Stock HWX HEADWATER EXPLORATION INC.
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Financials Headwater Exploration Inc.

Equities

HWX

CA4220961078

Oil & Gas Exploration and Production

Market Closed - Toronto S.E.
Other stock markets
 04:00:00 2024-04-26 pm EDT 		5-day change 1st Jan Change
7.82 CAD +0.39% Intraday chart for Headwater Exploration Inc. +1.43% +25.12%
Apr. 08 RBC Capital Markets Notes Updates From ARC Resources, Headwater Exploration, Parkland MT
Apr. 05 Headwater Exploration Maintained at Outperform at BMO Following Operations Update; Price Target Kept at C$9.00 MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 63.47 466.2 1,043 1,382 1,477 1,856 - -
Enterprise Value (EV) 1 63.47 389.8 930 1,207 1,332 1,774 1,704 1,856
P/E ratio 24 x 47.8 x 24.5 x 8.46 x 9.47 x 7.48 x 6.8 x -
Yield - - - 1.69% 6.4% 5.12% 5.12% 5.12%
Capitalization / Revenue 6.8 x 36 x 6.32 x 3.7 x 3.06 x 3.27 x 2.76 x -
EV / Revenue 6.8 x 30.1 x 5.64 x 3.23 x 2.76 x 3.13 x 2.54 x -
EV / EBITDA - 63.9 x 7.97 x 4.15 x 4.37 x 4.76 x 4.12 x -
EV / FCF - -190 x -32.4 x 34.5 x 24.5 x 11.3 x 9.59 x -
FCF Yield - -0.53% -3.09% 2.9% 4.08% 8.85% 10.4% -
Price to Book - - - - - - - -
Nbr of stocks (in thousands) 88,147 195,044 202,563 233,386 236,388 237,290 - -
Reference price 2 0.7200 2.390 5.150 5.920 6.250 7.820 7.820 7.820
Announcement Date 3/25/20 3/10/21 3/10/22 3/9/23 3/7/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 9.333 12.95 165 373.2 482.8 567 672 -
EBITDA 1 - 6.102 116.7 290.5 305 372.5 413.5 -
EBIT 1 - - 39.74 - - 365 437 -
Operating Margin - - 24.09% - - 64.37% 65.03% -
Earnings before Tax (EBT) - - 50.89 - - - - -
Net income - 6.707 45.83 - - - - -
Net margin - 51.79% 27.77% - - - - -
EPS 2 0.0300 0.0500 0.2100 0.7000 0.6600 1.045 1.150 -
Free Cash Flow 1 - -2.047 -28.73 35 54.42 157 177.6 -
FCF margin - -15.81% -17.41% 9.38% 11.27% 27.7% 26.43% -
FCF Conversion (EBITDA) - - - 12.05% 17.84% 42.16% 42.95% -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 - - - 0.1000 0.4000 0.4000 0.4000 0.4000
Announcement Date 3/25/20 3/10/21 3/10/22 3/9/23 3/7/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1
Net sales - - - - - - - - - - -
EBITDA 1 24.01 47.28 75.55 81.65 59.18 74.14 - 69.94 93.83 - 77
EBIT - - - - - - - - - - -
Operating Margin - - - - - - - - - - -
Earnings before Tax (EBT) - - - - - - - - - - -
Net income - - - - - - - - - - -
Net margin - - - - - - - - - - -
EPS 2 0.1200 0.1300 0.1800 0.2100 0.1300 0.1700 0.1300 0.1300 0.2100 0.1900 0.2150
Dividend per Share - - - - - 0.1000 - - - - -
Announcement Date 11/10/21 3/10/22 5/12/22 8/4/22 11/3/22 3/9/23 5/11/23 8/3/23 11/9/23 3/7/24 -
1CAD in Million2CAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - - - - - - -
Net Cash position 1 - 76.3 113 175 145 81.6 152
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow 1 - -2.05 -28.7 35 54.4 157 178
ROE (net income / shareholders' equity) - 3.5% - 34.5% - 22% 23%
ROA (Net income/ Total Assets) - - - - - - -
Assets - - - - - - -
Book Value Per Share - - - - - - -
Cash Flow per Share 2 - 0 0.5200 1.230 1.210 1.380 1.420
Capex 1 - 30.5 140 249 234 201 174
Capex / Sales - 235.53% 85.08% 66.7% 48.43% 35.53% 25.92%
Announcement Date 3/25/20 3/10/21 3/10/22 3/9/23 3/7/24 - -
1CAD in Million2CAD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Headwater Exploration Inc.

Trading Rating
Investor Rating
ESG Refinitiv
D
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
7
Last Close Price
7.82 CAD
Average target price
9.393 CAD
Spread / Average Target
+20.11%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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