Alltronics Holdings Ltd revenue decreased on 7.4% in 2015 and EBITDA Margin increased slightly on 0.71 pp from 9.5% to 10.2%
31/03/2016 • About Alltronics Holdings Ltd (
$833) • By InTwits
Alltronics Holdings Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Alltronics Holdings Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.0%.
- The company has highly profitable business model: ROIC is at 15.6%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Alltronics Holdings Ltd ($833) key annual financial indicators
| mln. HKD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 801.7 | 788.7 | 775.9 | 957.5 | 886.3 | -7.4% |
| Gross Profit | 140.0 | 125.0 | 141.4 | 167.4 | 164.2 | -1.9% |
| SG&A | 82.1 | 81.5 | 84.7 | 90.6 | 95.9 | 5.8% |
| EBITDA | 75.9 | 59.6 | 73.1 | 90.5 | 90.1 | -0.5% |
| Net Income | 33.4 | 38.3 | 45.6 | 45.2 | 41.4 | -8.4% |
Balance Sheet
|
|---|
| Cash | 72.7 | 78.0 | 95.2 | 64.4 | 204.5 | 217.7% |
| Short Term Debt | 85.2 | 132.5 | 142.7 | 136.9 | 192.1 | 40.3% |
| Long Term Debt | 3.9 | 1.0 | 1.4 | 0.8 | 1.8 | 121.1% |
Cash flow
|
|---|
| Capex | 8.0 | 10.1 | 6.3 | 8.8 | 8.5 | -3.4% |
Ratios
|
|---|
| Revenue growth | 33.9% | -1.6% | -1.6% | 23.4% | -7.4% | |
| EBITDA growth | 17.7% | -21.4% | 22.5% | 23.8% | -0.5% | |
| Gross Margin | 17.5% | 15.9% | 18.2% | 17.5% | 18.5% | 1.0% |
| EBITDA Margin | 9.5% | 7.6% | 9.4% | 9.5% | 10.2% | 0.7% |
| Net Income Margin | 4.2% | 4.9% | 5.9% | 4.7% | 4.7% | -0.1% |
| SG&A, % of revenue | 10.2% | 10.3% | 10.9% | 9.5% | 10.8% | 1.4% |
| CAPEX, % of revenue | 1.0% | 1.3% | 0.8% | 0.9% | 1.0% | 0.0% |
| ROIC | 19.3% | 13.1% | 15.2% | 19.8% | 15.6% | -4.2% |
| ROE | 15.6% | 16.6% | 18.5% | 17.6% | 13.2% | -4.4% |
| Net Debt/EBITDA | 0.2x | 0.9x | 0.7x | 0.8x | -0.1x | -0.9x |
Revenue and profitability
Alltronics Holdings Ltd's Revenue decreased on 7.4% in 2015. Despite revenue decline the EBITDA margin expanded. EBITDA Margin increased slightly on 0.71 pp from 9.5% to 10.2% in 2015.
Gross Margin increased slightly on 1.0 pp from 17.5% to 18.5% in 2015. SG&A as a % of Revenue increased slightly on 1.4 pp from 9.5% to 10.8% in 2015.
Net Income marign showed almost no change in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 the company had CAPEX/Revenue of 0.96%. Alltronics Holdings Ltd showed almost no change in CAPEX/Revenue from 2012 to 2015. Average CAPEX/Revenue for the last three years was 0.90%.
Return on investment
The company operates at good ROIC (15.61%) and ROE (13.20%). ROIC decreased on 4.2 pp from 19.8% to 15.6% in 2015. ROE decreased on 4.4 pp from 17.6% to 13.2% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is -0.1x and Debt / EBITDA is 2.2x. Net Debt / EBITDA dropped on 0.9x from 0.8x to -0.1x in 2015. Debt jumped on 40.8% in 2015 while cash surged on 218% in 2015.
Appendix 1: Peers in Electronics
Below you can find Alltronics Holdings 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 (47 companies) | 2.8% | 1.0% | 4.1% | 5.0% | 0.9% |
|---|
| Alltronics Holdings Ltd ($833) | | -1.6% | -1.6% | 23.4% | -7.4% |
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 (45 companies) | 13.4% | 13.6% | 13.8% | 13.9% | 16.6% |
|---|
| Alltronics Holdings Ltd ($833) | 17.5% | 15.9% | 18.2% | 17.5% | 18.5% |
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 (47 companies) | 9.0% | 6.5% | 6.0% | 4.6% | 5.5% |
|---|
| Alltronics Holdings Ltd ($833) | 9.5% | 7.6% | 9.4% | 9.5% | 10.2% |
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 (47 companies) | 3.5% | 3.9% | 3.2% | 4.2% | 2.9% |
|---|
| Alltronics Holdings Ltd ($833) | 1.0% | 1.3% | 0.8% | 0.9% | 1.0% |
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 (47 companies) | 5.4% | 4.3% | 3.5% | 3.0% | 2.6% |
|---|
| Alltronics Holdings Ltd ($833) | 19.3% | 13.1% | 15.2% | 19.8% | 15.6% |
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 (32 companies) | 0.7x | 1.1x | 1.1x | 1.0x | 0.4x |
|---|
| Alltronics Holdings Ltd ($833) | 0.2x | 0.9x | 0.7x | 0.8x | -0.1x |
