Pollard Banknote Ltd EBITDA Margin dropped on 12.0 pp from 12.0% to in 2016
13.03.2017 • About Pollard Banknote Ltd (
$PBL) • By InTwits
Pollard Banknote Ltd reported FY2016 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Pollard Banknote Ltd ($PBL) key annual financial indicators
| mln. CAD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 162.4 | 184.9 | 194.5 | 221.0 | 246.4 | 11.5% |
| Gross Profit | 32.7 | 35.2 | 41.1 | 44.4 | | -100.0% |
| SG&A | 19.7 | 22.0 | 23.8 | 26.6 | | -100.0% |
| EBITDA | 20.8 | 22.1 | 25.4 | 26.4 | | -100.0% |
| Net Income | 6.5 | 5.4 | 8.7 | 7.5 | 12.3 | 64.4% |
Balance Sheet
|
|---|
| Cash | 5.0 | 7.8 | 6.2 | 7.6 | | -100.0% |
| Short Term Debt | 0.0 | 0.0 | 0.9 | 1.2 | | -100.0% |
| Long Term Debt | 70.5 | 73.3 | 68.2 | 72.1 | | -100.0% |
Cash flow
|
|---|
| Capex | 6.5 | 4.6 | 17.6 | 15.4 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -5.6% | 13.9% | 5.2% | 13.7% | 11.5% | |
| EBITDA growth | 10.5% | 6.6% | 15.0% | 4.0% | | |
| Gross Margin | 20.1% | 19.0% | 21.1% | 20.1% | | -20.1% |
| EBITDA Margin | 12.8% | 12.0% | 13.1% | 12.0% | 0.0% | -12.0% |
| Net Income Margin | 4.0% | 2.9% | 4.5% | 3.4% | 5.0% | 1.6% |
| SG&A, % of revenue | 12.1% | 11.9% | 12.3% | 12.0% | | -12.0% |
| CAPEX, % of revenue | 4.0% | 2.5% | 9.0% | 7.0% | | -7.0% |
| ROIC | 13.5% | 13.1% | 16.2% | 15.9% | | -15.9% |
| ROE | 24.3% | 18.3% | 25.9% | 19.3% | | -19.3% |
| Net Debt/EBITDA | 3.2x | 3.0x | 2.5x | 2.5x | | -2.5x |
Pollard Banknote Ltd ($PBL) key quoterly financial indicators
| mln. CAD | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 64 | 54 | 63 | 66 | 17.7% | 4.9% | 8.3% | 14.9% |
| EBITDA | 7 | 7 | 8 | 9 | 11.0% | 4.8% | 10.4% | 48.5% |
| Net Income | 4 | 2 | 3 | 4 | 156.6% | -30.7% | 51.4% | 216.7% |
Balance Sheet
|
|---|
| Cash | 6 | 9 | 9 | 8 | -15.4% | 16.0% | 28.3% | -1.1% |
| Short Term Debt | 1 | 0 | 0 | 0 | 0.0% | -100.0% | -100.0% | -100.0% |
| Long Term Debt | 72 | 73 | 74 | 71 | 2.9% | 3.4% | 2.6% | -1.7% |
Ratios
|
|---|
| Gross Margin | 17.8% | 20.2% | 20.1% | 21.6% | -0.7% | -0.7% | -0.5% | 1.3% |
| EBITDA Margin | 10.8% | 13.5% | 12.4% | 13.9% | -0.6% | -0.0% | 0.2% | 3.1% |
| Net Income Margin | 5.6% | 3.8% | 4.5% | 5.8% | 3.0% | -1.9% | 1.3% | 3.7% |
Revenue and profitability
The company's Revenue jumped on 11.5%. Revenue growth showed acceleration in FY16Q4 - it increased 14.9% YoY.
Net Income marign increased slightly on 1.6 pp from 3.4% to 5.0% in FY2016.
