Cargojet Inc revenue growth decelerated to 14.5% in FY2016 vs. 50.2% a year earliner
09.03.2017 • About Cargojet Inc (
$CJT.A) • By InTwits
Cargojet Inc reported FY2016 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Cargojet Inc ($CJT.A) key annual financial indicators
| mln. CAD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 168.8 | 175.4 | 192.4 | 289.0 | 331.0 | 14.5% |
| Gross Profit | 28.3 | 25.4 | 18.8 | 38.3 | | -100.0% |
| SG&A | 19.0 | 18.8 | 25.8 | 43.8 | | -100.0% |
| EBITDA | 19.2 | 18.2 | 6.0 | 27.5 | | -100.0% |
| Net Income | 3.6 | 3.3 | -9.5 | -18.0 | 2.4 | |
Balance Sheet
|
|---|
| Cash | 0.1 | 0.4 | 0.0 | 6.0 | | -100.0% |
| Short Term Debt | 0.9 | 0.0 | 7.3 | 17.5 | | -100.0% |
| Long Term Debt | 28.2 | 27.9 | 180.5 | 344.8 | | -100.0% |
Cash flow
|
|---|
| Capex | 11.8 | 11.0 | 104.0 | 119.4 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 2.0% | 3.9% | 9.7% | 50.2% | 14.5% | |
| EBITDA growth | -0.7% | -5.5% | -67.2% | 362.6% | | |
| Gross Margin | 16.8% | 14.5% | 9.8% | 13.3% | | -13.3% |
| EBITDA Margin | 11.4% | 10.4% | 3.1% | 9.5% | 0.0% | -9.5% |
| Net Income Margin | 2.1% | 1.9% | -5.0% | -6.2% | 0.7% | 7.0% |
| SG&A, % of revenue | 11.2% | 10.7% | 13.4% | 15.1% | | -15.1% |
| CAPEX, % of revenue | 7.0% | 6.3% | 54.1% | 41.3% | | -41.3% |
| ROIC | 9.3% | 6.8% | -4.0% | -1.6% | | 1.6% |
| ROE | 5.5% | 5.2% | -14.9% | -30.0% | | 30.0% |
| Net Debt/EBITDA | 1.5x | 1.5x | 31.5x | 12.9x | | -12.9x |
Cargojet Inc ($CJT.A) key quoterly financial indicators
| mln. CAD | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 77 | 79 | 81 | 94 | 42.2% | 5.4% | 7.1% | 11.6% |
| EBITDA | 17 | 23 | 19 | 19 | | 217.1% | 221.9% | 29.7% |
| Net Income | 4 | 4 | -5 | -1 | | | | |
Balance Sheet
|
|---|
| Cash | 4 | 0 | 24 | 2 | 1,338.3% | | 3,651.5% | -63.3% |
| Short Term Debt | 22 | 21 | 68 | 48 | 48.5% | 39.1% | 320.2% | 176.6% |
| Long Term Debt | 357 | 338 | 303 | 299 | 31.0% | 9.3% | -8.6% | -13.3% |
Ratios
|
|---|
| Gross Margin | 21.6% | 26.4% | 25.8% | 29.2% | 19.8% | 16.6% | 11.5% | 6.4% |
| EBITDA Margin | 22.6% | 28.4% | 23.7% | 20.6% | 23.5% | 18.9% | 15.8% | 2.9% |
| Net Income Margin | 5.7% | 4.8% | -5.9% | -1.1% | 21.1% | 12.9% | -3.1% | 0.7% |
Revenue and profitability
The company's Revenue jumped on 14.5%. Revenue growth showed slow down in FY16Q4 - it was 11.6% YoY.
Net Income marign increased on 7.0 pp from -6.2% to 0.73% in FY2016.
