Chesswood Group Ltd reports 45.5 pp EBITDA Margin decline from 45.5% to in 2016
08.03.2017 • About Chesswood Group Ltd (
$CHW) • By InTwits
Chesswood Group Ltd reported FY2016 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Chesswood Group Ltd ($CHW) key annual financial indicators
| mln. CAD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 86.596 | 94.739 | 49.816 | 76.577 | 91.583 | 19.6% |
| Gross Profit | 41.929 | 49.591 | | | | |
| EBITDA | 19.931 | 24.259 | 24.722 | 34.845 | | -100.0% |
| Net Income | 7.815 | 9.497 | 10.105 | 18.038 | 22.265 | 23.4% |
Balance Sheet
|
|---|
| Cash | 5.591 | 22.659 | 10.220 | 15.229 | | -100.0% |
| Short Term Debt | 0.000 | 77.305 | 105.848 | 255.173 | | -100.0% |
| Long Term Debt | 47.577 | 20.680 | 20.598 | 19.900 | | -100.0% |
Cash flow
|
|---|
| Capex | 0.261 | 0.510 | 0.342 | 0.254 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 12.2% | 9.4% | -47.4% | 53.7% | 19.6% | |
| EBITDA growth | 23.3% | 21.7% | 1.9% | 40.9% | | |
| Gross Margin | 48.4% | 52.3% | | | | 0.0% |
| EBITDA Margin | 23.0% | 25.6% | 49.6% | 45.5% | 0.0% | -45.5% |
| Net Income Margin | 9.0% | 10.0% | 20.3% | 23.6% | 24.3% | 0.8% |
| CAPEX, % of revenue | 0.3% | 0.5% | 0.7% | 0.3% | | -0.3% |
| ROIC | 15.0% | 14.8% | 11.8% | 9.8% | | -9.8% |
| ROE | 15.5% | 17.4% | 15.9% | 17.0% | | -17.0% |
| Net Debt/EBITDA | 2.1x | 3.1x | 4.7x | 7.5x | | -7.5x |
Chesswood Group Ltd ($CHW) key quoterly financial indicators
| mln. CAD | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 23 | 22 | 23 | 24 | 48.5% | 17.1% | 11.8% | -17.1% |
| EBITDA | 10 | 11 | 10 | 9 | 35.0% | 7.5% | 12.5% | 136.3% |
| Net Income | 11 | 4 | 5 | 3 | 260.3% | -22.0% | 61.1% | -62.4% |
Balance Sheet
|
|---|
| Cash | 5 | 2 | 5 | 11 | -32.5% | -82.4% | -60.4% | -24.9% |
| Short Term Debt | 232 | 246 | 273 | 293 | -6.3% | -11.5% | -10.0% | 14.9% |
| Long Term Debt | 20 | 20 | 20 | 20 | -3.6% | 0.5% | 0.6% | 1.8% |
Ratios
|
|---|
| EBITDA Margin | 43.6% | 51.6% | 43.9% | 38.0% | -4.4% | -4.6% | 0.3% | 24.7% |
| Net Income Margin | 48.8% | 16.7% | 20.1% | 11.7% | 28.7% | -8.4% | 6.2% | -14.1% |
Revenue and profitability
Chesswood Group Ltd's Revenue surged on 19.6%. Revenue growth showed slow down in FY16Q4 - it was -17.1% YoY.
Net Income marign increased slightly on 0.76 pp from 23.6% to 24.3% in FY2016.
