Savaria Corp Net Income surged on 37.5% in 2016
06.03.2017 • About Savaria Corp (
$SIS) • By InTwits
Savaria Corp reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: It operates with high leverage: Net Debt/EBITDA is 13.8x while industry average is 9.3x.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Savaria Corp ($SIS) key annual financial indicators
| mln. CAD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 66.7 | 75.7 | 82.9 | 95.3 | 119.7 | 25.7% |
| Gross Profit | 18.1 | 22.3 | 25.3 | 29.6 | | -100.0% |
| SG&A | 5.3 | 5.6 | 6.5 | 15.5 | | -100.0% |
| EBITDA | 4.5 | 9.1 | 10.5 | 13.2 | | -100.0% |
| Net Income | 1.6 | 5.3 | 6.4 | 8.9 | 12.3 | 37.5% |
Balance Sheet
|
|---|
| Cash | 2.0 | 2.0 | 16.3 | 29.7 | | -100.0% |
| Short Term Debt | 3.6 | 2.9 | 2.8 | 3.0 | | -100.0% |
| Long Term Debt | 15.5 | 12.7 | 12.5 | 14.3 | | -100.0% |
Cash flow
|
|---|
| Capex | 10.9 | 1.1 | 0.6 | 7.2 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 2.2% | 13.5% | 9.5% | 14.9% | 25.7% | |
| EBITDA growth | -8.3% | 103.6% | 15.7% | 25.4% | | |
| Gross Margin | 27.1% | 29.4% | 30.5% | 31.0% | | -31.0% |
| EBITDA Margin | 6.7% | 12.0% | 12.7% | 13.9% | 0.0% | -13.9% |
| Net Income Margin | 2.4% | 7.0% | 7.7% | 9.4% | 10.3% | 0.9% |
| SG&A, % of revenue | 8.0% | 7.4% | 7.8% | 16.3% | | -16.3% |
| CAPEX, % of revenue | 16.3% | 1.4% | 0.7% | 7.6% | | -7.6% |
| ROIC | 8.4% | 20.9% | 20.6% | 20.2% | | -20.2% |
| ROE | 8.0% | 26.9% | 22.5% | 20.9% | | -20.9% |
| Net Debt/EBITDA | 3.8x | 1.5x | -0.1x | -0.9x | | 0.9x |
Savaria Corp ($SIS) key quoterly financial indicators
| mln. CAD | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 26 | 30 | 32 | 31 | 29.6% | 23.2% | 35.2% | 16.5% |
| EBITDA | 4 | 4 | 5 | 6 | 87.2% | 21.7% | 63.5% | 34.2% |
| Net Income | 2 | 3 | 3 | 4 | 51.3% | 28.5% | 45.2% | 30.4% |
Balance Sheet
|
|---|
| Cash | 26 | 41 | 46 | 51 | 54.4% | 43.8% | 68.8% | 72.5% |
| Short Term Debt | 3 | 3 | 3 | 3 | 8.3% | 17.6% | 23.3% | 15.3% |
| Long Term Debt | 13 | 15 | 14 | 14 | 13.8% | 29.6% | -3.2% | -2.9% |
Ratios
|
|---|
| Gross Margin | 32.3% | 32.6% | 34.4% | 35.9% | 2.3% | 2.0% | 3.9% | 3.2% |
| EBITDA Margin | 16.1% | 14.4% | 16.6% | 17.8% | 5.0% | -0.2% | 2.9% | 2.4% |
| Net Income Margin | 9.1% | 9.2% | 10.5% | 12.1% | 1.3% | 0.4% | 0.7% | 1.3% |
Revenue and profitability
Savaria Corp's Revenue jumped on 25.7%. Revenue growth showed slow down in FY16Q4 - it was 16.5% YoY.
Net Income marign increased slightly on 0.89 pp from 9.4% to 10.3% in FY2016.
Appendix 1: Peers in Consumer, Non-cyclical
Below you can find Savaria Corp benchmarking vs. other companies in Consumer, Non-cyclical industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Concordia Healthcare Corp ($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% | 13.9% | 15.6% | 12.6% |
|---|
| Savaria Corp ($SIS) | | 13.5% | 9.5% | 14.9% | 25.7% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Cipher Pharmaceuticals Inc ($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) | 35.4% | 39.2% | 35.8% | 36.1% | 31.1% |
|---|
| Savaria Corp ($SIS) | 27.1% | 29.4% | 30.5% | 31.0% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| CRH Medical Corp ($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% | 11.0% | 10.1% |
|---|
| Savaria Corp ($SIS) | 6.7% | 12.0% | 12.7% | 13.9% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| ProMetic Life Sciences Inc ($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% | 2.3% | 2.1% |
|---|
| Savaria Corp ($SIS) | 16.3% | 1.4% | 0.7% | 7.6% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Information Services Corp ($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% | 7.5% | 8.4% | 6.3% | 8.0% |
|---|
| Savaria Corp ($SIS) | 8.4% | 20.9% | 20.6% | 20.2% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Concordia Healthcare Corp ($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 | 3.5x | 2.8x | 2.8x |
|---|
| Savaria Corp ($SIS) | 3.8x | 1.5x | -0.1x | -0.9x | |
