Andrew Peller Ltd Debt dropped on 11.1% in 2015 while Revenue increased on 6.0%
03.06.2015 • About Andrew Peller Ltd (
$ADW.B) • By InTwits
Andrew Peller Ltd reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is relatively stable: 10.9% in FY2015 vs. 11.3% in FY2014 vs. 11.9% in FY2011
- Andrew Peller Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 3.2%. At the same time it's a lot of higher than industry average of 91.1%.
- CAPEX is quite volatile: 380 in 2015, 120 in 2014, 124 in 2013, 641 in 2012, 392 in 2011
- The company has business model with average profitability: ROIC is at 10.2%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Andrew Peller Ltd ($ADW.B) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 265.4 | 276.9 | 289.1 | 297.8 | 315.7 | 6.0% |
| Gross Profit | 103.3 | 107.3 | 104.6 | 103.0 | 109.0 | 5.8% |
| SG&A | | | 76.3 | 74.3 | 79.7 | 7.3% |
| EBITDA | 31.5 | 32.7 | 33.5 | 33.7 | 34.4 | 2.1% |
| Net Income | 11.2 | 13.0 | 14.5 | 14.0 | 15.2 | 8.6% |
Balance Sheet
|
|---|
| Cash | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Short Term Debt | 54.1 | 62.9 | 66.5 | 61.8 | 36.7 | -40.6% |
| Long Term Debt | 42.7 | 41.5 | 41.5 | 38.3 | 52.3 | 36.4% |
Cash flow
|
|---|
| Capex | 8.1 | 7.3 | 12.9 | 9.4 | 8.5 | -9.8% |
Ratios
|
|---|
| Revenue growth | 0.9% | 4.3% | 4.4% | 3.0% | 6.0% | |
| EBITDA growth | 15.3% | 3.5% | 2.6% | 0.7% | 2.1% | |
| Gross Margin | 38.9% | 38.7% | 36.2% | 34.6% | 34.5% | -0.1% |
| EBITDA Margin | 11.9% | 11.8% | 11.6% | 11.3% | 10.9% | -0.4% |
| Net Income Margin | 4.2% | 4.7% | 5.0% | 4.7% | 4.8% | 0.1% |
| SG&A, % of revenue | | | 26.4% | 24.9% | 25.2% | 0.3% |
| CAPEX, % of revenue | 3.0% | 2.6% | 4.5% | 3.2% | 2.7% | -0.5% |
| ROIC | 10.6% | 10.8% | 10.4% | 10.1% | 10.2% | 0.1% |
| ROE | 9.8% | 11.1% | 11.6% | 10.5% | 10.7% | 0.2% |
| Net Debt/EBITDA | 3.1x | 3.2x | 3.2x | 3.0x | 2.6x | -0.4x |
Revenue and profitability
Andrew Peller Ltd's Revenue increased on 6.0% in FY2015. EBITDA Margin showed almost no change in FY2015.
Gross Margin showed almost no change in FY2015. SG&A as a % of Revenue showed almost no change in FY2015.
Net Income marign showed almost no change in FY2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 2.7% in FY2015. The company showed almost no change in CAPEX/Revenue from FY2012 to FY2015. It's average level of CAPEX/Revenue for the last three years was 3.4%.
Return on investment
The company operates at low ROIC (10.19%) and ROE (10.67%). ROIC showed almost no change in FY2015. ROE showed almost no change in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 2.6x and Debt / EBITDA is 2.6x. Net Debt / EBITDA dropped on 0.4x from 3.0x to 2.6x in FY2015. Debt dropped on 11.1% in FY2015 while cash didn't change in FY2015.
Appendix 1: Peers in Consumer, Non-cyclical
Below you can find Andrew Peller 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% | |
| Family Memorials Inc ($FAM) | -13.6% | 54.7% | 22.9% | 245.3% | |
| Nobilis Health Corp ($NHC) | 16.6% | 45.3% | 49.0% | 169.9% | |
| Concordia Healthcare Corp ($CXR) | | | | 159.5% | |
| |
|---|
| Median (85 companies) | 10.9% | 8.7% | 6.9% | 13.2% | 0.9% |
|---|
| Andrew Peller Ltd ($ADW.B) | | 4.3% | 4.4% | 3.0% | 6.0% |
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 ($CXR) | | | 79.4% | 86.0% | |
| |
|---|
| Median (73 companies) | 33.7% | 35.8% | 35.5% | 35.6% | 28.3% |
|---|
| Andrew Peller Ltd ($ADW.B) | 38.9% | 38.7% | 36.2% | 34.6% | 34.5% |
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% | |
| 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 ($ISV) | 34.1% | 39.6% | 39.6% | 37.6% | |
| |
|---|
| Median (84 companies) | 7.9% | 7.9% | 8.3% | 10.5% | -195.9% |
|---|
| Andrew Peller Ltd ($ADW.B) | 11.9% | 11.8% | 11.6% | 11.3% | 10.9% |
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% | |
| 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 ($MBX) | 1.0% | 1.2% | 3.0% | 40.3% | |
| |
|---|
| Median (85 companies) | 2.3% | 2.6% | 2.4% | 2.4% | 14.4% |
|---|
| Andrew Peller Ltd ($ADW.B) | 3.0% | 2.6% | 4.5% | 3.2% | 2.7% |
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 ($COV) | -49.6% | -75.8% | -30.1% | 50.6% | |
| Cipher Pharmaceuticals Inc ($CPH) | -22.9% | 21.8% | 81.4% | 44.6% | |
| Ceapro Inc ($CZO) | 69.9% | -33.5% | 15.5% | 43.5% | |
| |
|---|
| Median (85 companies) | 7.4% | 6.7% | 6.7% | 6.9% | -10.5% |
|---|
| Andrew Peller Ltd ($ADW.B) | 10.6% | 10.8% | 10.4% | 10.1% | 10.2% |
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 ($ACC) | 11.7x | 9.4x | 14.7x | 13.8x | |
| Cott Corp ($BCB) | 2.6x | 2.0x | 2.2x | 13.4x | |
| CRH Medical Corp ($CRH) | -2.3x | -3.1x | -3.5x | 12.0x | |
| |
|---|
| Median (69 companies) | 1.8x | 2.5x | 2.1x | 2.7x | 0.9x |
|---|
| Andrew Peller Ltd ($ADW.B) | 3.1x | 3.2x | 3.2x | 3.0x | 2.6x |
