Clairvest Group Inc reports 36.7% revenue growth in FY2015 and 3.6 pp EBITDA Margin decline from 59.2% to 55.6%
24.06.2015 • About Clairvest Group Inc (
$CVG) • By InTwits
Clairvest Group Inc reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Clairvest Group Inc is a fast growth stock: FY2015 revenue growth was 36.7%, 5 year revenue CAGR was 33.3% at FY2015 ROIC 12.8%
- Clairvest Group Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.0%.
- The company has highly profitable business model: ROIC is at 12.8%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Clairvest Group Inc ($CVG) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 37.8 | 44.0 | 60.6 | 76.3 | 104.3 | 36.7% |
| EBITDA | 24.1 | 28.9 | 43.1 | 45.2 | 58.0 | 28.3% |
| Net Income | 19.6 | 22.4 | 35.8 | 38.8 | 52.0 | 34.0% |
Balance Sheet
|
|---|
| Cash | 61.3 | 32.9 | 114.8 | 51.8 | 98.6 | 90.4% |
| Short Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
Cash flow
|
|---|
| Capex | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | -30.2% |
Ratios
|
|---|
| Revenue growth | 52.6% | 16.4% | 37.9% | 25.9% | 36.7% | |
| EBITDA growth | 245.2% | 19.9% | 49.0% | 4.9% | 28.3% | |
| EBITDA Margin | 63.9% | 65.8% | 71.1% | 59.2% | 55.6% | -3.6% |
| Net Income Margin | 51.8% | 51.0% | 59.0% | 50.8% | 49.8% | -1.0% |
| CAPEX, % of revenue | 0.0% | 0.0% | 0.0% | 0.2% | 0.1% | -0.1% |
| ROIC | 7.6% | 8.6% | 12.3% | 11.5% | 12.8% | 1.3% |
| ROE | 6.6% | 7.2% | 10.7% | 10.4% | 12.3% | 1.9% |
| Net Debt/EBITDA | -2.5x | -1.1x | -2.7x | -1.1x | -1.7x | -0.6x |
Revenue and profitability
The company's Revenue surged on 36.7% in FY2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased on 3.6 pp from 59.2% to 55.6% in FY2015.
Net Income marign decreased slightly on 1.00 pp from 50.8% to 49.8% in FY2015.
Capital expenditures (CAPEX) and working capital investments
Clairvest Group Inc's CAPEX/Revenue was 0.078% in FY2015. Clairvest Group Inc showed almost no change in CAPEX/Revenue from FY2012 to FY2015.
Return on investment
The company operates at good ROIC (12.78%) and ROE (12.28%). ROIC increased slightly on 1.3 pp from 11.5% to 12.8% in FY2015. ROE increased slightly on 1.9 pp from 10.4% to 12.3% in FY2015.
Leverage (Debt)
The company has no debt. Cash jumped on 90.4% in FY2015.
Appendix 1: Peers in Financial
Below we provide Clairvest Group Inc benchmarking against other companies in Financial industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Westaim Corp/The ($WED) | 35.7% | -99.9% | 38.0% | 5,680.8% | |
| Wall Financial Corp ($WFC) | | 35.2% | -74.1% | 285.4% | -75.3% |
| Element Financial Corp ($EFN) | | | 206.6% | 189.1% | |
| DealNet Capital Corp ($DLS) | -73.3% | 4,437.5% | 540.4% | 112.7% | |
| Gluskin Sheff + Associates Inc ($GS) | 4.1% | -39.1% | 60.6% | 97.9% | |
| |
|---|
| Median (72 companies) | 10.8% | 7.7% | 7.1% | 8.4% | -17.0% |
|---|
| Clairvest Group Inc ($CVG) | | 16.4% | 37.9% | 25.9% | 36.7% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Olympia Financial Group Inc ($OLY) | 85.3% | 80.9% | 82.6% | 83.2% | |
| Morguard Corp ($MRC) | 74.8% | 74.0% | 69.9% | 68.6% | |
| DealNet Capital Corp ($DLS) | | 14.9% | 36.7% | 45.6% | |
| Brookfield Asset Management Inc ($BAM.A) | 34.3% | 25.6% | 30.7% | 28.6% | |
| Onex Corp ($OCX) | 20.0% | 20.1% | 26.2% | 27.9% | |
| |
|---|
| Median (11 companies) | 25.2% | 22.6% | 25.7% | 20.5% | 6.1% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Firm Capital Mortgage Investment Corp ($FC) | 88.7% | 87.6% | 87.9% | 88.8% | |
| Equitable Group Inc ($EQB) | 89.7% | 88.1% | 87.4% | 86.0% | |
| Alaris Royalty Corp ($AD) | 97.0% | 81.3% | 61.8% | 81.8% | |
| Brookfield Real Estate Services Inc ($BRE) | 77.1% | 77.7% | 77.9% | 78.4% | |
| First National Financial Corp ($FN) | 66.1% | 67.8% | 76.5% | 77.1% | |
| |
|---|
| Median (48 companies) | 34.5% | 29.5% | 32.0% | 30.5% | 27.0% |
|---|
| Clairvest Group Inc ($CVG) | 63.9% | 65.8% | 71.1% | 59.2% | 55.6% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Killam Properties Inc ($KMP) | 73.6% | 80.7% | 114.1% | 143.5% | |
| Dundee Corp ($DC.A) | | 10.3% | 14.1% | 88.8% | 123.6% |
| StorageVault Canada Inc ($SVI) | 29.6% | 150.5% | 73.3% | 79.1% | |
| Mainstreet Equity Corp ($MEQ) | 152.4% | 115.8% | 62.3% | 75.8% | |
| First Capital Realty Inc ($FCR) | 102.8% | 127.9% | 76.1% | 73.8% | |
| |
|---|
| Median (74 companies) | 1.3% | 1.7% | 0.8% | 1.1% | 12.7% |
|---|
| Clairvest Group Inc ($CVG) | 0.0% | 0.0% | 0.0% | 0.2% | 0.1% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Gluskin Sheff + Associates Inc ($GS) | 71.3% | 21.0% | 82.9% | 153.9% | |
| Brookfield Real Estate Services Inc ($BRE) | 17.1% | 26.0% | 31.0% | 47.0% | |
| Redishred Capital Corp ($KUT) | -3.9% | -24.5% | 6.5% | 15.8% | |
| IGM Financial Inc ($IGM) | 15.3% | 14.2% | 14.2% | 13.7% | |
| Street Capital Group Inc ($SCB) | 2.3% | 10.9% | 11.0% | 13.4% | |
| |
|---|
| Median (76 companies) | 4.9% | 4.8% | 4.5% | 4.8% | 1.3% |
|---|
| Clairvest Group Inc ($CVG) | 7.6% | 8.6% | 12.3% | 11.5% | 12.8% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| First National Financial Corp ($FN) | 37.6x | 34.3x | 33.7x | 40.9x | |
| Element Financial Corp ($EFN) | | 140.2x | 31.9x | 37.6x | |
| Gazit-Globe Ltd ($GZT) | 14.8x | 12.8x | 12.7x | 15.3x | |
| Morguard Corp ($MRC) | 7.5x | 8.9x | | 14.2x | |
| StorageVault Canada Inc ($SVI) | 6.0x | 11.2x | 9.7x | 13.6x | |
| |
|---|
| Median (40 companies) | 5.3x | 5.5x | 5.0x | 4.5x | 11.7x |
|---|
| Clairvest Group Inc ($CVG) | -2.5x | -1.1x | -2.7x | -1.1x | -1.7x |
