Cpl Resources reports 14.8% revenue growth in FY2018 and almost no change in EBITDA Margin of 3.6%
11 Sep 2018 • About Cpl Resources (
$CPS) • By InTwits
Cpl Resources reported FY2018 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is relatively stable: 3.6% in FY2018 vs. 3.7% in FY2017 vs. 4.0% in FY2014
- Cpl Resources has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.2%.
- The company has highly profitable business model: ROIC is 17.4%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue jumped on 14.8%. EBITDA Margin showed almost no change in FY2018.
Gross Margin showed almost no change in FY2018. SG&A as a % of Revenue showed almost no change in FY2018.
Net Income margin showed almost no change in FY2018. During FY2014-FY2018 Net Income margin bottomed in FY2017 at 2.9%.
Investments (CAPEX, working capital and M&A)
In FY2018 Cpl Resources had CAPEX/Revenue of 0.17%. The company's CAPEX/Revenue showed almost no change from FY2015 to FY2018. Average CAPEX/Revenue for the last three years was 0.16%.
Return on investment
The company operates at good ROIC (17.4%) and ROE (16.4%). ROIC increased on 2.2 pp from 15.2% to 17.4% in FY2018. ROE increased on 2.8 pp from 13.6% to 16.4% in FY2018. During the last 5 years ROIC bottomed in FY2017 at 15.2%. During FY2014-FY2018 ROE bottomed in FY2017 at 13.6%.
Leverage (Debt)
Debt level is -1.3x Net Debt / EBITDA and 0.3x Debt / EBITDA. Debt increased on 8.9% while cash dropped on 23.2%.
Cpl Resources has no short term refinancing risk: cash is higher than short term debt (528.2%).
Financial and operational results
FY ended 30 Jun 2018
Cpl Resources ($CPS) key annual financial indicators| mln. € | 2014 | 2015 | 2016 | 2017 | 2018 | 2018/2017 |
|---|
P&L
|
|---|
| Revenue | 369.3 | 393.6 | 433.4 | 455.2 | 522.7 | 14.8% |
| Gross Profit | 54.7 | 58.7 | 70.1 | 71.8 | 83.1 | 15.8% |
| SG&A | 40.5 | 44.7 | 54.7 | 56.4 | 65.3 | 15.7% |
| EBITDA | 14.7 | 14.5 | 16.3 | 16.6 | 18.9 | 13.6% |
| Net Income | 12.4 | 12.4 | 13.4 | 13.4 | 16.1 | 20.1% |
Balance Sheet
|
|---|
| Cash | 30.5 | 30.5 | 34.8 | 38.8 | 29.8 | -23.2% |
| Short Term Debt | 0.0 | 0.0 | 1.8 | 5.2 | 5.6 | 8.9% |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
Cash flow
|
|---|
| Capex | 0.6 | 0.9 | 0.7 | 0.7 | 0.9 | 34.0% |
Ratios
|
|---|
| Revenue growth | 11.6% | 6.6% | 10.1% | 5.0% | 14.8% | |
| EBITDA growth | 20.9% | -1.1% | 12.2% | 1.8% | 13.6% | |
|
|---|
| Gross Margin | 14.8% | 14.9% | 16.2% | 15.8% | 15.9% | 0.1% |
| EBITDA Margin | 4.0% | 3.7% | 3.8% | 3.7% | 3.6% | -0.0% |
| SG&A, % of revenue | 11.0% | 11.4% | 12.6% | 12.4% | 12.5% | 0.1% |
| Net Income Margin | 3.4% | 3.1% | 3.1% | 2.9% | 3.1% | 0.1% |
| CAPEX, % of revenue | 0.2% | 0.2% | 0.2% | 0.1% | 0.2% | 0.0% |
|
|---|
| ROIC | 21.0% | 18.1% | 17.5% | 15.2% | 17.4% | 2.2% |
| ROE | 18.3% | 16.0% | 15.3% | 13.6% | 16.4% | 2.8% |
| Net Debt/EBITDA | -2.1x | -2.1x | -2.0x | -2.0x | -1.3x | 0.7x |
Peers in Support Services
Below you can find Cpl Resources benchmarking vs. other companies in Support Services 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 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Mobilityone Ltd ($MBO) | 3.7% | 23.0% | -5.3% | 37.9% | |
| Mortice Ltd ($MORT) | | 18.9% | 51.1% | 36.1% | 21.1% |
| Rws Hldgs ($RWS) | 20.9% | 1.8% | 28.1% | 34.5% | |
| Empresaria Group ($EMR) | -3.3% | -0.3% | 44.4% | 32.1% | |
| Norish ($NSH) | 3.7% | 16.4% | 16.7% | 31.4% | |
| |
|---|
| Median (49 companies) | 4.5% | 7.2% | 2.2% | 7.0% | 8.1% |
|---|
| Cpl Resources ($CPS) | | 6.6% | 10.1% | 5.0% | 14.8% |
Top companies by Gross margin, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Inspired Energy ($INSE) | 78.7% | 76.2% | 80.5% | 83.1% | |
| Ienergizer Ltd ($IBPO) | 76.8% | 72.7% | 71.3% | 71.2% | 69.7% |
| Spectra Systems Corp ($SPSY) | 51.4% | 47.6% | 68.3% | 71.1% | |
| Vianet Group ($VNET) | 58.8% | 69.2% | 70.1% | 69.7% | 69.9% |
| Grafenia ($GRA) | 56.1% | 70.8% | 66.3% | 63.0% | 57.0% |
| |
|---|
| Median (43 companies) | 29.2% | 28.4% | 27.3% | 28.1% | 31.6% |
|---|
| Cpl Resources ($CPS) | 14.8% | 14.9% | 16.2% | 15.8% | 15.9% |
Top companies by EBITDA margin, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Northgate ($67GX) | 40.6% | 39.4% | 38.3% | 35.9% | 35.4% |
| Spectra Systems Corp ($SPSY) | 12.3% | 6.0% | 19.7% | 34.0% | |
| Inspired Energy ($INSE) | 1.5% | 35.4% | 34.4% | 32.4% | |
| Vp ($VP.) | 24.2% | 26.2% | 28.4% | 28.6% | 27.2% |
| Rws Hldgs ($RWS) | 22.8% | 23.1% | 26.4% | 25.5% | |
| |
|---|
| Median (49 companies) | 6.8% | 7.6% | 5.7% | 5.7% | 8.2% |
|---|
| Cpl Resources ($CPS) | 4.0% | 3.7% | 3.8% | 3.7% | 3.6% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Vp ($VP.) | 21.6% | 25.7% | 24.1% | 26.0% | 23.6% |
| Augean ($AUG) | 12.3% | 12.3% | 11.0% | 10.0% | |
| Petards Group ($PEG) | 0.5% | 0.9% | 1.7% | 10.0% | |
| Capital Drilling Ltd ($CAPD) | 13.9% | 10.1% | 13.7% | 9.0% | |
| Billing Services Group ($BILL) | 2.1% | 4.1% | 3.0% | 4.5% | |
| |
|---|
| Median (49 companies) | 1.0% | 1.0% | 1.1% | 0.9% | 1.2% |
|---|
| Cpl Resources ($CPS) | 0.2% | 0.2% | 0.2% | 0.1% | 0.2% |
Top companies by ROIC, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Sthree ($STHR) | 38.1% | 50.2% | 46.2% | 43.4% | |
| Mortice Ltd ($MORT) | 19.6% | 21.9% | 14.5% | 23.2% | 18.4% |
| Petards Group ($PEG) | 24.7% | 23.9% | 22.7% | 20.3% | |
| Rws Hldgs ($RWS) | 24.5% | 23.3% | 23.5% | 20.2% | |
| Latham(James) ($LTHM) | 17.5% | 16.8% | 19.2% | 19.3% | 17.4% |
| |
|---|
| Median (50 companies) | 10.0% | 10.4% | 7.8% | 7.4% | 7.4% |
|---|
| Cpl Resources ($CPS) | 21.0% | 18.1% | 17.5% | 15.2% | 17.4% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Nakama Group ($NAK) | 5.2x | 1.4x | 3.1x | 48.5x | |
| 21St Century Technology ($C21) | -0.8x | -0.2x | | 11.2x | |
| Ceps ($CEPS) | 6.6x | 3.8x | 13.9x | 5.8x | |
| Ibex Global Solutions ($IBEX) | 2.7x | 1.0x | 1.7x | 4.5x | |
| Menzies(John) ($68HN) | 2.0x | 2.4x | 1.2x | 3.0x | |
| |
|---|
| Median (42 companies) | 0.3x | 0.2x | 0.3x | 0.5x | 0.9x |
|---|
| Cpl Resources ($CPS) | -2.1x | -2.1x | -2.0x | -2.0x | -1.3x |
