Zebra Strategic Holdings Ltd reports 2,268% Net Income growth in 2016 and 21.8% Revenue growth
20/06/2016 • About Zebra Strategic Holdings Ltd (
$8260) • By InTwits
Zebra Strategic Holdings Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is quite volatile: 15.0% in FY2016, -0.0% in FY2015, 0.7% in FY2014, 2.7% in FY2013, 7.3% in FY2012
- Zebra Strategic Holdings Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.2%.
- The company has business model with low profitability: ROIC is at 7.5%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Zebra Strategic Holdings Ltd ($8260) key annual financial indicators
| mln. | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 165.2 | 182.3 | 194.7 | 214.6 | 261.3 | 21.8% |
| Gross Profit | 19.0 | 18.6 | 14.6 | 18.8 | 59.5 | 216.4% |
| SG&A | | 9.2 | 14.2 | 19.9 | 26.8 | 34.4% |
| EBITDA | 12.0 | 5.0 | 1.3 | -0.0 | 39.1 | |
| Net Income | 9.7 | 3.3 | 0.3 | -1.5 | 33.2 | |
Balance Sheet
|
|---|
| Cash | 4.4 | 6.6 | 21.7 | 71.7 | 94.2 | 31.4% |
| Short Term Debt | 4.1 | 5.0 | 2.6 | 0.3 | 0.2 | -46.0% |
| Long Term Debt | 0.0 | 0.7 | 0.4 | 0.1 | 0.3 | 170.4% |
Cash flow
|
|---|
| Capex | 0.1 | 0.6 | 0.5 | 0.1 | 0.6 | 1,068.6% |
Ratios
|
|---|
| Revenue growth | 9.4% | 10.3% | 6.8% | 10.2% | 21.8% | |
| EBITDA growth | 28.1% | -58.8% | -74.1% | -101.6% | -186,490.5% | |
| Gross Margin | 11.5% | 10.2% | 7.5% | 8.8% | 22.8% | 14.0% |
| EBITDA Margin | 7.3% | 2.7% | 0.7% | -0.0% | 15.0% | 15.0% |
| Net Income Margin | 5.9% | 1.8% | 0.1% | -0.7% | 12.7% | 13.4% |
| SG&A, % of revenue | | 5.0% | 7.3% | 9.3% | 10.3% | 1.0% |
| CAPEX, % of revenue | 0.1% | 0.3% | 0.3% | 0.0% | 0.2% | 0.2% |
| ROIC | 67.3% | 22.8% | 2.0% | -1.1% | 7.5% | 8.6% |
| ROE | 77.3% | 21.7% | 1.0% | -2.0% | 6.7% | 8.7% |
| Net Debt/EBITDA | -0.0x | -0.2x | -14.6x | | -2.4x | -2.4x |
Revenue and profitability
Zebra Strategic Holdings Ltd's Revenue surged on 21.8%. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 3.6 pp from -7.5% to -11.1% in FY2016.
Gross Margin jumped on 14.0 pp from 8.8% to 22.8% in FY2016. SG&A as a % of Revenue increased slightly on 0.96 pp from 9.3% to 10.3% in FY2016.
Net Income marign jumped on 13.4 pp from -0.71% to 12.7% in FY2016.
Capital expenditures (CAPEX) and working capital investments
In FY2016 the company had CAPEX/Revenue of 0.23%. Zebra Strategic Holdings Ltd's CAPEX/Revenue showed almost no change from FY2013 to FY2016. It's average level of CAPEX/Revenue for the last three years was 0.17%.
Return on investment
The company operates at low ROIC (7.52%) and ROE (6.71%). ROIC increased on 8.6 pp from -1.1% to 7.5% in FY2016. ROE increased on 8.7 pp from -2.0% to 6.7% in FY2016.
Leverage (Debt)
Debt level is -2.4x Net Debt / EBITDA and 0.0x Debt / EBITDA. Net Debt / EBITDA dropped2.4x from to -2.4x in FY2016. Debt increased on 9.8% while cash jumped on 31.4%.
