Caledonia Mining Corp Net Income surged on 128% in 2016
21 Mar 2017 • About Caledonia Mining Corp (
$CMCL) • By InTwits
Caledonia Mining Corp reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is declining: in FY2016 vs. 18.3% in FY2015 vs. 31.9% in FY2012
- It operates with high leverage: Net Debt/EBITDA is 4.5x while industry average is 2.2x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Caledonia Mining Corp ($CMCL) 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
The company'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 |
|---|
| Coalfield Resources ($CRES) | | 19,087.5% | -5.0% | 803.4% | 155.8% |
| Serabi Gold ($SRB) | | | | 177.8% | |
| Anglo Pacific Group ($APF) | -56.3% | -2.8% | -76.4% | 149.4% | |
| Griffin Mining ($GFM) | -2.8% | -7.5% | -35.9% | 31.2% | |
| Kirkland Lake Gold Inc ($KGI) | 54.7% | -5.1% | 14.2% | 26.9% | |
| |
|---|
| Median (30 companies) | -3.1% | -2.6% | -4.7% | -7.4% | 9.5% |
|---|
| Caledonia Mining Corp ($CMCL) | | -16.0% | -15.4% | -28.3% | 61.6% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Polyus Gold Intl Ltd ($PGIL) | 51.1% | 40.2% | 46.1% | 58.8% | 62.6% |
| Coalfield Resources ($CRES) | | | | 54.4% | 38.0% |
| Zccm Investments Hldgs ($ZCC) | 51.8% | 71.4% | 85.6% | 45.9% | 26.8% |
| Mwana Africa ($MWA) | 42.9% | 45.9% | 46.6% | 38.6% | 29.1% |
| Kaz Minerals ($KAZ) | 39.7% | 41.1% | 46.1% | 35.5% | 46.1% |
| |
|---|
| Median (29 companies) | 38.5% | 18.6% | 22.6% | 18.1% | 28.9% |
|---|
| Caledonia Mining Corp ($CMCL) | 54.4% | 45.9% | 34.7% | 26.9% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Coalfield Resources ($CRES) | 1,693,625.0% | 28.4% | 0.1% | 259.6% | 134.0% |
| Polyus Gold Intl Ltd ($PGIL) | 51.1% | 18.7% | 45.9% | 58.0% | 61.4% |
| Anglo Pacific Group ($APF) | 76.2% | 77.9% | -58.0% | 53.7% | |
| Nord Gold Nv ($NORD) | 33.0% | 0.8% | 40.2% | 44.9% | |
| Trans-Siberian Gold ($TSG) | 24.7% | 8.0% | 32.7% | 38.1% | |
| |
|---|
| Median (31 companies) | 25.0% | 16.8% | 17.3% | 18.6% | 24.6% |
|---|
| Caledonia Mining Corp ($CMCL) | 31.9% | 38.9% | 27.1% | 18.3% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kaz Minerals ($KAZ) | 36.6% | 136.5% | 168.8% | 168.7% | 41.9% |
| Weatherly International ($WTI) | 8.6% | | | 161.8% | 10.2% |
| Hwange Colliery Co ($HWA) | 3.5% | | 0.5% | 45.6% | |
| Goldbridges Global Resources ($GBGR) | 26.9% | 17.6% | 73.9% | 40.1% | |
| Antofagasta ($ANTO) | 13.0% | 22.5% | 32.0% | 30.9% | 22.0% |
| |
|---|
| Median (30 companies) | 21.5% | 17.2% | 10.2% | 14.0% | 15.1% |
|---|
| Caledonia Mining Corp ($CMCL) | 10.5% | 18.0% | 11.5% | 33.8% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Polyus Gold Intl Ltd ($PGIL) | 27.0% | 4.3% | 19.2% | 29.7% | 30.9% |
| Nord Gold Nv ($NORD) | 6.6% | -9.0% | 13.8% | 16.1% | |
| Coalfield Resources ($CRES) | 0.1% | 0.8% | 0.0% | 15.8% | 11.6% |
| Kirkland Lake Gold Inc ($KGI) | 19.7% | 1.5% | -0.7% | 9.2% | |
| Trans-Siberian Gold ($TSG) | -1.1% | -6.8% | 5.0% | 9.2% | |
| |
|---|
| Median (31 companies) | 4.4% | 2.0% | 1.2% | 1.2% | 5.0% |
|---|
| Caledonia Mining Corp ($CMCL) | 37.6% | 34.9% | 18.1% | 8.4% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kaz Minerals ($KAZ) | 2.4x | 2.9x | 5.5x | 18.7x | 8.8x |
| Goldbridges Global Resources ($GBGR) | 2.2x | | 1.3x | 10.9x | |
| Glencore ($GLEN) | 7.3x | 6.2x | 4.6x | 5.5x | 4.0x |
| Griffin Mining ($GFM) | 0.8x | 1.4x | 4.0x | 4.4x | |
| Bisichi Mining ($BISI) | 0.9x | 1.7x | 1.3x | 4.0x | |
| |
|---|
| Median (22 companies) | 0.8x | 1.7x | 0.7x | 1.1x | 2.1x |
|---|
| Caledonia Mining Corp ($CMCL) | -1.2x | -0.9x | -1.6x | -1.1x | |
