Partner Jet Corp reports 8.5% revenue decline in FY2016
24.03.2017 • About Partner Jet Corp (
$PJT) • By InTwits
Partner Jet Corp reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is relatively stable: in FY2016 vs. in FY2015 vs. -7.3% in FY2012
- Partner Jet Corp spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 is 0.0%. Average EBITDA Margin for the same period was -1.3%0
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Partner Jet Corp ($PJT) key annual financial indicators
| mln. CAD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 6.463 | 6.538 | 14.364 | 14.237 | 13.032 | -8.5% |
| Gross Profit | 0.225 | 0.252 | 1.332 | 1.314 | | -100.0% |
| SG&A | | | | 0.604 | | -100.0% |
| EBITDA | -0.473 | -0.262 | | | | |
| Net Income | -0.522 | -0.316 | 0.589 | 0.580 | 0.192 | -66.8% |
Balance Sheet
|
|---|
| Cash | 0.558 | 0.072 | 0.404 | 0.949 | | -100.0% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | | |
Cash flow
|
|---|
| Capex | 0.046 | 0.000 | 0.000 | 0.000 | | |
Ratios
|
|---|
| Revenue growth | -15.2% | 1.2% | 119.7% | -0.9% | -8.5% | |
| EBITDA growth | 17.6% | -44.7% | | | | |
| Gross Margin | 3.5% | 3.9% | 9.3% | 9.2% | | -9.2% |
| EBITDA Margin | -7.3% | -4.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Income Margin | -8.1% | -4.8% | 4.1% | 4.1% | 1.5% | -2.6% |
| SG&A, % of revenue | | | | 4.2% | | -4.2% |
| CAPEX, % of revenue | 0.7% | 0.0% | 0.0% | 0.0% | | 0.0% |
| ROIC | -51.6% | -50.8% | 85.1% | 51.1% | | -51.1% |
| ROE | -51.6% | -53.2% | 80.6% | 44.1% | | -44.1% |
Partner Jet Corp ($PJT) key quoterly financial indicators
| mln. CAD | FY16Q1 | FY16Q2 | FY16Q3 | FY16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 3 | 3 | 3 | 3 | -23.6% | -13.7% | -10.3% | 22.7% |
| EBITDA | 0 | 0 | 0 | 0 | | | | |
| Net Income | 0 | 0 | 0 | 0 | -78.7% | -22.2% | -74.0% | -79.2% |
Balance Sheet
|
|---|
| Cash | 0 | 0 | 1 | 1 | 144.8% | 188.2% | 1.9% | -27.6% |
| Short Term Debt | 0 | 0 | 0 | 0 | | | | |
| Long Term Debt | 0 | 0 | 0 | 0 | | | | |
Ratios
|
|---|
| Gross Margin | 10.0% | 9.9% | 8.5% | 9.3% | -1.8% | 3.4% | -1.4% | 0.8% |
| EBITDA Margin | 3.5% | 3.5% | 1.6% | 1.3% | 3.5% | 3.5% | 1.6% | 1.3% |
| Net Income Margin | 2.0% | 2.6% | 1.0% | 0.4% | -5.1% | -0.3% | -2.4% | -1.7% |
Revenue and profitability
The company's Revenue decreased on 8.5%. Annual revenue decline showed slowdown in FY16Q4 - revenue surged on 22.7%.
Net Income marign decreased on 2.6 pp from 4.1% to 1.5% in FY2016.
Appendix 1: Peers in Consumer, Cyclical
Below you can find Partner Jet Corp benchmarking vs. other companies in Consumer, Cyclical industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| New Flyer Industries Inc ($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) | | 5.2% | 6.6% | 7.5% | 5.5% |
|---|
| Partner Jet Corp ($PJT) | | 1.2% | 119.7% | -0.9% | -8.5% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Innova Gaming Group Inc ($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% |
|---|
| Partner Jet Corp ($PJT) | 3.5% | 3.9% | 9.3% | 9.2% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Westshore Terminals Investment Corp ($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 (39 companies) | 8.6% | 10.2% | 12.3% | 10.1% | 15.1% |
|---|
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 ($EIF) | 7.9% | 15.8% | 15.5% | 15.4% | 29.7% |
| |
|---|
| Median (41 companies) | 3.2% | 3.2% | 3.4% | 3.5% | 4.9% |
|---|
| Partner Jet Corp ($PJT) | 0.7% | 0.0% | 0.0% | 0.0% | |
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 ($AC) | | 37.0% | 23.2% | 28.4% | 18.8% |
| |
|---|
| Median (41 companies) | 11.0% | 12.6% | 10.8% | 10.2% | 11.2% |
|---|
| Partner Jet Corp ($PJT) | -51.6% | -50.8% | 85.1% | 51.1% | |
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 (35 companies) | 1.9x | 2.8x | 2.4x | 2.5x | 2.1x |
|---|
