Great Panther Silver Ltd revenue growth accelerated from 0.81% in 2014 to 34.9% in 2015
03.03.2016 • About Great Panther Silver Ltd (
$GPR) • By InTwits
Great Panther Silver Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Great Panther Silver Ltd doesn't have a profitable business model yet: 2015 ROIC is -23.0%
- EBITDA Margin is quite volatile: 6.3% in 2015, -1.8% in 2014, 7.0% in 2013, 25.6% in 2012, 38.0% in 2011
- Great Panther Silver Ltd has high CAPEX intensity: 5 year average CAPEX/Revenue was 27.6%. At the same time it's in pair with industry average of 26.9%.
- CAPEX is quite volatile: 9.6 in 2015, 8.4 in 2014, 13.5 in 2013, 26.7 in 2012, 23.5 in 2011
- The company has unprofitable business model: ROIC is at -23.0%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Great Panther Silver Ltd ($GPR) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 57.818 | 61.139 | 53.954 | 54.390 | 73.374 | 34.9% |
| Gross Profit | 27.878 | 19.591 | 0.640 | -6.161 | 5.699 | -192.5% |
| SG&A | | | | | 7.092 | |
| EBITDA | 21.982 | 15.629 | 3.759 | -0.960 | 4.651 | -584.5% |
| Net Income | 11.506 | 5.510 | -12.729 | -33.013 | -9.341 | -71.7% |
Balance Sheet
|
|---|
| Cash | 34.437 | 20.735 | 21.760 | 17.968 | 17.860 | -0.6% |
| Short Term Debt | 0.130 | 0.000 | 0.000 | 0.000 | 0.000 | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 23.459 | 26.712 | 13.524 | 8.428 | 9.626 | 14.2% |
Ratios
|
|---|
| Revenue growth | 37.0% | 5.7% | -11.8% | 0.8% | 34.9% | |
| EBITDA growth | 54.3% | -28.9% | -75.9% | -125.5% | -584.5% | |
| Gross Margin | 48.2% | 32.0% | 1.2% | -11.3% | 7.8% | 19.1% |
| EBITDA Margin | 38.0% | 25.6% | 7.0% | -1.8% | 6.3% | 8.1% |
| Net Income Margin | 19.9% | 9.0% | -23.6% | -60.7% | -12.7% | 48.0% |
| SG&A, % of revenue | | | | | 9.7% | 9.7% |
| CAPEX, % of revenue | 40.6% | 43.7% | 25.1% | 15.5% | 13.1% | -2.4% |
| ROIC | 24.3% | 6.7% | -9.7% | -23.2% | -23.0% | 0.2% |
| ROE | 16.9% | 5.7% | -13.5% | -44.7% | -16.9% | 27.8% |
| Net Debt/EBITDA | -1.6x | -1.3x | -5.8x | | -3.8x | -3.8x |
Revenue and profitability
Great Panther Silver Ltd's Revenue jumped on 34.9% in 2015. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased on 8.1 pp from -1.8% to 6.3% in 2015.
Gross Margin surged on 19.1 pp from -11.3% to 7.8% in 2015.
Net Income marign surged on 48.0 pp from -60.7% to -12.7% in 2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 13.1% in 2015. The company's CAPEX/Revenue dropped on 30.6 pp from 43.7% in 2012 to 13.1% in 2015. For the last three years the average CAPEX/Revenue was 17.9%.To fuel this fast growth the company made large investments to CAPEX (207% of EBITDA).
Return on investment
The company operates at negative ROIC (-22.99%) and ROE (-16.92%). ROIC showed almost no change in 2015. ROE jumped on 27.8 pp from -44.7% to -16.9% in 2015.
Leverage (Debt)
The company has no debt. Cash decreased slightly on 0.60% in 2015.
