MCAN Mortgage Corp reports 29.1% Net Income growth and 18.1% Revenue growth
26.02.2016 • About MCAN Mortgage Corp (
$MKP) • By InTwits
MCAN Mortgage Corp reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- MCAN Mortgage Corp doesn't have a profitable business model yet: 2015 ROIC is 2.0%
- The company has potentially unprofitable business model: ROIC is at 2.0%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
MCAN Mortgage Corp ($MKP) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 73.876 | 69.065 | 67.269 | 71.049 | 83.943 | 18.1% |
| EBITDA | 63.036 | 55.937 | | | | |
| Net Income | 27.103 | 21.493 | 30.805 | 25.446 | 32.857 | 29.1% |
Balance Sheet
|
|---|
| Cash | 51.309 | 123.825 | 64.945 | 51.090 | 75.762 | 48.3% |
| Short Term Debt | 0.000 | 0.000 | 17.991 | 0.000 | 0.000 | |
| Long Term Debt | 3,111.357 | 2,015.046 | 1,054.656 | 746.063 | 1,070.304 | 43.5% |
Cash flow
|
|---|
| Capex | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
Ratios
|
|---|
| Revenue growth | -1.1% | -6.5% | -2.6% | 5.6% | 18.1% | |
| EBITDA growth | -3.1% | -11.3% | | | | |
| EBITDA Margin | 85.3% | 81.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Income Margin | 36.7% | 31.1% | 45.8% | 35.8% | 39.1% | 3.3% |
| ROIC | | | 1.0% | 1.7% | 2.0% | 0.2% |
| ROE | 19.1% | 12.8% | 15.9% | 11.7% | 13.6% | 1.9% |
| Net Debt/EBITDA | 48.5x | 33.8x | | | | 0.0x |
Revenue and profitability
MCAN Mortgage Corp's Revenue jumped on 18.1% in 2015.
Net Income marign increased on 3.3 pp from 35.8% to 39.1% in 2015.
Return on investment
The company operates at good ROE (13.57%) while ROIC is low (1.96%). ROIC showed almost no change in 2015. ROE increased slightly on 1.9 pp from 11.7% to 13.6% in 2015.
Leverage (Debt)
Debt surged on 43.5% in 2015 while cash surged on 48.3% in 2015.
Appendix 1: Peers in Financial
Below you can find MCAN Mortgage 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 ($GS) | | -39.1% | 60.6% | 97.9% | -33.5% |
| |
|---|
| Median (73 companies) | 13.2% | 9.4% | 7.4% | 8.9% | 1.3% |
|---|
| MCAN Mortgage Corp ($MKP) | | -6.5% | -2.6% | 5.6% | 18.1% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Olympia Financial Group Inc ($OLY) | 85.3% | 80.9% | 82.6% | 83.2% | 84.5% |
| Morguard Corp ($MRC) | 74.8% | 74.0% | 69.9% | 68.6% | 76.5% |
| 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 ($OCX) | 20.0% | 20.1% | 26.2% | 27.9% | 31.0% |
| |
|---|
| Median (11 companies) | 25.2% | 22.6% | 25.7% | 20.5% | 30.5% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Firm Capital Mortgage Investment Corp ($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% | 74.6% |
| |
|---|
| Median (49 companies) | 35.6% | 32.3% | 32.1% | 31.5% | 43.0% |
|---|
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 ($FCR) | 102.8% | 127.9% | 76.1% | 73.8% | 56.7% |
| |
|---|
| Median (75 companies) | 1.3% | 1.6% | 0.8% | 1.0% | 1.5% |
|---|
| MCAN Mortgage Corp ($MKP) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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 ($SCB) | 2.3% | 10.9% | 11.0% | 13.4% | |
| |
|---|
| Median (77 companies) | 5.0% | 4.8% | 4.6% | 4.8% | 4.8% |
|---|
| MCAN Mortgage Corp ($MKP) | | | 1.0% | 1.7% | 2.0% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| First National Financial Corp ($FN) | 37.6x | 34.3x | 33.7x | 40.9x | 37.4x |
| Element Financial Corp ($EFN) | | 140.2x | 31.9x | 37.6x | |
| Gazit-Globe Ltd ($GZT) | 14.8x | 12.8x | 12.7x | 15.3x | |
| Morguard Corp ($MRC) | 7.5x | 8.9x | | 14.2x | 9.3x |
| StorageVault Canada Inc ($SVI) | 6.0x | 11.2x | 9.7x | 13.6x | |
| |
|---|
| Median (41 companies) | 2.9x | 5.1x | 4.8x | 4.3x | 3.0x |
|---|
