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Samsonite International SA reports 6.1% Net Income growth and 3.5% Revenue growth

17/03/2016 • About Samsonite International SA ($1910) • By InTwits

Samsonite International SA reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • EBITDA Margin is relatively stable: 15.1% in 2015 vs. 14.9% in 2014 vs. 15.9% in 2011
  • Samsonite International SA has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.6%. At the same time it's in pair with industry average of 20.5%.
  • CAPEX is quite volatile: 18.5 in 2015, 10.4 in 2014, 23.3 in 2013, 51.9 in 2012, 22.3 in 2011
  • The company has highly profitable business model: ROIC is at 20.3%
  • It operates with high leverage: Net Debt/EBITDA is -0.3x while industry average is -2.8x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Samsonite International SA ($1910) key annual financial indicators

mln. $201120122013201420152015/2014
P&L
Revenue1,5651,7722,0382,3512,4323.5%
Gross Profit8579511,0881,2441,2792.8%
SG&A6477058039229523.3%
EBITDA2482823263513685.0%
Net Income871481761861986.1%
Balance Sheet
Cash14115122514018128.8%
Short Term Debt1232146563-3.7%
Long Term Debt00000216.7%
Cash flow
Capex3738577068-1.7%
Ratios
Revenue growth28.8%13.2%15.0%15.4%3.5%
EBITDA growth-56.0%13.5%15.8%7.5%5.0%
Gross Margin54.8%53.7%53.4%52.9%52.6%-0.3%
EBITDA Margin15.9%15.9%16.0%14.9%15.1%0.2%
Net Income Margin5.5%8.4%8.6%7.9%8.1%0.2%
SG&A, % of revenue41.4%39.8%39.4%39.2%39.1%-0.1%
CAPEX, % of revenue2.4%2.1%2.8%3.0%2.8%-0.1%
ROIC18.5%20.8%21.8%21.1%20.3%-0.8%
ROE10.5%15.1%15.7%15.1%15.0%-0.1%
Net Debt/EBITDA-0.5x-0.4x-0.6x-0.2x-0.3x-0.1x

Revenue and profitability


Samsonite International SA's Revenue increased on 3.5% in 2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 6.1 pp from 28.8% to 22.7% in 2015.

Gross Margin showed almost no change in 2015. SG&A as a % of Revenue showed almost no change in 2015.

Net Income marign showed almost no change in 2015.

Capital expenditures (CAPEX) and working capital investments


Samsonite International SA's CAPEX/Revenue was 2.8% in 2015. Samsonite International SA's CAPEX/Revenue increased slightly on 0.67 pp from 2.1% in 2012 to 2.8% in 2015. For the last three years the average CAPEX/Revenue was 2.9%.

Return on investment


The company operates at high and attractive ROIC (20.26%) while ROE is a bit lower (15.03%). ROIC decreased slightly on 0.80 pp from 21.1% to 20.3% in 2015. ROE showed almost no change in 2015.

Leverage (Debt)


Company's Net Debt / EBITDA is -0.3x and Debt / EBITDA is 0.2x. Net Debt / EBITDA dropped on 0.1x from -0.2x to -0.3x in 2015. Debt decreased on 3.6% in 2015 while cash jumped on 28.8% in 2015.

Management team


Samsonite International SA's CEO Ramesh Dungarmal Tainwala has spent 4 years at the company. Samsonite International SA's CFO is Kyle Francis Gendreau. Kyle Francis Gendreau has 9 years tenure at the company.

Appendix 1: Peers in Household Products/Wares


Below you can find Samsonite International SA benchmarking vs. other companies in Household Products/Wares 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
Lisi Group Holdings Ltd ($526)2.5%-23.5%160.0%47.9%
Goodbaby International Holdings Ltd ($1086)5.9%15.5%-8.0%46.0%
Tempus Holdings Ltd ($6880)17.3%5.5%31.1%14.7%
eForce Holdings Ltd ($943)-3.2%9.1%11.0%11.3%
Carpenter Tan Holdings Ltd ($837)28.8%11.5%3.3%6.2%
 
Median (8 companies)5.9%10.3%3.5%8.7%14.7%
Samsonite International SA ($1910)13.2%15.0%15.4%3.5%


Top companies by Gross margin, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Carpenter Tan Holdings Ltd ($837)68.4%66.9%67.0%65.8%
Tempus Holdings Ltd ($6880)71.5%68.4%64.8%64.6%65.5%
Biostime International Holdings Ltd ($1112)66.5%65.9%65.2%61.9%
eForce Holdings Ltd ($943)14.0%21.2%24.3%25.6%
Goodbaby International Holdings Ltd ($1086)17.1%19.1%22.9%25.0%
 
Median (8 companies)21.5%23.1%23.6%25.3%22.5%
Samsonite International SA ($1910)54.8%53.7%53.4%52.9%52.6%


Top companies by EBITDA margin, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Carpenter Tan Holdings Ltd ($837)52.8%49.0%48.1%48.6%
Biostime International Holdings Ltd ($1112)30.0%30.4%27.6%24.3%
Lerado Group Holding Co Ltd ($1225)6.6%8.6%25.2%20.9%
Goodbaby International Holdings Ltd ($1086)5.8%7.1%7.4%4.9%
Lisi Group Holdings Ltd ($526)11.7%11.8%-0.3%4.4%10.0%
 
Median (8 companies)13.1%10.8%7.3%4.7%5.2%
Samsonite International SA ($1910)15.9%15.9%16.0%14.9%15.1%


Top companies by CAPEX/Revenue, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Lerado Group Holding Co Ltd ($1225)4.3%3.0%75.4%18.8%
Lisi Group Holdings Ltd ($526)7.9%7.1%11.3%6.1%13.1%
Biostime International Holdings Ltd ($1112)1.8%1.2%3.0%2.8%
Tempus Holdings Ltd ($6880)1.0%0.9%4.0%2.8%2.4%
Goodbaby International Holdings Ltd ($1086)3.9%2.9%2.8%2.6%
 
Median (8 companies)3.0%2.1%2.9%2.7%2.4%
Samsonite International SA ($1910)2.4%2.1%2.8%3.0%2.8%


Top companies by ROIC, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Biostime International Holdings Ltd ($1112)34.3%41.7%39.9%24.7%
Carpenter Tan Holdings Ltd ($837)35.2%30.3%24.6%20.7%
Goodbaby International Holdings Ltd ($1086)7.3%10.7%8.8%3.9%
Tempus Holdings Ltd ($6880)34.9%18.2%1.3%2.5%4.2%
Lisi Group Holdings Ltd ($526)8.0%6.4%-4.7%0.1%1.8%
 
Median (8 companies)13.5%10.7%4.0%1.3%1.8%
Samsonite International SA ($1910)18.5%20.8%21.8%21.1%20.3%


Top companies by Net Debt / EBITDA

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Lisi Group Holdings Ltd ($526)2.9x3.4x36.8x9.6x
Goodbaby International Holdings Ltd ($1086)-2.0x-1.3x-0.5x5.9x
Biostime International Holdings Ltd ($1112)-2.3x-0.4x-0.0x-0.0x
Carpenter Tan Holdings Ltd ($837)-1.9x-2.5x-2.1x-0.9x
Tempus Holdings Ltd ($6880)-2.0x-5.2x-25.8x-14.3x-9.6x
 
Median (6 companies)-1.9x-0.8x-0.9x-0.4x-2.4x
Samsonite International SA ($1910)-0.5x-0.4x-0.6x-0.2x-0.3x