Accesso Technology Grp Net Income jumped on 40.2% in 2016 and Revenue surged on 10.0%
21 Mar 2017 • About Accesso Technology Grp (
$ACSO) • By InTwits
Accesso Technology Grp reported 2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Accesso Technology Grp is a growth stock: 2016 revenue growth was 10.0%, 5 year revenue CAGR was 21.1% at 2016 ROIC 11.9%
- EBITDA Margin is expanding: 17.7% in 2016 vs. 15.7% in 2015 vs. 14.3% in 2012
- The company has business model with average profitability: ROIC is at 11.9%
- It operates with high leverage: Net Debt/EBITDA is 0.2x while industry average is 0.1x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Accesso Technology Grp ($ACSO) key annual financial indicators
| mln. $ | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 46.0 | 59.0 | 75.1 | 93.2 | 102.5 | 10.0% |
| Gross Profit | 10.8 | | 32.0 | 46.0 | 55.3 | 20.4% |
| SG&A | | | 26.5 | 38.3 | 44.8 | 17.1% |
| EBITDA | 6.6 | | 10.8 | 14.6 | 18.1 | 24.2% |
| Net Income | 4.0 | 4.6 | 3.8 | 5.4 | 7.5 | 40.2% |
Balance Sheet
|
|---|
| Cash | 14.3 | | 5.7 | 5.3 | 5.9 | 10.5% |
| Short Term Debt | | | 0.0 | 0.1 | 0.1 | 5.9% |
| Long Term Debt | | | 20.1 | 14.8 | 9.3 | -37.0% |
Cash flow
|
|---|
| Capex | 2.6 | | 0.8 | 1.8 | 1.9 | 9.1% |
Ratios
|
|---|
| Revenue growth | 16.8% | 28.2% | 27.3% | 24.1% | 10.0% | |
| EBITDA growth | 25.5% | | | 35.7% | 24.2% | |
| Gross Margin | 23.4% | | 42.6% | 49.3% | 54.0% | 4.6% |
| EBITDA Margin | 14.3% | 0.0% | 14.3% | 15.7% | 17.7% | 2.0% |
| Net Income Margin | 8.7% | 7.7% | 5.0% | 5.8% | 7.3% | 1.6% |
| SG&A, % of revenue | | | 35.3% | 41.1% | 43.7% | 2.7% |
| CAPEX, % of revenue | 5.6% | | 1.1% | 1.9% | 1.9% | -0.0% |
| ROIC | | | | 9.3% | 11.9% | 2.6% |
| ROE | 23.1% | | | 8.9% | 10.6% | 1.7% |
| Net Debt/EBITDA | -2.2x | | 1.3x | 0.7x | 0.2x | -0.5x |
Revenue and profitability
Accesso Technology Grp's Revenue surged on 10.0% in 2016. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased on 2.0 pp from 15.7% to 17.7% in 2016.
Gross Margin increased on 4.6 pp from 49.3% to 54.0% in 2016. SG&A as a % of Revenue increased on 2.7 pp from 41.1% to 43.7% in 2016.
Net Income marign increased slightly on 1.6 pp from 5.8% to 7.3% in 2016.
Capital expenditures (CAPEX) and working capital investments
Accesso Technology Grp's CAPEX/Revenue was 1.9% in 2016. The company's CAPEX/Revenue increased slightly1.9 pp from in 2013 to 1.9% in 2016. It's average CAPEX/Revenue for the last three years was 1.6%.
Return on investment
The company operates at low ROIC (11.86%) and ROE (10.65%). ROIC increased on 2.6 pp from 9.3% to 11.9% in 2016. ROE increased slightly on 1.7 pp from 8.9% to 10.6% in 2016.
Leverage (Debt)
Debt level is 0.2x Net Debt / EBITDA and 0.5x Debt / EBITDA. Net Debt / EBITDA dropped on 0.5x from 0.7x to 0.2x in 2016. Debt dropped on 36.8% in 2016 while cash jumped on 10.5% in 2016.
