Logistec Corp EBITDA jumped on 15.8% in 2015 and Revenue jumped on 11.1%
22.03.2016 • About Logistec Corp (
$LGT.B) • By InTwits
Logistec Corp reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Logistec Corp is a growth stock: 2015 revenue growth was 11.1%, 5 year revenue CAGR was 11.7% at 2015 ROIC 19.0%
- Logistec Corp has medium CAPEX intensity: 5 year average CAPEX/Revenue was 7.5%. At the same time it's in pair with industry average of 8.4%.
- CAPEX is quite volatile: 36.8 in 2015, 40.3 in 2014, 15.7 in 2013, 13.0 in 2012, 9.1 in 2011
- The company has highly profitable business model: ROIC is at 19.0%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Logistec Corp ($LGT.B) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 224.6 | 250.9 | 298.3 | 322.2 | 358.0 | 11.1% |
| Gross Profit | 216.4 | 243.0 | 288.9 | | | |
| EBITDA | 13.5 | 27.0 | 44.9 | 48.5 | 56.1 | 15.8% |
| Net Income | 17.6 | 15.9 | 27.5 | 31.0 | 29.1 | -6.1% |
Balance Sheet
|
|---|
| Cash | 8.9 | 7.5 | 19.6 | 26.4 | 23.8 | -9.7% |
| Short Term Debt | 2.5 | 4.4 | 4.1 | 1.3 | 2.2 | 71.2% |
| Long Term Debt | 11.9 | 19.8 | 3.6 | 28.0 | 29.9 | 6.8% |
Cash flow
|
|---|
| Capex | 9.1 | 13.0 | 15.7 | 40.3 | 36.8 | -8.9% |
Ratios
|
|---|
| Revenue growth | 9.0% | 11.7% | 18.9% | 8.0% | 11.1% | |
| EBITDA growth | -13.0% | 99.5% | 66.5% | 8.0% | 15.8% | |
| Gross Margin | 96.3% | 96.9% | 96.8% | | | 0.0% |
| EBITDA Margin | 6.0% | 10.7% | 15.0% | 15.0% | 15.7% | 0.6% |
| Net Income Margin | 7.8% | 6.3% | 9.2% | 9.6% | 8.1% | -1.5% |
| CAPEX, % of revenue | 4.1% | 5.2% | 5.3% | 12.5% | 10.3% | -2.3% |
| ROIC | 10.2% | 13.0% | 20.8% | 19.5% | 19.0% | -0.5% |
| ROE | 15.9% | 13.2% | 19.8% | 19.7% | 16.5% | -3.2% |
| Net Debt/EBITDA | 0.4x | 0.6x | -0.3x | 0.1x | 0.1x | 0.1x |
Revenue and profitability
The company's Revenue jumped on 11.1% in 2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin surged on 34.3 pp from -78.0% to -43.7% in 2015.
Net Income marign decreased slightly on 1.5 pp from 9.6% to 8.1% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 the company had CAPEX/Revenue of 10.3%. Logistec Corp showed CAPEX/Revenue growth of 5.1 pp from 5.2% in 2012 to 10.3% in 2015. For the last three years the average CAPEX/Revenue was 9.4%.To fuel this fast growth Logistec Corp invested a large share of EBITDA (65.5%) to CAPEX.
Return on investment
The company operates at good ROIC (19.01%) and ROE (16.52%). ROIC showed almost no change in 2015. ROE decreased on 3.2 pp from 19.7% to 16.5% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 0.1x and Debt / EBITDA is 0.6x. Net Debt / EBITDA increased on 0.1x from 0.1x to 0.1x in 2015. Debt increased on 9.6% in 2015 while cash decreased on 9.7% in 2015.
