2. investorSCOREcard
Dejour Energy Inc. (TSX:DEJ, AMEX:DEJ)
Business Description
Dejour Energy Inc. is an independent energy company engaged on exploration and production of crude oil and
natural gas. The Company’s near-term focus is on developing its two core assets –Woodrush, targeting light crude
oil in the Peace River Arch, on the northern border of Alberta and British Colombia; and Gibson Gulch, a natural
gas project located in Colorado’s prolific Piceance Basin. Longer term, the Company offers significant exploration
upside through a variety of projects with varying risk profiles on its existing land base. Dejour trades as DEJ: TSX,
and DEJ: AMEX.
Market Overview and Opportunity
Crude Oil
As of January 2009, Canada had 178 billion barrels of crude oil reserves (U.S. Energy Information Administration,
2010). The main source of Canadian oil production for the past 50 years has been the Western Canadian
Sedimentary Basin (WCSB), which underlies most of Alberta, parts of British Columbia, Saskatchewan, Manitoba and
the Northwest Territories. The growing maturity of many of the fields in the WCSB has led to a steady decline in
conventional oil production while production from unconventional sources (ie. oil sands) has steadily increased.
Although production from unconventional sources continues to increase, there remains a strong argument for
conventional oil production as it tends to require less capital to develop and offer lower operating costs. The
conventional targets also tend to be medium to light oil, whereas oil sands produce heavy oil which is sold at a
discount to lighter oil. The challenge becomes finding and developing what remains of the conventional oil fields
within the maturing basin.
The situation is similar in the U.S. in terms of conventional production but on a much smaller scale. As of January
2009, the U.S. had 20.7 billion barrels of crude oil reserves (U.S. Energy Information Administration, 2010).
Production of crude oil in the U.S. has similarly focused on unconventional sources such as shale oil as of late, but
again there is still a valid argument to be made for conventional production.
The improving economic environment has been the main driver of the recent oil rally that has seen $80-$90 per
barrel levels. Global oil demand is expected to grow in the near term and beyond, however, this is offset by high
levels of supply for both gasoline and distillate inventories and continued concerns surrounding persistently weak
near-terms fundamentals (ie. value of U.S. dollar, OPEC decisions, concern over global economic recovery, etc…).
Natural Gas
There is an abundance of natural gas in North America. Canada had 58 trillion cubic feet (TCF) of natural gas
reserves as of January 2009 (U.S. Energy Information Administration, 2010). The reserves are concentrated in the
WCSB and similar to crude oil, future natural gas production will likely come from unconventional reservoirs (ie. coal
bed methane, shale gas, arctic frontier, Deep Basin deposits,…). Recently, production in the WCSB has begun to
move away from Alberta towards new discoveries in northeast British Columbia.
The development and implementation of horizontal drilling and hydraulic fracturing in shale gas plays have ushered
in a robust resurgence in the U.S.’s domestic natural gas production. As of January 2009, the U.S. had 238 TCF of
3. investorSCOREcard
Dejour Energy Inc. (TSX:DEJ, AMEX:DEJ)
natural gas reserves and currently leads the Western Hemisphere in natural gas production (U.S. Energy
Information Administration, 2010). The sheer geographic diversity of U.S. shale gas resources have created a stable
and deliverable natural gas supply for the country. As crude oil continues its push towards $100 per barrel and
becomes more difficult and more expensive to find (in most cases), shale gas production has increased in popularity
with energy producers who are looking for ways to produce cheaper, cleaner-burning fuels. However, this surge in
popularity has also led to a depressed pricing environment for the commodity.
Though the colder weather in North America has considerably helped with the over-supply of natural gas, the price
environment remains challenged as storage levels remain well above average. The fundamentals of natural gas
remain weak as U.S. production is expected to remain steady while natural gas consumption is anticipated to decline
due to fewer heating-days, although this could offset by an increasing demand from electric power and industrial
services.
Overview of Projects
Dejour currently participates in projects located in western Canada (British Columbia) and the western United States
(Colorado and Utah).
