Ovivo Inc EBITDA dropped on 126% in 2015 and EBITDA Margin decreased on 6.0 pp from 4.0% to -2.0%
04.06.2015 • About Ovivo Inc (
$OVI.A) • By InTwits
Ovivo Inc reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Ovivo Inc is a company in decline: FY2015 revenue growth was -49.8%, 5 years revenue CAGR was -8.4%
- Ovivo Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.6%.
- The company has unprofitable business model: ROIC is at -7.7%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Ovivo Inc ($OVI.A) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 663.8 | 643.4 | 585.2 | 635.1 | 318.7 | -49.8% |
| Gross Profit | 139.2 | 125.1 | 134.2 | 145.6 | 71.8 | -50.7% |
| SG&A | | 118.5 | 110.0 | 120.4 | 59.8 | -50.3% |
| EBITDA | 20.4 | 21.3 | | 25.2 | -6.5 | -125.6% |
| Net Income | -22.6 | -54.1 | -12.9 | -22.3 | -43.7 | 95.5% |
Balance Sheet
|
|---|
| Cash | 14.5 | 35.6 | 13.3 | 22.3 | 13.3 | -40.5% |
| Short Term Debt | 0.0 | 0.0 | 16.3 | 0.0 | 0.0 | |
| Long Term Debt | 72.1 | 80.9 | 53.7 | 48.0 | 37.4 | -22.1% |
Cash flow
|
|---|
| Capex | 0.0 | 4.4 | 4.3 | 6.2 | 1.4 | -77.5% |
Ratios
|
|---|
| Revenue growth | 34.5% | -3.1% | -9.0% | 8.5% | -49.8% | |
| EBITDA growth | 18.2% | 4.1% | | | -125.6% | |
| Gross Margin | 21.0% | 19.5% | 22.9% | 22.9% | 22.5% | -0.4% |
| EBITDA Margin | 3.1% | 3.3% | 0.0% | 4.0% | -2.0% | -6.0% |
| Net Income Margin | -3.4% | -8.4% | -2.2% | -3.5% | -13.7% | -10.2% |
| SG&A, % of revenue | | 18.4% | 18.8% | 19.0% | 18.8% | -0.2% |
| CAPEX, % of revenue | 0.0% | 0.7% | 0.7% | 1.0% | 0.4% | -0.5% |
| ROIC | 0.7% | 2.2% | 4.5% | 5.5% | -7.7% | -13.1% |
| ROE | -8.7% | -24.9% | -7.2% | -13.0% | -29.7% | -16.6% |
| Net Debt/EBITDA | 2.8x | 2.1x | | 1.0x | | -1.0x |
Revenue and profitability
The company's Revenue dropped on 49.8% in FY2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 6.0 pp from 4.0% to -2.0% 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 dropped on 10.2 pp from -3.5% to -13.7% in FY2015.
Capital expenditures (CAPEX) and working capital investments
Ovivo Inc's CAPEX/Revenue was 0.44% in FY2015. Ovivo Inc showed almost no change in CAPEX/Revenue from FY2012 to FY2015. It's average CAPEX/Revenue for the last three years was 0.72%.
Return on investment
The company operates at negative ROIC (-7.67%) and ROE (-29.68%). ROIC dropped on 13.1 pp from 5.5% to -7.7% in FY2015. ROE dropped on 16.6 pp from -13.0% to -29.7% in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 2.9x and Debt / EBITDA is . Net Debt / EBITDA dropped on 1.0x from 1.0x to in FY2015. Debt dropped on 22.1% in FY2015 while cash dropped on 40.5% in FY2015.
Appendix 1: Peers in Industrial
Below you can find Ovivo 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 ($LMP) | | 56.7% | 33.9% | 47.0% | |
| |
|---|
| Median (91 companies) | 12.5% | 11.0% | 5.1% | 9.2% | 21.1% |
|---|
| Ovivo Inc ($OVI.A) | | -3.1% | -9.0% | 8.5% | -49.8% |
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 ($FLY) | 54.0% | 57.2% | 59.2% | 62.9% | |
| |
|---|
| Median (87 companies) | 23.3% | 23.2% | 23.4% | 22.3% | 26.1% |
|---|
| Ovivo Inc ($OVI.A) | 21.0% | 19.5% | 22.9% | 22.9% | 22.5% |
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 ($BIN) | 32.2% | 30.7% | 33.1% | 34.0% | |
| |
|---|
| Median (84 companies) | 8.2% | 9.3% | 8.3% | 7.4% | 11.5% |
|---|
| Ovivo Inc ($OVI.A) | 3.1% | 3.3% | | 4.0% | -2.0% |
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 ($HNL) | 25.1% | 26.5% | 16.3% | 24.1% | |
| |
|---|
| Median (91 companies) | 2.7% | 3.1% | 3.7% | 3.3% | 4.6% |
|---|
| Ovivo Inc ($OVI.A) | 0.0% | 0.7% | 0.7% | 1.0% | 0.4% |
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 ($EBN) | 24.8% | 28.1% | 16.1% | 32.5% | |
| |
|---|
| Median (92 companies) | 9.1% | 9.7% | 8.5% | 8.8% | 8.4% |
|---|
| Ovivo Inc ($OVI.A) | 0.7% | 2.2% | 4.5% | 5.5% | -7.7% |
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 ($IBG) | 4.2x | 6.5x | | 8.3x | |
| |
|---|
| Median (71 companies) | 1.1x | 1.5x | 1.5x | 1.3x | 1.7x |
|---|
| Ovivo Inc ($OVI.A) | 2.8x | 2.1x | | 1.0x | |
