Ckx Lands, Inc. (NYSE: CKX)

Sector: Energy Industry: Oil & Gas E&P CIK: 0000352955
Market Cap 21.32 Mn
P/B 1.13
P/E 44.87
P/S 23.76
ROIC (Qtr) 0.48
Div Yield % 0.00
Rev 1y % (Qtr) 35.83
Total Debt (Qtr) 0.00
Debt/Equity (Qtr) 0.00
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About

Investment thesis

Bull case

  • Tangible assets of 19.16M provide exceptional 113.06x coverage of deferred revenue 169459, showing strong service capability backing.
  • Tangible assets of 19.16M provide robust 113.06x coverage of other current liabilities 169459, indicating strong asset backing.
  • Operating cash flow of 433651 provides solid 1.54x coverage of current liabilities 281098, showing strong operational health.
  • Retained earnings of 16.07M provide strong 94.80x coverage of other current liabilities 169459, indicating earnings quality.
  • Cash reserves of 10.02M provide robust 35.64x coverage of current liabilities 281098, indicating strong short-term solvency.

Bear case

  • Operating cash flow of 433651 barely covers its investment activities of 4.25M, with a coverage ratio of 0.10, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Free cash flow of 932879 provides weak coverage of capital expenditures of (499228), with a -1.87 ratio suggesting additional external financing needs for growth initiatives.
  • Tangible assets of 19.16M provide limited backing for working capital of 14.46M, which is 1.32x, suggesting increased operational risk in market downturns.
  • R&D investment of 0 represents just 0x of SG&A expenses of 735302, indicating potential underinvestment in innovation relative to administrative overhead.
  • R&D spending of 0 represents just -0x of capital expenditure (499228), indicating potential underinvestment in innovation relative to physical assets.

Consolidation Items Breakdown of Revenue (2022)

Peer comparison

Companies in the Oil & Gas E&P
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 COP Conocophillips 136.62 Bn 17.10 2.22 23.44 Bn
2 CNQ Canadian Natural Resources Ltd 85.21 Bn 17.67 3.04 12.51 Bn
3 EOG Eog Resources Inc 66.33 Bn -60.48 8.67 8.13 Bn
4 FANG Diamondback Energy, Inc. 49.64 Bn -2,818.83 314.47 16.24 Bn
5 OXY Occidental Petroleum Corp /De/ 37.18 Bn 15.36 2.56 22.88 Bn
6 WDS Woodside Energy Group Ltd 34.64 Bn 11.73 2.51 -
7 TPL Texas Pacific Land Corp 29.74 Bn 126.16 78.66 0.02 Bn
8 DVN Devon Energy Corp/De 18.80 Bn 3.24 1.91 8.55 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.61 1.02
EV to Cash from Ops. EV/CFO 26.94 18.21
EV to Debt EV to Debt 0.00 54.57
EV to EBIT EV/EBIT 20.15 29.98
EV to EBITDA EV/EBITDA 125.88 19.64
EV to Free Cash Flow [EV/FCF] EV/FCF 12.52 39.33
EV to Market Cap EV to Market Cap 0.55 1.57
EV to Revenue EV/Rev 13.02 11.47
Price to Book Value [P/B] P/B 1.13 2.97
Price to Earnings [P/E] P/E 44.87 -25.98
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 26.80
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 31.86
Dividend per Basic Share Div per Share (Qtr) 0.00 0.78
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 1.05
Interest Coverage Interest Coverage 0.00 -4.97
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 255.12 -533.65
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 9.03 52.06
Dividend Growth (1y) % Div 1y % (Qtr) 0.00 -5.45
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 3.34 6.14
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -78.37 105.89
EBIT Growth (1y) % EBIT 1y % (Qtr) -25.21 75.94
EBT Growth (1y) % EBT 1y % (Qtr) -25.21 17.44
EPS Growth (1y) % EPS 1y % (Qtr) 0.00 3.07
FCF Growth (1y) % FCF 1y % (Qtr) 6.92 -43.36
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -57.56 149.32
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.05 0.33
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.07
Cash Ratio Cash Ratio (Qtr) 35.64 1.32
Current Ratio Curr Ratio (Qtr) 52.45 2.37
Debt to Equity Ratio Debt/Equity (Qtr) 0.00 0.34
Interest Cover Ratio Interest Cover Ratio 0.00 -4.97
Times Interest Earned Times Interest Earned 0.00 -4.97
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 65.00 16.19
EBIT Margin % EBIT Margin % (Qtr) 64.62 -16.83
EBT Margin % EBT Margin % (Qtr) 64.62 -24.06
Gross Margin % Gross Margin % (Qtr) 92.30 58.92
Net Profit Margin % Net Margin % (Qtr) 52.90 -28.75