Looking for growth? Don't miss Lassonde Industries Inc with its track record of fast growth
31.03.2016 • About Lassonde Industries Inc (
$LAS.A) • By InTwits
Lassonde Industries Inc is an attractive growth stock in Consumer, Non-cyclical industry. Its revenue performance, profitability and healthy financial model stands it out vs. other public companies on the market.
Growth story
Lassonde Industries Inc showed fast growth in the last financial year. The company's revenue surged on 22.7% in FY2015. EBITDA also increased considerably: 24.9% for the same period.
In the last 3 years the company showed fast revenue growth of 12.3% from 2012 to 2015 annually. EBITDA surged on 9.80% from 2012 to 2015 annually.
Lassonde Industries Inc ($LAS.A) financials for the last 5 years
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 |
|---|
| Revenue | 760 | 1,022 | 1,040 | 1,181 | 1,449 |
|---|
| Revenue growth, % | | 34.5% | 1.8% | 13.5% | 22.7% |
|---|
| Gross margin, % | 27.8% | 27.3% | 27.4% | 27.9% | 28.3% |
|---|
| SG&A, % | | 19.0% | 19.4% | 20.4% | 20.5% |
|---|
| EBITDA | 83 | 116 | 116 | 123 | 154 |
|---|
| EBITDA growth, % | | 39.3% | -0.4% | 6.4% | 24.9% |
|---|
| EBITDA margin, % | 11.0% | 11.4% | 11.1% | 10.4% | 10.6% |
|---|
| Net Income | 34 | 44 | 45 | 45 | 57 |
|---|
| Net Income margin, % | 4.53% | 4.32% | 4.32% | 3.83% | 3.93% |
|---|
| |
| CAPEX | 19 | 25 | 24 | 16 | 20 |
|---|
| CAPEX/Revenue, % | 2.54% | 2.49% | 2.34% | 1.36% | 1.35% |
|---|
| Debt | 343 | 295 | 263 | 388 | 351 |
|---|
| Cash | 0 | 22 | 13 | 0 | 1 |
|---|
| Net Debt/EBITDA | 4.1x | 2.3x | 2.2x | 3.1x | 2.3x |
|---|
| |
| ROIC, % | 12.9% | 13.4% | 13.0% | 11.7% | 12.5% |
|---|
| ROE, % | 14.9% | 16.0% | 14.2% | 12.2% | 12.7% |
|---|
Profitability and return on investment
EBITDA growth was supported by margin expansion. The company showed small growth in EBITDA margin of 0.200 pp from 10.4% to 10.6% in 2015. In the longer period the company showed decline of 0.800 pp from 11.4% in 2012 to 10.6% in 2015.
We call Lassonde Industries Inc an attractive growth stock as together with the growth it delivers high ROIC at 12.5%. During the last three years it decreased - it was 13.4% in FY2012. Average ROIC for the last three years was 12.4%.
Net Income margin increased slightly on 0.100 pp from 3.80% to 3.90% in 2015. If we look for the longer period Net Income margin decreased on 0.400 pp from 4.30% in 2012 to 3.90% in 2015.
Lassonde Industries Inc operates at ROE of 12.7%. Average ROE for the last three years was 13.0%.
Capital expenditures (CAPEX)
In FY2015 Lassonde Industries Inc had CAPEX/Revenue of 1.35%. The company showed big decline in CAPEX/Revenue of 1.14 pp from 2.49% in 2012 to 1.35% in 2015. For the last three years the average CAPEX/Revenue was 1.68%.
Leverage (Debt)
Having such a fast growth profile Lassonde Industries Inc keeps medium debt level at 2.3x Net Debt/EBITDA. If we look for the longer period Lassonde Industries Inc showed small leverage decline of 0.07x from 2.35x in 2012 to 2.28x in 2015.
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, %
| FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Top 5 |
|---|
| 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, %
| FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Top 5 |
|---|
| 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, %
| FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Top 5 |
|---|
| 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, %
| FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Top 5 |
|---|
| 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, %
| FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Top 5 |
|---|
| 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
| FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Top 5 |
|---|
| 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 |
