AirBoss of America Corp Debt surged on 51.0% in 2015 and Revenue increased slightly on 0.58%
15.03.2016 • About AirBoss of America Corp (
$BOS) • By InTwits
AirBoss of America Corp reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- AirBoss of America Corp has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.4%. At the same time it's in pair with industry average of 27.2%.
- CAPEX is quite volatile: 14.8 in FY2015, 22.6 in FY2014, 69.0 in FY2013, 81.1 in FY2012, 62.6 in FY2011
- The company has highly profitable business model: ROIC is at 12.9%
- It operates with medium-size leverage: Net Debt/EBITDA is 2.2x while industry average is 2.2x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
AirBoss of America Corp ($BOS) key annual financial indicators
| mln. $ | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 282.5 | 248.7 | 236.3 | 303.2 | 304.9 | 0.6% |
| Gross Profit | 34.9 | 26.1 | 28.7 | 45.2 | 55.3 | 22.5% |
| SG&A | | | 18.4 | 24.9 | 31.7 | 27.1% |
| EBITDA | 25.5 | 16.2 | 16.6 | 28.9 | 30.0 | 3.6% |
| Net Income | 13.0 | 7.2 | 6.4 | 13.7 | 13.3 | -2.9% |
Balance Sheet
|
|---|
| Cash | 6.4 | 1.2 | 16.9 | 13.1 | 12.0 | -9.0% |
| Short Term Debt | 0.8 | 0.8 | 5.4 | 11.7 | 4.1 | -65.2% |
| Long Term Debt | 9.0 | 8.6 | 51.7 | 39.3 | 72.9 | 85.5% |
Cash flow
|
|---|
| Capex | 4.7 | 6.7 | 5.0 | 6.6 | 9.5 | 42.5% |
Ratios
|
|---|
| Revenue growth | 20.0% | -12.0% | -5.0% | 28.3% | 0.6% | |
| EBITDA growth | -6.5% | -36.5% | 2.5% | 74.4% | 3.6% | |
| Gross Margin | 12.3% | 10.5% | 12.1% | 14.9% | 18.1% | 3.2% |
| EBITDA Margin | 9.0% | 6.5% | 7.0% | 9.5% | 9.8% | 0.3% |
| Net Income Margin | 4.6% | 2.9% | 2.7% | 4.5% | 4.4% | -0.2% |
| SG&A, % of revenue | | | 7.8% | 8.2% | 10.4% | 2.2% |
| CAPEX, % of revenue | 1.7% | 2.7% | 2.1% | 2.2% | 3.1% | 0.9% |
| ROIC | 21.5% | 11.2% | 8.5% | 14.1% | 12.9% | -1.2% |
| ROE | 17.3% | 9.1% | 7.9% | 16.0% | 14.1% | -2.0% |
| Net Debt/EBITDA | 0.1x | 0.5x | 2.4x | 1.3x | 2.2x | 0.9x |
Revenue and profitability
The company's Revenue increased slightly on 0.58% in 2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 11.6 pp from 73.0% to 61.4% in 2015.
Gross Margin increased on 3.2 pp from 14.9% to 18.1% in 2015. SG&A as a % of Revenue increased on 2.2 pp from 8.2% to 10.4% in 2015.
Net Income marign showed almost no change in 2015.
Capital expenditures (CAPEX) and working capital investments
AirBoss of America Corp's CAPEX/Revenue was 3.1% in 2015. AirBoss of America Corp's CAPEX/Revenue showed almost no change from 2012 to 2015. It's average level of CAPEX/Revenue for the last three years was 2.5%.
Return on investment
The company operates at good ROIC (12.91%) and ROE (14.06%). ROIC decreased slightly on 1.2 pp from 14.1% to 12.9% in 2015. ROE decreased slightly on 2.0 pp from 16.0% to 14.1% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 2.2x and Debt / EBITDA is 2.6x. Net Debt / EBITDA jumped on 0.9x from 1.3x to 2.2x in 2015. Debt surged on 51.0% in 2015 while cash decreased on 9.0% in 2015.
Appendix 1: Peers in Basic Materials
Below we provide AirBoss of America Corp 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 |
|---|
| Barkerville Gold Mines Ltd ($BGM) | | 97.4% | -90.6% | -97.6% | 84,715.6% |
| Golden Minerals Co ($AUM) | | 1,320.8% | -59.1% | -97.8% | 3,334.5% |
| Jemi Fibre Corp ($JFI) | | | | -27.3% | 375.3% |
| Osisko Gold Royalties Ltd ($OR) | | | | | 164.4% |
| VMS Ventures Inc ($VMS) | | | | | 139.7% |
| |
|---|
| Median (105 companies) | 70.2% | 8.5% | -5.1% | -1.1% | -1.1% |
|---|
| AirBoss of America Corp ($BOS) | | -12.0% | -5.0% | 28.3% | 0.6% |
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% | 30.3% |
| 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 ($RGL) | 68.9% | 71.5% | 70.6% | 57.6% | 86.0% |
| |
|---|
| Median (133 companies) | 31.2% | 32.0% | 21.8% | 17.6% | 15.5% |
|---|
| AirBoss of America Corp ($BOS) | 12.3% | 10.5% | 12.1% | 14.9% | 18.1% |
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% | 60.8% |
| 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 ($NSU) | 81.0% | 76.8% | 54.5% | 60.4% | 38.6% |
| |
|---|
| Median (137 companies) | 23.3% | 18.6% | 11.7% | 9.9% | 6.6% |
|---|
| AirBoss of America Corp ($BOS) | 9.0% | 6.5% | 7.0% | 9.5% | 9.8% |
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 ($FNV) | 9.3% | 3.7% | 35.5% | 201.6% | 230.0% |
| |
|---|
| Median (139 companies) | 24.1% | 26.3% | 25.5% | 16.3% | 13.4% |
|---|
| AirBoss of America Corp ($BOS) | 1.7% | 2.7% | 2.1% | 2.2% | 3.1% |
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 ($CFX) | 103.5% | 4.9% | 13.2% | 21.3% | 24.1% |
| |
|---|
| Median (143 companies) | 5.4% | 4.9% | -0.1% | -0.1% | -3.6% |
|---|
| AirBoss of America Corp ($BOS) | 21.5% | 11.2% | 8.5% | 14.1% | 12.9% |
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 ($III) | -0.1x | 1.5x | 4.9x | 12.9x | |
| |
|---|
| Median (94 companies) | -0.1x | 0.3x | 0.7x | 0.9x | 1.2x |
|---|
| AirBoss of America Corp ($BOS) | 0.1x | 0.5x | 2.4x | 1.3x | 2.2x |
