Integrated Asset Management Corp EBITDA dropped on 112% in 2016 and Revenue dropped on 11.9%
02.12.2016 • About Integrated Asset Management Corp (
$IAM) • By InTwits
Integrated Asset Management Corp reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Integrated Asset Management Corp is a company in decline: FY2016 revenue growth was -11.9%, 5 years revenue CAGR was -15.0%
- EBITDA Margin is quite volatile: -2.0% in FY2016, 15.0% in FY2015, 20.4% in FY2014, 8.9% in FY2013, 12.1% in FY2012
- Integrated Asset Management Corp has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.4%.
- The company has unprofitable business model: ROIC is at -2.0%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Integrated Asset Management Corp ($IAM) key annual financial indicators
| mln. CAD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 12.515 | 11.577 | 14.404 | 14.282 | 12.575 | -11.9% |
| EBITDA | 1.515 | 1.031 | 2.937 | 2.140 | -0.248 | -111.6% |
| Net Income | -1.742 | -1.240 | 7.348 | 1.132 | 0.119 | -89.5% |
Balance Sheet
|
|---|
| Cash | 7.244 | 6.603 | 15.311 | 15.692 | 10.327 | -34.2% |
| 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 | 0.047 | 0.047 | 0.035 | 0.076 | 0.081 | 6.3% |
Ratios
|
|---|
| Revenue growth | -55.9% | -7.5% | 24.4% | -0.8% | -11.9% | |
| EBITDA growth | -79.2% | -31.9% | 184.9% | -27.1% | -111.6% | |
| EBITDA Margin | 12.1% | 8.9% | 20.4% | 15.0% | -2.0% | -17.0% |
| Net Income Margin | -13.9% | -10.7% | 51.0% | 7.9% | 0.9% | -7.0% |
| CAPEX, % of revenue | 0.4% | 0.4% | 0.2% | 0.5% | 0.6% | 0.1% |
| ROIC | 1.8% | -0.4% | 10.9% | 5.7% | -2.0% | -7.7% |
| ROE | -9.7% | -8.1% | 43.8% | 6.0% | 0.7% | -5.3% |
| Net Debt/EBITDA | -4.8x | -6.4x | -5.2x | -7.3x | | 7.3x |
Integrated Asset Management Corp ($IAM) key quoterly financial indicators
| mln. CAD | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 3 | 3 | 3 | 4 | -16.2% | -32.1% | 3.0% | 3.3% |
| EBITDA | -0 | -0 | 0 | -0 | -127.1% | -127.7% | 1.2% | -116.9% |
| Net Income | 0 | -0 | 0 | -0 | -80.0% | -134.3% | | -192.8% |
Balance Sheet
|
|---|
| Cash | 13 | 14 | 13 | 10 | 16.5% | 4.4% | -21.5% | -34.2% |
| Long Term Debt | 0 | 0 | 0 | 0 | | | | |
Ratios
|
|---|
| EBITDA Margin | -9.1% | -7.2% | 8.4% | -0.6% | -37.1% | -24.8% | -0.2% | -4.0% |
| Net Income Margin | 4.8% | -5.7% | 6.9% | -2.4% | -15.4% | -16.9% | 12.9% | -5.0% |
Revenue and profitability
The company's Revenue dropped on 11.9%. Annual revenue decline showed slowdown in FY16Q4 - revenue increased on 3.3%. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 17.0 pp from 15.0% to -2.0% in FY2016.
Net Income marign decreased on 7.0 pp from 7.9% to 0.95% in FY2016.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 0.64% in FY2016. Integrated Asset Management Corp's CAPEX/Revenue showed almost no change from FY2013 to FY2016. For the last three years the average CAPEX/Revenue was 0.47%.
Return on investment
The company operates at negative ROIC (-2.00%) and low but positive ROE (0.66%). ROIC decreased on 7.7 pp from 5.7% to -2.0% in FY2016. ROE decreased on 5.3 pp from 6.0% to 0.66% in FY2016.
Leverage (Debt)
The company has no debt. Cash dropped on 34.2%.
Appendix 1: Peers in Financial
Below we provide Integrated Asset Management Corp benchmarking against other companies in Financial industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Grenville Strategic Royalty Corp ($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 |
|---|