Appendix 1: Peers in Consumer, Non-cyclical
Below we provide Logistec Corp benchmarking against other companies in Consumer, Non-cyclical 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 |
|---|
| Theratechnologies Inc ($TH) | | -9.1% | -44.3% | -10.9% | 346.4% |
| CRH Medical Corp ($CRH) | | 23.7% | 12.5% | 56.0% | 284.2% |
| Patient Home Monitoring Corp ($PHM) | | 170.2% | 1.9% | 433.0% | 238.4% |
| Nobilis Health Corp ($NHC) | | 45.3% | 49.0% | 169.9% | 172.8% |
| Merus Labs International Inc ($MSL) | | | 172.4% | -7.9% | 87.2% |
| |
|---|
| Median (70 companies) | 20.5% | 8.7% | 5.3% | 13.2% | 11.9% |
|---|
| Logistec Corp ($LGT.B) | | 11.7% | 18.9% | 8.0% | 11.1% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Nobilis Health Corp ($NHC) | | | | 99.8% | |
| Cipher Pharmaceuticals Inc ($CPH) | | | 99.5% | 98.3% | 92.7% |
| Heritage Global Inc ($HGP) | 99.5% | | | 95.7% | 62.5% |
| Ritchie Bros Auctioneers Inc ($RBA) | 87.9% | 88.7% | 88.4% | 88.0% | 89.1% |
| Concordia Healthcare Corp ($CXR) | | | 79.4% | 86.0% | |
| |
|---|
| Median (75 companies) | 35.4% | 36.1% | 35.9% | 35.6% | 35.7% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Merus Labs International Inc ($MSL) | | 32.9% | 64.7% | 46.2% | 61.5% |
| CRH Medical Corp ($CRH) | 22.1% | 21.0% | 24.5% | 29.1% | 44.1% |
| Valeant Pharmaceuticals International Inc ($VRX) | 37.0% | 30.6% | 27.8% | 45.6% | 39.8% |
| Ritchie Bros Auctioneers Inc ($RBA) | 36.9% | 36.8% | 36.3% | 36.4% | 39.7% |
| EnerCare Inc ($ECI) | 59.0% | 52.8% | 51.0% | 45.5% | 39.3% |
| |
|---|
| Median (69 companies) | 7.9% | 7.4% | 8.7% | 10.6% | 10.6% |
|---|
| Logistec Corp ($LGT.B) | 6.0% | 10.7% | 15.0% | 15.0% | 15.7% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Neptune Technologies & Bioressources Inc ($NTB) | 6.0% | 4.7% | 73.6% | 84.6% | 119.0% |
| CanaDream Corp ($CDN) | 68.6% | 43.3% | 38.1% | 70.4% | 63.4% |
| Westbond Enterprises Corp ($WBE) | 3.5% | 7.6% | 2.4% | 4.7% | 39.5% |
| Microbix Biosystems Inc ($MBX) | 1.0% | 1.2% | 3.0% | 40.3% | 38.7% |
| ProMetic Life Sciences Inc ($PLI) | | 2.1% | 33.6% | 34.6% | 23.3% |
| |
|---|
| Median (69 companies) | 2.3% | 2.6% | 2.4% | 2.5% | 2.4% |
|---|
| Logistec Corp ($LGT.B) | 4.1% | 5.2% | 5.3% | 12.5% | 10.3% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Response Biomedical Corp ($RBM) | -75.0% | -158.5% | | | 52.0% |
| Biosyent Inc ($RX) | 45.5% | 71.7% | 62.4% | 62.9% | 48.2% |
| Immunotec Inc ($IMM) | -11.5% | 1.8% | 8.8% | -10.5% | 40.8% |
| Information Services Corp ($ISV) | 56.0% | 71.8% | 72.8% | 58.9% | 38.1% |
| Medical Facilities Corp ($DR) | 41.0% | 36.1% | 39.5% | 26.5% | 28.5% |
| |
|---|
| Median (70 companies) | 7.0% | 6.3% | 6.7% | 6.7% | 7.1% |
|---|
| Logistec Corp ($LGT.B) | 10.2% | 13.0% | 20.8% | 19.5% | 19.0% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| CIBT Education Group Inc ($MBA) | | -7.0x | -0.3x | | 18.4x |
| SunOpta Inc ($SOY) | 2.9x | 2.9x | 3.5x | 1.3x | 16.9x |
| Centric Health Corp ($CHH) | 10.3x | 5.6x | 10.2x | 11.2x | 15.6x |
| Amica Mature Lifestyles Inc ($ACC) | 11.7x | 9.4x | 14.7x | 13.8x | 12.3x |
| Sienna Senior Living Inc ($SIA) | 10.6x | 9.5x | 11.8x | 9.2x | 9.1x |
| |
|---|
| Median (60 companies) | 1.9x | 2.8x | 2.2x | 2.7x | 1.7x |
|---|
| Logistec Corp ($LGT.B) | 0.4x | 0.6x | -0.3x | 0.1x | 0.1x |
