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Tamarack Valley Energy

TSX:TVE
Snowflake Description

Adequate balance sheet with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TVE
TSX
CA$111M
Market Cap
  1. Home
  2. CA
  3. Energy
Company description

Tamarack Valley Energy Ltd. engages in the acquisition, exploration, development, and production of crude oil, natural gas, and natural gas liquids in the Western Canadian sedimentary basin. The last earnings update was 23 days ago. More info.


Add to Portfolio Compare Print
  • Tamarack Valley Energy has significant price volatility in the past 3 months.
TVE Share Price and Events
7 Day Returns
-12.2%
TSX:TVE
15.2%
CA Oil and Gas
11.4%
CA Market
1 Year Returns
-82.3%
TSX:TVE
-41.5%
CA Oil and Gas
-22%
CA Market
TVE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Tamarack Valley Energy (TVE) -12.2% -67.7% -78.4% -82.3% -85.2% -89.7%
CA Oil and Gas 15.2% -37.6% -42.4% -41.5% -49.8% -53.6%
CA Market 11.4% -22.2% -23.5% -22% -19.8% -13.3%
1 Year Return vs Industry and Market
  • TVE underperformed the Oil and Gas industry which returned -41.5% over the past year.
  • TVE underperformed the Market in Canada which returned -22% over the past year.
Price Volatility
TVE
Industry
5yr Volatility vs Market

TVE Value

 Is Tamarack Valley Energy undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Tamarack Valley Energy to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Tamarack Valley Energy.

TSX:TVE Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.4%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:TVE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.4%
Equity Risk Premium S&P Global 5.4%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.83
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.825 (1 + (1- 26.5%) (187.13%))
1.644
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.64
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.44% + (1.644 * 5.44%)
10.38%

Discounted Cash Flow Calculation for TSX:TVE using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Tamarack Valley Energy is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

TSX:TVE DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CAD, Millions) Source Present Value
Discounted (@ 10.38%)
2020 54.20 Analyst x5 49.10
2021 24.46 Analyst x7 20.07
2022 12.64 Est @ -48.3% 9.40
2023 8.42 Est @ -33.38% 5.67
2024 6.49 Est @ -22.93% 3.96
2025 5.48 Est @ -15.62% 3.03
2026 4.90 Est @ -10.5% 2.46
2027 4.56 Est @ -6.92% 2.07
2028 4.36 Est @ -4.41% 1.79
2029 4.25 Est @ -2.66% 1.58
Present value of next 10 years cash flows CA$99.00
TSX:TVE DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CA$4.25 × (1 + 1.44%) ÷ (10.38% – 1.44%)
CA$48.17
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$48.17 ÷ (1 + 10.38%)10
CA$17.94
TSX:TVE Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$99.00 + CA$17.94
CA$116.94
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$116.94 / 222.30
CA$0.53
TSX:TVE Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$0.53
Current discount Discount to share price of CA$0.43
= -1 x (CA$0.43 - CA$0.53) / CA$0.53
18.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Tamarack Valley Energy is available for.
Intrinsic value
18%
Share price is CA$0.43 vs Future cash flow value of CA$0.52605
Current Discount Checks
For Tamarack Valley Energy to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Tamarack Valley Energy's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Tamarack Valley Energy's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Tamarack Valley Energy's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Tamarack Valley Energy's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:TVE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CAD CA$-0.17
TSX:TVE Share Price ** TSX (2020-03-27) in CAD CA$0.43
Canada Oil and Gas Industry PE Ratio Median Figure of 55 Publicly-Listed Oil and Gas Companies 6.35x
Canada Market PE Ratio Median Figure of 499 Publicly-Listed Companies 10.74x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Tamarack Valley Energy.

