BMTC Group Inc reports 14.6% Net Income decline while 2.3% Revenue growth
18.02.2016 • About BMTC Group Inc (
$GBT) • By InTwits
BMTC Group Inc reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- BMTC Group Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.6%. At the same time it's a lot of higher than industry average of 48.2%.
- CAPEX is quite volatile: 1,936 in 2015, 1,815 in 2014, 335 in 2013, 304 in 2012, 362 in 2011
- The company has highly profitable business model: ROIC is at 25.2%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
BMTC Group Inc ($GBT) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 748.7 | 716.9 | 694.7 | 701.4 | 717.3 | 2.3% |
| Gross Profit | 301.0 | 276.8 | 280.3 | 278.1 | 283.7 | 2.0% |
| SG&A | | 215.9 | 218.6 | 222.3 | 229.9 | 3.4% |
| EBITDA | 81.2 | 68.0 | 68.3 | 63.6 | 62.8 | -1.3% |
| Net Income | 57.2 | 48.7 | 57.3 | 48.6 | 41.5 | -14.6% |
Balance Sheet
|
|---|
| Cash | 12.0 | 12.9 | 17.1 | 33.5 | 8.7 | -73.9% |
| Short Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
Cash flow
|
|---|
| Capex | 11.4 | 15.9 | 8.0 | 9.7 | 13.8 | 43.0% |
Ratios
|
|---|
| Revenue growth | -9.0% | -4.3% | -3.1% | 1.0% | 2.3% | |
| EBITDA growth | | -16.3% | 0.5% | -6.9% | -1.3% | |
| Gross Margin | 40.2% | 38.6% | 40.4% | 39.6% | 39.6% | -0.1% |
| EBITDA Margin | 10.8% | 9.5% | 9.8% | 9.1% | 8.8% | -0.3% |
| Net Income Margin | 7.6% | 6.8% | 8.2% | 6.9% | 5.8% | -1.1% |
| SG&A, % of revenue | | 30.1% | 31.5% | 31.7% | 32.1% | 0.4% |
| CAPEX, % of revenue | 1.5% | 2.2% | 1.2% | 1.4% | 1.9% | 0.5% |
| ROIC | 41.8% | 33.0% | 32.5% | 25.2% | 25.2% | 0.0% |
| ROE | 30.4% | 25.5% | 28.9% | 21.5% | 19.4% | -2.1% |
| Net Debt/EBITDA | -0.1x | -0.2x | -0.3x | -0.5x | -0.1x | 0.4x |
Revenue and profitability
BMTC Group Inc's Revenue increased on 2.3% in 2015. EBITDA Margin showed almost no change in 2015.
Gross Margin showed almost no change in 2015. SG&A as a % of Revenue showed almost no change in 2015.
Net Income marign decreased slightly on 1.1 pp from 6.9% to 5.8% in 2015.
Capital expenditures (CAPEX) and working capital investments
BMTC Group Inc's CAPEX/Revenue was 1.9% in 2015. CAPEX/Revenue showed almost no change from 2012 to 2015. It's average level of CAPEX/Revenue for the last three years was 1.5%.
Return on investment
The company operates at high and attractive ROIC (25.20%) while ROE is a bit lower (19.39%). ROIC showed almost no change in 2015. ROE decreased on 2.1 pp from 21.5% to 19.4% in 2015.
Leverage (Debt)
The company has no debt. Cash dropped on 73.9% in 2015.
Appendix 1: Peers in Consumer, Cyclical
Below you can find BMTC Group 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 ($HLC) | 5.4% | -24.6% | 2.7% | 62.7% | |
| |
|---|
| Median (67 companies) | 12.6% | 5.3% | 5.3% | 7.7% | 3.3% |
|---|
| BMTC Group Inc ($GBT) | | -4.3% | -3.1% | 1.0% | 2.3% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Restaurant Brands International Inc ($QSR) | | | 69.7% | 87.0% | 42.9% |
| Imvescor Restaurant Group Inc ($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 ($BCI) | 72.3% | 71.8% | 72.6% | 72.6% | |
| |
|---|
| Median (59 companies) | 36.1% | 34.1% | 31.6% | 32.5% | 36.8% |
|---|
| BMTC Group Inc ($GBT) | 40.2% | 38.6% | 40.4% | 39.6% | 39.6% |
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 ($MTY) | 32.2% | 36.3% | 38.7% | 37.0% | 34.9% |
| |
|---|
| Median (65 companies) | 8.4% | 7.9% | 9.7% | 10.0% | 10.0% |
|---|
| BMTC Group Inc ($GBT) | 10.8% | 9.5% | 9.8% | 9.1% | 8.8% |
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 ($KLS) | 79.2% | 0.4% | 0.7% | 13.5% | |
| |
|---|
| Median (68 companies) | 2.9% | 2.7% | 2.9% | 2.4% | 2.8% |
|---|
| BMTC Group Inc ($GBT) | 1.5% | 2.2% | 1.2% | 1.4% | 1.9% |
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 ($IPC) | -35.4% | 23.0% | 58.5% | 33.6% | 10.9% |
| |
|---|
| Median (68 companies) | 10.4% | 9.7% | 10.1% | 9.7% | 9.4% |
|---|
| BMTC Group Inc ($GBT) | 41.8% | 33.0% | 32.5% | 25.2% | 25.2% |
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 | 5.8x |
| Allied Hotel Properties Inc ($AHP) | | | | 21.3x | |
| Hudson's Bay Co ($HBC) | 8.7x | 3.8x | 3.6x | 19.1x | 3.6x |
| Amaya Inc ($AYA) | | 17.9x | 1.8x | 13.5x | |
| |
|---|
| Median (57 companies) | 1.3x | 1.4x | 1.8x | 2.0x | 1.4x |
|---|
| BMTC Group Inc ($GBT) | -0.1x | -0.2x | -0.3x | -0.5x | -0.1x |
