International Road Dynamics Inc EBITDA surged on 98.8% in 2015 and Revenue jumped on 28.6%
22.02.2016 • About International Road Dynamics Inc (
$IRD) • By InTwits
International Road Dynamics Inc reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is quite volatile: 5.8% in FY2015, 3.7% in FY2014, 4.7% in FY2013, 2.0% in FY2012, -2.7% in FY2011
- International Road Dynamics Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.4%. At the same time it's in pair with industry average of 89.0%.
- CAPEX is quite volatile: 1.1 in FY2015, 0.96 in FY2014, 0.83 in FY2013, 0.23 in FY2012, 0.30 in FY2011
- The company has business model with average profitability: ROIC is at 10.6%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
International Road Dynamics Inc ($IRD) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 39.099 | 41.577 | 43.646 | 45.102 | 57.990 | 28.6% |
| Gross Profit | 9.032 | 12.259 | 13.654 | 14.003 | 17.617 | 25.8% |
| EBITDA | -1.060 | 0.837 | 2.055 | 1.681 | 3.342 | 98.8% |
| Net Income | -3.477 | -0.647 | 0.912 | 1.372 | 2.532 | 84.5% |
Balance Sheet
|
|---|
| Cash | 0.917 | 1.157 | 1.390 | 1.399 | 1.834 | 31.0% |
| Short Term Debt | 7.461 | 6.576 | 5.664 | 6.842 | 4.088 | -40.3% |
| Long Term Debt | 0.179 | 0.000 | 0.000 | 0.771 | 0.643 | -16.7% |
Cash flow
|
|---|
| Capex | 0.295 | 0.228 | 0.829 | 0.963 | 1.059 | 10.0% |
Ratios
|
|---|
| Revenue growth | -12.1% | 6.3% | 5.0% | 3.3% | 28.6% | |
| EBITDA growth | -151.8% | -179.0% | 145.4% | -18.2% | 98.8% | |
| Gross Margin | 23.1% | 29.5% | 31.3% | 31.0% | 30.4% | -0.7% |
| EBITDA Margin | -2.7% | 2.0% | 4.7% | 3.7% | 5.8% | 2.0% |
| Net Income Margin | -8.9% | -1.6% | 2.1% | 3.0% | 4.4% | 1.3% |
| CAPEX, % of revenue | 0.8% | 0.5% | 1.9% | 2.1% | 1.8% | -0.3% |
| ROIC | -7.3% | 0.9% | 6.7% | 4.4% | 10.6% | 6.3% |
| ROE | -19.3% | -3.8% | 5.3% | 7.5% | 12.1% | 4.6% |
| Net Debt/EBITDA | | 6.5x | 2.1x | 3.7x | 0.9x | -2.8x |
Revenue and profitability
International Road Dynamics Inc's Revenue surged on 28.6% in FY2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 107 pp from 54.5% to -52.6% in 2015.
Gross Margin decreased slightly on 0.67 pp from 31.0% to 30.4% in FY2015.
Net Income marign increased slightly on 1.3 pp from 3.0% to 4.4% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 the company had CAPEX/Revenue of 1.8%. The company's CAPEX/Revenue increased slightly on 1.3 pp from 0.55% in FY2012 to 1.8% in FY2015. It's average CAPEX/Revenue for the last three years was 2.0%.
Return on investment
The company operates at good ROE (12.09%) while ROIC is low (10.64%). ROIC increased on 6.3 pp from 4.4% to 10.6% in FY2015. ROE increased on 4.6 pp from 7.5% to 12.1% in FY2015.
Leverage (Debt)
Debt level is 0.9x Net Debt / EBITDA and 1.4x Debt / EBITDA. Net Debt / EBITDA dropped on 2.8x from 3.7x to 0.9x in FY2015. Debt dropped on 37.9% in FY2015 while cash surged on 31.0% in FY2015.
Appendix 1: Peers in Consumer, Non-cyclical
Below you can find International Road Dynamics Inc benchmarking vs. other companies in Consumer, Non-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 |
|---|
| 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 ($NHC) | 16.6% | 45.3% | 49.0% | 169.9% | |
| |
|---|
| Median (86 companies) | 15.5% | 9.3% | 6.7% | 13.2% | 6.6% |
|---|
| International Road Dynamics Inc ($IRD) | | 6.3% | 5.0% | 3.3% | 28.6% |
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 ($CXR) | | | 79.4% | 86.0% | |
| |
|---|
| Median (74 companies) | 35.5% | 38.6% | 36.2% | 35.7% | 34.5% |
|---|
| International Road Dynamics Inc ($IRD) | 23.1% | 29.5% | 31.3% | 31.0% | 30.4% |
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 ($ISV) | 34.1% | 39.6% | 39.6% | 37.6% | |
| |
|---|
| Median (85 companies) | 8.1% | 8.5% | 9.0% | 11.0% | 8.6% |
|---|
| International Road Dynamics Inc ($IRD) | -2.7% | 2.0% | 4.7% | 3.7% | 5.8% |
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 ($MBX) | 1.0% | 1.2% | 3.0% | 40.3% | 38.7% |
| |
|---|
| Median (86 companies) | 2.4% | 2.8% | 2.4% | 2.6% | 2.3% |
|---|
| International Road Dynamics Inc ($IRD) | 0.8% | 0.5% | 1.9% | 2.1% | 1.8% |
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 ($CZO) | 69.9% | -33.5% | 15.5% | 43.5% | |
| |
|---|
| Median (86 companies) | 8.0% | 7.1% | 6.9% | 7.3% | 7.5% |
|---|
| International Road Dynamics Inc ($IRD) | -7.3% | 0.9% | 6.7% | 4.4% | 10.6% |
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 | 4.9x |
| CRH Medical Corp ($CRH) | -2.3x | -3.1x | -3.5x | 12.0x | |
| |
|---|
| Median (70 companies) | 1.8x | 2.5x | 2.2x | 2.6x | 1.5x |
|---|
| International Road Dynamics Inc ($IRD) | | 6.5x | 2.1x | 3.7x | 0.9x |
