HaiTian Hydropower International Ltd revenue jumped on 14.6% while EBITDA Margin decreased on 2.2 pp from 69.0% to 66.8%
03/03/2017 • About HaiTian Hydropower International Ltd (
$8261) • By InTwits
HaiTian Hydropower International Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- HaiTian Hydropower International Ltd is a growth stock: FY2016 revenue growth was 14.6%, 5 year revenue CAGR was 60.9% at FY2016 ROIC 11.7%
- The company has business model with average profitability: ROIC is at 11.7%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
HaiTian Hydropower International Ltd ($8261) key annual financial indicators
| mln. | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 27.8 | 30.2 | 64.5 | 206.7 | 236.8 | 14.6% |
| Gross Profit | 20.6 | 22.4 | 51.2 | 133.6 | 153.0 | 14.5% |
| SG&A | | | 8.1 | 19.5 | | -100.0% |
| EBITDA | 17.2 | 22.9 | 51.8 | 142.6 | 158.2 | 10.9% |
| Net Income | 1.6 | 6.1 | 41.8 | 47.0 | 40.7 | -13.4% |
Balance Sheet
|
|---|
| Cash | 89.7 | 42.1 | 114.6 | 271.6 | 528.1 | 94.5% |
| Short Term Debt | 10.8 | 10.8 | 111.3 | 119.3 | 119.9 | 0.5% |
| Long Term Debt | 102.4 | 91.6 | 544.5 | 493.3 | 555.7 | 12.6% |
Cash flow
|
|---|
| Capex | 0.2 | 2.2 | 4.4 | 0.7 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 26.6% | 8.5% | 114.0% | 220.2% | 14.6% | |
| EBITDA growth | -9.0% | 33.0% | 126.0% | 175.5% | 10.9% | |
| Gross Margin | 74.2% | 74.3% | 79.3% | 64.6% | 64.6% | -0.0% |
| EBITDA Margin | 61.9% | 75.9% | 80.2% | 69.0% | 66.8% | -2.2% |
| Net Income Margin | 5.9% | 20.2% | 64.8% | 22.7% | 17.2% | -5.5% |
| SG&A, % of revenue | | | 12.5% | 9.5% | | -9.5% |
| CAPEX, % of revenue | 0.7% | 7.1% | 6.9% | 0.4% | | -0.4% |
| ROIC | 6.4% | 7.5% | 7.5% | 11.9% | 11.7% | -0.2% |
| ROE | 2.1% | 5.1% | 28.8% | 20.0% | 11.2% | -8.8% |
| Net Debt/EBITDA | 1.4x | 2.6x | 10.5x | 2.4x | 0.9x | -1.5x |
Revenue and profitability
HaiTian Hydropower International Ltd's Revenue jumped on 14.6%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.6 pp from -6.9% to -5.4% in FY2016.
Gross Margin showed almost no change in FY2016.
Net Income marign decreased on 5.5 pp from 22.7% to 17.2% in FY2016.
Return on investment
The company operates at low ROIC (11.74%) and ROE (11.19%). ROIC showed almost no change in FY2016. ROE decreased on 8.8 pp from 20.0% to 11.2% in FY2016.
Leverage (Debt)
Company's Net Debt / EBITDA is 0.9x and Debt / EBITDA is 4.3x. Net Debt / EBITDA dropped on 1.5x from 2.4x to 0.9x in FY2016. Debt surged on 10.3% while cash jumped on 94.5%.
