Claude Resources Inc Net Income jumped on 610% in 2015 and Revenue jumped on 23.2%
30.03.2016 • About Claude Resources Inc (
$CRJ) • By InTwits
Claude Resources Inc reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Claude Resources Inc is a growth stock: 2015 revenue growth was 23.2%, 5 year revenue CAGR was 14.0% at 2015 ROIC 19.3%
- Claude Resources Inc has high CAPEX intensity: 5 year average CAPEX/Revenue was 49.8%. At the same time it's a lot of higher than industry average of 29.5%.
- CAPEX is quite volatile: 24.6 in 2015, 22.2 in 2014, 31.9 in 2013, 62.5 in 2012, 51.2 in 2011
- The company has highly profitable business model: ROIC is at 19.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Claude Resources Inc ($CRJ) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 69.7 | 80.8 | 63.8 | 87.4 | 107.7 | 23.2% |
| Gross Profit | 17.7 | 32.3 | 19.7 | 12.9 | 39.8 | 207.6% |
| SG&A | | | | | 8.0 | |
| EBITDA | 22.3 | 24.4 | 12.7 | 27.7 | 50.8 | 83.6% |
| Net Income | 9.5 | 5.6 | -73.4 | 4.6 | 32.3 | 610.3% |
Balance Sheet
|
|---|
| Cash | 2.5 | 0.0 | 0.0 | 11.2 | 37.0 | 231.3% |
| Short Term Debt | 3.0 | 10.4 | 40.5 | 3.6 | 5.0 | 38.9% |
| Long Term Debt | 11.2 | 0.3 | 0.0 | 18.0 | 13.5 | -24.9% |
Cash flow
|
|---|
| Capex | 51.2 | 62.5 | 31.9 | 22.2 | 24.6 | 10.8% |
Ratios
|
|---|
| Revenue growth | 24.4% | 16.0% | -21.1% | 37.0% | 23.2% | |
| EBITDA growth | 12.2% | 9.1% | -48.0% | 118.0% | 83.6% | |
| Gross Margin | 25.4% | 39.9% | 30.9% | 14.8% | 37.0% | 22.2% |
| EBITDA Margin | 32.1% | 30.2% | 19.9% | 31.7% | 47.2% | 15.5% |
| Net Income Margin | 13.6% | 6.9% | -115.1% | 5.2% | 30.0% | 24.8% |
| SG&A, % of revenue | | | | | 7.5% | 7.5% |
| CAPEX, % of revenue | 73.5% | 77.4% | 50.0% | 25.4% | 22.8% | -2.6% |
| ROIC | 7.1% | 4.5% | -5.6% | 3.6% | 19.3% | 15.7% |
| ROE | 6.8% | 3.0% | -46.6% | 3.6% | 22.0% | 18.4% |
| Net Debt/EBITDA | 0.5x | 0.4x | 3.2x | 0.4x | -0.4x | -0.7x |
Revenue and profitability
Claude Resources Inc's Revenue jumped on 23.2% in 2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin surged on 131 pp from 70.8% to 202% in 2015.
Gross Margin surged on 22.2 pp from 14.8% to 37.0% in 2015.
Net Income marign jumped on 24.8 pp from 5.2% to 30.0% in 2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 22.8% in 2015. CAPEX/Revenue dropped on 54.5 pp from 77.4% in 2012 to 22.8% in 2015. Average CAPEX/Revenue for the last three years was 32.8%.
Return on investment
The company operates at high and attractive ROE (22.04%) while ROIC is a bit lower (19.30%). ROIC jumped on 15.7 pp from 3.6% to 19.3% in 2015. ROE jumped on 18.4 pp from 3.6% to 22.0% in 2015.
Leverage (Debt)
Debt level is -0.4x Net Debt / EBITDA and 0.4x Debt / EBITDA. Net Debt / EBITDA dropped on 0.7x from 0.4x to -0.4x in 2015. Debt dropped on 14.2% in 2015 while cash jumped on 231% in 2015.
Appendix 1: Peers in Basic Materials
Below you can find Claude 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 ($VMS) | | | | | 139.7% |
| |
|---|
| Median (127 companies) | -20.4% | 8.0% | -5.0% | -1.1% | -1.8% |
|---|
| Claude Resources Inc ($CRJ) | | 16.0% | -21.1% | 37.0% | 23.2% |
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% |
| Trevali Mining Corp ($TV) | | | | 49.0% | 59.3% |
| |
|---|
| Median (121 companies) | 31.2% | 31.5% | 20.7% | 17.6% | 15.5% |
|---|
| Claude Resources Inc ($CRJ) | 25.4% | 39.9% | 30.9% | 14.8% | 37.0% |
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 ($LUC) | | 7.6% | 57.3% | 57.5% | 60.0% |
| |
|---|
| Median (127 companies) | 22.0% | 18.4% | 11.3% | 9.7% | 6.6% |
|---|
| Claude Resources Inc ($CRJ) | 32.1% | 30.2% | 19.9% | 31.7% | 47.2% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Sandstorm Gold Ltd ($SSL) | 113.4% | 152.1% | 118.8% | 49.4% | 412.7% |
| Silver Wheaton Corp ($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 ($ARG) | 12.9% | 13.0% | 9.3% | 9.8% | 99.6% |
| |
|---|
| Median (127 companies) | 23.9% | 26.3% | 25.2% | 16.0% | 15.7% |
|---|
| Claude Resources Inc ($CRJ) | 73.5% | 77.4% | 50.0% | 25.4% | 22.8% |
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 ($SXP) | 13.9% | 14.1% | 18.5% | 16.5% | 23.4% |
| Dynacor Gold Mines Inc ($DNG) | 45.6% | 62.8% | 50.9% | 31.3% | 18.2% |
| Western Forest Products Inc ($WEF) | 7.5% | 9.0% | 25.1% | 15.7% | 16.4% |
| |
|---|
| Median (129 companies) | 5.4% | 4.9% | 0.1% | -0.1% | -4.6% |
|---|
| Claude Resources Inc ($CRJ) | 7.1% | 4.5% | -5.6% | 3.6% | 19.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Imperial Metals Corp ($III) | -0.1x | 1.5x | 4.9x | 12.9x | 67.5x |
| Barkerville Gold Mines Ltd ($BGM) | | | | | 38.8x |
| Copper Mountain Mining Corp ($CUM) | 17.2x | 3.9x | 5.0x | 5.4x | 30.6x |
| Resolute Forest Products Inc ($RFP) | 0.6x | 1.3x | 1.1x | 3.8x | 29.6x |
| Fortress Paper Ltd ($FTP) | 92.5x | | | | 18.8x |
| |
|---|
| Median (82 companies) | -0.1x | 0.3x | 0.7x | 0.9x | 1.4x |
|---|
| Claude Resources Inc ($CRJ) | 0.5x | 0.4x | 3.2x | 0.4x | -0.4x |
