Sienna Senior Living Inc EBITDA jumped on 18.2% in 2016 and Revenue increased on 5.9%
16.02.2017 • About Sienna Senior Living Inc (
$SIA) • By InTwits
Sienna Senior Living Inc reported 2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is expanding: 16.0% in 2016 vs. 14.3% in 2015 vs. 13.7% in 2012
- Sienna Senior Living Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.9%.
- The company has potentially unprofitable business model: ROIC is at 4.0%
- It operates with medium-size leverage: Net Debt/EBITDA is 9.1x while industry average is 9.3x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Sienna Senior Living Inc ($SIA) key annual financial indicators
| mln. CAD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 319.3 | 353.3 | 456.8 | 470.1 | 497.9 | 5.9% |
| SG&A | | | | 18.2 | 18.0 | -1.2% |
| EBITDA | 43.8 | 49.5 | 64.3 | 67.2 | 79.4 | 18.2% |
| Net Income | -9.1 | -9.4 | -15.8 | 7.2 | 11.3 | 56.2% |
Balance Sheet
|
|---|
| Cash | 9.2 | 15.6 | 29.0 | 26.3 | 27.2 | 3.2% |
| Short Term Debt | 27.2 | 34.1 | 74.0 | 18.8 | 93.2 | 394.7% |
| Long Term Debt | 398.0 | 564.6 | 546.8 | 621.0 | 658.4 | 6.0% |
Cash flow
|
|---|
| Capex | 1.4 | 2.6 | 3.9 | 5.7 | 5.7 | -1.4% |
Ratios
|
|---|
| Revenue growth | 10.1% | 10.7% | 29.3% | 2.9% | 5.9% | |
| EBITDA growth | 39.0% | 13.1% | 29.8% | 4.5% | 18.2% | |
| EBITDA Margin | 13.7% | 14.0% | 14.1% | 14.3% | 16.0% | 1.7% |
| Net Income Margin | -2.9% | -2.7% | -3.5% | 1.5% | 2.3% | 0.7% |
| SG&A, % of revenue | | | | 3.9% | 3.6% | -0.3% |
| CAPEX, % of revenue | 0.4% | 0.7% | 0.8% | 1.2% | 1.1% | -0.1% |
| ROIC | 2.5% | 2.6% | 2.8% | 3.7% | 4.0% | 0.3% |
| ROE | -4.7% | -4.1% | -7.0% | 3.8% | 4.7% | 0.9% |
| Net Debt/EBITDA | 9.5x | 11.8x | 9.2x | 9.1x | 9.1x | -0.0x |
Sienna Senior Living Inc ($SIA) key quoterly financial indicators
| mln. CAD | 16Q1 | 16Q2 | 16Q3 | 16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 114 | 115 | 130 | 138 | 4.8% | 3.9% | 14.1% | 12.4% |
| EBITDA | 17 | 18 | 22 | 23 | 10.4% | 15.1% | 26.4% | 29.7% |
| Net Income | 0 | 7 | -0 | 4 | -41.7% | 450.6% | -113.3% | 97.7% |
Balance Sheet
|
|---|
| Cash | 25 | 23 | 29 | 27 | 7.6% | -3.9% | 43.8% | 3.2% |
| Short Term Debt | 40 | 104 | 121 | 93 | 393.6% | 1,196.9% | 1,392.7% | 394.7% |
| Long Term Debt | 596 | 515 | 641 | 658 | -2.4% | -14.6% | 7.7% | 6.0% |
Ratios
|
|---|
| EBITDA Margin | 14.6% | 15.6% | 16.9% | 16.5% | 0.7% | 1.5% | 1.6% | 2.2% |
| Net Income Margin | 0.2% | 6.1% | -0.3% | 3.3% | -0.1% | 5.0% | -3.3% | 1.4% |
Revenue and profitability
The company's Revenue increased on 5.9%. Revenue growth showed acceleration in 16Q4 - it increased 12.4% YoY. Despite revenue decline the EBITDA margin expanded. EBITDA Margin increased on 3.5 pp from 13.0% to 16.5% in FY2016.
SG&A as a % of Revenue showed almost no change in 2016.
Net Income marign increased slightly on 0.73 pp from 1.5% to 2.3% in 2016.
Capital expenditures (CAPEX) and working capital investments
Sienna Senior Living Inc's CAPEX/Revenue was 1.1% in 2016. Sienna Senior Living Inc's CAPEX/Revenue showed almost no change from 2013 to 2016. For the last three years the average CAPEX/Revenue was 1.1%.
Return on investment
The company operates at low ROIC (3.99%) and ROE (4.74%). ROIC showed almost no change in 2016. ROE increased slightly on 0.89 pp from 3.8% to 4.7% in 2016.
Leverage (Debt)
Debt level is 9.1x Net Debt / EBITDA and 9.5x Debt / EBITDA. Net Debt / EBITDA decreased slightly on 0.012x from 9.1x to 9.1x in 2016. Debt surged on 17.5% while cash increased on 3.2%.
Appendix 1: Peers in Consumer, Non-cyclical
Below you can find Sienna Senior Living 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 | 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 (40 companies) | | 8.5% | 13.7% | 15.6% | 12.8% |
|---|
| Sienna Senior Living Inc ($SIA) | | 10.7% | 29.3% | 2.9% | 5.9% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Cipher Pharmaceuticals Inc ($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 ($ECI) | 52.8% | 51.0% | 45.5% | 39.3% | 26.6% |
| |
|---|
| Median (43 companies) | 9.1% | 12.0% | 12.7% | 11.0% | 10.0% |
|---|
| Sienna Senior Living Inc ($SIA) | 13.7% | 14.0% | 14.1% | 14.3% | 16.0% |
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 ($KBL) | 10.0% | 19.0% | 11.4% | 16.6% | |
| |
|---|
| Median (42 companies) | 3.1% | 2.8% | 2.4% | 2.4% | 2.2% |
|---|
| Sienna Senior Living Inc ($SIA) | 0.4% | 0.7% | 0.8% | 1.2% | 1.1% |
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 ($PBH) | 10.3% | 9.9% | 6.9% | 12.6% | 15.3% |
| |
|---|
| Median (43 companies) | 8.8% | 9.2% | 8.5% | 7.5% | 8.4% |
|---|
| Sienna Senior Living Inc ($SIA) | 2.5% | 2.6% | 2.8% | 3.7% | 4.0% |
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 ($CHH) | 5.6x | 10.2x | 11.2x | 15.6x | |
| Valeant Pharmaceuticals International Inc ($VRX) | 9.5x | 10.4x | 4.0x | 7.3x | 12.7x |
| GDI Integrated Facility Services Inc ($GDI) | | | 3.5x | 5.2x | 3.5x |
| |
|---|
| Median (37 companies) | 2.8x | 2.2x | 3.3x | 2.3x | 2.7x |
|---|
| Sienna Senior Living Inc ($SIA) | 9.5x | 11.8x | 9.2x | 9.1x | 9.1x |
