Bloomage BioTechnology Corp Ltd CAPEX surged on 125% in 2015 and Revenue jumped on 35.2%
22/03/2016 • About Bloomage BioTechnology Corp Ltd (
$963) • By InTwits
Bloomage BioTechnology Corp Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Bloomage BioTechnology Corp Ltd is a fast growth stock: 2015 revenue growth was 35.2%, 5 year revenue CAGR was 33.5% at 2015 ROIC 17.1%
- Bloomage BioTechnology Corp Ltd has high CAPEX intensity: 5 year average CAPEX/Revenue was 27.8%. At the same time it's a lot of higher than industry average of 5.7%.
- CAPEX is quite volatile: 267 in 2015, 118 in 2014, 114 in 2013, 98.5 in 2012, 14.4 in 2011
- The company has highly profitable business model: ROIC is at 17.1%
- It operates with medium-size leverage: Net Debt/EBITDA is 1.6x while industry average is 1.5x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Bloomage BioTechnology Corp Ltd ($963) key annual financial indicators
| mln. CNY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 206.1 | 275.0 | 375.2 | 481.3 | 650.9 | 35.2% |
| Gross Profit | 150.9 | 190.6 | 299.9 | 375.4 | 487.2 | 29.8% |
| SG&A | 48.4 | 77.3 | 174.7 | 178.8 | 249.0 | 39.3% |
| EBITDA | 115.9 | 128.6 | 146.9 | 217.6 | 287.0 | 31.9% |
| Net Income | 72.6 | 89.3 | 94.4 | 162.1 | 190.4 | 17.5% |
Balance Sheet
|
|---|
| Cash | 188.8 | 120.6 | 133.4 | 172.0 | 396.1 | 130.2% |
| Short Term Debt | 8.5 | 9.2 | 45.9 | 26.5 | 484.4 | 1,728.9% |
| Long Term Debt | 45.7 | 45.6 | 44.7 | 42.9 | 366.9 | 754.3% |
Cash flow
|
|---|
| Capex | 14.4 | 98.5 | 114.1 | 118.4 | 267.0 | 125.4% |
Ratios
|
|---|
| Revenue growth | 34.1% | 33.4% | 36.4% | 28.3% | 35.2% | |
| EBITDA growth | 22.9% | 11.0% | 14.3% | 48.1% | 31.9% | |
| Gross Margin | 73.2% | 69.3% | 79.9% | 78.0% | 74.9% | -3.1% |
| EBITDA Margin | 56.2% | 46.8% | 39.2% | 45.2% | 44.1% | -1.1% |
| Net Income Margin | 35.2% | 32.5% | 25.2% | 33.7% | 29.3% | -4.4% |
| SG&A, % of revenue | 23.5% | 28.1% | 46.6% | 37.1% | 38.3% | 1.1% |
| CAPEX, % of revenue | 7.0% | 35.8% | 30.4% | 24.6% | 41.0% | 16.4% |
| ROIC | 33.7% | 30.1% | 24.1% | 27.2% | 17.1% | -10.1% |
| ROE | 28.3% | 26.8% | 20.1% | 24.6% | 19.6% | -5.0% |
| Net Debt/EBITDA | -1.2x | -0.5x | -0.3x | -0.5x | 1.6x | 2.1x |
Revenue and profitability
The company's Revenue jumped on 35.2% in 2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased slightly on 1.1 pp from 45.2% to 44.1% in 2015.
Gross Margin decreased on 3.1 pp from 78.0% to 74.9% in 2015. SG&A as a % of Revenue increased slightly on 1.1 pp from 37.1% to 38.3% in 2015.
Net Income marign decreased on 4.4 pp from 33.7% to 29.3% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 Bloomage BioTechnology Corp Ltd had CAPEX/Revenue of 41.0%. Bloomage BioTechnology Corp Ltd showed CAPEX/Revenue growth of 5.2 pp from 35.8% in 2012 to 41.0% in 2015. Average CAPEX/Revenue for the last three years was 32.0%.Bloomage BioTechnology Corp Ltd invested a big chunk of EBITDA (93.0%) to CAPEX to secure its growth.
Return on investment
The company operates at good ROIC (17.06%) and ROE (19.58%). ROIC dropped on 10.1 pp from 27.2% to 17.1% in 2015. ROE decreased on 5.0 pp from 24.6% to 19.6% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 1.6x and Debt / EBITDA is 3.0x. Net Debt / EBITDA jumped on 2.1x from -0.5x to 1.6x in 2015. Debt jumped on 1,126% in 2015 while cash jumped on 130% in 2015.