Peace River Arch Basin - Woodrush
Within the Peace River Arch basin, Dejour holds 39,000 gross acres (18,000 net acres) of crude oil and natural gas
acreage. The Company’s 75%-owned and operated, 6,000 gross acre (4,500 net acre) Woodrush project is located
within the Peace River Arch in northeast British Colombia.
Woodrush is a combination of relatively shallow light oil and natural gas targets - the Halfway formation is targeted
for light crude oil and the Notikewin for natural gas. The project is the sole source of Dejour’s current production,
producing an average of 600 barrels of oil equivalent per day (BOE/d), of which approximately 175 barrels of oil per
day (bbl/d) is light crude oil and 2,550 million cubic feet per day (mmcf/d) is natural gas. The Company expects to
reach the production peak from its existing wells at Woodrush later in 2011, targeting sustained gross production of
1,000 BOE/d (750 BOE/d net) for several years before decline.
Woodrush is currently producing from two crude oil wells and six natural gas wells (with plans for an additional 15
producing wells plus injectors). Two injector wells have been recently drilled to implement a water flood, effectively
boosting production (and reserves) from the two wells to their targeted peak production. Sustained production from
Woodrush will allow for a steady stream of cash flow, enabling the Company to internally fund expansions and
exploration initiatives beyond the Halfway and Notikewin prospects.
Mid to long-term at Woodrush, Dejour is targeting deeper, unconventional Montney crude oil through a strategic
joint venture whereby two deep horizontal wells will be drilled, fully funded by the joint venture partner.
Continuation of the joint venture is dependent upon the success and findings of the first two Montney wells.
Piceance/Uinta Basins – Gibson Gulch
Dejour feels its most compelling near-term crude oil and natural gas assets are held in the Piceance and Uinta
basins of Colorado and Utah. The bulk of the land in these basins is owned by the major exploration and production
4. investorSCOREcard
Dejour Energy Inc. (TSX:DEJ, AMEX:DEJ)
companies in North America and Dejour is one of a handful of smaller players in the area with current land holdings
of 190,000 gross acres (127,000 net acres).
The Company holds a 72% interest in 2,200 gross acres (1,585 net acres) in the Gibson Gulch area of the Piceance
basin. The Company’s acreage is strategically positioned, surrounded on all sides by significant existing production.
To Dejour, this provides a certain amount of assurance that its acreage is almost certainly located along the
producing trend, along with providing access to existing infrastructure, leading to lower development costs.
Near-term plans for Gibson Gulch include a 16-well program targeting shallow, tight gas in the Williams Fork
structure. Longer term plans for Gibson Gulch include a 220-well program. Also within the area, the deeper Niobrara
formation is an unconventional, high-pressure natural gas play representing considerable exploration upside
potential.
South Rangely
In May 2011, Dejour plans to drill an initial vertical well for light oil at South Rangely, Colorado to test the
Mancos/Niobrara, which is designed to test both the upper and lower Niobrara sections of the Mancos Shale. In this
area, the targeted zones are known to contain both oil and natural gas, estimated at 8 MMBO of Contingent oil
resources. It should be noted that private operators R. W. Bayless and Foundation Energy are currently exploiting
the lower Mancos zone, approximately six miles to the southwest of Dejour’s proposed well location. Pending a
successful outcome of the test, Dejour plans to commence a formal horizontal well development program in due
course. Germaine to this operation, a secondary target in the upper Mancos known as the Castlegate Sand will also
be evaluated within this initial test well.
