Calian Technologies Ltd EBITDA jumped on 32.3% in 2016 and Revenue jumped on 13.3%
09.11.2016 • About Calian Technologies Ltd (
$CTY) • By InTwits
Calian Technologies Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is relatively stable: 7.8% in FY2016 vs. 6.7% in FY2015 vs. 8.5% in FY2012
- Calian Technologies Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.6%.
- The company has highly profitable business model: ROIC is at 25.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Calian Technologies Ltd ($CTY) key annual financial indicators
| mln. CAD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 235.9 | 232.5 | 211.3 | 242.3 | 274.6 | 13.3% |
| Gross Profit | 44.4 | 42.2 | 39.1 | 41.5 | 48.8 | 17.6% |
| SG&A | | 21.4 | 19.5 | 20.8 | 23.0 | 10.5% |
| EBITDA | 20.0 | 19.1 | 16.2 | 16.2 | 21.4 | 32.3% |
| Net Income | 14.1 | 13.1 | 10.6 | 9.8 | 13.6 | 39.2% |
Balance Sheet
|
|---|
| Cash | 32.0 | 29.8 | 25.2 | 10.6 | 16.8 | 57.8% |
| 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 | 1.1 | 0.7 | 1.2 | 2.7 | 1.8 | -35.2% |
Ratios
|
|---|
| Revenue growth | 4.1% | -1.5% | -9.1% | 14.7% | 13.3% | |
| EBITDA growth | 7.8% | -4.7% | -15.0% | -0.4% | 32.3% | |
| Gross Margin | 18.8% | 18.2% | 18.5% | 17.1% | 17.8% | 0.6% |
| EBITDA Margin | 8.5% | 8.2% | 7.7% | 6.7% | 7.8% | 1.1% |
| Net Income Margin | 6.0% | 5.6% | 5.0% | 4.0% | 5.0% | 0.9% |
| SG&A, % of revenue | | 9.2% | 9.2% | 8.6% | 8.4% | -0.2% |
| CAPEX, % of revenue | 0.4% | 0.3% | 0.6% | 1.1% | 0.6% | -0.5% |
| ROIC | 28.4% | 25.4% | 20.4% | 19.2% | 25.3% | 6.1% |
| ROE | 21.6% | 19.4% | 15.5% | 14.1% | 18.5% | 4.4% |
| Net Debt/EBITDA | -1.6x | -1.6x | -1.6x | -0.7x | -0.8x | -0.1x |
Calian Technologies Ltd ($CTY) key quoterly financial indicators
| mln. CAD | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 65 | 68 | 73 | 69 | 15.2% | 11.6% | 13.9% | 12.8% |
| EBITDA | 5 | 5 | 6 | 5 | 20.0% | 38.1% | 62.2% | 14.6% |
| Net Income | 3 | 3 | 4 | 3 | 24.1% | 47.7% | 75.6% | 17.5% |
Balance Sheet
|
|---|
| Cash | 5 | 9 | 13 | 17 | -59.9% | -28.7% | 1.8% | 57.8% |
| Short Term Debt | 0 | 0 | 0 | 0 | | | | |
| Long Term Debt | 0 | 0 | 0 | 0 | | | | |
Ratios
|
|---|
| Gross Margin | 18.1% | 17.7% | 17.8% | 17.5% | -0.7% | 1.0% | 2.2% | -0.2% |
| EBITDA Margin | 7.6% | 7.5% | 8.2% | 7.7% | 0.3% | 1.5% | 2.4% | 0.1% |
| Net Income Margin | 4.7% | 4.8% | 5.3% | 4.9% | 0.3% | 1.2% | 1.9% | 0.2% |
Revenue and profitability
Calian Technologies Ltd's Revenue surged on 13.3%. Revenue growth showed slow down in FY16Q4 - it was 12.8% YoY. Despite revenue decline the EBITDA margin expanded. EBITDA Margin surged on 81.9 pp from -37.7% to 44.2% in 2016.
Gross Margin increased slightly on 0.65 pp from 17.1% to 17.8% in FY2016. SG&A as a % of Revenue showed almost no change in FY2016.
Net Income marign increased slightly on 0.92 pp from 4.0% to 5.0% in FY2016.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 0.64% in FY2016. CAPEX/Revenue showed almost no change from FY2013 to FY2016. Average CAPEX/Revenue for the last three years was 0.77%.
Return on investment
The company operates at high and attractive ROIC (25.27%) while ROE is a bit lower (18.49%). ROIC increased on 6.1 pp from 19.2% to 25.3% in FY2016. ROE increased on 4.4 pp from 14.1% to 18.5% in FY2016.
