Iplayco Corp Ltd Net Income dropped on 48.6% in 2015 while Revenue increased on 4.0%
02.12.2015 • About Iplayco Corp Ltd (
$IPC) • By InTwits
Iplayco Corp Ltd reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is quite volatile: 8.0% in FY2015, 11.2% in FY2014, 14.0% in FY2013, 8.2% in FY2012, -6.1% in FY2011
- Iplayco Corp Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.9%. At the same time it's a lot of higher than industry average of 35.3%.
- CAPEX is quite volatile: 0.45 in FY2015, 0.28 in FY2014, 0.32 in FY2013, 0.087 in FY2012, 0.21 in FY2011
- The company has business model with average profitability: ROIC is at 10.9%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Iplayco Corp Ltd ($IPC) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 8.468 | 10.389 | 15.212 | 16.538 | 17.203 | 4.0% |
| Gross Profit | 2.515 | 3.914 | 5.693 | 6.359 | 6.327 | -0.5% |
| SG&A | | 3.367 | 3.861 | 4.799 | 5.881 | 22.5% |
| EBITDA | -0.512 | 0.849 | 2.124 | 1.856 | 1.372 | -26.1% |
| Net Income | -0.762 | 0.313 | 1.229 | 1.007 | 0.517 | -48.6% |
Balance Sheet
|
|---|
| Cash | 0.000 | 0.841 | 1.694 | 2.090 | 4.947 | 136.7% |
| Short Term Debt | 0.295 | 0.769 | 0.312 | 0.785 | 0.000 | -100.0% |
| Long Term Debt | 0.311 | 0.002 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 0.206 | 0.087 | 0.323 | 0.281 | 0.454 | 61.6% |
Ratios
|
|---|
| Revenue growth | 6.6% | 22.7% | 46.4% | 8.7% | 4.0% | |
| EBITDA growth | -723.2% | -265.7% | 150.2% | -12.6% | -26.1% | |
| Gross Margin | 29.7% | 37.7% | 37.4% | 38.5% | 36.8% | -1.7% |
| EBITDA Margin | -6.1% | 8.2% | 14.0% | 11.2% | 8.0% | -3.2% |
| Net Income Margin | -9.0% | 3.0% | 8.1% | 6.1% | 3.0% | -3.1% |
| SG&A, % of revenue | | 32.4% | 25.4% | 29.0% | 34.2% | 5.2% |
| CAPEX, % of revenue | 2.4% | 0.8% | 2.1% | 1.7% | 2.6% | 0.9% |
| ROIC | -35.4% | 23.0% | 58.5% | 33.6% | 10.9% | -22.7% |
| ROE | -35.5% | 16.3% | 45.6% | 26.4% | 5.8% | -20.6% |
| Net Debt/EBITDA | | -0.1x | -0.7x | -0.7x | -3.6x | -2.9x |
Revenue and profitability
Iplayco Corp Ltd's Revenue increased on 4.0% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 4.8 pp from -14.1% to -9.3% in 2015.
Gross Margin decreased slightly on 1.7 pp from 38.5% to 36.8% in FY2015. SG&A as a % of Revenue increased on 5.2 pp from 29.0% to 34.2% in FY2015.
Net Income marign decreased on 3.1 pp from 6.1% to 3.0% in FY2015.
Capital expenditures (CAPEX) and working capital investments
Iplayco Corp Ltd's CAPEX/Revenue was 2.6% in FY2015. CAPEX/Revenue increased slightly on 1.8 pp from 0.83% in FY2012 to 2.6% in FY2015. Average CAPEX/Revenue for the last three years was 2.2%.
Return on investment
The company operates at low ROIC (10.87%) and ROE (5.84%). ROIC dropped on 22.7 pp from 33.6% to 10.9% in FY2015. ROE dropped on 20.6 pp from 26.4% to 5.8% in FY2015.
Leverage (Debt)
The company paid down all the debt in FY2015. Cash jumped on 137% in FY2015.
