Bloomage BioTechnology Corp Ltd demonstrates profitable growth
29/03/2016 • About Bloomage BioTechnology Corp Ltd (
$963) • By InTwits
Have you thought about Bloomage BioTechnology Corp Ltd as a growth stock? It showed noticeble revenue performance in the last years among with attractive profitability and financial model.
Growth story
Bloomage BioTechnology Corp Ltd showed growth in the last financial year. The company's revenue surged on 35.2% in FY2015. The growth also happened in EBITDA of 31.9% for the same period.
In the longer period Bloomage BioTechnology Corp Ltd showed fast revenue growth of 33.3% from 2012 to 2015 annualy. EBITDA surged on 30.7% from 2012 to 2015 annualy.
Bloomage BioTechnology Corp Ltd ($963) financials for the last 5 years
| mln. CNY | 2011 | 2012 | 2013 | 2014 | 2015 |
|---|
| Revenue | 206 | 275 | 375 | 481 | 651 |
|---|
| Revenue growth, % | | 33.4% | 36.4% | 28.3% | 35.2% |
|---|
| Gross margin, % | 73.2% | 69.3% | 79.9% | 78.0% | 74.9% |
|---|
| SG&A, % | 23.5% | 28.1% | 46.6% | 37.1% | 38.3% |
|---|
| EBITDA | 116 | 129 | 147 | 218 | 287 |
|---|
| EBITDA growth, % | | 11.0% | 14.3% | 48.1% | 31.9% |
|---|
| EBITDA margin, % | 56.2% | 46.8% | 39.2% | 45.2% | 44.1% |
|---|
| Net Income | 73 | 89 | 94 | 162 | 190 |
|---|
| Net Income margin, % | 35.2% | 32.5% | 25.2% | 33.7% | 29.3% |
|---|
| |
| CAPEX | 14 | 98 | 114 | 118 | 267 |
|---|
| CAPEX/Revenue, % | 6.98% | 35.8% | 30.4% | 24.6% | 41.0% |
|---|
| Debt | 54 | 55 | 91 | 69 | 851 |
|---|
| Cash | 189 | 121 | 133 | 172 | 396 |
|---|
| Net Debt/EBITDA | -1.2x | -0.5x | -0.3x | -0.5x | 1.6x |
|---|
| |
| ROIC, % | 33.7% | 30.1% | 24.1% | 27.2% | 17.1% |
|---|
| ROE, % | 28.3% | 26.8% | 20.1% | 24.6% | 19.6% |
|---|
Profitability and return on investment
EBITDA growth was partly attributed to margin expansion. If we look for the longer period the company's EBITDA margin decreased on 2.70 pp from 46.8% in 2012 to 44.1% in 2015.
We call Bloomage BioTechnology Corp Ltd an attractive growth stock as together with the growth it delivers high ROIC at 17.1%. During the last three years it dropped - it was 30.1% in FY2012. It's average ROIC for the last three years was 22.8%.
The company's Net Income margin dropped on 4.40 pp from 33.7% to 29.3% in 2015. In the longer period Bloomage BioTechnology Corp Ltd's Net Income margin decreased on 3.20 pp from 32.5% in 2012 to 29.3% in 2015.
Bloomage BioTechnology Corp Ltd operates at ROE of 19.6%. It's average ROE for the last three years was 21.4%.
Capital expenditures (CAPEX)
To fuel this fast growth Bloomage BioTechnology Corp Ltd had to invest in CAPEX.In FY2015 the company had CAPEX/Revenue of 41.0%. Bloomage BioTechnology Corp Ltd showed fast CAPEX/Revenue growth of 5.20 pp from 35.8% in 2012 to 41.0% in 2015. Average CAPEX/Revenue for the last three years was 32.0%.
Leverage (Debt)
Having such a fast growth profile the company keeps medium debt level at 1.6x Net Debt/EBITDA. In the last 3 years leverage surged on 2.10x from -0.51x in 2012 to 1.59x in 2015.
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, %
| FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Top 5 |
|---|
| 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, %
| FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Top 5 |
|---|
| 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, %
| FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Top 5 |
|---|
| 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, %
| FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Top 5 |
|---|
| 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, %
| FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Top 5 |
|---|
| 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
| FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Top |
|---|
| 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 |
