easyhome Ltd Net Income jumped on 20.2% in 2015 and EBITDA Margin decreased slightly on 0.51 pp from 34.7% to 34.2%
17.02.2016 • About easyhome Ltd (
$EH) • By InTwits
easyhome Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- easyhome Ltd is a growth stock: 2015 revenue growth was 17.4%, 5 year revenue CAGR was 11.8% at 2015 ROIC 14.7%
- EBITDA Margin is relatively stable: 34.2% in 2015 vs. 34.7% in 2014 vs. 35.4% in 2011
- easyhome Ltd has high CAPEX intensity: 5 year average CAPEX/Revenue was 24.9%. At the same time it's a lot of higher than industry average of 8.7%.
- CAPEX is quite volatile: 14.8 in FY2015, 22.6 in FY2014, 69.0 in FY2013, 81.1 in FY2012, 62.6 in FY2011
- The company has highly profitable business model: ROIC is at 14.7%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
easyhome Ltd ($EH) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 188.3 | 199.7 | 218.8 | 259.2 | 304.3 | 17.4% |
| SG&A | | | | | 10.7 | |
| EBITDA | 66.7 | 70.1 | 78.7 | 90.0 | 104.1 | 15.7% |
| Net Income | 9.6 | 11.1 | 14.2 | 19.7 | 23.7 | 20.2% |
Balance Sheet
|
|---|
| Cash | 1.0 | 4.6 | 2.3 | 1.2 | 11.4 | 877.6% |
| Short Term Debt | 33.1 | 21.3 | 23.5 | 1.8 | 0.0 | -100.0% |
| Long Term Debt | | 18.3 | 37.9 | 119.8 | 210.3 | 75.5% |
Cash flow
|
|---|
| Capex | 52.8 | 64.2 | 56.1 | 56.0 | 51.3 | -8.3% |
Ratios
|
|---|
| Revenue growth | 8.1% | 6.0% | 9.6% | 18.4% | 17.4% | |
| EBITDA growth | -0.3% | 5.0% | 12.2% | 14.4% | 15.7% | |
| EBITDA Margin | 35.4% | 35.1% | 36.0% | 34.7% | 34.2% | -0.5% |
| Net Income Margin | 5.1% | 5.5% | 6.5% | 7.6% | 7.8% | 0.2% |
| SG&A, % of revenue | | | | | 3.5% | 3.5% |
| CAPEX, % of revenue | 28.0% | 32.2% | 25.6% | 21.6% | 16.9% | -4.7% |
| ROIC | | | 14.6% | 14.4% | 14.7% | 0.4% |
| ROE | 10.2% | 10.9% | 11.8% | 13.6% | 14.4% | 0.7% |
| Net Debt/EBITDA | 0.5x | 0.5x | 0.8x | 1.3x | 1.9x | 0.6x |
Revenue and profitability
The company's Revenue surged on 17.4% in 2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased slightly on 0.51 pp from 34.7% to 34.2% in 2015.
Net Income marign showed almost no change in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 easyhome Ltd had CAPEX/Revenue of 16.9%. CAPEX/Revenue dropped on 15.3 pp from 32.2% in 2012 to 16.9% in 2015. Average CAPEX/Revenue for the last three years was 21.4%.
Return on investment
The company operates at good ROIC (14.72%) and ROE (14.38%). ROIC showed almost no change in 2015. ROE increased slightly on 0.74 pp from 13.6% to 14.4% in 2015.
Leverage (Debt)
Debt level is 1.9x Net Debt / EBITDA and 2.0x Debt / EBITDA. Net Debt / EBITDA jumped on 0.6x from 1.3x to 1.9x in 2015. Debt jumped on 72.9% in 2015 while cash surged on 878% in 2015.
