GDI Integrated Facility Services Inc EBITDA jumped on 28.2% in 2016 and Revenue surged on 22.1%
28.02.2017 • About GDI Integrated Facility Services Inc (
$GDI) • By InTwits
GDI Integrated Facility Services Inc reported 2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- GDI Integrated Facility Services Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.2%. At the same time it's a lot of higher than industry average of 33.0%.
- CAPEX is quite volatile: 9.2 in 2016, 7.0 in 2015, 10.7 in 2014, 0.018 in 2013, 0.0050 in 2012
- The company has potentially unprofitable business model: ROIC is at 4.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
GDI Integrated Facility Services Inc ($GDI) key annual financial indicators
| mln. CAD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1.0 | 0.3 | 602.4 | 714.9 | 873.1 | 22.1% |
| Gross Profit | 1.0 | | 105.2 | 122.9 | 162.9 | 32.5% |
| SG&A | | | 68.2 | 90.2 | 123.8 | 37.2% |
| EBITDA | -2.9 | -3.2 | 37.0 | 27.7 | 35.6 | 28.2% |
| Net Income | -5.4 | 3.6 | -21.1 | -1.0 | 14.6 | |
Balance Sheet
|
|---|
| Cash | 7.0 | 4.4 | 12.8 | 4.0 | 0.1 | -97.8% |
| Short Term Debt | 0.0 | 0.0 | 15.8 | 5.8 | 8.2 | 42.6% |
| Long Term Debt | 0.0 | 0.0 | 126.5 | 142.1 | 116.4 | -18.1% |
Cash flow
|
|---|
| Capex | 0.0 | 0.0 | 10.7 | 7.0 | 9.2 | 31.4% |
Ratios
|
|---|
| Revenue growth | -38.8% | -72.9% | 218,969.1% | 18.7% | 22.1% | |
| EBITDA growth | -56.1% | 10.5% | -1,257.2% | -25.1% | 28.2% | |
| Gross Margin | 98.8% | | 17.5% | 17.2% | 18.7% | 1.5% |
| EBITDA Margin | -285.9% | -1,163.3% | 6.1% | 3.9% | 4.1% | 0.2% |
| Net Income Margin | -530.4% | 1,318.2% | -3.5% | -0.1% | 1.7% | 1.8% |
| SG&A, % of revenue | | | 11.3% | 12.6% | 14.2% | 1.6% |
| CAPEX, % of revenue | 0.5% | 6.5% | 1.8% | 1.0% | 1.1% | 0.1% |
| ROIC | -20.6% | -21.0% | 17.6% | 4.1% | 4.3% | 0.1% |
| ROE | -38.1% | 23.8% | | | 6.8% | 6.8% |
| Net Debt/EBITDA | | | 3.5x | 5.2x | 3.5x | -1.7x |
GDI Integrated Facility Services Inc ($GDI) key quoterly financial indicators
| mln. CAD | 16Q1 | 16Q2 | 16Q3 | 16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 209 | 219 | 217 | 229 | 27.2% | 25.4% | 22.0% | -36.9% |
| EBITDA | 5 | 10 | 10 | 10 | -29.9% | -0.2% | 22.6% | -1.2% |
| Net Income | -1 | 3 | 4 | 9 | | | | -51.5% |
Balance Sheet
|
|---|
| Cash | 4 | 15 | 1 | 0 | -36.2% | 211.5% | -95.2% | -97.8% |
| Short Term Debt | 14 | 7 | 5 | 8 | -2.9% | 70.6% | 56.0% | 42.6% |
| Long Term Debt | 128 | 129 | 135 | 116 | 2.9% | -2.2% | -2.3% | -18.1% |
Ratios
|
|---|
| Gross Margin | 18.2% | 18.5% | 18.9% | 19.0% | 0.9% | 1.4% | 1.5% | 1.9% |
| EBITDA Margin | 2.5% | 4.5% | 4.8% | 4.4% | -2.0% | -1.2% | 0.0% | 1.6% |
| Net Income Margin | -0.5% | 1.2% | 1.8% | 4.0% | 5.0% | 1.7% | 12.2% | -1.2% |
Revenue and profitability
GDI Integrated Facility Services Inc's Revenue surged on 22.1%. Revenue growth showed slow down in 16Q4 - it was -36.9% YoY. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 3.2 pp from 8.4% to 5.2% in 2016.
Gross Margin increased slightly on 1.5 pp from 17.2% to 18.7% in 2016. SG&A as a % of Revenue increased slightly on 1.6 pp from 12.6% to 14.2% in 2016.
Net Income marign increased slightly on 1.8 pp from -0.14% to 1.7% in 2016.
Capital expenditures (CAPEX) and working capital investments
GDI Integrated Facility Services Inc's CAPEX/Revenue was 1.1% in 2016. GDI Integrated Facility Services Inc's CAPEX/Revenue decreased on 5.5 pp from 6.5% in 2013 to 1.1% in 2016. It's average level of CAPEX/Revenue for the last three years was 1.3%.
Return on investment
The company operates at low ROIC (4.26%) and ROE (6.80%). ROIC showed almost no change in 2016.
Leverage (Debt)
Debt level is 3.5x Net Debt / EBITDA and 3.5x Debt / EBITDA. Net Debt / EBITDA dropped on 1.7x from 5.2x to 3.5x in 2016. Debt dropped on 15.7% while cash dropped on 97.8%.
Appendix 1: Peers in Consumer, Non-cyclical
Below we provide GDI Integrated Facility Services Inc 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 (40 companies) | | 9.1% | 13.7% | 14.9% | 12.6% |
|---|
| GDI Integrated Facility Services Inc ($GDI) | | -72.9% | 218,969.1% | 18.7% | 22.1% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Cipher Pharmaceuticals Inc ($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 (34 companies) | 29.5% | 37.1% | 35.8% | 36.1% | 33.2% |
|---|
| GDI Integrated Facility Services Inc ($GDI) | 98.8% | | 17.5% | 17.2% | 18.7% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| CRH Medical Corp ($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) | 9.9% | 12.8% | 14.1% | 12.7% | 10.7% |
|---|
| GDI Integrated Facility Services Inc ($GDI) | -285.9% | -1,163.3% | 6.1% | 3.9% | 4.1% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| ProMetic Life Sciences Inc ($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 (42 companies) | 3.1% | 2.7% | 2.4% | 2.4% | 2.2% |
|---|
| GDI Integrated Facility Services Inc ($GDI) | 0.5% | 6.5% | 1.8% | 1.0% | 1.1% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Information Services Corp ($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% | 8.4% | 7.5% | 8.4% |
|---|
| GDI Integrated Facility Services Inc ($GDI) | -20.6% | -21.0% | 17.6% | 4.1% | 4.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Concordia Healthcare Corp ($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 (37 companies) | 2.8x | 2.3x | 3.3x | 2.3x | 2.7x |
|---|
| GDI Integrated Facility Services Inc ($GDI) | | | 3.5x | 5.2x | 3.5x |
