Calian Technologies Ltd revenue surged on 14.7% in 2015 while EBITDA Margin decreased slightly on 1.0 pp from 7.7% to 6.7%
10.11.2015 • About Calian Technologies Ltd (
$CTY) • By InTwits
Calian Technologies Ltd reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is relatively stable: 6.7% in FY2015 vs. 7.7% in FY2014 vs. 8.2% in FY2011
- Calian Technologies Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.5%.
- The company has highly profitable business model: ROIC is at 19.2%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Calian Technologies Ltd ($CTY) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 226.7 | 235.9 | 232.5 | 211.3 | 242.3 | 14.7% |
| Gross Profit | 42.3 | 44.4 | 42.2 | 39.1 | 41.5 | 6.1% |
| SG&A | | | 21.4 | 19.5 | 20.8 | 6.7% |
| EBITDA | 18.6 | 20.0 | 19.1 | 16.2 | 16.2 | -0.4% |
| Net Income | 13.2 | 14.1 | 13.1 | 10.6 | 9.8 | -7.7% |
Balance Sheet
|
|---|
| Cash | 30.7 | 32.0 | 29.8 | 25.2 | 10.6 | -57.8% |
| 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 | 0.5 | 1.1 | 0.7 | 1.2 | 2.7 | 127.4% |
Ratios
|
|---|
| Revenue growth | 5.1% | 4.1% | -1.5% | -9.1% | 14.7% | |
| EBITDA growth | -5.1% | 7.8% | -4.7% | -15.0% | -0.4% | |
| Gross Margin | 18.7% | 18.8% | 18.2% | 18.5% | 17.1% | -1.4% |
| EBITDA Margin | 8.2% | 8.5% | 8.2% | 7.7% | 6.7% | -1.0% |
| Net Income Margin | 5.8% | 6.0% | 5.6% | 5.0% | 4.0% | -1.0% |
| SG&A, % of revenue | | | 9.2% | 9.2% | 8.6% | -0.6% |
| CAPEX, % of revenue | 0.2% | 0.4% | 0.3% | 0.6% | 1.1% | 0.6% |
| ROIC | 28.9% | 28.4% | 25.4% | 20.4% | 19.2% | -1.3% |
| ROE | 21.8% | 21.6% | 19.4% | 15.5% | 14.1% | -1.4% |
| Net Debt/EBITDA | -1.7x | -1.6x | -1.6x | -1.6x | -0.7x | 0.9x |
Revenue and profitability
Calian Technologies Ltd's Revenue jumped on 14.7% in FY2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased slightly on 1.0 pp from 7.7% to 6.7% in FY2015.
Gross Margin decreased slightly on 1.4 pp from 18.5% to 17.1% in FY2015. SG&A as a % of Revenue decreased slightly on 0.64 pp from 9.2% to 8.6% in FY2015.
Net Income marign decreased slightly on 0.98 pp from 5.0% to 4.0% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 Calian Technologies Ltd had CAPEX/Revenue of 1.1%. The company showed small growth in CAPEX/Revenue of 0.67 pp from 0.45% in FY2012 to 1.1% in FY2015. It's average CAPEX/Revenue for the last three years was 0.66%.
Return on investment
The company operates at good ROIC (19.16%) and ROE (14.13%). ROIC decreased slightly on 1.3 pp from 20.4% to 19.2% in FY2015. ROE decreased slightly on 1.4 pp from 15.5% to 14.1% in FY2015.
Leverage (Debt)
The company has no debt. Cash dropped on 57.8% in FY2015.
Appendix 1: Peers in Consumer, Non-cyclical
Below we provide Calian Technologies Ltd benchmarking against other companies in Consumer, Non-cyclical 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 |
|---|
| 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 ($CXR) | | | | 159.5% | |
| |
|---|
| Median (85 companies) | 12.1% | 8.7% | 6.9% | 13.2% | 6.0% |
|---|
| Calian Technologies Ltd ($CTY) | | 4.1% | -1.5% | -9.1% | 14.7% |
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 ($CXR) | | | 79.4% | 86.0% | |
| |
|---|
| Median (73 companies) | 35.4% | 37.4% | 36.1% | 35.6% | 28.3% |
|---|
| Calian Technologies Ltd ($CTY) | 18.7% | 18.8% | 18.2% | 18.5% | 17.1% |
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 ($ISV) | 34.1% | 39.6% | 39.6% | 37.6% | |
| |
|---|
| Median (84 companies) | 7.9% | 8.0% | 9.0% | 10.8% | 10.6% |
|---|
| Calian Technologies Ltd ($CTY) | 8.2% | 8.5% | 8.2% | 7.7% | 6.7% |
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% | 63.4% |
| 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 ($MBX) | 1.0% | 1.2% | 3.0% | 40.3% | |
| |
|---|
| Median (85 companies) | 2.4% | 2.6% | 2.5% | 2.6% | 5.4% |
|---|
| Calian Technologies Ltd ($CTY) | 0.2% | 0.4% | 0.3% | 0.6% | 1.1% |
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 ($CZO) | 69.9% | -33.5% | 15.5% | 43.5% | |
| |
|---|
| Median (85 companies) | 7.4% | 6.7% | 6.7% | 6.9% | 6.8% |
|---|
| Calian Technologies Ltd ($CTY) | 28.9% | 28.4% | 25.4% | 20.4% | 19.2% |
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 ($ACC) | 11.7x | 9.4x | 14.7x | 13.8x | 12.3x |
| Cott Corp ($BCB) | 2.6x | 2.0x | 2.2x | 13.4x | |
| CRH Medical Corp ($CRH) | -2.3x | -3.1x | -3.5x | 12.0x | |
| |
|---|
| Median (69 companies) | 1.9x | 2.8x | 2.2x | 2.7x | 1.6x |
|---|
| Calian Technologies Ltd ($CTY) | -1.7x | -1.6x | -1.6x | -1.6x | -0.7x |
