Tuckamore Capital Management Inc reports 156% EBITDA decline and 16.6 pp EBITDA Margin decline from 9.5% to -7.1%
29.03.2016 • About Tuckamore Capital Management Inc (
$TX) • By InTwits
Tuckamore Capital Management Inc reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Tuckamore Capital Management Inc is a company in decline: 2015 revenue growth was -25.4%, 5 years revenue CAGR was -2.3%
- The company has unprofitable business model: ROIC is at -17.6%
- It operates with high leverage: Net Debt/EBITDA is 251.1x while industry average is 8.8x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Tuckamore Capital Management Inc ($TX) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 638.4 | 757.4 | 647.8 | 557.8 | 416.1 | -25.4% |
| Gross Profit | | 146.2 | 136.3 | 114.3 | 53.7 | -53.0% |
| SG&A | | 107.8 | 97.7 | 61.2 | 22.4 | -63.5% |
| EBITDA | | 38.4 | 38.6 | 53.0 | -29.5 | -155.6% |
| Net Income | 27.9 | -25.6 | -17.4 | -17.2 | -124.9 | 624.1% |
Balance Sheet
|
|---|
| Cash | | 16.6 | 31.8 | 25.7 | 28.8 | 12.2% |
| Short Term Debt | | 4.9 | 11.5 | 73.7 | 237.5 | 222.2% |
| Long Term Debt | | 273.2 | 255.6 | 178.6 | 6.3 | -96.4% |
Cash flow
|
|---|
| Capex | | 4.4 | 8.1 | 7.5 | 3.4 | -55.2% |
Ratios
|
|---|
| Revenue growth | 36.5% | 18.6% | -14.5% | -13.9% | -25.4% | |
| EBITDA growth | | | 0.6% | 37.2% | -155.6% | |
| Gross Margin | | 19.3% | 21.0% | 20.5% | 12.9% | -7.6% |
| EBITDA Margin | 0.0% | 5.1% | 6.0% | 9.5% | -7.1% | -16.6% |
| Net Income Margin | 4.4% | -3.4% | -2.7% | -3.1% | -30.0% | -26.9% |
| SG&A, % of revenue | | 14.2% | 15.1% | 11.0% | 5.4% | -5.6% |
| CAPEX, % of revenue | | 0.6% | 1.3% | 1.3% | 0.8% | -0.5% |
| ROIC | | | 4.9% | 12.0% | -17.6% | -29.6% |
| ROE | | | -38.9% | -36.0% | | 36.0% |
| Net Debt/EBITDA | | 6.8x | 6.1x | 4.3x | | -4.3x |
Revenue and profitability
The company's Revenue dropped on 25.4% in 2015. Revenue decline was worsened by EBITDA margin decline. EBITDA Margin dropped on 16.6 pp from 9.5% to -7.1% in 2015.
Gross Margin decreased on 7.6 pp from 20.5% to 12.9% in 2015. SG&A as a % of Revenue decreased on 5.6 pp from 11.0% to 5.4% in 2015.
Net Income marign dropped on 26.9 pp from -3.1% to -30.0% in 2015.
Capital expenditures (CAPEX) and working capital investments
Tuckamore Capital Management Inc's CAPEX/Revenue was 0.81% in 2015. CAPEX/Revenue showed almost no change from 2012 to 2015. It's average level of CAPEX/Revenue for the last three years was 1.1%.
Leverage (Debt)
Company's Net Debt / EBITDA is 251.1x and Debt / EBITDA is . Net Debt / EBITDA dropped on 4.3x from 4.3x to in 2015. Debt decreased on 3.4% in 2015 while cash jumped on 12.2% in 2015.