Appendix 1: Peers in Financial
Below we provide Chesswood Group Ltd benchmarking against other companies in Financial industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Grenville Strategic Royalty Corp ($GRC) | | | | 317.2% | |
| StorageVault Canada Inc ($SVI) | | 22.2% | 7.5% | 111.8% | |
| Slate Retail REIT ($SRT.UN) | | 316.8% | 229.7% | 92.5% | 21.6% |
| Mogo Finance Technology Inc ($GO) | | 13.7% | 34.6% | 86.0% | 14.6% |
| Morguard Corp ($MRC) | | 27.2% | 9.2% | 58.8% | 4.6% |
| |
|---|
| Median (53 companies) | | 7.0% | 9.1% | 3.0% | 5.1% |
|---|
| Chesswood Group Ltd ($CHW) | | 9.4% | -47.4% | 53.7% | 19.6% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Olympia Financial Group Inc ($OLY) | 80.9% | 82.6% | 83.2% | 84.5% | 83.5% |
| Morguard Corp ($MRC) | 74.0% | 69.9% | 68.6% | 76.5% | 75.5% |
| Mogo Finance Technology Inc ($GO) | 70.4% | 64.5% | 63.4% | 62.3% | |
| StorageVault Canada Inc ($SVI) | 18.2% | 22.6% | 18.3% | 52.4% | |
| Clarke Inc ($CKI) | 28.1% | 20.0% | 18.9% | 43.4% | 41.6% |
| |
|---|
| Median (9 companies) | 26.9% | 28.4% | 28.3% | 43.4% | 30.3% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Firm Capital Mortgage Investment Corp ($FC) | 87.6% | 87.9% | 88.8% | 86.6% | |
| Equitable Group Inc ($EQB) | 88.1% | 87.4% | 86.0% | 84.7% | 83.0% |
| Atrium Mortgage Investment Corp ($AI) | 79.8% | | | 81.9% | 83.2% |
| Trez Capital Mortgage Investment Corp ($TZZ) | | | | 76.2% | |
| First National Financial Corp ($FN) | 67.8% | 76.5% | 77.1% | 74.6% | |
| |
|---|
| Median (36 companies) | 43.9% | 35.0% | 38.2% | 30.0% | 43.1% |
|---|
| Chesswood Group Ltd ($CHW) | 23.0% | 25.6% | 49.6% | 45.5% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Dundee Corp ($DC.A) | 10.3% | 14.1% | 88.8% | 123.6% | |
| Gazit-Globe Ltd ($GZT) | 80.2% | 43.3% | 52.1% | 69.3% | 95.5% |
| First Capital Realty Inc ($FCR) | 127.9% | 76.1% | 73.8% | 56.7% | 79.7% |
| Killam Properties Inc ($KMP) | 80.7% | 114.1% | 143.5% | 46.7% | 59.9% |
| StorageVault Canada Inc ($SVI) | 150.5% | 73.3% | 79.1% | 21.4% | |
| |
|---|
| Median (55 companies) | 0.6% | 0.6% | 0.6% | 0.7% | 0.7% |
|---|
| Chesswood Group Ltd ($CHW) | 0.3% | 0.5% | 0.7% | 0.3% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| CI Financial Corp ($CIX) | | | | | 24.1% |
| FirstService Corp ($FSV) | | | | | 17.4% |
| IGM Financial Inc ($IGM) | 14.2% | 14.2% | 13.7% | 13.7% | 13.1% |
| Alaris Royalty Corp ($AD) | 9.5% | 10.1% | 10.7% | 7.3% | 12.3% |
| Genworth MI Canada Inc ($MIC) | 11.9% | 9.6% | 9.7% | 9.5% | 9.4% |
| |
|---|
| Median (55 companies) | 4.4% | 3.3% | 3.9% | 2.8% | 3.1% |
|---|
| Chesswood Group Ltd ($CHW) | 15.0% | 14.8% | 11.8% | 9.8% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Element Financial Corp ($EFN) | 140.2x | 31.9x | 37.6x | 79.9x | 22.6x |
| First National Financial Corp ($FN) | 34.3x | 33.7x | 40.9x | 37.4x | |
| StorageVault Canada Inc ($SVI) | 11.2x | 9.7x | 13.6x | 35.7x | |
| Gazit-Globe Ltd ($GZT) | 12.8x | 12.7x | 15.3x | 22.1x | 15.2x |
| Equitable Group Inc ($EQB) | 11.8x | 10.2x | 9.8x | 12.3x | 13.7x |
| |
|---|
| Median (27 companies) | 5.5x | 4.8x | 4.5x | 5.6x | 7.8x |
|---|
| Chesswood Group Ltd ($CHW) | 2.1x | 3.1x | 4.7x | 7.5x | |
