New Look Vision Group Inc EBITDA surged on 34.2% in 2015 and EBITDA Margin increased slightly on 1.3 pp from 17.0% to 18.3%
14.03.2016 • About New Look Vision Group Inc (
$BCI) • By InTwits
New Look Vision Group Inc reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- New Look Vision Group Inc is a fast growth stock: FY2015 revenue growth was 24.5%, 5 year revenue CAGR was 19.8% at FY2015 ROIC 15.4%
- New Look Vision Group Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 3.8%. At the same time it's in pair with industry average of 5.1%.
- CAPEX is quite volatile: 6.1 in FY2015, 0 in FY2014, 0 in FY2013, 8.8 in FY2012, 3.8 in FY2011
- The company has highly profitable business model: ROIC is at 15.4%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
New Look Vision Group Inc ($BCI) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 80.2 | 82.3 | 91.0 | 140.2 | 174.6 | 24.5% |
| Gross Profit | 58.0 | 59.1 | 66.1 | 101.8 | 137.4 | 35.0% |
| EBITDA | 13.0 | 14.8 | 14.2 | 23.8 | 31.9 | 34.2% |
| Net Income | 6.0 | 6.5 | 6.2 | 7.8 | 9.2 | 17.8% |
Balance Sheet
|
|---|
| Cash | 1.4 | 1.5 | 0.3 | 4.1 | 9.7 | 138.7% |
| Short Term Debt | 0.5 | 0.7 | 8.4 | 7.3 | 5.4 | -25.7% |
| Long Term Debt | 7.4 | 9.1 | 54.5 | 60.3 | 55.5 | -8.0% |
Cash flow
|
|---|
| Capex | 3.8 | 8.8 | 0.0 | 0.0 | 6.1 | |
Ratios
|
|---|
| Revenue growth | 13.3% | 2.6% | 10.5% | 54.2% | 24.5% | |
| EBITDA growth | 28.7% | 14.6% | -4.2% | 67.5% | 34.2% | |
| Gross Margin | 72.3% | 71.8% | 72.6% | 72.6% | 78.7% | 6.1% |
| EBITDA Margin | 16.2% | 18.0% | 15.6% | 17.0% | 18.3% | 1.3% |
| Net Income Margin | 7.5% | 7.9% | 6.9% | 5.5% | 5.2% | -0.3% |
| CAPEX, % of revenue | 4.8% | 10.7% | 0.0% | 0.0% | 3.5% | 3.5% |
| ROIC | 32.5% | 32.8% | 12.6% | 12.2% | 15.4% | 3.3% |
| ROE | 25.2% | 25.7% | 16.3% | 13.9% | 14.6% | 0.7% |
| Net Debt/EBITDA | 0.5x | 0.6x | 4.4x | 2.7x | 1.6x | -1.1x |
Revenue and profitability
The company's Revenue jumped on 24.5% in FY2015. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased slightly on 1.3 pp from 17.0% to 18.3% in FY2015.
Gross Margin increased on 6.1 pp from 72.6% to 78.7% in FY2015.
Net Income marign showed almost no change in FY2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 3.5% in FY2015. The company showed decline in CAPEX/Revenue of 7.2 pp from 10.7% in FY2012 to 3.5% in FY2015.
Return on investment
The company operates at good ROIC (15.44%) and ROE (14.62%). ROIC increased on 3.3 pp from 12.2% to 15.4% in FY2015. ROE increased slightly on 0.71 pp from 13.9% to 14.6% in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 1.6x and Debt / EBITDA is 1.9x. Net Debt / EBITDA dropped on 1.1x from 2.7x to 1.6x in FY2015. Debt decreased on 9.9% in FY2015 while cash jumped on 139% in FY2015.
