Family Memorials Inc Net Debt / EBITDA jumped on 69.1x from 15.2x to 84.3x in 2015 while EBITDA dropped on 85.2%
29.04.2016 • About Family Memorials Inc (
$FAM) • By InTwits
Family Memorials Inc reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Family Memorials Inc doesn't have a profitable business model yet: 2015 ROIC is -9.5%
- Family Memorials Inc motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for 2011-2015 was 0.0%. On average EBITDA Margin was -4.1% for the sames years0
- Family Memorials Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.4%.
- The company has unprofitable business model: ROIC is at -9.5%
- It operates with high leverage: Net Debt/EBITDA is 84.3x while industry average is 7.0x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Family Memorials Inc ($FAM) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1.934 | 2.992 | 3.676 | 12.695 | 11.939 | -5.9% |
| Gross Profit | 0.651 | 1.193 | 1.228 | 5.642 | 5.485 | -2.8% |
| SG&A | | 0.254 | 0.343 | 0.823 | 0.984 | 19.6% |
| EBITDA | -0.620 | -0.322 | -0.931 | 0.456 | 0.067 | -85.2% |
| Net Income | -1.011 | -1.258 | -0.337 | -1.333 | -1.875 | 40.7% |
Balance Sheet
|
|---|
| Cash | 1.279 | 0.181 | 0.569 | 0.162 | 0.130 | -19.7% |
| Short Term Debt | 0.000 | 0.000 | 0.837 | 2.041 | 5.793 | 183.8% |
| Long Term Debt | 4.097 | 4.323 | 7.012 | 5.062 | 0.027 | -99.5% |
Cash flow
|
|---|
| Capex | 0.000 | 0.024 | 0.018 | 0.037 | 0.043 | 16.6% |
Ratios
|
|---|
| Revenue growth | -13.6% | 54.7% | 22.9% | 245.3% | -5.9% | |
| EBITDA growth | 17.9% | -48.1% | 189.3% | -149.0% | -85.2% | |
| Gross Margin | 33.7% | 39.9% | 33.4% | 44.4% | 45.9% | 1.5% |
| EBITDA Margin | -32.0% | -10.8% | -25.3% | 3.6% | 0.6% | -3.0% |
| Net Income Margin | -52.3% | -42.0% | -9.2% | -10.5% | -15.7% | -5.2% |
| SG&A, % of revenue | | 8.5% | 9.3% | 6.5% | 8.2% | 1.8% |
| CAPEX, % of revenue | 0.0% | 0.8% | 0.5% | 0.3% | 0.4% | 0.1% |
| ROIC | -21.6% | -9.9% | -19.1% | -0.0% | -9.5% | -9.5% |
| ROE | -174.1% | | | | | 0.0% |
| Net Debt/EBITDA | | | | 15.2x | 84.3x | 69.1x |
Revenue and profitability
Family Memorials Inc's Revenue decreased on 5.9% in 2015. Revenue decline was worsened by EBITDA margin decline. EBITDA Margin decreased on 3.0 pp from 3.6% to 0.57% in 2015.
Gross Margin increased slightly on 1.5 pp from 44.4% to 45.9% in 2015. SG&A as a % of Revenue increased slightly on 1.8 pp from 6.5% to 8.2% in 2015.
Net Income marign decreased on 5.2 pp from -10.5% to -15.7% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 Family Memorials Inc had CAPEX/Revenue of 0.36%. CAPEX/Revenue showed almost no change from 2012 to 2015. It's average CAPEX/Revenue for the last three years was 0.38%.Family Memorials Inc invested a big chunk of EBITDA (63.8%) to CAPEX which didn't stop revenue from falling.
Leverage (Debt)
Debt level is 84.3x Net Debt / EBITDA and 86.2x Debt / EBITDA. Net Debt / EBITDA surged on 69.1x from 15.2x to 84.3x in 2015. Debt dropped on 18.1% in 2015 while cash dropped on 19.7% in 2015.
