HaiTian Hydropower International Ltd revenue jumped on 220% in 2015 while EBITDA Margin dropped on 11.2 pp from 80.2% to 69.0%
16/03/2016 • About HaiTian Hydropower International Ltd (
$8261) • By InTwits
HaiTian Hydropower International Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- HaiTian Hydropower International Ltd is a growth stock: 2015 revenue growth was 220%, 5 year revenue CAGR was 46.5% at 2015 ROIC 11.9%
- HaiTian Hydropower International 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 8.3%.
- CAPEX is quite volatile: 0.74 in 2015, 4.4 in 2014, 2.2 in 2013, 0.19 in 2012, 2.9 in 2011
- The company has business model with average profitability: ROIC is at 11.9%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
HaiTian Hydropower International Ltd ($8261) key annual financial indicators
| mln. | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 22.0 | 27.8 | 30.2 | 64.5 | 206.7 | 220.2% |
| Gross Profit | 15.4 | 20.6 | 22.4 | 51.2 | 133.6 | 161.0% |
| SG&A | | | | 8.1 | 19.5 | 142.5% |
| EBITDA | 18.9 | 17.2 | 22.9 | 51.8 | 142.6 | 175.5% |
| Net Income | 4.5 | 1.6 | 6.1 | 41.8 | 47.0 | 12.3% |
Balance Sheet
|
|---|
| Cash | 16.9 | 89.7 | 42.1 | 114.6 | 271.6 | 137.1% |
| Short Term Debt | 8.5 | 10.8 | 10.8 | 111.3 | 119.3 | 7.2% |
| Long Term Debt | 94.0 | 102.4 | 91.6 | 544.5 | 493.3 | -9.4% |
Cash flow
|
|---|
| Capex | 2.9 | 0.2 | 2.2 | 4.4 | 0.7 | -83.4% |
Ratios
|
|---|
| Revenue growth | -28.2% | 26.6% | 8.5% | 114.0% | 220.2% | |
| EBITDA growth | -23.8% | -9.0% | 33.0% | 126.0% | 175.5% | |
| Gross Margin | 70.0% | 74.2% | 74.3% | 79.3% | 64.6% | -14.7% |
| EBITDA Margin | 86.2% | 61.9% | 75.9% | 80.2% | 69.0% | -11.2% |
| Net Income Margin | 20.3% | 5.9% | 20.2% | 64.8% | 22.7% | -42.1% |
| SG&A, % of revenue | | | | 12.5% | 9.5% | -3.0% |
| CAPEX, % of revenue | 13.2% | 0.7% | 7.1% | 6.9% | 0.4% | -6.5% |
| ROIC | 9.5% | 6.4% | 7.5% | 7.5% | 11.9% | 4.4% |
| ROE | 12.1% | 2.1% | 5.1% | 28.8% | 20.0% | -8.8% |
| Net Debt/EBITDA | 4.5x | 1.4x | 2.6x | 10.5x | 2.4x | -8.1x |
Revenue and profitability
The company's Revenue surged on 220% in 2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 5.8 pp from -3.8% to -9.6% in FY2015.
Gross Margin dropped on 14.7 pp from 79.3% to 64.6% in 2015. SG&A as a % of Revenue decreased on 3.0 pp from 12.5% to 9.5% in 2015.
Net Income marign dropped on 42.1 pp from 64.8% to 22.7% in 2015.
Capital expenditures (CAPEX) and working capital investments
HaiTian Hydropower International Ltd's CAPEX/Revenue was 0.36% in 2015. CAPEX/Revenue showed almost no change from 2012 to 2015. For the last three years the average CAPEX/Revenue was 4.8%.
Return on investment
The company operates at good ROE (20.03%) while ROIC is low (11.90%). ROIC increased on 4.4 pp from 7.5% to 11.9% in 2015. ROE decreased on 8.8 pp from 28.8% to 20.0% in 2015.
Leverage (Debt)
Debt level is 2.4x Net Debt / EBITDA and 4.3x Debt / EBITDA. Net Debt / EBITDA dropped on 8.1x from 10.5x to 2.4x in 2015. Debt decreased on 6.6% in 2015 while cash surged on 137% in 2015.
