BMTC Group Inc reports 8.8 pp EBITDA Margin decline from 8.8% to in 2016
20.02.2017 • About BMTC Group Inc (
$GBT) • By InTwits
BMTC Group Inc reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is declining: in FY2016 vs. 8.8% in FY2015 vs. 9.5% in FY2012
- It operates with high leverage: Net Debt/EBITDA is 7.8x while industry average is 2.8x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
BMTC Group Inc ($GBT) key annual financial indicators
| mln. CAD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 716.9 | 694.7 | 701.4 | 717.3 | 746.6 | 4.1% |
| Gross Profit | 276.8 | 280.3 | 278.1 | 283.7 | | -100.0% |
| SG&A | 215.9 | 218.6 | 222.3 | 229.9 | | -100.0% |
| EBITDA | 68.0 | 68.3 | 63.6 | 62.8 | | -100.0% |
| Net Income | 48.7 | 57.3 | 48.6 | 41.5 | 43.8 | 5.5% |
Balance Sheet
|
|---|
| Cash | 12.9 | 17.1 | 33.5 | 8.7 | | -100.0% |
| Short Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | | |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | | |
Cash flow
|
|---|
| Capex | 15.9 | 8.0 | 9.7 | 13.8 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -4.3% | -3.1% | 1.0% | 2.3% | 4.1% | |
| EBITDA growth | -16.3% | 0.5% | -6.9% | -1.3% | | |
| Gross Margin | 38.6% | 40.4% | 39.6% | 39.6% | | -39.6% |
| EBITDA Margin | 9.5% | 9.8% | 9.1% | 8.8% | 0.0% | -8.8% |
| Net Income Margin | 6.8% | 8.2% | 6.9% | 5.8% | 5.9% | 0.1% |
| SG&A, % of revenue | 30.1% | 31.5% | 31.7% | 32.1% | | -32.1% |
| CAPEX, % of revenue | 2.2% | 1.2% | 1.4% | 1.9% | | -1.9% |
| ROIC | 33.0% | 32.5% | 25.2% | 25.2% | | -25.2% |
| ROE | 25.5% | 28.9% | 21.5% | 19.4% | | -19.4% |
| Net Debt/EBITDA | -0.2x | -0.3x | -0.5x | -0.1x | | 0.1x |
BMTC Group Inc ($GBT) key quoterly financial indicators
| mln. CAD | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 155 | 197 | 198 | 197 | 3.8% | 4.6% | 4.3% | |
| EBITDA | 1 | 17 | 20 | 22 | | -8.4% | -9.3% | |
| Net Income | -1 | 12 | 15 | 18 | -1,723.7% | 1.7% | 12.8% | |
Balance Sheet
|
|---|
| Cash | 7 | 21 | 26 | 24 | -60.6% | -84.1% | 178.0% | |
| Short Term Debt | 0 | 0 | 0 | 0 | | | | |
| Long Term Debt | 0 | 0 | 0 | 0 | | | | |
Ratios
|
|---|
| Gross Margin | 37.9% | 39.9% | 38.9% | 42.6% | 2.4% | -1.2% | -0.5% | |
| EBITDA Margin | 0.5% | 8.8% | 9.9% | 11.0% | 0.7% | -1.2% | -1.5% | |
| Net Income Margin | -0.6% | 6.3% | 7.4% | 9.0% | -0.7% | -0.2% | 0.6% | |
Revenue and profitability
The company's Revenue increased on 4.1%.
Net Income marign showed almost no change in FY2016.
