Shanghai Jiaoda Withub Information Industrial Co Ltd revenue showed almost no change in 2015 and EBITDA Margin surged on 11.2 pp from -12.6% to -1.4%
15/03/2016 • About Shanghai Jiaoda Withub Information Industrial Co Ltd (
$8205) • By InTwits
Shanghai Jiaoda Withub Information Industrial Co Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Shanghai Jiaoda Withub Information Industrial Co Ltd doesn't have a profitable business model yet: 2015 ROIC is -2.8%
- The company operates at negative EBITDA Margin: -1.4%
- Shanghai Jiaoda Withub Information Industrial Co Ltd spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for 2011-2015 is 0.0%. Average EBITDA Margin for the same period was -3.4%0
- Shanghai Jiaoda Withub Information Industrial Co Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.2%.
- The company has unprofitable business model: ROIC is at -2.8%
- It operates with high leverage: Net Debt/EBITDA is 0.2x while industry average is -2.3x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Shanghai Jiaoda Withub Information Industrial Co Ltd ($8205) key annual financial indicators
| mln. CNY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 98.1 | 100.3 | 125.5 | 111.9 | 111.6 | -0.3% |
| Gross Profit | 15.7 | 14.8 | 15.7 | 7.7 | 15.5 | 102.5% |
| SG&A | | 19.1 | 19.6 | 26.7 | 18.1 | -32.4% |
| EBITDA | -0.0 | -2.2 | -0.9 | -14.1 | -1.5 | -89.1% |
| Net Income | 1.3 | -2.9 | 0.9 | -13.2 | 2.6 | -119.8% |
Balance Sheet
|
|---|
| Cash | 60.1 | 58.5 | 63.1 | 49.6 | 62.9 | 26.8% |
| 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 | 0.0 | 0.0 | 0.3 | 0.8 | 0.2 | -74.9% |
Ratios
|
|---|
| Revenue growth | 14.6% | 2.3% | 25.1% | -10.8% | -0.3% | |
| EBITDA growth | -91.2% | 6,119.4% | -58.2% | 1,406.1% | -89.1% | |
| Gross Margin | 16.0% | 14.8% | 12.5% | 6.9% | 13.9% | 7.1% |
| EBITDA Margin | -0.0% | -2.2% | -0.7% | -12.6% | -1.4% | 11.2% |
| Net Income Margin | 1.3% | -2.9% | 0.7% | -11.8% | 2.3% | 14.2% |
| SG&A, % of revenue | | 19.0% | 15.6% | 23.9% | 16.2% | -7.7% |
| CAPEX, % of revenue | 0.0% | 0.0% | 0.2% | 0.7% | 0.2% | -0.5% |
| ROIC | -1.5% | -3.5% | -2.4% | -21.6% | -2.8% | 18.8% |
| ROE | 1.6% | -3.6% | 1.1% | -17.6% | 3.7% | 21.4% |
Revenue and profitability
Shanghai Jiaoda Withub Information Industrial Co Ltd's Revenue showed almost no change in 2015. Despite revenue decline the EBITDA margin expanded. EBITDA Margin jumped on 11.2 pp from -12.6% to -1.4% in 2015.
Gross Margin increased on 7.1 pp from 6.9% to 13.9% in 2015. SG&A as a % of Revenue decreased on 7.7 pp from 23.9% to 16.2% in 2015.
Net Income marign surged on 14.2 pp from -11.8% to 2.3% in 2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 0.17% in 2015. CAPEX/Revenue showed almost no change from 2012 to 2015. It's average level of CAPEX/Revenue for the last three years was 0.35%.
Return on investment
The company operates at negative ROIC (-2.81%) and low but positive ROE (3.75%). ROIC surged on 18.8 pp from -21.6% to -2.8% in 2015. ROE surged on 21.4 pp from -17.6% to 3.7% in 2015.
Leverage (Debt)
The company has no debt. Cash surged on 26.8% in 2015.
