Moiselle International Holdings Ltd EBITDA dropped on 211% and Revenue dropped on 21.9%
28/06/2016 • About Moiselle International Holdings Ltd (
$130) • By InTwits
Moiselle International Holdings Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Moiselle International Holdings Ltd is a company in decline: FY2016 revenue growth was -21.9%, 5 years revenue CAGR was -7.6%
- EBITDA Margin is declining: -11.5% in FY2016 vs. 8.1% in FY2015 vs. 16.0% in FY2012
- EBITDA Margin is quite volatile: -11.5% in FY2016, 8.1% in FY2015, 12.7% in FY2014, 12.7% in FY2013, 16.0% in FY2012
- Moiselle International Holdings Ltd has medium CAPEX intensity: 5 year average CAPEX/Revenue was 5.5%. At the same time it's in pair with industry average of 5.5%.
- CAPEX is quite volatile: 12.5 in FY2016, 46.2 in FY2015, 15.2 in FY2014, 22.6 in FY2013, 18.9 in FY2012
- The company has unprofitable business model: ROIC is at -7.7%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Moiselle International Holdings Ltd ($130) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 455.7 | 418.9 | 458.7 | 420.0 | 328.0 | -21.9% |
| Gross Profit | 370.1 | 351.1 | 369.8 | 349.5 | 254.6 | -27.2% |
| SG&A | | 334.9 | 342.7 | 350.6 | 327.6 | -6.5% |
| EBITDA | 73.1 | 53.4 | 58.3 | 34.1 | -37.9 | -211.1% |
| Net Income | 107.2 | 20.0 | 27.9 | 11.3 | -56.5 | -598.8% |
Balance Sheet
|
|---|
| Cash | 265.2 | 228.0 | 250.1 | 183.9 | 139.0 | -24.4% |
| Short Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 8.2 | |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
Cash flow
|
|---|
| Capex | 18.9 | 22.6 | 15.2 | 46.2 | 12.5 | -73.0% |
Ratios
|
|---|
| Revenue growth | -6.2% | -8.1% | 9.5% | -8.4% | -21.9% | |
| EBITDA growth | -30.2% | -27.0% | 9.2% | -41.5% | -211.1% | |
| Gross Margin | 81.2% | 83.8% | 80.6% | 83.2% | 77.6% | -5.6% |
| EBITDA Margin | 16.0% | 12.7% | 12.7% | 8.1% | -11.5% | -19.7% |
| Net Income Margin | 23.5% | 4.8% | 6.1% | 2.7% | -17.2% | -19.9% |
| SG&A, % of revenue | | 80.0% | 74.7% | 83.5% | 99.9% | 16.4% |
| CAPEX, % of revenue | 4.1% | 5.4% | 3.3% | 11.0% | 3.8% | -7.2% |
| ROIC | 7.1% | 3.7% | 4.1% | 1.3% | -7.7% | -9.0% |
| ROE | 16.8% | 2.9% | 3.9% | 1.6% | -8.1% | -9.7% |
| Net Debt/EBITDA | -3.6x | -4.3x | -4.3x | -5.4x | | 5.4x |
Revenue and profitability
The company's Revenue dropped on 21.9%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 8.4 pp from -18.1% to -9.7% in FY2016.
Gross Margin decreased on 5.6 pp from 83.2% to 77.6% in FY2016. SG&A as a % of Revenue surged on 16.4 pp from 83.5% to 99.9% in FY2016.
Net Income marign dropped on 19.9 pp from 2.7% to -17.2% in FY2016.
Capital expenditures (CAPEX) and working capital investments
Moiselle International Holdings Ltd's CAPEX/Revenue was 3.8% in FY2016. Moiselle International Holdings Ltd's CAPEX/Revenue decreased slightly on 1.6 pp from 5.4% in FY2013 to 3.8% in FY2016. Average CAPEX/Revenue for the last three years was 6.0%.
Return on investment
The company operates at negative ROIC (-7.73%) and ROE (-8.14%). ROIC decreased on 9.0 pp from 1.3% to -7.7% in FY2016. ROE decreased on 9.7 pp from 1.6% to -8.1% in FY2016.
Leverage (Debt)
Debt level is -0.5x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA surged on 5.4x from -5.4x to in FY2016. Debt jumped while cash dropped on 24.4%.
