Greatview Aseptic Packaging Co Ltd CAPEX dropped on 24.1% in 2015 and Revenue decreased slightly on 0.57%
29/03/2016 • About Greatview Aseptic Packaging Co Ltd (
$468) • By InTwits
Greatview Aseptic Packaging Co Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Greatview Aseptic Packaging Co Ltd has high CAPEX intensity: 5 year average CAPEX/Revenue was 13.8%. At the same time it's in pair with industry average of 12.8%.
- CAPEX is quite volatile: 122 in 2015, 161 in 2014, 208 in 2013, 275 in 2012, 485 in 2011
- The company has highly profitable business model: ROIC is at 17.7%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Greatview Aseptic Packaging Co Ltd ($468) key annual financial indicators
| mln. CNY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,574 | 1,744 | 2,160 | 2,232 | 2,219 | -0.6% |
| Gross Profit | 475 | 550 | 579 | 545 | 618 | 13.2% |
| SG&A | 173 | 190 | 214 | 205 | 226 | 10.3% |
| EBITDA | 379 | 452 | 498 | 482 | 519 | 7.8% |
| Net Income | 263 | 315 | 317 | 280 | 317 | 13.2% |
Balance Sheet
|
|---|
| Cash | 254 | 295 | 295 | 490 | 268 | -45.3% |
| Short Term Debt | 172 | 150 | 177 | 336 | 87 | -74.0% |
| Long Term Debt | 33 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 485 | 275 | 208 | 161 | 122 | -24.1% |
Ratios
|
|---|
| Revenue growth | 35.7% | 10.8% | 23.8% | 3.3% | -0.6% | |
| EBITDA growth | 34.2% | 19.1% | 10.3% | -3.4% | 7.8% | |
| Gross Margin | 30.2% | 31.6% | 26.8% | 24.4% | 27.8% | 3.4% |
| EBITDA Margin | 24.1% | 25.9% | 23.1% | 21.6% | 23.4% | 1.8% |
| Net Income Margin | 16.7% | 18.1% | 14.7% | 12.5% | 14.3% | 1.7% |
| SG&A, % of revenue | 11.0% | 10.9% | 9.9% | 9.2% | 10.2% | 1.0% |
| CAPEX, % of revenue | 30.8% | 15.8% | 9.6% | 7.2% | 5.5% | -1.7% |
| ROIC | 19.6% | 20.2% | 18.9% | 15.7% | 17.7% | 2.0% |
| ROE | 17.4% | 18.0% | 16.0% | 13.2% | 14.6% | 1.4% |
| Net Debt/EBITDA | -0.1x | -0.3x | -0.2x | -0.3x | -0.3x | -0.0x |
Revenue and profitability
The company's Revenue decreased slightly on 0.57% in 2015. Revenue decline happened at the same time with EBITDA margin expansion. EBITDA Margin increased slightly on 1.8 pp from 21.6% to 23.4% in 2015.
Gross Margin increased on 3.4 pp from 24.4% to 27.8% in 2015. SG&A as a % of Revenue increased slightly on 1.0 pp from 9.2% to 10.2% in 2015.
Net Income marign increased slightly on 1.7 pp from 12.5% to 14.3% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 the company had CAPEX/Revenue of 5.5%. The company's CAPEX/Revenue dropped on 10.3 pp from 15.8% in 2012 to 5.5% in 2015. It's average level of CAPEX/Revenue for the last three years was 7.5%.
Return on investment
The company operates at good ROIC (17.69%) and ROE (14.56%). ROIC increased on 2.0 pp from 15.7% to 17.7% in 2015. ROE increased slightly on 1.4 pp from 13.2% to 14.6% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is -0.3x and Debt / EBITDA is 0.2x. Net Debt / EBITDA decreased on 0.029x from -0.3x to -0.3x in 2015. Debt dropped on 74.0% in 2015 while cash dropped on 45.3% in 2015.
