Partner Jet Corp ROIC dropped on 34.0 pp from 85.1% to 51.1% in 2015 and Revenue decreased slightly on 0.88%
28.03.2016 • About Partner Jet Corp (
$PJT) • By InTwits
Partner Jet Corp reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is relatively stable: in FY2015 vs. in FY2014 vs. -5.3% in FY2011
- Partner Jet Corp motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2011-FY2015 was 0.0%. On average EBITDA Margin was -2.3% for the sames years0
- Partner Jet Corp has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.3%.
- The company has highly profitable business model: ROIC is at 51.1%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Partner Jet Corp ($PJT) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 7.617 | 6.463 | 6.538 | 14.364 | 14.237 | -0.9% |
| Gross Profit | 0.296 | 0.225 | 0.252 | 1.332 | 1.314 | -1.4% |
| SG&A | | | | | 0.604 | |
| EBITDA | -0.402 | -0.473 | -0.262 | | | |
| Net Income | -0.366 | -0.522 | -0.316 | 0.589 | 0.580 | -1.5% |
Balance Sheet
|
|---|
| Cash | 0.375 | 0.558 | 0.072 | 0.404 | 0.949 | 135.0% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 0.061 | 0.046 | 0.000 | 0.000 | 0.000 | |
Ratios
|
|---|
| Revenue growth | -19.9% | -15.2% | 1.2% | 119.7% | -0.9% | |
| EBITDA growth | -399.7% | 17.6% | -44.7% | | | |
| Gross Margin | 3.9% | 3.5% | 3.9% | 9.3% | 9.2% | -0.0% |
| EBITDA Margin | -5.3% | -7.3% | -4.0% | 0.0% | 0.0% | 0.0% |
| Net Income Margin | -4.8% | -8.1% | -4.8% | 4.1% | 4.1% | -0.0% |
| SG&A, % of revenue | | | | | 4.2% | 4.2% |
| CAPEX, % of revenue | 0.8% | 0.7% | 0.0% | 0.0% | 0.0% | 0.0% |
| ROIC | -30.7% | -51.6% | -50.8% | 85.1% | 51.1% | -34.0% |
| ROE | -25.1% | -51.6% | -53.2% | 80.6% | 44.1% | -36.5% |
Revenue and profitability
The company's Revenue decreased slightly on 0.88% in FY2015.
Gross Margin showed almost no change in FY2015.
Net Income marign showed almost no change in FY2015.
Return on investment
The company operates at high and attractive ROIC (51.14%) and ROE (44.11%). ROIC dropped on 34.0 pp from 85.1% to 51.1% in FY2015. ROE dropped on 36.5 pp from 80.6% to 44.1% in FY2015.
Leverage (Debt)
The company has no debt. Cash surged on 135% in FY2015.
Appendix 1: Peers in Consumer, Cyclical
Below we provide Partner Jet Corp benchmarking against other companies in Consumer, 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 |
|---|
| Restaurant Brands International Inc ($QSR) | | | | 4.6% | 238.0% |
| DHX Media Ltd ($DHX.A) | | 31.1% | 33.9% | 19.4% | 127.4% |
| Amaya Inc ($AYA) | | 311.5% | 85.2% | 254.0% | 113.8% |
| Hudson's Bay Co ($HBC) | | 3.5% | 5.9% | 28.1% | 56.4% |
| Exchange Income Corp ($EIF) | | 56.9% | -36.4% | 6.6% | 48.8% |
| |
|---|
| Median (62 companies) | 16.2% | 5.3% | 5.1% | 6.8% | 5.2% |
|---|
| Partner Jet Corp ($PJT) | | -15.2% | 1.2% | 119.7% | -0.9% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Imvescor Restaurant Group Inc ($IRG) | 96.2% | 94.2% | 89.7% | 84.9% | 84.3% |
| Second Cup Ltd/The ($SCU) | 91.1% | 86.6% | 85.1% | 72.7% | 81.1% |
| New Look Vision Group Inc ($BCI) | 72.3% | 71.8% | 72.6% | 72.6% | 78.7% |
| Cara Operations Ltd ($CAO) | | | 79.2% | 78.9% | 78.4% |
| Canlan Ice Sports Corp ($ICE) | 70.7% | 71.6% | 69.7% | 70.7% | 78.2% |
| |
|---|
| Median (54 companies) | 38.1% | 37.0% | 36.1% | 36.2% | 33.7% |
|---|
| Partner Jet Corp ($PJT) | 3.9% | 3.5% | 3.9% | 9.3% | 9.2% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Westshore Terminals Investment Corp ($WTE) | | 49.7% | 65.9% | 60.9% | 59.6% |
| Gamehost Inc ($GH) | 44.2% | 46.1% | 45.7% | 45.9% | 42.8% |
| Great Canadian Gaming Corp ($GC) | 34.1% | 16.8% | 41.1% | 40.1% | 36.6% |
| Imvescor Restaurant Group Inc ($IRG) | 26.5% | 27.9% | 27.3% | 25.5% | 35.9% |
| Whistler Blackcomb Holdings Inc ($WB) | 34.8% | 36.0% | 35.9% | 36.4% | 35.4% |
| |
|---|
| Median (58 companies) | 8.9% | 8.1% | 9.8% | 10.1% | 10.0% |
|---|
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Holloway Lodging Corp ($HLC) | 3.4% | 8.2% | 6.7% | 14.8% | 26.7% |
| WestJet Airlines Ltd ($WJA) | 3.9% | 7.9% | 19.5% | 18.6% | 22.5% |
| Westshore Terminals Investment Corp ($WTE) | | 25.7% | 11.5% | 6.2% | 21.2% |
| Exchange Income Corp ($EIF) | 8.2% | 7.9% | 15.8% | 15.5% | 15.4% |
| Chorus Aviation Inc ($CHR.A) | 12.5% | 9.9% | 9.6% | 3.9% | 15.0% |
| |
|---|
| Median (62 companies) | 3.0% | 2.7% | 2.9% | 2.5% | 2.9% |
|---|
| Partner Jet Corp ($PJT) | 0.8% | 0.7% | 0.0% | 0.0% | 0.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Westshore Terminals Investment Corp ($WTE) | | 24.0% | 37.8% | 35.0% | 38.3% |
| BRP Inc/CA ($DOO) | | 29.8% | 26.8% | 32.3% | 35.3% |
| Cara Operations Ltd ($CAO) | | | | 24.7% | 35.1% |
| Jean Coutu Group PJC Inc/The ($PJC.A) | 33.5% | 34.4% | 29.8% | 29.2% | 30.2% |
| Dollarama Inc ($DOL) | 17.7% | 21.6% | 24.7% | 26.5% | 29.9% |
| |
|---|
| Median (62 companies) | 10.8% | 9.8% | 10.5% | 9.7% | 10.9% |
|---|
| Partner Jet Corp ($PJT) | -30.7% | -51.6% | -50.8% | 85.1% | 51.1% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Holloway Lodging Corp ($HLC) | | | 5.8x | 8.4x | 17.1x |
| Discovery Air Inc ($DA.A) | 3.2x | 2.8x | 3.8x | 7.5x | 11.4x |
| AutoCanada Inc ($ACQ) | 1.9x | 4.2x | 4.7x | 6.4x | 8.0x |
| Second Cup Ltd/The ($SCU) | 0.6x | 1.0x | 0.6x | 0.0x | 7.5x |
| Amaya Inc ($AYA) | | 17.9x | 1.8x | 13.5x | 6.6x |
| |
|---|
| Median (53 companies) | 1.3x | 1.4x | 1.8x | 2.1x | 1.9x |
|---|
