Accesso Technology Grp Net Income jumped on 31.6% in 2017 and Revenue surged on 30.2%
21 Mar 2018 • About Accesso Technology Grp (
$ACSO) • By InTwits
Accesso Technology Grp reported 2017 financial results today. Overall looking at the company's long term financial model we can say that: The company has potentially unprofitable business model: ROIC is at 6.4%.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Accesso Technology Grp ($ACSO) key annual financial indicators
| mln. $ | 2013 | 2014 | 2015 | 2016 | 2017 | 2017/2016 |
|---|
P&L
|
|---|
| Revenue | 59.0 | 75.1 | 93.2 | 102.5 | 133.4 | 30.2% |
| Gross Profit | | 32.0 | 46.0 | 55.3 | 73.4 | 32.8% |
| SG&A | | 26.5 | 38.3 | 44.8 | 64.2 | 43.3% |
| EBITDA | | 10.8 | 14.6 | 18.1 | 23.4 | 28.9% |
| Net Income | 4.6 | 3.8 | 5.4 | 7.5 | 9.9 | 31.6% |
Balance Sheet
|
|---|
| Cash | | 5.7 | 5.3 | 5.9 | 28.7 | 388.7% |
| Short Term Debt | | 0.0 | 0.1 | 0.1 | 0.0 | -83.3% |
| Long Term Debt | | 20.1 | 14.8 | 9.3 | 16.1 | 73.4% |
Cash flow
|
|---|
| Capex | | 0.8 | 1.8 | 1.9 | 0.9 | -52.0% |
Ratios
|
|---|
| Revenue growth | 28.2% | 27.3% | 24.1% | 10.0% | 30.2% | |
| EBITDA growth | | | 35.7% | 24.2% | 28.9% | |
| Gross Margin | | 42.6% | 49.3% | 54.0% | 55.0% | 1.1% |
| EBITDA Margin | 0.0% | 14.3% | 15.7% | 17.7% | 17.5% | -0.2% |
| Net Income Margin | 7.7% | 5.0% | 5.8% | 7.3% | 7.4% | 0.1% |
| SG&A, % of revenue | | 35.3% | 41.1% | 43.7% | 48.1% | 4.4% |
| CAPEX, % of revenue | | 1.1% | 1.9% | 1.9% | 0.7% | -1.2% |
| ROIC | | | 9.3% | 11.9% | 6.4% | -5.4% |
| ROE | | | 8.9% | 10.6% | 7.8% | -2.8% |
| Net Debt/EBITDA | | 1.3x | 0.7x | 0.2x | -0.5x | -0.7x |
Revenue and profitability
Accesso Technology Grp's Revenue surged on 30.2% in 2017. EBITDA Margin showed almost no change in 2017.
Gross Margin increased slightly on 1.1 pp from 54.0% to 55.0% in 2017. SG&A as a % of Revenue increased on 4.4 pp from 43.7% to 48.1% in 2017.
Net Income marign showed almost no change in 2017.
Capital expenditures (CAPEX) and working capital investments
In 2017 the company had CAPEX/Revenue of 0.70%. The company showed almost no change in CAPEX/Revenue from 2014 to 2017. Average CAPEX/Revenue for the last three years was 1.5%.
Return on investment
The company operates at low ROIC (6.41%) and ROE (7.82%). ROIC decreased on 5.4 pp from 11.9% to 6.4% in 2017. ROE decreased on 2.8 pp from 10.6% to 7.8% in 2017.
Leverage (Debt)
Company's Net Debt / EBITDA is -0.5x and Debt / EBITDA is 0.7x. Net Debt / EBITDA dropped on 0.7x from 0.2x to -0.5x in 2017. Debt surged on 72.5% in 2017 while cash jumped on 389% in 2017.
Valuation
The company's trades at EV/EBITDA 26.6x and P/E 36.5x.
