Bird Construction Inc EBITDA dropped on 20.7% in 2015 and EBITDA Margin decreased slightly on 1.1 pp from 4.6% to 3.4%
14.03.2016 • About Bird Construction Inc (
$BDT) • By InTwits
Bird Construction Inc reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Bird Construction Inc is a growth stock: 2015 revenue growth was 5.9%, 5 year revenue CAGR was 11.4% at 2015 ROIC 16.2%
- EBITDA Margin is quite volatile: 3.4% in 2015, 4.6% in 2014, 2.5% in 2013, 7.0% in 2012, 4.9% in 2011
- Bird Construction Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.0%. At the same time it's a lot of higher than industry average of 4.9%.
- CAPEX is quite volatile: 5.2 in 2015, 16.0 in 2014, 15.8 in 2013, 24.4 in 2012, 8.1 in 2011
- The company has highly profitable business model: ROIC is at 16.2%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Bird Construction Inc ($BDT) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 974 | 1,455 | 1,332 | 1,364 | 1,445 | 5.9% |
| Gross Profit | 80 | 143 | 71 | 112 | 121 | 8.1% |
| SG&A | | | | | 60 | |
| EBITDA | 48 | 102 | 33 | 62 | 49 | -20.7% |
| Net Income | 30 | 58 | 12 | 36 | 21 | -40.7% |
Balance Sheet
|
|---|
| Cash | 147 | 152 | 136 | 164 | 208 | 26.9% |
| Short Term Debt | 10 | 14 | 15 | 16 | 28 | 75.3% |
| Long Term Debt | 34 | 34 | 24 | 12 | 11 | -11.0% |
Cash flow
|
|---|
| Capex | 8 | 24 | 16 | 16 | 5 | -67.8% |
Ratios
|
|---|
| Revenue growth | 15.7% | 49.3% | -8.5% | 2.5% | 5.9% | |
| EBITDA growth | -12.9% | 112.6% | -67.6% | 87.6% | -20.7% | |
| Gross Margin | 8.2% | 9.8% | 5.4% | 8.2% | 8.4% | 0.2% |
| EBITDA Margin | 4.9% | 7.0% | 2.5% | 4.6% | 3.4% | -1.1% |
| Net Income Margin | 3.0% | 4.0% | 0.9% | 2.7% | 1.5% | -1.2% |
| SG&A, % of revenue | | | | | 4.2% | 4.2% |
| CAPEX, % of revenue | 0.8% | 1.7% | 1.2% | 1.2% | 0.4% | -0.8% |
| ROIC | 20.1% | 33.1% | 6.2% | 20.3% | 16.2% | -4.1% |
| ROE | 18.3% | 32.9% | 6.6% | 20.2% | 12.2% | -8.0% |
| Net Debt/EBITDA | -2.1x | -1.0x | -2.9x | -2.2x | -3.4x | -1.2x |
Revenue and profitability
Bird Construction Inc's Revenue increased on 5.9% in 2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 21.2 pp from 13.8% to -7.3% in 2015.
Gross Margin showed almost no change in 2015.
Net Income marign decreased slightly on 1.2 pp from 2.7% to 1.5% in 2015.
Capital expenditures (CAPEX) and working capital investments
Bird Construction Inc's CAPEX/Revenue was 0.36% in 2015. The company's CAPEX/Revenue decreased slightly on 1.3 pp from 1.7% in 2012 to 0.36% in 2015. For the last three years the average CAPEX/Revenue was 0.91%.
Return on investment
The company operates at good ROIC (16.19%) and ROE (12.19%). ROIC decreased on 4.1 pp from 20.3% to 16.2% in 2015. ROE decreased on 8.0 pp from 20.2% to 12.2% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is -3.4x and Debt / EBITDA is 0.8x. Net Debt / EBITDA dropped on 1.2x from -2.2x to -3.4x in 2015. Debt jumped on 38.6% in 2015 while cash jumped on 26.9% in 2015.
Appendix 1: Peers in Industrial
Below we provide Bird Construction Inc benchmarking against other companies in Industrial 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 |
|---|
| 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 ($LMP) | | 56.7% | 33.9% | 47.0% | 61.8% |
| |
|---|
| Median (92 companies) | 5.6% | 10.4% | 5.3% | 9.4% | 8.5% |
|---|
| Bird Construction Inc ($BDT) | | 49.3% | -8.5% | 2.5% | 5.9% |
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 ($FLY) | 54.0% | 57.2% | 59.2% | 62.9% | |
| |
|---|
| Median (88 companies) | 23.4% | 23.4% | 23.4% | 23.1% | 24.3% |
|---|
| Bird Construction Inc ($BDT) | 8.2% | 9.8% | 5.4% | 8.2% | 8.4% |
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 ($BIN) | 32.2% | 30.7% | 33.1% | 34.0% | 9.8% |
| |
|---|
| Median (85 companies) | 8.3% | 9.4% | 8.3% | 7.7% | 9.5% |
|---|
| Bird Construction Inc ($BDT) | 4.9% | 7.0% | 2.5% | 4.6% | 3.4% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Cargojet Inc ($CJT.A) | 6.8% | 7.0% | 6.3% | 54.1% | 41.3% |
| Newalta Corp ($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% | 18.0% |
| Horizon North Logistics Inc ($HNL) | 25.1% | 26.5% | 16.3% | 24.1% | 14.7% |
| |
|---|
| Median (92 companies) | 3.0% | 3.1% | 3.7% | 3.2% | 4.0% |
|---|
| Bird Construction Inc ($BDT) | 0.8% | 1.7% | 1.2% | 1.2% | 0.4% |
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 ($EBN) | 24.8% | 28.1% | 16.1% | 32.5% | 26.3% |
| |
|---|
| Median (93 companies) | 8.9% | 9.3% | 8.5% | 8.5% | 9.5% |
|---|
| Bird Construction Inc ($BDT) | 20.1% | 33.1% | 6.2% | 20.3% | 16.2% |
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 | 12.9x |
| IBI Group Inc ($IBG) | 4.2x | 6.5x | | 8.3x | |
| |
|---|
| Median (72 companies) | 1.1x | 1.5x | 1.5x | 1.3x | 1.6x |
|---|
| Bird Construction Inc ($BDT) | -2.1x | -1.0x | -2.9x | -2.2x | -3.4x |
