Cabbeen Fashion Ltd EBITDA jumped on 26.0% in 2015 and EBITDA Margin increased slightly on 0.58 pp from 28.4% to 29.0%
03/02/2016 • About Cabbeen Fashion Ltd (
$2030) • By InTwits
Cabbeen Fashion Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Cabbeen Fashion Ltd is a fast growth stock: 2015 revenue growth was 23.5%, 5 year revenue CAGR was 35.9% at 2015 ROIC 27.0%
- Cabbeen Fashion Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.0%. At the same time it's in pair with industry average of 6.2%.
- CAPEX is quite volatile: 26.2 in 2015, 8.5 in 2014, 4.9 in 2013, 2.2 in 2012, 14.5 in 2011
- The company has highly profitable business model: ROIC is at 27.0%
- It operates with high leverage: Net Debt/EBITDA is 1.0x while industry average is -0.6x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Cabbeen Fashion Ltd ($2030) key annual financial indicators
| mln. CNY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 890 | 940 | 943 | 1,098 | 1,356 | 23.5% |
| Gross Profit | 284 | 380 | 390 | 462 | 626 | 35.6% |
| SG&A | 90 | 111 | 107 | 121 | 288 | 137.8% |
| EBITDA | 143 | 235 | 280 | 312 | 393 | 26.0% |
| Net Income | 78 | 130 | 195 | 236 | 288 | 22.1% |
Balance Sheet
|
|---|
| Cash | 62 | 186 | 532 | 324 | 295 | -9.2% |
| Short Term Debt | 681 | 428 | 434 | 489 | 682 | 39.4% |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 15 | 2 | 5 | 9 | 26 | 206.7% |
Ratios
|
|---|
| Revenue growth | 204.4% | 5.6% | 0.4% | 16.4% | 23.5% | |
| EBITDA growth | 2,423.1% | 64.8% | 19.0% | 11.3% | 26.0% | |
| Gross Margin | 31.9% | 40.5% | 41.3% | 42.1% | 46.2% | 4.1% |
| EBITDA Margin | 16.0% | 25.0% | 29.7% | 28.4% | 29.0% | 0.6% |
| Net Income Margin | 8.8% | 13.9% | 20.7% | 21.4% | 21.2% | -0.2% |
| SG&A, % of revenue | 10.1% | 11.8% | 11.4% | 11.0% | 21.3% | 10.2% |
| CAPEX, % of revenue | 1.6% | 0.2% | 0.5% | 0.8% | 1.9% | 1.2% |
| ROIC | 25.7% | 32.3% | 32.9% | 26.5% | 27.0% | 0.5% |
| ROE | 102.5% | 107.3% | 53.6% | 35.7% | 35.6% | -0.1% |
| Net Debt/EBITDA | 4.3x | 1.0x | -0.3x | 0.5x | 1.0x | 0.5x |
Revenue and profitability
Cabbeen Fashion Ltd's Revenue jumped on 23.5% in 2015. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased slightly on 0.58 pp from 28.4% to 29.0% in 2015.
Gross Margin increased on 4.1 pp from 42.1% to 46.2% in 2015. SG&A as a % of Revenue surged on 10.2 pp from 11.0% to 21.3% in 2015.
Net Income marign showed almost no change in 2015.
Capital expenditures (CAPEX) and working capital investments
Cabbeen Fashion Ltd's CAPEX/Revenue was 1.9% in 2015. CAPEX/Revenue increased slightly on 1.7 pp from 0.24% in 2012 to 1.9% in 2015. It's average CAPEX/Revenue for the last three years was 1.1%.
Return on investment
The company operates at high and attractive ROIC (26.96%) and ROE (35.63%). ROIC showed almost no change in 2015. ROE showed almost no change in 2015.
Leverage (Debt)
Debt level is 1.0x Net Debt / EBITDA and 1.7x Debt / EBITDA. Net Debt / EBITDA surged on 0.5x from 0.5x to 1.0x in 2015. Debt surged on 39.4% in 2015 while cash decreased on 9.2% in 2015.
