Bird Construction Inc revenue jumped on 10.0% in 2016
14.03.2017 • About Bird Construction Inc (
$BDT) • By InTwits
Bird Construction Inc reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: It operates with high leverage: Net Debt/EBITDA is 2.6x while industry average is 2.2x.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Bird Construction Inc ($BDT) key annual financial indicators
| mln. CAD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,455 | 1,332 | 1,364 | 1,445 | 1,590 | 10.0% |
| Gross Profit | 143 | 71 | 112 | 121 | | -100.0% |
| SG&A | | | | 60 | | -100.0% |
| EBITDA | 102 | 33 | 62 | 49 | | -100.0% |
| Net Income | 58 | 12 | 36 | 21 | 25 | 16.4% |
Balance Sheet
|
|---|
| Cash | 152 | 136 | 164 | 208 | | -100.0% |
| Short Term Debt | 14 | 15 | 16 | 28 | | -100.0% |
| Long Term Debt | 34 | 24 | 12 | 11 | | -100.0% |
Cash flow
|
|---|
| Capex | 24 | 16 | 16 | 5 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 49.3% | -8.5% | 2.5% | 5.9% | 10.0% | |
| EBITDA growth | 112.6% | -67.6% | 87.6% | -20.7% | | |
| Gross Margin | 9.8% | 5.4% | 8.2% | 8.4% | | -8.4% |
| EBITDA Margin | 7.0% | 2.5% | 4.6% | 3.4% | 0.0% | -3.4% |
| Net Income Margin | 4.0% | 0.9% | 2.7% | 1.5% | 1.6% | 0.1% |
| SG&A, % of revenue | | | | 4.2% | | -4.2% |
| CAPEX, % of revenue | 1.7% | 1.2% | 1.2% | 0.4% | | -0.4% |
| ROIC | 33.1% | 6.2% | 20.3% | 16.2% | | -16.2% |
| ROE | 32.9% | 6.6% | 20.2% | 12.2% | | -12.2% |
| Net Debt/EBITDA | -1.0x | -2.9x | -2.2x | -3.4x | | 3.4x |
Bird Construction Inc ($BDT) key quoterly financial indicators
| mln. CAD | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 338 | 413 | 408 | 431 | 10.5% | 23.2% | 4.6% | 4.2% |
| EBITDA | 15 | 7 | 10 | 11 | 44.0% | -60.2% | 1,269.2% | -46.8% |
| Net Income | 9 | 4 | 6 | 6 | 97.7% | -64.1% | | -49.8% |
Balance Sheet
|
|---|
| Cash | 214 | 183 | 187 | 247 | 98.8% | 41.9% | 15.3% | 18.4% |
| Short Term Debt | 25 | 32 | 49 | 62 | 61.8% | 62.9% | 197.6% | 118.1% |
| Long Term Debt | 10 | 9 | 9 | 9 | -10.0% | -11.5% | 1.7% | -19.1% |
Ratios
|
|---|
| Gross Margin | 7.7% | 4.6% | 5.6% | 5.5% | 0.8% | -4.7% | -3.3% | -2.6% |
| EBITDA Margin | 4.4% | 1.8% | 2.5% | 2.4% | 1.0% | -3.7% | 2.3% | -2.3% |
| Net Income Margin | 2.8% | 0.9% | 1.5% | 1.3% | 1.2% | -2.3% | 2.9% | -1.4% |
Revenue and profitability
The company's Revenue jumped on 10.0%. Revenue growth showed slow down in FY16Q4 - it was 4.2% YoY.
Net Income marign showed almost no change in FY2016.
Appendix 1: Peers in Industrial
Below you can find Bird Construction Inc benchmarking vs. other companies in Industrial industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Progressive Waste Solutions Ltd ($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% | 8.5% | 2.6% |
|---|
| Bird Construction Inc ($BDT) | | -8.5% | 2.5% | 5.9% | 10.0% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Pure Technologies Ltd ($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% |
|---|
| Bird Construction Inc ($BDT) | 9.8% | 5.4% | 8.2% | 8.4% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Canadian National Railway Co ($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) | 10.5% | 8.4% | 8.6% | 9.5% | 11.1% |
|---|
| Bird Construction Inc ($BDT) | 7.0% | 2.5% | 4.6% | 3.4% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Newalta Corp ($NAL) | 21.7% | 34.5% | 35.1% | 42.0% | 9.6% |
| Cargojet Inc ($CJT.A) | 7.0% | 6.3% | 54.1% | 41.3% | |
| Algoma Central Corp ($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% |
| |
|---|
| Median (54 companies) | 3.2% | 3.7% | 4.4% | 3.9% | 4.3% |
|---|
| Bird Construction Inc ($BDT) | 1.7% | 1.2% | 1.2% | 0.4% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| IBI Group Inc ($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% | 11.0% | 8.3% | 9.0% |
|---|
| Bird Construction Inc ($BDT) | 33.1% | 6.2% | 20.3% | 16.2% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Conifex Timber Inc ($CFF) | | 2.7x | 6.1x | 35.9x | 3.6x |
| Ag Growth International Inc ($AFN) | 2.9x | -0.1x | 2.1x | 14.1x | |
| Cargojet Inc ($CJT.A) | 1.5x | 1.5x | 31.5x | 12.9x | |
| 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 |
| |
|---|
| Median (49 companies) | 1.5x | 1.6x | 1.3x | 1.0x | 1.9x |
|---|
| Bird Construction Inc ($BDT) | -1.0x | -2.9x | -2.2x | -3.4x | |
