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Partner Jet Corp reports 8.5% revenue decline in FY2016

24.03.2017 • About Partner Jet Corp ($PJT) • By InTwits

Partner Jet Corp reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • EBITDA Margin is relatively stable: in FY2016 vs. in FY2015 vs. -7.3% in FY2012
  • Partner Jet Corp spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 is 0.0%. Average EBITDA Margin for the same period was -1.3%0
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Partner Jet Corp ($PJT) key annual financial indicators

mln. CAD201220132014201520162016/2015
Gross Profit0.2250.2521.3321.314-100.0%
Net Income-0.522-0.3160.5890.5800.192-66.8%
Balance Sheet
Short Term Debt0.0000.0000.0000.000
Long Term Debt0.0000.0000.0000.000
Cash flow
Revenue growth-15.2%1.2%119.7%-0.9%-8.5%
EBITDA growth17.6%-44.7%
Gross Margin3.5%3.9%9.3%9.2%-9.2%
EBITDA Margin-7.3%-4.0%0.0%0.0%0.0%0.0%
Net Income Margin-8.1%-4.8%4.1%4.1%1.5%-2.6%
SG&A, % of revenue4.2%-4.2%
CAPEX, % of revenue0.7%0.0%0.0%0.0%0.0%

Partner Jet Corp ($PJT) key quoterly financial indicators

mln. CADFY16Q1FY16Q2FY16Q3FY16Q4YoY change
Net Income0000-78.7%-22.2%-74.0%-79.2%
Balance Sheet
Short Term Debt0000
Long Term Debt0000
Gross Margin10.0%9.9%8.5%9.3%-1.8%3.4%-1.4%0.8%
EBITDA Margin 3.5% 3.5% 1.6% 1.3%3.5%3.5%1.6%1.3%
Net Income Margin 2.0% 2.6% 1.0% 0.4%-5.1%-0.3%-2.4%-1.7%

Revenue and profitability

The company's Revenue decreased on 8.5%. Annual revenue decline showed slowdown in FY16Q4 - revenue surged on 22.7%.

Net Income marign decreased on 2.6 pp from 4.1% to 1.5% in FY2016.

Appendix 1: Peers in Consumer, Cyclical

Below you can find Partner Jet Corp benchmarking vs. other companies in Consumer, 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 FY2012 FY2013 FY2014 FY2015 FY2016
New Flyer Industries Inc ($NFI)38.6%21.0%6.1%47.8%
Hardwoods Distribution Inc ($HWD)21.3%22.8%25.4%38.1%
Spin Master Corp ($TOY)21.5%41.0%22.9%31.3%
Great Canadian Gaming Corp ($GC)-0.3%9.6%3.7%22.4%
CanWel Building Materials Group Ltd ($CWX)2.1%4.6%8.6%18.6%
Median (35 companies)5.2%6.6%7.5%5.5%
Partner Jet Corp ($PJT)1.2%119.7%-0.9%-8.5%

Top companies by Gross margin, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Innova Gaming Group Inc ($IGG)89.3%82.4%85.3%92.9%88.1%
Second Cup Ltd/The ($SCU)86.6%85.1%72.7%81.1%
New Look Vision Group Inc ($BCI)71.8%72.6%72.6%78.7%
Cara Operations Ltd ($CAO)79.2%78.9%78.4%
Canlan Ice Sports Corp ($ICE)71.6%69.7%70.7%78.2%
Median (36 companies)38.1%34.2%33.5%32.6%34.6%
Partner Jet Corp ($PJT)3.5%3.9%9.3%9.2%

Top companies by EBITDA margin, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Westshore Terminals Investment Corp ($WTE)49.7%65.9%60.9%59.6%
Gamehost Inc ($GH)46.1%45.7%45.9%42.8%42.6%
Great Canadian Gaming Corp ($GC)16.8%41.1%40.1%36.6%34.4%
Restaurant Brands International Inc ($QSR)51.1%20.8%33.9%44.4%
Cara Operations Ltd ($CAO)9.6%22.6%32.6%
Median (39 companies)8.6%10.2%12.3%10.1%15.1%

Top companies by CAPEX/Revenue, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Holloway Lodging Corp ($HLC)8.2%6.7%14.8%26.7%9.3%
WestJet Airlines Ltd ($WJA)7.9%19.5%18.6%22.5%22.4%
Westshore Terminals Investment Corp ($WTE)25.7%11.5%6.2%21.2%
Innova Gaming Group Inc ($IGG)20.6%26.7%15.9%15.6%15.1%
Exchange Income Corp ($EIF)7.9%15.8%15.5%15.4%29.7%
Median (41 companies)3.2%3.2%3.4%3.5%4.9%
Partner Jet Corp ($PJT)0.7%0.0%0.0%0.0%

Top companies by ROIC, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Spin Master Corp ($TOY)19.2%56.9%48.2%44.5%
Magna International Inc ($MG)16.3%18.6%25.2%21.9%21.2%
Linamar Corp ($LNR)12.9%17.0%21.7%23.7%19.8%
Sleep Country Canada Holdings Inc ($ZZZ)9.7%12.7%19.0%
Air Canada ($AC)37.0%23.2%28.4%18.8%
Median (41 companies)11.0%12.6%10.8%10.2%11.2%
Partner Jet Corp ($PJT)-51.6%-50.8%85.1%51.1%

Top companies by Net Debt / EBITDA

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Holloway Lodging Corp ($HLC)5.8x8.4x17.1x8.6x
AutoCanada Inc ($ACQ)4.2x4.7x6.4x8.0x13.7x
Second Cup Ltd/The ($SCU)1.0x0.6x0.0x7.5x0.0x
Amaya Inc ($AYA)17.9x1.8x13.5x6.6x5.0x
Performance Sports Group Ltd ($PSG)2.6x3.5x12.2x6.5x
Median (35 companies)1.9x2.8x2.4x2.5x2.1x