | 12.8 | 24.7 | 4.6 | 60 | 4.0 | 28.1 | 16.4 |
| Sleep Country | ZZZ | 52.3 | 15.2 | 15.2 | 3.2 | 90 | 6.6 | 42.5 | 6.6 |
| MTY Food Group | MTY | 96.5 | 11.9 | 15.5 | 7.3 | 109 | 6.5 | -0.1 | 13.9 |
Copyright 2015-2022 NAV Information Ltd.
PDP – This shows the value of the companies existing wells, the most conservative valuation number.
Other Value – For companies with other assets that are not in the reserve report this is either the companies stated value or a discounted cash flow per share number of what those assets are worth
Proved – This is PDP + Other Value + PDNP + PUD. PDNP is the wells that are drilled but not producing(the amount of capital required to put the wells on production was disclosed in the corporate reserves report). PUD is the value of the high confidence locations that are remaining to drill. In general over time the Proved value would be more likely to increase than decrease.
Proved + Probable – This is the Proved reserve value + Probable reserve value. Probable reserve value includes a more optimistic view of the recoverable reserves and also a more optimistic view of the PDNP and PUD reserves(this may include higher reserves in the wells yet to be drilled). One viewpoint would be that this is the best estimate of the value of the company considering all the upside.
More Detailed Information on the Data Table
8% Discount NAV
This is the theoretical value of future cash flows moved to the present using an 8% discount rate less the net debt on the balance sheet. The model assumes a real depreciation rate for the asset and a reinvestment rate that sustains the “tangible” assets on a go forward basis. For asset light companies such as software and royalty companies, the model uses a terminal growth rate for the cash flow per share based on historical results and reasonable growth.
IRR
Internal rate of return of those future cash flows. The assumption is that you buy the entire company using the existing share price and debt and then pay for it using future cash generation of the company
Cash Flow Yield
The is just the inverse of the price to cash flow expressed as a percentage. If this was a bond(which it is not) this would be a proxy for the bond yield
Debt/Cash Flow
This is the net debt of the company divided by the yearly cash flow. The higher this number the more indebted is the company. Each industry has a “reasonable” debt to cash flow depending on the volatility of the earnings and the longevity of the assets. Oil producers have a reasonable limit of 3x debt/cash flow or less, Pipelines it seems 6x is not a problem given the 30-40 year life of a pipeline
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