Grande Holdings Ltd/The revenue dropped on 33.0% in 2015
23/04/2016 • About Grande Holdings Ltd/The (
$186) • By InTwits
Grande Holdings Ltd/The reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Grande Holdings Ltd/The is a company in decline: 2015 revenue growth was -33.0%, 5 years revenue CAGR was -24.1%
- Grande Holdings Ltd/The has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.0%.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Grande Holdings Ltd/The ($186) key annual financial indicators
| mln. HKD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,484 | 1,115 | 741 | 663 | 444 | -33.0% |
| Gross Profit | 296 | 264 | 188 | 192 | 123 | -35.9% |
| SG&A | 158 | 137 | 127 | 132 | 98 | -25.8% |
| EBITDA | 154 | 78 | 64 | 32 | | -100.0% |
| Net Income | -1,322 | -672 | -191 | -93 | -163 | 75.3% |
Balance Sheet
|
|---|
| Cash | 345 | 521 | 520 | 445 | 439 | -1.3% |
| Short Term Debt | 30 | 3 | 2 | 2 | 2 | 0.0% |
| Long Term Debt | 1 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 1 | 1 | 0 | 0 | 0 | |
Ratios
|
|---|
| Revenue growth | -15.9% | -24.9% | -33.5% | -10.5% | -33.0% | |
| EBITDA growth | -18.5% | -49.4% | -17.9% | -50.0% | | |
| Gross Margin | 19.9% | 23.7% | 25.4% | 29.0% | 27.7% | -1.3% |
| EBITDA Margin | 10.4% | 7.0% | 8.6% | 4.8% | 0.0% | -4.8% |
| Net Income Margin | -89.1% | -60.3% | -25.8% | -14.0% | -36.7% | -22.7% |
| SG&A, % of revenue | 10.6% | 12.3% | 17.1% | 19.9% | 22.1% | 2.2% |
| CAPEX, % of revenue | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Debt/EBITDA | -2.0x | -6.6x | -8.1x | -13.8x | | 13.8x |
Revenue and profitability
Grande Holdings Ltd/The's Revenue dropped on 33.0% in 2015.
Gross Margin decreased slightly on 1.3 pp from 29.0% to 27.7% in 2015. SG&A as a % of Revenue increased on 2.2 pp from 19.9% to 22.1% in 2015.
Net Income marign dropped on 22.7 pp from -14.0% to -36.7% in 2015.
Leverage (Debt)
Debt didn't change in 2015 while cash decreased slightly on 1.3% in 2015.
Appendix 1: Peers in Home Furnishings
Below you can find Grande Holdings Ltd/The benchmarking vs. other companies in Home Furnishings 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 |
|---|
| BEP International Holdings Ltd ($2326) | | 44.7% | -41.5% | 46.2% | 187.9% |
| See Corp Ltd ($491) | | 13.7% | -31.9% | 134.1% | 126.9% |
| Sunrise China Technology Group Ltd ($8226) | | -93.0% | 21.9% | -20.4% | 77.5% |
| Yuxing InfoTech Investment Holdings Ltd ($8005) | | 29.6% | -21.2% | -16.5% | 21.3% |
| Aupu Group Holding Co Ltd ($477) | | 5.7% | 9.0% | 26.4% | 18.5% |
| |
|---|
| Median (26 companies) | | 2.3% | 7.8% | 3.0% | -0.4% |
|---|
| Grande Holdings Ltd/The ($186) | | -24.9% | -33.5% | -10.5% | -33.0% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| South East Group Ltd ($726) | 36.2% | 25.5% | 51.6% | 38.8% | 82.4% |
| Aupu Group Holding Co Ltd ($477) | 47.1% | 48.6% | 45.0% | 47.8% | 48.7% |
| Samson Holding Ltd ($531) | 24.9% | 25.6% | 25.4% | 27.3% | 27.3% |
| Gold Peak Industries Holding Ltd ($40) | 26.8% | 25.8% | 23.6% | 24.9% | 25.6% |
| Hing Lee HK Holdings Ltd ($396) | 23.1% | 16.3% | 18.7% | 22.7% | 22.9% |
| |
|---|
| Median (26 companies) | 16.4% | 17.3% | 16.8% | 15.9% | 15.7% |
|---|
| Grande Holdings Ltd/The ($186) | 19.9% | 23.7% | 25.4% | 29.0% | 27.7% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Aupu Group Holding Co Ltd ($477) | 18.1% | 15.3% | 17.6% | 30.1% | 27.0% |
| Skyworth Digital Holdings Ltd ($751) | 7.0% | 6.0% | 6.1% | 5.7% | 11.3% |
| Welling Holding Ltd ($382) | 8.6% | 11.9% | 12.8% | 10.8% | 8.6% |
| Hing Lee HK Holdings Ltd ($396) | 9.3% | -3.0% | 4.3% | 9.4% | 8.2% |
| Raymond Industrial Ltd ($229) | 4.5% | 7.6% | 7.7% | 7.8% | 6.3% |
| |
|---|
| Median (26 companies) | 5.9% | 4.9% | 4.5% | 4.5% | 3.6% |
|---|
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| JF Household Furnishings Ltd ($776) | 4.7% | 0.7% | 4.5% | 2.8% | 54.5% |
| Sunrise China Technology Group Ltd ($8226) | 7.9% | 126.4% | 69.3% | 7.4% | 14.1% |
| Royale Furniture Holdings Ltd ($1198) | 35.8% | | 14.1% | 16.5% | 10.5% |
| South East Group Ltd ($726) | 0.0% | 0.0% | 0.0% | 0.0% | 7.9% |
| Aupu Group Holding Co Ltd ($477) | 1.9% | 1.5% | 6.3% | 5.3% | 5.7% |
| |
|---|
| Median (26 companies) | 1.8% | 1.5% | 2.2% | 2.8% | 2.4% |
|---|
| Grande Holdings Ltd/The ($186) | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Aupu Group Holding Co Ltd ($477) | 18.0% | 14.8% | 17.0% | 32.2% | 32.2% |
| Mastercraft International Holdings Ltd ($8146) | 76.2% | 54.4% | 38.6% | 36.4% | 23.2% |
| Skyworth Digital Holdings Ltd ($751) | 11.7% | 11.6% | 13.4% | 10.9% | 23.0% |
| BEP International Holdings Ltd ($2326) | 218.9% | 90.3% | 4.7% | -4.5% | 17.6% |
| Tonly Electronics Holdings Ltd ($1249) | 7.0% | 4.2% | 7.1% | 15.9% | 11.7% |
| |
|---|
| Median (26 companies) | 6.0% | 3.9% | 4.5% | 3.9% | 2.8% |
|---|
| Grande Holdings Ltd/The ($186) | | | | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kasen International Holdings Ltd ($496) | 9.6x | 2.2x | 3.7x | 44.9x | 20.1x |
| Hisense Kelon Electrical Holdings Co Ltd ($921) | 3.3x | 1.2x | 0.9x | 1.0x | 6.4x |
| Gold Peak Industries Holding Ltd ($40) | 5.6x | 10.2x | 3.4x | 3.6x | 2.8x |
| TCL Multimedia Technology Holdings Ltd ($1070) | -0.0x | -0.3x | -2.3x | 0.7x | 0.5x |
| Skyworth Digital Holdings Ltd ($751) | 1.1x | 1.2x | 1.5x | 1.2x | -0.2x |
| |
|---|
| Median (17 companies) | 0.2x | -0.2x | -0.9x | -0.8x | -0.9x |
|---|
