Whistler Blackcomb Holdings Inc reports 13.9% Net Income growth and 0.97 pp EBITDA Margin decline from 36.4% to 35.4%
14.12.2015 • About Whistler Blackcomb Holdings Inc (
$WB) • By InTwits
Whistler Blackcomb Holdings Inc reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is relatively stable: 35.4% in FY2015 vs. 36.4% in FY2014 vs. 34.8% in FY2011
- Whistler Blackcomb Holdings Inc has medium CAPEX intensity: 5 year average CAPEX/Revenue was 8.5%. At the same time it's a lot of higher than industry average of 4.6%.
- CAPEX is quite volatile: 32.1 in FY2015, 30.7 in FY2014, 24.7 in FY2013, 10.6 in FY2012, 7.9 in FY2011
- The company has business model with low profitability: ROIC is at 7.6%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Whistler Blackcomb Holdings Inc ($WB) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 216.0 | 236.4 | 240.8 | 254.5 | 262.3 | 3.0% |
| Gross Profit | 66.3 | | | | | |
| SG&A | 23.1 | 26.9 | 27.7 | 27.8 | 29.2 | 5.1% |
| EBITDA | 75.1 | 85.2 | 86.4 | 92.7 | 93.0 | 0.3% |
| Net Income | 6.6 | 15.7 | 14.1 | 17.9 | 20.4 | 13.9% |
Balance Sheet
|
|---|
| Cash | 27.9 | 43.6 | 41.4 | 8.4 | 5.7 | -32.4% |
| Short Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Long Term Debt | 255.8 | 256.8 | 258.0 | 229.9 | 232.4 | 1.1% |
Cash flow
|
|---|
| Capex | 7.9 | 10.6 | 24.7 | 30.7 | 32.1 | 4.7% |
Ratios
|
|---|
| Revenue growth | -3.9% | 9.4% | 1.9% | 5.7% | 3.0% | |
| EBITDA growth | 22.5% | 13.4% | 1.4% | 7.2% | 0.3% | |
| Gross Margin | 30.7% | | | | | 0.0% |
| EBITDA Margin | 34.8% | 36.0% | 35.9% | 36.4% | 35.4% | -1.0% |
| Net Income Margin | 3.0% | 6.6% | 5.9% | 7.0% | 7.8% | 0.7% |
| SG&A, % of revenue | 10.7% | 11.4% | 11.5% | 10.9% | 11.1% | 0.2% |
| CAPEX, % of revenue | 3.7% | 4.5% | 10.2% | 12.0% | 12.2% | 0.2% |
| ROIC | 10.4% | 6.6% | 6.3% | 7.4% | 7.6% | 0.3% |
| ROE | 2.3% | 3.8% | 3.5% | 4.7% | 5.6% | 0.9% |
| Net Debt/EBITDA | 3.0x | 2.5x | 2.5x | 2.4x | 2.4x | 0.0x |
Revenue and profitability
Whistler Blackcomb Holdings Inc's Revenue increased on 3.0% in FY2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 2.5 pp from 42.3% to 39.8% in 2015.
SG&A as a % of Revenue showed almost no change in FY2015.
Net Income marign increased slightly on 0.74 pp from 7.0% to 7.8% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 the company had CAPEX/Revenue of 12.2%. The company's CAPEX/Revenue increased on 7.7 pp from 4.5% in FY2012 to 12.2% in FY2015. Average CAPEX/Revenue for the last three years was 11.5%.
Return on investment
The company operates at low ROIC (7.61%) and ROE (5.63%). ROIC showed almost no change in FY2015. ROE increased slightly on 0.91 pp from 4.7% to 5.6% in FY2015.
Leverage (Debt)
Debt level is 2.4x Net Debt / EBITDA and 2.5x Debt / EBITDA. Net Debt / EBITDA increased on 0.050x from 2.4x to 2.4x in FY2015. Debt increased slightly on 1.1% in FY2015 while cash dropped on 32.4% in FY2015.
Appendix 1: Peers in Consumer, Cyclical
Below you can find Whistler Blackcomb Holdings Inc 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 ($HLC) | 5.4% | -24.6% | 2.7% | 62.7% | |
| |
|---|
| Median (67 companies) | 11.5% | 5.3% | 5.3% | 7.7% | 4.0% |
|---|
| Whistler Blackcomb Holdings Inc ($WB) | | 9.4% | 1.9% | 5.7% | 3.0% |
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 ($BCI) | 72.3% | 71.8% | 72.6% | 72.6% | |
| |
|---|
| Median (60 companies) | 37.9% | 35.3% | 31.8% | 33.5% | 36.8% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Westshore Terminals Investment Corp ($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) | 8.4% | 7.9% | 9.7% | 9.6% | 7.7% |
|---|
| Whistler Blackcomb Holdings Inc ($WB) | 34.8% | 36.0% | 35.9% | 36.4% | 35.4% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Poydras Gaming Finance Corp ($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) | 2.6% | 2.7% | 2.7% | 2.2% | 2.7% |
|---|
| Whistler Blackcomb Holdings Inc ($WB) | 3.7% | 4.5% | 10.2% | 12.0% | 12.2% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Partner Jet Corp ($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 ($WTE) | | 24.0% | 37.8% | 35.0% | 38.3% |
| Iplayco Corp Ltd ($IPC) | -35.4% | 23.0% | 58.5% | 33.6% | 10.9% |
| |
|---|
| Median (68 companies) | 10.7% | 9.8% | 10.8% | 9.8% | 7.9% |
|---|
| Whistler Blackcomb Holdings Inc ($WB) | 10.4% | 6.6% | 6.3% | 7.4% | 7.6% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Mountain China Resorts Holding Ltd ($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 | 1.2x | 1.6x | 1.9x | 1.1x |
|---|
| Whistler Blackcomb Holdings Inc ($WB) | 3.0x | 2.5x | 2.5x | 2.4x | 2.4x |
