United States

Analyst Research Report Snapshot


Modest Growth Expected into FY15




PI Financial Corp


04 Feb 2014





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CORPORATE UPDATE February 4, 2014 ROCKY MOUNTAIN DEALERSHIPS (T-RME) $12.93 RATING: BUY TARGET: $16.00 (unchanged) (increased; previously $15.50) Modest Growth Expected into FY15 FORECAST/OUTLOOK: For FY15 we expect revenue to grow by 3.3% to $1.1B, EBITDA to increase by 2.2% to $52.5M and EPS to increase by 5% to $1.69. VALUATION/RECOMMENDATION: We are maintaining our BUY recommendation (risk: ABOVE AVERAGE) and increasing our 12- month target price from $15.50 to $16.00 based on growth prospects for FY15. Rocky is currently trading at 5.0x EV/EBITDA and 8.0x P/E based on our FY14 estimates Company Statistics Risk: ABOVE AVERAGE 52-week High/Low $14.88 / $10.98 Indicated Yield: 3.1% Shares o/s ('000): 19,274 Shares o/s (fd) ('000): 20,291 Market Cap (fd) ('000): $262,364 Market Float Value ('000): $194,383 Average Trading Volume 28,832 Cash ('000): $42,635 Debt ('000): $52,817 CEO: Matt Campbell CFO: Garrett Ganden Shareholders: Mgmt/Insider 22% Institutional 38% Financial Summary (FYE Dec. 31) $CAD FY12a FY13e FY14e FY15e Revenue ($K) 966,106 1,014,425 1,065,969 1,100,857 EBITDA ($K) 42,008 40,441 51,382 52,522 EBITDA (%) 4.3% 4.0% 4.8% 4.8% Net income ($K) 23,975 22,808 31,084 32,604 EPS ($) 1.28 1.19 1.61 1.69 EV/EBITDA 6.2x 6.4x 5.0x 4.9x P/E 10.1x 10.9x 8.0x 7.6x Quarterly EPS ($) Q1 Q2 Q3 Q4 FY13 0.15a 0.23a 0.31a 0.50e FY14 0.10e 0.34e 0.55e 0.62e Corporate Information Rocky Mountain Dealerships is the largest Case dealer in Canada with dealerships in Alberta, Saskatchewan, and Manitoba. The Company sells both agricultural and construction related equipment and services.

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