Comtec Solar Systems Group Ltd revenue surged on 20.4% in 2015 while EBITDA Margin dropped on 24.0 pp from -3.4% to -27.4%
31/03/2016 • About Comtec Solar Systems Group Ltd (
$712) • By InTwits
Comtec Solar Systems Group Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Comtec Solar Systems Group Ltd doesn't have a profitable business model yet: 2015 ROIC is -20.2%
- The company operates at negative EBITDA Margin: -27.4%
- EBITDA Margin is quite volatile: -27.4% in 2015, -3.4% in 2014, 10.1% in 2013, 14.0% in 2012, 8.8% in 2011
- Comtec Solar Systems Group Ltd spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for 2011-2015 is 0.0%. Average EBITDA Margin for the same period was -0.0%0
- The company has unprofitable business model: ROIC is at -20.2%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Comtec Solar Systems Group Ltd ($712) key annual financial indicators
| mln. CNY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,017 | 1,026 | 937 | 907 | 1,091 | 20.4% |
| Gross Profit | 92 | 83 | 75 | 60 | -94 | -257.3% |
| SG&A | 51 | 65 | 60 | 83 | 135 | 62.4% |
| EBITDA | 89 | 144 | 95 | -31 | -299 | 870.9% |
| Net Income | -46 | -165 | -133 | -90 | -435 | 380.4% |
Balance Sheet
|
|---|
| Cash | 746 | 342 | 331 | 52 | 50 | -4.6% |
| Short Term Debt | 318 | 470 | 436 | 524 | 510 | -2.7% |
| Long Term Debt | 435 | 13 | 8 | 3 | 0 | -100.0% |
Cash flow
|
|---|
| Capex | 225 | | 283 | 170 | 41 | -75.8% |
Ratios
|
|---|
| Revenue growth | -0.5% | 0.9% | -8.6% | -3.3% | 20.4% | |
| EBITDA growth | -72.0% | 61.4% | -34.2% | -132.5% | 870.9% | |
| Gross Margin | 9.1% | 8.1% | 8.0% | 6.6% | -8.7% | -15.3% |
| EBITDA Margin | 8.8% | 14.0% | 10.1% | -3.4% | -27.4% | -24.0% |
| Net Income Margin | -4.6% | -16.1% | -14.2% | -10.0% | -39.8% | -29.9% |
| SG&A, % of revenue | 5.0% | 6.4% | 6.4% | 9.2% | 12.4% | 3.2% |
| CAPEX, % of revenue | 22.2% | | 30.2% | 18.7% | 3.8% | -15.0% |
| ROIC | 1.7% | 3.0% | 0.6% | -5.5% | -20.2% | -14.6% |
| ROE | -2.9% | -10.6% | -8.9% | -6.0% | -32.8% | -26.8% |
| Net Debt/EBITDA | 0.1x | 1.0x | 1.2x | | | 0.0x |
Revenue and profitability
The company's Revenue jumped on 20.4% in 2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 0.95 pp from 4.6% to 5.5% in 2015.
Gross Margin dropped on 15.3 pp from 6.6% to -8.7% in 2015. SG&A as a % of Revenue increased on 3.2 pp from 9.2% to 12.4% in 2015.
Net Income marign dropped on 29.9 pp from -10.0% to -39.8% in 2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 3.8% in 2015. Comtec Solar Systems Group Ltd showed CAPEX/Revenue growth3.8 pp from in 2012 to 3.8% in 2015. It's average CAPEX/Revenue for the last three years was 17.6%.
Return on investment
The company operates at negative ROIC (-20.15%) and ROE (-32.79%). ROIC dropped on 14.6 pp from -5.5% to -20.2% in 2015. ROE dropped on 26.8 pp from -6.0% to -32.8% in 2015.
Leverage (Debt)
Debt level is -1.7x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA didn't change in 2015. Debt decreased on 3.3% in 2015 while cash decreased on 4.6% in 2015.
