Sienna Senior Living Inc reports 4.5% EBITDA growth and almost no change in EBITDA Margin of 14.3%
24.02.2016 • About Sienna Senior Living Inc (
$SIA) • By InTwits
Sienna Senior Living Inc reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Sienna Senior Living Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.7%.
- The company has potentially unprofitable business model: ROIC is at 3.7%
- It operates with high leverage: Net Debt/EBITDA is 9.1x while industry average is 5.5x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Sienna Senior Living Inc ($SIA) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 290.1 | 319.3 | 353.3 | 456.8 | 470.1 | 2.9% |
| SG&A | | | | | 18.2 | |
| EBITDA | 31.5 | 43.8 | 49.5 | 64.3 | 67.2 | 4.5% |
| Net Income | -12.0 | -9.1 | -9.4 | -15.8 | 7.2 | -145.7% |
Balance Sheet
|
|---|
| Cash | 21.9 | 9.2 | 15.6 | 29.0 | 26.3 | -9.3% |
| Short Term Debt | 0.0 | 27.2 | 34.1 | 74.0 | 18.8 | -74.6% |
| Long Term Debt | 355.4 | 398.0 | 564.6 | 546.8 | 621.0 | 13.6% |
Cash flow
|
|---|
| Capex | 1.0 | 1.4 | 2.6 | 3.9 | 5.7 | 47.8% |
Ratios
|
|---|
| Revenue growth | 35.8% | 10.1% | 10.7% | 29.3% | 2.9% | |
| EBITDA growth | 29.0% | 39.0% | 13.1% | 29.8% | 4.5% | |
| EBITDA Margin | 10.9% | 13.7% | 14.0% | 14.1% | 14.3% | 0.2% |
| Net Income Margin | -4.1% | -2.9% | -2.7% | -3.5% | 1.5% | 5.0% |
| SG&A, % of revenue | | | | | 3.9% | 3.9% |
| CAPEX, % of revenue | 0.3% | 0.4% | 0.7% | 0.8% | 1.2% | 0.4% |
| ROIC | -0.2% | 2.5% | 2.6% | 2.8% | 3.7% | 0.9% |
| ROE | -6.9% | -4.7% | -4.1% | -7.0% | 3.8% | 10.9% |
| Net Debt/EBITDA | 10.6x | 9.5x | 11.8x | 9.2x | 9.1x | -0.1x |
Revenue and profitability
The company's Revenue increased on 2.9% in 2015. EBITDA Margin showed almost no change in 2015.
Net Income marign increased on 5.0 pp from -3.5% to 1.5% in 2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 1.2% in 2015. Sienna Senior Living Inc showed small growth in CAPEX/Revenue of 0.78 pp from 0.44% in 2012 to 1.2% in 2015. Average CAPEX/Revenue for the last three years was 0.94%.
Return on investment
The company operates at low ROIC (3.71%) and ROE (3.85%). ROIC increased slightly on 0.95 pp from 2.8% to 3.7% in 2015. ROE jumped on 10.9 pp from -7.0% to 3.8% in 2015.
Leverage (Debt)
Debt level is 9.1x Net Debt / EBITDA and 9.5x Debt / EBITDA. Net Debt / EBITDA decreased on 0.1x from 9.2x to 9.1x in 2015. Debt increased on 3.1% in 2015 while cash decreased on 9.3% in 2015.
Appendix 1: Peers in Consumer, Non-cyclical
Below we provide Sienna Senior Living 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 ($NHC) | 16.6% | 45.3% | 49.0% | 169.9% | |
| |
|---|
| Median (86 companies) | 17.0% | 8.1% | 5.3% | 12.7% | 11.4% |
|---|
| Sienna Senior Living Inc ($SIA) | | 10.1% | 10.7% | 29.3% | 2.9% |
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% | 92.7% |
| Heritage Global Inc ($HGP) | 99.5% | | | 95.7% | |
| Ritchie Bros Auctioneers Inc ($RBA) | 87.9% | 88.7% | 88.4% | 88.0% | |
| Concordia Healthcare Corp ($CXR) | | | 79.4% | 86.0% | |
| |
|---|
| Median (75 companies) | 35.4% | 37.4% | 36.1% | 35.6% | 34.5% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Cipher Pharmaceuticals Inc ($CPH) | -50.0% | 40.6% | 71.4% | 63.7% | 12.8% |
| 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) | 7.7% | 7.4% | 8.7% | 10.6% | 10.8% |
|---|
| Sienna Senior Living Inc ($SIA) | 10.9% | 13.7% | 14.0% | 14.1% | 14.3% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Neptune Technologies & Bioressources Inc ($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% | 2.1% |
|---|
| Sienna Senior Living Inc ($SIA) | 0.3% | 0.4% | 0.7% | 0.8% | 1.2% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Biosyent Inc ($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 ($CPH) | -22.9% | 21.8% | 81.4% | 44.6% | -0.1% |
| Ceapro Inc ($CZO) | 69.9% | -33.5% | 15.5% | 43.5% | |
| |
|---|
| Median (86 companies) | 8.0% | 7.1% | 6.9% | 7.3% | 7.5% |
|---|
| Sienna Senior Living Inc ($SIA) | -0.2% | 2.5% | 2.6% | 2.8% | 3.7% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Noble Iron Inc ($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 |
|---|
| Sienna Senior Living Inc ($SIA) | 10.6x | 9.5x | 11.8x | 9.2x | 9.1x |
