Aston Hill Financial Inc EBITDA dropped on 128% in 2015 and Revenue dropped on 23.8%
21.03.2016 • About Aston Hill Financial Inc (
$AHF) • By InTwits
Aston Hill Financial Inc reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Aston Hill Financial Inc doesn't have a profitable business model yet: 2015 ROIC is -5.9%
- EBITDA Margin is quite volatile: -8.4% in 2015, 22.9% in 2014, 23.1% in 2013, 17.4% in 2012, 24.9% in 2011
- Aston Hill Financial Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.7%. At the same time it's in pair with industry average of 7.6%.
- CAPEX is quite volatile: 0.15 in 2015, 0.26 in 2014, 0.15 in 2013, 1.4 in 2012, 0.24 in 2011
- The company has unprofitable business model: ROIC is at -5.9%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Aston Hill Financial Inc ($AHF) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 18.179 | 24.571 | 35.562 | 47.329 | 36.050 | -23.8% |
| SG&A | | | | | 8.990 | |
| EBITDA | 4.534 | 4.273 | 8.228 | 10.855 | -3.040 | -128.0% |
| Net Income | 1.326 | -0.583 | 0.865 | 1.480 | -14.976 | -1,111.9% |
Balance Sheet
|
|---|
| Cash | 7.415 | 1.727 | 5.830 | 12.209 | 3.255 | -73.3% |
| Short Term Debt | 2.500 | 1.396 | 0.305 | 0.000 | 0.000 | |
| Long Term Debt | 34.309 | 34.870 | 36.428 | 38.098 | 26.114 | -31.5% |
Cash flow
|
|---|
| Capex | 0.243 | 1.434 | 0.151 | 0.262 | 0.150 | -42.7% |
Ratios
|
|---|
| Revenue growth | 94.5% | 35.2% | 44.7% | 33.1% | -23.8% | |
| EBITDA growth | 118.7% | -5.8% | 92.6% | 31.9% | -128.0% | |
| EBITDA Margin | 24.9% | 17.4% | 23.1% | 22.9% | -8.4% | -31.4% |
| Net Income Margin | 7.3% | -2.4% | 2.4% | 3.1% | -41.5% | -44.7% |
| SG&A, % of revenue | | | | | 24.9% | 24.9% |
| CAPEX, % of revenue | 1.3% | 5.8% | 0.4% | 0.6% | 0.4% | -0.1% |
| ROIC | 10.3% | 5.5% | 8.7% | 10.6% | -5.9% | -16.4% |
| ROE | 7.1% | -2.9% | 3.0% | 3.9% | -48.5% | -52.4% |
| Net Debt/EBITDA | 6.5x | 8.1x | 3.8x | 2.4x | | -2.4x |
Revenue and profitability
Aston Hill Financial Inc's Revenue dropped on 23.8% in 2015. Revenue decline was worsened by EBITDA margin decline. EBITDA Margin dropped on 31.4 pp from 22.9% to -8.4% in 2015.
Net Income marign dropped on 44.7 pp from 3.1% to -41.5% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 the company had CAPEX/Revenue of 0.42%. CAPEX/Revenue decreased on 5.4 pp from 5.8% in 2012 to 0.42% in 2015. It's average level of CAPEX/Revenue for the last three years was 0.46%.
Return on investment
The company operates at negative ROIC (-5.86%) and ROE (-48.49%). ROIC dropped on 16.4 pp from 10.6% to -5.9% in 2015. ROE dropped on 52.4 pp from 3.9% to -48.5% in 2015.
Leverage (Debt)
Debt level is -0.8x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA dropped on 2.4x from 2.4x to in 2015. Debt dropped on 31.5% in 2015 while cash dropped on 73.3% in 2015.