Appendix 1: Peers in Semiconductors
Below you can find Comtec Solar Systems Group Ltd benchmarking vs. other companies in Semiconductors 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 |
|---|
| Phoenitron Holdings Ltd ($8066) | | -7.2% | 4.0% | 243.8% | 405.3% |
| Jun Yang Solar Power Investments Ltd ($397) | | -81.0% | 256.8% | 1.1% | 168.9% |
| Honbridge Holdings Ltd ($8137) | | -76.4% | -97.5% | 608.9% | 57.0% |
| Shanghai Fudan Microelectronics Group Co Ltd ($1385) | | 15.5% | 16.0% | 3.3% | 23.2% |
| Shunfeng International Clean Energy Ltd ($1165) | | -46.3% | 44.4% | 275.6% | 22.4% |
| |
|---|
| Median (21 companies) | -15.1% | -14.0% | 3.8% | 11.7% | -0.2% |
|---|
| Comtec Solar Systems Group Ltd ($712) | | 0.9% | -8.6% | -3.3% | 20.4% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jun Yang Solar Power Investments Ltd ($397) | -2.4% | 87.3% | 79.3% | 53.8% | 73.8% |
| Intel Corp ($4335) | 62.5% | 62.1% | 59.8% | 63.7% | 62.6% |
| PacMOS Technologies Holdings Ltd ($1010) | 68.1% | 68.8% | 65.7% | 65.7% | 57.5% |
| Shanghai Fudan Microelectronics Group Co Ltd ($1385) | 43.7% | 47.7% | 48.7% | 47.5% | 52.9% |
| Shenzhen Mingwah Aohan High Technology Corp Ltd ($8301) | 13.5% | 26.1% | 26.7% | 16.3% | 52.8% |
| |
|---|
| Median (21 companies) | 21.6% | 24.5% | 26.7% | 32.2% | 31.5% |
|---|
| Comtec Solar Systems Group Ltd ($712) | 9.1% | 8.1% | 8.0% | 6.6% | -8.7% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Ruifeng Renewable Energy Ltd ($527) | 13.4% | 9.1% | 37.2% | 88.0% | 78.3% |
| Intel Corp ($4335) | 43.6% | 41.5% | 38.6% | 42.8% | 41.0% |
| Jun Yang Solar Power Investments Ltd ($397) | 3.9% | -218.5% | -16.7% | -9.9% | 35.0% |
| Semiconductor Manufacturing International Corp ($981) | 26.9% | 34.3% | 35.5% | 34.5% | 33.3% |
| Hua Hong Semiconductor Ltd ($1347) | 41.9% | 38.5% | 29.7% | 31.5% | 30.0% |
| |
|---|
| Median (21 companies) | 12.5% | 7.4% | 6.1% | 7.1% | 10.3% |
|---|
| Comtec Solar Systems Group Ltd ($712) | 8.8% | 14.0% | 10.1% | -3.4% | -27.4% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Heng Xin China Holdings Ltd ($8046) | 17.3% | 16.1% | 4.1% | 11.9% | 110.8% |
| Jun Yang Solar Power Investments Ltd ($397) | 390.5% | 671.1% | 25.9% | 78.9% | 104.2% |
| China Ruifeng Renewable Energy Ltd ($527) | 2.1% | 5.5% | 35.9% | 10.6% | 60.9% |
| Semiconductor Manufacturing International Corp ($981) | 70.6% | 23.5% | 35.1% | 33.2% | 55.0% |
| Hua Hong Semiconductor Ltd ($1347) | 14.6% | 9.0% | 5.5% | 11.4% | 28.0% |
| |
|---|
| Median (21 companies) | 8.6% | 4.6% | 4.1% | 5.7% | 6.3% |
|---|
| Comtec Solar Systems Group Ltd ($712) | 22.2% | | 30.2% | 18.7% | 3.8% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Shanghai Fudan Microelectronics Group Co Ltd ($1385) | 22.2% | 25.5% | 22.7% | 21.1% | 20.9% |
| Intel Corp ($4335) | 32.4% | 23.7% | 17.1% | 20.6% | 17.7% |
| Applied Materials Inc ($4336) | 25.6% | 4.0% | 4.6% | 15.9% | 15.2% |
| ASM Pacific Technology Ltd ($522) | 52.1% | 12.3% | 9.2% | 21.9% | 13.7% |
| Hua Hong Semiconductor Ltd ($1347) | | 5.3% | 4.8% | 7.8% | 6.7% |
| |
|---|
| Median (21 companies) | 2.7% | -2.2% | -0.4% | 3.1% | 0.9% |
|---|
| Comtec Solar Systems Group Ltd ($712) | 1.7% | 3.0% | 0.6% | -5.5% | -20.2% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Solargiga Energy Holdings Ltd ($757) | 5.9x | | 13.8x | 4.4x | 9.0x |
| China Ruifeng Renewable Energy Ltd ($527) | 4.0x | 16.4x | 6.9x | 4.9x | 7.3x |
| Shunfeng International Clean Energy Ltd ($1165) | 8.2x | | 25.8x | 3.4x | 5.7x |
| Semiconductor Manufacturing International Corp ($981) | 1.9x | 1.3x | 1.0x | 1.0x | 0.5x |
| Intel Corp ($4335) | 0.1x | 0.2x | 0.4x | 0.5x | 0.3x |
| |
|---|
| Median (12 companies) | -0.2x | 0.1x | 0.3x | 0.2x | 0.1x |
|---|
