China Nuclear Industry 23 International Corp Ltd revenue jumped on 420% in 2015 and EBITDA Margin jumped on 18.5 pp from -16.0% to 2.5%
08/03/2016 • About China Nuclear Industry 23 International Corp Ltd (
$611) • By InTwits
China Nuclear Industry 23 International Corp Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- China Nuclear Industry 23 International Corp Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.2%. At the same time it's a lot of higher than industry average of 10.6%.
- CAPEX is quite volatile: 78.5 in 2015, 4.2 in 2014, 12.2 in 2013, 7.2 in 2012, 0.97 in 2011
- The company has potentially unprofitable business model: ROIC is at 5.8%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
China Nuclear Industry 23 International Corp Ltd ($611) key annual financial indicators
| mln. HKD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 296 | 300 | 557 | 323 | 1,676 | 419.8% |
| EBITDA | 12 | -1 | 20 | -51 | 42 | -181.0% |
| Net Income | -891 | 493 | -46 | -41 | 4 | -108.7% |
Balance Sheet
|
|---|
| Cash | 337 | 243 | 198 | 253 | 311 | 22.9% |
| Short Term Debt | 0 | 0 | 56 | 0 | 287 | |
| Long Term Debt | 179 | 49 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 1 | 7 | 12 | 4 | 79 | 1,791.1% |
Ratios
|
|---|
| Revenue growth | 2.8% | 1.4% | 85.6% | -42.1% | 419.8% | |
| EBITDA growth | -40.1% | -108.3% | -2,110.8% | -355.6% | -181.0% | |
| EBITDA Margin | 4.1% | -0.3% | 3.6% | -16.0% | 2.5% | 18.5% |
| Net Income Margin | -301.1% | 164.1% | -8.2% | -12.7% | 0.2% | 12.9% |
| CAPEX, % of revenue | 0.3% | 2.4% | 2.2% | 1.3% | 4.7% | 3.4% |
| ROIC | | | 2.8% | -12.8% | 5.8% | 18.6% |
| ROE | | | -13.5% | -9.5% | 0.8% | 10.3% |
| Net Debt/EBITDA | -13.0x | | -7.1x | | -0.6x | -0.6x |
Revenue and profitability
China Nuclear Industry 23 International Corp Ltd's Revenue surged on 420% in 2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 3.1 pp from 5.2% to 2.1% in FY2015.
Net Income marign surged on 12.9 pp from -12.7% to 0.21% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 the company had CAPEX/Revenue of 4.7%. CAPEX/Revenue increased on 2.3 pp from 2.4% in 2012 to 4.7% in 2015. It's average level of CAPEX/Revenue for the last three years was 2.7%.China Nuclear Industry 23 International Corp Ltd has spent a lot to CAPEX (188% of EBITDA) to secure its growth.
Return on investment
The company operates at low ROIC (5.80%) and ROE (0.81%). ROIC jumped on 18.6 pp from -12.8% to 5.8% in 2015. ROE jumped on 10.3 pp from -9.5% to 0.81% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is -0.6x and Debt / EBITDA is 6.9x. Net Debt / EBITDA dropped0.6x from to -0.6x in 2015. Debt surged while cash jumped on 22.9% in 2015.
Appendix 1: Peers in Retail
Below you can find China Nuclear Industry 23 International Corp Ltd benchmarking vs. other companies in Retail 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 |
|---|
| China Household Holdings Ltd ($692) | -87.0% | -32.8% | 5,357.9% | 76.2% | |
| Ming Fung Jewellery Group Ltd ($860) | | 3.3% | -14.9% | 54.3% | -70.8% |
| 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 (110 companies) | 24.1% | 10.4% | 5.9% | 3.1% | -2.6% |
|---|
| China Nuclear Industry 23 International Corp Ltd ($611) | | 1.4% | 85.6% | -42.1% | 419.8% |
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% | 99.1% |
| 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 (100 companies) | 39.4% | 37.2% | 36.4% | 35.5% | 45.3% |
|---|
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% | 43.4% |
| Golden Eagle Retail Group Ltd ($3308) | 52.1% | 48.5% | 47.3% | 42.8% | |
| |
|---|
| Median (110 companies) | 13.4% | 10.3% | 7.3% | 8.8% | 8.1% |
|---|
| China Nuclear Industry 23 International Corp Ltd ($611) | 4.1% | -0.3% | 3.6% | -16.0% | 2.5% |
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 (110 companies) | 3.9% | 4.0% | 3.6% | 3.5% | 2.7% |
|---|
| China Nuclear Industry 23 International Corp Ltd ($611) | 0.3% | 2.4% | 2.2% | 1.3% | 4.7% |
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% | 51.4% |
| 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% | 20.8% |
| Nanjing Sinolife United Co Ltd ($3332) | 57.4% | 67.3% | 68.1% | 32.2% | |
| |
|---|
| Median (110 companies) | 16.9% | 12.0% | 8.2% | 8.4% | 6.2% |
|---|
| China Nuclear Industry 23 International Corp Ltd ($611) | | | 2.8% | -12.8% | 5.8% |
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 | 7.3x |
| |
|---|
| Median (87 companies) | -0.8x | -0.5x | -0.8x | -0.2x | -0.5x |
|---|