Appendix 1: Peers in Consumer, Cyclical
Below you can find New Look Vision Group Inc benchmarking vs. other companies in Consumer, Cyclical 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 |
|---|
| Restaurant Brands International Inc ($QSR) | | | | 4.6% | 238.0% |
| DHX Media Ltd ($DHX.A) | | 31.1% | 33.9% | 19.4% | 127.4% |
| Amaya Inc ($AYA) | | 311.5% | 85.2% | 254.0% | 113.8% |
| Hudson's Bay Co ($HBC) | | 3.5% | 5.9% | 28.1% | 56.4% |
| Exchange Income Corp ($EIF) | | 56.9% | -36.4% | 6.6% | 48.8% |
| |
|---|
| Median (56 companies) | 16.1% | 5.3% | 4.9% | 7.0% | 4.7% |
|---|
| New Look Vision Group Inc ($BCI) | | 2.6% | 10.5% | 54.2% | 24.5% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Imvescor Restaurant Group Inc ($IRG) | 96.2% | 94.2% | 89.7% | 84.9% | 84.3% |
| Second Cup Ltd/The ($SCU) | 91.1% | 86.6% | 85.1% | 72.7% | 81.1% |
| Cara Operations Ltd ($CAO) | | | 79.2% | 78.9% | 78.4% |
| Air Canada ($AC) | 62.3% | 62.4% | 63.5% | 64.0% | 71.9% |
| Chorus Aviation Inc ($CHR.A) | 57.0% | 59.0% | 60.1% | 61.9% | 67.2% |
| |
|---|
| Median (49 companies) | 36.1% | 34.1% | 31.8% | 33.5% | 33.7% |
|---|
| New Look Vision Group Inc ($BCI) | 72.3% | 71.8% | 72.6% | 72.6% | 78.7% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Westshore Terminals Investment Corp ($WTE) | | 49.7% | 65.9% | 60.9% | 59.6% |
| Gamehost Inc ($GH) | 44.2% | 46.1% | 45.7% | 45.9% | 42.8% |
| Great Canadian Gaming Corp ($GC) | 34.1% | 16.8% | 41.1% | 40.1% | 36.6% |
| Amaya Inc ($AYA) | -5.7% | 7.2% | 38.2% | 39.3% | 31.0% |
| MTY Food Group Inc ($MTY) | 32.2% | 36.3% | 38.7% | 37.0% | 34.9% |
| |
|---|
| Median (66 companies) | 8.4% | 7.9% | 9.6% | 9.8% | 10.3% |
|---|
| New Look Vision Group Inc ($BCI) | 16.2% | 18.0% | 15.6% | 17.0% | 18.3% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Holloway Lodging Corp ($HLC) | 3.4% | 8.2% | 6.7% | 14.8% | 26.7% |
| WestJet Airlines Ltd ($WJA) | 3.9% | 7.9% | 19.5% | 18.6% | 22.5% |
| Westshore Terminals Investment Corp ($WTE) | | 25.7% | 11.5% | 6.2% | 21.2% |
| Exchange Income Corp ($EIF) | 8.2% | 7.9% | 15.8% | 15.5% | 15.4% |
| Chorus Aviation Inc ($CHR.A) | 12.5% | 9.9% | 9.6% | 3.9% | 15.0% |
| |
|---|
| Median (56 companies) | 2.6% | 2.7% | 2.9% | 2.5% | 3.0% |
|---|
| New Look Vision Group Inc ($BCI) | 4.8% | 10.7% | 0.0% | 0.0% | 3.5% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Westshore Terminals Investment Corp ($WTE) | | 24.0% | 37.8% | 35.0% | 38.3% |
| BRP Inc/CA ($DOO) | | 29.8% | 26.8% | 32.3% | 35.3% |
| Cara Operations Ltd ($CAO) | | | | 24.7% | 35.1% |
| Jean Coutu Group PJC Inc/The ($PJC.A) | 33.5% | 34.4% | 29.8% | 29.2% | 30.2% |
| Dollarama Inc ($DOL) | 17.7% | 21.6% | 24.7% | 26.5% | 29.9% |
| |
|---|
| Median (56 companies) | 10.4% | 9.7% | 10.1% | 9.7% | 11.1% |
|---|
| New Look Vision Group Inc ($BCI) | 32.5% | 32.8% | 12.6% | 12.2% | 15.4% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Holloway Lodging Corp ($HLC) | | | 5.8x | 8.4x | 17.1x |
| Discovery Air Inc ($DA.A) | 3.2x | 2.8x | 3.8x | 7.5x | 11.4x |
| Second Cup Ltd/The ($SCU) | 0.6x | 1.0x | 0.6x | 0.0x | 7.5x |
| Amaya Inc ($AYA) | | 17.9x | 1.8x | 13.5x | 6.6x |
| Performance Sports Group Ltd ($PSG) | | 2.6x | 3.5x | 12.2x | 6.5x |
| |
|---|
| Median (48 companies) | 1.3x | 1.4x | 1.8x | 2.0x | 1.6x |
|---|
| New Look Vision Group Inc ($BCI) | 0.5x | 0.6x | 4.4x | 2.7x | 1.6x |
