Clairvest Group Inc revenue dropped on 28.1% in 2016 while EBITDA Margin increased on 3.1 pp from 55.6% to 58.7%
22.06.2016 • About Clairvest Group Inc (
$CVG) • By InTwits
Clairvest Group Inc reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Clairvest Group Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.1%.
- The company has business model with low profitability: ROIC is at 9.0%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Clairvest Group Inc ($CVG) key annual financial indicators
| mln. CAD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 44.0 | 60.6 | 76.3 | 104.3 | 75.0 | -28.1% |
| EBITDA | 28.9 | 43.1 | 45.2 | 58.0 | 44.0 | -24.1% |
| Net Income | 22.4 | 35.8 | 38.8 | 52.0 | 40.0 | -23.1% |
Balance Sheet
|
|---|
| Cash | 32.9 | 114.8 | 51.8 | 98.6 | 65.3 | -33.9% |
| 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 | 0.0 | 0.0 | 0.1 | 0.1 | 0.3 | 209.9% |
Ratios
|
|---|
| Revenue growth | 16.4% | 37.9% | 25.9% | 36.7% | -28.1% | |
| EBITDA growth | 19.9% | 49.0% | 4.9% | 28.3% | -24.1% | |
| EBITDA Margin | 65.8% | 71.1% | 59.2% | 55.6% | 58.7% | 3.1% |
| Net Income Margin | 51.0% | 59.0% | 50.8% | 49.8% | 53.3% | 3.5% |
| CAPEX, % of revenue | 0.0% | 0.0% | 0.2% | 0.1% | 0.3% | 0.3% |
| ROIC | 8.6% | 12.3% | 11.5% | 12.8% | 9.0% | -3.7% |
| ROE | 7.2% | 10.7% | 10.4% | 12.3% | 8.6% | -3.7% |
| Net Debt/EBITDA | -1.1x | -2.7x | -1.1x | -1.7x | -1.5x | 0.2x |
Clairvest Group Inc ($CVG) key quoterly financial indicators
| mln. CAD | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 21 | 8 | 19 | 26 | -3.3% | -82.2% | 341.0% | -20.5% |
| EBITDA | 9 | 3 | 13 | 19 | 3.7% | -87.5% | | -16.6% |
| Net Income | 8 | 3 | 12 | 17 | -17.3% | -89.1% | | -9.2% |
Balance Sheet
|
|---|
| Cash | 88 | 40 | 93 | 65 | 20.9% | -63.5% | -4.0% | -33.9% |
| Long Term Debt | 0 | 0 | 0 | 0 | | | | |
Ratios
|
|---|
| EBITDA Margin | 44.0% | 43.1% | 67.4% | 72.3% | 3.0% | -18.3% | 97.5% | 3.4% |
| Net Income Margin | 37.0% | 35.7% | 62.5% | 66.8% | -6.3% | -22.3% | 129.6% | 8.3% |
Revenue and profitability
The company's Revenue dropped on 28.1%. Annual revenue decline showed slowdown in FY16Q4 - revenue dropped on 20.5%. Despite revenue decline the EBITDA margin expanded. EBITDA Margin increased on 3.1 pp from 55.6% to 58.7% in FY2016.
Net Income marign increased on 3.5 pp from 49.8% to 53.3% in FY2016.
Capital expenditures (CAPEX) and working capital investments
In FY2016 the company had CAPEX/Revenue of 0.33%. The company's CAPEX/Revenue showed almost no change from FY2013 to FY2016. For the last three years the average CAPEX/Revenue was 0.19%.
Return on investment
The company operates at low ROIC (9.05%) and ROE (8.57%). ROIC decreased on 3.7 pp from 12.8% to 9.0% in FY2016. ROE decreased on 3.7 pp from 12.3% to 8.6% in FY2016.
Leverage (Debt)
The company has no debt. Cash dropped on 33.9%.
