Cpl Resources revenue increased on 6.6% in 2015 and EBITDA Margin showed almost no change
03 Sep 2015 • About Cpl Resources (
$CPS) • By InTwits
Cpl Resources reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Cpl Resources is a growth stock: FY2015 revenue growth was 6.6%, 5 year revenue CAGR was 15.7% at FY2015 ROIC 18.1%
- EBITDA Margin is relatively stable: 3.7% in FY2015 vs. 4.0% in FY2014 vs. 3.6% in FY2011
- Cpl Resources has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.1%.
- The company has highly profitable business model: ROIC is at 18.1%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Cpl Resources ($CPS) key annual financial indicators
| mln. € | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 235.3 | 290.2 | 330.8 | 369.3 | 393.6 | 6.6% |
| Gross Profit | 37.0 | 43.5 | 48.8 | 54.7 | 58.7 | 7.3% |
| SG&A | 29.9 | 33.5 | 37.1 | 40.5 | 44.7 | 10.5% |
| EBITDA | 8.5 | 10.6 | 12.2 | 14.7 | 14.5 | -1.1% |
| Net Income | 7.2 | 8.4 | 10.7 | 12.4 | 12.4 | -0.6% |
Balance Sheet
|
|---|
| Cash | 46.4 | 28.0 | 27.9 | 30.5 | 30.5 | -0.1% |
| Short Term Debt | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
Cash flow
|
|---|
| Capex | 0.3 | 0.3 | 0.3 | 0.6 | 0.9 | 67.4% |
Ratios
|
|---|
| Revenue growth | 23.9% | 23.3% | 14.0% | 11.6% | 6.6% | |
| EBITDA growth | 69.9% | 24.3% | 14.8% | 20.9% | -1.1% | |
| Gross Margin | 15.7% | 15.0% | 14.8% | 14.8% | 14.9% | 0.1% |
| EBITDA Margin | 3.6% | 3.7% | 3.7% | 4.0% | 3.7% | -0.3% |
| Net Income Margin | 3.0% | 2.9% | 3.2% | 3.4% | 3.1% | -0.2% |
| SG&A, % of revenue | 12.7% | 11.6% | 11.2% | 11.0% | 11.4% | 0.4% |
| CAPEX, % of revenue | 0.1% | 0.1% | 0.1% | 0.2% | 0.2% | 0.1% |
| ROIC | 11.0% | 16.3% | 20.0% | 21.0% | 18.1% | -2.9% |
| ROE | 10.9% | 13.6% | 18.1% | 18.3% | 16.0% | -2.3% |
| Net Debt/EBITDA | -5.4x | -2.6x | -2.3x | -2.1x | -2.1x | -0.0x |
Revenue and profitability
The company's Revenue increased on 6.6% in FY2015. EBITDA Margin showed almost no change in FY2015.
Gross Margin showed almost no change in FY2015. SG&A as a % of Revenue showed almost no change in FY2015.
Net Income marign showed almost no change in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 Cpl Resources had CAPEX/Revenue of 0.24%. The company's CAPEX/Revenue showed almost no change from FY2012 to FY2015. It's average level of CAPEX/Revenue for the last three years was 0.16%.
Return on investment
The company operates at good ROIC (18.13%) and ROE (15.98%). ROIC decreased on 2.9 pp from 21.0% to 18.1% in FY2015. ROE decreased on 2.3 pp from 18.3% to 16.0% in FY2015.
Leverage (Debt)
The company has no debt. Cash showed almost no change in FY2015.
