Goldpac Group Ltd EBITDA surged on 17.5% in 2015 and EBITDA Margin increased slightly on 1.0 pp from 16.4% to 17.4%
16/03/2016 • About Goldpac Group Ltd (
$3315) • By InTwits
Goldpac Group Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Goldpac Group Ltd is a fast growth stock: 2015 revenue growth was 10.8%, 5 year revenue CAGR was 36.4% at 2015 ROIC 14.3%
- Goldpac Group Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 4.3%. At the same time it's a lot of higher than industry average of 10.6%.
- CAPEX is quite volatile: 44.4 in 2015, 89.4 in 2014, 49.5 in 2013, 30.3 in 2012, 17.7 in 2011
- The company has highly profitable business model: ROIC is at 14.3%
- It operates with high leverage: Net Debt/EBITDA is -3.3x while industry average is -21.8x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Goldpac Group Ltd ($3315) key annual financial indicators
| mln. CNY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 444 | 677 | 1,112 | 1,521 | 1,685 | 10.8% |
| Gross Profit | 146 | 203 | 324 | 419 | 445 | 6.3% |
| SG&A | 49 | 55 | 89 | 143 | 143 | -0.0% |
| EBITDA | 71 | 151 | 222 | 250 | 294 | 17.5% |
| Net Income | 48 | 115 | 141 | 214 | 242 | 13.3% |
Balance Sheet
|
|---|
| Cash | 22 | 42 | 394 | 125 | 984 | 685.4% |
| Short Term Debt | 180 | 48 | 15 | 0 | 0 | |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 18 | 30 | 50 | 89 | 44 | -50.4% |
Ratios
|
|---|
| Revenue growth | 24.4% | 52.3% | 64.4% | 36.8% | 10.8% | |
| EBITDA growth | -9.5% | 112.9% | 46.6% | 12.8% | 17.5% | |
| Gross Margin | 32.9% | 30.1% | 29.1% | 27.5% | 26.4% | -1.1% |
| EBITDA Margin | 16.0% | 22.3% | 19.9% | 16.4% | 17.4% | 1.0% |
| Net Income Margin | 10.8% | 17.0% | 12.7% | 14.0% | 14.4% | 0.3% |
| SG&A, % of revenue | 11.0% | 8.2% | 8.0% | 9.4% | 8.5% | -0.9% |
| CAPEX, % of revenue | 4.0% | 4.5% | 4.5% | 5.9% | 2.6% | -3.2% |
| ROIC | 17.9% | 43.8% | 23.6% | 14.3% | 14.3% | 0.0% |
| ROE | 23.2% | 63.9% | 17.5% | 14.2% | 14.1% | -0.1% |
| Net Debt/EBITDA | 2.2x | 0.0x | -1.7x | -0.5x | -3.3x | -2.8x |
Revenue and profitability
The company's Revenue surged on 10.8% in 2015. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased slightly on 1.0 pp from 16.4% to 17.4% in 2015.
Gross Margin decreased slightly on 1.1 pp from 27.5% to 26.4% in 2015. SG&A as a % of Revenue decreased slightly on 0.91 pp from 9.4% to 8.5% in 2015.
Net Income marign showed almost no change in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 Goldpac Group Ltd had CAPEX/Revenue of 2.6%. CAPEX/Revenue decreased slightly on 1.8 pp from 4.5% in 2012 to 2.6% in 2015. For the last three years the average CAPEX/Revenue was 4.3%.
Return on investment
The company operates at good ROIC (14.31%) and ROE (14.12%). ROIC showed almost no change in 2015. ROE showed almost no change in 2015.
Leverage (Debt)
The company has no debt. Cash surged on 685% in 2015.
