Vitop Bioenergy Holdings Ltd revenue surged on 282% and EBITDA Margin jumped on 51.3 pp from -95.4% to -44.0%
27/09/2016 • About Vitop Bioenergy Holdings Ltd (
$1178) • By InTwits
Vitop Bioenergy Holdings Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Vitop Bioenergy Holdings Ltd doesn't have a profitable business model yet: FY2016 ROIC is -21.4%
- The company operates at negative EBITDA Margin: -44.0%
- Vitop Bioenergy Holdings Ltd motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 was 0.0%. On average EBITDA Margin was -67.1% for the sames years0
- Vitop Bioenergy Holdings Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.5%.
- The company has unprofitable business model: ROIC is at -21.4%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Vitop Bioenergy Holdings Ltd ($1178) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 20.5 | 19.8 | 14.4 | 27.7 | 105.9 | 281.7% |
| Gross Profit | 7.1 | 10.1 | 6.2 | 8.5 | 34.7 | 309.5% |
| SG&A | | 25.7 | 22.7 | 32.6 | 63.8 | 95.3% |
| EBITDA | -16.9 | -12.1 | -24.3 | -26.5 | -46.6 | |
| Net Income | -19.9 | -14.4 | -25.3 | -30.4 | -112.6 | |
Balance Sheet
|
|---|
| Cash | 41.2 | 27.6 | 3.9 | 62.9 | 39.7 | -37.0% |
| Short Term Debt | 0.0 | 0.0 | 8.8 | 6.3 | 5.8 | -7.0% |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
Cash flow
|
|---|
| Capex | 0.0 | 0.0 | 0.2 | 0.1 | 0.6 | 505.3% |
Ratios
|
|---|
| Revenue growth | -24.7% | -3.2% | -27.3% | 92.4% | 281.7% | |
| EBITDA growth | 10.0% | -28.3% | 100.1% | 8.8% | 76.2% | |
| Gross Margin | 34.8% | 51.2% | 42.9% | 30.5% | 32.8% | 2.2% |
| EBITDA Margin | -82.7% | -61.3% | -168.5% | -95.4% | -44.0% | 51.3% |
| Net Income Margin | -97.0% | -72.7% | -175.2% | -109.5% | -106.4% | 3.2% |
| SG&A, % of revenue | | 129.6% | 157.7% | 117.7% | 60.2% | -57.5% |
| CAPEX, % of revenue | 0.0% | 0.1% | 1.3% | 0.3% | 0.5% | 0.2% |
| ROIC | -18.0% | -10.4% | -20.0% | -17.2% | -21.4% | -4.2% |
| ROE | -27.0% | -12.9% | -23.3% | -22.0% | -51.9% | -29.9% |
Revenue and profitability
The company's Revenue jumped on 282%. 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 increased on 2.2 pp from 30.5% to 32.8% in FY2016. SG&A as a % of Revenue dropped on 57.5 pp from 118% to 60.2% in FY2016.
Net Income marign increased on 3.2 pp from -110% to -106% in FY2016.
Capital expenditures (CAPEX) and working capital investments
Vitop Bioenergy Holdings Ltd's CAPEX/Revenue was 0.54% in FY2016. Vitop Bioenergy Holdings Ltd showed almost no change in CAPEX/Revenue from FY2013 to FY2016. Average CAPEX/Revenue for the last three years was 0.74%.
Return on investment
The company operates at negative ROIC (-21.39%) and ROE (-51.95%). ROIC decreased on 4.2 pp from -17.2% to -21.4% in FY2016. ROE dropped on 29.9 pp from -22.0% to -51.9% in FY2016.
Leverage (Debt)
Company's Net Debt / EBITDA is -9.0x and Debt / EBITDA is . Net Debt / EBITDA didn't change in FY2016. Debt decreased on 7.0% while cash dropped on 37.0%.
