Boyuan Construction Group Inc EBITDA surged on 62.3% in 2015 and Revenue surged on 16.5%
12.11.2015 • About Boyuan Construction Group Inc (
$BOY) • By InTwits
Boyuan Construction Group Inc reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Boyuan Construction Group Inc is a fast growth stock: FY2015 revenue growth was 16.5%, 5 year revenue CAGR was 16.8% at FY2015 ROIC 15.0%
- Boyuan Construction Group Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.0%. At the same time it's a lot of higher than industry average of 7.1%.
- CAPEX is quite volatile: 0.12 in FY2015, 0.45 in FY2014, 0.51 in FY2013, 8.2 in FY2012, 9.9 in FY2011
- The company has highly profitable business model: ROIC is at 15.0%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Boyuan Construction Group Inc ($BOY) key annual financial indicators
| mln. $ | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 186.1 | 189.3 | 209.2 | 275.4 | 320.9 | 16.5% |
| Gross Profit | 31.2 | 30.6 | 30.6 | 32.8 | 32.2 | -1.8% |
| SG&A | | | | | 6.0 | |
| EBITDA | 25.9 | 25.1 | 24.6 | 20.9 | 34.0 | 62.3% |
| Net Income | 13.9 | 9.4 | 7.9 | 6.1 | 12.4 | 102.8% |
Balance Sheet
|
|---|
| Cash | 5.0 | 3.1 | 4.6 | 6.6 | 9.8 | 48.0% |
| Short Term Debt | 32.4 | 74.8 | 69.2 | 68.9 | 103.6 | 50.4% |
| Long Term Debt | 18.8 | 2.4 | 12.2 | 16.1 | 5.3 | -67.1% |
Cash flow
|
|---|
| Capex | 9.9 | 8.2 | 0.5 | 0.5 | 0.1 | -73.5% |
Ratios
|
|---|
| Revenue growth | 26.3% | 1.7% | 10.5% | 31.6% | 16.5% | |
| EBITDA growth | 15.6% | -3.2% | -1.7% | -15.0% | 62.3% | |
| Gross Margin | 16.7% | 16.2% | 14.6% | 11.9% | 10.0% | -1.9% |
| EBITDA Margin | 13.9% | 13.2% | 11.8% | 7.6% | 10.6% | 3.0% |
| Net Income Margin | 7.5% | 4.9% | 3.8% | 2.2% | 3.9% | 1.6% |
| SG&A, % of revenue | | | | | 1.9% | 1.9% |
| CAPEX, % of revenue | 5.3% | 4.3% | 0.2% | 0.2% | 0.0% | -0.1% |
| ROIC | 25.1% | 16.5% | 12.7% | 9.6% | 15.0% | 5.4% |
| ROE | 26.9% | 14.0% | 9.9% | 7.1% | 12.9% | 5.8% |
| Net Debt/EBITDA | 1.8x | 3.0x | 3.1x | 3.7x | 2.9x | -0.8x |
Revenue and profitability
Boyuan Construction Group Inc's Revenue jumped on 16.5% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin surged on 34.3 pp from -78.0% to -43.7% in 2015.
Gross Margin decreased slightly on 1.9 pp from 11.9% to 10.0% in FY2015.
Net Income marign increased slightly on 1.6 pp from 2.2% to 3.9% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 Boyuan Construction Group Inc had CAPEX/Revenue of 0.037%. CAPEX/Revenue decreased on 4.3 pp from 4.3% in FY2012 to 0.037% in FY2015. For the last three years the average CAPEX/Revenue was 0.15%.
Return on investment
The company operates at good ROIC (15.02%) and ROE (12.90%). ROIC increased on 5.4 pp from 9.6% to 15.0% in FY2015. ROE increased on 5.8 pp from 7.1% to 12.9% in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 2.9x and Debt / EBITDA is 3.2x. Net Debt / EBITDA dropped on 0.8x from 3.7x to 2.9x in FY2015. Debt jumped on 28.1% in FY2015 while cash jumped on 48.0% in FY2015.
