FDG Electric Vehicles Ltd EBITDA dropped on 4,166% in 2015 while Revenue surged on 271%
29/06/2015 • About FDG Electric Vehicles Ltd (
$729) • By InTwits
FDG Electric Vehicles Ltd reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- FDG Electric Vehicles Ltd doesn't have a profitable business model yet: FY2015 ROIC is -12.5%
- EBITDA Margin is quite volatile: -69.9% in FY2015, 6.4% in FY2014, 3.3% in FY2013, 68.3% in FY2012, 393.7% in FY2011
- FDG Electric Vehicles Ltd has high CAPEX intensity: 5 year average CAPEX/Revenue was 224.4%. At the same time it's a lot of higher than industry average of 55.6%.
- CAPEX is quite volatile: 1,266 in FY2015, 58.2 in FY2014, 43.7 in FY2013, 214 in FY2012, 132 in FY2011
- The company has unprofitable business model: ROIC is at -12.5%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
FDG Electric Vehicles Ltd ($729) key annual financial indicators
| mln. | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 74.4 | 57.2 | 53.2 | 81.9 | 303.6 | 270.8% |
| Gross Profit | 33.1 | 2.5 | 6.5 | 4.9 | 70.5 | 1,351.4% |
| SG&A | 60.0 | 106.2 | 102.0 | 136.9 | 261.0 | 90.6% |
| EBITDA | 292.7 | 39.1 | 1.8 | 5.2 | -212.3 | -4,166.2% |
| Net Income | -2,805.7 | -442.3 | -324.4 | -906.4 | -409.8 | -54.8% |
Balance Sheet
|
|---|
| Cash | 388.6 | 216.9 | 140.6 | 1,069.6 | 731.5 | -31.6% |
| Short Term Debt | 35.6 | 0.0 | 107.7 | 380.4 | 880.2 | 131.4% |
| Long Term Debt | 198.4 | 121.2 | 0.0 | 0.0 | 1,156.0 | |
Cash flow
|
|---|
| Capex | 132.0 | 213.9 | 43.7 | 58.2 | 1,266.0 | 2,075.9% |
Ratios
|
|---|
| Revenue growth | 2,481.8% | -23.1% | -7.0% | 54.0% | 270.8% | |
| EBITDA growth | -2,512.0% | -86.7% | -95.5% | 196.2% | -4,166.2% | |
| Gross Margin | 44.6% | 4.4% | 12.3% | 5.9% | 23.2% | 17.3% |
| EBITDA Margin | 393.7% | 68.3% | 3.3% | 6.4% | -69.9% | -76.3% |
| Net Income Margin | -3,773.4% | -773.8% | -610.1% | -1,107.1% | -135.0% | 972.1% |
| SG&A, % of revenue | 80.6% | 185.7% | 191.8% | 167.2% | 86.0% | -81.3% |
| CAPEX, % of revenue | 177.5% | 374.3% | 82.3% | 71.1% | 417.0% | 345.9% |
| ROIC | -3.1% | -12.3% | -18.3% | -8.1% | -12.5% | -4.4% |
| ROE | -680.6% | -86.2% | -74.6% | -87.4% | -21.5% | 65.9% |
| Net Debt/EBITDA | -0.5x | -2.5x | -18.6x | -132.0x | | 132.0x |
Revenue and profitability
The company's Revenue jumped on 271% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin jumped on 20.4 pp from -0.43% to 19.9% in 2015.
Gross Margin surged on 17.3 pp from 5.9% to 23.2% in FY2015. SG&A as a % of Revenue dropped on 81.3 pp from 167% to 86.0% in FY2015.
Net Income marign surged on 972 pp from -1,107% to -135% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 the company had CAPEX/Revenue of 417%. The company showed fast CAPEX/Revenue growth of 42.7 pp from 374% in FY2012 to 417% in FY2015. It's average CAPEX/Revenue for the last three years was 190%.
Return on investment
The company operates at negative ROIC (-12.55%) and ROE (-21.54%). ROIC decreased on 4.4 pp from -8.1% to -12.5% in FY2015. ROE jumped on 65.9 pp from -87.4% to -21.5% in FY2015.
Leverage (Debt)
Debt level is 5.8x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA jumped on 132.0x from -132.0x to in FY2015. Debt jumped on 435% in FY2015 while cash dropped on 31.6% in FY2015.
