Tianjin Binhai Teda Logistics Group Corp Ltd EBITDA decreased on 6.5% in 2015 and EBITDA Margin showed almost no change
16/03/2016 • About Tianjin Binhai Teda Logistics Group Corp Ltd (
$8348) • By InTwits
Tianjin Binhai Teda Logistics Group Corp Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is relatively stable: 2.6% in 2015 vs. 2.9% in 2014 vs. 4.0% in 2011
- Tianjin Binhai Teda Logistics Group Corp Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.3%. At the same time it's in pair with industry average of 3.7%.
- CAPEX is quite volatile: 31.6 in 2015, 14.2 in 2014, 10.5 in 2013, 66.8 in 2012, 136 in 2011
- The company has potentially unprofitable business model: ROIC is at 3.9%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Tianjin Binhai Teda Logistics Group Corp Ltd ($8348) key annual financial indicators
| mln. CNY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 2,288 | 1,736 | 2,683 | 3,069 | 3,186 | 3.8% |
| Gross Profit | 116 | 58 | 95 | 105 | 101 | -4.2% |
| SG&A | | | | 55 | 54 | -1.6% |
| EBITDA | 91 | 57 | 77 | 88 | 83 | -6.5% |
| Net Income | 81 | 65 | 47 | 51 | 54 | 4.8% |
Balance Sheet
|
|---|
| Cash | 296 | 274 | 238 | 301 | 215 | -28.5% |
| Short Term Debt | 253 | 823 | 957 | 1,141 | 71 | -93.8% |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 136 | 67 | 11 | 14 | 32 | 122.5% |
Ratios
|
|---|
| Revenue growth | -20.1% | -24.1% | 54.5% | 14.4% | 3.8% | |
| EBITDA growth | -28.8% | -37.9% | 36.2% | 14.3% | -6.5% | |
| Gross Margin | 5.1% | 3.3% | 3.5% | 3.4% | 3.2% | -0.3% |
| EBITDA Margin | 4.0% | 3.3% | 2.9% | 2.9% | 2.6% | -0.3% |
| Net Income Margin | 3.5% | 3.7% | 1.8% | 1.7% | 1.7% | 0.0% |
| SG&A, % of revenue | | | | 1.8% | 1.7% | -0.1% |
| CAPEX, % of revenue | 5.9% | 3.8% | 0.4% | 0.5% | 1.0% | 0.5% |
| ROIC | 5.3% | 2.2% | 2.8% | 3.2% | 3.9% | 0.7% |
| ROE | 12.3% | 9.1% | 6.3% | 6.6% | 6.7% | 0.1% |
| Net Debt/EBITDA | -0.5x | 9.7x | 9.3x | 9.5x | -1.8x | -11.3x |
Revenue and profitability
The company's Revenue increased on 3.8% in 2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 3.2 pp from 9.0% to 5.7% in 2015.
Gross Margin showed almost no change in 2015. SG&A as a % of Revenue showed almost no change in 2015.
Net Income marign showed almost no change in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 Tianjin Binhai Teda Logistics Group Corp Ltd had CAPEX/Revenue of 0.99%. The company showed decline in CAPEX/Revenue of 2.9 pp from 3.8% in 2012 to 0.99% in 2015. Average CAPEX/Revenue for the last three years was 0.62%.
Return on investment
The company operates at low ROIC (3.88%) and ROE (6.72%). ROIC increased slightly on 0.73 pp from 3.2% to 3.9% in 2015. ROE showed almost no change in 2015.
Leverage (Debt)
Debt level is -1.8x Net Debt / EBITDA and 0.9x Debt / EBITDA. Net Debt / EBITDA dropped on 11.3x from 9.5x to -1.8x in 2015. Debt dropped on 93.8% in 2015 while cash dropped on 28.5% in 2015.