Appendix 1: Peers in Retail
Below you can find Moiselle International Holdings Ltd benchmarking vs. other companies in Retail 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 |
|---|
| China Nuclear Industry 23 International Corp Ltd ($611) | 1.4% | 85.6% | -42.1% | 419.8% | |
| Noble House China Holdings Ltd ($8246) | -5.0% | -20.2% | -24.8% | 117.2% | |
| Vongroup Ltd ($318) | -46.9% | 23.7% | -80.2% | 90.3% | |
| Nanjing Sinolife United Co Ltd ($3332) | 45.6% | 29.5% | 29.6% | 57.3% | |
| Shanghai La Chapelle Fashion Co Ltd ($6116) | 54.9% | 72.8% | 23.0% | 48.3% | |
| |
|---|
| Median (117 companies) | 7.5% | 6.5% | 2.9% | -1.0% | -8.6% |
|---|
| Moiselle International Holdings Ltd ($130) | | -8.1% | 9.5% | -8.4% | -21.9% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Vongroup Ltd ($318) | | | 95.1% | 99.1% | |
| Modern Beauty Salon Holdings Ltd ($919) | 97.4% | 95.9% | 96.8% | 96.7% | |
| Embry Holdings Ltd ($1388) | 81.2% | 80.4% | 82.3% | 81.6% | |
| Nanjing Sinolife United Co Ltd ($3332) | 86.5% | 89.3% | 90.9% | 80.6% | |
| Ports Design Ltd ($589) | 81.9% | 81.2% | 80.8% | 80.4% | |
| |
|---|
| Median (103 companies) | 36.2% | 35.8% | 35.0% | 33.3% | 40.6% |
|---|
| Moiselle International Holdings Ltd ($130) | 81.2% | 83.8% | 80.6% | 83.2% | 77.6% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Energy Development Holdings Ltd ($228) | -58.1% | -72.3% | -84.0% | 1,070.6% | |
| Golden Eagle Retail Group Ltd ($3308) | 48.5% | 47.3% | 42.8% | 55.4% | |
| Nanjing Sinolife United Co Ltd ($3332) | 51.6% | 56.9% | 54.4% | 44.8% | |
| Lifestyle International Holdings Ltd ($1212) | 47.5% | 47.0% | 44.7% | 43.4% | |
| China Dongxiang Group Co Ltd ($3818) | 6.0% | 5.6% | 58.3% | 41.4% | |
| |
|---|
| Median (117 companies) | 10.3% | 7.3% | 8.9% | 7.1% | 4.7% |
|---|
| Moiselle International Holdings Ltd ($130) | 16.0% | 12.7% | 12.7% | 8.1% | -11.5% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Culture Landmark Investment Ltd ($674) | 11.6% | 19.4% | 15.7% | 47.2% | 3.9% |
| Springland International Holdings Ltd ($1700) | 31.9% | 17.4% | 26.5% | 36.9% | |
| Merry Garden Holdings Ltd ($1237) | 18.6% | 28.6% | 15.1% | 34.2% | |
| China Energy Development Holdings Ltd ($228) | 1.6% | 0.2% | 0.0% | 27.4% | |
| Golden Eagle Retail Group Ltd ($3308) | 28.5% | 9.4% | 26.7% | 25.4% | |
| |
|---|
| Median (117 companies) | 4.0% | 3.6% | 3.8% | 3.1% | 1.8% |
|---|
| Moiselle International Holdings Ltd ($130) | 4.1% | 5.4% | 3.3% | 11.0% | 3.8% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Modern Beauty Salon Holdings Ltd ($919) | 50.7% | -4.6% | 81.3% | 71.8% | |
| JC Group Holdings Ltd ($8326) | | 215.6% | 92.8% | 66.3% | 81.7% |
| Starbucks Corp ($4337) | 36.4% | -6.0% | 52.8% | 51.4% | |
| Sa Sa International Holdings Ltd ($178) | 53.5% | 52.7% | 49.0% | 39.8% | 19.0% |
| Noble House China Holdings Ltd ($8246) | 17.7% | -67.7% | -113.8% | 35.6% | |
| |
|---|
| Median (117 companies) | 12.3% | 8.9% | 8.7% | 5.8% | 5.2% |
|---|
| Moiselle International Holdings Ltd ($130) | 7.1% | 3.7% | 4.1% | 1.3% | -7.7% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Sparkle Roll Group Ltd ($970) | 0.6x | 4.0x | 9.3x | 23.5x | 8.5x |
| Trinity Ltd ($891) | -0.2x | 0.2x | 0.6x | 18.2x | |
| Parkson Retail Group Ltd ($3368) | 0.8x | 2.3x | 3.6x | 9.8x | |
| Maoye International Holdings Ltd ($848) | 2.9x | 3.3x | 3.4x | 9.0x | |
| Century Ginwa Retail Holdings Ltd ($162) | 2.0x | 2.5x | 4.8x | 7.3x | |
| |
|---|
| Median (91 companies) | -0.5x | -0.5x | -0.2x | -0.5x | -0.8x |
|---|
| Moiselle International Holdings Ltd ($130) | -3.6x | -4.3x | -4.3x | -5.4x | |
