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Headwater Exploration

DB:C6V
Snowflake Description

Adequate balance sheet with questionable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
C6V
DB
CA$168M
Market Cap
  1. Home
  2. DE
  3. Energy
Company description

Headwater Exploration Inc., a junior resource company, explores for, develops, and produces petroleum and natural gas. The last earnings update was 5 days ago. More info.


Add to Portfolio Compare Print
  • Headwater Exploration has significant price volatility in the past 3 months.
C6V Share Price and Events
7 Day Returns
0.8%
DB:C6V
18.1%
DE Oil and Gas
7.3%
DE Market
1 Year Returns
38.6%
DB:C6V
21.9%
DE Oil and Gas
-17.7%
DE Market
C6V Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Headwater Exploration (C6V) 0.8% -21.9% 29.1% 38.6% 145.1% 8.7%
DE Oil and Gas 18.1% -15.9% -28.7% 21.9% -25.6% 137.4%
DE Market 7.3% -17.9% -25.8% -17.7% -25.6% -29%
1 Year Return vs Industry and Market
  • C6V outperformed the Oil and Gas industry which returned 21.9% over the past year.
  • C6V outperformed the Market in Germany which returned -17.7% over the past year.
Price Volatility
C6V
Industry
5yr Volatility vs Market

C6V Value

 Is Headwater Exploration 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 Headwater Exploration 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 Headwater Exploration.

DB:C6V Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 4.4%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

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 DB:C6V
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.81
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.808 (1 + (1- 26.5%) (0.17%))
0.872
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.87
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (0.872 * 5.44%)
4.35%

Discounted Cash Flow Calculation for DB:C6V using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Headwater Exploration 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.

DB:C6V DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CAD, Millions) Source Present Value
Discounted (@ 4.35%)
2020 4.55 Analyst x2 4.36
2021 5.85 Analyst x2 5.37
2022 5.41 Est @ -7.46% 4.76
2023 5.12 Est @ -5.34% 4.32
2024 4.93 Est @ -3.85% 3.98
2025 4.79 Est @ -2.81% 3.71
2026 4.69 Est @ -2.09% 3.48
2027 4.61 Est @ -1.58% 3.28
2028 4.56 Est @ -1.22% 3.11
2029 4.51 Est @ -0.97% 2.95
Present value of next 10 years cash flows CA$39.00
DB:C6V DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CA$4.51 × (1 + -0.39%) ÷ (4.35% – -0.39%)
CA$94.78
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$94.78 ÷ (1 + 4.35%)10
CA$61.89
DB:C6V Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$39.00 + CA$61.89
CA$100.89
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$100.89 / 166.07
CA$0.61
DB:C6V Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:C6V represents 0.61881x of TSX:HWX
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.61881x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 0.61 x 0.61881
€0.38
Value per share (EUR) From above. €0.38
Current discount Discount to share price of €0.63
= -1 x (€0.63 - €0.38) / €0.38
-66.2%

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

  • The current share price of Headwater Exploration is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Headwater Exploration's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Headwater Exploration's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:C6V PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CAD CA$0.03
TSX:HWX Share Price ** TSX (2020-03-30) in CAD CA$1.01
Europe Oil and Gas Industry PE Ratio Median Figure of 105 Publicly-Listed Oil and Gas Companies 5.67x
Germany Market PE Ratio Median Figure of 400 Publicly-Listed Companies 16.36x

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

** Primary Listing of Headwater Exploration.

DB:C6V PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 1.01 ÷ 0.03

31.74x

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

  • Headwater Exploration is overvalued based on earnings compared to the Europe Oil and Gas industry average.
  • Headwater Exploration is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Headwater Exploration's expected growth come at a high price?
Raw Data
DB:C6V PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 31.74x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
-68.1%per year
Europe Oil and Gas Industry PEG Ratio Median Figure of 65 Publicly-Listed Oil and Gas Companies 0.17x
Germany Market PEG Ratio Median Figure of 254 Publicly-Listed Companies 1.2x

*Line of best fit is calculated by linear regression .

DB:C6V PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 31.74x ÷ -68.1%

-0.47x

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

  • Headwater Exploration earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Headwater Exploration's assets?
Raw Data
DB:C6V PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CAD CA$1.30
TSX:HWX Share Price * TSX (2020-03-30) in CAD CA$1.01
Germany Oil and Gas Industry PB Ratio Median Figure of 6 Publicly-Listed Oil and Gas Companies 0.94x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.43x
DB:C6V PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 1.01 ÷ 1.30

0.78x

* Primary Listing of Headwater Exploration.