Appendix 1: Peers in Software & Computer Services
Below we provide Accesso Technology Grp benchmarking against other companies in Software & Computer 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Coms ($COMS) | | 46.8% | 763.3% | 110.4% | 36.1% |
| Centralnic Group ($CNIC) | 15.9% | 4.0% | 98.9% | 71.3% | |
| Proactis Holdings ($PHD) | | 7.0% | 26.2% | 69.6% | 12.5% |
| Progility ($PGY) | | | | 51.0% | 3.2% |
| Galasys ($GLS) | 14.3% | 20.9% | 311.1% | 33.0% | |
| |
|---|
| Median (45 companies) | 10.5% | 5.7% | 4.4% | 3.1% | 10.4% |
|---|
| Accesso Technology Grp ($ACSO) | | 28.2% | 27.3% | 24.1% | 10.0% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Lombard Risk Management ($LRM) | 99.0% | 98.8% | 99.2% | 98.6% | 99.3% |
| Phoenix It Group ($PNX) | 97.0% | 97.2% | 97.6% | 97.9% | |
| Wandisco ($WAND) | 91.8% | 80.3% | 80.7% | 93.2% | 88.1% |
| Netcall ($NET) | 88.2% | 89.7% | 91.0% | 90.9% | 91.2% |
| Idox ($IDOX) | 90.4% | 90.8% | 89.4% | 89.3% | 86.8% |
| |
|---|
| Median (38 companies) | 63.0% | 62.0% | 58.4% | 60.2% | 60.0% |
|---|
| Accesso Technology Grp ($ACSO) | 23.4% | | 42.6% | 49.3% | 54.0% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Mail.Ru Group Ltd ($61HE) | 43.1% | 47.4% | 50.5% | 34.6% | 35.2% |
| Dotdigital Group ($DOTD) | 31.4% | 39.4% | 29.2% | 32.0% | 30.4% |
| Idox ($IDOX) | 30.9% | 26.1% | 26.0% | 28.6% | 27.3% |
| Galasys ($GLS) | 44.0% | 83.6% | 32.6% | 28.5% | |
| Oxford Metrics ($OMG) | 15.7% | 6.0% | 14.7% | 28.4% | 23.1% |
| |
|---|
| Median (45 companies) | 13.3% | 13.0% | 11.1% | 12.3% | 11.0% |
|---|
| Accesso Technology Grp ($ACSO) | 14.3% | | 14.3% | 15.7% | 17.7% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Rapidcloud Intl ($RCI) | 1.0% | 23.1% | 11.6% | 19.6% | |
| Coms ($COMS) | 0.5% | 0.9% | 3.4% | 7.5% | 0.1% |
| Csf Group ($CSFG) | 1.5% | 4.0% | 2.4% | 7.1% | 4.9% |
| Nasstar ($NASA) | 17.9% | | 2.1% | 5.2% | |
| Unisys Corp ($USY) | 2.1% | 2.5% | 4.1% | 5.0% | 3.0% |
| |
|---|
| Median (45 companies) | 1.5% | 1.5% | 1.9% | 1.0% | 1.2% |
|---|
| Accesso Technology Grp ($ACSO) | 5.6% | | 1.1% | 1.9% | 1.9% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Rm ($RM.) | | 48.6% | 130.8% | 289.2% | 263.8% |
| Triad Group ($TRD) | 4.1% | -3.8% | 24.5% | 61.5% | 74.4% |
| Dotdigital Group ($DOTD) | 26.4% | 38.0% | 28.5% | 31.4% | 28.9% |
| International Bus Mach Corp ($IBM) | 36.1% | 31.0% | 28.1% | 25.7% | 18.7% |
| Galasys ($GLS) | 58.7% | 60.9% | 40.8% | 22.2% | |
| |
|---|
| Median (45 companies) | 13.0% | 11.6% | 9.8% | 5.3% | 8.4% |
|---|
| Accesso Technology Grp ($ACSO) | | | | 9.3% | 11.9% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Progility ($PGY) | 2.0x | | 1.8x | 12.8x | 6.8x |
| Parity Group ($PTY) | 4.7x | | 4.9x | 5.1x | |
| Nasstar ($NASA) | -5.3x | | 0.0x | 1.9x | |
| Phoenix It Group ($PNX) | 4.3x | | | 1.9x | |
| International Bus Mach Corp ($IBM) | 0.9x | 1.2x | 1.4x | 1.7x | 2.2x |
| |
|---|
| Median (35 companies) | -0.4x | -0.5x | -0.4x | -0.6x | -0.9x |
|---|
| Accesso Technology Grp ($ACSO) | -2.2x | | 1.3x | 0.7x | 0.2x |
