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Savaria (SIS)
Pour ceux qui suivent le titre, Savaria vient de compléter l'acquisition de Span-America annoncée au début de mai. Une belle incursion aux États-Unis. Le secteur est en croissance, le bilan est très sain et l'équipe de direction est jusqu'à maintenant excellente dans ses choix stratégiques. Une de mes plus grosses positions en portefeuille.
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Réponses
Le seul Hic est qu'ils rapportent en dollars canadiens et qu'ils tentent de profiter de la faiblesse du dollars canadien vs le US pour être compétitif chez les voisins du sud. Vous noterez que le cours du titre augmente significativement lorsque le dollars canadien se dévalue et il arrete de croitre un peu lorsque le dollars canadien s'apprécie. C'est le risque de cet investissement.
Je serais curieux de mettre un graph de l'évolution du dollars us/cad et le cours du titre.
Mais ça reste une super compagnie, en excellente (très excellente) santé financière qui oeuvre dans un marché fragmenté d'où un potentiel d'acquisition et dont les actionnaires voudront se retirer à moyenne échéance (donc pourrait être achetée).
C'est un buy & hold. Si on peut l'acheter lorsque le dollars canadien atteint un sommet, alors on fait pas mal d'argent.
L'acheter aujourd'hui? Pobablement, mais on perd un peu du potentiel de gain.
Highlights:
Second quarter 2017 results, including revenue, gross margin and adjusted EBITDA(1), reached unprecedented levels.
Quarter ended June 30, 2017
Record revenue of $39.1 million, up $9 million or 30.1%;
Record gross margin of $13.1 million, up $3.3 million or 34%;
Operating income of $4.5 million, up $616,000 or 16%;
Record adjusted EBITDA of $6.5 million, up $1.5 million or 28.8%;
Acquisition of Span-America Medical Systems, Inc. (« Span ») on June 16, 2017.
Six months ended June 30, 2017
Record revenue of $70.3 million, up $14 million or 24.8%;
Record gross margin of $24 million, up $5.7 million or 31.2%;
Record operating income of $9.1 million, up $1.5 million or 20.2%;
Record adjusted EBITDA of $11.6 million, up $2.7 million or 29.9%.
(in thousands, except per-share amounts and percentages - Unaudited) Quarters Ended
June 30,
Six Months Ended
June 30,
2017 2016 Change 2017 2016 Change
Revenue $ 39,134 $ 30,086 30.1 % $ 70,260 $ 56,302 24.8 %
Gross margin $ 13,123 $ 9,795 34 % $ 23,968 $ 18,262 31.2 %
% of revenue 33.5 % 32.6 % n/a 34.1 % 32.4 % n/a
Net income $ 2,764 $ 2,763 - % $ 6,101 $ 5,146 18.6 %
% of revenue 7.1 % 9.2 % n/a 8.7 % 9.1 % n/a
Earnings per share - diluted $ 0.07 $ 0.08 (12.5 )% $ 0.16 $ 0.15 6.7 %
Adjusted EBITDA $ 6,533 $ 5,074 28.8 % $ 11,637 $ 8,958 29.9 %
% of revenue 16.7 % 16.9 % n/a 16.6 % 15.9 % n/a
Adjusted EBITDA per share - diluted $ 0.16 $ 0.14 14.3 % $ 0.29 $ 0.26 11.5 %
(1) Earnings before interest, taxes, depreciation, amortization and business acquisition costs (see section Compliance with International Financial Reporting Standards)
A Word from the President
"Our second quarter marked key achievements for Savaria in its quest to be the North American leader in the mobility industry. Revenue reached $39 million, representing an increase of 30% over the second quarter of 2016. Adjusted EBITDA hit $6.5 million, an increase of 29% over the same quarter in 2016. The revenue increase was driven by a 18% increase in residential elevator sales and the sales of 37 inclined platform lifts for a Bus Rapid Transit in Wuhan, China, by our division in Huizhou. This contract was extended to include 10 more lifts that will be installed in July 2017. Excluding the sales coming from Span acquisition, the sales increase would have been 19 %", declared Marcel Bourassa, President and Chief Executive Officer of Savaria.
"A major milestone for Savaria was the successful acquisition of Span that closed on June 16, 2017. This initiative yields two key benefits for Savaria: firstly, it adds medical beds and therapeutic surfaces to the Savaria portfolio of products and secondly, it provides a strong distribution network in both the home care and long-term care markets for Savaria's new line of patient lift products.