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

  • Headwater Exploration is good value based on assets compared to the DE Oil and Gas industry average.
X
Value checks
We assess Headwater Exploration'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. Headwater Exploration 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.

C6V Future Performance

 How is Headwater Exploration expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

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
-68.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Headwater Exploration expected to grow at an attractive rate?
  • Headwater Exploration's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Headwater Exploration's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Headwater Exploration's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:C6V Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:C6V Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts -68.1%
DB:C6V Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 1.5%
Europe Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 13%
Europe Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 2.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.3%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*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
DB:C6V Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:C6V Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 9 11 1 1
2020-12-31 11 6 1 1
2020-03-30
DB:C6V Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-12-31 9 9 3
2019-09-30 10 9 7
2019-06-30 10 9 7
2019-03-31 11 9 -3
2018-12-31 16 10 0
2018-09-30 16 11 7
2018-06-30 16 10 13
2018-03-31 14 8 21
2017-12-31 7 1 18
2017-09-30 7 2 16
2017-06-30 9 4 11
2017-03-31 11 4 -29

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Headwater Exploration's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Headwater Exploration's revenue is expected to grow by 1.5% yearly, however this is not considered high growth (20% yearly).
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
DB:C6V 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 1 Analyst Estimates (S&P Global) See Below

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

DB:C6V Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.01 0.01 0.01 1.00
2020-12-31 0.00 0.00 0.00 1.00
2020-03-30
DB:C6V Past Financials Data
Date (Data in CAD Millions) EPS *
2019-12-31 0.03
2019-09-30 0.08
2019-06-30 0.08
2019-03-31 -0.03
2018-12-31 0.00
2018-09-30 0.08
2018-06-30 0.15
2018-03-31 0.24
2017-12-31 0.20
2017-09-30 0.19
2017-06-30 0.13
2017-03-31 -0.32

*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 Headwater Exploration will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Headwater Exploration'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 Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe 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.
Headwater Exploration has a total score of 0/6, 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.

C6V Past Performance

  How has Headwater Exploration 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 Headwater Exploration'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.
  • Headwater Exploration has delivered over 20% year on year earnings growth in the past 5 years.
  • Headwater Exploration has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Headwater Exploration has become profitable in the last year making it difficult to compare the Europe Oil and Gas industry average.
Earnings and Revenue History
Headwater Exploration'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 Headwater Exploration Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:C6V 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 9.10 2.82 3.34
2019-09-30 10.27 7.47 3.45
2019-06-30 10.27 6.93 2.96
2019-03-31 10.84 -2.92 2.92
2018-12-31 16.44 -0.31 2.96
2018-09-30 15.87 7.18 2.93
2018-06-30 15.87 12.87 3.02
2018-03-31 14.36 21.48 3.14
2017-12-31 7.28 17.74 3.16
2017-09-30 6.72 16.46 3.05
2017-06-30 8.85 11.37 2.98
2017-03-31 11.28 -28.75 3.20
2016-12-31 13.27 -29.29 3.32
2016-09-30 14.52 -75.56 3.62
2016-06-30 13.16 -75.45 3.53
2016-03-31 12.03 -34.29 4.04
2015-12-31 15.51 -31.88 4.20
2015-09-30 17.26 -25.69 4.26
2015-06-30 18.88 -24.74 4.44
2015-03-31 21.09 -18.02 3.89
2014-12-31 21.82 -17.71 3.90
2014-09-30 22.34 30.65 3.88
2014-06-30 23.36 29.81 3.84
2014-03-31 23.82 23.93 3.79
2013-12-31 20.88 22.45 3.17
2013-09-30 19.95 -40.16 3.04
2013-06-30 19.52 -40.90 3.27
2013-03-31 18.21 -43.71 3.70

*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.
  • Headwater Exploration has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Headwater Exploration used its assets less efficiently than the Europe Oil and Gas industry average last year based on Return on Assets.
  • Headwater Exploration has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
X
Past performance checks
We assess Headwater Exploration'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.
Headwater Exploration has a total score of 2/6, 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.

C6V Health

 How is Headwater Exploration'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 Headwater Exploration's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Headwater Exploration is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Headwater Exploration's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Headwater Exploration'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 -1.1963722338117E+18x 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 Headwater Exploration Company Filings, last reported 2 months ago.