TSX:TVE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:TVE Share Price ÷ EPS (both in CAD)

= 0.43 ÷ -0.17

-2.48x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tamarack Valley Energy is loss making, we can't compare its value to the CA Oil and Gas industry average.
  • Tamarack Valley Energy is loss making, we can't compare the value of its earnings to the Canada market.
Price based on expected Growth
Does Tamarack Valley Energy's expected growth come at a high price?
Raw Data
TSX:TVE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -2.48x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
116.8%per year
Canada Oil and Gas Industry PEG Ratio Median Figure of 29 Publicly-Listed Oil and Gas Companies -0.04x
Canada Market PEG Ratio Median Figure of 234 Publicly-Listed Companies 0.69x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Tamarack Valley Energy, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Tamarack Valley Energy's assets?
Raw Data
TSX:TVE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CAD CA$3.47
TSX:TVE Share Price * TSX (2020-03-27) in CAD CA$0.43
Canada Oil and Gas Industry PB Ratio Median Figure of 198 Publicly-Listed Oil and Gas Companies 0.38x
Canada Market PB Ratio Median Figure of 2,352 Publicly-Listed Companies 1x
TSX:TVE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:TVE Share Price ÷ Book Value per Share (both in CAD)

= 0.43 ÷ 3.47

0.12x

* Primary Listing of Tamarack Valley Energy.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tamarack Valley Energy is good value based on assets compared to the CA Oil and Gas industry average.
X
Value checks
We assess Tamarack Valley Energy's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. Tamarack Valley Energy has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

TVE Future Performance

 How is Tamarack Valley Energy expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
116.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Tamarack Valley Energy expected to grow at an attractive rate?
  • Tamarack Valley Energy's earnings growth is expected to exceed the low risk savings rate of 1.4%.
Growth vs Market Checks
  • Tamarack Valley Energy's earnings growth is expected to exceed the Canada market average.
  • Tamarack Valley Energy's revenues are expected to decrease over the next 1-3 years, this is below the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:TVE Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:TVE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 116.8%
TSX:TVE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts -6.5%
Canada Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average -3.9%
Canada Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 1%
Canada Market Earnings Growth Rate Market Cap Weighted Average 7.7%
Canada Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:TVE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:TVE Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 230
2022-12-31 183
2021-12-31 304 150 7 6
2020-12-31 267 145 -11 7
2020-03-28
TSX:TVE Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-12-31 344 205 -39
2019-09-30 323 200 30
2019-06-30 350 220 44
2019-03-31 357 224 30
2018-12-31 360 237 38
2018-09-30 374 238 7
2018-06-30 324 210 -13
2018-03-31 287 180 -13
2017-12-31 256 145 -14
2017-09-30 210 112 -10
2017-06-30 182 91 -6
2017-03-31 145 71 -20

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Tamarack Valley Energy's earnings are expected to grow significantly at over 20% yearly.
  • Tamarack Valley Energy's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:TVE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Tamarack Valley Energy Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:TVE Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 0.20 0.20 0.20 1.00
2022-12-31 0.08 0.08 0.08 1.00
2021-12-31 -0.06 0.10 -0.16 4.00
2020-12-31 -0.08 0.10 -0.16 4.00
2020-03-28
TSX:TVE Past Financials Data
Date (Data in CAD Millions) EPS *
2019-12-31 -0.17
2019-09-30 0.13
2019-06-30 0.19
2019-03-31 0.13
2018-12-31 0.17
2018-09-30 0.03
2018-06-30 -0.06
2018-03-31 -0.06
2017-12-31 -0.06
2017-09-30 -0.05
2017-06-30 -0.04
2017-03-31 -0.13

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Tamarack Valley Energy will efficiently use shareholders’ funds in the future (Return on Equity greater than 20%) as it is not expected to be profitable.
X
Future performance checks
We assess Tamarack Valley Energy's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Tamarack Valley Energy has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