Leverage (Debt)
The company has no debt. Cash surged on 57.8%.
Appendix 1: Peers in Consumer, Non-cyclical
Below you can find Calian Technologies Ltd 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Concordia Healthcare Corp ($CXR) | | | 159.5% | 275.7% | 107.0% |
| Heritage Global Inc ($HGP) | | -37.0% | 76.2% | 11.2% | 80.8% |
| EnerCare Inc ($ECI) | | 8.6% | 21.1% | 55.7% | 76.6% |
| CRH Medical Corp ($CRH) | | 12.5% | 56.0% | 284.2% | 70.2% |
| Nuvo Research Inc ($NRI) | | -25.3% | -29.1% | 57.0% | 31.9% |
| |
|---|
| Median (41 companies) | | 8.6% | 13.8% | 15.2% | 12.8% |
|---|
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Cipher Pharmaceuticals Inc ($CPH) | | 99.5% | 98.3% | 92.7% | |
| Ritchie Bros Auctioneers Inc ($RBA) | 88.7% | 88.4% | 88.0% | 89.1% | 88.3% |
| Information Services Corp ($ISV) | 77.5% | 80.4% | 80.9% | 87.6% | 85.1% |
| Biosyent Inc ($RX) | 79.3% | 79.2% | 78.1% | 78.7% | |
| Concordia Healthcare Corp ($CXR) | | 79.4% | 86.0% | 76.1% | 72.9% |
| |
|---|
| Median (35 companies) | 32.5% | 37.1% | 35.7% | 35.7% | 31.1% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| CRH Medical Corp ($CRH) | 21.0% | 24.5% | 29.1% | 44.1% | |
| Valeant Pharmaceuticals International Inc ($VRX) | 30.6% | 27.8% | 45.6% | 39.8% | 23.8% |
| Concordia Healthcare Corp ($CXR) | | 43.7% | 37.0% | 39.8% | -92.8% |
| Ritchie Bros Auctioneers Inc ($RBA) | 36.8% | 36.3% | 36.4% | 39.7% | 31.4% |
| EnerCare Inc ($ECI) | 52.8% | 51.0% | 45.5% | 39.3% | 26.6% |
| |
|---|
| Median (44 companies) | 9.2% | 12.4% | 13.4% | 11.8% | 10.1% |
|---|
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| ProMetic Life Sciences Inc ($PLI) | 2.1% | 33.6% | 34.6% | 23.3% | |
| EnerCare Inc ($ECI) | 25.7% | 26.5% | 23.6% | 20.7% | 15.5% |
| Black Diamond Group Ltd ($BDI) | 61.9% | 27.5% | 31.0% | 17.6% | |
| easyhome Ltd ($EH) | 32.2% | 25.6% | 21.6% | 16.9% | 12.7% |
| K-Bro Linen Inc ($KBL) | 10.0% | 19.0% | 11.4% | 16.6% | |
| |
|---|
| Median (43 companies) | 3.1% | 2.7% | 2.3% | 2.4% | 2.1% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Information Services Corp ($ISV) | 71.8% | 72.8% | 58.9% | 38.1% | 27.6% |
| Colliers International Group Inc ($CIG) | 10.5% | 11.2% | 15.2% | 10.9% | 26.1% |
| Nuvo Research Inc ($NRI) | -11.6% | -17.4% | -37.9% | 12.9% | 20.8% |
| International Road Dynamics Inc ($IRD) | 0.9% | 6.7% | 4.4% | 10.6% | 16.5% |
| Premium Brands Holdings Corp ($PBH) | 10.3% | 9.9% | 6.9% | 12.6% | 15.3% |
| |
|---|
| Median (44 companies) | 8.8% | 8.4% | 8.4% | 6.9% | 8.0% |
|---|
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Concordia Healthcare Corp ($CXR) | | -1.3x | 5.6x | 20.2x | |
| SunOpta Inc ($SOY) | 2.9x | 3.5x | 1.3x | 16.9x | 140.8x |
| Centric Health Corp ($CHH) | 5.6x | 10.2x | 11.2x | 15.6x | |
| Sienna Senior Living Inc ($SIA) | 9.5x | 11.8x | 9.2x | 9.1x | 9.1x |
| Valeant Pharmaceuticals International Inc ($VRX) | 9.5x | 10.4x | 4.0x | 7.3x | 12.7x |
| |
|---|
| Median (38 companies) | 2.8x | 2.3x | 3.4x | 2.5x | 2.8x |
|---|
