China Nuclear Industry 23 International Corp Ltd EBITDA surged on 194% and EBITDA Margin increased on 3.5 pp from 2.5% to 6.0%
15/03/2017 • About China Nuclear Industry 23 International Corp Ltd (
$611) • By InTwits
China Nuclear Industry 23 International Corp Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- China Nuclear Industry 23 International Corp Ltd is a growth stock: FY2016 revenue growth was 21.8%, 5 year revenue CAGR was 47.2% at FY2016 ROIC 11.4%
- The company has business model with average profitability: ROIC is at 11.4%
- It operates with high leverage: Net Debt/EBITDA is 1.7x while industry average is 0.3x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
China Nuclear Industry 23 International Corp Ltd ($611) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 300 | 557 | 323 | 1,676 | 2,042 | 21.8% |
| EBITDA | -1 | 20 | -51 | 42 | 123 | 194.0% |
| Net Income | 493 | -46 | -41 | 4 | 79 | 2,107.7% |
Balance Sheet
|
|---|
| Cash | 243 | 198 | 253 | 311 | 473 | 52.1% |
| Short Term Debt | 0 | 56 | 0 | 287 | 280 | -2.3% |
| Long Term Debt | 49 | 0 | 0 | 0 | 403 | |
Cash flow
|
|---|
| Capex | 7 | 12 | 4 | 79 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 1.4% | 85.6% | -42.1% | 419.8% | 21.8% | |
| EBITDA growth | -108.3% | -2,110.8% | -355.6% | -181.0% | 194.0% | |
| EBITDA Margin | -0.3% | 3.6% | -16.0% | 2.5% | 6.0% | 3.5% |
| Net Income Margin | 164.1% | -8.2% | -12.7% | 0.2% | 3.8% | 3.6% |
| CAPEX, % of revenue | 2.4% | 2.2% | 1.3% | 4.7% | | -4.7% |
| ROIC | | 2.8% | -12.8% | 5.8% | 11.4% | 5.6% |
| ROE | | -13.5% | -9.5% | 0.8% | 16.1% | 15.3% |
| Net Debt/EBITDA | | -7.1x | | -0.6x | 1.7x | 2.3x |
Revenue and profitability
The company's Revenue surged on 21.8%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.5 pp from 14.1% to 15.6% in FY2016.
Net Income marign increased on 3.6 pp from 0.21% to 3.8% in FY2016.
Return on investment
The company operates at good ROE (16.10%) while ROIC is low (11.36%). ROIC increased on 5.6 pp from 5.8% to 11.4% in FY2016. ROE jumped on 15.3 pp from 0.81% to 16.1% in FY2016.
Leverage (Debt)
Company's Net Debt / EBITDA is 1.7x and Debt / EBITDA is 5.6x. Net Debt / EBITDA surged on 2.3x from -0.6x to 1.7x in FY2016. Debt jumped on 138% while cash jumped on 52.1%.
Appendix 1: Peers in Retail
Below we provide China Nuclear Industry 23 International Corp Ltd benchmarking against other companies in Retail industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Noble House China Holdings Ltd ($8246) | -5.0% | -20.2% | -24.8% | 117.2% | |
| Vongroup Ltd ($318) | | 23.7% | -80.2% | 90.3% | -7.2% |
| 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% | |
| Unlimited Creativity Holdings Ltd ($8377) | -17.7% | -35.3% | 23.7% | 40.8% | |
| |
|---|
| Median (117 companies) | 9.6% | 6.1% | 3.1% | -1.0% | -7.6% |
|---|
| China Nuclear Industry 23 International Corp Ltd ($611) | | 85.6% | -42.1% | 419.8% | 21.8% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Vongroup Ltd ($318) | | | 95.1% | 99.1% | 99.0% |
| Modern Beauty Salon Holdings Ltd ($919) | 97.4% | 95.9% | 96.8% | 96.7% | 96.8% |
| Moiselle International Holdings Ltd ($130) | 81.2% | 83.8% | 80.6% | 83.2% | 77.6% |
| 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% | |
| |
|---|
| Median (104 companies) | 36.7% | 36.3% | 35.3% | 33.6% | 44.4% |
|---|
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% | 46.3% |
| China Dongxiang Group Co Ltd ($3818) | 6.0% | 5.6% | 58.3% | 41.4% | |
| |
|---|
| Median (117 companies) | 10.8% | 7.8% | 9.1% | 7.4% | 6.3% |
|---|
| China Nuclear Industry 23 International Corp Ltd ($611) | -0.3% | 3.6% | -16.0% | 2.5% | 6.0% |
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) | 4.1% | 3.6% | 3.8% | 3.1% | 2.1% |
|---|
| China Nuclear Industry 23 International Corp Ltd ($611) | 2.4% | 2.2% | 1.3% | 4.7% | |
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% | 13.3% |
| JC Group Holdings Ltd ($8326) | | 215.6% | 92.8% | 66.3% | 81.7% |
| Starbucks Corp ($4337) | 36.4% | -6.0% | 52.8% | 51.4% | 46.2% |
| 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% | 3.2% |
|---|
| China Nuclear Industry 23 International Corp Ltd ($611) | | 2.8% | -12.8% | 5.8% | 11.4% |
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 | 11.1x |
| 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 | -0.6x |
|---|
| China Nuclear Industry 23 International Corp Ltd ($611) | | -7.1x | | -0.6x | 1.7x |