Appendix 1: Peers in Commercial Services
Below you can find Goldpac Group Ltd benchmarking vs. other companies in Commercial Services 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 |
|---|
| Global Energy Resources International Group Ltd ($8192) | 429.3% | -61.9% | -27.8% | 2,912.9% | |
| Dingyi Group Investment Ltd ($508) | | 8.8% | -95.9% | 1,361.2% | -32.6% |
| China Smartpay Group Holdings Ltd ($8325) | | 60.0% | 274.7% | 75.6% | 124.5% |
| Wonderful Sky Financial Group Holdings Ltd ($1260) | | 21.3% | 4.5% | 33.5% | 14.2% |
| CAR Inc ($699) | | 96.4% | 68.0% | 30.3% | 42.1% |
| |
|---|
| Median (59 companies) | 19.5% | 7.1% | 4.6% | 8.9% | 10.2% |
|---|
| Goldpac Group Ltd ($3315) | | 52.3% | 64.4% | 36.8% | 10.8% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| HC International Inc ($2280) | 84.7% | 87.5% | 91.9% | 92.5% | |
| Fu Shou Yuan International Group Ltd ($1448) | 81.6% | 80.5% | 80.4% | 80.0% | |
| China Communication Telecom Services Co Ltd ($8206) | -56.6% | 61.6% | 58.6% | 69.1% | 70.2% |
| Dingyi Group Investment Ltd ($508) | 76.5% | 75.8% | | 64.5% | 86.0% |
| Yuexiu Transport Infrastructure Ltd ($1052) | 67.1% | 66.2% | 66.8% | 62.8% | 65.2% |
| |
|---|
| Median (55 companies) | 33.4% | 31.6% | 29.9% | 31.0% | 28.7% |
|---|
| Goldpac Group Ltd ($3315) | 32.9% | 30.1% | 29.1% | 27.5% | 26.4% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Shenzhen International Holdings Ltd ($152) | 69.3% | 60.2% | 65.8% | 97.1% | |
| Shenzhen Expressway Co Ltd ($548) | 80.4% | 74.3% | 79.4% | 76.6% | |
| Yuexiu Transport Infrastructure Ltd ($1052) | 74.3% | 78.3% | 74.5% | 74.0% | 71.6% |
| Anhui Expressway Co Ltd ($995) | 62.7% | 56.9% | 54.1% | 60.4% | |
| Dragon Crown Group Holdings Ltd ($935) | 57.8% | 67.3% | 62.9% | 60.2% | |
| |
|---|
| Median (59 companies) | 16.8% | 15.9% | 13.3% | 10.8% | 4.0% |
|---|
| Goldpac Group Ltd ($3315) | 16.0% | 22.3% | 19.9% | 16.4% | 17.4% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kai Yuan Holdings Ltd ($1215) | 16.8% | 3.9% | 7.0% | 59.8% | |
| COSCO Pacific Ltd ($1199) | 111.3% | 96.6% | 66.6% | 43.3% | |
| Finet Group Ltd ($8317) | 3.9% | 10.3% | 9.1% | 26.0% | 8.4% |
| HC International Inc ($2280) | 15.1% | 8.5% | 28.7% | 24.7% | |
| Dragon Crown Group Holdings Ltd ($935) | 2.5% | 37.2% | 52.0% | 23.0% | |
| |
|---|
| Median (58 companies) | 3.7% | 3.1% | 4.0% | 3.4% | 2.1% |
|---|
| Goldpac Group Ltd ($3315) | 4.0% | 4.5% | 4.5% | 5.9% | 2.6% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Mega Expo Holdings Ltd ($1360) | | 270.5% | 481.1% | 54.4% | 10.1% |
| China Packaging Holdings Development Ltd ($1439) | 50.0% | 52.0% | 46.6% | 34.1% | |
| Wonderful Sky Financial Group Holdings Ltd ($1260) | 136.8% | 51.5% | 26.6% | 30.0% | 29.5% |
| PPS International Holdings Ltd ($8201) | | 101.6% | 35.6% | 23.8% | -13.7% |
| 1010 Printing Group Ltd ($1127) | 14.4% | 13.5% | 20.8% | 17.8% | 19.9% |
| |
|---|
| Median (59 companies) | 5.0% | 6.0% | 3.5% | 3.2% | 2.2% |
|---|
| Goldpac Group Ltd ($3315) | 17.9% | 43.8% | 23.6% | 14.3% | 14.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Dalian Port PDA Co Ltd ($2880) | 5.7x | 5.7x | 4.8x | 4.7x | |
| Sichuan Expressway Co Ltd ($107) | 1.8x | 2.7x | 3.8x | 4.3x | |
| Anxian Yuan China Holdings Ltd ($922) | | | 4.6x | 3.8x | 0.8x |
| Eagle Legend Asia Ltd ($936) | 4.3x | 4.0x | 4.0x | 3.3x | |
| Yuexiu Transport Infrastructure Ltd ($1052) | 2.9x | 4.5x | 3.1x | 2.7x | 5.3x |
| |
|---|
| Median (38 companies) | -0.1x | -0.0x | -0.7x | -0.7x | -2.0x |
|---|
| Goldpac Group Ltd ($3315) | 2.2x | 0.0x | -1.7x | -0.5x | -3.3x |
