Moiselle International Holdings Ltd CAPEX surged on 205% in 2015 while Revenue decreased on 8.4%
29/06/2015 • About Moiselle International Holdings Ltd (
$130) • By InTwits
Moiselle International Holdings Ltd reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Moiselle International Holdings Ltd doesn't have a profitable business model yet: FY2015 ROIC is 1.3%
- EBITDA Margin is declining: 8.1% in FY2015 vs. 12.7% in FY2014 vs. 21.6% in FY2011
- EBITDA Margin is quite volatile: 8.1% in FY2015, 12.7% in FY2014, 12.7% in FY2013, 16.0% in FY2012, 21.6% in FY2011
- Moiselle International Holdings Ltd has medium CAPEX intensity: 5 year average CAPEX/Revenue was 5.7%. At the same time it's in pair with industry average of 6.6%.
- CAPEX is quite volatile: 46.2 in FY2015, 15.2 in FY2014, 22.6 in FY2013, 18.9 in FY2012, 22.8 in FY2011
- The company has potentially unprofitable business model: ROIC is at 1.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Moiselle International Holdings Ltd ($130) key annual financial indicators
| mln. HKD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 486.1 | 455.7 | 418.9 | 458.7 | 420.0 | -8.4% |
| Gross Profit | 395.9 | 370.1 | 351.1 | 369.8 | 349.5 | -5.5% |
| SG&A | | | 334.9 | 342.7 | 350.6 | 2.3% |
| EBITDA | 104.8 | 73.1 | 53.4 | 58.3 | 34.1 | -41.5% |
| Net Income | 78.6 | 107.2 | 20.0 | 27.9 | 11.3 | -59.4% |
Balance Sheet
|
|---|
| Cash | 109.6 | 265.2 | 228.0 | 250.1 | 183.9 | -26.5% |
| Short Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
Cash flow
|
|---|
| Capex | 22.8 | 18.9 | 22.6 | 15.2 | 46.2 | 204.6% |
Ratios
|
|---|
| Revenue growth | 10.6% | -6.2% | -8.1% | 9.5% | -8.4% | |
| EBITDA growth | 31.8% | -30.2% | -27.0% | 9.2% | -41.5% | |
| Gross Margin | 81.4% | 81.2% | 83.8% | 80.6% | 83.2% | 2.6% |
| EBITDA Margin | 21.6% | 16.0% | 12.7% | 12.7% | 8.1% | -4.6% |
| Net Income Margin | 16.2% | 23.5% | 4.8% | 6.1% | 2.7% | -3.4% |
| SG&A, % of revenue | | | 80.0% | 74.7% | 83.5% | 8.8% |
| CAPEX, % of revenue | 4.7% | 4.1% | 5.4% | 3.3% | 11.0% | 7.7% |
| ROIC | 14.8% | 7.1% | 3.7% | 4.1% | 1.3% | -2.8% |
| ROE | 14.6% | 16.8% | 2.9% | 3.9% | 1.6% | -2.4% |
| Net Debt/EBITDA | -1.0x | -3.6x | -4.3x | -4.3x | -5.4x | -1.1x |
Revenue and profitability
Moiselle International Holdings Ltd's Revenue decreased on 8.4% in FY2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 4.6 pp from 12.7% to 8.1% in FY2015.
Gross Margin increased on 2.6 pp from 80.6% to 83.2% in FY2015. SG&A as a % of Revenue increased on 8.8 pp from 74.7% to 83.5% in FY2015.
Net Income marign decreased on 3.4 pp from 6.1% to 2.7% in FY2015.
Capital expenditures (CAPEX) and working capital investments
Moiselle International Holdings Ltd's CAPEX/Revenue was 11.0% in FY2015. Moiselle International Holdings Ltd showed CAPEX/Revenue growth of 6.9 pp from 4.1% in FY2012 to 11.0% in FY2015. It's average CAPEX/Revenue for the last three years was 6.6%.Moiselle International Holdings Ltd has spent a lot to CAPEX (136% of EBITDA) which didn't stop revenue from falling.
Return on investment
The company operates at low ROIC (1.26%) and ROE (1.55%). ROIC decreased on 2.8 pp from 4.1% to 1.3% in FY2015. ROE decreased on 2.4 pp from 3.9% to 1.6% in FY2015.
Leverage (Debt)
The company has no debt. Cash dropped on 26.5% in FY2015.