Appendix 1: Peers in Consumer, Non-cyclical
Below you can find Family Memorials Inc benchmarking vs. other companies in Consumer, Non-cyclical 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 |
|---|
| Theratechnologies Inc ($TH) | | -9.1% | -44.3% | -10.9% | 346.4% |
| Medicure Inc ($MPH) | | 32.2% | -45.7% | 94.1% | 337.2% |
| CRH Medical Corp ($CRH) | | 23.7% | 12.5% | 56.0% | 284.2% |
| Concordia Healthcare Corp ($CXR) | | | | 159.5% | 275.7% |
| Patient Home Monitoring Corp ($PHM) | | 170.2% | 1.9% | 433.0% | 238.4% |
| |
|---|
| Median (86 companies) | 203.9% | 8.7% | 5.3% | 12.2% | 14.3% |
|---|
| Family Memorials Inc ($FAM) | | 54.7% | 22.9% | 245.3% | -5.9% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Cipher Pharmaceuticals Inc ($CPH) | | | 99.5% | 98.3% | 92.7% |
| Medicure Inc ($MPH) | 58.3% | 77.7% | 74.4% | 82.8% | 89.8% |
| 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 ($TH) | 38.7% | 62.7% | 50.9% | 63.5% | 86.6% |
| |
|---|
| Median (73 companies) | 36.6% | 37.4% | 36.2% | 35.6% | 34.5% |
|---|
| Family Memorials Inc ($FAM) | 33.7% | 39.9% | 33.4% | 44.4% | 45.9% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| 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% |
| Ceapro Inc ($CZO) | 18.2% | -2.6% | 9.1% | 23.4% | 41.9% |
| Valeant Pharmaceuticals International Inc ($VRX) | 37.0% | 30.6% | 27.8% | 45.6% | 39.8% |
| Concordia Healthcare Corp ($CXR) | | | 43.7% | 37.0% | 39.8% |
| |
|---|
| Median (84 companies) | 7.5% | 7.4% | 9.0% | 10.6% | 10.2% |
|---|
| Family Memorials Inc ($FAM) | -32.0% | -10.8% | -25.3% | 3.6% | 0.6% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Neptune Technologies & Bioressources Inc ($NTB) | 6.0% | 4.7% | 73.6% | 84.6% | 119.0% |
| Feronia Inc/Canada ($FRN) | 129.0% | 191.4% | 117.4% | 42.4% | 81.0% |
| 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% |
| Ceapro Inc ($CZO) | 2.2% | 3.9% | 35.3% | 52.0% | 39.4% |
| |
|---|
| Median (85 companies) | 2.3% | 2.6% | 2.4% | 2.6% | 2.3% |
|---|
| Family Memorials Inc ($FAM) | 0.0% | 0.8% | 0.5% | 0.3% | 0.4% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Medicure Inc ($MPH) | | | -127.1% | | 129.4% |
| Response Biomedical Corp ($RBM) | -75.0% | -158.5% | | | 52.0% |
| Ceapro Inc ($CZO) | 69.9% | -33.5% | 15.5% | 43.5% | 50.4% |
| Biosyent Inc ($RX) | 45.5% | 71.7% | 62.4% | 62.9% | 48.2% |
| Immunotec Inc ($IMM) | -11.5% | 1.8% | 8.8% | -10.5% | 40.8% |
| |
|---|
| Median (86 companies) | 8.0% | 6.7% | 6.7% | 7.3% | 6.3% |
|---|
| Family Memorials Inc ($FAM) | -21.6% | -9.9% | -19.1% | -0.0% | -9.5% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Noble Iron Inc ($NIR) | | 25.5x | 12.9x | 227.3x | 244.1x |
| Concordia Healthcare Corp ($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 ($CHH) | 10.3x | 5.6x | 10.2x | 11.2x | 15.6x |
| |
|---|
| Median (70 companies) | 1.9x | 2.8x | 2.2x | 2.7x | 1.9x |
|---|
| Family Memorials Inc ($FAM) | | | | 15.2x | 84.3x |