DB:C6V Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 114.31 0.00 60.96
2019-09-30 112.79 0.00 61.25
2019-06-30 114.15 0.00 61.63
2019-03-31 114.77 0.00 60.66
2018-12-31 111.70 0.00 53.65
2018-09-30 105.48 0.00 55.38
2018-06-30 107.21 0.00 56.09
2018-03-31 117.33 0.00 54.95
2017-12-31 111.74 0.00 46.18
2017-09-30 98.13 0.00 48.89
2017-06-30 94.26 0.00 30.76
2017-03-31 95.72 0.00 30.67
2016-12-31 93.80 0.00 27.27
2016-09-30 81.43 0.00 27.78
2016-06-30 82.63 0.00 27.18
2016-03-31 124.19 0.00 27.21
2015-12-31 122.82 0.00 24.06
2015-09-30 156.68 0.00 23.29
2015-06-30 157.71 0.00 24.05
2015-03-31 158.09 0.00 23.56
2014-12-31 154.27 0.00 19.21
2014-09-30 181.98 0.00 30.73
2014-06-30 182.04 0.00 35.69
2014-03-31 175.56 0.00 21.35
2013-12-31 171.40 0.00 15.51
2013-09-30 150.66 0.00 15.24
2013-06-30 151.56 0.00 14.18
2013-03-31 151.00 0.00 12.52
  • Headwater Exploration's level of debt (0%) compared to net worth is satisfactory (less than 40%).
  • Unable to establish if Headwater Exploration's debt level has increased without past 5-year debt data.
  • Operating cash flow is negative therefore debt is not well covered.
  • Headwater Exploration has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Headwater Exploration'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. Headwater Exploration 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.

C6V Dividends

 What is Headwater Exploration'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 Headwater Exploration dividends.
If you bought €2,000 of Headwater Exploration shares you are expected to receive €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 Headwater Exploration's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Headwater Exploration'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
DB:C6V 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 1 Analyst Estimates (S&P Global) See Below
Europe Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 68 Stocks 9.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 1%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

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

DB:C6V Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2021-12-31
2020-12-31
2020-03-30

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

  • Unable to perform a dividend volatility check as Headwater Exploration has not reported any payouts.
  • Unable to verify if Headwater Exploration's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Headwater Exploration's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Headwater Exploration has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Headwater Exploration's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - 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 Headwater Exploration afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Headwater Exploration 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.

C6V Management

 What is the CEO of Headwater Exploration'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
Neil Roszell
AGE 51
TENURE AS CEO 0 years
CEO Bio

Mr. Neil Jack Roszell, P.Eng., serves as Chairman and Chief Executive Officer at Headwater Exploration Inc. (formerly, Corridor Resources Inc.) since March 04, 2020. He served as Chairman at Baytex Energy Corp. since August 22, 2018 until December 2019. Mr. Roszell has been the Chief Executive Officer of Raging River Exploration Inc. since December 15, 2011. Mr. Roszell is Special Advisor of Steel Reef Infrastructure Corp. He served as President of Raging River Exploration Inc. from December 15, 2011 to June 10, 2017. He is a Professional Engineer with 20 years of industry experience. He served as the Chief Executive Officer and President of Wild Stream Exploration Inc. from October 6, 2009 to March 2012. He served as the Chief Executive Officer and President of Wild Stream Resources. He served as the Chief Executive Officer and President of Wild River Resources Ltd. from February 2007 to July 2009. He served as the President and Chief Operating Officer of Prairie Schooner Petroleum Ltd from August 2004 to September 2006. Mr. Roszell served as the President and Chief Operating Officer of Point North Energy Ltd. He served as Vice President of Engineering at Great Northern Exploration Ltd from September 2001 to June 2004. He serves as the Chairman of Raging River Exploration Inc. He serves as a Director at Cutpick Energy ULC. He has been a Director of Wild Stream Exploration Inc. since October 6, 2009, Striker Exploration Corp. (formerly Elkwater Resources Ltd) since July 9, 2014 and Raging River Exploration Inc. since December 15, 2011. Mr. Roszell served as a Director of Gear Energy Ltd. since July 27, 2016 until May 12, 2017. He served as a Director of LGX Oil + Gas Inc., from July 5, 2012 to May 28, 2013; Wild River Resources Ltd., and Bowood Energy Inc. He holds BS in Industrial Systems Engineering from University of Regina.