Appendix 1: Peers in Commercial Services
Below you can find Zebra Strategic Holdings Ltd benchmarking vs. other companies in Commercial Services 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kai Yuan Holdings Ltd ($1215) | 99.1% | 14.9% | -88.3% | 271.8% | |
| China Seven Star Holdings Ltd ($245) | 6.7% | -81.8% | -39.3% | 195.3% | |
| China Smartpay Group Holdings Ltd ($8325) | 60.0% | 274.7% | 75.6% | 124.5% | |
| Celebrate International Holdings Ltd ($8212) | -90.1% | 1,437.6% | -6.3% | 117.0% | |
| Haier Healthwise Holdings Ltd ($348) | -22.0% | -50.1% | -7.5% | 101.1% | |
| |
|---|
| Median (65 companies) | 6.7% | 8.6% | 9.9% | 4.0% | -9.9% |
|---|
| Zebra Strategic Holdings Ltd ($8260) | | 10.3% | 6.8% | 10.2% | 21.8% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| HC International Inc ($2280) | 87.5% | 91.9% | 92.5% | 89.6% | |
| Winto Group Holdings Ltd ($8238) | 90.2% | 93.4% | 92.0% | 88.4% | |
| Dingyi Group Investment Ltd ($508) | 75.8% | | 64.5% | 86.0% | |
| Fu Shou Yuan International Group Ltd ($1448) | 80.5% | 80.4% | 80.0% | 77.6% | |
| Nirvana Asia Ltd ($1438) | 68.3% | 69.6% | 70.5% | 75.7% | |
| |
|---|
| Median (60 companies) | 32.2% | 31.1% | 31.8% | 31.9% | 68.2% |
|---|
| Zebra Strategic Holdings Ltd ($8260) | 11.5% | 10.2% | 7.5% | 8.8% | 22.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Zuoli Kechuang Micro-Finance Co Ltd ($6866) | 61.6% | 84.9% | 75.9% | 80.9% | |
| Shenzhen International Holdings Ltd ($152) | 60.2% | 65.8% | 97.1% | 73.6% | |
| Yuexiu Transport Infrastructure Ltd ($1052) | 78.3% | 74.5% | 74.0% | 71.6% | |
| CAR Inc ($699) | 43.6% | 30.1% | 43.1% | 67.4% | |
| Jiangsu Expressway Co Ltd ($177) | 57.0% | 60.7% | 59.3% | 61.5% | |
| |
|---|
| Median (65 companies) | 17.6% | 16.0% | 12.9% | 10.1% | -40.7% |
|---|
| Zebra Strategic Holdings Ltd ($8260) | 7.3% | 2.7% | 0.7% | -0.0% | 15.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Blue Sky Power Holdings Ltd ($6828) | 21.3% | 9.0% | 13.9% | 47.4% | |
| COSCO Pacific Ltd ($1199) | 96.6% | 66.6% | 43.3% | 45.8% | |
| Shenzhen International Holdings Ltd ($152) | 23.0% | 22.1% | 20.9% | 35.0% | |
| Celebrate International Holdings Ltd ($8212) | 211.7% | 12.0% | 6.2% | 34.2% | |
| China Maple Leaf Educational Systems Ltd ($1317) | 25.7% | 50.9% | 21.1% | 32.8% | |
| |
|---|
| Median (65 companies) | 3.1% | 4.0% | 3.2% | 3.9% | 0.6% |
|---|
| Zebra Strategic Holdings Ltd ($8260) | 0.1% | 0.3% | 0.3% | 0.0% | 0.2% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Wonderful Sky Financial Group Holdings Ltd ($1260) | 51.5% | 26.6% | 30.0% | 29.5% | |
| 1010 Printing Group Ltd ($1127) | 13.5% | 20.8% | 17.8% | 19.9% | |
| China Packaging Holdings Development Ltd ($1439) | 52.0% | 46.6% | 34.1% | 19.8% | |
| iOne Holdings Ltd ($982) | 12.5% | 11.1% | 9.4% | 19.2% | |
| CAR Inc ($699) | 5.2% | 2.7% | 12.2% | 19.0% | |
| |
|---|
| Median (65 companies) | 6.3% | 5.8% | 5.8% | 3.3% | -34.9% |
|---|
| Zebra Strategic Holdings Ltd ($8260) | 67.3% | 22.8% | 2.0% | -1.1% | 7.5% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Celebrate International Holdings Ltd ($8212) | | | | 22.2x | |
| Kai Yuan Holdings Ltd ($1215) | -143.8x | -0.7x | | 18.8x | |
| Eagle Legend Asia Ltd ($936) | 4.0x | 4.0x | 3.3x | 6.2x | |
| Sichuan Expressway Co Ltd ($107) | 2.7x | 3.8x | 4.3x | 5.5x | |
| Yuexiu Transport Infrastructure Ltd ($1052) | 4.5x | 3.1x | 2.7x | 5.3x | |
| |
|---|
| Median (43 companies) | -0.0x | -0.7x | -0.5x | -0.6x | |
|---|