TVE Past Performance

  How has Tamarack Valley Energy performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Tamarack Valley Energy's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Tamarack Valley Energy does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Tamarack Valley Energy's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Tamarack Valley Energy's 1-year growth to the CA Oil and Gas industry average as it is not currently profitable.
Earnings and Revenue History
Tamarack Valley Energy's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Tamarack Valley Energy Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:TVE Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 343.76 -39.01 22.25
2019-09-30 323.27 30.49 22.11
2019-06-30 349.64 43.60 22.33
2019-03-31 356.93 30.19 21.65
2018-12-31 359.56 38.31 22.26
2018-09-30 374.03 6.83 20.57
2018-06-30 324.24 -12.91 18.39
2018-03-31 287.17 -12.92 17.71
2017-12-31 255.61 -13.92 16.82
2017-09-30 209.59 -9.82 15.09
2017-06-30 181.51 -6.28 13.68
2017-03-31 145.46 -19.70 12.20
2016-12-31 106.72 -27.82 10.92
2016-09-30 95.84 -14.28 10.52
2016-06-30 91.20 -26.15 10.25
2016-03-31 90.86 -17.92 10.09
2015-12-31 95.58 -17.33 10.18
2015-09-30 99.88 -61.44 10.62
2015-06-30 105.78 -39.58 10.83
2015-03-31 110.77 -32.20 10.41
2014-12-31 109.75 -25.17 9.46
2014-09-30 100.80 24.68 8.50
2014-06-30 87.12 21.61 7.01
2014-03-31 72.95 16.31 6.23
2013-12-31 62.88 14.81 5.54
2013-09-30 52.78 1.50 4.85
2013-06-30 45.76 -2.77 4.67
2013-03-31 39.28 -2.15 4.39

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Tamarack Valley Energy has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Tamarack Valley Energy has efficiently used its assets last year compared to the CA Oil and Gas industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Tamarack Valley Energy improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Tamarack Valley Energy's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Tamarack Valley Energy has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

TVE Health

 How is Tamarack Valley Energy's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Tamarack Valley Energy's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Tamarack Valley Energy's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Tamarack Valley Energy's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Tamarack Valley Energy's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Tamarack Valley Energy Company Filings, last reported 2 months ago.

TSX:TVE Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 773.78 195.82
2019-09-30 826.31 198.97
2019-06-30 825.46 186.91
2019-03-31 808.66 189.43
2018-12-31 812.57 161.50
2018-09-30 793.15 168.97
2018-06-30 776.93 156.97
2018-03-31 779.56 165.75
2017-12-31 773.86 163.89
2017-09-30 783.16 162.16
2017-06-30 788.36 140.80
2017-03-31 783.69 135.48
2016-12-31 469.74 45.23
2016-09-30 475.26 48.60
2016-06-30 399.63 48.63
2016-03-31 408.78 50.06
2015-12-31 371.18 82.82
2015-09-30 364.98 94.42
2015-06-30 379.02 88.50 3.43
2015-03-31 300.32 112.95
2014-12-31 304.41 100.20 0.83
2014-09-30 342.09 100.27
2014-06-30 214.74 43.73
2014-03-31 207.81 17.49
2013-12-31 148.02 71.80
2013-09-30 89.49 50.88
2013-06-30 85.50 45.78
2013-03-31 85.14 43.53
  • Tamarack Valley Energy's level of debt (25.3%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (33% vs 25.3% today).
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Whilst loss making Tamarack Valley Energy has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making Tamarack Valley Energy has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by -26% per year.
X
Financial health checks
We assess Tamarack Valley Energy's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Tamarack Valley Energy has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

TVE Dividends

 What is Tamarack Valley Energy's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Tamarack Valley Energy dividends. Estimated to be 0% next year.
If you bought CA$2,000 of Tamarack Valley Energy shares you are expected to receive CA$0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Tamarack Valley Energy's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Tamarack Valley Energy's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:TVE Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
Canada Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 37 Stocks 8%
Canada Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 4.7%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.3%
Canada Bottom 25% Dividend Yield 25th Percentile 2.7%
Canada Top 25% Dividend Yield 75th Percentile 8.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:TVE Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 0.00 1.00
2020-03-28