Beyond the near-term developments of enhanced crude oil production and the deeper Montney oil play at
Woodrush, and the commencement of natural gas drilling at Gibson Gulch, Dejour holds interests in several mid to
long-term exploration plays in both crude oil and natural gas. These include;
Tinsley
• 35% interest on 10,000 gross acres (3,500 net acres)
• conventional high pressure natural gas
Dinosaur and North Rangely
• 72% interest on 64,000 gross acres (46,080 net acres)
• conventional, high-risk, deep, Weber crude oil (Rangely crude oil field)
Tri-County
• 25% interest on 40,000 gross acres (10,000 net acres)
• multiple conventional targets
Paradox
• 25% interest on 16,000 gross acres (4,000 net acres)
• high pressure crude oil/natural gas resource
Book Cliffs
• 72% interest on 16,000 gross acres (11,520 net acres)
5. investorSCOREcard
Dejour Energy Inc. (TSX:DEJ, AMEX:DEJ)
Meeker/Pinyon
• 25% interest on 36,000 gross acres (9,000 net acres)
Reserves Data
As of Light and Medium Natural Gas Natural Gas Liquids Oil Equivalent
December Oil (Mbbl) (MMcf) (Mbbl) (Mbbl)
31, 2010
CAN US Total CAN US Total CAN US Total CAN US Total
Total
Proved 216 558 774 1,125 77,456 78,581 8 - 8 342 18,391 18,733
Dejour Energy's reserve information as at December 31, 2010 is available in their Annual Information Form posted
on www.sedar.com and www.dejour.com.
Milestones
• completed a US$2.75 million financing in January 2011 plus an additional $550,000 supplemental financing in
February 2011, intended to fund further exploration and development of crude oil projects at Woodrush, to
commence exploratory drilling at South Rangely (Colorado) and to supplement working capital
• entered into joint venture agreement in February 2011 to facilitate and fund testing of deeper zones at
Woodrush
• targeting Q4/11 for sustained crude oil production of approximately 1,000 BOE/d (net) at Woodrush via water
flood implementation
• commence drilling of Gibson Gulch natural gas wells in 2012, working towards 17 mmcf/d (net) production
from Williams Fork structure
• combined net production from Woodrush and Gibson Gulch targeted at 4,000 BOE/d by year-end 2012
6. investorSCOREcard
Dejour Energy Inc. (TSX:DEJ, AMEX:DEJ)
Investment Highlights
• development projects underpin higher-risk exploration plays
• balanced commodity risk - exposure to prolific natural gas assets hedged by crude oil developments and
exploration potential in both the Woodrush (Montney) area and South Rangely (Piceance)
• capital risk managed by joint venture partnerships
• strong balance sheet with manageable debt
• high level of operatorship ensures the Company has significant control and influence over timing and
development of its assets
• high level of insider ownership, approximately 25%
Management
Robert L. Hodgkinson
Chief Executive Officer, President Dejour Energy Alberta (Energy) Ltd.
Harrison Blacker
Chief Operating Operator, Dejour Energy (USA) Corp.
Neyeska Mut
Executive Vice President Operations, Dejour Energy (USA) Corp.
Matthew Wong
Chief Financial Officer
Phil Bretzloff
Vice President and General Counsel
Comparables
Lynden Energy Corp. – LVL-T
Anglio Canadian Oil Corp. – ACG-V
Ember Resources Inc. – EBR-T
7. investorSCOREcard
Dejour Energy ( )
Stock Market Performance Rating 2.6
Stock Market Returns
1,800,000 $0.70
Return Percentile Rating 1,600,000
$0.60
Three Months 23% 74% 3.7
1,400,000
Six Months 19% 64% 3.2 $0.50
1 Year (2.6%) 20% 1.0 1,200,000
Stock Price
3 Years (CAGR)
Volume
1,000,000 $0.40
5 Years (CAGR)
800,000 $0.30
Market Data 600,000
$0.20
Price $0.38 400,000