Appendix 1: Peers in Financial
Below you can find Aston Hill Financial Inc benchmarking vs. other companies in Financial 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 |
|---|
| Mogo Finance Technology Inc ($GO) | | | 13.7% | 34.6% | 86.0% |
| Morguard Corp ($MRC) | | 5.3% | 27.2% | 9.2% | 58.8% |
| Chesswood Group Ltd ($CHW) | | 12.2% | 9.4% | -47.4% | 53.7% |
| Element Financial Corp ($EFN) | | | 206.6% | 189.1% | 47.2% |
| Clairvest Group Inc ($CVG) | | 16.4% | 37.9% | 25.9% | 36.7% |
| |
|---|
| Median (61 companies) | 25.2% | 8.5% | 7.2% | 8.9% | 1.6% |
|---|
| Aston Hill Financial Inc ($AHF) | | 35.2% | 44.7% | 33.1% | -23.8% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Olympia Financial Group Inc ($OLY) | 85.3% | 80.9% | 82.6% | 83.2% | 84.5% |
| Morguard Corp ($MRC) | 74.8% | 74.0% | 69.9% | 68.6% | 76.5% |
| Mogo Finance Technology Inc ($GO) | | 70.4% | 64.5% | 63.4% | 62.3% |
| DealNet Capital Corp ($DLS) | | 14.9% | 36.7% | 45.6% | |
| Brookfield Asset Management Inc ($BAM.A) | 34.3% | 25.6% | 30.7% | 28.6% | 27.5% |
| |
|---|
| Median (12 companies) | 25.2% | 25.0% | 26.2% | 24.2% | 31.0% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Equitable Group Inc ($EQB) | 89.7% | 88.1% | 87.4% | 86.0% | 84.7% |
| Atrium Mortgage Investment Corp ($AI) | 84.5% | 79.8% | | | 81.9% |
| Trez Capital Mortgage Investment Corp ($TZZ) | | | | | 76.2% |
| First National Financial Corp ($FN) | 66.1% | 67.8% | 76.5% | 77.1% | 74.6% |
| Madison Pacific Properties Inc ($MPC) | 59.2% | | 62.9% | 65.7% | 66.0% |
| |
|---|
| Median (42 companies) | 36.1% | 32.5% | 32.1% | 31.5% | 29.8% |
|---|
| Aston Hill Financial Inc ($AHF) | 24.9% | 17.4% | 23.1% | 22.9% | -8.4% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Imperial Equities Inc ($IEI) | 23.1% | 22.8% | 16.0% | 27.7% | 147.5% |
| Dundee Corp ($DC.A) | | 10.3% | 14.1% | 88.8% | 123.6% |
| Wall Financial Corp ($WFC) | 1.8% | 13.5% | 9.8% | 6.1% | 65.3% |
| First Capital Realty Inc ($FCR) | 102.8% | 127.9% | 76.1% | 73.8% | 56.7% |
| Mainstreet Equity Corp ($MEQ) | 152.4% | 115.8% | 62.3% | 75.8% | 56.3% |
| |
|---|
| Median (63 companies) | 1.2% | 1.1% | 0.8% | 1.1% | 1.1% |
|---|
| Aston Hill Financial Inc ($AHF) | 1.3% | 5.8% | 0.4% | 0.6% | 0.4% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Gluskin Sheff + Associates Inc ($GS) | 71.3% | 21.0% | 82.9% | 153.9% | 63.6% |
| Brookfield Real Estate Services Inc ($BRE) | 17.1% | 26.0% | 31.0% | 47.0% | 61.0% |
| IGM Financial Inc ($IGM) | 15.3% | 14.2% | 14.2% | 13.7% | 13.7% |
| Clairvest Group Inc ($CVG) | 7.6% | 8.6% | 12.3% | 11.5% | 12.8% |
| Canadian Western Bank ($CWB) | 13.0% | 12.4% | 12.1% | 12.4% | 11.6% |
| |
|---|
| Median (63 companies) | 4.9% | 4.8% | 4.5% | 4.7% | 4.8% |
|---|
| Aston Hill Financial Inc ($AHF) | 10.3% | 5.5% | 8.7% | 10.6% | -5.9% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Element Financial Corp ($EFN) | | 140.2x | 31.9x | 37.6x | 79.9x |
| First National Financial Corp ($FN) | 37.6x | 34.3x | 33.7x | 40.9x | 37.4x |
| Wall Financial Corp ($WFC) | 6.2x | 3.4x | 19.9x | 4.6x | 20.1x |
| Equitable Group Inc ($EQB) | 12.7x | 11.8x | 10.2x | 9.8x | 12.3x |
| Rifco Inc ($RFC) | | 9.8x | 9.4x | 10.7x | 11.9x |
| |
|---|
| Median (34 companies) | 2.9x | 5.2x | 5.3x | 4.5x | 4.8x |
|---|