CEO Compensation
  • Insufficient data for Neil to compare compensation growth.
  • Insufficient data for Neil to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team

Neil Roszell

TITLE
Chairman & CEO
AGE
51

Jason Jaskela

TITLE
President
AGE
41

Ali Horvath

TITLE
VP of Finance & CFO

Jon Grimwood

TITLE
Vice-President of Exploration
AGE
48

Ted Brown

TITLE
Corporate Secretary

Scott Rideout

TITLE
Vice-President of Land
AGE
39

Tom Banks

TITLE
Senior Engineering Consultant
COMPENSATION
CA$274K
Board of Directors

Jason Jaskela

TITLE
President
AGE
41

Chandra Henry

TITLE
Independent Director

Neil Roszell

TITLE
Chairman & CEO
AGE
51

Kevin Olson

TITLE
Lead Independent Director
AGE
50

Phil Knoll

TITLE
Independent Director
COMPENSATION
CA$65K
AGE
64
TENURE
9.5 yrs

Martin Fräss-Ehrfeld

TITLE
Independent Director
AGE
43
TENURE
8.8 yrs

Dave Pearce

TITLE
Director
AGE
65

Steven Larke

TITLE
Independent Director
AGE
47
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Headwater Exploration individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
15. Mar 20 Buy Phillip Knoll Individual 04. Mar 20 04. Mar 20 108,695 €0.62 €66,980
06. Mar 20 Buy Neil Roszell Individual 04. Mar 20 04. Mar 20 1,586,956 €0.62 €977,913
06. Mar 20 Buy Terry Danku Individual 04. Mar 20 04. Mar 20 1,521,738 €0.62 €937,724
06. Mar 20 Buy Alexandra Horvath Individual 04. Mar 20 04. Mar 20 543,478 €0.62 €334,902
06. Mar 20 Buy Scott Rideout Individual 04. Mar 20 04. Mar 20 543,477 €0.62 €334,901
06. Mar 20 Buy David Pearce Individual 04. Mar 20 04. Mar 20 543,478 €0.62 €334,902
06. Mar 20 Buy Jonathan Grimwood Individual 04. Mar 20 04. Mar 20 1,000,000 €0.62 €616,219
06. Mar 20 Buy Jason Jaskela Individual 04. Mar 20 04. Mar 20 4,347,840 €0.62 €2,679,222
06. Mar 20 Buy Kevin Olson Individual 04. Mar 20 04. Mar 20 2,173,913 €0.62 €1,339,607
29. Jan 20 Sell Lisette Hachey Individual 27. Jan 20 28. Jan 20 -7,600 €0.88 €-6,654
27. Jan 20 Sell Alan Archibald Individual 17. Jan 20 17. Jan 20 -33,849 €0.92 €-31,046
25. Jan 20 Sell Andrea Creemer Individual 24. Jan 20 24. Jan 20 -25,800 €0.88 €-22,600
23. Jan 20 Sell Andrea Creemer Individual 17. Jan 20 17. Jan 20 -77,236 €0.92 €-71,372
X
Management checks
We assess Headwater Exploration'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. Headwater Exploration 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.

C6V News

Simply Wall St News

C6V Company Info

Description

Headwater Exploration Inc., a junior resource company, explores for, develops, and produces petroleum and natural gas. The company explores for petroleum and natural gas onshore in New Brunswick; and offshore in the Gulf of St. Lawrence. Its principal properties include the McCully Field located to the northeast of Sussex, New Brunswick; and the Frederick Brook Shale located in the Elgin sub-basin in New Brunswick. As at December 31, 2018, the company had an interest in 28 net producing and nonproducing natural gas and oil wells. The company was formerly known as Corridor Resources Inc. and changed its name to Headwater Exploration Inc. in March 2020. Headwater Exploration Inc. was founded in 1983 and is headquartered in Halifax, Canada.

Details
Name: Headwater Exploration Inc.
C6V
Exchange: DB
Founded: 1983
CA$107,486,153
166,066,124
Website: http://www.headwaterexp.com
Address: Headwater Exploration Inc.
5475 Spring Garden Road,
Suite 301,
Halifax,
Nova Scotia, B3J 3T2,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX HWX Common Shares The Toronto Stock Exchange CA CAD 07. Nov 1997
OTCPK CDDR.F Common Shares Pink Sheets LLC US USD 07. Nov 1997
DB C6V Common Shares Deutsche Boerse AG DE EUR 07. Nov 1997
Number of employees
Current staff
Staff numbers
11
Headwater Exploration employees.
Industry
Oil and Gas Exploration and Production
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/30 21:38
End of day share price update: 2020/03/30 00:00
Last estimates confirmation: 2020/03/30
Last earnings filing: 2020/03/25
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.