Mkt Cap (Mil) $41.87 200,000
$0.10
Shs Outstanding (Mil) 110.18
Dividend Yield % 0.0% - $-
A M J J A S O N D J F M A M J J A S O N D J F M A
Avg Vol Last 3mos. (000's) 75.64
P/E (TTM) NA 2009 2010 2011
Insider Ownership Rating 3.9
Value of Shares and Options Percent of Ownership
Shares Options Total Value Rating Percent Rating 15.9% Insiders
* Adjusted 14.6% > 10% Holders
# of # of $ Value if Adjusted $
$ Value $ Value if Rating Percent of Rating 69.5% Other
Shares Options Exercised Value
Exercised (Add all) Mkt. Value (Add all)
Robert Hodgkinson
7,187,840 $2,731,379 2,250,818 $855,311 $427,655 $3,159,035 1.3 7.5% 1.5
CEO
Matthew Wong Apr-11
40,098 $15,237 817,000 $310,460 $155,230 $170,467 0.1 0.4% 0.1
CFO
Feb-11
Other Officers
114,799 $43,624 1,586,450 $602,851 $301,426 $345,049 0.1 0.8% 0.2 Dec-10
Board of Dir. (excl. CEO & Oct-10
CFO)
4,746,921 $1,803,830 6,306,784 $2,396,578 $1,198,289 $3,002,119 1.2 7.2% 1.4 Aug-10
> 10% Holders Jun-10
13,121,500 $4,986,170 5,833,333 $2,216,667 $1,108,333 $6,094,503 14.6%
For info only Apr-10
Total (excl. >10% Holders) $9,580,240 $6,381,866 $3,190,933 $12,771,173 2.7 15.9% 3.2 0% 20% 40% 60% 80% 100%
(Max of 4) (Max of 4) CEO CFO
Other Officers Directors
> 10% Holders Public Float
* Adjusted $ Value of Options is 50% of their full value if exercised to account for volatility. Furthermore, our view is that shareholders would rather management owned shares vs. options.
Add: Compensation Type
Category Rating Addition Percent of Compensation
Share and Total Perform- Share and
Salary Perform- Unit Option All Other Comp. ance Unit Option
ance Bonus Awards Awards Comp. Bonus Awards Awards 0.0%
19.3%
Robert Hodgkinson Salary
$255,000 $88,000 $343,000 0.25 %
CEO Bonus
Matthew Wong Shares & Units
$218,000 $40,000 $258,000 0.25
CFO Options
%
Harrison Blacker All Other
$232,564 $112,548 $96,000 $441,112 0.25 0.25 69.2%
President and COO
Neyeska Mut $186,489 $35,131 $24,800 $246,420 0.25 0.25
EVP Operations
Total $892,053 $147,679 $0 $248,800 $0 $1,288,532 0.25 0.00 0.25
(Max Score)
Bonus: Net Buying/Selling Last Six Months
Insider Holdings Beginning and Ending Value
Transactions
Adjusted Share and
$14,000,000
Rating $12,000,000
Option Value
Buying Selling Net Bonus $10,000,000
$8,000,000
Robert Hodgkinson, CEO $0 $0 $0 0.00 $6,000,000
Matthew Wong , CFO $0 $0 $0 0.00 $4,000,000
Other Officers $0 $0 $0 0.00
$2,000,000
Board of Dir. (excl. CEO & CFO) $500,000 $0 $500,000 0.17
$-
> 10% Holders (info only) $2,013,157 $2,480,000 -$466,843
Total (excl. >10% Holders) $500,000 $0 $500,000 0.17 (Total Score) Beg Trans- Ending
Value actions Value
8. investorSCOREcard
Dejour Energy ( DEJ )
Balance Sheet Analysis Rating 2.1
Short-Term Liquidity Quadrant 3: Quadrant 1:
"RECOVERING" "OPTIMAL"
$ 7.0
+ VE
This Company's cash flow is considered NOT SEASONAL, therefore this report uses the last
quarter's cash flow multiplied by 4 as a proxy for annual cash flow. $ 6.0
Jun-10
$ 5.0
$ 4.0 Sep-10
Quadrant Rating Dec-09 Mar-10 Jun-10 Sep-10 Dec-10
Working Capital $ 0.4 ($4.3) ($4.6) ($3.6) ($1.5) $ 3.0
Cash Flow Ops (Q in mil) ($0.0) ($0.3) $ 1.3 $ 1.0 ($0.1) $ 2.0
Cash Flow
Cash Flow Ops (Ann Q's in mil) ($0.0) ($1.1) $ 5.2 $ 4.1 ($0.2)
$ 1.0
Quadrant Rating 3.0 1.0 2.0 2.0 1.0
$- Dec-10
Dec-09
($1.0)
Addition to Quadrant Rating Mar-10
Our methodology accounts for the 'nearness' to improving or worsening a Company's quadrant ($2.0)
ranking based on current cash generation/burn rate and working capital position. The ($3.0)
- VE
Company's working capital situtation is URGENT, and they are generating negative cash flow.