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 | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 |
|---|
| Pennant International Group ($PEN) | 29.1% | -4.7% | -44.4% | 74.0% | |
| Sopheon ($SPE) | 5.3% | -16.6% | 23.0% | 69.7% | |
| Coms ($COMS) | 46.8% | 763.3% | 110.4% | 36.1% | |
| Microgen ($MCGN) | -7.7% | -0.0% | 7.2% | 34.5% | |
| IMImobile ($IMO) | | 12.7% | 12.6% | 26.1% | 23.5% |
| |
|---|
| Median (34 companies) | 5.5% | 4.4% | 3.1% | 10.9% | 18.7% |
|---|
| Accesso Technology Grp ($ACSO) | | 27.3% | 24.1% | 10.0% | 30.2% |
Top companies by Gross margin, %
| Top 5 | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 |
|---|
| Lombard Risk Management ($LRM) | 98.8% | 99.2% | 98.6% | 99.3% | |
| Netcall ($NET) | 89.7% | 91.0% | 90.9% | 91.2% | 91.7% |
| Wandisco ($WAND) | 80.3% | 80.7% | 93.2% | 88.1% | |
| Dotdigital Group ($DOTD) | 92.7% | 90.5% | 89.3% | 87.4% | 86.1% |
| Idox ($IDOX) | 90.8% | 89.4% | 89.3% | 86.8% | 83.0% |
| |
|---|
| Median (24 companies) | 62.0% | 58.4% | 60.2% | 60.0% | 84.8% |
|---|
| Accesso Technology Grp ($ACSO) | | 42.6% | 49.3% | 54.0% | 55.0% |
Top companies by EBITDA margin, %
| Top 5 | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 |
|---|
| Mail.Ru Group Ltd ($61HE) | 47.4% | 50.5% | 34.6% | 35.2% | |
| Dotdigital Group ($DOTD) | 39.4% | 29.2% | 32.0% | 30.4% | 31.7% |
| Idox ($IDOX) | 26.1% | 26.0% | 28.6% | 27.3% | 16.6% |
| Proactis Holdings ($PHD) | 18.3% | 22.8% | 26.4% | 23.7% | 3.7% |
| Oxford Metrics ($OMG) | 6.0% | 14.7% | 28.4% | 23.1% | 19.9% |
| |
|---|
| Median (27 companies) | 13.0% | 11.1% | 12.3% | 11.0% | 18.5% |
|---|
| Accesso Technology Grp ($ACSO) | | 14.3% | 15.7% | 17.7% | 17.5% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 |
|---|
| Mail.Ru Group Ltd ($61HE) | 5.8% | 3.0% | 3.6% | 5.2% | |
| Csf Group ($CSFG) | 4.0% | 2.4% | 7.1% | 4.9% | |
| International Bus Mach Corp ($IBM) | 3.7% | 4.0% | 4.4% | 4.5% | |
| IMImobile ($IMO) | 3.3% | 3.9% | 2.0% | 3.3% | 2.8% |
| Unisys Corp ($USY) | 2.5% | 4.1% | 5.0% | 3.0% | |
| |
|---|
| Median (27 companies) | 1.5% | 1.9% | 1.0% | 1.2% | 1.3% |
|---|
| Accesso Technology Grp ($ACSO) | | 1.1% | 1.9% | 1.9% | 0.7% |
Top companies by ROIC, %
| Top 5 | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 |
|---|
| Rm ($RM.) | 48.6% | 130.8% | 289.2% | 263.8% | |
| Triad Group ($TRD) | -3.8% | 24.5% | 61.5% | 74.4% | |
| Dotdigital Group ($DOTD) | 38.0% | 28.5% | 31.4% | 28.9% | 29.3% |
| International Bus Mach Corp ($IBM) | 31.0% | 28.1% | 25.7% | 18.7% | |
| Oxford Metrics ($OMG) | -0.1% | 0.8% | 14.6% | 16.3% | 12.7% |
| |
|---|
| Median (34 companies) | 11.6% | 9.8% | 5.3% | 8.4% | 10.6% |
|---|
| Accesso Technology Grp ($ACSO) | | | 9.3% | 11.9% | 6.4% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 |
|---|
| Zoo Digital Group ($ZOO) | 3.2x | | | 38.3x | |
| Progility ($PGY) | | 1.8x | 12.8x | 6.8x | |
| International Bus Mach Corp ($IBM) | 1.2x | 1.4x | 1.7x | 2.2x | |
| Idox ($IDOX) | 1.3x | 1.0x | 1.3x | 1.2x | 2.2x |
| Datatec ($DTC) | -0.3x | 0.3x | 0.4x | 1.1x | |
| |
|---|
| Median (24 companies) | -0.5x | -0.4x | -0.6x | -0.9x | -1.6x |
|---|
| Accesso Technology Grp ($ACSO) | | 1.3x | 0.7x | 0.2x | -0.5x |
