CEMATRIX Corp reports 379% Net Income growth and 76.5% Revenue growth
03.03.2016 • About CEMATRIX Corp (
$CVX) • By InTwits
CEMATRIX Corp reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- CEMATRIX Corp is a fast growth stock: 2015 revenue growth was 76.5%, 5 year revenue CAGR was 36.4% at 2015 ROIC 30.4%
- EBITDA Margin is quite volatile: 16.8% in 2015, -0.4% in 2014, 2.5% in 2013, 7.0% in 2012, 12.1% in 2011
- CEMATRIX Corp has medium CAPEX intensity: 5 year average CAPEX/Revenue was 5.2%. At the same time it's in pair with industry average of 6.8%.
- CAPEX is quite volatile: 0.69 in 2015, 0.89 in 2014, 0.59 in 2013, 0.29 in 2012, 0.041 in 2011
- The company has highly profitable business model: ROIC is at 30.4%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
CEMATRIX Corp ($CVX) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 7.827 | 8.549 | 8.072 | 8.712 | 15.380 | 76.5% |
| Gross Profit | 2.301 | 2.258 | 1.689 | 1.889 | 4.927 | 160.9% |
| SG&A | | 0.875 | 0.791 | 0.988 | 2.492 | 152.1% |
| EBITDA | 0.948 | 0.597 | 0.205 | -0.038 | 2.583 | -6,930.0% |
| Net Income | 0.403 | 0.856 | -0.220 | -0.571 | 1.590 | -378.5% |
Balance Sheet
|
|---|
| Cash | 0.094 | 0.052 | 0.017 | 0.050 | 1.451 | 2,800.5% |
| Short Term Debt | 0.972 | 1.100 | 0.829 | 1.646 | 1.093 | -33.6% |
| Long Term Debt | 0.138 | 0.492 | 0.816 | 2.016 | 1.877 | -6.9% |
Cash flow
|
|---|
| Capex | 0.041 | 0.286 | 0.594 | 0.886 | 0.692 | -21.9% |
Ratios
|
|---|
| Revenue growth | 140.3% | 9.2% | -5.6% | 7.9% | 76.5% | |
| EBITDA growth | -339.2% | -37.1% | -65.7% | -118.5% | -6,930.0% | |
| Gross Margin | 29.4% | 26.4% | 20.9% | 21.7% | 32.0% | 10.4% |
| EBITDA Margin | 12.1% | 7.0% | 2.5% | -0.4% | 16.8% | 17.2% |
| Net Income Margin | 5.2% | 10.0% | -2.7% | -6.6% | 10.3% | 16.9% |
| SG&A, % of revenue | | 10.2% | 9.8% | 11.3% | 16.2% | 4.9% |
| CAPEX, % of revenue | 0.5% | 3.3% | 7.4% | 10.2% | 4.5% | -5.7% |
| ROIC | 15.7% | 6.4% | -2.4% | -6.7% | 30.4% | 37.1% |
| ROE | 14.4% | 24.6% | -5.8% | -15.4% | 34.7% | 50.2% |
| Net Debt/EBITDA | 1.1x | 2.6x | 8.0x | | 0.6x | 0.6x |
Revenue and profitability
CEMATRIX Corp's Revenue jumped on 76.5% in 2015. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin surged on 17.2 pp from -0.43% to 16.8% in 2015.
Gross Margin surged on 10.4 pp from 21.7% to 32.0% in 2015. SG&A as a % of Revenue increased on 4.9 pp from 11.3% to 16.2% in 2015.
Net Income marign surged on 16.9 pp from -6.6% to 10.3% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 CEMATRIX Corp had CAPEX/Revenue of 4.5%. CEMATRIX Corp showed small growth in CAPEX/Revenue of 1.2 pp from 3.3% in 2012 to 4.5% in 2015. For the last three years the average CAPEX/Revenue was 7.3%.
Return on investment
The company operates at high and attractive ROIC (30.41%) and ROE (34.74%). ROIC surged on 37.1 pp from -6.7% to 30.4% in 2015. ROE jumped on 50.2 pp from -15.4% to 34.7% in 2015.
Leverage (Debt)
Debt level is 0.6x Net Debt / EBITDA and 1.1x Debt / EBITDA. Net Debt / EBITDA jumped0.6x from to 0.6x in 2015. Debt dropped on 18.9% in 2015 while cash jumped on 2,800% in 2015.