Appendix 1: Peers in Consumer, Cyclical
Below you can find Iplayco Corp Ltd benchmarking vs. other companies in Consumer, Cyclical 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 |
|---|
| Amaya Inc ($AYA) | 216.4% | 311.5% | 85.2% | 254.0% | |
| Partner Jet Corp ($PJT) | -19.9% | -15.2% | 1.2% | 119.7% | |
| Kelso Technologies Inc ($KLS) | 80.5% | 577.5% | 487.8% | 81.4% | |
| XPEL Technologies Corp ($DAP.U) | 46.3% | 76.6% | 67.7% | 65.5% | |
| Holloway Lodging Corp ($HLC) | 5.4% | -24.6% | 2.7% | 62.7% | |
| |
|---|
| Median (67 companies) | 11.0% | 5.3% | 4.9% | 7.2% | 4.1% |
|---|
| Iplayco Corp Ltd ($IPC) | | 22.7% | 46.4% | 8.7% | 4.0% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Restaurant Brands International Inc ($QSR) | | | 69.7% | 87.0% | |
| Imvescor Restaurant Group Inc ($IRG) | 96.2% | 94.2% | 89.7% | 84.9% | |
| DEQ Systems Corp ($DEQ) | 74.3% | 77.5% | 78.4% | 84.7% | |
| Second Cup Ltd/The ($SCU) | 91.1% | 86.6% | 85.1% | 72.7% | |
| New Look Vision Group Inc ($BCI) | 72.3% | 71.8% | 72.6% | 72.6% | |
| |
|---|
| Median (59 companies) | 37.9% | 34.1% | 31.6% | 32.5% | 36.9% |
|---|
| Iplayco Corp Ltd ($IPC) | 29.7% | 37.7% | 37.4% | 38.5% | 36.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Westshore Terminals Investment Corp ($WTE) | | 49.7% | 65.9% | 60.9% | 59.6% |
| Gamehost Inc ($GH) | 44.2% | 46.1% | 45.7% | 45.9% | |
| Great Canadian Gaming Corp ($GC) | 34.1% | 16.8% | 41.1% | 40.1% | |
| Amaya Inc ($AYA) | -5.7% | 7.2% | 38.2% | 39.3% | |
| MTY Food Group Inc ($MTY) | 32.2% | 36.3% | 38.7% | 37.0% | |
| |
|---|
| Median (65 companies) | 8.7% | 7.9% | 9.7% | 9.6% | 9.4% |
|---|
| Iplayco Corp Ltd ($IPC) | -6.1% | 8.2% | 14.0% | 11.2% | 8.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Poydras Gaming Finance Corp ($PYD) | | | | 32.5% | |
| WestJet Airlines Ltd ($WJA) | 3.9% | 7.9% | 19.5% | 18.6% | |
| Exchange Income Corp ($EIF) | 8.2% | 7.9% | 15.8% | 15.5% | |
| Holloway Lodging Corp ($HLC) | 3.4% | 8.2% | 6.7% | 14.8% | |
| Kelso Technologies Inc ($KLS) | 79.2% | 0.4% | 0.7% | 13.5% | |
| |
|---|
| Median (68 companies) | 2.9% | 2.7% | 2.9% | 2.4% | 2.7% |
|---|
| Iplayco Corp Ltd ($IPC) | 2.4% | 0.8% | 2.1% | 1.7% | 2.6% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Partner Jet Corp ($PJT) | -30.7% | -51.6% | -50.8% | 85.1% | |
| Kelso Technologies Inc ($KLS) | -121.3% | | | 48.8% | |
| XPEL Technologies Corp ($DAP.U) | 52.9% | 54.7% | 57.5% | 43.2% | |
| Westshore Terminals Investment Corp ($WTE) | | 24.0% | 37.8% | 35.0% | 38.3% |
| BRP Inc/CA ($DOO) | | 29.8% | 26.8% | 32.3% | 35.3% |
| |
|---|
| Median (68 companies) | 10.7% | 9.7% | 10.1% | 9.7% | 4.4% |
|---|
| Iplayco Corp Ltd ($IPC) | -35.4% | 23.0% | 58.5% | 33.6% | 10.9% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Mountain China Resorts Holding Ltd ($MCG) | | | | 317.1x | |
| Restaurant Brands International Inc ($QSR) | | | 3.8x | 33.6x | |
| Allied Hotel Properties Inc ($AHP) | | | | 21.3x | |
| Hudson's Bay Co ($HBC) | 8.7x | 3.8x | 3.6x | 19.1x | 3.6x |
| Amaya Inc ($AYA) | | 17.9x | 1.8x | 13.5x | |
| |
|---|
| Median (57 companies) | 1.3x | 1.4x | 1.8x | 2.0x | 1.7x |
|---|
| Iplayco Corp Ltd ($IPC) | | -0.1x | -0.7x | -0.7x | -3.6x |