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Tamarack Valley Energy has not reported any payouts.
  • Unable to verify if Tamarack Valley Energy's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Tamarack Valley Energy's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Tamarack Valley Energy has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Tamarack Valley Energy's dividends in 3 years as they are not expected to pay a notable one for Canada.
X
Income/ dividend checks
We assess Tamarack Valley Energy's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Tamarack Valley Energy afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Tamarack Valley Energy has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

TVE Management

 What is the CEO of Tamarack Valley Energy's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Aakaikkitstaki Schmidt
COMPENSATION CA$2,485,385
AGE 61
TENURE AS CEO 9.8 years
CEO Bio

Mr. Brian Leslie Schmidt, also known as Aakaikkitstaki, has been the Chief Executive Officer and President of Tamarack Valley Energy Ltd since June 2010. Mr. Schmidt serves as the Chief Executive Officer of Spearpoint Energy Corporation, LLC from June 2008 to July 2009. He is the Founder of Spearpoint Energy Corp. He served as a Regional Vice President in Canada Operations of Apache Corp. since June 2004 and President of Apache Canada Limited May 2004 to June 2007. He began his career at Shell Canada. Mr. Schmidt joined Apache Corp. in December 1999 as Production Engineering Manager following Apache's acquisition of Shell Canada's Plains Business Unit. Since 2000, he served as Reservoir Engineering Manager of Apache Corp. and also served as its Vice President of Engineering since 2001. He joined Shell Canada Ltd. and held various operations and development assignments until his 1997 promotion to development manager of the Plains Business Unit. He has been a Director of Tamarack Valley Energy Ltd since June 17, 2010. He is a member of the Board of Governors of the Canadian Association of Petroleum Producers and is the Alberta Executive Policy Group Chairman. He is a director of Aspenleaf Energy Limited, a private company and is an advisor to the Indian Oil & Gas Co-Management Board. He was President, Chief Executive Officer and a director of privately-held Tamarack Valley Energy Ltd., a predecessor entity to the Tamarack Valley Energy, from August 2009 to June 2010. Mr. Schmidt served as a Director at Avant Garde Energy Corp. from November 2007 to June 2009 and TUSK Energy Corporation from June 2007 to April 2009. He served as a Director at Polar Star Canadian Oil and Gas, Inc. since August 9, 2007. Mr. Schmidt graduated from the University of Calgary in 1981 with a Bachelor's Degree in Mechanical Engineering.

CEO Compensation
  • Aakaikkitstaki's compensation has increased whilst company is loss making.
  • Aakaikkitstaki's remuneration is higher than average for companies of similar size in Canada.
Management Team Tenure

Average tenure of the Tamarack Valley Energy management team in years:

9.4
Average Tenure
  • The average tenure for the Tamarack Valley Energy management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Aakaikkitstaki Schmidt

TITLE
President
COMPENSATION
CA$2M
AGE
61
TENURE
9.8 yrs

Kevin Screen

TITLE
Vice President of Production & Operations
COMPENSATION
CA$2M
TENURE
8.5 yrs

Scott Reimond

TITLE
Vice President of Exploration
COMPENSATION
CA$1M
TENURE
9.4 yrs

Ken Cruikshank

TITLE
Vice President of Land
COMPENSATION
CA$1M
TENURE
9.8 yrs

Dave Christensen

TITLE
Vice President of Engineering
COMPENSATION
CA$2M
TENURE
5.9 yrs

Steve Buytels

TITLE
VP of Finance & CFO

Derek Blizzard

TITLE
Director of Accounting & IT

Sony Gill

TITLE
Corporate Secretary
AGE
43

Martin Malek

TITLE
Vice President
Board of Directors Tenure

Average tenure and age of the Tamarack Valley Energy board of directors in years:

4.3
Average Tenure
65.5
Average Age
  • The tenure for the Tamarack Valley Energy board of directors is about average.
Board of Directors

Floyd Price

TITLE
Independent Chairman
COMPENSATION
CA$178K
AGE
70

Aakaikkitstaki Schmidt

TITLE
President
COMPENSATION
CA$2M
AGE
61
TENURE
9.8 yrs

John Leach

TITLE
Independent Director
COMPENSATION
CA$136K
AGE
74
TENURE
3.2 yrs

David MacKenzie

TITLE
Independent Director
COMPENSATION
CA$136K
TENURE
9.8 yrs

Noralee Bradley

TITLE
Independent Director
COMPENSATION
CA$136K
TENURE
4.3 yrs

Jeffrey Boyce

TITLE
Independent Director
COMPENSATION
CA$136K
AGE
59
TENURE
6.4 yrs

Ian Currie

TITLE
Director
COMPENSATION
CA$130K
TENURE
3 yrs

Robert Spitzer

TITLE
Independent Director
COMPENSATION
CA$130K
TENURE
2.8 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Tamarack Valley Energy individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
23. Mar 20 Buy Thomas Claugus Individual 20. Mar 20 20. Mar 20 35,000 CA$0.59 CA$20,654
23. Mar 20 Buy GMT Capital Corp. Company 17. Mar 20 17. Mar 20 839,500 CA$0.58 CA$488,609
17. Mar 20 Buy Steve Buytels Individual 12. Mar 20 12. Mar 20 1,000 CA$0.66 CA$660
15. Mar 20 Buy Thomas Claugus Individual 13. Mar 20 13. Mar 20 40,500 CA$0.70 CA$28,270
15. Mar 20 Buy GMT Capital Corp. Company 13. Mar 20 13. Mar 20 959,500 CA$0.70 CA$669,760
12. Mar 20 Buy Steve Buytels Individual 09. Mar 20 11. Mar 20 200,000 CA$0.95 CA$178,201
12. Mar 20 Buy Thomas Claugus Individual 10. Mar 20 11. Mar 20 126,600 CA$0.91 CA$108,685
12. Mar 20 Buy GMT Capital Corp. Company 10. Mar 20 11. Mar 20 3,000,000 CA$0.91 CA$2,575,481
10. Mar 20 Buy Thomas Claugus Individual 06. Mar 20 06. Mar 20 32,700 CA$1.22 CA$39,968
10. Mar 20 Buy GMT Capital Corp. Company 06. Mar 20 06. Mar 20 774,100 CA$1.22 CA$946,156
27. Feb 20 Sell Thomas Claugus Individual 25. Feb 20 26. Feb 20 -25,600 CA$1.50 CA$-36,893
27. Feb 20 Sell GMT Capital Corp. Company 25. Feb 20 26. Feb 20 -619,000 CA$1.50 CA$-891,976
18. Feb 20 Sell Thomas Claugus Individual 13. Feb 20 13. Feb 20 -8,300 CA$1.70 CA$-14,087
18. Feb 20 Sell GMT Capital Corp. Company 13. Feb 20 13. Feb 20 -200,000 CA$1.70 CA$-339,443
27. Nov 19 Buy Thomas Claugus Individual 26. Nov 19 26. Nov 19 6,200 CA$1.78 CA$11,043
27. Nov 19 Buy GMT Capital Corp. Company 26. Nov 19 26. Nov 19 161,000 CA$1.78 CA$286,753
13. Dec 19 Sell Ron Hozjan Individual 12. Dec 19 12. Dec 19 -25,999 CA$1.94 CA$-50,438
02. Dec 19 Buy Thomas Claugus Individual 27. Nov 19 27. Nov 19 37,200 CA$1.34 CA$49,848
02. Dec 19 Buy GMT Capital Corp. Company 27. Nov 19 27. Nov 19 962,800 CA$1.34 CA$1,290,153
20. Nov 19 Buy Thomas Claugus Individual 20. Nov 19 20. Nov 19 12,800 CA$1.72 CA$21,977