Appendix 1: Peers in Industrial
Below you can find CEMATRIX Corp benchmarking vs. other companies in Industrial 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 |
|---|
| Electrovaya Inc ($EFL) | | -4.0% | -71.2% | 160.5% | 123.8% |
| Enterprise Group Inc ($E) | 14.5% | 3.5% | 88.3% | 128.5% | |
| Carmanah Technologies Corp ($CMH) | 5.8% | -26.4% | -2.0% | 68.8% | |
| Exco Technologies Ltd ($XTC) | | 19.7% | 0.9% | 50.5% | 35.3% |
| Lumenpulse Inc ($LMP) | | 56.7% | 33.9% | 47.0% | 61.8% |
| |
|---|
| Median (92 companies) | 9.2% | 11.5% | 5.3% | 9.4% | 7.9% |
|---|
| CEMATRIX Corp ($CVX) | | 9.2% | -5.6% | 7.9% | 76.5% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| WSP Global Inc ($WSP) | 81.1% | 81.1% | 83.2% | 81.0% | |
| Pure Technologies Ltd ($PUR) | 75.7% | 77.9% | 78.0% | 77.5% | |
| Alarmforce Industries Inc ($AF) | 76.4% | 75.0% | 76.5% | 72.2% | 69.2% |
| Epicore BioNetworks Inc ($EBN) | 59.0% | 60.8% | 63.2% | 64.1% | 58.1% |
| FLYHT Aerospace Solutions Ltd ($FLY) | 54.0% | 57.2% | 59.2% | 62.9% | |
| |
|---|
| Median (88 companies) | 23.2% | 23.0% | 23.4% | 23.1% | 24.7% |
|---|
| CEMATRIX Corp ($CVX) | 29.4% | 26.4% | 20.9% | 21.7% | 32.0% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Canadian National Railway Co ($CNR) | 46.3% | 46.5% | 45.9% | 46.8% | 50.9% |
| Canadian Pacific Railway Ltd ($CP) | 28.1% | 26.1% | 32.4% | 43.7% | 48.9% |
| Vitreous Glass Inc ($VCI) | 29.0% | 31.4% | 32.2% | 37.8% | 39.0% |
| Questor Technology Inc ($QST) | 25.1% | 25.7% | 34.9% | 34.1% | |
| Progressive Waste Solutions Ltd ($BIN) | 32.2% | 30.7% | 33.1% | 34.0% | 9.8% |
| |
|---|
| Median (85 companies) | 8.1% | 9.4% | 8.3% | 7.7% | 9.5% |
|---|
| CEMATRIX Corp ($CVX) | 12.1% | 7.0% | 2.5% | -0.4% | 16.8% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Cargojet Inc ($CJT.A) | 6.8% | 7.0% | 6.3% | 54.1% | |
| Newalta Corp ($NAL) | 17.2% | 21.7% | 34.5% | 35.1% | 42.0% |
| Enterprise Group Inc ($E) | 3.6% | 17.4% | 27.2% | 32.7% | |
| ENTREC Corp ($ENT) | | 35.0% | 26.7% | 29.5% | |
| Horizon North Logistics Inc ($HNL) | 25.1% | 26.5% | 16.3% | 24.1% | 14.7% |
| |
|---|
| Median (92 companies) | 3.0% | 3.0% | 3.5% | 3.1% | 3.9% |
|---|
| CEMATRIX Corp ($CVX) | 0.5% | 3.3% | 7.4% | 10.2% | 4.5% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Vitreous Glass Inc ($VCI) | 26.1% | 30.5% | 32.3% | 48.3% | 51.0% |
| Photon Control Inc ($PHO) | 10.1% | 21.0% | 44.4% | 38.0% | |
| SNC-Lavalin Group Inc ($SNC) | 14.6% | 10.7% | 4.0% | 35.2% | 11.4% |
| Alarmforce Industries Inc ($AF) | 18.3% | 5.3% | 24.0% | 33.9% | 19.0% |
| Epicore BioNetworks Inc ($EBN) | 24.8% | 28.1% | 16.1% | 32.5% | 26.3% |
| |
|---|
| Median (93 companies) | 8.9% | 10.0% | 8.5% | 9.1% | 9.7% |
|---|
| CEMATRIX Corp ($CVX) | 15.7% | 6.4% | -2.4% | -6.7% | 30.4% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Sigma Industries Inc ($SSG) | | 4.4x | 11.3x | 225.9x | 2.9x |
| H2O Innovation Inc ($HEO) | | | 4.2x | 73.2x | 1.6x |
| Grand Power Logistics Group Inc ($GPW) | | 47.8x | | 53.1x | |
| Cargojet Inc ($CJT.A) | 1.8x | 1.5x | 1.5x | 31.5x | |
| IBI Group Inc ($IBG) | 4.2x | 6.5x | | 8.3x | |
| |
|---|
| Median (73 companies) | 1.1x | 1.5x | 1.4x | 1.3x | 1.6x |
|---|