Appendix 1: Peers in Electrical Compo&Equip
Below we provide FDG Electric Vehicles Ltd benchmarking against other companies in Electrical Compo&Equip 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 |
|---|
| Enterprise Development Holdings Ltd ($1808) | 225.9% | 2.5% | 37.3% | 83.9% | |
| Boer Power Holdings Ltd ($1685) | 11.4% | 20.4% | 10.9% | 51.3% | |
| Xinjiang Goldwind Science & Technology Co Ltd ($2208) | -27.0% | -12.0% | 8.7% | 44.1% | |
| CEC International Holdings Ltd ($759) | 19.5% | 23.9% | 60.8% | 43.0% | |
| Solartech International Hldgs Ltd ($1166) | -6.5% | -13.4% | -1.8% | 33.7% | |
| |
|---|
| Median (31 companies) | 13.4% | -2.9% | 8.7% | 15.0% | 1.8% |
|---|
| FDG Electric Vehicles Ltd ($729) | | -23.1% | -7.0% | 54.0% | 270.8% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Boer Power Holdings Ltd ($1685) | 37.1% | 36.8% | 36.0% | 35.3% | |
| China Titans Energy Technology Group Co Ltd ($2188) | 45.4% | 41.4% | 27.3% | 33.7% | |
| Sun King Power Electronics Group ($580) | 16.2% | 25.4% | 30.0% | 30.8% | |
| CEC International Holdings Ltd ($759) | 18.5% | 23.6% | 27.9% | 29.9% | |
| Johnson Electric Holdings Ltd ($179) | 27.5% | 27.3% | 28.0% | 29.5% | 29.6% |
| |
|---|
| Median (30 companies) | 20.4% | 19.2% | 17.7% | 16.4% | 29.6% |
|---|
| FDG Electric Vehicles Ltd ($729) | 44.6% | 4.4% | 12.3% | 5.9% | 23.2% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Shougang Concord Technology Holdings ($521) | 22.7% | 12.3% | 28.1% | 31.9% | |
| Boer Power Holdings Ltd ($1685) | 28.1% | 26.3% | 27.8% | 28.5% | |
| China High Speed Transmission Equipment Group Co Ltd ($658) | 21.0% | 20.2% | 19.2% | 20.8% | |
| Xinjiang Goldwind Science & Technology Co Ltd ($2208) | 9.2% | 5.7% | 7.4% | 16.9% | |
| Johnson Electric Holdings Ltd ($179) | 14.9% | 14.2% | 14.5% | 15.5% | 15.4% |
| |
|---|
| Median (32 companies) | 10.5% | 7.3% | 7.2% | 3.3% | 15.4% |
|---|
| FDG Electric Vehicles Ltd ($729) | 393.7% | 68.3% | 3.3% | 6.4% | -69.9% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Applied Development Holdings Ltd ($519) | 46.4% | 79.7% | | 1,285.3% | |
| Sun King Power Electronics Group ($580) | 9.2% | 16.5% | 7.7% | 15.5% | |
| Xinjiang Goldwind Science & Technology Co Ltd ($2208) | 23.7% | 23.1% | 50.7% | 13.5% | |
| Coslight Technology International Group Co Ltd ($1043) | 11.0% | 9.3% | 11.4% | 11.5% | |
| China High Speed Transmission Equipment Group Co Ltd ($658) | 16.8% | 26.0% | 16.3% | 8.5% | |
| |
|---|
| Median (32 companies) | 9.3% | 5.7% | 4.9% | 3.6% | 5.6% |
|---|
| FDG Electric Vehicles Ltd ($729) | 177.5% | 374.3% | 82.3% | 71.1% | 417.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Boer Power Holdings Ltd ($1685) | 18.2% | 18.0% | 17.0% | 21.2% | |
| Jiangnan Group Ltd ($1366) | 17.0% | 14.9% | 14.1% | 13.5% | |
| Johnson Electric Holdings Ltd ($179) | 13.1% | 11.7% | 11.6% | 12.7% | 11.2% |
| Xinjiang Goldwind Science & Technology Co Ltd ($2208) | 5.1% | 1.8% | 3.0% | 10.4% | |
| Hengxin Technology Ltd ($1085) | 13.9% | 8.1% | 9.3% | 9.0% | |
| |
|---|
| Median (32 companies) | 6.2% | 2.8% | 3.0% | 1.7% | 11.2% |
|---|
| FDG Electric Vehicles Ltd ($729) | -3.1% | -12.3% | -18.3% | -8.1% | -12.5% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Tianneng Power International Ltd ($819) | 0.7x | 1.8x | 4.0x | 162.7x | |
| Coslight Technology International Group Co Ltd ($1043) | 11.2x | 51.9x | 8.7x | 54.7x | |
| China Titans Energy Technology Group Co Ltd ($2188) | 0.2x | 1.5x | | 16.9x | |
| Shougang Concord Technology Holdings ($521) | 12.7x | 16.3x | 4.9x | 13.8x | |
| Sun King Power Electronics Group ($580) | | 1.7x | 1.4x | 10.0x | |
| |
|---|
| Median (24 companies) | 0.4x | 1.5x | 1.4x | 2.5x | -1.5x |
|---|
| FDG Electric Vehicles Ltd ($729) | -0.5x | -2.5x | -18.6x | -132.0x | |