Appendix 1: Peers in Industrial
Below we provide Cargojet Inc benchmarking against other companies in Industrial industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Progressive Waste Solutions Ltd ($BIN) | | 16.1% | 7.8% | 1.8% | 59.4% |
| Baylin Technologies Inc ($BYL) | | 16.5% | -44.0% | -4.1% | 47.5% |
| CCL Industries Inc ($CCL.B) | | 44.4% | 36.8% | 17.5% | 30.8% |
| Stantec Inc ($STN) | | 17.9% | 13.3% | 14.4% | 30.5% |
| Avigilon Corp ($AVO) | | 72.6% | 41.9% | 17.7% | 22.2% |
| |
|---|
| Median (51 companies) | | 5.3% | 10.4% | 7.7% | 2.6% |
|---|
| Cargojet Inc ($CJT.A) | | 3.9% | 9.7% | 50.2% | 14.5% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Pure Technologies Ltd ($PUR) | 77.9% | 78.0% | 77.5% | 75.6% | |
| WSP Global Inc ($WSP) | 81.1% | 83.2% | 81.0% | 74.0% | 76.7% |
| Avigilon Corp ($AVO) | 49.3% | 54.2% | 56.6% | 57.4% | 52.0% |
| Stantec Inc ($STN) | 55.0% | 54.7% | 54.9% | 54.5% | 54.1% |
| IWG Technologies Inc ($IWG) | 53.3% | 54.0% | 49.0% | 47.8% | 54.9% |
| |
|---|
| Median (49 companies) | 23.9% | 24.0% | 21.9% | 21.9% | 22.2% |
|---|
| Cargojet Inc ($CJT.A) | 16.8% | 14.5% | 9.8% | 13.3% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Canadian National Railway Co ($CNR) | 46.5% | 45.9% | 46.8% | 50.9% | 54.3% |
| Canadian Pacific Railway Ltd ($CP) | 26.1% | 32.4% | 43.7% | 48.9% | 51.6% |
| Badger Daylighting Ltd ($BAD) | 25.7% | 25.9% | 27.9% | 24.6% | 24.2% |
| IWG Technologies Inc ($IWG) | 12.7% | 25.5% | 20.0% | 24.0% | 26.9% |
| Winpak Ltd ($WPK) | 19.5% | 18.6% | 18.7% | 22.7% | 23.5% |
| |
|---|
| Median (53 companies) | 10.2% | 8.3% | 8.6% | 7.8% | 11.1% |
|---|
| Cargojet Inc ($CJT.A) | 11.4% | 10.4% | 3.1% | 9.5% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Newalta Corp ($NAL) | 21.7% | 34.5% | 35.1% | 42.0% | 9.6% |
| Algoma Central Corp ($ALC) | 15.9% | 7.3% | 5.0% | 27.4% | 58.2% |
| Canadian Pacific Railway Ltd ($CP) | 20.2% | 20.2% | 21.9% | 22.7% | 19.0% |
| Canadian National Railway Co ($CNR) | 17.4% | 18.7% | 18.9% | 21.5% | 22.4% |
| ENTREC Corp ($ENT) | 35.0% | 26.7% | 29.5% | 18.0% | |
| |
|---|
| Median (54 companies) | 3.2% | 3.6% | 4.3% | 3.7% | 4.3% |
|---|
| Cargojet Inc ($CJT.A) | 7.0% | 6.3% | 54.1% | 41.3% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| IBI Group Inc ($IBG) | 4.8% | -9.0% | 11.6% | 21.9% | 26.2% |
| IWG Technologies Inc ($IWG) | 17.0% | 36.3% | 23.4% | 27.2% | 25.7% |
| Winpak Ltd ($WPK) | 20.4% | 18.0% | 18.3% | 22.6% | 21.8% |
| Toromont Industries Ltd ($TIH) | 28.8% | 25.8% | 24.3% | 23.5% | 21.7% |
| Intertape Polymer Group Inc ($ITP) | 12.3% | 13.7% | 22.5% | 23.0% | 21.0% |
| |
|---|
| Median (55 companies) | 12.2% | 9.7% | 11.5% | 8.9% | 9.0% |
|---|
| Cargojet Inc ($CJT.A) | 9.3% | 6.8% | -4.0% | -1.6% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Conifex Timber Inc ($CFF) | | 2.7x | 6.1x | 35.9x | 3.6x |
| Ag Growth International Inc ($AFN) | 2.9x | -0.1x | 2.1x | 14.1x | |
| Progressive Waste Solutions Ltd ($BIN) | 4.5x | 3.3x | 2.9x | 10.6x | 3.8x |
| Finning International Inc ($FTT) | 2.3x | 1.8x | 1.4x | 9.4x | 2.5x |
| ENTREC Corp ($ENT) | 3.4x | 2.6x | 4.1x | 8.4x | |
| |
|---|
| Median (49 companies) | 1.5x | 1.6x | 1.2x | 1.0x | 1.9x |
|---|
| Cargojet Inc ($CJT.A) | 1.5x | 1.5x | 31.5x | 12.9x | |
