Brooge Energy Limited
BROGF Energy Oil & Gas Midstream
Brooge Energy Limited’s revenue for fiscal 2022 (year ended December 2022) was $81.5 million. Revenue growth for five consecutive years, operating cash flow growth for five.
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Brooge Energy Limited (BROGF) Altman Z-score
Brooge Energy Limited's Altman Z-score for fiscal 2022 is 0.64, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2022 | 0.64 | 0.02 |
| FY2021 | 0.62 | (0.62) |
| FY2020 | 1.24 | — |
How fiscal 2022’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.56) | — | −0.67 | |
| Retained earnings / total assets | (0.14) | — | −0.20 | |
| EBIT / total assets | 0.17 | — | 0.57 | |
| Market value of equity / total liabilities | 1.28 | — | 0.77 | |
| Sales / total assets | 0.17 | — | 0.17 | |
| Altman Z-score | Distress zone | 0.64 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −2.68 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| IMPP Imperial Petroleum Inc. compare | 5.9× |
| TORO Toro Corp. compare | 1.0× |
| PXS Pyxis Tankers Inc. compare | 0.7× |
| BROGF Brooge Energy Limited | 0.6× |
| SMC Summit Midstream Partners, LP compare | 0.3× |
| SBR Sabine Royalty Trust compare | — |
| KNOP KNOT Offshore Partners LP compare | — |
| MMLP Martin Midstream Partners L.P. compare | — |
| DLNG Dynagas LNG Partners LP compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets