Boralex Inc reports 60.4 pp EBITDA Margin decline from 60.4% to in 2016
03.03.2017 • About Boralex Inc (
$BLX) • By InTwits
Boralex Inc reported FY2016 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Boralex Inc ($BLX) key annual financial indicators
| mln. CAD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 184.3 | 172.0 | 195.2 | 267.7 | 299.0 | 11.7% |
| Gross Profit | 59.9 | 63.8 | 70.5 | 189.3 | | -100.0% |
| SG&A | | | | 17.6 | | -100.0% |
| EBITDA | 97.3 | 100.5 | 109.1 | 161.8 | | -100.0% |
| Net Income | -5.1 | -3.8 | -11.8 | -10.8 | -2.0 | |
Balance Sheet
|
|---|
| Cash | 107.1 | 124.9 | 75.4 | 99.6 | | -100.0% |
| Short Term Debt | 98.6 | 84.0 | 172.0 | 145.2 | | -100.0% |
| Long Term Debt | 649.9 | 808.5 | 1,222.1 | 1,408.9 | | -100.0% |
Cash flow
|
|---|
| Capex | 10.3 | 107.5 | 167.7 | 329.6 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -5.3% | -6.7% | 13.5% | 37.1% | 11.7% | |
| EBITDA growth | -3.5% | 3.3% | 8.5% | 48.3% | | |
| Gross Margin | 32.5% | 37.1% | 36.1% | 70.7% | | -70.7% |
| EBITDA Margin | 52.8% | 58.4% | 55.9% | 60.4% | 0.0% | -60.4% |
| Net Income Margin | -2.8% | -2.2% | -6.0% | -4.0% | -0.7% | 3.4% |
| SG&A, % of revenue | | | | 6.6% | | -6.6% |
| CAPEX, % of revenue | 5.6% | 62.5% | 85.9% | 123.1% | | -123.1% |
| ROIC | 3.5% | 3.8% | 3.2% | 3.3% | | -3.3% |
| ROE | -1.6% | -1.1% | -3.6% | -2.6% | | 2.6% |
| Net Debt/EBITDA | 6.6x | 7.6x | 12.1x | 9.0x | | -9.0x |
Boralex Inc ($BLX) key quoterly financial indicators
| mln. CAD | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 123 | 65 | 54 | 76 | 34.1% | 11.6% | 0.1% | -7.0% |
| Net Income | 21 | -7 | -10 | -5 | 287.9% | | | -189.8% |
Balance Sheet
|
|---|
| Cash | 154 | 154 | 73 | 100 | 93.4% | 21.8% | -20.3% | 0.4% |
| Short Term Debt | 122 | 119 | 110 | 101 | 16.6% | 10.3% | -7.9% | -30.4% |
| Long Term Debt | 1,712 | 1,697 | 1,489 | 1,574 | 37.4% | 26.3% | 14.1% | 11.7% |
Ratios
|
|---|
| Gross Margin | 79.5% | 69.7% | 62.0% | 71.1% | 3.8% | 0.6% | -3.7% | -2.8% |
| Net Income Margin | 16.8% | -11.1% | -19.2% | -6.6% | 11.0% | -0.4% | 9.2% | -13.4% |
Revenue and profitability
Boralex Inc's Revenue surged on 11.7%. Revenue growth showed slow down in FY16Q4 - it was -7.0% YoY.
Net Income marign increased on 3.4 pp from -4.0% to -0.67% in FY2016.