Appendix 1: Peers in Biotechnology
Below we provide Bloomage BioTechnology Corp Ltd benchmarking against other companies in Biotechnology 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 |
|---|
| Essex Bio-technology Ltd ($1061) | | 25.6% | 29.9% | 49.3% | 26.2% |
| Uni-Bio Science Group Ltd ($690) | -48.2% | -25.7% | 46.1% | 23.1% | |
| Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd ($1349) | | 73.7% | 78.9% | 13.2% | 23.1% |
| Amgen Inc ($4332) | | 10.8% | 8.2% | 7.4% | 8.0% |
| CK Life Sciences International Holdings Inc ($775) | | 29.4% | 9.4% | -0.3% | -0.7% |
| |
|---|
| Median (8 companies) | 19.1% | 18.2% | 19.6% | 3.5% | 23.1% |
|---|
| Bloomage BioTechnology Corp Ltd ($963) | | 33.4% | 36.4% | 28.3% | 35.2% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd ($1349) | 82.8% | 89.9% | 92.2% | 92.2% | 91.4% |
| Uni-Bio Science Group Ltd ($690) | 62.1% | 67.2% | 79.5% | 80.0% | |
| Essex Bio-technology Ltd ($1061) | 90.5% | 91.2% | 89.6% | 79.3% | 81.0% |
| Amgen Inc ($4332) | 84.4% | 81.5% | 82.1% | 78.0% | 80.5% |
| CK Life Sciences International Holdings Inc ($775) | 33.6% | 34.2% | 35.0% | 35.1% | 35.4% |
| |
|---|
| Median (8 companies) | 63.2% | 50.7% | 57.3% | 56.5% | 80.5% |
|---|
| Bloomage BioTechnology Corp Ltd ($963) | 73.2% | 69.3% | 79.9% | 78.0% | 74.9% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Amgen Inc ($4332) | 34.5% | 38.6% | 38.3% | 41.3% | 48.8% |
| Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd ($1349) | 35.5% | 33.4% | 29.0% | 31.5% | 29.3% |
| Essex Bio-technology Ltd ($1061) | 18.0% | 19.0% | 21.9% | 21.3% | 22.6% |
| CK Life Sciences International Holdings Inc ($775) | 9.3% | 9.9% | 10.0% | 10.7% | 11.3% |
| Tianjin TEDA Biomedical Engineering Co Ltd ($8189) | 6.0% | 6.9% | 7.4% | 9.1% | |
| |
|---|
| Median (8 companies) | 13.6% | 8.4% | 8.7% | 9.9% | 22.6% |
|---|
| Bloomage BioTechnology Corp Ltd ($963) | 56.2% | 46.8% | 39.2% | 45.2% | 44.1% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Regenerative Medicine International Ltd ($8158) | 1,076.2% | 40,271.9% | 810.7% | 3,305.9% | 1,295.1% |
| Uni-Bio Science Group Ltd ($690) | 5.1% | 23.9% | 28.9% | 35.5% | |
| CK Life Sciences International Holdings Inc ($775) | 5.4% | 3.8% | 5.8% | 9.9% | 6.0% |
| Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd ($1349) | 24.6% | 49.3% | 13.6% | 9.4% | 6.6% |
| Tianjin TEDA Biomedical Engineering Co Ltd ($8189) | 1.8% | 1.6% | 1.4% | 4.8% | |
| |
|---|
| Median (8 companies) | 7.7% | 20.8% | 8.1% | 7.1% | 6.0% |
|---|
| Bloomage BioTechnology Corp Ltd ($963) | 7.0% | 35.8% | 30.4% | 24.6% | 41.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Essex Bio-technology Ltd ($1061) | 24.7% | 22.6% | 25.2% | 28.5% | 31.4% |
| Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd ($1349) | 15.7% | 20.0% | 20.9% | 18.6% | 17.6% |
| Amgen Inc ($4332) | 11.1% | 13.0% | 11.7% | 11.2% | 14.6% |
| Tianjin TEDA Biomedical Engineering Co Ltd ($8189) | 7.5% | 12.4% | 10.1% | 9.8% | |
| CK Life Sciences International Holdings Inc ($775) | 3.0% | 4.2% | 4.1% | 4.3% | 4.8% |
| |
|---|
| Median (8 companies) | 9.3% | 8.3% | 7.1% | 7.0% | 14.6% |
|---|
| Bloomage BioTechnology Corp Ltd ($963) | 33.7% | 30.1% | 24.1% | 27.2% | 17.1% |
Top companies by Net Debt / EBITDA
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| CK Life Sciences International Holdings Inc ($775) | 5.4x | 4.3x | 6.1x | 6.4x | 6.0x |
| Amgen Inc ($4332) | 2.7x | 3.5x | 4.0x | 3.3x | 2.6x |
| Essex Bio-technology Ltd ($1061) | -1.0x | 0.3x | -0.0x | -0.1x | -0.1x |
| Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd ($1349) | -0.7x | -0.4x | -2.4x | -2.2x | -1.9x |
| |
|---|
| Median (4 companies) | 2.1x | 2.7x | 1.4x | 0.9x | 1.2x |
|---|
| Bloomage BioTechnology Corp Ltd ($963) | -1.2x | -0.5x | -0.3x | -0.5x | 1.6x |