Appendix 1: Peers in Retail
Below we provide Moiselle International Holdings Ltd benchmarking against other companies in Retail 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 |
|---|
| China Household Holdings Ltd ($692) | -87.0% | -32.8% | 5,357.9% | 76.2% | |
| Ming Fung Jewellery Group Ltd ($860) | 21.9% | 3.3% | -14.9% | 54.3% | |
| Merry Garden Holdings Ltd ($1237) | 53.9% | 37.1% | 12.8% | 47.6% | |
| Luk Fook Holdings International Ltd ($590) | | 47.2% | 12.6% | 43.3% | -17.1% |
| NewOcean Energy Holdings Ltd ($342) | 19.3% | 23.1% | 15.9% | 36.0% | |
| |
|---|
| Median (109 companies) | 21.8% | 10.3% | 6.0% | 2.8% | -1.0% |
|---|
| Moiselle International Holdings Ltd ($130) | | -6.2% | -8.1% | 9.5% | -8.4% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Culture Landmark Investment Ltd ($674) | 77.5% | 91.1% | 99.4% | 99.5% | |
| Modern Beauty Salon Holdings Ltd ($919) | 97.3% | 97.4% | 95.9% | 96.8% | 96.7% |
| Vongroup Ltd ($318) | | | | 95.1% | |
| Nanjing Sinolife United Co Ltd ($3332) | 80.6% | 86.5% | 89.3% | 90.9% | |
| Embry Holdings Ltd ($1388) | 82.3% | 81.2% | 80.4% | 82.3% | |
| |
|---|
| Median (98 companies) | 39.4% | 37.2% | 36.4% | 35.1% | 44.6% |
|---|
| Moiselle International Holdings Ltd ($130) | 81.4% | 81.2% | 83.8% | 80.6% | 83.2% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Maoye International Holdings Ltd ($848) | 45.5% | 47.4% | 46.3% | 73.2% | |
| China Dongxiang Group Co Ltd ($3818) | 5.6% | 6.0% | 5.6% | 58.3% | |
| Nanjing Sinolife United Co Ltd ($3332) | 47.8% | 51.6% | 56.9% | 54.4% | |
| Lifestyle International Holdings Ltd ($1212) | 49.6% | 47.5% | 47.0% | 44.7% | |
| Golden Eagle Retail Group Ltd ($3308) | 52.1% | 48.5% | 47.3% | 42.8% | |
| |
|---|
| Median (109 companies) | 13.1% | 9.6% | 7.1% | 7.9% | 6.0% |
|---|
| Moiselle International Holdings Ltd ($130) | 21.6% | 16.0% | 12.7% | 12.7% | 8.1% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Intime Retail Group Co Ltd ($1833) | 58.4% | 28.3% | 55.4% | 37.0% | |
| Future Bright Holdings Ltd ($703) | 6.2% | 2.6% | 3.7% | 36.8% | |
| Sage International Group Ltd ($8082) | 20.4% | 236.6% | 28.2% | 35.4% | |
| Maoye International Holdings Ltd ($848) | 30.9% | 32.8% | 24.1% | 31.5% | |
| Tsui Wah Holdings Ltd ($1314) | 5.2% | 8.3% | 9.3% | 30.5% | 10.6% |
| |
|---|
| Median (109 companies) | 3.8% | 4.0% | 3.6% | 3.5% | 2.4% |
|---|
| Moiselle International Holdings Ltd ($130) | 4.7% | 4.1% | 5.4% | 3.3% | 11.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Modern Beauty Salon Holdings Ltd ($919) | 48.1% | 50.7% | -4.6% | 81.3% | 71.8% |
| Starbucks Corp ($4337) | 36.4% | 36.4% | -6.0% | 52.8% | |
| Sa Sa International Holdings Ltd ($178) | 45.7% | 53.5% | 52.7% | 49.0% | 39.8% |
| Coach Inc ($6388) | 82.0% | 82.3% | 68.7% | 45.0% | |
| Nanjing Sinolife United Co Ltd ($3332) | 57.4% | 67.3% | 68.1% | 32.2% | |
| |
|---|
| Median (109 companies) | 17.2% | 12.0% | 8.2% | 8.4% | 6.2% |
|---|
| Moiselle International Holdings Ltd ($130) | 14.8% | 7.1% | 3.7% | 4.1% | 1.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Sparkle Roll Group Ltd ($970) | -0.8x | 0.6x | 4.0x | 9.3x | 23.5x |
| China Yongda Automobiles Services Holdings Ltd ($3669) | 3.3x | 3.4x | 4.7x | 5.5x | |
| Zhongsheng Group Holdings Ltd ($881) | 2.2x | 4.6x | 4.5x | 5.3x | |
| NewOcean Energy Holdings Ltd ($342) | 35.2x | 6.2x | 6.1x | 5.3x | |
| Century Ginwa Retail Holdings Ltd ($162) | 6.5x | 2.0x | 2.5x | 4.8x | |
| |
|---|
| Median (85 companies) | -0.8x | -0.5x | -0.8x | -0.2x | -0.5x |
|---|
| Moiselle International Holdings Ltd ($130) | -1.0x | -3.6x | -4.3x | -4.3x | -5.4x |