20. Nov 19 Buy GMT Capital Corp. Company 20. Nov 19 20. Nov 19 333,800 CA$1.72 CA$573,131
01. Sep 19 Buy Thomas Claugus Individual 30. Aug 19 30. Aug 19 2,900 CA$2.10 CA$5,994
01. Sep 19 Buy GMT Capital Corp. Company 28. Aug 19 30. Aug 19 66,200 CA$2.10 CA$136,951
29. Aug 19 Buy Thomas Claugus Individual 28. Aug 19 28. Aug 19 4,900 CA$1.90 CA$9,314
29. Aug 19 Buy GMT Capital Corp. Company 28. Aug 19 28. Aug 19 110,200 CA$1.90 CA$209,466
28. Aug 19 Buy Thomas Claugus Individual 27. Aug 19 27. Aug 19 8,700 CA$1.73 CA$15,021
28. Aug 19 Buy GMT Capital Corp. Company 27. Aug 19 27. Aug 19 198,100 CA$1.73 CA$342,036
27. Aug 19 Buy Thomas Claugus Individual 26. Aug 19 26. Aug 19 27,800 CA$1.71 CA$47,598
27. Aug 19 Buy GMT Capital Corp. Company 26. Aug 19 26. Aug 19 255,000 CA$1.71 CA$436,599
14. Aug 19 Buy GMT Capital Corp. Company 14. Aug 19 14. Aug 19 372,800 CA$1.84 CA$684,921
13. Aug 19 Buy Thomas Claugus Individual 13. Aug 19 13. Aug 19 5,600 CA$1.93 CA$10,823
13. Aug 19 Buy GMT Capital Corp. Company 13. Aug 19 13. Aug 19 127,200 CA$1.93 CA$245,829
05. Aug 19 Buy Thomas Claugus Individual 02. Aug 19 02. Aug 19 3,800 CA$2.06 CA$7,838
05. Aug 19 Buy GMT Capital Corp. Company 02. Aug 19 02. Aug 19 84,000 CA$2.06 CA$173,257
02. Aug 19 Buy Thomas Claugus Individual 01. Aug 19 01. Aug 19 4,900 CA$2.02 CA$9,899
02. Aug 19 Buy GMT Capital Corp. Company 01. Aug 19 01. Aug 19 108,100 CA$2.02 CA$218,392
30. Jul 19 Buy Thomas Claugus Individual 30. Jul 19 30. Jul 19 2,400 CA$1.87 CA$4,489
30. Jul 19 Buy GMT Capital Corp. Company 30. Jul 19 30. Jul 19 52,700 CA$1.87 CA$98,569
25. Jul 19 Buy Thomas Claugus Individual 24. Jul 19 24. Jul 19 10,100 CA$2.06 CA$20,830
25. Jul 19 Buy GMT Capital Corp. Company 24. Jul 19 24. Jul 19 221,100 CA$2.06 CA$455,983
23. Jul 19 Buy Thomas Claugus Individual 22. Jul 19 23. Jul 19 21,700 CA$2.08 CA$44,716
23. Jul 19 Buy GMT Capital Corp. Company 22. Jul 19 23. Jul 19 478,900 CA$2.08 CA$986,854
15. Jul 19 Buy Thomas Claugus Individual 12. Jul 19 12. Jul 19 2,300 CA$2.07 CA$4,769
15. Jul 19 Buy GMT Capital Corp. Company 12. Jul 19 12. Jul 19 50,100 CA$2.07 CA$103,884
12. Jul 19 Buy Thomas Claugus Individual 11. Jul 19 11. Jul 19 24,500 CA$2.09 CA$51,264
12. Jul 19 Buy GMT Capital Corp. Company 11. Jul 19 11. Jul 19 541,300 CA$2.09 CA$1,132,625
09. Jul 19 Buy Thomas Claugus Individual 08. Jul 19 09. Jul 19 11,800 CA$2.07 CA$24,475
09. Jul 19 Buy GMT Capital Corp. Company 08. Jul 19 09. Jul 19 258,600 CA$2.07 CA$536,370
22. Apr 19 Sell Ken Cruikshank Individual 15. Apr 19 15. Apr 19 -160,000 CA$2.84 CA$-454,240
X
Management checks
We assess Tamarack Valley Energy's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Tamarack Valley Energy has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