Appendix 1: Peers in Support Services
Below we provide Cpl Resources benchmarking against other companies in Support Services industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Petards Group ($PEG) | 6.5% | -25.7% | -30.6% | 115.1% | |
| Optimal Payments ($OPAY) | 107.9% | 39.9% | 41.5% | 44.0% | |
| 1Spatial ($SPA) | | 98.7% | 131.4% | 42.7% | 13.5% |
| Inspired Energy ($INSE) | 32.9% | 83.8% | 44.8% | 42.2% | |
| Interquest Group ($ITQ) | 7.8% | -6.8% | 2.0% | 31.2% | |
| |
|---|
| Median (54 companies) | 9.0% | 6.6% | 5.6% | 4.7% | 1.8% |
|---|
| Cpl Resources ($CPS) | | 23.3% | 14.0% | 11.6% | 6.6% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Inspired Energy ($INSE) | | 94.6% | 86.8% | 78.7% | |
| Ienergizer Ltd ($IBPO) | 48.1% | 56.2% | 78.4% | 76.8% | 72.7% |
| Vianet Group ($VNET) | 53.1% | 53.3% | 51.3% | 58.8% | 69.2% |
| Prime People ($PRP) | 57.6% | 63.4% | 58.3% | 57.7% | 61.4% |
| Murgitroyd Group ($MUR) | 59.9% | 58.4% | 61.4% | 57.6% | |
| |
|---|
| Median (48 companies) | 29.0% | 28.8% | 28.6% | 29.8% | 37.0% |
|---|
| Cpl Resources ($CPS) | 15.7% | 15.0% | 14.8% | 14.8% | 14.9% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Northgate ($67GX) | | 41.2% | 40.4% | 40.6% | 39.4% |
| 21St Century Technology ($C21) | 11.4% | 13.4% | -0.2% | 36.0% | |
| Vp ($VP.) | 24.4% | 23.9% | 24.5% | 24.2% | 26.2% |
| Ienergizer Ltd ($IBPO) | 34.5% | 27.6% | 27.8% | 23.6% | 17.1% |
| Capital Drilling Ltd ($CAPD) | 26.3% | 24.1% | 15.7% | 21.7% | |
| |
|---|
| Median (54 companies) | 7.6% | 6.8% | 6.5% | 6.9% | 10.8% |
|---|
| Cpl Resources ($CPS) | 3.6% | 3.7% | 3.7% | 4.0% | 3.7% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Vp ($VP.) | 15.5% | 21.4% | 17.7% | 21.6% | 25.7% |
| Norish ($NSH) | 5.0% | 10.2% | 1.4% | 15.4% | |
| Capital Drilling Ltd ($CAPD) | 20.5% | 18.9% | 4.9% | 13.9% | |
| Falkland Islands Hldgs ($FKL) | 2.6% | 3.7% | 6.8% | 12.9% | 11.9% |
| Augean ($AUG) | 11.2% | 9.8% | 15.9% | 12.3% | |
| |
|---|
| Median (54 companies) | 0.9% | 1.1% | 1.1% | 1.1% | 1.4% |
|---|
| Cpl Resources ($CPS) | 0.1% | 0.1% | 0.1% | 0.2% | 0.2% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| 21St Century Technology ($C21) | 16.2% | 20.3% | -2.9% | 45.6% | |
| Petards Group ($PEG) | 25.6% | 35.5% | -78.0% | 24.7% | |
| Driver Group ($DRV) | 6.5% | 18.7% | 27.9% | 24.0% | |
| Optimal Payments ($OPAY) | -2.9% | 7.1% | 27.7% | 23.8% | |
| Premier Farnell ($PFLA) | | 33.2% | 21.0% | 23.2% | 18.5% |
| |
|---|
| Median (54 companies) | 8.9% | 9.7% | 7.9% | 9.3% | 10.7% |
|---|
| Cpl Resources ($CPS) | 11.0% | 16.3% | 20.0% | 21.0% | 18.1% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Inspired Energy ($INSE) | -0.8x | 0.8x | 0.6x | 19.4x | |
| Mitsubishi Corp ($MBC) | 7.2x | 9.9x | 15.9x | 14.3x | 12.5x |
| Nature Group ($NGR) | -0.6x | -0.5x | -0.4x | 6.6x | |
| Ceps ($CEPS) | 4.1x | | 3.0x | 6.6x | |
| Redhall Group ($RHL) | | 22.8x | 5.8x | 6.6x | |
| |
|---|
| Median (52 companies) | 0.7x | 0.8x | 0.7x | 0.9x | 1.1x |
|---|
| Cpl Resources ($CPS) | -5.4x | -2.6x | -2.3x | -2.1x | -2.1x |
