Caldwell Partners International Inc/The EBITDA dropped on 27.5% in 2016 and EBITDA Margin decreased slightly on 1.6 pp from 4.9% to 3.3%
10.11.2016 • About Caldwell Partners International Inc/The (
$CWL) • By InTwits
Caldwell Partners International Inc/The reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is quite volatile: 3.3% in FY2016, 4.9% in FY2015, 3.6% in FY2014, 0.9% in FY2013, 4.5% in FY2012
- Caldwell Partners International Inc/The has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.8%.
- The company has business model with low profitability: ROIC is at 9.1%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Caldwell Partners International Inc/The ($CWL) key annual financial indicators
| mln. CAD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 32.704 | 33.803 | 45.086 | 54.527 | 58.748 | 7.7% |
| Gross Profit | 8.122 | 7.798 | 11.034 | 14.271 | 14.144 | -0.9% |
| SG&A | | 7.965 | 9.849 | 12.100 | 12.826 | 6.0% |
| EBITDA | 1.476 | 0.305 | 1.615 | 2.690 | 1.951 | -27.5% |
| Net Income | 0.981 | -0.282 | 1.967 | 1.976 | 0.881 | -55.4% |
Balance Sheet
|
|---|
| Cash | 6.494 | 7.613 | 12.743 | 9.956 | 8.422 | -15.4% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 0.187 | 0.221 | 0.609 | 0.474 | 0.414 | -12.6% |
Ratios
|
|---|
| Revenue growth | -4.5% | 3.4% | 33.4% | 20.9% | 7.7% | |
| EBITDA growth | 48.4% | -79.4% | 430.1% | 66.5% | -27.5% | |
| Gross Margin | 24.8% | 23.1% | 24.5% | 26.2% | 24.1% | -2.1% |
| EBITDA Margin | 4.5% | 0.9% | 3.6% | 4.9% | 3.3% | -1.6% |
| Net Income Margin | 3.0% | -0.8% | 4.4% | 3.6% | 1.5% | -2.1% |
| SG&A, % of revenue | | 23.6% | 21.8% | 22.2% | 21.8% | -0.4% |
| CAPEX, % of revenue | 0.6% | 0.7% | 1.3% | 0.9% | 0.7% | -0.2% |
| ROIC | 8.8% | -1.5% | 9.6% | 16.3% | 9.1% | -7.2% |
| ROE | 9.2% | -2.7% | 16.0% | 13.6% | 6.4% | -7.2% |
| Net Debt/EBITDA | -4.4x | -25.0x | -7.9x | -3.7x | -4.3x | -0.6x |
Caldwell Partners International Inc/The ($CWL) key quoterly financial indicators
| mln. CAD | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 14 | 15 | 14 | 16 | 12.7% | 27.5% | -6.7% | 2.4% |
| EBITDA | 0 | 1 | 1 | 0 | -98.1% | 35.3% | -21.6% | -57.7% |
| Net Income | -0 | 1 | 0 | -0 | -159.6% | 171.2% | -55.8% | -108.8% |
Balance Sheet
|
|---|
| Cash | 7 | 4 | 6 | 8 | -24.8% | 1.7% | -15.3% | -15.4% |
| Short Term Debt | 0 | 0 | 0 | 0 | | | | |
| Long Term Debt | 0 | 0 | 0 | 0 | | | | |
Ratios
|
|---|
| Gross Margin | 22.4% | 22.7% | 23.4% | 27.4% | -3.8% | -2.7% | -3.7% | 1.7% |
| EBITDA Margin | 0.1% | 5.9% | 5.9% | 1.5% | -3.4% | 0.3% | -1.1% | -2.1% |
| Net Income Margin | -1.2% | 5.0% | 2.5% | -0.4% | -3.4% | 2.7% | -2.7% | -4.6% |
Revenue and profitability
The company's Revenue increased on 7.7%. Revenue growth showed slow down in FY16Q4 - it was 2.4% YoY. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased slightly on 1.6 pp from 4.9% to 3.3% in FY2016.
Gross Margin decreased on 2.1 pp from 26.2% to 24.1% in FY2016. SG&A as a % of Revenue showed almost no change in FY2016.
Net Income marign decreased on 2.1 pp from 3.6% to 1.5% in FY2016.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 0.70% in FY2016. The company's CAPEX/Revenue showed almost no change from FY2013 to FY2016. It's average CAPEX/Revenue for the last three years was 0.97%.
Return on investment
The company operates at low ROIC (9.06%) and ROE (6.40%). ROIC decreased on 7.2 pp from 16.3% to 9.1% in FY2016. ROE decreased on 7.2 pp from 13.6% to 6.4% in FY2016.
Leverage (Debt)
The company has no debt. Cash dropped on 15.4%.
Appendix 1: Peers in Consumer, Non-cyclical
Below we provide Caldwell Partners International Inc/The benchmarking against other companies in Consumer, Non-cyclical 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 | 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 |
|---|