TVE News

Simply Wall St News

Is Tamarack Valley Energy Ltd (TSE:TVE) Creating Value For Shareholders?

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Tamarack Valley Energy:0.05 = CA$65m ÷ (CA$1.3b - CA$45m) (Based on the trailing twelve months to June 2019.) Therefore, Tamarack Valley Energy has an ROCE of 5.0%. … Tamarack Valley Energy's Current Liabilities And Their Impact On Its ROCE Liabilities, such as supplier bills and bank overdrafts, are referred to as current liabilities if they need to be paid within 12 months. … Tamarack Valley Energy has a low level of current liabilities, which have a minimal impact on its uninspiring ROCE.

Simply Wall St -

Should You Worry About Tamarack Valley Energy Ltd's (TSE:TVE) CEO Pay Cheque?

Check out our latest analysis for Tamarack Valley Energy How Does Aakaikkitstaki Schmidt's Compensation Compare With Similar Sized Companies? … Our data indicates that Tamarack Valley Energy Ltd is worth CA$435m, and total annual CEO compensation is CA$2.5m. … We compared total CEO remuneration at Tamarack Valley Energy Ltd with the amount paid at companies with a similar market capitalization.

Simply Wall St -

Do Institutions Own Shares In Tamarack Valley Energy Ltd (TSE:TVE)?

Tamarack Valley Energy is a smaller company with a market capitalization of CA$483m, so it may still be flying under the radar of many institutional investors. … Check out our latest analysis for Tamarack Valley Energy TSX:TVE Ownership Summary, July 11th 2019 What Does The Institutional Ownership Tell Us About Tamarack Valley Energy? … Insider Ownership Of Tamarack Valley Energy The definition of an insider can differ slightly between different countries, but members of the board of directors always count.

Simply Wall St -

Is There An Opportunity With Tamarack Valley Energy Ltd's (TSE:TVE) 33% Undervaluation?

Generally we assume that a dollar today is more valuable than a dollar in the future, and so the sum of these future cash flows is then discounted to today's value: 10-year free cash flow (FCF) estimate 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (CA$, Millions) CA$54.33 CA$49.00 CA$60.00 CA$56.00 CA$53.62 CA$52.34 CA$51.77 CA$51.68 CA$51.92 CA$52.39 Growth Rate Estimate Source Analyst x3 Analyst x1 Analyst x2 Analyst x1 Est @ -4.25% Est @ -2.39% Est @ -1.09% Est @ -0.18% Est @ 0.46% Est @ 0.91% Present Value (CA$, Millions) Discounted @ 8.73% CA$49.97 CA$41.45 CA$46.68 CA$40.07 CA$35.28 CA$31.68 CA$28.82 CA$26.45 CA$24.44 CA$22.68 Present Value of 10-year Cash Flow (PVCF)= CA$347.52m "Est" = FCF growth rate estimated by Simply Wall St We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = CA$52m × (1 + 1.9%) ÷ (8.7% – 1.9%) = CA$787m Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = CA$CA$787m ÷ ( 1 + 8.7%)10 = CA$340.90m The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is CA$688.42m. … TSX:TVE Intrinsic value, June 12th 2019 The assumptions Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows.

Simply Wall St -

Is Tamarack Valley Energy Ltd's (TSE:TVE) Growth Strong Enough To Justify Its May Share Price?