Appendix 1: Peers in Healthcare-Products
Below you can find Vitop Bioenergy Holdings Ltd benchmarking vs. other companies in Healthcare-Products 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 |
|---|
| Beijing Chunlizhengda Medical Instruments Co Ltd ($1858) | 22.2% | 12.8% | 21.8% | 32.0% | |
| China Medical System Holdings Ltd ($867) | 30.8% | 26.5% | 31.0% | 20.7% | |
| Shandong Weigao Group Medical Polymer Co Ltd ($1066) | 16.0% | 25.1% | 14.4% | 12.1% | |
| BBI Life Sciences Corp ($1035) | 16.4% | 18.0% | 15.1% | 11.5% | |
| Lifetech Scientific Corp ($1302) | 29.3% | 27.3% | 22.4% | 10.2% | |
| |
|---|
| Median (16 companies) | 16.0% | 15.4% | 13.0% | 5.2% | -18.8% |
|---|
| Vitop Bioenergy Holdings Ltd ($1178) | | -3.2% | -27.3% | 92.4% | 281.7% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Lifetech Scientific Corp ($1302) | 80.1% | 81.6% | 81.4% | 81.1% | |
| PW Medtech Group Ltd ($1358) | 66.0% | 67.9% | 72.8% | 75.1% | |
| Golden Meditech Holdings Ltd ($801) | 69.1% | 69.8% | 70.2% | 72.8% | 45.8% |
| Beijing Chunlizhengda Medical Instruments Co Ltd ($1858) | 71.6% | 72.1% | 73.8% | 68.6% | |
| Microport Scientific Corp ($853) | 83.6% | 81.0% | 68.5% | 67.2% | |
| |
|---|
| Median (16 companies) | 55.2% | 52.5% | 50.6% | 50.7% | 21.7% |
|---|
| Vitop Bioenergy Holdings Ltd ($1178) | 34.8% | 51.2% | 42.9% | 30.5% | 32.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| PW Medtech Group Ltd ($1358) | 44.2% | 30.6% | 41.6% | 48.6% | |
| Lifetech Scientific Corp ($1302) | 31.6% | 24.5% | 23.4% | 33.1% | |
| China Medical System Holdings Ltd ($867) | 34.5% | 32.4% | 39.4% | 32.3% | |
| Hengan International Group Co Ltd ($1044) | 27.4% | 25.3% | 25.3% | 28.0% | |
| Shandong Weigao Group Medical Polymer Co Ltd ($1066) | 28.5% | 28.0% | 29.0% | 27.8% | |
| |
|---|
| Median (16 companies) | 26.6% | 24.9% | 13.6% | 11.1% | -15.3% |
|---|
| Vitop Bioenergy Holdings Ltd ($1178) | -82.7% | -61.3% | -168.5% | -95.4% | -44.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Lifetech Scientific Corp ($1302) | 0.0% | 16.5% | 0.0% | 70.0% | |
| PW Medtech Group Ltd ($1358) | 14.8% | 22.3% | 30.2% | 42.1% | |
| Arts Optical International Hldgs ($1120) | 14.0% | 4.5% | 14.0% | 29.9% | |
| Golden Meditech Holdings Ltd ($801) | 12.7% | 51.2% | 27.3% | 26.1% | 56.4% |
| BBI Life Sciences Corp ($1035) | 23.6% | 6.7% | 6.4% | 20.0% | |
| |
|---|
| Median (16 companies) | 9.6% | 6.6% | 6.7% | 7.4% | 4.0% |
|---|
| Vitop Bioenergy Holdings Ltd ($1178) | 0.0% | 0.1% | 1.3% | 0.3% | 0.5% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Lifetech Scientific Corp ($1302) | 17.5% | 15.9% | 21.2% | 32.9% | |
| China Medical System Holdings Ltd ($867) | 19.4% | 20.2% | 27.4% | 20.5% | |
| Hengan International Group Co Ltd ($1044) | 19.5% | 14.9% | 14.0% | 16.4% | |
| Beijing Chunlizhengda Medical Instruments Co Ltd ($1858) | 22.2% | 20.9% | 21.0% | 12.1% | |
| Shandong Weigao Group Medical Polymer Co Ltd ($1066) | 10.5% | 11.7% | 12.8% | 11.8% | |
| |
|---|
| Median (16 companies) | 10.3% | 8.4% | 5.3% | 6.2% | -1.1% |
|---|
| Vitop Bioenergy Holdings Ltd ($1178) | -18.0% | -10.4% | -20.0% | -17.2% | -21.4% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Microport Scientific Corp ($853) | -1.0x | -2.8x | | 4.3x | |
| Techcomp Holdings Ltd ($1298) | 4.3x | 3.6x | 2.7x | 3.0x | |
| Hengan International Group Co Ltd ($1044) | 1.4x | 1.7x | 1.8x | 1.7x | |
| China Medical System Holdings Ltd ($867) | -0.4x | -0.2x | 0.2x | -0.0x | |
| PW Medtech Group Ltd ($1358) | -1.2x | -7.5x | -0.3x | -1.1x | |
| |
|---|
| Median (12 companies) | -1.1x | -1.5x | -1.5x | -1.4x | 0.9x |
|---|
