Black Diamond Group Ltd reports 45.9% revenue decline in FY2016
13.03.2017 • About Black Diamond Group Ltd (
$BDI) • By InTwits
Black Diamond Group Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Black Diamond Group Ltd is a company in decline: FY2016 revenue growth was -45.9%, 5 years revenue CAGR was -8.8%
- EBITDA Margin is declining: in FY2016 vs. 29.9% in FY2015 vs. 40.9% in FY2012
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Black Diamond Group Ltd ($BDI) key annual financial indicators
| mln. CAD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 264.3 | 347.1 | 386.6 | 282.2 | 152.6 | -45.9% |
| Gross Profit | 145.9 | 191.7 | 190.3 | 134.7 | | -100.0% |
| SG&A | 37.8 | 53.8 | 56.0 | 50.3 | | -100.0% |
| EBITDA | 108.1 | 137.8 | 134.4 | 84.4 | | -100.0% |
| Net Income | 47.4 | 53.2 | 35.0 | 8.4 | -64.2 | -863.7% |
Balance Sheet
|
|---|
| Cash | 2.7 | 31.8 | 20.5 | 5.9 | | -100.0% |
| Short Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | | |
| Long Term Debt | 96.4 | 184.3 | 196.4 | 159.2 | | -100.0% |
Cash flow
|
|---|
| Capex | 163.6 | 95.6 | 119.8 | 49.6 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 9.3% | 31.3% | 11.4% | -27.0% | -45.9% | |
| EBITDA growth | 17.2% | 27.6% | -2.5% | -37.2% | | |
| Gross Margin | 55.2% | 55.2% | 49.2% | 47.7% | | -47.7% |
| EBITDA Margin | 40.9% | 39.7% | 34.8% | 29.9% | 0.0% | -29.9% |
| Net Income Margin | 17.9% | 15.3% | 9.1% | 3.0% | -42.0% | -45.0% |
| SG&A, % of revenue | 14.3% | 15.5% | 14.5% | 17.8% | | -17.8% |
| CAPEX, % of revenue | 61.9% | 27.5% | 31.0% | 17.6% | | -17.6% |
| ROIC | 16.0% | 15.2% | 12.6% | 4.5% | | -4.5% |
| ROE | 15.2% | 14.4% | 9.3% | 2.3% | | -2.3% |
| Net Debt/EBITDA | 0.9x | 1.1x | 1.3x | 1.8x | | -1.8x |
Black Diamond Group Ltd ($BDI) key quoterly financial indicators
| mln. CAD | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 53 | 34 | 27 | 38 | -47.0% | -51.7% | -53.8% | -27.1% |
| EBITDA | 17 | 8 | 2 | 11 | -42.4% | -65.9% | -90.6% | -20.6% |
| Net Income | -2 | -9 | -8 | -45 | -126.8% | | -199.0% | |
Balance Sheet
|
|---|
| Cash | 7 | 7 | 6 | 6 | -44.1% | 2.1% | 175.4% | 3.9% |
| Short Term Debt | 0 | 0 | 0 | 0 | | | | |
| Long Term Debt | 158 | 145 | 118 | 111 | -20.2% | -24.0% | -36.6% | -30.4% |
Ratios
|
|---|
| Gross Margin | 52.4% | 50.8% | 53.5% | 56.2% | 8.6% | 1.6% | 1.9% | 7.4% |
| EBITDA Margin | 32.0% | 22.3% | 6.3% | 29.9% | 2.5% | -9.3% | -24.6% | 2.5% |
| Net Income Margin | -4.6% | -25.0% | -28.7% | -119.4% | -13.6% | -23.8% | -42.2% | -104.5% |
Revenue and profitability
Black Diamond Group Ltd's Revenue dropped on 45.9%. Annual revenue decline showed slowdown in FY16Q4 - revenue dropped on 27.1%.
Net Income marign dropped on 45.0 pp from 3.0% to -42.0% in FY2016.
Management team
The company's CEO Trevor Haynes is a founder and has spent 8 years at the company. Black Diamond Group Ltd's CFO is Toby Labrie. Toby Labrie has 2 years tenure at the company.
Appendix 1: Peers in Consumer, Non-cyclical
Below you can find Black Diamond Group Ltd benchmarking vs. other companies in Consumer, Non-cyclical industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Concordia Healthcare Corp ($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% | 12.8% |
|---|
| Black Diamond Group Ltd ($BDI) | | 31.3% | 11.4% | -27.0% | -45.9% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Cipher Pharmaceuticals Inc ($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% | 35.0% | 35.6% | 33.4% | 31.1% |
|---|
| Black Diamond Group Ltd ($BDI) | 55.2% | 55.2% | 49.2% | 47.7% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| CRH Medical Corp ($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) | 9.1% | 12.0% | 12.7% | 11.0% | 10.1% |
|---|
| Black Diamond Group Ltd ($BDI) | 40.9% | 39.7% | 34.8% | 29.9% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| ProMetic Life Sciences Inc ($PLI) | 2.1% | 33.6% | 34.6% | 23.3% | |
| EnerCare Inc ($ECI) | 25.7% | 26.5% | 23.6% | 20.7% | 15.5% |
| easyhome Ltd ($EH) | 32.2% | 25.6% | 21.6% | 16.9% | 12.7% |
| K-Bro Linen Inc ($KBL) | 10.0% | 19.0% | 11.4% | 16.6% | |
| TearLab Corp ($TLB) | 14.4% | 19.8% | 12.3% | 13.5% | |
| |
|---|
| Median (42 companies) | 3.1% | 2.7% | 2.3% | 2.3% | 2.1% |
|---|
| Black Diamond Group Ltd ($BDI) | 61.9% | 27.5% | 31.0% | 17.6% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Information Services Corp ($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) | 8.6% | 7.5% | 8.4% | 7.5% | 8.0% |
|---|
| Black Diamond Group Ltd ($BDI) | 16.0% | 15.2% | 12.6% | 4.5% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Concordia Healthcare Corp ($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) | 2.9x | 2.3x | 3.5x | 2.8x | 2.8x |
|---|
| Black Diamond Group Ltd ($BDI) | 0.9x | 1.1x | 1.3x | 1.8x | |
