Samson Holding Ltd EBITDA dropped on 43.4% in 2015 and EBITDA Margin decreased on 4.3 pp from 9.4% to 5.1%
23/03/2016 • About Samson Holding Ltd (
$531) • By InTwits
Samson Holding Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Samson Holding Ltd doesn't have a profitable business model yet: 2015 ROIC is 1.5%
- Samson Holding Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.1%. At the same time it's a lot of higher than industry average of 25.6%.
- CAPEX is quite volatile: 10.9 in 2015, 13.6 in 2014, 8.9 in 2013, 4.1 in 2012, 7.7 in 2011
- The company has potentially unprofitable business model: ROIC is at 1.5%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Samson Holding Ltd ($531) key annual financial indicators
| mln. $ | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 423.4 | 422.8 | 408.8 | 415.8 | 435.1 | 4.7% |
| Gross Profit | 105.4 | 108.2 | 104.0 | 113.7 | 119.0 | 4.6% |
| SG&A | | 97.6 | 97.2 | 74.9 | 78.2 | 4.4% |
| EBITDA | 26.3 | 31.7 | 27.0 | 39.0 | 22.1 | -43.4% |
| Net Income | 1.7 | 18.9 | 15.9 | 17.5 | 2.8 | -83.8% |
Balance Sheet
|
|---|
| Cash | 315.2 | 99.5 | 109.9 | 241.7 | 126.8 | -47.5% |
| Short Term Debt | 80.1 | 98.1 | 100.1 | 203.9 | 106.3 | -47.8% |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 5.0 | 4.6 | -8.5% |
Cash flow
|
|---|
| Capex | 7.7 | 4.1 | 8.9 | 13.6 | 10.9 | -19.8% |
Ratios
|
|---|
| Revenue growth | -5.3% | -0.2% | -3.3% | 1.7% | 4.7% | |
| EBITDA growth | -51.8% | 20.6% | -14.8% | 44.4% | -43.4% | |
| Gross Margin | 24.9% | 25.6% | 25.4% | 27.3% | 27.3% | -0.0% |
| EBITDA Margin | 6.2% | 7.5% | 6.6% | 9.4% | 5.1% | -4.3% |
| Net Income Margin | 0.4% | 4.5% | 3.9% | 4.2% | 0.7% | -3.6% |
| SG&A, % of revenue | | 23.1% | 23.8% | 18.0% | 18.0% | -0.0% |
| CAPEX, % of revenue | 1.8% | 1.0% | 2.2% | 3.3% | 2.5% | -0.8% |
| ROIC | 1.3% | 2.3% | 1.8% | 3.9% | 1.5% | -2.4% |
| ROE | 0.3% | 3.4% | 3.0% | 3.5% | 0.6% | -2.8% |
| Net Debt/EBITDA | -8.9x | -0.0x | -0.4x | -0.8x | -0.7x | 0.1x |
Revenue and profitability
The company's Revenue increased on 4.7% in 2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased on 4.3 pp from 9.4% to 5.1% 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 decreased on 3.6 pp from 4.2% to 0.65% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 the company had CAPEX/Revenue of 2.5%. CAPEX/Revenue increased slightly on 1.6 pp from 0.96% in 2012 to 2.5% in 2015. For the last three years the average CAPEX/Revenue was 2.7%.
Return on investment
The company operates at low ROIC (1.48%) and ROE (0.62%). ROIC decreased on 2.4 pp from 3.9% to 1.5% in 2015. ROE decreased on 2.8 pp from 3.5% to 0.62% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is -0.7x and Debt / EBITDA is 5.0x. Net Debt / EBITDA surged on 0.1x from -0.8x to -0.7x in 2015. Debt dropped on 46.9% in 2015 while cash dropped on 47.5% in 2015.
