Colliers International Group Inc reports 39.6% EBITDA decline and 36.6% Revenue decline
05.02.2016 • About Colliers International Group Inc (
$CIG) • By InTwits
Colliers International Group Inc reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Colliers International Group Inc is a company in decline: 2015 revenue growth was -36.6%, 5 years revenue CAGR was -2.8%
- EBITDA Margin is relatively stable: 6.9% in 2015 vs. 7.3% in 2014 vs. 6.7% in 2011
- Colliers International Group Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.7%. At the same time it's in pair with industry average of 6.9%.
- CAPEX is quite volatile: 77.0 in FY2015, 42.3 in FY2014, 23.1 in FY2013, 25.8 in FY2012, 36.7 in FY2011
- The company has business model with average profitability: ROIC is at 10.9%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Colliers International Group Inc ($CIG) key annual financial indicators
| mln. $ | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 2,224 | 2,110 | 2,345 | 2,714 | 1,722 | -36.6% |
| Gross Profit | 788 | 747 | 821 | 967 | 678 | -29.9% |
| SG&A | 634 | 603 | 650 | 758 | 502 | -33.7% |
| EBITDA | 149 | 134 | 164 | 197 | 119 | -39.6% |
| Net Income | 74 | 6 | -18 | 43 | 23 | -46.1% |
Balance Sheet
|
|---|
| Cash | 98 | 109 | 143 | 157 | 116 | -25.9% |
| Short Term Debt | 216 | 39 | 45 | 36 | 3 | -91.2% |
| Long Term Debt | 177 | 375 | 328 | 457 | 258 | -43.6% |
Cash flow
|
|---|
| Capex | 37 | 44 | 35 | 53 | 23 | -57.1% |
Ratios
|
|---|
| Revenue growth | 12.0% | -5.1% | 11.1% | 15.8% | -36.6% | |
| EBITDA growth | 2.5% | -10.2% | 22.6% | 20.0% | -39.6% | |
| Gross Margin | 35.4% | 35.4% | 35.0% | 35.6% | 39.3% | 3.7% |
| EBITDA Margin | 6.7% | 6.3% | 7.0% | 7.3% | 6.9% | -0.3% |
| Net Income Margin | 3.3% | 0.3% | -0.8% | 1.6% | 1.4% | -0.2% |
| SG&A, % of revenue | 28.5% | 28.6% | 27.7% | 27.9% | 29.2% | 1.2% |
| CAPEX, % of revenue | 1.7% | 2.1% | 1.5% | 1.9% | 1.3% | -0.6% |
| ROIC | 13.3% | 10.5% | 11.2% | 15.2% | 10.9% | -4.3% |
| ROE | 81.2% | -3.5% | -12.1% | 18.5% | 12.7% | -5.8% |
| Net Debt/EBITDA | 2.0x | 2.3x | 1.4x | 1.7x | 1.2x | -0.5x |
Revenue and profitability
Colliers International Group Inc's Revenue dropped on 36.6% in 2015. Despite revenue decline the EBITDA margin expanded. EBITDA Margin increased slightly on 0.59 pp from 11.6% to 12.2% in 2015.
Gross Margin increased on 3.7 pp from 35.6% to 39.3% in 2015. SG&A as a % of Revenue increased slightly on 1.2 pp from 27.9% to 29.2% in 2015.
Net Income marign showed almost no change in 2015.
Capital expenditures (CAPEX) and working capital investments
Colliers International Group Inc's CAPEX/Revenue was 1.3% in 2015. The company's CAPEX/Revenue decreased slightly on 0.80 pp from 2.1% in 2012 to 1.3% in 2015. It's average level of CAPEX/Revenue for the last three years was 1.6%.
Return on investment
The company operates at good ROE (12.73%) while ROIC is low (10.90%). ROIC decreased on 4.3 pp from 15.2% to 10.9% in 2015. ROE decreased on 5.8 pp from 18.5% to 12.7% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 1.2x and Debt / EBITDA is 2.2x. Net Debt / EBITDA dropped on 0.5x from 1.7x to 1.2x in 2015. Debt dropped on 47.1% in 2015 while cash dropped on 25.9% in 2015.
Appendix 1: Peers in Consumer, Non-cyclical
Below we provide Colliers International Group Inc 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% | |
| Patient Home Monitoring Corp ($PHM) | | 170.2% | 1.9% | 433.0% | 238.4% |
| Family Memorials Inc ($FAM) | -13.6% | 54.7% | 22.9% | 245.3% | |
| Nobilis Health Corp ($NHC) | 16.6% | 45.3% | 49.0% | 169.9% | |
| |
|---|
| Median (86 companies) | 14.0% | 9.3% | 5.3% | 12.7% | 6.0% |
|---|
| Colliers International Group Inc ($CIG) | | -5.1% | 11.1% | 15.8% | -36.6% |
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 ($CXR) | | | 79.4% | 86.0% | |
| |
|---|
| Median (74 companies) | 34.6% | 38.6% | 36.2% | 35.2% | 33.1% |
|---|
| Colliers International Group Inc ($CIG) | 35.4% | 35.4% | 35.0% | 35.6% | 39.3% |
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% | 61.5% |
| 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 ($ISV) | 34.1% | 39.6% | 39.6% | 37.6% | |
| |
|---|
| Median (85 companies) | 8.1% | 8.5% | 9.0% | 11.0% | 8.6% |
|---|
| Colliers International Group Inc ($CIG) | 6.7% | 6.3% | 7.0% | 7.3% | 6.9% |
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 ($MBX) | 1.0% | 1.2% | 3.0% | 40.3% | 38.7% |
| |
|---|
| Median (86 companies) | 2.4% | 2.8% | 2.4% | 2.6% | 2.3% |
|---|
| Colliers International Group Inc ($CIG) | 1.7% | 2.1% | 1.5% | 1.9% | 1.3% |
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 ($COV) | -49.6% | -75.8% | -30.1% | 50.6% | -12.4% |
| Cipher Pharmaceuticals Inc ($CPH) | -22.9% | 21.8% | 81.4% | 44.6% | |
| Ceapro Inc ($CZO) | 69.9% | -33.5% | 15.5% | 43.5% | |
| |
|---|
| Median (86 companies) | 7.4% | 6.3% | 6.7% | 6.7% | 6.8% |
|---|
| Colliers International Group Inc ($CIG) | 13.3% | 10.5% | 11.2% | 15.2% | 10.9% |
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 ($CRH) | -2.3x | -3.1x | -3.5x | 12.0x | |
| |
|---|
| Median (70 companies) | 1.8x | 2.8x | 2.2x | 2.7x | 1.4x |
|---|
| Colliers International Group Inc ($CIG) | 2.0x | 2.3x | 1.4x | 1.7x | 1.2x |
