Caldwell Partners International Inc/The EBITDA surged on 66.5% in 2015 and EBITDA Margin increased slightly on 1.4 pp from 3.6% to 4.9%
17.11.2015 • About Caldwell Partners International Inc/The (
$CWL) • By InTwits
Caldwell Partners International Inc/The reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Caldwell Partners International Inc/The is a fast growth stock: FY2015 revenue growth was 20.9%, 5 year revenue CAGR was 15.2% at FY2015 ROIC 16.3%
- EBITDA Margin is quite volatile: 4.9% in FY2015, 3.6% in FY2014, 0.9% in FY2013, 4.5% in FY2012, 2.9% in FY2011
- Caldwell Partners International Inc/The has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.0%.
- The company has highly profitable business model: ROIC is at 16.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Caldwell Partners International Inc/The ($CWL) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 34.238 | 32.704 | 33.803 | 45.086 | 54.527 | 20.9% |
| Gross Profit | 7.541 | 8.122 | 7.798 | 11.034 | 14.271 | 29.3% |
| SG&A | | | 7.965 | 9.849 | 12.100 | 22.9% |
| EBITDA | 0.994 | 1.476 | 0.305 | 1.615 | 2.690 | 66.5% |
| Net Income | 0.187 | 0.981 | -0.282 | 1.967 | 1.976 | 0.5% |
Balance Sheet
|
|---|
| Cash | 6.944 | 6.494 | 7.613 | 12.743 | 9.956 | -21.9% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 0.509 | 0.187 | 0.221 | 0.609 | 0.474 | -22.2% |
Ratios
|
|---|
| Revenue growth | 27.3% | -4.5% | 3.4% | 33.4% | 20.9% | |
| EBITDA growth | -2,654.3% | 48.4% | -79.4% | 430.1% | 66.5% | |
| Gross Margin | 22.0% | 24.8% | 23.1% | 24.5% | 26.2% | 1.7% |
| EBITDA Margin | 2.9% | 4.5% | 0.9% | 3.6% | 4.9% | 1.4% |
| Net Income Margin | 0.5% | 3.0% | -0.8% | 4.4% | 3.6% | -0.7% |
| SG&A, % of revenue | | | 23.6% | 21.8% | 22.2% | 0.3% |
| CAPEX, % of revenue | 1.5% | 0.6% | 0.7% | 1.3% | 0.9% | -0.5% |
| ROIC | 2.6% | 8.8% | -1.5% | 9.6% | 16.3% | 6.7% |
| ROE | 1.8% | 9.2% | -2.7% | 16.0% | 13.6% | -2.3% |
| Net Debt/EBITDA | -7.0x | -4.4x | -25.0x | -7.9x | -3.7x | 4.2x |
Revenue and profitability
Caldwell Partners International Inc/The's Revenue surged on 20.9% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 4.0 pp from 23.1% to 27.0% in FY2015.
Gross Margin increased slightly on 1.7 pp from 24.5% to 26.2% in FY2015. SG&A as a % of Revenue showed almost no change in FY2015.
Net Income marign decreased slightly on 0.74 pp from 4.4% to 3.6% in FY2015.
Capital expenditures (CAPEX) and working capital investments
Caldwell Partners International Inc/The's CAPEX/Revenue was 0.87% in FY2015. CAPEX/Revenue showed almost no change from FY2012 to FY2015. It's average CAPEX/Revenue for the last three years was 0.96%.
Return on investment
The company operates at good ROIC (16.26%) and ROE (13.65%). ROIC increased on 6.7 pp from 9.6% to 16.3% in FY2015. ROE decreased on 2.3 pp from 16.0% to 13.6% in FY2015.
Leverage (Debt)
The company has no debt. Cash dropped on 21.9% in FY2015.
Appendix 1: Peers in Consumer, Non-cyclical
Below we provide Caldwell Partners International Inc/The 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 ($CXR) | | | | 159.5% | |
| |
|---|
| Median (85 companies) | 12.0% | 8.7% | 6.9% | 12.2% | 6.3% |
|---|
| Caldwell Partners International Inc/The ($CWL) | | -4.5% | 3.4% | 33.4% | 20.9% |
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 ($CXR) | | | 79.4% | 86.0% | |
| |
|---|
| Median (73 companies) | 35.4% | 37.4% | 36.1% | 35.6% | 28.1% |
|---|
| Caldwell Partners International Inc/The ($CWL) | 22.0% | 24.8% | 23.1% | 24.5% | 26.2% |
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 ($ISV) | 34.1% | 39.6% | 39.6% | 37.6% | |
| |
|---|
| Median (84 companies) | 8.2% | 8.5% | 9.0% | 10.8% | 10.3% |
|---|
| Caldwell Partners International Inc/The ($CWL) | 2.9% | 4.5% | 0.9% | 3.6% | 4.9% |
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% | 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 ($MBX) | 1.0% | 1.2% | 3.0% | 40.3% | |
| |
|---|
| Median (85 companies) | 2.4% | 2.6% | 2.5% | 2.6% | 4.3% |
|---|
| Caldwell Partners International Inc/The ($CWL) | 1.5% | 0.6% | 0.7% | 1.3% | 0.9% |
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 ($CZO) | 69.9% | -33.5% | 15.5% | 43.5% | |
| |
|---|
| Median (85 companies) | 8.0% | 6.7% | 6.7% | 6.9% | 7.2% |
|---|
| Caldwell Partners International Inc/The ($CWL) | 2.6% | 8.8% | -1.5% | 9.6% | 16.3% |
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 ($CRH) | -2.3x | -3.1x | -3.5x | 12.0x | |
| |
|---|
| Median (69 companies) | 1.9x | 2.8x | 2.2x | 2.7x | 1.6x |
|---|
| Caldwell Partners International Inc/The ($CWL) | -7.0x | -4.4x | -25.0x | -7.9x | -3.7x |
