Lassonde Industries Inc EBITDA surged on 24.9% in 2015 and Revenue surged on 22.7%
24.03.2016 • About Lassonde Industries Inc (
$LAS.A) • By InTwits
Lassonde Industries Inc reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Lassonde Industries Inc is a fast growth stock: 2015 revenue growth was 22.7%, 5 year revenue CAGR was 22.0% at 2015 ROIC 12.5%
- EBITDA Margin is relatively stable: 10.6% in 2015 vs. 10.4% in 2014 vs. 11.0% in 2011
- Lassonde Industries Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.0%. At the same time it's a lot of higher than industry average of 4.9%.
- CAPEX is quite volatile: 14.6 in FY2015, 64.5 in FY2014, 96.7 in FY2013, 77.3 in FY2012, 58.3 in FY2011
- The company has highly profitable business model: ROIC is at 12.5%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Lassonde Industries Inc ($LAS.A) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 760 | 1,022 | 1,040 | 1,181 | 1,449 | 22.7% |
| Gross Profit | 211 | 279 | 285 | 330 | 410 | 24.2% |
| SG&A | | 194 | 201 | 241 | 297 | 23.2% |
| EBITDA | 83 | 116 | 116 | 123 | 154 | 24.9% |
| Net Income | 34 | 44 | 45 | 45 | 57 | 25.9% |
Balance Sheet
|
|---|
| Cash | | 22 | 13 | 0 | 1 | 51.9% |
| Short Term Debt | 31 | 13 | 5 | 28 | 24 | -14.0% |
| Long Term Debt | 312 | 282 | 257 | 359 | 326 | -9.2% |
Cash flow
|
|---|
| Capex | 19 | 25 | 24 | 16 | 20 | 21.5% |
Ratios
|
|---|
| Revenue growth | 41.8% | 34.5% | 1.8% | 13.5% | 22.7% | |
| EBITDA growth | 25.2% | 39.3% | -0.4% | 6.4% | 24.9% | |
| Gross Margin | 27.8% | 27.3% | 27.4% | 27.9% | 28.3% | 0.3% |
| EBITDA Margin | 11.0% | 11.4% | 11.1% | 10.4% | 10.6% | 0.2% |
| Net Income Margin | 4.5% | 4.3% | 4.3% | 3.8% | 3.9% | 0.1% |
| SG&A, % of revenue | | 19.0% | 19.4% | 20.4% | 20.5% | 0.1% |
| CAPEX, % of revenue | 2.5% | 2.5% | 2.3% | 1.4% | 1.4% | -0.0% |
| ROIC | 12.9% | 13.4% | 13.0% | 11.7% | 12.5% | 0.8% |
| ROE | 14.9% | 16.0% | 14.2% | 12.2% | 12.7% | 0.5% |
| Net Debt/EBITDA | 4.1x | 2.3x | 2.2x | 3.1x | 2.3x | -0.9x |
Revenue and profitability
The company's Revenue jumped on 22.7% in 2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 21.2 pp from 13.8% to -7.3% in 2015.
Gross Margin showed almost no change in 2015. SG&A as a % of Revenue showed almost no change in 2015.
Net Income marign showed almost no change in 2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 1.4% in 2015. CAPEX/Revenue decreased slightly on 1.1 pp from 2.5% in 2012 to 1.4% in 2015. Average CAPEX/Revenue for the last three years was 1.7%.
Return on investment
The company operates at good ROIC (12.54%) and ROE (12.67%). ROIC increased slightly on 0.84 pp from 11.7% to 12.5% in 2015. ROE showed almost no change in 2015.
Leverage (Debt)
Debt level is 2.3x Net Debt / EBITDA and 2.3x Debt / EBITDA. Net Debt / EBITDA dropped on 0.9x from 3.1x to 2.3x in 2015. Debt decreased on 9.5% in 2015 while cash jumped on 51.9% in 2015.
Appendix 1: Peers in Consumer, Non-cyclical
Below we provide Lassonde Industries Inc 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% |
| Concordia Healthcare Corp ($CXR) | | | | 159.5% | 275.7% |
| Patient Home Monitoring Corp ($PHM) | | 170.2% | 1.9% | 433.0% | 238.4% |
| Nobilis Health Corp ($NHC) | | 45.3% | 49.0% | 169.9% | 172.8% |
| |
|---|
| Median (72 companies) | 15.7% | 8.7% | 6.7% | 12.7% | 11.9% |
|---|
| Lassonde Industries Inc ($LAS.A) | | 34.5% | 1.8% | 13.5% | 22.7% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Cipher Pharmaceuticals Inc ($CPH) | | | 99.5% | 98.3% | 92.7% |
| Ritchie Bros Auctioneers Inc ($RBA) | 87.9% | 88.7% | 88.4% | 88.0% | 89.1% |
| Information Services Corp ($ISV) | 77.4% | 77.5% | 80.4% | 80.9% | 87.6% |
| Theratechnologies Inc ($TH) | 38.7% | 62.7% | 50.9% | 63.5% | 86.6% |
| Merus Labs International Inc ($MSL) | | 88.6% | 91.4% | 82.8% | 84.6% |
| |
|---|
| Median (60 companies) | 35.6% | 38.6% | 36.2% | 35.7% | 36.1% |
|---|
| Lassonde Industries Inc ($LAS.A) | 27.8% | 27.3% | 27.4% | 27.9% | 28.3% |
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 ($VRX) | 37.0% | 30.6% | 27.8% | 45.6% | 39.8% |
| Concordia Healthcare Corp ($CXR) | | | 43.7% | 37.0% | 39.8% |
| Ritchie Bros Auctioneers Inc ($RBA) | 36.9% | 36.8% | 36.3% | 36.4% | 39.7% |
| |
|---|
| Median (71 companies) | 7.5% | 7.4% | 8.7% | 11.0% | 10.9% |
|---|
| Lassonde Industries Inc ($LAS.A) | 11.0% | 11.4% | 11.1% | 10.4% | 10.6% |
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 ($PLI) | | 2.1% | 33.6% | 34.6% | 23.3% |
| |
|---|
| Median (71 companies) | 2.3% | 2.8% | 2.4% | 2.6% | 2.4% |
|---|
| Lassonde Industries Inc ($LAS.A) | 2.5% | 2.5% | 2.3% | 1.4% | 1.4% |
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 ($DR) | 41.0% | 36.1% | 39.5% | 26.5% | 28.5% |
| |
|---|
| Median (72 companies) | 7.0% | 6.3% | 6.7% | 6.7% | 7.1% |
|---|
| Lassonde Industries Inc ($LAS.A) | 12.9% | 13.4% | 13.0% | 11.7% | 12.5% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Concordia Healthcare Corp ($CXR) | | | -1.3x | 5.6x | 20.2x |
| CIBT Education Group Inc ($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 ($ACC) | 11.7x | 9.4x | 14.7x | 13.8x | 12.3x |
| |
|---|
| Median (62 companies) | 1.8x | 2.8x | 2.2x | 2.6x | 1.7x |
|---|
| Lassonde Industries Inc ($LAS.A) | 4.1x | 2.3x | 2.2x | 3.1x | 2.3x |