Appendix 1: Peers in Basic Materials
Below we provide Great Panther Silver Ltd benchmarking against other companies in Basic Materials 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 |
|---|
| Northern Sun Mining Corp ($NSC) | -93.3% | 315.4% | -99.4% | 8,924.9% | |
| Turquoise Hill Resources Ltd ($TRQ) | | | -34.0% | 3,268.9% | -5.8% |
| Asian Mineral Resources Ltd ($ASN) | | | | 859.1% | |
| Ur-Energy Inc ($URE) | | | | 285.4% | 42.7% |
| Nevsun Resources Ltd ($NSU) | | 3.3% | -72.5% | 256.5% | -35.7% |
| |
|---|
| Median (130 companies) | 43.9% | 8.5% | -5.0% | -1.1% | -5.4% |
|---|
| Great Panther Silver Ltd ($GPR) | | 5.7% | -11.8% | 0.8% | 34.9% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Nevsun Resources Ltd ($NSU) | 90.3% | 89.9% | 94.8% | 95.5% | 82.3% |
| Franco-Nevada Corp ($FNV) | 84.6% | 86.1% | 85.0% | 83.5% | |
| Labrador Iron Ore Royalty Corp ($LIF) | 80.2% | 80.2% | 80.2% | 80.2% | 80.3% |
| Lucara Diamond Corp ($LUC) | | 42.5% | 57.4% | 66.7% | 60.9% |
| Royal Gold Inc ($RGL) | 68.9% | 71.5% | 70.6% | 57.6% | 86.0% |
| |
|---|
| Median (133 companies) | 30.1% | 31.5% | 21.8% | 17.6% | 15.6% |
|---|
| Great Panther Silver Ltd ($GPR) | 48.2% | 32.0% | 1.2% | -11.3% | 7.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Royal Gold Inc ($RGL) | 86.1% | 88.2% | 88.6% | 84.4% | 65.0% |
| Franco-Nevada Corp ($FNV) | 38.6% | 62.1% | 44.6% | 72.3% | |
| Silver Wheaton Corp ($SLW) | 84.8% | 82.6% | 75.3% | 69.6% | |
| Sandstorm Gold Ltd ($SSL) | 63.8% | 74.3% | 49.9% | 62.1% | |
| Nevsun Resources Ltd ($NSU) | 81.0% | 76.8% | 54.5% | 60.4% | 38.6% |
| |
|---|
| Median (137 companies) | 22.0% | 18.4% | 11.7% | 9.9% | 7.2% |
|---|
| Great Panther Silver Ltd ($GPR) | 38.0% | 25.6% | 7.0% | -1.8% | 6.3% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Barkerville Gold Mines Ltd ($BGM) | 123.7% | 38.5% | 49.9% | 7,166.9% | 3.2% |
| Marlin Gold Mining Ltd ($MLN) | | | | 508.8% | |
| Imperial Metals Corp ($III) | 28.2% | 69.2% | 185.7% | 280.2% | |
| Golden Minerals Co ($AUM) | 462.4% | 36.9% | 16.8% | 212.8% | 0.5% |
| Franco-Nevada Corp ($FNV) | 9.3% | 3.7% | 35.5% | 201.6% | |
| |
|---|
| Median (139 companies) | 23.9% | 26.3% | 25.5% | 16.3% | 14.4% |
|---|
| Great Panther Silver Ltd ($GPR) | 40.6% | 43.7% | 25.1% | 15.5% | 13.1% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Lucara Diamond Corp ($LUC) | -7.1% | -2.9% | 41.3% | 54.7% | 39.6% |
| CanAf Group Inc ($CAF) | 74.9% | 37.0% | 65.2% | 37.6% | 13.8% |
| Nevsun Resources Ltd ($NSU) | 89.8% | 52.2% | 8.8% | 35.0% | 10.4% |
| Dynacor Gold Mines Inc ($DNG) | 45.6% | 62.8% | 50.9% | 31.3% | |
| Canfor Pulp Products Inc ($CFX) | 103.5% | 4.9% | 13.2% | 21.3% | 24.1% |
| |
|---|
| Median (143 companies) | 5.4% | 4.9% | 0.1% | 0.6% | -3.4% |
|---|
| Great Panther Silver Ltd ($GPR) | 24.3% | 6.7% | -9.7% | -23.2% | -23.0% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| VMS Ventures Inc ($VMS) | | | | 86.7x | 4.7x |
| Ur-Energy Inc ($URE) | | | | 55.1x | 6.7x |
| Katanga Mining Ltd ($KAT) | 0.4x | 19.4x | 3.3x | 18.8x | |
| HudBay Minerals Inc ($HBM) | -2.8x | -4.8x | 2.0x | 14.0x | |
| Imperial Metals Corp ($III) | -0.1x | 1.5x | 4.9x | 12.9x | |
| |
|---|
| Median (95 companies) | -0.0x | 0.3x | 0.9x | 0.9x | 1.4x |
|---|