Appendix 1: Peers in Energy-Alternate Sources
Below you can find HaiTian Hydropower International Ltd benchmarking vs. other companies in Energy-Alternate Sources 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 |
|---|
| Xinyi Solar Holdings Ltd ($968) | | 28.3% | 22.5% | 97.1% | 26.5% |
| United Photovoltaics Group Ltd ($686) | -74.0% | -83.5% | 1,168.8% | 66.2% | |
| Beijing Jingneng Clean Energy Co Ltd ($579) | 2.5% | 50.7% | 39.6% | 64.4% | |
| Canvest Environment Protection Group Co Ltd ($1381) | 150.6% | 0.8% | 103.5% | 49.2% | |
| China Renewable Energy Investment Ltd ($987) | 10.7% | 14.3% | -14.4% | 36.6% | |
| |
|---|
| Median (10 companies) | 4.2% | 20.1% | 28.0% | 29.1% | 26.5% |
|---|
| HaiTian Hydropower International Ltd ($8261) | | 8.5% | 114.0% | 220.2% | 14.6% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| United Photovoltaics Group Ltd ($686) | -29.8% | 99.3% | 90.7% | 54.0% | |
| Canvest Environment Protection Group Co Ltd ($1381) | 53.4% | 51.9% | 43.1% | 37.1% | |
| Xinyi Solar Holdings Ltd ($968) | 17.2% | 30.1% | 31.6% | 36.0% | 45.8% |
| China Renewable Energy Investment Ltd ($987) | 20.2% | 37.1% | 24.7% | 33.3% | |
| China Suntien Green Energy Corp Ltd ($956) | 33.5% | 31.3% | 25.2% | 26.5% | |
| |
|---|
| Median (7 companies) | 20.2% | 31.3% | 25.2% | 33.3% | 45.8% |
|---|
| HaiTian Hydropower International Ltd ($8261) | 74.2% | 74.3% | 79.3% | 64.6% | 64.6% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| United Photovoltaics Group Ltd ($686) | -42.6% | -230.5% | 92.9% | 83.5% | |
| China Renewable Energy Investment Ltd ($987) | 54.1% | 66.1% | 64.3% | 74.3% | |
| China Longyuan Power Group Corp Ltd ($916) | 56.3% | 54.4% | 63.5% | 64.5% | |
| Canvest Environment Protection Group Co Ltd ($1381) | 59.3% | 56.6% | 50.3% | 41.8% | |
| Beijing Jingneng Clean Energy Co Ltd ($579) | 57.7% | 50.4% | 41.8% | 36.6% | |
| |
|---|
| Median (10 companies) | 31.9% | 30.6% | 36.9% | 36.2% | 47.3% |
|---|
| HaiTian Hydropower International Ltd ($8261) | 61.9% | 75.9% | 80.2% | 69.0% | 66.8% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Suntien Green Energy Corp Ltd ($956) | 41.4% | 25.7% | 35.9% | 128.8% | |
| China Longyuan Power Group Corp Ltd ($916) | 79.5% | 54.9% | 100.2% | 77.7% | |
| Xinyi Solar Holdings Ltd ($968) | 22.7% | 12.2% | 98.8% | 75.4% | |
| International Standard Resources Holdings Ltd ($91) | 51.5% | 2.4% | 11.1% | 69.3% | |
| Concord New Energy Group Ltd ($182) | 64.2% | 19.0% | 52.7% | 54.7% | |
| |
|---|
| Median (10 companies) | 46.5% | 22.3% | 44.3% | 48.7% | |
|---|
| HaiTian Hydropower International Ltd ($8261) | 0.7% | 7.1% | 6.9% | 0.4% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Xinyi Solar Holdings Ltd ($968) | 13.8% | 21.6% | 16.9% | 18.7% | 19.7% |
| Canvest Environment Protection Group Co Ltd ($1381) | 27.0% | 18.1% | 12.4% | 10.0% | |
| Beijing Jingneng Clean Energy Co Ltd ($579) | 5.8% | 6.8% | 6.3% | 8.1% | |
| GCL-Poly Energy Holdings Ltd ($3800) | 0.3% | 2.8% | 6.9% | 7.2% | |
| China Longyuan Power Group Corp Ltd ($916) | 6.9% | 6.3% | 6.3% | 6.2% | |
| |
|---|
| Median (10 companies) | 4.4% | 5.2% | 6.0% | 6.0% | 19.7% |
|---|
| HaiTian Hydropower International Ltd ($8261) | 6.4% | 7.5% | 7.5% | 11.9% | 11.7% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| United Photovoltaics Group Ltd ($686) | | | 7.8x | 13.2x | |
| China Suntien Green Energy Corp Ltd ($956) | 4.5x | 4.1x | 4.9x | 9.5x | |
| China Longyuan Power Group Corp Ltd ($916) | 5.5x | 5.3x | 5.8x | 5.7x | |
| GCL-Poly Energy Holdings Ltd ($3800) | 11.4x | 7.7x | 5.4x | 5.0x | |
| Beijing Jingneng Clean Energy Co Ltd ($579) | 6.7x | 6.3x | 6.7x | 4.4x | |
| |
|---|
| Median (9 companies) | 5.0x | 4.7x | 5.4x | 4.4x | 2.1x |
|---|
| HaiTian Hydropower International Ltd ($8261) | 1.4x | 2.6x | 10.5x | 2.4x | 0.9x |
