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Accord Financial Corp Net Income jumped on 27.3% in 2015 and EBITDA Margin decreased slightly on 0.79 pp from 44.1% to 43.3%

17.02.2016 • About Accord Financial Corp ($ACD) • By InTwits

Accord Financial Corp reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts: Accord Financial Corp has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.4%..

Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Accord Financial Corp ($ACD) key annual financial indicators

mln. CAD201120122013201420152015/2014
Net Income7.5856.3776.5386.8798.75927.3%
Balance Sheet
Short Term Debt27.22254.57243.36863.99554.094-15.5%
Long Term Debt14.61114.49214.80916.80813.201-21.5%
Cash flow
Revenue growth-9.5%-8.9%0.7%16.0%4.4%
EBITDA growth-15.0%-14.2%3.1%13.0%2.6%
EBITDA Margin46.9%44.2%45.2%44.1%43.3%-0.8%
Net Income Margin26.7%24.6%25.1%22.8%27.7%5.0%
CAPEX, % of revenue0.5%0.2%0.2%0.6%0.3%-0.3%
Net Debt/EBITDA2.9x5.2x4.6x5.5x4.0x-1.5x

Revenue and profitability

Accord Financial Corp's Revenue increased on 4.4% in 2015. Despite revenue decline the EBITDA margin expanded. EBITDA Margin increased slightly on 1.9 pp from 9.3% to 11.2% in FY2015.

Net Income marign increased on 5.0 pp from 22.8% to 27.7% in 2015.

Capital expenditures (CAPEX) and working capital investments

In 2015 the company had CAPEX/Revenue of 0.31%. Accord Financial Corp showed almost no change in CAPEX/Revenue from 2012 to 2015. Average CAPEX/Revenue for the last three years was 0.37%.

Leverage (Debt)

Debt level is 4.0x Net Debt / EBITDA and 4.9x Debt / EBITDA. Net Debt / EBITDA dropped on 1.5x from 5.5x to 4.0x in 2015. Debt dropped on 16.7% in 2015 while cash surged on 75.1% in 2015.

Management team

Tom Henderson is a the company's CEO. Tom Henderson is a founder and has spent 9 years at the company.

Appendix 1: Peers in Financial

Below you can find Accord Financial 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 ($GS)-39.1%60.6%97.9%-33.5%
Median (73 companies)11.2%9.4%7.4%8.9%0.8%
Accord Financial Corp ($ACD)-8.9%0.7%16.0%4.4%

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%27.5%
Onex Corp ($OCX)20.0%20.1%26.2%27.9%
Median (11 companies)25.2%22.6%25.7%20.5%27.6%

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 ($FN)66.1%67.8%76.5%77.1%
Median (48 companies)35.6%32.3%32.0%30.5%45.1%
Accord Financial Corp ($ACD)46.9%44.2%45.2%44.1%43.3%

Top companies by CAPEX/Revenue, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Killam Properties Inc ($KMP)73.6%80.7%114.1%143.5%46.7%
Dundee Corp ($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%56.3%
First Capital Realty Inc ($FCR)102.8%127.9%76.1%73.8%56.7%
Median (75 companies)1.3%1.6%0.8%1.0%1.3%
Accord Financial Corp ($ACD)0.5%0.2%0.2%0.6%0.3%

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%13.7%
Street Capital Group Inc ($SCB)2.3%10.9%11.0%13.4%
Median (77 companies)5.0%4.8%4.5%4.8%4.9%
Accord Financial Corp ($ACD)

Top companies by Net Debt / EBITDA

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
First National Financial Corp ($FN)37.6x34.3x33.7x40.9x
Element Financial Corp ($EFN)140.2x31.9x37.6x
Gazit-Globe Ltd ($GZT)14.8x12.8x12.7x15.3x
Morguard Corp ($MRC)7.5x8.9x14.2x
StorageVault Canada Inc ($SVI)6.0x11.2x9.7x13.6x
Median (40 companies)5.3x5.3x5.0x4.2x2.9x
Accord Financial Corp ($ACD)2.9x5.2x4.6x5.5x4.0x