Appendix 1: Peers in Packaging&Containers
Below you can find Greatview Aseptic Packaging Co Ltd benchmarking vs. other companies in Packaging&Containers 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 |
|---|
| Overseas Chinese Town Asia Holdings Ltd ($3366) | | 34.9% | 17.5% | -6.5% | 69.5% |
| Hao Tian Development Group Ltd ($474) | | 14.8% | | | 51.0% |
| Jin Cai Holdings Co Ltd ($1250) | | 2.1% | -6.3% | -3.1% | 40.8% |
| Huaxi Holdings Co Ltd ($1689) | | 25.3% | 5.0% | -5.1% | 12.5% |
| Huajun Holdings Ltd ($377) | | 11.2% | 3.3% | 3.4% | 10.4% |
| |
|---|
| Median (16 companies) | 19.6% | 3.6% | 5.0% | 0.7% | 3.9% |
|---|
| Greatview Aseptic Packaging Co Ltd ($468) | | 10.8% | 23.8% | 3.3% | -0.6% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jin Cai Holdings Co Ltd ($1250) | 39.6% | 36.6% | 39.1% | 37.7% | 44.7% |
| Huaxi Holdings Co Ltd ($1689) | 13.1% | 19.0% | 28.2% | 40.9% | 37.5% |
| China For You Group Co Ltd ($572) | 18.7% | 12.4% | | 34.6% | 31.9% |
| Overseas Chinese Town Asia Holdings Ltd ($3366) | 30.2% | 34.3% | 36.5% | 32.8% | 31.4% |
| Come Sure Group Holdings Ltd ($794) | 17.7% | 17.5% | 20.7% | 22.3% | 22.4% |
| |
|---|
| Median (15 companies) | 18.5% | 19.0% | 19.8% | 21.7% | 20.3% |
|---|
| Greatview Aseptic Packaging Co Ltd ($468) | 30.2% | 31.6% | 26.8% | 24.4% | 27.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Huaxi Holdings Co Ltd ($1689) | 7.8% | 14.5% | 21.2% | 27.1% | 29.1% |
| Overseas Chinese Town Asia Holdings Ltd ($3366) | 25.5% | 27.9% | 30.7% | 27.4% | 26.3% |
| Lee & Man Paper Manufacturing Ltd ($2314) | 19.3% | 14.6% | 17.2% | 18.7% | 21.6% |
| Jin Cai Holdings Co Ltd ($1250) | 35.7% | 33.2% | 26.1% | 27.6% | 19.8% |
| CPMC Holdings Ltd ($906) | 10.8% | 11.9% | 13.7% | 13.2% | 13.3% |
| |
|---|
| Median (16 companies) | 10.8% | 11.9% | 13.8% | 12.2% | 8.5% |
|---|
| Greatview Aseptic Packaging Co Ltd ($468) | 24.1% | 25.9% | 23.1% | 21.6% | 23.4% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jin Cai Holdings Co Ltd ($1250) | 0.0% | 0.0% | 0.0% | 3.0% | 122.3% |
| Hao Tian Development Group Ltd ($474) | 88.2% | 81.6% | | 13.0% | 25.4% |
| Lee & Man Paper Manufacturing Ltd ($2314) | 13.5% | 19.7% | 13.7% | 13.1% | 17.1% |
| CPMC Holdings Ltd ($906) | 13.7% | 16.7% | 19.7% | 8.6% | 9.2% |
| Huajun Holdings Ltd ($377) | 5.6% | 18.4% | 4.0% | 4.1% | 7.2% |
| |
|---|
| Median (16 companies) | 5.6% | 5.2% | 4.4% | 4.1% | 5.4% |
|---|
| Greatview Aseptic Packaging Co Ltd ($468) | 30.8% | 15.8% | 9.6% | 7.2% | 5.5% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Huaxi Holdings Co Ltd ($1689) | | 21.4% | 28.5% | 26.2% | 23.6% |
| Lee & Man Paper Manufacturing Ltd ($2314) | 11.3% | 7.2% | 8.7% | 8.0% | 9.2% |
| Overseas Chinese Town Asia Holdings Ltd ($3366) | 13.3% | 8.1% | 6.4% | 4.9% | 8.0% |
| Zhengye International Holdings Co Ltd ($3363) | 10.0% | 7.7% | 6.2% | 5.4% | 6.8% |
| CPMC Holdings Ltd ($906) | 8.9% | 8.3% | 8.7% | 7.3% | 6.0% |
| |
|---|
| Median (16 companies) | 10.0% | 7.7% | 6.4% | 5.4% | 3.9% |
|---|
| Greatview Aseptic Packaging Co Ltd ($468) | 19.6% | 20.2% | 18.9% | 15.7% | 17.7% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Zhengye International Holdings Co Ltd ($3363) | 4.0x | 6.2x | 6.4x | 7.8x | 5.5x |
| Overseas Chinese Town Asia Holdings Ltd ($3366) | 0.7x | 9.4x | 6.7x | 7.4x | 4.4x |
| Sino Haijing Holdings Ltd ($1106) | 4.7x | 6.4x | 6.1x | 6.2x | 10.1x |
| Come Sure Group Holdings Ltd ($794) | -1.1x | 3.6x | 4.1x | 3.8x | 3.4x |
| Lee & Man Paper Manufacturing Ltd ($2314) | 2.5x | 4.1x | 3.5x | 3.4x | 3.0x |
| |
|---|
| Median (18 companies) | 0.9x | 1.2x | 0.9x | 0.7x | 3.0x |
|---|
| Greatview Aseptic Packaging Co Ltd ($468) | -0.1x | -0.3x | -0.2x | -0.3x | -0.3x |