Appendix 1: Peers in Transportation
Below you can find Tianjin Binhai Teda Logistics Group Corp Ltd benchmarking vs. other companies in Transportation 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 |
|---|
| Frontier Services Group Ltd ($500) | -90.5% | -10.8% | -49.9% | 1,021.1% | |
| China Best Group Holding Ltd ($370) | 333.1% | 202.4% | -53.6% | 459.4% | |
| Guangdong Yueyun Transportation Co Ltd-H ($3399) | 11.7% | -4.2% | -5.9% | 60.4% | |
| Tianjin Port Development Holdings Ltd ($3382) | 9.8% | 8.7% | 24.9% | 51.9% | |
| CIG Yangtze Ports PLC ($8233) | | 17.9% | 30.6% | 23.5% | 0.1% |
| |
|---|
| Median (28 companies) | 10.7% | 7.2% | 4.0% | 5.1% | -6.7% |
|---|
| Tianjin Binhai Teda Logistics Group Corp Ltd ($8348) | | -24.1% | 54.5% | 14.4% | 3.8% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| CIG Yangtze Ports PLC ($8233) | 51.0% | 51.3% | 44.8% | 46.6% | 48.7% |
| Frontier Services Group Ltd ($500) | 80.7% | 83.8% | 65.9% | 44.8% | |
| Qinhuangdao Port Co Ltd ($3369) | 43.2% | 43.1% | 42.4% | 43.3% | |
| Chu Kong Shipping Enterprise Group Co Ltd ($560) | 21.5% | 23.1% | 25.1% | 24.1% | |
| Kwoon Chung Bus Holdings Ltd ($306) | 17.6% | 18.9% | 20.4% | 22.7% | 26.8% |
| |
|---|
| Median (25 companies) | 18.7% | 13.0% | 10.9% | 10.3% | 3.1% |
|---|
| Tianjin Binhai Teda Logistics Group Corp Ltd ($8348) | 5.1% | 3.3% | 3.5% | 3.4% | 3.2% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Qinhuangdao Port Co Ltd ($3369) | 45.3% | 46.0% | 44.6% | 46.5% | |
| MTR Corp Ltd ($66) | 49.1% | 42.7% | 37.6% | 45.2% | 41.6% |
| CIG Yangtze Ports PLC ($8233) | 29.9% | 30.2% | 27.6% | 38.5% | 39.5% |
| Great Harvest Maeta Group Holdings Ltd ($3683) | 61.3% | 56.3% | 18.7% | 32.6% | -8.5% |
| China Shipping Development Co Ltd ($1138) | 24.7% | 12.5% | 3.0% | 24.7% | |
| |
|---|
| Median (29 companies) | 16.5% | 10.0% | 8.2% | 9.1% | 9.5% |
|---|
| Tianjin Binhai Teda Logistics Group Corp Ltd ($8348) | 4.0% | 3.3% | 2.9% | 2.9% | 2.6% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Noble Century Investment Holdings Ltd ($2322) | | 0.0% | | 296.6% | 1.4% |
| Frontier Services Group Ltd ($500) | 5.4% | 6.3% | 3.6% | 63.3% | |
| China Shipping Development Co Ltd ($1138) | 68.9% | 55.8% | 34.0% | 54.9% | |
| Courage Marine Group Ltd ($1145) | 78.9% | 235.0% | 37.7% | 50.4% | 9.2% |
| Qinhuangdao Port Co Ltd ($3369) | 47.2% | 57.9% | 35.8% | 46.3% | |
| |
|---|
| Median (29 companies) | 11.8% | 10.3% | 10.4% | 7.4% | 12.9% |
|---|
| Tianjin Binhai Teda Logistics Group Corp Ltd ($8348) | 5.9% | 3.8% | 0.4% | 0.5% | 1.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Changan Minsheng APLL Logistics Co Ltd ($1292) | 34.2% | 21.1% | 20.9% | 19.1% | |
| ASR Logistics Holdings Ltd ($1803) | 79.6% | 54.7% | 38.9% | 13.4% | |
| CIG Yangtze Ports PLC ($8233) | 4.3% | 4.9% | 5.7% | 11.0% | 11.1% |
| Kerry Logistics Network Ltd ($636) | 11.3% | 12.0% | 13.4% | 10.5% | |
| Guangdong Yueyun Transportation Co Ltd-H ($3399) | 8.9% | 5.6% | 7.2% | 9.6% | |
| |
|---|
| Median (29 companies) | 5.0% | 3.3% | 2.8% | 3.7% | 1.0% |
|---|
| Tianjin Binhai Teda Logistics Group Corp Ltd ($8348) | 5.3% | 2.2% | 2.8% | 3.2% | 3.9% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jinhui Holdings Co Ltd ($137) | 2.8x | 5.0x | 4.2x | 17.5x | 19.6x |
| China Shipping Development Co Ltd ($1138) | 7.2x | 20.2x | 92.8x | 12.8x | |
| China COSCO Holdings Co Ltd ($1919) | | | 18.8x | 9.0x | |
| AMS Public Transport Holdings Ltd ($77) | 0.7x | 1.2x | 11.6x | 7.7x | 4.5x |
| Great Harvest Maeta Group Holdings Ltd ($3683) | 2.8x | 2.9x | 9.3x | 5.9x | |
| |
|---|
| Median (22 companies) | 0.5x | 1.2x | 1.5x | 0.8x | 3.7x |
|---|
| Tianjin Binhai Teda Logistics Group Corp Ltd ($8348) | -0.5x | 9.7x | 9.3x | 9.5x | -1.8x |