Appendix 1: Peers in Consumer, Cyclical
Below we provide BMTC Group Inc benchmarking against other companies in Consumer, Cyclical industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| New Flyer Industries Inc ($NFI) | | 38.6% | 21.0% | 6.1% | 47.8% |
| Hardwoods Distribution Inc ($HWD) | | 21.3% | 22.8% | 25.4% | 38.1% |
| Spin Master Corp ($TOY) | | 21.5% | 41.0% | 22.9% | 31.3% |
| Great Canadian Gaming Corp ($GC) | | -0.3% | 9.6% | 3.7% | 22.4% |
| CanWel Building Materials Group Ltd ($CWX) | | 2.1% | 4.6% | 8.6% | 18.6% |
| |
|---|
| Median (35 companies) | | 5.2% | 7.2% | 7.5% | 5.5% |
|---|
| BMTC Group Inc ($GBT) | | -3.1% | 1.0% | 2.3% | 4.1% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Innova Gaming Group Inc ($IGG) | 89.3% | 82.4% | 85.3% | 92.9% | 88.1% |
| Second Cup Ltd/The ($SCU) | 86.6% | 85.1% | 72.7% | 81.1% | |
| New Look Vision Group Inc ($BCI) | 71.8% | 72.6% | 72.6% | 78.7% | |
| Cara Operations Ltd ($CAO) | | 79.2% | 78.9% | 78.4% | |
| Canlan Ice Sports Corp ($ICE) | 71.6% | 69.7% | 70.7% | 78.2% | |
| |
|---|
| Median (36 companies) | 34.1% | 30.8% | 31.9% | 30.6% | 34.6% |
|---|
| BMTC Group Inc ($GBT) | 38.6% | 40.4% | 39.6% | 39.6% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Westshore Terminals Investment Corp ($WTE) | 49.7% | 65.9% | 60.9% | 59.6% | |
| Gamehost Inc ($GH) | 46.1% | 45.7% | 45.9% | 42.8% | 42.6% |
| Great Canadian Gaming Corp ($GC) | 16.8% | 41.1% | 40.1% | 36.6% | 34.4% |
| Restaurant Brands International Inc ($QSR) | | 51.1% | 20.8% | 33.9% | 44.4% |
| Cara Operations Ltd ($CAO) | | 9.6% | 22.6% | 32.6% | |
| |
|---|
| Median (38 companies) | 8.0% | 10.1% | 12.4% | 11.0% | 15.1% |
|---|
| BMTC Group Inc ($GBT) | 9.5% | 9.8% | 9.1% | 8.8% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Holloway Lodging Corp ($HLC) | 8.2% | 6.7% | 14.8% | 26.7% | 9.3% |
| WestJet Airlines Ltd ($WJA) | 7.9% | 19.5% | 18.6% | 22.5% | 22.4% |
| Westshore Terminals Investment Corp ($WTE) | 25.7% | 11.5% | 6.2% | 21.2% | |
| Innova Gaming Group Inc ($IGG) | 20.6% | 26.7% | 15.9% | 15.6% | 15.1% |
| Exchange Income Corp ($EIF) | 7.9% | 15.8% | 15.5% | 15.4% | 29.7% |
| |
|---|
| Median (41 companies) | 3.2% | 3.2% | 3.4% | 3.5% | 4.9% |
|---|
| BMTC Group Inc ($GBT) | 2.2% | 1.2% | 1.4% | 1.9% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Spin Master Corp ($TOY) | | 19.2% | 56.9% | 48.2% | 44.5% |
| Magna International Inc ($MG) | 16.3% | 18.6% | 25.2% | 21.9% | 21.2% |
| Linamar Corp ($LNR) | 12.9% | 17.0% | 21.7% | 23.7% | 19.8% |
| Sleep Country Canada Holdings Inc ($ZZZ) | | | 9.7% | 12.7% | 19.0% |
| Air Canada ($AC) | | 37.0% | 23.2% | 28.4% | 18.8% |
| |
|---|
| Median (41 companies) | 10.2% | 12.4% | 10.8% | 10.2% | 11.2% |
|---|
| BMTC Group Inc ($GBT) | 33.0% | 32.5% | 25.2% | 25.2% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Holloway Lodging Corp ($HLC) | | 5.8x | 8.4x | 17.1x | 8.6x |
| AutoCanada Inc ($ACQ) | 4.2x | 4.7x | 6.4x | 8.0x | 13.7x |
| Second Cup Ltd/The ($SCU) | 1.0x | 0.6x | 0.0x | 7.5x | 0.0x |
| Amaya Inc ($AYA) | 17.9x | 1.8x | 13.5x | 6.6x | 5.0x |
| Performance Sports Group Ltd ($PSG) | 2.6x | 3.5x | 12.2x | 6.5x | |
| |
|---|
| Median (34 companies) | 2.1x | 2.8x | 2.4x | 2.6x | 2.1x |
|---|
| BMTC Group Inc ($GBT) | -0.2x | -0.3x | -0.5x | -0.1x | |
