ATS Automation Tooling Systems Inc revenue growth accelerated to 37.0% in FY2015 vs. 15.6% a year earliner
21.05.2015 • About ATS Automation Tooling Systems Inc (
$ATA) • By InTwits
ATS Automation Tooling Systems Inc reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- ATS Automation Tooling Systems Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.2%. At the same time it's in pair with industry average of 4.4%.
- CAPEX is quite volatile: 11.2 in FY2015, 4.3 in FY2014, 7.7 in FY2013, 4.8 in FY2012, 9.1 in FY2011
- The company has business model with low profitability: ROIC is at 9.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
ATS Automation Tooling Systems Inc ($ATA) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 485.3 | 595.4 | 591.1 | 683.4 | 936.1 | 37.0% |
| Gross Profit | 113.4 | 156.6 | 149.9 | 181.7 | 245.0 | 34.9% |
| SG&A | 74.9 | 94.5 | 89.5 | 113.3 | 173.7 | 53.3% |
| EBITDA | 46.0 | 72.2 | 68.9 | 79.5 | 107.5 | 35.3% |
| Net Income | -85.3 | -59.6 | 15.0 | 62.2 | 55.0 | -11.6% |
Balance Sheet
|
|---|
| Cash | 117.1 | 96.2 | 105.5 | 76.5 | 106.1 | 38.7% |
| Short Term Debt | 4.5 | 0.7 | 0.3 | 4.7 | 5.1 | 7.9% |
| Long Term Debt | 3.3 | 2.3 | 0.9 | 1.3 | 286.2 | 21,512.8% |
Cash flow
|
|---|
| Capex | 9.1 | 4.8 | 7.7 | 4.3 | 11.2 | 161.8% |
Ratios
|
|---|
| Revenue growth | -16.0% | 22.7% | -0.7% | 15.6% | 37.0% | |
| EBITDA growth | 257.4% | 57.1% | -4.6% | 15.4% | 35.3% | |
| Gross Margin | 23.4% | 26.3% | 25.4% | 26.6% | 26.2% | -0.4% |
| EBITDA Margin | 9.5% | 12.1% | 11.7% | 11.6% | 11.5% | -0.1% |
| Net Income Margin | -17.6% | -10.0% | 2.5% | 9.1% | 5.9% | -3.2% |
| SG&A, % of revenue | 15.4% | 15.9% | 15.1% | 16.6% | 18.6% | 2.0% |
| CAPEX, % of revenue | 1.9% | 0.8% | 1.3% | 0.6% | 1.2% | 0.6% |
| ROIC | 7.1% | 15.0% | 14.8% | 13.2% | 9.3% | -3.8% |
| ROE | -17.7% | -14.6% | 3.9% | 13.6% | 10.1% | -3.5% |
| Net Debt/EBITDA | -2.4x | -1.3x | -1.5x | -0.9x | 1.7x | 2.6x |
Revenue and profitability
The company's Revenue jumped on 37.0% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 2.2 pp from 20.4% to 22.6% in 2015.
Gross Margin showed almost no change in FY2015. SG&A as a % of Revenue increased slightly on 2.0 pp from 16.6% to 18.6% in FY2015.
Net Income marign decreased on 3.2 pp from 9.1% to 5.9% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 the company had CAPEX/Revenue of 1.2%. The company showed almost no change in CAPEX/Revenue from FY2012 to FY2015. It's average CAPEX/Revenue for the last three years was 1.0%.
Return on investment
The company operates at low ROIC (9.33%) and ROE (10.10%). ROIC decreased on 3.8 pp from 13.2% to 9.3% in FY2015. ROE decreased on 3.5 pp from 13.6% to 10.1% in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 1.7x and Debt / EBITDA is 2.7x. Net Debt / EBITDA surged on 2.6x from -0.9x to 1.7x in FY2015. Debt surged on 4,713% in FY2015 while cash jumped on 38.7% in FY2015.
