Caledonia Mining Corp Net Income jumped on 128% in 2016 and Revenue jumped on 61.6%
21.03.2017 • About Caledonia Mining Corp (
$CAL) • By InTwits
Caledonia Mining Corp reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is declining: in FY2016 vs. 18.3% in FY2015 vs. 31.9% in FY2012
- It operates with high leverage: Net Debt/EBITDA is 12.4x while industry average is 0.3x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Caledonia Mining Corp ($CAL) key annual financial indicators
| mln. $ | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 75.274 | 63.230 | 53.513 | 38.351 | 61.992 | 61.6% |
| Gross Profit | 40.944 | 29.017 | 18.543 | 10.321 | | -100.0% |
| SG&A | | | | 5.968 | | -100.0% |
| EBITDA | 24.000 | 24.585 | 14.517 | 7.022 | | -100.0% |
| Net Income | 8.726 | -2.967 | 4.435 | 3.742 | 8.526 | 127.8% |
Balance Sheet
|
|---|
| Cash | 28.085 | 23.732 | 23.106 | 9.089 | | -100.0% |
| Short Term Debt | 0.000 | 1.690 | 0.000 | 1.221 | | -100.0% |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | | |
Cash flow
|
|---|
| Capex | 7.915 | 11.399 | 6.146 | 12.973 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 33.6% | -16.0% | -15.4% | -28.3% | 61.6% | |
| EBITDA growth | -13.2% | 2.4% | -41.0% | -51.6% | | |
| Gross Margin | 54.4% | 45.9% | 34.7% | 26.9% | | -26.9% |
| EBITDA Margin | 31.9% | 38.9% | 27.1% | 18.3% | 0.0% | -18.3% |
| Net Income Margin | 11.6% | -4.7% | 8.3% | 9.8% | 13.8% | 4.0% |
| SG&A, % of revenue | | | | 15.6% | | -15.6% |
| CAPEX, % of revenue | 10.5% | 18.0% | 11.5% | 33.8% | | -33.8% |
| ROIC | 37.6% | 34.9% | 18.1% | 8.4% | | -8.4% |
| ROE | 17.9% | -5.6% | 8.9% | 9.0% | | -9.0% |
| Net Debt/EBITDA | -1.2x | -0.9x | -1.6x | -1.1x | | 1.1x |
Revenue and profitability
Caledonia Mining Corp's Revenue jumped on 61.6% in FY2016.
Net Income marign increased on 4.0 pp from 9.8% to 13.8% in FY2016.
Appendix 1: Peers in Mining
Below you can find Caledonia Mining Corp benchmarking vs. other companies in Mining 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 |
|---|
| Serabi Gold ($SBI) | | | | 177.8% | |
| Anglo Pacific Group ($APY) | -56.3% | -2.8% | -76.4% | 149.4% | |
| Kirkland Lake Gold Inc ($KGI) | 54.7% | -5.1% | 14.2% | 26.9% | |
| China Gold International Resources Corp Ltd ($CGG) | | -9.0% | -8.2% | 22.4% | |
| Centamin ($CEE) | | 18.2% | -6.2% | 7.6% | 35.2% |
| |
|---|
| Median (8 companies) | -13.2% | -2.8% | -8.2% | 15.0% | -1.3% |
|---|
| Caledonia Mining Corp ($CAL) | | -16.0% | -15.4% | -28.3% | 61.6% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Serabi Gold ($SBI) | | | 2.3% | 32.8% | |
| Rambler Metals & Mining ($RAB) | 44.7% | 39.6% | 52.2% | 30.6% | 28.6% |
| Minera Irl Ltd ($IRL) | 41.0% | 20.7% | 22.7% | 23.7% | |
| Kirkland Lake Gold Inc ($KGI) | 38.5% | 18.3% | 6.1% | 22.8% | |
| China Gold International Resources Corp Ltd ($CGG) | 37.6% | 33.7% | 35.6% | 18.5% | |
| |
|---|
| Median (7 companies) | 39.7% | 27.2% | 22.7% | 22.8% | 28.6% |
|---|
| Caledonia Mining Corp ($CAL) | 54.4% | 45.9% | 34.7% | 26.9% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Anglo Pacific Group ($APY) | 76.2% | 77.9% | -58.0% | 53.7% | |
| China Gold International Resources Corp Ltd ($CGG) | 41.7% | 38.3% | 47.3% | 33.7% | |
| Kirkland Lake Gold Inc ($KGI) | 34.9% | 16.4% | 13.6% | 32.5% | |
| Centamin ($CEE) | 61.4% | 44.9% | 35.6% | 30.4% | 53.5% |
| Rambler Metals & Mining ($RAB) | -194.4% | 29.6% | 45.1% | 20.5% | -17.6% |
| |
|---|
| Median (8 companies) | 34.9% | 29.6% | 20.8% | 25.4% | -3.9% |
|---|
| Caledonia Mining Corp ($CAL) | 31.9% | 38.9% | 27.1% | 18.3% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Gold International Resources Corp Ltd ($CGG) | 64.7% | 156.1% | 95.6% | 81.4% | |
| Minera Irl Ltd ($IRL) | 4.5% | 10.9% | 7.5% | 24.8% | |
| Kirkland Lake Gold Inc ($KGI) | 44.6% | 72.9% | 47.7% | 21.6% | |
| Rambler Metals & Mining ($RAB) | 820.8% | 24.2% | 13.9% | 20.7% | 22.9% |
| Orosur Mining Inc ($OMI) | 53.8% | 29.6% | 14.1% | 19.7% | 15.1% |
| |
|---|
| Median (8 companies) | 53.8% | 29.6% | 16.4% | 20.2% | 15.5% |
|---|
| Caledonia Mining Corp ($CAL) | 10.5% | 18.0% | 11.5% | 33.8% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kirkland Lake Gold Inc ($KGI) | 19.7% | 1.5% | -0.7% | 9.2% | |
| Centamin ($CEE) | 24.6% | 15.7% | 6.6% | 4.5% | 18.1% |
| China Gold International Resources Corp Ltd ($CGG) | 5.9% | 4.0% | 3.0% | 1.5% | |
| Serabi Gold ($SBI) | -9.1% | -8.9% | -5.8% | 1.2% | |
| Anglo Pacific Group ($APY) | 3.0% | 3.6% | -1.3% | 1.1% | |
| |
|---|
| Median (8 companies) | 4.9% | 2.4% | 1.5% | 1.2% | -17.1% |
|---|
| Caledonia Mining Corp ($CAL) | 37.6% | 34.9% | 18.1% | 8.4% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Gold International Resources Corp Ltd ($CGG) | 0.2x | 3.4x | 4.7x | 7.3x | |
| Rambler Metals & Mining ($RAB) | | 2.5x | 0.6x | 2.4x | |
| Serabi Gold ($SBI) | | | | 1.4x | |
| Kirkland Lake Gold Inc ($KGI) | -0.3x | 3.2x | 4.1x | 0.6x | |
| Anglo Pacific Group ($APY) | -2.1x | -1.4x | | 0.3x | |
| |
|---|
| Median (6 companies) | -0.3x | 2.5x | 2.4x | 1.0x | -1.1x |
|---|
| Caledonia Mining Corp ($CAL) | -1.2x | -0.9x | -1.6x | -1.1x | |
