Styland Holdings Ltd EBITDA surged on 492% and Revenue jumped on 18.4%
29/06/2016 • About Styland Holdings Ltd (
$211) • By InTwits
Styland 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: 89.4% in FY2016, 17.9% in FY2015, 161.0% in FY2014, 91.5% in FY2013, 198.6% in FY2012
- Styland Holdings Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 3.0%. At the same time it's a lot of higher than industry average of 23.1%.
- CAPEX is quite volatile: 2.9 in FY2016, 4.8 in FY2015, 0.30 in FY2014, 0.31 in FY2013, 0.34 in FY2012
- The company has business model with low profitability: ROIC is at 8.8%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Styland Holdings Ltd ($211) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 42.600 | 35.703 | 44.183 | 57.885 | 68.534 | 18.4% |
| Gross Profit | 24.569 | 26.807 | 38.969 | 53.097 | 62.665 | 18.0% |
| SG&A | 30.598 | 32.174 | 36.457 | 48.204 | 70.050 | 45.3% |
| EBITDA | 84.609 | 32.684 | 71.152 | 10.346 | 61.283 | 492.3% |
| Net Income | 10.212 | 40.200 | 81.603 | 94.081 | 1.247 | -98.7% |
Balance Sheet
|
|---|
| Cash | 70.195 | 96.211 | 95.247 | 117.522 | 135.833 | 15.6% |
| Short Term Debt | 94.518 | 141.530 | 146.835 | 98.519 | 168.398 | 70.9% |
| Long Term Debt | 0.007 | 0.000 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 0.341 | 0.307 | 0.297 | 4.759 | 2.898 | -39.1% |
Ratios
|
|---|
| Revenue growth | -50.8% | -16.2% | 23.8% | 31.0% | 18.4% | |
| EBITDA growth | 42.3% | -61.4% | 117.7% | -85.5% | 492.3% | |
| Gross Margin | 57.7% | 75.1% | 88.2% | 91.7% | 91.4% | -0.3% |
| EBITDA Margin | 198.6% | 91.5% | 161.0% | 17.9% | 89.4% | 71.5% |
| Net Income Margin | 24.0% | 112.6% | 184.7% | 162.5% | 1.8% | -160.7% |
| SG&A, % of revenue | 71.8% | 90.1% | 82.5% | 83.3% | 102.2% | 18.9% |
| CAPEX, % of revenue | 0.8% | 0.9% | 0.7% | 8.2% | 4.2% | -4.0% |
| ROIC | 20.2% | 7.1% | 13.4% | 1.5% | 8.8% | 7.3% |
| ROE | 3.5% | 12.1% | 21.5% | 20.2% | 0.2% | -20.0% |
| Net Debt/EBITDA | 0.3x | 1.4x | 0.7x | -1.8x | 0.5x | 2.4x |
Revenue and profitability
Styland Holdings Ltd's Revenue jumped on 18.4%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin jumped on 44.8 pp from 44.2% to 89.0% in FY2016.
Gross Margin showed almost no change in FY2016. SG&A as a % of Revenue jumped on 18.9 pp from 83.3% to 102% in FY2016.
Net Income marign dropped on 161 pp from 163% to 1.8% in FY2016.
Capital expenditures (CAPEX) and working capital investments
Styland Holdings Ltd's CAPEX/Revenue was 4.2% in FY2016. The company showed CAPEX/Revenue growth of 3.4 pp from 0.86% in FY2013 to 4.2% in FY2016. It's average level of CAPEX/Revenue for the last three years was 4.4%.
Return on investment
The company operates at low ROIC (8.78%) and ROE (0.23%). ROIC increased on 7.3 pp from 1.5% to 8.8% in FY2016. ROE dropped on 20.0 pp from 20.2% to 0.23% in FY2016.
Leverage (Debt)
Company's Net Debt / EBITDA is 0.5x and Debt / EBITDA is 2.7x. Net Debt / EBITDA jumped on 2.4x from -1.8x to 0.5x in FY2016. Debt jumped on 70.9% while cash jumped on 15.6%.