Appendix 1: Peers in Utilities
Below we provide Boralex Inc benchmarking against other companies in Utilities industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Emera Inc ($EMA) | | 8.3% | 31.8% | -5.1% | 53.3% |
| Northland Power Inc ($NPI) | | 54.1% | 36.4% | -4.2% | 50.9% |
| Algonquin Power & Utilities Corp ($AQN) | | 93.6% | 39.4% | 9.2% | 6.6% |
| TransAlta Corp ($TA) | | 3.7% | 14.4% | -13.6% | 5.7% |
| Canadian Utilities Ltd ($CU) | | 11.3% | 6.5% | -9.3% | 4.1% |
| |
|---|
| Median (14 companies) | | 11.0% | 10.6% | -9.3% | 0.2% |
|---|
| Boralex Inc ($BLX) | | -6.7% | 13.5% | 37.1% | 11.7% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Atco Ltd/Canada ($ACO.X) | 85.6% | 85.1% | 82.3% | 85.0% | 88.8% |
| Canadian Utilities Ltd ($CU) | 81.0% | 80.8% | 77.7% | 81.0% | 86.6% |
| Northland Power Inc ($NPI) | 52.5% | 63.7% | 61.8% | 69.0% | 82.4% |
| GWR Global Water Resources Corp ($GWR) | | | | 77.8% | 79.2% |
| Fortis Inc/Canada ($FTS) | 34.6% | 34.4% | 59.3% | 61.7% | 65.8% |
| |
|---|
| Median (13 companies) | 43.5% | 45.8% | 56.7% | 56.6% | 59.8% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Northland Power Inc ($NPI) | 54.2% | 52.4% | 51.2% | 57.5% | 68.8% |
| Canadian Utilities Ltd ($CU) | 45.9% | 45.7% | 47.4% | 45.8% | 53.5% |
| Atco Ltd/Canada ($ACO.X) | 39.8% | 41.0% | 41.4% | 38.7% | 47.7% |
| TransAlta Corp ($TA) | 27.3% | 34.0% | 39.5% | 33.2% | 47.6% |
| Algonquin Power & Utilities Corp ($AQN) | 26.1% | 29.5% | 26.7% | 32.5% | 39.3% |
| |
|---|
| Median (13 companies) | 28.3% | 34.0% | 33.6% | 33.4% | 35.6% |
|---|
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Northland Power Inc ($NPI) | 84.0% | 60.2% | 238.7% | 265.9% | 148.0% |
| Algonquin Power & Utilities Corp ($AQN) | 21.7% | 23.5% | 45.9% | 19.9% | 37.0% |
| Canadian Utilities Ltd ($CU) | 70.7% | 66.4% | 58.5% | 47.2% | 35.4% |
| Atco Ltd/Canada ($ACO.X) | 58.8% | 54.2% | 48.3% | 39.6% | 33.1% |
| Caribbean Utilities Co Ltd ($CUP.U) | 13.8% | 13.0% | 17.0% | 41.3% | 29.2% |
| |
|---|
| Median (13 companies) | 31.8% | 24.5% | 20.6% | 21.1% | 28.0% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Keyera Corp ($KEY) | 13.8% | 12.7% | 14.3% | 12.6% | 10.5% |
| Atco Ltd/Canada ($ACO.X) | 10.8% | 10.5% | 9.6% | 5.6% | 8.1% |
| Canadian Utilities Ltd ($CU) | 10.0% | 9.4% | 9.2% | 5.9% | 8.0% |
| Northland Power Inc ($NPI) | 6.0% | 7.4% | 7.2% | 5.3% | 7.3% |
| Caribbean Utilities Co Ltd ($CUP.U) | 5.8% | 6.3% | 6.1% | 5.7% | 5.8% |
| |
|---|
| Median (14 companies) | 5.3% | 6.0% | 5.4% | 5.4% | 4.4% |
|---|
| Boralex Inc ($BLX) | 3.5% | 3.8% | 3.2% | 3.3% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Atlantic Power Corp ($ATP) | 12.6x | 13.0x | 22.4x | 251.1x | 24.3x |
| Emera Inc ($EMA) | 5.7x | 5.6x | 3.8x | 4.3x | 13.3x |
| Algonquin Power & Utilities Corp ($AQN) | 7.9x | 6.2x | 5.0x | 4.1x | 9.7x |
| Fortis Inc/Canada ($FTS) | 5.0x | 5.6x | 6.7x | 5.3x | 9.2x |
| GWR Global Water Resources Corp ($GWR) | | | | 6.3x | 8.1x |
| |
|---|
| Median (12 companies) | 5.0x | 5.2x | 4.1x | 5.0x | 6.1x |
|---|
