Eyang Holdings Group Co Ltd EBITDA surged on 1,136% in 2015 and Revenue surged on 11.0%
30/03/2016 • About Eyang Holdings Group Co Ltd (
$117) • By InTwits
Eyang Holdings Group Co Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Eyang Holdings Group Co Ltd doesn't have a profitable business model yet: 2015 ROIC is -0.6%
- EBITDA Margin is quite volatile: 6.9% in 2015, 0.6% in 2014, 7.6% in 2013, 7.2% in 2012, 9.7% in 2011
- Eyang Holdings Group Co Ltd has medium CAPEX intensity: 5 year average CAPEX/Revenue was 5.5%. At the same time it's a lot of higher than industry average of 13.1%.
- CAPEX is quite volatile: 18.6 in 2015, 25.2 in 2014, 10.3 in 2013, 14.1 in 2012, 62.9 in 2011
- The company has unprofitable business model: ROIC is at -0.6%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Eyang Holdings Group Co Ltd ($117) key annual financial indicators
| mln. | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 481.4 | 414.1 | 513.2 | 466.6 | 517.9 | 11.0% |
| Gross Profit | 64.1 | 60.5 | 84.0 | 35.4 | 67.0 | 89.4% |
| SG&A | | 51.8 | 58.4 | 63.7 | 65.9 | 3.4% |
| EBITDA | 46.7 | 30.0 | 39.1 | 2.9 | 35.9 | 1,135.9% |
| Net Income | 14.6 | -8.2 | -5.4 | -46.9 | -33.0 | -29.7% |
Balance Sheet
|
|---|
| Cash | 65.9 | 48.0 | 53.9 | 27.7 | 464.6 | 1,574.6% |
| Short Term Debt | 261.6 | 146.0 | 197.4 | 79.9 | 88.6 | 10.9% |
| Long Term Debt | 0.0 | | 0.0 | 0.0 | 345.7 | |
Cash flow
|
|---|
| Capex | 62.9 | 14.1 | 10.3 | 25.2 | 18.6 | -26.3% |
Ratios
|
|---|
| Revenue growth | 21.5% | -14.0% | 23.9% | -9.1% | 11.0% | |
| EBITDA growth | -37.9% | -35.8% | 30.5% | -92.6% | 1,135.9% | |
| Gross Margin | 13.3% | 14.6% | 16.4% | 7.6% | 12.9% | 5.4% |
| EBITDA Margin | 9.7% | 7.2% | 7.6% | 0.6% | 6.9% | 6.3% |
| Net Income Margin | 3.0% | -2.0% | -1.0% | -10.0% | -6.4% | 3.7% |
| SG&A, % of revenue | | 12.5% | 11.4% | 13.6% | 12.7% | -0.9% |
| CAPEX, % of revenue | 13.1% | 3.4% | 2.0% | 5.4% | 3.6% | -1.8% |
| ROIC | 2.6% | | | -7.9% | -0.6% | 7.3% |
| ROE | 3.3% | -1.8% | -1.2% | -11.2% | -7.9% | 3.3% |
| Net Debt/EBITDA | 4.2x | 3.3x | 3.7x | 17.9x | -0.8x | -18.8x |
Revenue and profitability
Eyang Holdings Group Co Ltd's Revenue surged on 11.0% in 2015. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased on 6.3 pp from 0.62% to 6.9% in 2015.
Gross Margin increased on 5.4 pp from 7.6% to 12.9% in 2015. SG&A as a % of Revenue decreased slightly on 0.93 pp from 13.6% to 12.7% in 2015.
Net Income marign increased on 3.7 pp from -10.0% to -6.4% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 the company had CAPEX/Revenue of 3.6%. CAPEX/Revenue showed almost no change from 2012 to 2015. It's average CAPEX/Revenue for the last three years was 3.7%.Eyang Holdings Group Co Ltd invested a big chunk of EBITDA (51.6%) to CAPEX to fuel its growth.
Return on investment
The company operates at negative ROIC (-0.55%) and ROE (-7.88%). ROIC increased on 7.3 pp from -7.9% to -0.55% in 2015. ROE increased on 3.3 pp from -11.2% to -7.9% in 2015.
Leverage (Debt)
Debt level is -0.8x Net Debt / EBITDA and 12.1x Debt / EBITDA. Net Debt / EBITDA dropped on 18.8x from 17.9x to -0.8x in 2015. Debt surged on 443% in 2015 while cash jumped on 1,575% in 2015.