Appendix 1: Peers in Consumer, Cyclical
Below you can find Pollard Banknote Ltd benchmarking vs. other companies in Consumer, Cyclical industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| New Flyer Industries Inc ($NFI) | | 38.6% | 21.0% | 6.1% | 47.8% |
| Hardwoods Distribution Inc ($HWD) | | 21.3% | 22.8% | 25.4% | 38.1% |
| Spin Master Corp ($TOY) | | 21.5% | 41.0% | 22.9% | 31.3% |
| Great Canadian Gaming Corp ($GC) | | -0.3% | 9.6% | 3.7% | 22.4% |
| CanWel Building Materials Group Ltd ($CWX) | | 2.1% | 4.6% | 8.6% | 18.6% |
| |
|---|
| Median (35 companies) | | 4.7% | 7.2% | 6.1% | 4.6% |
|---|
| Pollard Banknote Ltd ($PBL) | | 13.9% | 5.2% | 13.7% | 11.5% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Innova Gaming Group Inc ($IGG) | 89.3% | 82.4% | 85.3% | 92.9% | 88.1% |
| Second Cup Ltd/The ($SCU) | 86.6% | 85.1% | 72.7% | 81.1% | |
| New Look Vision Group Inc ($BCI) | 71.8% | 72.6% | 72.6% | 78.7% | |
| Cara Operations Ltd ($CAO) | | 79.2% | 78.9% | 78.4% | |
| Canlan Ice Sports Corp ($ICE) | 71.6% | 69.7% | 70.7% | 78.2% | |
| |
|---|
| Median (36 companies) | 38.1% | 34.2% | 33.5% | 32.6% | 34.6% |
|---|
| Pollard Banknote Ltd ($PBL) | 20.1% | 19.0% | 21.1% | 20.1% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Westshore Terminals Investment Corp ($WTE) | 49.7% | 65.9% | 60.9% | 59.6% | |
| Gamehost Inc ($GH) | 46.1% | 45.7% | 45.9% | 42.8% | 42.6% |
| Great Canadian Gaming Corp ($GC) | 16.8% | 41.1% | 40.1% | 36.6% | 34.4% |
| Restaurant Brands International Inc ($QSR) | | 51.1% | 20.8% | 33.9% | 44.4% |
| Cara Operations Ltd ($CAO) | | 9.6% | 22.6% | 32.6% | |
| |
|---|
| Median (38 companies) | 8.0% | 9.8% | 12.2% | 10.0% | 15.1% |
|---|
| Pollard Banknote Ltd ($PBL) | 12.8% | 12.0% | 13.1% | 12.0% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Holloway Lodging Corp ($HLC) | 8.2% | 6.7% | 14.8% | 26.7% | 9.3% |
| WestJet Airlines Ltd ($WJA) | 7.9% | 19.5% | 18.6% | 22.5% | 22.4% |
| Westshore Terminals Investment Corp ($WTE) | 25.7% | 11.5% | 6.2% | 21.2% | |
| Innova Gaming Group Inc ($IGG) | 20.6% | 26.7% | 15.9% | 15.6% | 15.1% |
| Exchange Income Corp ($EIF) | 7.9% | 15.8% | 15.5% | 15.4% | 29.7% |
| |
|---|
| Median (41 companies) | 2.7% | 3.2% | 3.3% | 3.2% | 4.9% |
|---|
| Pollard Banknote Ltd ($PBL) | 4.0% | 2.5% | 9.0% | 7.0% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Spin Master Corp ($TOY) | | 19.2% | 56.9% | 48.2% | 44.5% |
| Magna International Inc ($MG) | 16.3% | 18.6% | 25.2% | 21.9% | 21.2% |
| Linamar Corp ($LNR) | 12.9% | 17.0% | 21.7% | 23.7% | 19.8% |
| Sleep Country Canada Holdings Inc ($ZZZ) | | | 9.7% | 12.7% | 19.0% |
| Air Canada ($AC) | | 37.0% | 23.2% | 28.4% | 18.8% |
| |
|---|
| Median (41 companies) | 10.2% | 12.4% | 10.8% | 10.2% | 11.2% |
|---|
| Pollard Banknote Ltd ($PBL) | 13.5% | 13.1% | 16.2% | 15.9% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Holloway Lodging Corp ($HLC) | | 5.8x | 8.4x | 17.1x | 8.6x |
| AutoCanada Inc ($ACQ) | 4.2x | 4.7x | 6.4x | 8.0x | 13.7x |
| Second Cup Ltd/The ($SCU) | 1.0x | 0.6x | 0.0x | 7.5x | 0.0x |
| Amaya Inc ($AYA) | 17.9x | 1.8x | 13.5x | 6.6x | 5.0x |
| Performance Sports Group Ltd ($PSG) | 2.6x | 3.5x | 12.2x | 6.5x | |
| |
|---|
| Median (34 companies) | 1.7x | 2.5x | 2.3x | 2.5x | 2.1x |
|---|
| Pollard Banknote Ltd ($PBL) | 3.2x | 3.0x | 2.5x | 2.5x | |
