Carmanah Technologies Corp Net Income surged on 974% in 2015
30.03.2016 • About Carmanah Technologies Corp (
$CMH) • By InTwits
Carmanah Technologies Corp reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Carmanah Technologies Corp is a growth stock: 2015 revenue growth was 56.0%, 5 year revenue CAGR was 15.0% at 2015 ROIC 18.7%
- Carmanah Technologies Corp has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.9%.
- The company has highly profitable business model: ROIC is at 18.7%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Carmanah Technologies Corp ($CMH) key annual financial indicators
| mln. $ | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 35.904 | 26.442 | 25.902 | 43.732 | 68.206 | 56.0% |
| Gross Profit | 11.262 | 8.239 | 7.384 | 15.162 | 22.907 | 51.1% |
| SG&A | | 10.460 | 8.878 | 11.259 | 15.255 | 35.5% |
| EBITDA | 0.825 | -2.728 | | | 10.808 | |
| Net Income | -8.553 | -3.921 | -5.564 | 0.994 | 10.680 | 974.4% |
Balance Sheet
|
|---|
| Cash | 4.190 | 2.533 | 5.197 | 8.707 | 14.880 | 70.9% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 10.093 | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 0.704 | 0.130 | 0.186 | 0.213 | 0.512 | 140.4% |
Ratios
|
|---|
| Revenue growth | 5.8% | -26.4% | -2.0% | 68.8% | 56.0% | |
| EBITDA growth | -536.5% | -430.7% | | | | |
| Gross Margin | 31.4% | 31.2% | 28.5% | 34.7% | 33.6% | -1.1% |
| EBITDA Margin | 2.3% | -10.3% | 0.0% | 0.0% | 15.8% | 15.8% |
| Net Income Margin | -23.8% | -14.8% | -21.5% | 2.3% | 15.7% | 13.4% |
| SG&A, % of revenue | | 39.6% | 34.3% | 25.7% | 22.4% | -3.4% |
| CAPEX, % of revenue | 2.0% | 0.5% | 0.7% | 0.5% | 0.8% | 0.3% |
| ROIC | -2.2% | -39.4% | -38.3% | 14.5% | 18.7% | 4.2% |
| ROE | -58.6% | -40.6% | -63.1% | 6.1% | 24.2% | 18.1% |
| Net Debt/EBITDA | -5.1x | | | | -0.4x | -0.4x |
Revenue and profitability
Carmanah Technologies Corp's Revenue jumped on 56.0% in 2015.
Gross Margin decreased slightly on 1.1 pp from 34.7% to 33.6% in 2015. SG&A as a % of Revenue decreased on 3.4 pp from 25.7% to 22.4% in 2015.
Net Income marign jumped on 13.4 pp from 2.3% to 15.7% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 the company had CAPEX/Revenue of 0.75%. Carmanah Technologies Corp showed almost no change in CAPEX/Revenue from 2012 to 2015. For the last three years the average CAPEX/Revenue was 0.65%.
Return on investment
The company operates at high and attractive ROE (24.15%) while ROIC is a bit lower (18.70%). ROIC increased on 4.2 pp from 14.5% to 18.7% in 2015. ROE surged on 18.1 pp from 6.1% to 24.2% in 2015.
Leverage (Debt)
Debt level is -0.4x Net Debt / EBITDA and 0.9x Debt / EBITDA. Net Debt / EBITDA dropped0.4x from to -0.4x in 2015. Debt surged while cash surged on 70.9% in 2015.
