Integrated Asset Management Corp Net Income dropped on 84.6% in 2015 and Revenue decreased slightly on 0.85%
04.12.2015 • About Integrated Asset Management Corp (
$IAM) • By InTwits
Integrated Asset Management Corp reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is quite volatile: 15.0% in FY2015, 20.4% in FY2014, 8.9% in FY2013, 12.1% in FY2012, 25.6% in FY2011
- Integrated Asset Management Corp has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.4%.
- The company has potentially unprofitable business model: ROIC is at 5.7%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Integrated Asset Management Corp ($IAM) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 28.357 | 12.515 | 11.577 | 14.404 | 14.282 | -0.8% |
| EBITDA | 7.266 | 1.515 | 1.031 | 2.937 | 2.140 | -27.1% |
| Net Income | 4.355 | -1.742 | -1.240 | 7.348 | 1.132 | -84.6% |
Balance Sheet
|
|---|
| Cash | 8.158 | 7.244 | 6.603 | 15.311 | 15.692 | 2.5% |
| 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 | 0.095 | 0.047 | 0.047 | 0.035 | 0.076 | 120.2% |
Ratios
|
|---|
| Revenue growth | 31.5% | -55.9% | -7.5% | 24.4% | -0.8% | |
| EBITDA growth | 144.1% | -79.2% | -31.9% | 184.9% | -27.1% | |
| EBITDA Margin | 25.6% | 12.1% | 8.9% | 20.4% | 15.0% | -5.4% |
| Net Income Margin | 15.4% | -13.9% | -10.7% | 51.0% | 7.9% | -43.1% |
| CAPEX, % of revenue | 0.3% | 0.4% | 0.4% | 0.2% | 0.5% | 0.3% |
| ROIC | 35.9% | 1.8% | -0.4% | 10.9% | 5.7% | -5.2% |
| ROE | 24.3% | -9.7% | -8.1% | 43.8% | 6.0% | -37.8% |
| Net Debt/EBITDA | -1.1x | -4.8x | -6.4x | -5.2x | -7.3x | -2.1x |
Revenue and profitability
Integrated Asset Management Corp's Revenue decreased slightly on 0.85% in FY2015. Revenue decline was worsened by EBITDA margin decline. EBITDA Margin decreased on 5.4 pp from 20.4% to 15.0% in FY2015.
Net Income marign dropped on 43.1 pp from 51.0% to 7.9% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 Integrated Asset Management Corp had CAPEX/Revenue of 0.53%. Integrated Asset Management Corp's CAPEX/Revenue showed almost no change from FY2012 to FY2015. It's average level of CAPEX/Revenue for the last three years was 0.39%.
Return on investment
The company operates at low ROIC (5.72%) and ROE (5.99%). ROIC decreased on 5.2 pp from 10.9% to 5.7% in FY2015. ROE dropped on 37.8 pp from 43.8% to 6.0% in FY2015.
Leverage (Debt)
The company has no debt. Cash increased on 2.5% in FY2015.
Appendix 1: Peers in Financial
Below you can find Integrated Asset Management Corp benchmarking vs. other companies in Financial 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 |
|---|
| 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 ($GS) | | -39.1% | 60.6% | 97.9% | -33.5% |
| |
|---|
| Median (72 companies) | 10.3% | 9.3% | 7.2% | 8.4% | 1.3% |
|---|
| Integrated Asset Management Corp ($IAM) | | -55.9% | -7.5% | 24.4% | -0.8% |
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 ($OCX) | 20.0% | 20.1% | 26.2% | 27.9% | |
| |
|---|
| Median (11 companies) | 25.2% | 22.6% | 25.7% | 20.5% | 16.9% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Firm Capital Mortgage Investment Corp ($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) | 35.8% | 32.5% | 32.1% | 34.8% | 48.1% |
|---|
| Integrated Asset Management Corp ($IAM) | 25.6% | 12.1% | 8.9% | 20.4% | 15.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Killam Properties Inc ($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% | 1.7% |
|---|
| Integrated Asset Management Corp ($IAM) | 0.3% | 0.4% | 0.4% | 0.2% | 0.5% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Gluskin Sheff + Associates Inc ($GS) | 71.3% | 21.0% | 82.9% | 153.9% | 63.6% |
| 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% | 4.6% | 4.8% | 5.4% |
|---|
| Integrated Asset Management Corp ($IAM) | 35.9% | 1.8% | -0.4% | 10.9% | 5.7% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| First National Financial Corp ($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 | 2.9x |
|---|
| Integrated Asset Management Corp ($IAM) | -1.1x | -4.8x | -6.4x | -5.2x | -7.3x |