Appendix 1: Peers in Apparel
Below you can find Cabbeen Fashion Ltd benchmarking vs. other companies in Apparel 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 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Ares Asia Ltd ($645) | | | | 144.2% | 14.7% |
| Texhong Textile Group Ltd ($2678) | 25.6% | 6.8% | 12.1% | 27.2% | |
| Win Hanverky Holdings Ltd ($3322) | 11.5% | -7.5% | -0.3% | 21.1% | |
| Symphony Holdings Ltd/Hong Kong ($1223) | 27.3% | -94.0% | 46.8% | 20.4% | |
| L & A International Holdings Ltd/ Hong Kong ($8387) | 33.1% | 27.9% | 7.9% | 20.4% | |
| |
|---|
| Median (46 companies) | 25.6% | 5.1% | 1.0% | 4.2% | -3.8% |
|---|
| Cabbeen Fashion Ltd ($2030) | | 5.6% | 0.4% | 16.4% | 23.5% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Prada SpA ($1913) | 67.8% | 71.5% | 72.1% | 73.8% | 71.8% |
| China Outfitters Holdings Ltd ($1146) | 76.1% | 74.9% | 74.3% | 70.0% | |
| C.banner International Holdings Ltd ($1028) | 63.5% | 63.3% | 62.0% | 63.4% | |
| S Culture International Holdings Ltd ($1255) | 62.8% | 64.7% | 63.7% | 62.9% | |
| Crocodile Garments ($122) | 65.5% | 64.7% | 60.7% | 60.4% | 62.1% |
| |
|---|
| Median (45 companies) | 23.7% | 24.3% | 22.9% | 22.1% | 17.0% |
|---|
| Cabbeen Fashion Ltd ($2030) | 31.9% | 40.5% | 41.3% | 42.1% | 46.2% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| HOSA International Ltd ($2200) | 46.3% | 44.4% | 42.2% | 37.6% | |
| Prada SpA ($1913) | 25.9% | 29.6% | 31.7% | 31.7% | 26.8% |
| China Lilang Ltd ($1234) | 26.7% | 26.3% | 26.9% | 29.4% | |
| Fuguiniao Co Ltd ($1819) | 22.2% | 24.5% | 26.1% | 26.7% | |
| China Outfitters Holdings Ltd ($1146) | 43.9% | 42.0% | 38.2% | 26.5% | |
| |
|---|
| Median (46 companies) | 10.1% | 10.0% | 8.7% | 5.5% | 0.6% |
|---|
| Cabbeen Fashion Ltd ($2030) | 16.0% | 25.0% | 29.7% | 28.4% | 29.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Prada SpA ($1913) | 9.2% | 9.7% | 10.6% | 15.3% | 10.2% |
| Symphony Holdings Ltd/Hong Kong ($1223) | 14.9% | 136.9% | 70.3% | 13.5% | |
| Mascotte Holdings Ltd ($136) | 0.4% | 74.2% | 45.0% | 12.2% | 0.6% |
| Addchance Holdings Ltd ($3344) | 12.2% | 8.6% | 9.3% | 10.9% | |
| Active Group Holdings Ltd ($1096) | 1.3% | 17.4% | 3.5% | 10.7% | |
| |
|---|
| Median (46 companies) | 2.2% | 2.2% | 3.3% | 2.3% | 1.4% |
|---|
| Cabbeen Fashion Ltd ($2030) | 1.6% | 0.2% | 0.5% | 0.8% | 1.9% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Prada SpA ($1913) | 24.6% | 32.1% | 37.4% | 34.0% | 21.9% |
| Sitoy Group Holdings Ltd ($1023) | 62.1% | 39.3% | 28.7% | 31.8% | 22.0% |
| HOSA International Ltd ($2200) | 44.2% | 34.6% | 32.0% | 28.2% | |
| Miko International Holdings Ltd ($1247) | 75.1% | 60.9% | 48.8% | 27.3% | |
| Fuguiniao Co Ltd ($1819) | 27.8% | 34.1% | 31.6% | 22.9% | |
| |
|---|
| Median (46 companies) | 11.5% | 8.6% | 6.7% | 3.0% | -0.7% |
|---|
| Cabbeen Fashion Ltd ($2030) | 25.7% | 32.3% | 32.9% | 26.5% | 27.0% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| High Fashion International Ltd ($608) | 4.9x | 16.7x | 27.7x | 11.2x | |
| Citychamp Watch & Jewellery Group Ltd ($256) | -0.9x | 0.6x | 0.4x | 2.6x | |
| S Culture International Holdings Ltd ($1255) | 0.8x | 1.4x | 0.7x | 2.4x | |
| UKF Holdings Ltd ($1468) | 0.9x | 1.2x | -3.2x | 2.4x | 0.4x |
| Texhong Textile Group Ltd ($2678) | 3.9x | 1.4x | 1.3x | 2.3x | |
| |
|---|
| Median (32 companies) | -0.9x | -0.3x | -0.7x | -0.4x | -1.9x |
|---|
| Cabbeen Fashion Ltd ($2030) | 4.3x | 1.0x | -0.3x | 0.5x | 1.0x |
