Brampton Brick Ltd EBITDA surged on 91.9% in 2015 and Revenue jumped on 15.1%
22.03.2016 • About Brampton Brick Ltd (
$BBL.A) • By InTwits
Brampton Brick Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Brampton Brick Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 4.9%. At the same time it's in pair with industry average of 6.3%.
- CAPEX is quite volatile: 4.4 in 2015, 11.4 in 2014, 3.4 in 2013, 3.1 in 2012, 3.0 in 2011
- The company has potentially unprofitable business model: ROIC is at 5.0%
- It operates with medium-size leverage: Net Debt/EBITDA is 1.9x while industry average is 2.3x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Brampton Brick Ltd ($BBL.A) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 80.0 | 97.1 | 95.3 | 110.3 | 127.0 | 15.1% |
| Gross Profit | 14.4 | 21.9 | 22.2 | 17.5 | 27.9 | 59.7% |
| SG&A | | | 8.2 | 9.1 | 17.1 | 88.9% |
| EBITDA | 7.8 | 15.2 | 14.6 | 9.8 | 18.9 | 91.9% |
| Net Income | -10.0 | 1.5 | 2.5 | -14.0 | 4.7 | -133.5% |
Balance Sheet
|
|---|
| Cash | 1.2 | 1.4 | 1.2 | 1.4 | 4.0 | 183.4% |
| Short Term Debt | 8.2 | 13.4 | 5.7 | 16.4 | 6.4 | -61.1% |
| Long Term Debt | 35.2 | 23.6 | 21.0 | 26.1 | 33.0 | 26.5% |
Cash flow
|
|---|
| Capex | 3.0 | 3.1 | 3.4 | 11.4 | 4.4 | -61.0% |
Ratios
|
|---|
| Revenue growth | 10.2% | 21.3% | -1.8% | 15.8% | 15.1% | |
| EBITDA growth | -36.9% | 94.7% | -3.9% | -32.5% | 91.9% | |
| Gross Margin | 18.1% | 22.6% | 23.3% | 15.8% | 21.9% | 6.1% |
| EBITDA Margin | 9.7% | 15.6% | 15.3% | 8.9% | 14.9% | 5.9% |
| Net Income Margin | -12.5% | 1.5% | 2.7% | -12.7% | 3.7% | 16.3% |
| SG&A, % of revenue | | | 8.6% | 8.2% | 13.5% | 5.3% |
| CAPEX, % of revenue | 3.7% | 3.2% | 3.6% | 10.3% | 3.5% | -6.8% |
| ROIC | 0.5% | 4.2% | 3.9% | 0.9% | 5.0% | 4.1% |
| ROE | -7.1% | 1.1% | 1.8% | -10.1% | 3.3% | 13.5% |
| Net Debt/EBITDA | 5.4x | 2.3x | 1.7x | 4.2x | 1.9x | -2.3x |
Revenue and profitability
The company's Revenue surged on 15.1% in 2015. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased on 5.9 pp from 8.9% to 14.9% in 2015.
Gross Margin increased on 6.1 pp from 15.8% to 21.9% in 2015. SG&A as a % of Revenue increased on 5.3 pp from 8.2% to 13.5% in 2015.
Net Income marign surged on 16.3 pp from -12.7% to 3.7% in 2015.
Capital expenditures (CAPEX) and working capital investments
Brampton Brick Ltd's CAPEX/Revenue was 3.5% in 2015. Brampton Brick Ltd showed almost no change in CAPEX/Revenue from 2012 to 2015. For the last three years the average CAPEX/Revenue was 5.8%.
Return on investment
The company operates at low ROIC (4.95%) and ROE (3.35%). ROIC increased on 4.1 pp from 0.86% to 5.0% in 2015. ROE jumped on 13.5 pp from -10.1% to 3.3% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 1.9x and Debt / EBITDA is 2.1x. Net Debt / EBITDA dropped on 2.3x from 4.2x to 1.9x in 2015. Debt decreased on 7.4% in 2015 while cash jumped on 183% in 2015.
Appendix 1: Peers in Industrial
Below we provide Brampton Brick Ltd 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 ($LMP) | | 56.7% | 33.9% | 47.0% | 61.8% |
| |
|---|
| Median (92 companies) | 0.8% | 10.4% | 5.3% | 9.1% | 9.1% |
|---|
| Brampton Brick Ltd ($BBL.A) | | 21.3% | -1.8% | 15.8% | 15.1% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| WSP Global Inc ($WSP) | 81.1% | 81.1% | 83.2% | 81.0% | 74.0% |
| Pure Technologies Ltd ($PUR) | 75.7% | 77.9% | 78.0% | 77.5% | 75.6% |
| 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 ($FLY) | 54.0% | 57.2% | 59.2% | 62.9% | |
| |
|---|
| Median (88 companies) | 23.4% | 23.4% | 23.4% | 23.1% | 24.2% |
|---|
| Brampton Brick Ltd ($BBL.A) | 18.1% | 22.6% | 23.3% | 15.8% | 21.9% |
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 ($VCI) | 29.0% | 31.4% | 32.2% | 37.8% | 39.0% |
| Evertz Technologies Ltd ($ET) | 37.2% | 29.6% | 29.1% | 23.0% | 27.0% |
| Badger Daylighting Ltd ($BAD) | 27.2% | 25.7% | 25.9% | 27.9% | 24.6% |
| |
|---|
| Median (69 companies) | 8.1% | 9.2% | 8.3% | 7.2% | 9.5% |
|---|
| Brampton Brick Ltd ($BBL.A) | 9.7% | 15.6% | 15.3% | 8.9% | 14.9% |
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 ($HNL) | 25.1% | 26.5% | 16.3% | 24.1% | 14.7% |
| |
|---|
| Median (92 companies) | 2.4% | 3.0% | 3.6% | 3.1% | 4.0% |
|---|
| Brampton Brick Ltd ($BBL.A) | 3.7% | 3.2% | 3.6% | 10.3% | 3.5% |
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 ($EBN) | 24.8% | 28.1% | 16.1% | 32.5% | 26.3% |
| |
|---|
| Median (93 companies) | 9.1% | 10.0% | 8.5% | 9.1% | 11.3% |
|---|
| Brampton Brick Ltd ($BBL.A) | 0.5% | 4.2% | 3.9% | 0.9% | 5.0% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Conifex Timber Inc ($CFF) | | | 2.7x | 6.1x | 35.9x |
| Ag Growth International Inc ($AFN) | 2.4x | 2.9x | -0.1x | 2.1x | 14.1x |
| Cargojet Inc ($CJT.A) | 1.8x | 1.5x | 1.5x | 31.5x | 12.9x |
| Progressive Waste Solutions Ltd ($BIN) | 2.5x | 4.5x | 3.3x | 2.9x | 10.6x |
| Finning International Inc ($FTT) | 1.8x | 2.3x | 1.8x | 1.4x | 9.4x |
| |
|---|
| Median (62 companies) | 1.1x | 1.5x | 1.4x | 1.2x | 1.0x |
|---|
| Brampton Brick Ltd ($BBL.A) | 5.4x | 2.3x | 1.7x | 4.2x | 1.9x |