Appendix 1: Peers in Electronics
Below you can find Eyang Holdings Group Co Ltd benchmarking vs. other companies in Electronics 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 |
|---|
| GCL New Energy Holdings Ltd ($451) | | 14.7% | -6.8% | 10.9% | 53.9% |
| Tech Pro Technology Development Ltd ($3823) | | 7.4% | -44.9% | -13.7% | 52.4% |
| Nanjing Sample Technology Co Ltd ($1708) | | 36.1% | 8.0% | 15.4% | 34.8% |
| AAC Technologies Holdings Inc ($2018) | | 54.8% | 28.9% | 9.7% | 32.2% |
| Ningbo Wanhao Holdings Co Ltd ($8249) | | 5.7% | 412.4% | -6.9% | 28.9% |
| |
|---|
| Median (45 companies) | 4.0% | 1.0% | 3.6% | 7.2% | 0.9% |
|---|
| Eyang Holdings Group Co Ltd ($117) | | -14.0% | 23.9% | -9.1% | 11.0% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Advanced Card Systems Holdings Ltd ($8210) | 51.4% | 54.0% | 58.1% | 49.5% | 49.6% |
| AAC Technologies Holdings Inc ($2018) | 44.0% | 44.2% | 42.7% | 41.4% | 41.5% |
| TeleEye Holdings Ltd ($8051) | 51.6% | 44.0% | 42.1% | 38.5% | 37.0% |
| Hi Sun Technology China Ltd ($818) | 20.8% | 28.1% | 37.4% | 33.3% | 34.7% |
| Datronix Holdings Ltd ($889) | 41.3% | 32.9% | 32.0% | 34.1% | 34.6% |
| |
|---|
| Median (43 companies) | 13.6% | 13.6% | 13.8% | 14.1% | 16.6% |
|---|
| Eyang Holdings Group Co Ltd ($117) | 13.3% | 14.6% | 16.4% | 7.6% | 12.9% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| AAC Technologies Holdings Inc ($2018) | 35.2% | 35.8% | 35.8% | 34.9% | 34.8% |
| GCL New Energy Holdings Ltd ($451) | 12.1% | 10.8% | 11.1% | 12.6% | 33.0% |
| Daiwa Associate Holdings ($1037) | 1.6% | 2.4% | 3.8% | 2.8% | 25.6% |
| Wasion Group Holdings Ltd ($3393) | 18.9% | 18.8% | 21.2% | 22.0% | 19.3% |
| Tongda Group Holdings Ltd ($698) | 15.3% | 17.1% | 16.8% | 18.4% | 18.9% |
| |
|---|
| Median (45 companies) | 9.0% | 6.6% | 6.0% | 5.4% | 5.5% |
|---|
| Eyang Holdings Group Co Ltd ($117) | 9.7% | 7.2% | 7.6% | 0.6% | 6.9% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| GCL New Energy Holdings Ltd ($451) | 11.1% | 5.5% | 5.1% | 5.4% | 401.2% |
| National Electronic Hldgs ($213) | 14.9% | 3.4% | 18.1% | 7.1% | 49.7% |
| Irico Group Electronics Co Ltd ($438) | 92.0% | 39.9% | 30.4% | 17.4% | 25.8% |
| Kingwell Group Ltd ($1195) | 26.2% | 8.6% | 5.4% | 5.3% | 21.4% |
| AAC Technologies Holdings Inc ($2018) | 25.9% | 18.7% | 8.7% | 19.6% | 18.4% |
| |
|---|
| Median (45 companies) | 3.3% | 3.9% | 3.2% | 3.7% | 2.9% |
|---|
| Eyang Holdings Group Co Ltd ($117) | 13.1% | 3.4% | 2.0% | 5.4% | 3.6% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| AAC Technologies Holdings Inc ($2018) | 22.3% | 29.1% | 30.0% | 26.0% | 27.8% |
| Cowell e Holdings Inc ($1415) | | 12.5% | 27.1% | 24.4% | 25.8% |
| Changhong Jiahua Holdings Ltd ($8016) | 8.7% | 29.6% | 17.7% | 15.1% | 16.7% |
| Tongda Group Holdings Ltd ($698) | 14.3% | 15.2% | 13.5% | 16.5% | 16.3% |
| Varitronix International Ltd ($710) | 11.7% | 8.7% | 17.5% | 11.4% | 11.6% |
| |
|---|
| Median (45 companies) | 5.9% | 4.5% | 3.5% | 3.7% | 3.0% |
|---|
| Eyang Holdings Group Co Ltd ($117) | 2.6% | | | -7.9% | -0.6% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| National Electronic Hldgs ($213) | 43.0x | 16.3x | 30.2x | 84.8x | 19.9x |
| GCL New Energy Holdings Ltd ($451) | 2.7x | 2.9x | 2.6x | 1.7x | 17.4x |
| Man Yue Technology Holdings Ltd ($894) | 1.7x | 2.1x | 2.7x | 3.3x | 6.5x |
| Willas-Array Electronics Holdings Ltd ($854) | 2.8x | 2.2x | 2.6x | 5.7x | 5.4x |
| SAS Dragon Hldg Ltd ($1184) | 2.8x | 7.1x | 2.0x | 6.4x | 4.8x |
| |
|---|
| Median (31 companies) | 0.6x | 1.0x | 1.1x | 0.8x | 0.7x |
|---|
| Eyang Holdings Group Co Ltd ($117) | 4.2x | 3.3x | 3.7x | 17.9x | -0.8x |