Appendix 1: Peers in Industrial
Below you can find ATS Automation Tooling Systems Inc benchmarking vs. other companies in Industrial 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 |
|---|
| Electrovaya Inc ($EFL) | 104.3% | -4.0% | -71.2% | 160.5% | |
| Enterprise Group Inc ($E) | 14.5% | 3.5% | 88.3% | 128.5% | |
| Carmanah Technologies Corp ($CMH) | 5.8% | -26.4% | -2.0% | 68.8% | |
| Exco Technologies Ltd ($XTC) | 22.4% | 19.7% | 0.9% | 50.5% | |
| Lumenpulse Inc ($LMP) | | 56.7% | 33.9% | 47.0% | |
| |
|---|
| Median (91 companies) | 12.4% | 10.3% | 5.1% | 9.1% | 0.2% |
|---|
| ATS Automation Tooling Systems Inc ($ATA) | | 22.7% | -0.7% | 15.6% | 37.0% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| WSP Global Inc ($WSP) | 81.1% | 81.1% | 83.2% | 81.0% | |
| Pure Technologies Ltd ($PUR) | 75.7% | 77.9% | 78.0% | 77.5% | |
| Alarmforce Industries Inc ($AF) | 76.4% | 75.0% | 76.5% | 72.2% | |
| Epicore BioNetworks Inc ($EBN) | 59.0% | 60.8% | 63.2% | 64.1% | |
| FLYHT Aerospace Solutions Ltd ($FLY) | 54.0% | 57.2% | 59.2% | 62.9% | |
| |
|---|
| Median (87 companies) | 23.2% | 22.9% | 23.3% | 22.3% | 26.0% |
|---|
| ATS Automation Tooling Systems Inc ($ATA) | 23.4% | 26.3% | 25.4% | 26.6% | 26.2% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Canadian National Railway Co ($CNR) | 46.3% | 46.5% | 45.9% | 46.8% | |
| Canadian Pacific Railway Ltd ($CP) | 28.1% | 26.1% | 32.4% | 43.7% | |
| Vitreous Glass Inc ($VCI) | 29.0% | 31.4% | 32.2% | 37.8% | |
| Questor Technology Inc ($QST) | 25.1% | 25.7% | 34.9% | 34.1% | |
| Progressive Waste Solutions Ltd ($BIN) | 32.2% | 30.7% | 33.1% | 34.0% | |
| |
|---|
| Median (84 companies) | 8.1% | 9.1% | 8.1% | 7.1% | 10.0% |
|---|
| ATS Automation Tooling Systems Inc ($ATA) | 9.5% | 12.1% | 11.7% | 11.6% | 11.5% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Cargojet Inc ($CJT.A) | 6.8% | 7.0% | 6.3% | 54.1% | |
| Newalta Corp ($NAL) | 17.2% | 21.7% | 34.5% | 35.1% | |
| Enterprise Group Inc ($E) | 3.6% | 17.4% | 27.2% | 32.7% | |
| ENTREC Corp ($ENT) | | 35.0% | 26.7% | 29.5% | |
| Horizon North Logistics Inc ($HNL) | 25.1% | 26.5% | 16.3% | 24.1% | |
| |
|---|
| Median (91 companies) | 2.7% | 3.1% | 3.7% | 3.3% | 2.8% |
|---|
| ATS Automation Tooling Systems Inc ($ATA) | 1.9% | 0.8% | 1.3% | 0.6% | 1.2% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Vitreous Glass Inc ($VCI) | 26.1% | 30.5% | 32.3% | 48.3% | |
| Photon Control Inc ($PHO) | 10.1% | 21.0% | 44.4% | 38.0% | |
| SNC-Lavalin Group Inc ($SNC) | 14.6% | 10.7% | 4.0% | 35.2% | |
| Alarmforce Industries Inc ($AF) | 18.3% | 5.3% | 24.0% | 33.9% | |
| Epicore BioNetworks Inc ($EBN) | 24.8% | 28.1% | 16.1% | 32.5% | |
| |
|---|
| Median (92 companies) | 9.1% | 9.2% | 8.5% | 8.3% | 7.4% |
|---|
| ATS Automation Tooling Systems Inc ($ATA) | 7.1% | 15.0% | 14.8% | 13.2% | 9.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Sigma Industries Inc ($SSG) | | 4.4x | 11.3x | 225.9x | |
| H2O Innovation Inc ($HEO) | | | 4.2x | 73.2x | |
| Grand Power Logistics Group Inc ($GPW) | | 47.8x | | 53.1x | |
| Cargojet Inc ($CJT.A) | 1.8x | 1.5x | 1.5x | 31.5x | |
| IBI Group Inc ($IBG) | 4.2x | 6.5x | | 8.3x | |
| |
|---|
| Median (71 companies) | 1.1x | 1.5x | 1.5x | 1.3x | -1.6x |
|---|
| ATS Automation Tooling Systems Inc ($ATA) | -2.4x | -1.3x | -1.5x | -0.9x | 1.7x |