Appendix 1: Peers in Consumer, Non-cyclical
Below you can find easyhome Ltd benchmarking vs. other companies in Consumer, Non-cyclical industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| GDI Integrated Facility Services Inc ($GDI) | 43.8% | -38.8% | -72.9% | 218,969.1% | |
| Cardiome Pharma Corp ($COM) | -97.7% | -47.6% | 471.7% | 566.0% | |
| Patient Home Monitoring Corp ($PHM) | | 170.2% | 1.9% | 433.0% | 238.4% |
| Family Memorials Inc ($FAM) | -13.6% | 54.7% | 22.9% | 245.3% | |
| Nobilis Health Corp ($NHC) | 16.6% | 45.3% | 49.0% | 169.9% | |
| |
|---|
| Median (86 companies) | 15.5% | 9.3% | 5.3% | 12.7% | 6.0% |
|---|
| easyhome Ltd ($EH) | | 6.0% | 9.6% | 18.4% | 17.4% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Nobilis Health Corp ($NHC) | | | | 99.8% | |
| Cipher Pharmaceuticals Inc ($CPH) | | | 99.5% | 98.3% | |
| Heritage Global Inc ($HGP) | 99.5% | | | 95.7% | |
| Ritchie Bros Auctioneers Inc ($RBA) | 87.9% | 88.7% | 88.4% | 88.0% | |
| Concordia Healthcare Corp ($CXR) | | | 79.4% | 86.0% | |
| |
|---|
| Median (75 companies) | 35.4% | 37.4% | 36.1% | 35.6% | 36.9% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Cipher Pharmaceuticals Inc ($CPH) | -50.0% | 40.6% | 71.4% | 63.7% | |
| Merus Labs International Inc ($MSL) | | 32.9% | 64.7% | 46.2% | 61.5% |
| Valeant Pharmaceuticals International Inc ($VRX) | 37.0% | 30.6% | 27.8% | 45.6% | |
| EnerCare Inc ($ECI) | 59.0% | 52.8% | 51.0% | 45.5% | |
| Information Services Corp ($ISV) | 34.1% | 39.6% | 39.6% | 37.6% | |
| |
|---|
| Median (85 companies) | 7.7% | 7.4% | 8.7% | 10.6% | 7.0% |
|---|
| easyhome Ltd ($EH) | 35.4% | 35.1% | 36.0% | 34.7% | 34.2% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Neptune Technologies & Bioressources Inc ($NTB) | 6.0% | 4.7% | 73.6% | 84.6% | 119.0% |
| CanaDream Corp ($CDN) | 68.6% | 43.3% | 38.1% | 70.4% | 63.4% |
| Ceapro Inc ($CZO) | 2.2% | 3.9% | 35.3% | 52.0% | |
| Feronia Inc/Canada ($FRN) | 129.0% | 191.4% | 117.4% | 42.4% | |
| Microbix Biosystems Inc ($MBX) | 1.0% | 1.2% | 3.0% | 40.3% | 38.7% |
| |
|---|
| Median (86 companies) | 2.4% | 2.6% | 2.4% | 2.5% | 2.1% |
|---|
| easyhome Ltd ($EH) | 28.0% | 32.2% | 25.6% | 21.6% | 16.9% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Biosyent Inc ($RX) | 45.5% | 71.7% | 62.4% | 62.9% | |
| Information Services Corp ($ISV) | 56.0% | 71.8% | 72.8% | 58.9% | |
| Covalon Technologies Ltd ($COV) | -49.6% | -75.8% | -30.1% | 50.6% | -12.4% |
| Cipher Pharmaceuticals Inc ($CPH) | -22.9% | 21.8% | 81.4% | 44.6% | |
| Ceapro Inc ($CZO) | 69.9% | -33.5% | 15.5% | 43.5% | |
| |
|---|
| Median (86 companies) | 7.7% | 6.7% | 6.7% | 6.7% | 7.5% |
|---|
| easyhome Ltd ($EH) | | | 14.6% | 14.4% | 14.7% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Noble Iron Inc ($NIR) | | 25.5x | 12.9x | 227.3x | |
| Family Memorials Inc ($FAM) | | | | 15.2x | |
| Amica Mature Lifestyles Inc ($ACC) | 11.7x | 9.4x | 14.7x | 13.8x | 12.3x |
| Cott Corp ($BCB) | 2.6x | 2.0x | 2.2x | 13.4x | |
| CRH Medical Corp ($CRH) | -2.3x | -3.1x | -3.5x | 12.0x | |
| |
|---|
| Median (70 companies) | 1.9x | 2.8x | 2.2x | 2.7x | 1.3x |
|---|
| easyhome Ltd ($EH) | 0.5x | 0.5x | 0.8x | 1.3x | 1.9x |
