GDI Integrated Facility Services Inc reports 25.1% EBITDA decline while 18.7% Revenue growth
26.02.2016 • About GDI Integrated Facility Services Inc (
$GDI) • By InTwits
GDI Integrated Facility Services Inc reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- GDI Integrated Facility Services Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.0%. At the same time it's a lot of higher than industry average of 48.2%.
- CAPEX is quite volatile: 7.0 in 2015, 10.7 in 2014, 0.018 in 2013, 0.0050 in 2012, 0 in 2011
- The company has potentially unprofitable business model: ROIC is at 4.1%
- It operates with medium-size leverage: Net Debt/EBITDA is 5.2x while industry average is 5.3x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
GDI Integrated Facility Services Inc ($GDI) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1.7 | 1.0 | 0.3 | 602.4 | 714.9 | 18.7% |
| Gross Profit | 1.6 | 1.0 | | 105.2 | 122.9 | 16.8% |
| SG&A | | | | 68.2 | 90.2 | 32.3% |
| EBITDA | -6.6 | -2.9 | -3.2 | 37.0 | 27.7 | -25.1% |
| Net Income | -11.6 | -5.4 | 3.6 | -21.1 | -1.0 | -95.2% |
Balance Sheet
|
|---|
| Cash | 4.3 | 7.0 | 4.4 | 12.8 | 4.0 | -68.5% |
| Short Term Debt | 0.0 | 0.0 | 0.0 | 15.8 | 5.8 | -63.4% |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 126.5 | 142.1 | 12.3% |
Cash flow
|
|---|
| Capex | 0.0 | 0.0 | 0.0 | 10.7 | 7.0 | -34.6% |
Ratios
|
|---|
| Revenue growth | 43.8% | -38.8% | -72.9% | 218,969.1% | 18.7% | |
| EBITDA growth | -11.9% | -56.1% | 10.5% | -1,257.2% | -25.1% | |
| Gross Margin | 98.0% | 98.8% | | 17.5% | 17.2% | -0.3% |
| EBITDA Margin | -399.2% | -285.9% | -1,163.3% | 6.1% | 3.9% | -2.3% |
| Net Income Margin | -703.0% | -530.4% | 1,318.2% | -3.5% | -0.1% | 3.4% |
| SG&A, % of revenue | | | | 11.3% | 12.6% | 1.3% |
| CAPEX, % of revenue | 0.0% | 0.5% | 6.5% | 1.8% | 1.0% | -0.8% |
| ROIC | -24.7% | -20.6% | -21.0% | 17.6% | 4.1% | -13.4% |
| ROE | -43.3% | -38.1% | 23.8% | | | 0.0% |
| Net Debt/EBITDA | | | | 3.5x | 5.2x | 1.7x |
Revenue and profitability
GDI Integrated Facility Services Inc's Revenue surged on 18.7% in 2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 6.3 pp from 51.2% to 57.5% in 2015.
Gross Margin showed almost no change in 2015. SG&A as a % of Revenue increased slightly on 1.3 pp from 11.3% to 12.6% in 2015.
Net Income marign increased on 3.4 pp from -3.5% to -0.14% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 GDI Integrated Facility Services Inc had CAPEX/Revenue of 0.98%. The company showed almost no change in CAPEX/Revenue from 2012 to 2015. For the last three years the average CAPEX/Revenue was 3.1%.
Leverage (Debt)
Company's Net Debt / EBITDA is 5.2x and Debt / EBITDA is 5.3x. Net Debt / EBITDA surged on 1.7x from 3.5x to 5.2x in 2015. Debt increased on 3.9% in 2015 while cash dropped on 68.5% in 2015.
Appendix 1: Peers in Consumer, Non-cyclical
Below we provide GDI Integrated Facility Services 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 |
|---|
| 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% | |
| Concordia Healthcare Corp ($CXR) | | | | 159.5% | |
| |
|---|
| Median (86 companies) | 17.4% | 9.3% | 6.7% | 12.7% | 9.3% |
|---|
| GDI Integrated Facility Services Inc ($GDI) | | -38.8% | -72.9% | 218,969.1% | 18.7% |
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% | 89.1% |
| Concordia Healthcare Corp ($CXR) | | | 79.4% | 86.0% | |
| |
|---|
| Median (74 companies) | 34.5% | 36.1% | 36.1% | 35.7% | 34.5% |
|---|
| GDI Integrated Facility Services Inc ($GDI) | 98.0% | 98.8% | | 17.5% | 17.2% |
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 ($ISV) | 34.1% | 39.6% | 39.6% | 37.6% | |
| |
|---|
| Median (85 companies) | 8.1% | 8.5% | 9.0% | 11.0% | 10.9% |
|---|
| GDI Integrated Facility Services Inc ($GDI) | -399.2% | -285.9% | -1,163.3% | 6.1% | 3.9% |
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 ($MBX) | 1.0% | 1.2% | 3.0% | 40.3% | 38.7% |
| |
|---|
| Median (86 companies) | 2.4% | 2.8% | 2.4% | 2.6% | 2.1% |
|---|
| GDI Integrated Facility Services Inc ($GDI) | 0.0% | 0.5% | 6.5% | 1.8% | 1.0% |
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 ($CZO) | 69.9% | -33.5% | 15.5% | 43.5% | |
| |
|---|
| Median (86 companies) | 8.0% | 7.1% | 6.9% | 6.7% | 8.0% |
|---|
| GDI Integrated Facility Services Inc ($GDI) | -24.7% | -20.6% | -21.0% | 17.6% | 4.1% |
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 ($CRH) | -2.3x | -3.1x | -3.5x | 12.0x | 1.3x |
| |
|---|
| Median (70 companies) | 1.8x | 2.6x | 2.2x | 2.6x | 1.6x |
|---|
| GDI Integrated Facility Services Inc ($GDI) | | | | 3.5x | 5.2x |