($6) ($5) ($4) ($3) ($2) ($1) $- $1 $2
At the current cash burn rate the Company will double their working capital deficit in 77 Quadrant 2:
Quadrant 4:
month(s). "DRAWING DOWN"
"URGENT"
Add: 0.0 - VE Working Capital + VE
Short-Term Liquidity Rating 1.0
Debt to Equity
Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Utilities
Telecom
Equity
Number of Companies
Materials
Common Stock Equity $ 39.7 $ 38.8 $ 37.6 $ 37.5 $ 38.3 Info Tech
Industrials
Total Equity $ 39.7 $ 38.8 $ 37.6 $ 37.5 $ 38.3 Health Care
Energy
Cons Staples
Debt and Equivalents Cons Disc
DEJ-T
Pref. Securities of Sub Trust - - - - -
Pref. Equity Outside Stock Equity - - - - -
Preferred Stock Equity - - - - -
Minority Interest (Bal. Sheet) - - - - -
Short-Term Debt $ 0.9 $ 3.9 $ 5.9 $ 4.0 $ 4.8
Long-Term Debt $ 2.3 - - - -
Capital Lease Obligations - - - - -
Total Debt and Equivalents $ 3.2 $ 3.9 $ 5.9 $ 4.0 $ 4.8
0.00 1.00 2.00 3.00 4.00
Debt to Equity 0.08 0.10 0.16 0.11 0.13
Debt to Equity Rating 3.1 Low Risk Debt to Equity High Risk
Debt to Equity Rating 3.1
Interest Coverage
Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 1.0 x
EBIT 0.9 x
Interest Coverage
Quarterly ($2.4) ($1.6) ($0.7) ($0.6) ($2.2) 0.8 x
TTM ($8.6) ($8.0) ($7.2) ($5.4) ($5.1) 0.7 x
0.6 x
N/A
Interest Expense
0.5 x
Quarterly $ 0.1 $ 0.3 $ 0.3 $ 0.3 $ 0.2
0.4 x
TTM $ 0.6 $ 0.7 $ 0.8 $ 1.0 $ 1.1
0.3 x
Interest Coverage 0.2 x
Quarterly #N/A #N/A #N/A #N/A #N/A 0.1 x
TTM #N/A #N/A #N/A #N/A #N/A
0.0 x
Dec-09 Mar-10 Jun-10 Sep-10 Dec-10
Interest Coverage Rating
Qtrly Interest Coverage Rating Quarterly
TTM Interest Coverage Rating TTM
Interest Coverage Rating N/A
9. investorSCOREcard
Dejour Energy ( DEJ )
Revenue, EBITDA and EPS Rating 3.2
Revenue (in millions)
Revenue (in milions) on Rolling TTM
$9.00
$8.00
Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 $7.00
Revenue $ - $ - $ 5.8 $ 6.8 $ 8.2
$6.00
Quarterly Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 $5.00
Basis
Quarter Ending $ 1.1 $ 1.3 $ 2.8 $ 2.5 $ 1.5
$4.00
TTM $ 6.5 $ 5.1 $ 6.2 $ 7.7 $ 8.2
$3.00
Growth Percent Rating Stability R² Rating $2.00
Rev. Growth % TTM 25.1% 4.5
Rev. Growth % LFY 20.2% 4.0 Revenue Stability Last 2 Yrs $1.00
Rev. Growth % 3 Year CAGR Revenue Stability Last 3 Yrs $-
Rev. Growth % 5 Year CAGR Revenue Stability Last 5 Yrs Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec
Revenue Growth Rating 4.2 Overall Revenue Stability Rating 01 02 03 04 05 06 07 08 09 10
Revenue Growth and Stability Rating 4.2
EBITDA (in millions)
EBITDA (in milions) on Rolling TTM
$ 1.00
$-
Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10
($1.00)
EBITDA ($4.0) ($6.8) ($4.3) ($1.7) $ 0.1
($2.00)
Quarterly Dec-09 Mar-10 Jun-10 Sep-10 Dec-10
Basis
($3.00)
Quarter Ending ($0.9) ($0.9) $ 1.0 $ 0.8 ($0.9)
($4.00)
TTM ($1.5) ($2.9) ($1.6) $ 0.1 $ 0.1
($5.00)
Growth Percent Rating Stability R² Rating
($6.00)
EBITDA Growth % TTM 108.4% 5.0
