Uni-Select Inc EBITDA dropped on 151% in 2015 and Revenue dropped on 24.0%
10.02.2016 • About Uni-Select Inc (
$UNS) • By InTwits
Uni-Select Inc reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Uni-Select Inc doesn't have a profitable business model yet: 2015 ROIC is -11.1%
- EBITDA Margin is quite volatile: -3.9% in 2015, 5.9% in 2014, 3.2% in 2013, 3.8% in 2012, 5.6% in 2011
- Uni-Select Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.8%.
- The company has unprofitable business model: ROIC is at -11.1%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Uni-Select Inc ($UNS) key annual financial indicators
| mln. $ | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,781 | 1,798 | 1,788 | 1,784 | 1,355 | -24.0% |
| Gross Profit | | | 538 | 533 | 403 | -24.5% |
| EBITDA | 100 | 69 | 57 | 105 | -53 | -150.6% |
| Net Income | 54 | 29 | 21 | 50 | -40 | -180.2% |
Balance Sheet
|
|---|
| Cash | 2 | 0 | 0 | 0 | 91 | 85,350.5% |
| Short Term Debt | 16 | 19 | 5 | 5 | 3 | -51.1% |
| Long Term Debt | 385 | 340 | 320 | 210 | 88 | -58.3% |
Cash flow
|
|---|
| Capex | 11 | 13 | 12 | 13 | 17 | 26.3% |
Ratios
|
|---|
| Revenue growth | 38.5% | 1.0% | -0.5% | -0.2% | -24.0% | |
| EBITDA growth | 32.5% | -31.0% | -16.7% | 84.4% | -150.6% | |
| Gross Margin | | | 30.1% | 29.9% | 29.7% | -0.2% |
| EBITDA Margin | 5.6% | 3.8% | 3.2% | 5.9% | -3.9% | -9.8% |
| Net Income Margin | 3.0% | 1.6% | 1.2% | 2.8% | -3.0% | -5.8% |
| CAPEX, % of revenue | 0.6% | 0.7% | 0.7% | 0.7% | 1.2% | 0.5% |
| ROIC | 10.7% | 4.8% | 3.4% | 9.6% | -11.1% | -20.7% |
| ROE | 12.7% | 6.2% | 4.4% | 10.0% | -8.5% | -18.5% |
| Net Debt/EBITDA | 4.0x | 5.2x | 5.7x | 2.0x | | -2.0x |
Revenue and profitability
Uni-Select Inc's Revenue dropped on 24.0% in 2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 0.57 pp from 7.2% to 7.8% in 2015.
Gross Margin showed almost no change in 2015.
Net Income marign decreased on 5.8 pp from 2.8% to -3.0% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 Uni-Select Inc had CAPEX/Revenue of 1.2%. The company showed small growth in CAPEX/Revenue of 0.53 pp from 0.72% in 2012 to 1.2% in 2015. It's average CAPEX/Revenue for the last three years was 0.89%.
Return on investment
The company operates at negative ROIC (-11.10%) and ROE (-8.47%). ROIC dropped on 20.7 pp from 9.6% to -11.1% in 2015. ROE dropped on 18.5 pp from 10.0% to -8.5% in 2015.
Leverage (Debt)
Debt level is 1.1x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA dropped on 2.0x from 2.0x to in 2015. Debt dropped on 58.1% in 2015 while cash jumped on 85,350% in 2015.
Management team
The company's CEO Henry Buckley is a founder and has spent 3 years at the company. The company's CFO Eric Bussieres has spent 2 years at the company.
Appendix 1: Peers in Consumer, Cyclical
Below we provide Uni-Select Inc benchmarking against other companies in Consumer, 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 |
|---|
| 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 ($HLC) | 5.4% | -24.6% | 2.7% | 62.7% | |
| |
|---|
| Median (67 companies) | 11.5% | 5.3% | 5.3% | 7.7% | 3.3% |
|---|
| Uni-Select Inc ($UNS) | | 1.0% | -0.5% | -0.2% | -24.0% |
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% | 84.3% |
| 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 ($BCI) | 72.3% | 71.8% | 72.6% | 72.6% | |
| |
|---|
| Median (59 companies) | 37.0% | 35.3% | 32.1% | 34.6% | 36.9% |
|---|
| Uni-Select Inc ($UNS) | | | 30.1% | 29.9% | 29.7% |
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 ($MTY) | 32.2% | 36.3% | 38.7% | 37.0% | |
| |
|---|
| Median (65 companies) | 8.7% | 8.1% | 9.8% | 10.0% | 9.7% |
|---|
| Uni-Select Inc ($UNS) | 5.6% | 3.8% | 3.2% | 5.9% | -3.9% |
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% | 22.5% |
| 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 ($KLS) | 79.2% | 0.4% | 0.7% | 13.5% | |
| |
|---|
| Median (68 companies) | 2.9% | 2.7% | 2.9% | 2.4% | 2.8% |
|---|
| Uni-Select Inc ($UNS) | 0.6% | 0.7% | 0.7% | 0.7% | 1.2% |
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 ($IPC) | -35.4% | 23.0% | 58.5% | 33.6% | 10.9% |
| |
|---|
| Median (68 companies) | 10.4% | 9.8% | 10.8% | 9.8% | 10.9% |
|---|
| Uni-Select Inc ($UNS) | 10.7% | 4.8% | 3.4% | 9.6% | -11.1% |
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 ($AYA) | | 17.9x | 1.8x | 13.5x | |
| |
|---|
| Median (57 companies) | 1.3x | 1.2x | 1.6x | 1.9x | 1.1x |
|---|
| Uni-Select Inc ($UNS) | 4.0x | 5.2x | 5.7x | 2.0x | |