Appendix 1: Peers in Home Furnishings
Below you can find Samson Holding Ltd benchmarking vs. other companies in Home Furnishings 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 |
|---|
| Jiu Rong Holdings Ltd ($2358) | | | 136.9% | 438.7% | |
| See Corp Ltd ($491) | | 13.7% | -31.9% | 134.1% | 126.9% |
| BEP International Holdings Ltd ($2326) | | 44.7% | -41.5% | 46.2% | 187.9% |
| Aupu Group Holding Co Ltd ($477) | | 5.7% | 9.0% | 26.4% | 18.5% |
| Alco Holdings Ltd ($328) | | -10.2% | -32.6% | 22.8% | 11.8% |
| |
|---|
| Median (26 companies) | 13.4% | 2.3% | 7.8% | 2.5% | 1.5% |
|---|
| Samson Holding Ltd ($531) | | -0.2% | -3.3% | 1.7% | 4.7% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Aupu Group Holding Co Ltd ($477) | 47.1% | 48.6% | 45.0% | 47.8% | 48.7% |
| South East Group Ltd ($726) | 36.2% | 25.5% | 51.6% | 38.8% | 82.4% |
| Grande Holdings Ltd/The ($186) | 19.9% | 23.7% | 25.4% | 29.0% | |
| Gold Peak Industries Holding Ltd ($40) | 26.8% | 25.8% | 23.6% | 24.9% | 25.6% |
| Hing Lee HK Holdings Ltd ($396) | 23.1% | 16.3% | 18.7% | 22.7% | |
| |
|---|
| Median (26 companies) | 16.4% | 17.3% | 16.8% | 15.9% | 15.5% |
|---|
| Samson Holding Ltd ($531) | 24.9% | 25.6% | 25.4% | 27.3% | 27.3% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| See Corp Ltd ($491) | -58.7% | -38.4% | -59.5% | 32.0% | -35.6% |
| Aupu Group Holding Co Ltd ($477) | 18.1% | 15.3% | 17.6% | 30.1% | 27.0% |
| Welling Holding Ltd ($382) | 8.6% | 11.9% | 12.8% | 10.8% | 8.6% |
| Hing Lee HK Holdings Ltd ($396) | 9.3% | -3.0% | 4.3% | 9.4% | |
| Mastercraft International Holdings Ltd ($8146) | 7.6% | 7.4% | 8.2% | 8.5% | |
| |
|---|
| Median (26 companies) | 5.9% | 4.9% | 4.5% | 4.5% | 4.7% |
|---|
| Samson Holding Ltd ($531) | 6.2% | 7.5% | 6.6% | 9.4% | 5.1% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Royale Furniture Holdings Ltd ($1198) | 35.8% | | 14.1% | 16.5% | |
| Sunrise China Technology Group Ltd ($8226) | 7.9% | 126.4% | 69.3% | 7.4% | 14.1% |
| Aupu Group Holding Co Ltd ($477) | 1.9% | 1.5% | 6.3% | 5.3% | 5.7% |
| Alco Holdings Ltd ($328) | 5.1% | 0.8% | 1.4% | 5.2% | 1.3% |
| Skyworth Digital Holdings Ltd ($751) | 2.2% | 3.0% | 2.9% | 4.9% | 2.9% |
| |
|---|
| Median (26 companies) | 1.8% | 1.5% | 1.9% | 2.7% | 2.7% |
|---|
| Samson Holding Ltd ($531) | 1.8% | 1.0% | 2.2% | 3.3% | 2.5% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Mastercraft International Holdings Ltd ($8146) | 76.2% | 54.4% | 38.6% | 36.4% | |
| Aupu Group Holding Co Ltd ($477) | 18.0% | 14.8% | 17.0% | 32.2% | 32.2% |
| Haier Electronics Group Co Ltd ($1169) | 45.3% | 37.5% | 32.8% | 20.8% | 5.9% |
| Welling Holding Ltd ($382) | 29.4% | 23.5% | 24.3% | 18.7% | 10.7% |
| Tonly Electronics Holdings Ltd ($1249) | 7.0% | 4.2% | 7.1% | 15.9% | 11.7% |
| |
|---|
| Median (26 companies) | 7.0% | 4.2% | 4.7% | 4.0% | 4.7% |
|---|
| Samson Holding Ltd ($531) | 1.3% | 2.3% | 1.8% | 3.9% | 1.5% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kasen International Holdings Ltd ($496) | 9.6x | 2.2x | 3.7x | 44.9x | |
| Chigo Holding Ltd ($449) | 27.0x | 12.3x | 11.8x | 14.5x | |
| Gold Peak Industries Holding Ltd ($40) | 5.6x | 10.2x | 3.4x | 3.6x | 2.8x |
| Skyworth Digital Holdings Ltd ($751) | 1.1x | 1.2x | 1.5x | 1.2x | -0.2x |
| Hisense Kelon Electrical Holdings Co Ltd ($921) | 3.3x | 1.2x | 0.9x | 1.0x | |
| |
|---|
| Median (19 companies) | 0.2x | -0.3x | -1.1x | -1.9x | -2.7x |
|---|
| Samson Holding Ltd ($531) | -8.9x | -0.0x | -0.4x | -0.8x | -0.7x |
