Westaim Corp/The Net Income dropped on 56.9% in 2015 and Revenue dropped on 41.5%
31.03.2016 • About Westaim Corp/The (
$WED) • By InTwits
Westaim Corp/The reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Westaim Corp/The is a company in decline: 2015 revenue growth was -41.5%, 5 years revenue CAGR was -44.5%
- Westaim Corp/The has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.5%.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Westaim Corp/The ($WED) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 366.5 | 0.3 | 0.4 | 24.3 | 14.2 | -41.5% |
| Net Income | 32.8 | 103.0 | -3.7 | 17.7 | 7.6 | -56.9% |
Balance Sheet
|
|---|
| Cash | 24.3 | 39.2 | 35.4 | 80.1 | 7.8 | -90.3% |
| Short Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
Cash flow
|
|---|
| Capex | 5.3 | 0.0 | 0.0 | 0.2 | 0.0 | -92.2% |
Ratios
|
|---|
| Revenue growth | 35.7% | -99.9% | 38.0% | 5,680.8% | -41.5% | |
| Net Income Margin | 8.9% | 33,774.1% | -881.2% | 72.9% | 53.6% | -19.3% |
| CAPEX, % of revenue | 1.4% | 0.0% | 0.0% | 0.7% | 0.1% | -0.6% |
| ROIC | 3.4% | | | | | 0.0% |
| ROE | 8.2% | 45.6% | -11.3% | 17.9% | 3.1% | -14.8% |
Revenue and profitability
Westaim Corp/The's Revenue dropped on 41.5% in 2015.
Net Income marign dropped on 19.3 pp from 72.9% to 53.6% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 Westaim Corp/The had CAPEX/Revenue of 0.098%. Westaim Corp/The's CAPEX/Revenue showed almost no change from 2012 to 2015.
Leverage (Debt)
The company has no debt. Cash dropped on 90.3% in 2015.
Appendix 1: Peers in Financial
Below you can find Westaim Corp/The benchmarking vs. other companies in Financial 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 |
|---|
| 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% |
| Callidus Capital Corp ($CBL) | | 19.0% | 93.5% | 134.2% | 49.6% |
| |
|---|
| Median (70 companies) | 52.7% | 9.6% | 7.4% | 8.9% | 1.3% |
|---|
| Westaim Corp/The ($WED) | | -99.9% | 38.0% | 5,680.8% | -41.5% |
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 ($OCX) | 20.0% | 20.1% | 26.2% | 27.9% | 31.0% |
| |
|---|
| Median (10 companies) | 25.2% | 25.0% | 26.2% | 24.2% | 30.5% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Firm Capital Mortgage Investment Corp ($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 (46 companies) | 35.8% | 32.3% | 32.0% | 30.5% | 29.8% |
|---|
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% |
| Gazit-Globe Ltd ($GZT) | 111.1% | 80.2% | 43.3% | 52.1% | 69.3% |
| Wall Financial Corp ($WFC) | 1.8% | 13.5% | 9.8% | 6.1% | 65.3% |
| First Capital Realty Inc ($FCR) | 102.8% | 127.9% | 76.1% | 73.8% | 56.7% |
| |
|---|
| Median (72 companies) | 1.0% | 1.2% | 0.8% | 1.0% | 1.0% |
|---|
| Westaim Corp/The ($WED) | 1.4% | 0.0% | 0.0% | 0.7% | 0.1% |
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 ($CWB) | 13.0% | 12.4% | 12.1% | 12.4% | 11.6% |
| |
|---|
| Median (72 companies) | 5.3% | 4.8% | 4.6% | 4.8% | 4.5% |
|---|
| Westaim Corp/The ($WED) | 3.4% | | | | |
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 |
| Gazit-Globe Ltd ($GZT) | 14.8x | 12.8x | 12.7x | 15.3x | 22.1x |
| Wall Financial Corp ($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 |
| |
|---|
| Median (36 companies) | 4.1x | 5.3x | 5.0x | 4.3x | 6.0x |
|---|