EBITDA Growth % LFY 107.1% 5.0 EBITDA Stability Last 2 Yrs 71.6% 3.6 ($7.00)
EBITDA Grwth % 3 Yr CAGR 126.4% 5.0 EBITDA Stability Last 3 Yrs 86.1% 4.3 ($8.00)
EBITDA Grwth % 5 Yrr CAGR EBITDA Stability Last 5 Yrs 28.2% 1.4 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec
EBITDA Growth Rating 5.0 Overall EBITDA Stablitity Rating 3.1 01 02 03 04 05 06 07 08 09 10
EBITDA Growth and Stability Rating 4.0
Basic Earnings Per Share (EPS*) $0.60
* (excluding acquired in process R&D, restructuring and M&A, special income & charges and discontinued ops)
$0.50
Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 $0.40
EPS on Rolling TTM
EPS $ 0.50 ($0.07) ($0.29) ($0.16) ($0.05) $0.30
$0.20
Quarterly (TTM)
Basis
Dec-09 Mar-10 Jun-10 Sep-10 Dec-10
Quarter Ending ($0.08) ($0.02) ($0.01) ($0.01) $ - $0.10
TTM ($0.15) ($0.14) ($0.14) ($0.12) ($0.04) $-
($0.10)
Growth Percent Rating Stability R² Rating
($0.20)
EPS Growth % TTM 73.3% 2.5
EPS Growth % LFY 68.8% 2.5 EPS Stability Last 2 Yrs 27.8% 1.4 ($0.30)
EPS Grwth % 3 Year CAGR 17.0% 1.8 EPS Stability Last 3 Yrs 17.8% 0.4 ($0.40)
EPS Grwth % 5 Year CAGR 4.4% 1.2 EPS Stability Last 5 Yrs 17.4% 0.9 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec
EPS Growth Rating 2.0 Overall EPS Stablitity Rating 0.9 01 02 03 04 05 06 07 08 09 10
EPS Growth and Stability Rating 1.4
10. investorSCOREcard
Dejour Energy ( DEJ )
Return On Capital Rating 0.8
Return On Invested Capital (ROIC)
250%
Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 200%
Invested Capital Period Ending $ 74.3 $ 60.5 $ 58.6 $ 43.1 $ 43.6
150%
Average Invested Capital $ 45.0 $ 67.4 $ 59.5 $ 50.8 $ 43.4
ROIC on Rolling TTM
* Net Income $ 26.5 ($4.6) ($20.9) ($12.8) ($7.1) 100%
Add Back: After Tax Interest Expense $ 0.1 $ 0.2 $ 0.3 $ 0.5 $ 0.7
50%
Annual ROIC 59.0% -6.5% -34.6% -24.2% -14.9%
Basis
Level Rating 5.0 1.2 0.0 0.2 0.6 0%
Consistency Rating 1.4
(50%)
Quarterly (TTM) Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 (100%)
Invested Capital Period Ending $ 43.1 $ 42.9 $ 43.8 $ 46.2 $ 43.6
(150%)
Average Invested Capital $ 50.7 $ 47.5 $ 45.3 $ 44.6 $ 43.9
* Net Income ($13.8) ($13.3) ($13.5) ($11.8) ($7.1) (200%)
Add Back: After Tax Interest Expense $ 0.4 $ 0.4 $ 0.5 $ 0.6 $ 0.7 (250%)
Quarterly ROIC -26.5% -27.1% -28.7% -25.2% -14.7%
Level Rating 0.2 0.1 0.1 0.2 0.6 (300%)
Consistency Rating 0.2 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec
01 02 03 04 05 06 07 08 09 10
Return on Invested Capital (ROIC) Rating 0.7
Return On Assets (ROA)
100%
Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10
Total Assets Period Ending $ 80.7 $ 63.1 $ 62.3 $ 45.9 $ 46.4 0%
Average Total Assets $ 48.3 $ 71.9 $ 62.7 $ 54.1 $ 46.1
ROA on Rolling TTM
* Net Income $ 26.5 ($4.6) ($20.9) ($12.8) ($7.1) (100%)
Add Back: After Tax Interest Expense $ 0.1 $ 0.2 $ 0.3 $ 0.5 $ 0.7
Annual ROA 54.9% -6.1% -32.8% -22.7% -14.0%
(200%)
Basis
Level Rating 5.0 1.5 0.1 0.4 0.8
