Samsonite International SA reports 6.1% Net Income growth and 3.5% Revenue growth
17/03/2016 • About Samsonite International SA (
$1910) • By InTwits
Samsonite International SA reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is relatively stable: 15.1% in 2015 vs. 14.9% in 2014 vs. 15.9% in 2011
- Samsonite International SA has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.6%. At the same time it's in pair with industry average of 20.5%.
- CAPEX is quite volatile: 18.5 in 2015, 10.4 in 2014, 23.3 in 2013, 51.9 in 2012, 22.3 in 2011
- The company has highly profitable business model: ROIC is at 20.3%
- It operates with high leverage: Net Debt/EBITDA is -0.3x while industry average is -2.8x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Samsonite International SA ($1910) key annual financial indicators
| mln. $ | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,565 | 1,772 | 2,038 | 2,351 | 2,432 | 3.5% |
| Gross Profit | 857 | 951 | 1,088 | 1,244 | 1,279 | 2.8% |
| SG&A | 647 | 705 | 803 | 922 | 952 | 3.3% |
| EBITDA | 248 | 282 | 326 | 351 | 368 | 5.0% |
| Net Income | 87 | 148 | 176 | 186 | 198 | 6.1% |
Balance Sheet
|
|---|
| Cash | 141 | 151 | 225 | 140 | 181 | 28.8% |
| Short Term Debt | 12 | 32 | 14 | 65 | 63 | -3.7% |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | 216.7% |
Cash flow
|
|---|
| Capex | 37 | 38 | 57 | 70 | 68 | -1.7% |
Ratios
|
|---|
| Revenue growth | 28.8% | 13.2% | 15.0% | 15.4% | 3.5% | |
| EBITDA growth | -56.0% | 13.5% | 15.8% | 7.5% | 5.0% | |
| Gross Margin | 54.8% | 53.7% | 53.4% | 52.9% | 52.6% | -0.3% |
| EBITDA Margin | 15.9% | 15.9% | 16.0% | 14.9% | 15.1% | 0.2% |
| Net Income Margin | 5.5% | 8.4% | 8.6% | 7.9% | 8.1% | 0.2% |
| SG&A, % of revenue | 41.4% | 39.8% | 39.4% | 39.2% | 39.1% | -0.1% |
| CAPEX, % of revenue | 2.4% | 2.1% | 2.8% | 3.0% | 2.8% | -0.1% |
| ROIC | 18.5% | 20.8% | 21.8% | 21.1% | 20.3% | -0.8% |
| ROE | 10.5% | 15.1% | 15.7% | 15.1% | 15.0% | -0.1% |
| Net Debt/EBITDA | -0.5x | -0.4x | -0.6x | -0.2x | -0.3x | -0.1x |
Revenue and profitability
Samsonite International SA's Revenue increased on 3.5% in 2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 6.1 pp from 28.8% to 22.7% 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
Samsonite International SA's CAPEX/Revenue was 2.8% in 2015. Samsonite International SA's CAPEX/Revenue increased slightly on 0.67 pp from 2.1% in 2012 to 2.8% in 2015. For the last three years the average CAPEX/Revenue was 2.9%.
Return on investment
The company operates at high and attractive ROIC (20.26%) while ROE is a bit lower (15.03%). ROIC decreased slightly on 0.80 pp from 21.1% to 20.3% in 2015. ROE showed almost no change in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is -0.3x and Debt / EBITDA is 0.2x. Net Debt / EBITDA dropped on 0.1x from -0.2x to -0.3x in 2015. Debt decreased on 3.6% in 2015 while cash jumped on 28.8% in 2015.
Management team
Samsonite International SA's CEO Ramesh Dungarmal Tainwala has spent 4 years at the company. Samsonite International SA's CFO is Kyle Francis Gendreau. Kyle Francis Gendreau has 9 years tenure at the company.
