Dan Form Holdings Co Ltd reports 714% EBITDA decline in 2016 and 132 pp EBITDA Margin decline from 19.5% to -113%
12/03/2017 • About Dan Form Holdings Co Ltd (
$271) • By InTwits
Dan Form Holdings Co Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Dan Form Holdings Co Ltd doesn't have a profitable business model yet: FY2016 ROIC is -1.2%
- EBITDA Margin is declining: -112.5% in FY2016 vs. 19.5% in FY2015 vs. 15.7% in FY2012
- Dan Form Holdings Co Ltd spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 is 0.0%. Average EBITDA Margin for the same period was -4.1%0
- The company has unprofitable business model: ROIC is at -1.2%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Dan Form Holdings Co Ltd ($271) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 42.538 | 47.505 | 49.745 | 50.759 | 53.993 | 6.4% |
| SG&A | | | 9.946 | 9.968 | | -100.0% |
| EBITDA | 6.659 | 21.049 | 13.019 | 9.894 | -60.751 | -714.0% |
| Net Income | 924.307 | 234.997 | 247.203 | 195.718 | 61.762 | -68.4% |
Balance Sheet
|
|---|
| Cash | 304.561 | 325.906 | 368.887 | 875.190 | 981.503 | 12.1% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 13.177 | 4.785 | 0.126 | 0.991 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 1.1% | 11.7% | 4.7% | 2.0% | 6.4% | |
| EBITDA growth | -90.1% | 216.1% | -38.1% | -24.0% | -714.0% | |
| EBITDA Margin | 15.7% | 44.3% | 26.2% | 19.5% | -112.5% | -132.0% |
| Net Income Margin | 2,172.9% | 494.7% | 496.9% | 385.6% | 114.4% | -271.2% |
| SG&A, % of revenue | | | 20.0% | 19.6% | | -19.6% |
| CAPEX, % of revenue | 31.0% | 10.1% | 0.3% | 2.0% | | -2.0% |
| ROIC | 0.0% | 0.3% | 0.1% | 0.1% | -1.2% | -1.3% |
| ROE | 22.5% | 5.0% | 5.0% | 3.8% | 1.2% | -2.6% |
| Net Debt/EBITDA | -45.7x | -15.5x | -28.3x | -88.5x | | 88.5x |
Revenue and profitability
The company's Revenue increased on 6.4%. 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.
Net Income marign dropped on 271 pp from 386% to 114% in FY2016.
Return on investment
The company operates at negative ROIC (-1.22%) and low but positive ROE (1.20%). ROIC decreased slightly on 1.3 pp from 0.093% to -1.2% in FY2016. ROE decreased on 2.6 pp from 3.8% to 1.2% in FY2016.
Leverage (Debt)
The company has no debt. Cash jumped on 12.1%.