Tamarack Valley Energy is available at price-to-earnings ratio of 18.21x, showing us it is overvalued based on current earnings compared to the Oil and Gas industry average of 14.34x , and overvalued compared to the CA market average ratio of 14.85x. … However, seeing as Tamarack Valley Energy is perceived as a high-growth stock, we must also account for its earnings growth, which is captured in the PEG ratio. … This tells us that when we include its growth in our analysis Tamarack Valley Energy's stock can be considered relatively cheap , based on its fundamentals.

Simply Wall St -

Is Tamarack Valley Energy Ltd's (TSE:TVE) CEO Pay Fair?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Brian Schmidt's Compensation Compare With Similar Sized Companies. … Our data indicates that Tamarack Valley Energy Ltd is worth CA$688m, and total annual CEO compensation is CA$1.4m.

Simply Wall St -

Could Tamarack Valley Energy Ltd's (TSE:TVE) Investor Composition Influence The Stock Price?

The big shareholder groups in Tamarack Valley Energy Ltd (TSE:TVE) have power over the company. … We also tend to see lower insider ownership in companies that were previously publicly owned. … Tamarack Valley Energy is not a large company by global standards.

Simply Wall St -

How Do Analysts See Tamarack Valley Energy Ltd (TSE:TVE) Performing Over The Next Few Years?

The latest earnings release Tamarack Valley Energy Ltd's (TSE:TVE) announced in December 2018 … finally turned profitable

Simply Wall St -

Shareholders Should Look Hard At Tamarack Valley Energy Ltd’s (TSE:TVE) 1.7% Return On Capital

Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … Understanding Return On Capital Employed (ROCE). … The formula for calculating the return on capital employed is:

Simply Wall St -

Is Tamarack Valley Energy Ltd's (TSE:TVE) CEO Being Overpaid?

In 2010 Brian Schmidt was appointed CEO of Tamarack Valley Energy Ltd (TSE:TVE). … How Does Brian Schmidt's Compensation Compare With Similar Sized Companies. … At the time of writing our data says that Tamarack Valley Energy Ltd has a market cap of CA$517m, and is paying total annual CEO compensation of CA$1.4m.

Simply Wall St -

TVE Company Info

Description

Tamarack Valley Energy Ltd. engages in the acquisition, exploration, development, and production of crude oil, natural gas, and natural gas liquids in the Western Canadian sedimentary basin. It primarily holds interests in Alberta Cardium light oil plays in Wilson Creek/Alder Flats/Pembina, and Garrington and Lochend areas in Alberta; Viking light oil resource plays in Redwater in Alberta, as well as in the Veteran, Consort, and Esther area of southeast Alberta and North Hoosier, Milton, and Coleville area of southwest Saskatchewan; Barons and Banff light oil plays located in the Penny area of Southern Alberta; and heavy oil properties. The company was formerly known as Tango Energy Inc. and changed its name to Tamarack Valley Energy Ltd. in June 2010. Tamarack Valley Energy Ltd. is headquartered in Calgary, Canada.

Details
Name: Tamarack Valley Energy Ltd
TVE
Exchange: TSX
Founded:
CA$111,147,626
222,295,253
Website: http://www.tamarackvalley.ca
Address: Tamarack Valley Energy Ltd
East Tower,
Suite 600,
Calgary,
Alberta, T2P 3L8,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX TVE Common Shares The Toronto Stock Exchange CA CAD 13. Jun 2002
OTCPK TNEY.F Common Shares Pink Sheets LLC US USD 13. Jun 2002
DB 9TA1 Common Shares Deutsche Boerse AG DE EUR 13. Jun 2002
Number of employees
Current staff
Staff numbers
50
Tamarack Valley Energy employees.
Industry
Oil and Gas Exploration and Production
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/28 01:24
End of day share price update: 2020/03/27 00:00
Last estimates confirmation: 2020/03/27
Last earnings filing: 2020/03/05
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.