Excellon Resources Inc EBITDA dropped on 2,913% in 2015 and Revenue dropped on 47.5%
23.03.2016 • About Excellon Resources Inc (
$EXN) • By InTwits
Excellon Resources Inc reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Excellon Resources Inc is a company in decline: 2015 revenue growth was -47.5%, 5 years revenue CAGR was -10.7%
- EBITDA Margin is declining: -24.2% in 2015 vs. 0.5% in 2014 vs. 39.2% in 2011
- EBITDA Margin is quite volatile: -24.2% in 2015, 0.5% in 2014, 1.1% in 2013, 7.5% in 2012, 39.2% in 2011
- Excellon Resources Inc has medium CAPEX intensity: 5 year average CAPEX/Revenue was 9.9%. At the same time it's a lot of higher than industry average of 6.2%.
- CAPEX is quite volatile: 1.2 in 2015, 1.2 in 2014, 4.0 in 2013, 1.1 in 2012, 1.4 in 2011
- The company has unprofitable business model: ROIC is at -29.4%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Excellon Resources Inc ($EXN) key annual financial indicators
| mln. $ | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 48.562 | 36.273 | 33.332 | 30.767 | 16.167 | -47.5% |
| Gross Profit | 31.169 | 17.084 | 8.730 | 2.382 | -2.524 | -206.0% |
| SG&A | | | | | 2.419 | |
| EBITDA | 19.059 | 2.732 | 0.361 | 0.139 | -3.910 | -2,912.9% |
| Net Income | 4.484 | 8.408 | -5.041 | -19.292 | -5.040 | -73.9% |
Balance Sheet
|
|---|
| Cash | 21.898 | 1.369 | 2.591 | 3.467 | 3.506 | 1.1% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 2.727 | |
Cash flow
|
|---|
| Capex | 4.193 | 2.777 | 4.125 | 3.340 | 1.635 | -51.0% |
Ratios
|
|---|
| Revenue growth | 70.2% | -25.3% | -8.1% | -7.7% | -47.5% | |
| EBITDA growth | -1,302.5% | -85.7% | -86.8% | -61.5% | -2,912.9% | |
| Gross Margin | 64.2% | 47.1% | 26.2% | 7.7% | -15.6% | -23.4% |
| EBITDA Margin | 39.2% | 7.5% | 1.1% | 0.5% | -24.2% | -24.6% |
| Net Income Margin | 9.2% | 23.2% | -15.1% | -62.7% | -31.2% | 31.5% |
| SG&A, % of revenue | | | | | 15.0% | 15.0% |
| CAPEX, % of revenue | 8.6% | 7.7% | 12.4% | 10.9% | 10.1% | -0.7% |
| ROIC | 34.8% | -0.3% | -6.9% | -9.8% | -29.4% | -19.6% |
| ROE | 9.9% | 13.4% | -8.0% | -40.2% | -16.1% | 24.1% |
| Net Debt/EBITDA | -1.1x | -0.5x | -7.2x | -24.9x | | 24.9x |
Revenue and profitability
Excellon Resources Inc's Revenue dropped on 47.5% in 2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 24.6 pp from 0.45% to -24.2% in 2015.
Gross Margin dropped on 23.4 pp from 7.7% to -15.6% in 2015.
Net Income marign surged on 31.5 pp from -62.7% to -31.2% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 Excellon Resources Inc had CAPEX/Revenue of 10.1%. CAPEX/Revenue increased on 2.5 pp from 7.7% in 2012 to 10.1% in 2015. For the last three years the average CAPEX/Revenue was 11.1%.
Return on investment
The company operates at negative ROIC (-29.44%) and ROE (-16.08%). ROIC dropped on 19.6 pp from -9.8% to -29.4% in 2015. ROE jumped on 24.1 pp from -40.2% to -16.1% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is -0.4x and Debt / EBITDA is . Net Debt / EBITDA jumped on 24.9x from -24.9x to in 2015. Debt surged while cash increased slightly on 1.1% in 2015.
