Electrovaya Inc revenue growth decelerated to 124% in FY2015 vs. 161% a year earliner
01.12.2015 • About Electrovaya Inc (
$EFL) • By InTwits
Electrovaya Inc reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Electrovaya Inc doesn't have a profitable business model yet: FY2015 ROIC is -16.8%
- The company operates at negative EBITDA Margin: -12.1%
- Electrovaya Inc motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2011-FY2015 was 0.0%. On average EBITDA Margin was -22.7% for the sames years0
- Electrovaya Inc has medium CAPEX intensity: 5 year average CAPEX/Revenue was 7.5%. At the same time it's in pair with industry average of 6.9%.
- CAPEX is quite volatile: 0.12 in FY2015, 0.57 in FY2014, 0.62 in FY2013, 0.39 in FY2012, 0.32 in FY2011
- The company has unprofitable business model: ROIC is at -16.8%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Electrovaya Inc ($EFL) key annual financial indicators
| mln. $ | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 10.264 | 9.854 | 2.842 | 7.404 | 16.568 | 123.8% |
| Gross Profit | 2.378 | 3.942 | 0.619 | 2.822 | 4.977 | 76.4% |
| SG&A | 2.183 | 2.341 | 1.482 | 2.044 | 1.771 | -13.4% |
| EBITDA | -0.708 | -1.935 | -3.140 | -2.860 | -2.006 | -29.9% |
| Net Income | -1.995 | -3.872 | -4.561 | -3.446 | -3.193 | -7.3% |
Balance Sheet
|
|---|
| Cash | 5.265 | 5.047 | 2.604 | 0.969 | 6.309 | 551.1% |
| Short Term Debt | 0.000 | 0.000 | 4.924 | 0.034 | 6.458 | 18,894.1% |
| Long Term Debt | 4.377 | 4.826 | 0.369 | 5.740 | 1.381 | -75.9% |
Cash flow
|
|---|
| Capex | 0.316 | 0.389 | 0.622 | 0.574 | 0.115 | -80.0% |
Ratios
|
|---|
| Revenue growth | 104.3% | -4.0% | -71.2% | 160.5% | 123.8% | |
| EBITDA growth | -52.2% | 173.3% | 62.3% | -8.9% | -29.9% | |
| Gross Margin | 23.2% | 40.0% | 21.8% | 38.1% | 30.0% | -8.1% |
| EBITDA Margin | -6.9% | -19.6% | -110.5% | -38.6% | -12.1% | 26.5% |
| Net Income Margin | -19.4% | -39.3% | -160.5% | -46.5% | -19.3% | 27.3% |
| SG&A, % of revenue | 21.3% | 23.8% | 52.1% | 27.6% | 10.7% | -16.9% |
| CAPEX, % of revenue | 3.1% | 3.9% | 21.9% | 7.8% | 0.7% | -7.1% |
| ROIC | -7.6% | -15.4% | -33.8% | -32.8% | -16.8% | 16.0% |
| ROE | -18.7% | -36.0% | -64.7% | -70.0% | -36.1% | 33.9% |
Revenue and profitability
Electrovaya Inc's Revenue jumped on 124% in FY2015. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin jumped on 26.5 pp from -38.6% to -12.1% in FY2015.
Gross Margin decreased on 8.1 pp from 38.1% to 30.0% in FY2015. SG&A as a % of Revenue dropped on 16.9 pp from 27.6% to 10.7% in FY2015.
Net Income marign surged on 27.3 pp from -46.5% to -19.3% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 the company had CAPEX/Revenue of 0.69%. CAPEX/Revenue decreased on 3.3 pp from 3.9% in FY2012 to 0.69% in FY2015. For the last three years the average CAPEX/Revenue was 10.1%.
Return on investment
The company operates at negative ROIC (-16.80%) and ROE (-36.08%). ROIC surged on 16.0 pp from -32.8% to -16.8% in FY2015. ROE jumped on 33.9 pp from -70.0% to -36.1% in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is -0.5x and Debt / EBITDA is . Net Debt / EBITDA didn't change in FY2015. Debt surged on 35.8% in FY2015 while cash jumped on 551% in FY2015.
Appendix 1: Peers in Industrial
Below we provide Electrovaya Inc benchmarking against other companies in Industrial 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 |
|---|
| 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% | 61.8% |
| WSP Global Inc ($WSP) | 12.3% | 92.9% | 60.3% | 44.0% | |
| |
|---|
| Median (92 companies) | 12.4% | 11.5% | 5.3% | 9.1% | 23.6% |
|---|
| Electrovaya Inc ($EFL) | | -4.0% | -71.2% | 160.5% | 123.8% |
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% | 58.1% |
| FLYHT Aerospace Solutions Ltd ($FLY) | 54.0% | 57.2% | 59.2% | 62.9% | |
| |
|---|
| Median (88 companies) | 23.4% | 23.0% | 23.4% | 22.6% | 26.2% |
|---|
| Electrovaya Inc ($EFL) | 23.2% | 40.0% | 21.8% | 38.1% | 30.0% |
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 ($BIN) | 32.2% | 30.7% | 33.1% | 34.0% | |
| |
|---|
| Median (85 companies) | 8.3% | 9.4% | 8.3% | 7.7% | 11.5% |
|---|
| Electrovaya Inc ($EFL) | -6.9% | -19.6% | -110.5% | -38.6% | -12.1% |
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 ($HNL) | 25.1% | 26.5% | 16.3% | 24.1% | |
| |
|---|
| Median (92 companies) | 2.4% | 3.0% | 3.5% | 3.1% | 2.8% |
|---|
| Electrovaya Inc ($EFL) | 3.1% | 3.9% | 21.9% | 7.8% | 0.7% |
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 ($EBN) | 24.8% | 28.1% | 16.1% | 32.5% | 26.3% |
| |
|---|
| Median (93 companies) | 9.1% | 10.0% | 8.5% | 9.1% | 9.3% |
|---|
| Electrovaya Inc ($EFL) | -7.6% | -15.4% | -33.8% | -32.8% | -16.8% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Sigma Industries Inc ($SSG) | | 4.4x | 11.3x | 225.9x | 2.9x |
| H2O Innovation Inc ($HEO) | | | 4.2x | 73.2x | 1.6x |
| 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 (73 companies) | 1.1x | 1.5x | 1.5x | 1.3x | -0.2x |
|---|