Appendix 1: Peers in Diversified Finan Serv
Below you can find Styland Holdings Ltd benchmarking vs. other companies in Diversified Finan Serv 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 Smarter Energy Group Holdings Ltd ($1004) | -4.0% | -23.1% | -87.3% | 1,860.5% | |
| Crown International Corp Ltd ($727) | 225.8% | -75.0% | 117.4% | 802.5% | |
| Global Strategic Group Ltd ($8007) | -3.9% | 2.1% | 806.3% | 681.2% | |
| Upbest Group Ltd ($335) | | -61.8% | 24.1% | 208.1% | -63.4% |
| GF Securities Co Ltd ($1776) | 16.3% | 31.8% | 75.0% | 163.9% | |
| |
|---|
| Median (64 companies) | 7.7% | 19.3% | 27.6% | 24.0% | 15.9% |
|---|
| Styland Holdings Ltd ($211) | | -16.2% | 23.8% | 31.0% | 18.4% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Roma Group Ltd ($8072) | | | 99.4% | 98.7% | |
| First China Financial Network Holdings Ltd ($8123) | 93.4% | | 94.5% | 97.4% | |
| China Smarter Energy Group Holdings Ltd ($1004) | 6.2% | 4.0% | 46.9% | 96.9% | |
| Chinese Strategic Holdings Ltd ($8089) | 99.1% | 97.9% | 97.0% | 96.6% | |
| Allied Group Ltd ($373) | 95.1% | 94.4% | 93.6% | 92.2% | |
| |
|---|
| Median (11 companies) | 70.7% | 82.0% | 83.5% | 89.0% | 64.3% |
|---|
| Styland Holdings Ltd ($211) | 57.7% | 75.1% | 88.2% | 91.7% | 91.4% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Smarter Energy Group Holdings Ltd ($1004) | -282.7% | -373.2% | -1,524.9% | 212.2% | |
| China Aircraft Leasing Group Holdings Ltd ($1848) | 91.3% | 86.4% | 92.9% | 107.0% | |
| Get Nice Holdings Ltd ($64) | 2.6% | 153.4% | 92.7% | 83.9% | 84.5% |
| Hong Kong Exchanges and Clearing Ltd ($388) | 81.6% | 73.4% | 75.7% | 82.1% | |
| Hong Kong Finance Group Co Ltd ($1273) | 76.9% | 67.5% | 65.2% | 74.8% | 70.3% |
| |
|---|
| Median (66 companies) | 18.8% | 36.2% | 47.2% | 32.4% | 52.0% |
|---|
| Styland Holdings Ltd ($211) | 198.6% | 91.5% | 161.0% | 17.9% | 89.4% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Aircraft Leasing Group Holdings Ltd ($1848) | 351.0% | 0.1% | 33.3% | 64.6% | |
| Willie International Holdings Ltd ($273) | | 0.3% | 0.8% | 58.0% | |
| China Assurance Finance Group Ltd ($8090) | 94.7% | 68.9% | 53.3% | 51.0% | |
| AID Partners Capital Holdings Ltd ($8088) | 4.1% | 2.9% | 28.4% | 26.6% | |
| Hongkong Chinese Ltd ($655) | | | 0.1% | 25.6% | |
| |
|---|
| Median (65 companies) | 2.1% | 1.9% | 1.1% | 1.5% | 0.6% |
|---|
| Styland Holdings Ltd ($211) | 0.8% | 0.9% | 0.7% | 8.2% | 4.2% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Hong Kong Exchanges and Clearing Ltd ($388) | 29.1% | 20.1% | 21.5% | 29.1% | |
| China Smarter Energy Group Holdings Ltd ($1004) | -19.4% | -23.0% | -14.0% | 22.5% | |
| Oi Wah Pawnshop Credit Holdings Ltd ($1319) | 32.7% | 20.7% | 14.0% | 15.3% | 12.5% |
| Emperor Capital Group Ltd ($717) | 5.1% | 12.8% | 13.1% | 14.6% | |
| Roma Group Ltd ($8072) | 19.6% | 43.7% | 107.8% | 13.3% | 9.8% |
| |
|---|
| Median (69 companies) | 3.9% | 4.0% | 4.8% | 3.6% | 4.6% |
|---|
| Styland Holdings Ltd ($211) | 20.2% | 7.1% | 13.4% | 1.5% | 8.8% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Hoifu Energy Group Ltd ($7) | | | | 62.5x | |
| South China Financial Holdings Ltd ($619) | | | | 56.9x | |
| Bright Smart Securities & Commodities Group Ltd ($1428) | 2.1x | 10.3x | 9.3x | 39.3x | 4.3x |
| Far East Horizon Ltd ($3360) | 16.9x | 21.7x | 20.0x | 20.8x | |
| Quam Ltd ($952) | 58.9x | 15.9x | 4.1x | 14.8x | -18.0x |
| |
|---|
| Median (49 companies) | -0.7x | 0.1x | -0.1x | 0.0x | 0.7x |
|---|
| Styland Holdings Ltd ($211) | 0.3x | 1.4x | 0.7x | -1.8x | 0.5x |
