Biorem Inc Net Income surged on 198% in 2015 and Revenue jumped on 58.0%
04.04.2016 • About Biorem Inc (
$BRM) • By InTwits
Biorem Inc reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Biorem Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.1%.
- The company has highly profitable business model: ROIC is at 54.4%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Biorem Inc ($BRM) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 12.045 | 15.418 | 19.596 | 10.683 | 16.880 | 58.0% |
| Gross Profit | 2.869 | 3.495 | 5.866 | 2.231 | 5.995 | 168.8% |
| SG&A | | 3.342 | 4.042 | 3.243 | 3.705 | 14.3% |
| EBITDA | -3.111 | 0.150 | 1.713 | -0.786 | 2.320 | -395.2% |
| Net Income | -3.369 | -0.830 | 0.718 | -1.722 | 1.689 | -198.1% |
Balance Sheet
|
|---|
| Cash | 0.924 | 1.501 | 1.640 | 1.212 | 2.725 | 124.8% |
| Short Term Debt | 0.649 | 1.220 | 3.548 | 2.424 | 2.874 | 18.6% |
| Long Term Debt | 0.000 | 2.368 | 0.000 | 1.109 | 0.000 | -100.0% |
Cash flow
|
|---|
| Capex | 0.000 | 0.000 | 0.000 | 0.030 | 0.006 | -78.3% |
Ratios
|
|---|
| Revenue growth | -30.6% | 28.0% | 27.1% | -45.5% | 58.0% | |
| EBITDA growth | 18.6% | -104.8% | 1,040.5% | -145.9% | -395.2% | |
| Gross Margin | 23.8% | 22.7% | 29.9% | 20.9% | 35.5% | 14.6% |
| EBITDA Margin | -25.8% | 1.0% | 8.7% | -7.4% | 13.7% | 21.1% |
| Net Income Margin | -28.0% | -5.4% | 3.7% | -16.1% | 10.0% | 26.1% |
| SG&A, % of revenue | | 21.7% | 20.6% | 30.4% | 22.0% | -8.4% |
| CAPEX, % of revenue | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | -0.2% |
| ROIC | -141.4% | -15.1% | 32.3% | -29.7% | 54.4% | 84.1% |
| ROE | -148.5% | -242.8% | 152.8% | | | 0.0% |
| Net Debt/EBITDA | | 13.9x | 1.1x | | 0.1x | 0.1x |
Revenue and profitability
The company's Revenue jumped on 58.0% in 2015. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin surged on 21.1 pp from -7.4% to 13.7% in 2015.
Gross Margin jumped on 14.6 pp from 20.9% to 35.5% in 2015. SG&A as a % of Revenue decreased on 8.4 pp from 30.4% to 22.0% in 2015.
Net Income marign jumped on 26.1 pp from -16.1% to 10.0% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 the company had CAPEX/Revenue of 0.038%. Biorem Inc showed almost no change in CAPEX/Revenue from 2012 to 2015.
Leverage (Debt)
Debt level is 0.1x Net Debt / EBITDA and 1.2x Debt / EBITDA. Net Debt / EBITDA increased0.1x from to 0.1x in 2015. Debt dropped on 18.6% in 2015 while cash jumped on 125% in 2015.
Appendix 1: Peers in Industrial
Below we provide Biorem Inc benchmarking against other companies in Industrial 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 |
|---|
| 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 ($LMP) | | 56.7% | 33.9% | 47.0% | 61.8% |
| |
|---|
| Median (79 companies) | 0.8% | 10.4% | 4.9% | 9.4% | 10.3% |
|---|
| Biorem Inc ($BRM) | | 28.0% | 27.1% | -45.5% | 58.0% |
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 ($AVO) | 45.7% | 49.3% | 54.2% | 56.6% | 57.4% |
| |
|---|
| Median (73 companies) | 23.2% | 23.4% | 23.3% | 23.1% | 24.0% |
|---|
| Biorem Inc ($BRM) | 23.8% | 22.7% | 29.9% | 20.9% | 35.5% |
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 ($VCI) | 29.0% | 31.4% | 32.2% | 37.8% | 39.0% |
| Photon Control Inc ($PHO) | 8.1% | 17.6% | 24.8% | 29.3% | 38.3% |
| Evertz Technologies Ltd ($ET) | 37.2% | 29.6% | 29.1% | 23.0% | 27.0% |
| |
|---|
| Median (74 companies) | 8.3% | 9.4% | 8.3% | 7.7% | 9.6% |
|---|
| Biorem Inc ($BRM) | -25.8% | 1.0% | 8.7% | -7.4% | 13.7% |
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 ($CNR) | 18.0% | 17.4% | 18.7% | 18.9% | 21.5% |
| |
|---|
| Median (78 companies) | 3.0% | 3.1% | 3.7% | 3.2% | 3.7% |
|---|
| Biorem Inc ($BRM) | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Vitreous Glass Inc ($VCI) | 26.1% | 30.5% | 32.3% | 48.3% | 51.0% |
| Photon Control Inc ($PHO) | 10.1% | 21.0% | 44.4% | 38.0% | 40.6% |
| 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 ($IWG) | 13.4% | 17.0% | 36.3% | 23.4% | 27.2% |
| |
|---|
| Median (79 companies) | 9.1% | 10.0% | 8.5% | 9.1% | 10.6% |
|---|
| Biorem Inc ($BRM) | -141.4% | -15.1% | 32.3% | -29.7% | 54.4% |
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 ($FTT) | 1.8x | 2.3x | 1.8x | 1.4x | 9.4x |
| |
|---|
| Median (67 companies) | 1.1x | 1.5x | 1.5x | 1.3x | 1.0x |
|---|
| Biorem Inc ($BRM) | | 13.9x | 1.1x | | 0.1x |