Appendix 1: Peers in Household Products/Wares
Below you can find Samsonite International SA benchmarking vs. other companies in Household Products/Wares 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 |
|---|
| Lisi Group Holdings Ltd ($526) | | 2.5% | -23.5% | 160.0% | 47.9% |
| Goodbaby International Holdings Ltd ($1086) | 5.9% | 15.5% | -8.0% | 46.0% | |
| Tempus Holdings Ltd ($6880) | | 17.3% | 5.5% | 31.1% | 14.7% |
| eForce Holdings Ltd ($943) | -3.2% | 9.1% | 11.0% | 11.3% | |
| Carpenter Tan Holdings Ltd ($837) | 28.8% | 11.5% | 3.3% | 6.2% | |
| |
|---|
| Median (8 companies) | 5.9% | 10.3% | 3.5% | 8.7% | 14.7% |
|---|
| Samsonite International SA ($1910) | | 13.2% | 15.0% | 15.4% | 3.5% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Carpenter Tan Holdings Ltd ($837) | 68.4% | 66.9% | 67.0% | 65.8% | |
| Tempus Holdings Ltd ($6880) | 71.5% | 68.4% | 64.8% | 64.6% | 65.5% |
| Biostime International Holdings Ltd ($1112) | 66.5% | 65.9% | 65.2% | 61.9% | |
| eForce Holdings Ltd ($943) | 14.0% | 21.2% | 24.3% | 25.6% | |
| Goodbaby International Holdings Ltd ($1086) | 17.1% | 19.1% | 22.9% | 25.0% | |
| |
|---|
| Median (8 companies) | 21.5% | 23.1% | 23.6% | 25.3% | 22.5% |
|---|
| Samsonite International SA ($1910) | 54.8% | 53.7% | 53.4% | 52.9% | 52.6% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Carpenter Tan Holdings Ltd ($837) | 52.8% | 49.0% | 48.1% | 48.6% | |
| Biostime International Holdings Ltd ($1112) | 30.0% | 30.4% | 27.6% | 24.3% | |
| Lerado Group Holding Co Ltd ($1225) | 6.6% | 8.6% | 25.2% | 20.9% | |
| Goodbaby International Holdings Ltd ($1086) | 5.8% | 7.1% | 7.4% | 4.9% | |
| Lisi Group Holdings Ltd ($526) | 11.7% | 11.8% | -0.3% | 4.4% | 10.0% |
| |
|---|
| Median (8 companies) | 13.1% | 10.8% | 7.3% | 4.7% | 5.2% |
|---|
| Samsonite International SA ($1910) | 15.9% | 15.9% | 16.0% | 14.9% | 15.1% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Lerado Group Holding Co Ltd ($1225) | 4.3% | 3.0% | 75.4% | 18.8% | |
| Lisi Group Holdings Ltd ($526) | 7.9% | 7.1% | 11.3% | 6.1% | 13.1% |
| Biostime International Holdings Ltd ($1112) | 1.8% | 1.2% | 3.0% | 2.8% | |
| Tempus Holdings Ltd ($6880) | 1.0% | 0.9% | 4.0% | 2.8% | 2.4% |
| Goodbaby International Holdings Ltd ($1086) | 3.9% | 2.9% | 2.8% | 2.6% | |
| |
|---|
| Median (8 companies) | 3.0% | 2.1% | 2.9% | 2.7% | 2.4% |
|---|
| Samsonite International SA ($1910) | 2.4% | 2.1% | 2.8% | 3.0% | 2.8% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Biostime International Holdings Ltd ($1112) | 34.3% | 41.7% | 39.9% | 24.7% | |
| Carpenter Tan Holdings Ltd ($837) | 35.2% | 30.3% | 24.6% | 20.7% | |
| Goodbaby International Holdings Ltd ($1086) | 7.3% | 10.7% | 8.8% | 3.9% | |
| Tempus Holdings Ltd ($6880) | 34.9% | 18.2% | 1.3% | 2.5% | 4.2% |
| Lisi Group Holdings Ltd ($526) | 8.0% | 6.4% | -4.7% | 0.1% | 1.8% |
| |
|---|
| Median (8 companies) | 13.5% | 10.7% | 4.0% | 1.3% | 1.8% |
|---|
| Samsonite International SA ($1910) | 18.5% | 20.8% | 21.8% | 21.1% | 20.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Lisi Group Holdings Ltd ($526) | 2.9x | 3.4x | | 36.8x | 9.6x |
| Goodbaby International Holdings Ltd ($1086) | -2.0x | -1.3x | -0.5x | 5.9x | |
| Biostime International Holdings Ltd ($1112) | -2.3x | -0.4x | -0.0x | -0.0x | |
| Carpenter Tan Holdings Ltd ($837) | -1.9x | -2.5x | -2.1x | -0.9x | |
| Tempus Holdings Ltd ($6880) | -2.0x | -5.2x | -25.8x | -14.3x | -9.6x |
| |
|---|
| Median (6 companies) | -1.9x | -0.8x | -0.9x | -0.4x | -2.4x |
|---|
| Samsonite International SA ($1910) | -0.5x | -0.4x | -0.6x | -0.2x | -0.3x |