Appendix 1: Peers in Software
Below you can find Shanghai Jiaoda Withub Information Industrial Co Ltd benchmarking vs. other companies in Software 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 |
|---|
| Pizu Group Holdings Ltd ($8053) | | 40.3% | -42.9% | 1,742.9% | 157.9% |
| China City Railway Transportation Technology Holdings Co Ltd ($1522) | 194.6% | 164.0% | 33.6% | 100.5% | |
| China Mobile Games and Cultural Investment Ltd ($8081) | -16.7% | 393.7% | -6.6% | 92.2% | |
| Epicurean and Co Ltd ($8213) | | 177.0% | 185.7% | 62.6% | 22.0% |
| China Bio Cassava Holdings Ltd ($8129) | -15.0% | -14.2% | 38.8% | 55.1% | |
| |
|---|
| Median (31 companies) | 20.0% | 13.1% | 11.2% | 21.2% | 16.4% |
|---|
| Shanghai Jiaoda Withub Information Industrial Co Ltd ($8205) | | 2.3% | 25.1% | -10.8% | -0.3% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Bio Cassava Holdings Ltd ($8129) | 90.2% | 90.4% | 97.4% | 98.4% | |
| NetDragon Websoft Inc ($777) | 90.1% | 93.4% | 90.8% | 89.3% | |
| China Mobile Games and Cultural Investment Ltd ($8081) | 19.4% | 6.5% | 45.3% | 84.8% | |
| Kingdee International Software Group Co Ltd ($268) | 70.1% | 65.0% | 75.3% | 82.5% | |
| Kingsoft Corp Ltd ($3888) | 85.5% | 86.8% | 86.3% | 82.4% | |
| |
|---|
| Median (30 companies) | 46.4% | 44.3% | 40.5% | 39.7% | 28.8% |
|---|
| Shanghai Jiaoda Withub Information Industrial Co Ltd ($8205) | 16.0% | 14.8% | 12.5% | 6.9% | 13.9% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Sinosoft Technology Group Ltd ($1297) | 55.5% | 62.6% | 54.9% | 57.2% | |
| International Entertainment Corp ($1009) | 235.1% | 50.8% | 64.0% | 54.9% | 62.0% |
| China Binary Sale Technology Ltd ($8255) | 41.3% | 35.1% | 35.4% | 44.4% | 50.5% |
| Microsoft Corp ($4338) | 42.8% | 33.5% | 39.2% | 38.0% | 25.8% |
| Kingdee International Software Group Co Ltd ($268) | 19.5% | 7.8% | 33.2% | 37.2% | |
| |
|---|
| Median (31 companies) | 11.8% | 8.1% | 11.1% | 8.8% | 9.5% |
|---|
| Shanghai Jiaoda Withub Information Industrial Co Ltd ($8205) | -0.0% | -2.2% | -0.7% | -12.6% | -1.4% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| NetDragon Websoft Inc ($777) | 13.3% | 21.1% | 34.6% | 54.6% | |
| China Eco-Farming Ltd ($8166) | 0.3% | 0.6% | 0.7% | 18.1% | |
| TravelSky Technology Ltd ($696) | 5.8% | 8.9% | 21.7% | 18.1% | |
| Kingsoft Corp Ltd ($3888) | 6.8% | 4.3% | 3.8% | 14.3% | |
| Sing Lee Software Group Ltd ($8076) | 19.4% | 3.3% | 0.2% | 14.0% | |
| |
|---|
| Median (30 companies) | 2.8% | 2.0% | 2.6% | 3.5% | 1.1% |
|---|
| Shanghai Jiaoda Withub Information Industrial Co Ltd ($8205) | 0.0% | 0.0% | 0.2% | 0.7% | 0.2% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Binary Sale Technology Ltd ($8255) | | 27.7% | 26.9% | 28.4% | 19.0% |
| Microsoft Corp ($4338) | 43.4% | 28.6% | 30.3% | 26.2% | 15.6% |
| Sinosoft Technology Group Ltd ($1297) | 31.6% | 34.0% | 21.9% | 20.2% | |
| Boyaa Interactive International Ltd ($434) | 100.4% | 75.3% | 21.3% | 20.0% | |
| ITE Holdings Ltd ($8092) | -19.6% | -15.0% | 10.6% | 16.8% | 19.8% |
| |
|---|
| Median (31 companies) | 4.9% | 3.0% | 5.8% | 1.2% | 6.0% |
|---|
| Shanghai Jiaoda Withub Information Industrial Co Ltd ($8205) | -1.5% | -3.5% | -2.4% | -21.6% | -2.8% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Pizu Group Holdings Ltd ($8053) | | | | 346.1x | -0.4x |
| Epicurean and Co Ltd ($8213) | 2.9x | 2.3x | 4.7x | 12.3x | 12.0x |
| Sing Lee Software Group Ltd ($8076) | | | | 6.2x | |
| China Technology Solar Power Holdings Ltd ($8111) | | | 7.4x | 3.3x | 0.2x |
| Chinasoft International Ltd ($354) | -1.3x | -0.7x | 0.7x | 1.5x | |
| |
|---|
| Median (20 companies) | -1.0x | -0.9x | -1.4x | -1.0x | -0.4x |
|---|