Consistency Rating 1.6
(300%)
Quarterly (TTM) Dec-09 Mar-10 Jun-10 Sep-10 Dec-10
Total Assets Period Ending $ 45.9 $ 46.3 $ 47.5 $ 49.6 $ 46.4 (400%)
Average Total Assets $ 53.8 $ 50.6 $ 48.2 $ 47.7 $ 47.1
* Net Income ($13.8) ($13.3) ($13.5) ($11.8) ($7.1)
(500%)
Add Back: After Tax Interest Expense $ 0.4 $ 0.4 $ 0.5 $ 0.6 $ 0.7
Quarterly ROA -26.5% -27.1% -28.7% -25.2% -14.7%
Level Rating 0.3 0.2 0.2 0.3 0.8 (600%)
Consistency Rating 0.4 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec
01 02 03 04 05 06 07 08 09 10
Return on Assets (ROA) Rating 0.9
Return On Common Equity (ROE)
250%
Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10
200%
Total Equity Period Ending $ 71.4 $ 59.4 $ 44.4 $ 39.7 $ 38.3
Average Common Equity $ 43.6 $ 65.4 $ 51.9 $ 42.0 $ 39.0 150%
ROE on Rolling TTM
* Net Income $ 26.5 ($4.6) ($20.9) ($12.8) ($7.1)
Add Back: NA $ - $ - $ - $ - $ - 100%
Annual ROE 60.8% -7.0% -40.3% -30.5% -18.3%
Basis
Level Rating 4.9 1.3 0.1 0.3 0.7 50%
Consistency Rating 1.5
0%
Quarterly (TTM) Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 (50%)
Total Equity Period Ending $ 39.7 $ 38.8 $ 37.6 $ 37.5 $ 38.3
Average Common Equity $ 42.4 $ 41.3 $ 40.4 $ 39.1 $ 38.4 (100%)
* Net Income ($13.8) ($13.3) ($13.5) ($11.8) ($7.1)
Add Back: NA $ - $ - $ - $ - $ - (150%)
Quarterly ROE -32.6% -32.2% -33.4% -30.3% -18.6%
Level Rating 0.2 0.2 0.2 0.3 0.7 (200%)
Consistency Rating 0.3 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec
01 02 03 04 05 06 07 08 09 10
Return on Common Equity (ROE) Rating 0.8
* Net Income - Excludes Net Income from Discontinued Operations, Income Acquired in Process R&D, Income Restructuring And M&A, and Other Special Income/(Charges)
11. investorSCOREcard
Dejour Energy ( DEJ )
Valuation Rating 2.2
Price to Earnings (P/E)
4.3 x
(Lower numbers receive higher rankings)
Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10
3.4 x
* Price $ - $ - $ 0.35 $ 0.32 $ 0.32
P/E on Rolling TTM
Earnings Per Share (EPS) $ 0.50 ($0.07) ($0.29) ($0.16) ($0.05)
2.6 x
Annual P/E
Basis
Annual P/E Rating 4.6
1.7 x
Quarterly (TTM) Dec-09 Mar-10 Jun-10 Sep-10 Dec-10
* Price $ 0.32 $ 0.30 $ 0.33 $ 0.34 $ 0.36
Earnings Per Share (EPS) ($0.15) ($0.14) ($0.14) ($0.12) ($0.04) 0.9 x
Quarterly (TTM) P/E
Quarterly (TTM) P/E Rating 0.0 x
Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec
01 02 03 04 05 06 07 08 09 10
Price to Earnings (P/E) N/A
Price to Book (P/Book)
2.5 x
(Lower numbers receive higher rankings)
Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10
2.0 x
P/Book on Quarterly
* Price $ - $ - $ 0.35 $ 0.32 $ 0.32
Book Equity Per Share $ 1.17 $ 0.85 $ 0.60 $ 0.41 $ 0.35
1.5 x
Annual P/Book 0.6 x 0.8 x 0.9 x
Basis
Annual P/Book Rating 4.8 4.8 4.5 4.4 4.4
1.0 x
Quarterly Dec-09 Mar-10 Jun-10 Sep-10 Dec-10
* Price $ 0.32 $ 0.30 $ 0.33 $ 0.34 $ 0.36
Book Equity Per Share $ 0.41 $ 0.39 $ 0.38 $ 0.37 $ 0.35 0.5 x