"With a strong balance sheet and solid operating results, Savaria strives to continue its excellent organic growth while seeking out opportunities to grow through additional acquisitions," concluded Mr. Bourassa.
Reconciliation of EBITDA, adjusted EBITDA and adjusted EBITDA per share with Net Income
29 $ 0.26
Quarter ended September 30, 2017
Record revenue of $56.1 million, up $23.7 million or 72.9%;
Record gross margin of $19.9 million, up $8.7 million or 78.1%;
Record operating income of $6.9 million, up $2.1 million or 42.5%;
Record adjusted EBITDA(1) of $9.6 million, up $3.9 million or 67.9%;
http://cawidgets.morningstar.ca/ArticleTemplate/ArticleGL.aspx?s=GlobeNewswire&r=GNWCAN_6990839&culture=en-CA&IdType=CS&Id=CAN:SIS&MaxCount=10&popup=true&_=1510184533671
http://www.lesaffaires.com/dossier/pme-un-premier-bilan-des-efforts-d-acceleration/savaria-prend-pied-en-australie-un-achat-strategique-selon-un-analyste/599434
Est ce que les experts pensent que le dernier trimestre peut se répéter suite à la série d’acquisitions de l’an passée?
Perspectives 2018
La Société ajuste ses prévisions afin de tenir compte de l’acquisition de Master Lifts qui a été complétée en décembre 2017. Pour l'exercice 2018, elle prévoit une augmentation d’environ 48 % de ses revenus par rapport à 2017 pour atteindre environ 268 millions $ et un BAIIA ajusté se situant entre 42,5 millions $ et 44,5 millions $, excluant toute nouvelle acquisition.
https://seekingalpha.com/pr/17128711-savaria-announces-acquisition-h-e-s-elevator-services-inc
TOGGLE NAVIGATION
Savaria Corporation (SIS - TSX)
LAVAL, Québec, July 10, 2018 (GLOBE NEWSWIRE) -- Savaria Corporation (“Savaria” or the “Corporation”) (TSX:SIS), announces today that it has entered into an agreement (the “Acquisition Agreement”) with Garaventa Accessibility AG (“Garaventa Lift”) pursuant to which Savaria would acquire all of the issued and outstanding shares of Garaventa Lift, for a total purchase price of approximately CHF 74 million (or CAN$98 million), subject to customary closing adjustments (the “Transaction”). The Transaction is subject to customary closing conditions and is expected to close in October 2018.
Established in 1978 as the accessibility division of the former Garaventa Holding AG (now the Doppelmayr/Garaventa Group), Garaventa Lift manufactures a wide range of wheelchair lifts, including inclined platform lifts, vertical platform lifts and portable wheelchair lifts for persons with disabilities. It also manufactures a full suite of residential elevators and commercial limited use, limited application (LULA) elevators. In 2017, Garaventa Lift recorded revenues of CHF 82 million (or CAN$108 million) and an adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”)* of CHF 6.3 million (or CAN$8.3 million). Garaventa Lift is headquartered in Goldau, Switzerland and employs 547 people worldwide.
Key Highlights
The Transaction will be funded through a combination of cash on hand and the Corporation’s line of credit. Following the completion of the proposed Transaction, Savaria would continue to benefit from a strong balance sheet with approximately CAN$127 million in accessible cash, including the CAN$50 million accordion feature under its revolving credit facility, to namely fund future acquisitions and organic growth initiatives.
“We have always had high respect for Garaventa Lift as a supplier of great products backed by strong employees. Our combined strength allows us to leverage their West Coast presence with our East Coast advantage and to gain a shared position in China. It also offers Savaria a new entry into Europe. It is quite an amazing time for both companies to join as one and grow together,” said Marcel Bourassa, Chairman, President and Chief Executive Officer of Savaria.
Beat Siegrist, Chairman of Garaventa Lift commented, “We are glad that Garaventa Lift joins forces with Savaria. This powerful move combines two leaders of our industry for the benefit of our customers and employees.”
Je n'ai pas de position, mais je le surveille. Vos inputs sont les bienvenue si certains suivent encore titre.
https://seekingalpha.com/pr/17457518
Savaria Announces Strong 2019 Results: Revenue up 30.9% and Adjusted EBITDA up 37.9%
J'ai toujours apprécié sa croissance mais depuis garavanda (2018) elle semble devenir de plus en plus difficile à maintenir et de soutenir ses ratios/croissance prévu.