Appendix 1: Peers in Financial
Below you can find Clairvest Group Inc benchmarking vs. other companies in Financial industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Grenville Strategic Royalty Corp ($GRC) | | | | 317.2% | |
| StorageVault Canada Inc ($SVI) | | 22.2% | 7.5% | 111.8% | |
| Slate Retail REIT ($SRT.UN) | | 316.8% | 229.7% | 92.5% | 21.6% |
| Mogo Finance Technology Inc ($GO) | | 13.7% | 34.6% | 86.0% | 14.6% |
| Morguard Corp ($MRC) | | 27.2% | 9.2% | 58.8% | 4.6% |
| |
|---|
| Median (54 companies) | | 7.1% | 9.0% | 3.3% | 5.2% |
|---|
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Olympia Financial Group Inc ($OLY) | 80.9% | 82.6% | 83.2% | 84.5% | 83.5% |
| Morguard Corp ($MRC) | 74.0% | 69.9% | 68.6% | 76.5% | 75.5% |
| Mogo Finance Technology Inc ($GO) | 70.4% | 64.5% | 63.4% | 62.3% | |
| StorageVault Canada Inc ($SVI) | 18.2% | 22.6% | 18.3% | 52.4% | |
| Clarke Inc ($CKI) | 28.1% | 20.0% | 18.9% | 43.4% | 41.6% |
| |
|---|
| Median (9 companies) | 28.1% | 30.7% | 28.3% | 43.4% | 30.3% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Firm Capital Mortgage Investment Corp ($FC) | 87.6% | 87.9% | 88.8% | 86.6% | |
| Equitable Group Inc ($EQB) | 88.1% | 87.4% | 86.0% | 84.7% | 83.0% |
| Atrium Mortgage Investment Corp ($AI) | 79.8% | | | 81.9% | 83.2% |
| Trez Capital Mortgage Investment Corp ($TZZ) | | | | 76.2% | |
| First National Financial Corp ($FN) | 67.8% | 76.5% | 77.1% | 74.6% | |
| |
|---|
| Median (37 companies) | 43.7% | 33.5% | 39.8% | 32.5% | 43.1% |
|---|
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Dundee Corp ($DC.A) | 10.3% | 14.1% | 88.8% | 123.6% | |
| Gazit-Globe Ltd ($GZT) | 80.2% | 43.3% | 52.1% | 69.3% | 95.5% |
| First Capital Realty Inc ($FCR) | 127.9% | 76.1% | 73.8% | 56.7% | 79.7% |
| Killam Properties Inc ($KMP) | 80.7% | 114.1% | 143.5% | 46.7% | 59.9% |
| StorageVault Canada Inc ($SVI) | 150.5% | 73.3% | 79.1% | 21.4% | |
| |
|---|
| Median (56 companies) | 0.6% | 0.6% | 0.7% | 0.7% | 0.7% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| CI Financial Corp ($CIX) | | | | | 24.1% |
| FirstService Corp ($FSV) | | | | | 17.4% |
| IGM Financial Inc ($IGM) | 14.2% | 14.2% | 13.7% | 13.7% | 13.1% |
| Alaris Royalty Corp ($AD) | 9.5% | 10.1% | 10.7% | 7.3% | 12.3% |
| Genworth MI Canada Inc ($MIC) | 11.9% | 9.6% | 9.7% | 9.5% | 9.4% |
| |
|---|
| Median (56 companies) | 4.6% | 3.8% | 3.9% | 3.0% | 3.1% |
|---|
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Element Financial Corp ($EFN) | 140.2x | 31.9x | 37.6x | 79.9x | 22.6x |
| First National Financial Corp ($FN) | 34.3x | 33.7x | 40.9x | 37.4x | |
| StorageVault Canada Inc ($SVI) | 11.2x | 9.7x | 13.6x | 35.7x | |
| Gazit-Globe Ltd ($GZT) | 12.8x | 12.7x | 15.3x | 22.1x | 15.2x |
| Equitable Group Inc ($EQB) | 11.8x | 10.2x | 9.8x | 12.3x | 13.7x |
| |
|---|
| Median (28 companies) | 5.3x | 4.6x | 4.7x | 6.0x | 7.8x |
|---|