Appendix 1: Peers in Industrial
Below you can find Carmanah Technologies Corp benchmarking vs. other companies in Industrial 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 |
|---|
| Diversified Royalty Corp ($DIV) | | | | | 503.3% |
| Electrovaya Inc ($EFL) | | -4.0% | -71.2% | 160.5% | 123.8% |
| WSP Global Inc ($WSP) | | 92.9% | 60.3% | 44.0% | 108.9% |
| CEMATRIX Corp ($CVX) | | 9.2% | -5.6% | 7.9% | 76.5% |
| Lumenpulse Inc ($LMP) | | 56.7% | 33.9% | 47.0% | 61.8% |
| |
|---|
| Median (77 companies) | 0.2% | 11.5% | 5.3% | 9.1% | 9.7% |
|---|
| Carmanah Technologies Corp ($CMH) | | -26.4% | -2.0% | 68.8% | 56.0% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Pure Technologies Ltd ($PUR) | 75.7% | 77.9% | 78.0% | 77.5% | 75.6% |
| WSP Global Inc ($WSP) | 81.1% | 81.1% | 83.2% | 81.0% | 74.0% |
| Alarmforce Industries Inc ($AF) | 76.4% | 75.0% | 76.5% | 72.2% | 69.2% |
| Epicore BioNetworks Inc ($EBN) | 59.0% | 60.8% | 63.2% | 64.1% | 58.1% |
| Avigilon Corp ($AVO) | 45.7% | 49.3% | 54.2% | 56.6% | 57.4% |
| |
|---|
| Median (71 companies) | 23.2% | 23.0% | 23.3% | 22.6% | 24.0% |
|---|
| Carmanah Technologies Corp ($CMH) | 31.4% | 31.2% | 28.5% | 34.7% | 33.6% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Canadian National Railway Co ($CNR) | 46.3% | 46.5% | 45.9% | 46.8% | 50.9% |
| Canadian Pacific Railway Ltd ($CP) | 28.1% | 26.1% | 32.4% | 43.7% | 48.9% |
| Vitreous Glass Inc ($VCI) | 29.0% | 31.4% | 32.2% | 37.8% | 39.0% |
| Evertz Technologies Ltd ($ET) | 37.2% | 29.6% | 29.1% | 23.0% | 27.0% |
| Badger Daylighting Ltd ($BAD) | 27.2% | 25.7% | 25.9% | 27.9% | 24.6% |
| |
|---|
| Median (72 companies) | 8.3% | 9.4% | 8.3% | 7.4% | 9.5% |
|---|
| Carmanah Technologies Corp ($CMH) | 2.3% | -10.3% | | | 15.8% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Newalta Corp ($NAL) | 17.2% | 21.7% | 34.5% | 35.1% | 42.0% |
| Cargojet Inc ($CJT.A) | 6.8% | 7.0% | 6.3% | 54.1% | 41.3% |
| Algoma Central Corp ($ALC) | 6.6% | 15.9% | 7.3% | 5.0% | 27.4% |
| Canadian Pacific Railway Ltd ($CP) | 21.3% | 20.2% | 20.2% | 21.9% | 22.7% |
| Canadian National Railway Co ($CNR) | 18.0% | 17.4% | 18.7% | 18.9% | 21.5% |
| |
|---|
| Median (76 companies) | 3.0% | 3.1% | 3.7% | 3.2% | 3.9% |
|---|
| Carmanah Technologies Corp ($CMH) | 2.0% | 0.5% | 0.7% | 0.5% | 0.8% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Vitreous Glass Inc ($VCI) | 26.1% | 30.5% | 32.3% | 48.3% | 51.0% |
| Pacific Safety Products Inc ($PSP) | -19.0% | -1.5% | -11.5% | 3.7% | 38.2% |
| CEMATRIX Corp ($CVX) | 15.7% | 6.4% | -2.4% | -6.7% | 30.4% |
| IWG Technologies Inc ($IWG) | 13.4% | 17.0% | 36.3% | 23.4% | 27.2% |
| Epicore BioNetworks Inc ($EBN) | 24.8% | 28.1% | 16.1% | 32.5% | 26.3% |
| |
|---|
| Median (77 companies) | 9.1% | 10.0% | 8.5% | 8.5% | 9.7% |
|---|
| Carmanah Technologies Corp ($CMH) | -2.2% | -39.4% | -38.3% | 14.5% | 18.7% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Conifex Timber Inc ($CFF) | | | 2.7x | 6.1x | 35.9x |
| Ag Growth International Inc ($AFN) | 2.4x | 2.9x | -0.1x | 2.1x | 14.1x |
| Cargojet Inc ($CJT.A) | 1.8x | 1.5x | 1.5x | 31.5x | 12.9x |
| Progressive Waste Solutions Ltd ($BIN) | 2.5x | 4.5x | 3.3x | 2.9x | 10.6x |
| Finning International Inc ($FTT) | 1.8x | 2.3x | 1.8x | 1.4x | 9.4x |
| |
|---|
| Median (65 companies) | 1.1x | 1.5x | 1.5x | 1.3x | 1.3x |
|---|
| Carmanah Technologies Corp ($CMH) | -5.1x | | | | -0.4x |