Appendix 1: Peers in Basic Materials
Below you can find Excellon Resources Inc benchmarking vs. other companies in Basic Materials 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 |
|---|
| 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 ($VMS) | | | | | 139.7% |
| |
|---|
| Median (114 companies) | 22.3% | 8.5% | -5.0% | -0.8% | -1.5% |
|---|
| Excellon Resources Inc ($EXN) | | -25.3% | -8.1% | -7.7% | -47.5% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Royal Gold Inc ($RGL) | 68.9% | 71.5% | 70.6% | 57.6% | 86.0% |
| Nevsun Resources Ltd ($NSU) | 90.3% | 89.9% | 94.8% | 95.5% | 82.3% |
| 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% |
| Perseus Mining Ltd ($PRU) | | 52.5% | 50.9% | 32.0% | 53.7% |
| |
|---|
| Median (109 companies) | 30.1% | 31.5% | 20.7% | 17.6% | 15.7% |
|---|
| Excellon Resources Inc ($EXN) | 64.2% | 47.1% | 26.2% | 7.7% | -15.6% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Labrador Iron Ore Royalty Corp ($LIF) | | | | | 72.8% |
| Silver Wheaton Corp ($SLW) | 84.8% | 82.6% | 75.3% | 69.6% | 65.8% |
| 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% |
| Lucara Diamond Corp ($LUC) | | 7.6% | 57.3% | 57.5% | 60.0% |
| |
|---|
| Median (114 companies) | 22.0% | 18.6% | 11.7% | 9.9% | 6.6% |
|---|
| Excellon Resources Inc ($EXN) | 39.2% | 7.5% | 1.1% | 0.5% | -24.2% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Silver Wheaton Corp ($SLW) | 19.4% | 75.5% | 286.8% | 22.5% | 279.2% |
| Franco-Nevada Corp ($FNV) | 9.3% | 3.7% | 35.5% | 201.6% | 230.0% |
| Avino Silver & Gold Mines Ltd ($ASM) | | 211.7% | 5.6% | 89.8% | 163.3% |
| Amerigo Resources Ltd ($ARG) | 12.9% | 13.0% | 9.3% | 9.8% | 99.6% |
| Katanga Mining Ltd ($KAT) | 48.4% | 95.8% | 86.8% | 53.7% | 81.0% |
| |
|---|
| Median (114 companies) | 24.1% | 26.3% | 25.5% | 16.3% | 14.9% |
|---|
| Excellon Resources Inc ($EXN) | 8.6% | 7.7% | 12.4% | 10.9% | 10.1% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Lucara Diamond Corp ($LUC) | -7.1% | -2.9% | 41.3% | 54.7% | 39.6% |
| Canfor Pulp Products Inc ($CFX) | 103.5% | 4.9% | 13.2% | 21.3% | 24.1% |
| Supremex Inc ($SXP) | 13.9% | 14.1% | 18.5% | 16.5% | 23.4% |
| Western Forest Products Inc ($WEF) | 7.5% | 9.0% | 25.1% | 15.7% | 16.4% |
| Mercer International Inc ($MRI.U) | 10.8% | 4.9% | 2.4% | 13.5% | 15.8% |
| |
|---|
| Median (116 companies) | 5.4% | 4.9% | 0.1% | 0.6% | -4.1% |
|---|
| Excellon Resources Inc ($EXN) | 34.8% | -0.3% | -6.9% | -9.8% | -29.4% |
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 ($III) | -0.1x | 1.5x | 4.9x | 12.9x | |
| |
|---|
| Median (94 companies) | -0.0x | 0.3x | 0.9x | 0.9x | 1.3x |
|---|
| Excellon Resources Inc ($EXN) | -1.1x | -0.5x | -7.2x | -24.9x | |