Appendix 1: Peers in Financial
Below we provide Tuckamore Capital Management Inc benchmarking against other companies in Financial 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 |
|---|
| Mogo Finance Technology Inc ($GO) | | | 13.7% | 34.6% | 86.0% |
| Morguard Corp ($MRC) | | 5.3% | 27.2% | 9.2% | 58.8% |
| Terra Firma Capital Corp ($TII) | | 306.8% | 61.9% | 39.1% | 56.9% |
| Chesswood Group Ltd ($CHW) | | 12.2% | 9.4% | -47.4% | 53.7% |
| Element Financial Corp ($EFN) | | | 206.6% | 189.1% | 47.2% |
| |
|---|
| Median (67 companies) | 35.7% | 8.5% | 7.7% | 9.0% | 1.3% |
|---|
| Tuckamore Capital Management Inc ($TX) | | 18.6% | -14.5% | -13.9% | -25.4% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Olympia Financial Group Inc ($OLY) | 85.3% | 80.9% | 82.6% | 83.2% | 84.5% |
| Morguard Corp ($MRC) | 74.8% | 74.0% | 69.9% | 68.6% | 76.5% |
| Mogo Finance Technology Inc ($GO) | | 70.4% | 64.5% | 63.4% | 62.3% |
| Clarke Inc ($CKI) | 9.9% | 28.1% | 20.0% | 18.9% | 43.4% |
| Onex Corp ($OCX) | 20.0% | 20.1% | 26.2% | 27.9% | 31.0% |
| |
|---|
| Median (9 companies) | 25.2% | 25.3% | 28.4% | 27.9% | 31.0% |
|---|
| Tuckamore Capital Management Inc ($TX) | | 19.3% | 21.0% | 20.5% | 12.9% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Firm Capital Mortgage Investment Corp ($FC) | 88.7% | 87.6% | 87.9% | 88.8% | 86.6% |
| Equitable Group Inc ($EQB) | 89.7% | 88.1% | 87.4% | 86.0% | 84.7% |
| Atrium Mortgage Investment Corp ($AI) | 84.5% | 79.8% | | | 81.9% |
| Trez Capital Mortgage Investment Corp ($TZZ) | | | | | 76.2% |
| First National Financial Corp ($FN) | 66.1% | 67.8% | 76.5% | 77.1% | 74.6% |
| |
|---|
| Median (44 companies) | 35.8% | 32.5% | 32.1% | 31.5% | 29.8% |
|---|
| Tuckamore Capital Management Inc ($TX) | | 5.1% | 6.0% | 9.5% | -7.1% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Imperial Equities Inc ($IEI) | 23.1% | 22.8% | 16.0% | 27.7% | 147.5% |
| Dundee Corp ($DC.A) | | 10.3% | 14.1% | 88.8% | 123.6% |
| Wall Financial Corp ($WFC) | 1.8% | 13.5% | 9.8% | 6.1% | 65.3% |
| First Capital Realty Inc ($FCR) | 102.8% | 127.9% | 76.1% | 73.8% | 56.7% |
| Mainstreet Equity Corp ($MEQ) | 152.4% | 115.8% | 62.3% | 75.8% | 56.3% |
| |
|---|
| Median (69 companies) | 1.3% | 1.4% | 0.8% | 1.0% | 1.0% |
|---|
| Tuckamore Capital Management Inc ($TX) | | 0.6% | 1.3% | 1.3% | 0.8% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Gluskin Sheff + Associates Inc ($GS) | 71.3% | 21.0% | 82.9% | 153.9% | 63.6% |
| Brookfield Real Estate Services Inc ($BRE) | 17.1% | 26.0% | 31.0% | 47.0% | 61.0% |
| IGM Financial Inc ($IGM) | 15.3% | 14.2% | 14.2% | 13.7% | 13.7% |
| Clairvest Group Inc ($CVG) | 7.6% | 8.6% | 12.3% | 11.5% | 12.8% |
| Canadian Western Bank ($CWB) | 13.0% | 12.4% | 12.1% | 12.4% | 11.6% |
| |
|---|
| Median (69 companies) | 5.0% | 4.8% | 4.5% | 4.7% | 4.8% |
|---|
| Tuckamore Capital Management Inc ($TX) | | | 4.9% | 12.0% | -17.6% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Element Financial Corp ($EFN) | | 140.2x | 31.9x | 37.6x | 79.9x |
| First National Financial Corp ($FN) | 37.6x | 34.3x | 33.7x | 40.9x | 37.4x |
| Wall Financial Corp ($WFC) | 6.2x | 3.4x | 19.9x | 4.6x | 20.1x |
| Equitable Group Inc ($EQB) | 12.7x | 11.8x | 10.2x | 9.8x | 12.3x |
| Rifco Inc ($RFC) | | 9.8x | 9.4x | 10.7x | 11.9x |
| |
|---|
| Median (35 companies) | 4.1x | 5.2x | 4.8x | 4.4x | 5.6x |
|---|