Appendix 1: Peers in Energy-Alternate Sources
Below we provide HaiTian Hydropower International Ltd benchmarking against other companies in Energy-Alternate Sources 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 |
|---|
| United Photovoltaics Group Ltd ($686) | 221.6% | -74.0% | -83.5% | 1,168.8% | |
| Concord New Energy Group Ltd ($182) | -22.4% | 14.7% | 71.2% | 88.5% | |
| Beijing Jingneng Clean Energy Co Ltd ($579) | 11.2% | 2.5% | 50.7% | 39.6% | |
| International Standard Resources Holdings Ltd ($91) | -21.2% | 3.6% | 159.6% | 33.5% | |
| Xinyi Solar Holdings Ltd ($968) | | 24.3% | 28.3% | 22.5% | 97.1% |
| |
|---|
| Median (9 companies) | 24.1% | 4.2% | 25.9% | 22.5% | 97.1% |
|---|
| HaiTian Hydropower International Ltd ($8261) | | 26.6% | 8.5% | 114.0% | 220.2% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| United Photovoltaics Group Ltd ($686) | 17.9% | -29.8% | 99.3% | 90.7% | |
| Xinyi Solar Holdings Ltd ($968) | 35.9% | 17.2% | 30.1% | 31.6% | 36.0% |
| China Suntien Green Energy Corp Ltd ($956) | 28.8% | 33.5% | 31.3% | 25.2% | |
| China Renewable Energy Investment Ltd ($987) | 12.2% | 20.2% | 37.1% | 24.7% | |
| GCL-Poly Energy Holdings Ltd ($3800) | 33.2% | 7.8% | 11.9% | 23.1% | |
| |
|---|
| Median (6 companies) | 31.0% | 18.7% | 30.7% | 24.9% | 36.0% |
|---|
| HaiTian Hydropower International Ltd ($8261) | 70.0% | 74.2% | 74.3% | 79.3% | 64.6% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| United Photovoltaics Group Ltd ($686) | 13.0% | -42.6% | -230.5% | 92.9% | |
| China Renewable Energy Investment Ltd ($987) | 28.1% | 54.1% | 66.1% | 64.3% | |
| China Longyuan Power Group Corp Ltd ($916) | 48.8% | 56.3% | 54.4% | 63.5% | |
| Beijing Jingneng Clean Energy Co Ltd ($579) | 58.5% | 57.7% | 50.4% | 41.8% | |
| China Suntien Green Energy Corp Ltd ($956) | 39.2% | 40.9% | 37.5% | 31.9% | |
| |
|---|
| Median (9 companies) | 35.8% | 23.0% | 23.8% | 31.9% | 34.7% |
|---|
| HaiTian Hydropower International Ltd ($8261) | 86.2% | 61.9% | 75.9% | 80.2% | 69.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Renewable Energy Investment Ltd ($987) | 44.5% | 23.4% | 118.5% | 126.1% | |
| China Longyuan Power Group Corp Ltd ($916) | 83.1% | 79.5% | 54.9% | 100.2% | |
| Xinyi Solar Holdings Ltd ($968) | 71.2% | 22.7% | 12.2% | 98.8% | 75.4% |
| Beijing Jingneng Clean Energy Co Ltd ($579) | 90.6% | 98.0% | 110.8% | 65.4% | |
| Concord New Energy Group Ltd ($182) | 199.2% | 64.2% | 19.0% | 52.7% | |
| |
|---|
| Median (9 companies) | 71.2% | 51.5% | 25.7% | 52.7% | 75.4% |
|---|
| HaiTian Hydropower International Ltd ($8261) | 13.2% | 0.7% | 7.1% | 6.9% | 0.4% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Xinyi Solar Holdings Ltd ($968) | 33.6% | 13.8% | 21.6% | 16.9% | 18.7% |
| GCL-Poly Energy Holdings Ltd ($3800) | 15.8% | 0.3% | 2.8% | 6.9% | |
| China Longyuan Power Group Corp Ltd ($916) | 7.0% | 6.9% | 6.3% | 6.3% | |
| Beijing Jingneng Clean Energy Co Ltd ($579) | 7.0% | 5.8% | 6.8% | 6.3% | |
| China Suntien Green Energy Corp Ltd ($956) | 7.4% | 7.7% | 7.9% | 5.8% | |
| |
|---|
| Median (9 companies) | 7.0% | 3.1% | 4.1% | 5.8% | 18.7% |
|---|
| HaiTian Hydropower International Ltd ($8261) | 9.5% | 6.4% | 7.5% | 7.5% | 11.9% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| United Photovoltaics Group Ltd ($686) | 5.1x | | | 7.8x | |
| Beijing Jingneng Clean Energy Co Ltd ($579) | 5.0x | 6.7x | 6.3x | 6.7x | |
| China Renewable Energy Investment Ltd ($987) | 17.1x | 8.9x | 6.2x | 6.4x | |
| China Longyuan Power Group Corp Ltd ($916) | 5.9x | 5.5x | 5.3x | 5.8x | |
| GCL-Poly Energy Holdings Ltd ($3800) | 2.9x | 11.4x | 7.7x | 5.4x | |
| |
|---|
| Median (8 companies) | 4.8x | 5.5x | 5.3x | 5.6x | 0.4x |
|---|
| HaiTian Hydropower International Ltd ($8261) | 4.5x | 1.4x | 2.6x | 10.5x | 2.4x |