Appendix 1: Peers in Consumer, Cyclical
Below we provide Boyuan Construction Group Inc benchmarking against other companies in Consumer, Cyclical industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Amaya Inc ($AYA) | 216.4% | 311.5% | 85.2% | 254.0% | |
| Partner Jet Corp ($PJT) | -19.9% | -15.2% | 1.2% | 119.7% | |
| Kelso Technologies Inc ($KLS) | 80.5% | 577.5% | 487.8% | 81.4% | |
| XPEL Technologies Corp ($DAP.U) | 46.3% | 76.6% | 67.7% | 65.5% | |
| Holloway Lodging Corp ($HLC) | 5.4% | -24.6% | 2.7% | 62.7% | |
| |
|---|
| Median (67 companies) | 10.8% | 5.3% | 4.9% | 7.2% | 4.1% |
|---|
| Boyuan Construction Group Inc ($BOY) | | 1.7% | 10.5% | 31.6% | 16.5% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Restaurant Brands International Inc ($QSR) | | | 69.7% | 87.0% | |
| Imvescor Restaurant Group Inc ($IRG) | 96.2% | 94.2% | 89.7% | 84.9% | |
| DEQ Systems Corp ($DEQ) | 74.3% | 77.5% | 78.4% | 84.7% | |
| Second Cup Ltd/The ($SCU) | 91.1% | 86.6% | 85.1% | 72.7% | |
| New Look Vision Group Inc ($BCI) | 72.3% | 71.8% | 72.6% | 72.6% | |
| |
|---|
| Median (59 companies) | 37.9% | 36.5% | 32.1% | 34.6% | 36.9% |
|---|
| Boyuan Construction Group Inc ($BOY) | 16.7% | 16.2% | 14.6% | 11.9% | 10.0% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Westshore Terminals Investment Corp ($WTE) | | 49.7% | 65.9% | 60.9% | 59.6% |
| Gamehost Inc ($GH) | 44.2% | 46.1% | 45.7% | 45.9% | |
| Great Canadian Gaming Corp ($GC) | 34.1% | 16.8% | 41.1% | 40.1% | |
| Amaya Inc ($AYA) | -5.7% | 7.2% | 38.2% | 39.3% | |
| MTY Food Group Inc ($MTY) | 32.2% | 36.3% | 38.7% | 37.0% | |
| |
|---|
| Median (65 companies) | 8.4% | 7.9% | 9.7% | 10.0% | 9.4% |
|---|
| Boyuan Construction Group Inc ($BOY) | 13.9% | 13.2% | 11.8% | 7.6% | 10.6% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Poydras Gaming Finance Corp ($PYD) | | | | 32.5% | |
| WestJet Airlines Ltd ($WJA) | 3.9% | 7.9% | 19.5% | 18.6% | |
| Exchange Income Corp ($EIF) | 8.2% | 7.9% | 15.8% | 15.5% | |
| Holloway Lodging Corp ($HLC) | 3.4% | 8.2% | 6.7% | 14.8% | |
| Kelso Technologies Inc ($KLS) | 79.2% | 0.4% | 0.7% | 13.5% | |
| |
|---|
| Median (68 companies) | 2.6% | 2.7% | 2.9% | 2.4% | 2.7% |
|---|
| Boyuan Construction Group Inc ($BOY) | 5.3% | 4.3% | 0.2% | 0.2% | 0.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Partner Jet Corp ($PJT) | -30.7% | -51.6% | -50.8% | 85.1% | |
| Kelso Technologies Inc ($KLS) | -121.3% | | | 48.8% | |
| XPEL Technologies Corp ($DAP.U) | 52.9% | 54.7% | 57.5% | 43.2% | |
| Westshore Terminals Investment Corp ($WTE) | | 24.0% | 37.8% | 35.0% | 38.3% |
| Iplayco Corp Ltd ($IPC) | -35.4% | 23.0% | 58.5% | 33.6% | |
| |
|---|
| Median (68 companies) | 10.4% | 9.7% | 10.1% | 9.8% | 4.4% |
|---|
| Boyuan Construction Group Inc ($BOY) | 25.1% | 16.5% | 12.7% | 9.6% | 15.0% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Mountain China Resorts Holding Ltd ($MCG) | | | | 317.1x | |
| Restaurant Brands International Inc ($QSR) | | | 3.8x | 33.6x | |
| Allied Hotel Properties Inc ($AHP) | | | | 21.3x | |
| Hudson's Bay Co ($HBC) | 8.7x | 3.8x | 3.6x | 19.1x | 3.6x |
| Amaya Inc ($AYA) | | 17.9x | 1.8x | 13.5x | |
| |
|---|
| Median (57 companies) | 1.3x | 1.2x | 1.6x | 1.9x | 1.3x |
|---|
| Boyuan Construction Group Inc ($BOY) | 1.8x | 3.0x | 3.1x | 3.7x | 2.9x |