Appendix 1: Peers in Real Estate
Below you can find Dan Form Holdings Co Ltd benchmarking vs. other companies in Real Estate 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 |
|---|
| Guangdong Land Holdings Ltd ($124) | | | | 24,971.2% | |
| GR Properties Ltd ($108) | 21.6% | -82.9% | 14.6% | 1,203.6% | |
| Wanda Hotel Development Co Ltd ($169) | | -51.4% | -86.2% | 1,071.2% | -82.8% |
| Henderson Investment Ltd ($97) | -78.9% | | | 737.1% | |
| ITC Properties Group Ltd ($199) | | -95.2% | 75.7% | 678.6% | 206.4% |
| |
|---|
| Median (179 companies) | 15.9% | 13.5% | 5.3% | 4.5% | 7.7% |
|---|
| Dan Form Holdings Co Ltd ($271) | | 11.7% | 4.7% | 2.0% | 6.4% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Renhe Commercial Holdings Co Ltd ($1387) | 79.0% | 95.2% | 97.9% | 99.9% | |
| Tern Properties Co Ltd ($277) | 96.7% | 98.4% | 98.4% | 98.7% | 98.8% |
| YT Realty Group Ltd ($75) | 94.4% | 96.6% | 96.7% | 97.6% | |
| Wah Ha Realty Co Ltd ($278) | 96.3% | 96.0% | 93.2% | 95.9% | 92.9% |
| Soundwill Holdings Ltd ($878) | 53.1% | 74.5% | 46.9% | 95.7% | |
| |
|---|
| Median (161 companies) | 41.9% | 41.9% | 39.2% | 38.2% | 43.8% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Chinese Estates Holdings Ltd ($127) | 356.2% | 91.6% | 195.5% | 397.4% | 56.8% |
| Zall Development Group Ltd ($2098) | 105.3% | 133.1% | 143.2% | 213.9% | |
| SOHO China Ltd ($410) | 113.6% | 80.8% | 104.0% | 201.9% | |
| Beijing Properties Holdings Ltd ($925) | -606.3% | 2,162.6% | 224.3% | 186.5% | |
| Swire Properties Ltd ($1972) | 154.5% | 114.6% | 73.2% | 100.3% | |
| |
|---|
| Median (179 companies) | 29.3% | 28.3% | 27.8% | 23.5% | 28.5% |
|---|
| Dan Form Holdings Co Ltd ($271) | 15.7% | 44.3% | 26.2% | 19.5% | -112.5% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| LT Commercial Real Estate Ltd ($112) | 0.0% | 18.0% | 27,965.5% | 4,834.8% | |
| China Oceanwide Holdings Ltd ($715) | 0.8% | 0.3% | 2.0% | 880.6% | |
| Madex International Holdings Ltd ($231) | 174.5% | 519.7% | 205.3% | 350.6% | |
| Pacific Century Premium Developments Ltd ($432) | 2.9% | 323.1% | 351.2% | 340.6% | 570.7% |
| Hon Kwok Land Investment Co Ltd ($160) | 20.6% | 157.3% | 144.5% | 296.3% | 28.1% |
| |
|---|
| Median (179 companies) | 5.6% | 6.1% | 4.8% | 3.3% | 3.3% |
|---|
| Dan Form Holdings Co Ltd ($271) | 31.0% | 10.1% | 0.3% | 2.0% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Hydoo International Holding Ltd ($1396) | 44.3% | 62.0% | 12.9% | 16.6% | |
| Gemdale Properties & Investment Corp Ltd ($535) | 15.3% | 19.6% | 10.8% | 15.9% | |
| China Overseas Land & Investment Ltd ($688) | | 15.1% | 18.5% | 15.4% | 13.0% |
| Colour Life Services Group Co Ltd ($1778) | 44.2% | 47.9% | 29.3% | 14.5% | |
| Dalian Wanda Commercial Properties Co Ltd ($3699) | 26.8% | 19.6% | 12.3% | 14.4% | |
| |
|---|
| Median (181 companies) | 4.2% | 4.1% | 4.2% | 2.5% | 2.7% |
|---|
| Dan Form Holdings Co Ltd ($271) | 0.0% | 0.3% | 0.1% | 0.1% | -1.2% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Shui On Land Ltd ($272) | 22.1x | 13.2x | 17.1x | 54.2x | |
| Beijing Capital Land Ltd ($2868) | 7.1x | 4.6x | 11.7x | 49.1x | 37.0x |
| Talent Property Group Ltd ($760) | | | | 43.0x | |
| Mingfa Group International Co Ltd ($846) | 2.5x | 3.0x | 6.3x | 42.9x | |
| Sunshine 100 China Holdings Ltd ($2608) | 9.9x | 12.4x | 12.9x | 42.3x | |
| |
|---|
| Median (136 companies) | 2.4x | 2.8x | 3.0x | 3.3x | 3.6x |
|---|
| Dan Form Holdings Co Ltd ($271) | -45.7x | -15.5x | -28.3x | -88.5x | |