Quarterly P/Book 0.8 x 0.8 x 0.9 x 0.9 x 1.0 x
Quarterly P/Book Rating 4.4 4.4 4.4 4.3 4.3 0.0 x
Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec
01 02 03 04 05 06 07 08 09 10
Price to Book (P/Book) 4.3
Enterprise Value to EBITDA (EV/EBITDA)
450.0 x
(Lower numbers receive higher rankings)
400.0 x
EV/EBITDA on Rolling TTM
Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10
* Enterprise Value ($16.3) ($12.5) $ 38.1 $ 31.1 $ 34.7 350.0 x
EBITDA ($4.00) ($6.80) ($4.29) ($1.75) $ 0.12
300.0 x
Annual EV/EBITDA 316.1 x
Basis
250.0 x
Annual EV/EBITDA Rating
200.0 x
Quarterly (TTM) Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 150.0 x
* Enterprise Value $ 31.1 $ 32.1 $ 35.5 $ 35.8 $ 39.7
EBITDA ($1.48) ($2.90) ($1.59) $ 0.10 $ 0.12 100.0 x
50.0 x
Quarterly (TTM) EV/EBITDA 382.4 x 355.8 x
Quarterly (TTM) EV/EBITDA Ratin 0.0 x
Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec
01 02 03 04 05 06 07 08 09 10
Enterprise Value to EBITDA (EV/EBITDA)
* Price - Delayed 60 days to reflect the fact that financial statements are public approximately 60 days after the last day of the reporting period. For the last period the most recent price is used.
12. investorSCOREcard
Disclosure and Disclaimer
The issuer (“Issuer”) covered under this investor scorecard (“Investor Scorecard”) has paid a fee or has been charged a fee for the
production and distribution of this Investor Scorecard. The fee paid or charged for the production and distribution of this Investor
Scorecard was not subject to the rankings or information provided herein, nor was any securities of the Issuer accepted as
payment for such fee. FSA Financial Science & Art Ltd. (“FSA”), The Equicom Group Inc. (“Equicom”) and their respective
employees and directors may have had or from time to time acquire, hold or sell an interest in the listed securities of the Issuer.
Unless specified otherwise, all forward looking statements in this Investor Scorecard have been approved by the Issuer, and the
Issuer has advised FSA and Equicom, without independent verification by FSA or Equicom that a reasonable basis exists for such
forward looking statements. Other information contained in this Investor Scorecard has been compiled by FSA or Equicom from
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management of the Issuer. Prior to its publication, this Investor Scorecard had been submitted to the management of the Issuer
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any securities discussed herein in any jurisdiction. The securities discussed in this Investor Scorecard may not be eligible for sale in
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This Investor Scorecard is prepared for general circulation and to provide an overview of Issuer’s business. This Investor Scorecard
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This report was produced in part with information from the following organizations:
