Binhai Investment Co Ltd EBITDA Margin dropped on 20.7 pp from 20.7% to in 2016
17/03/2017 • About Binhai Investment Co Ltd (
$2886) • By InTwits
Binhai Investment Co Ltd reported FY2016 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Binhai Investment Co Ltd ($2886) key annual financial indicators
| mln. | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,661 | 2,229 | 2,543 | 2,555 | 2,145 | -16.0% |
| Gross Profit | 335 | 459 | 465 | 543 | | -100.0% |
| SG&A | | | | 163 | | -100.0% |
| EBITDA | 246 | 379 | 386 | 529 | | -100.0% |
| Net Income | 136 | 136 | 214 | 199 | 172 | -13.4% |
Balance Sheet
|
|---|
| Cash | 818 | 685 | 463 | 331 | | -100.0% |
| Short Term Debt | 594 | 265 | 957 | 261 | | -100.0% |
| Long Term Debt | 1,062 | 1,497 | 847 | 1,533 | | -100.0% |
Cash flow
|
|---|
| Capex | 447 | 401 | 393 | 426 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 35.0% | 34.2% | 14.1% | 0.5% | -16.0% | |
| EBITDA growth | 241.1% | 54.1% | 1.9% | 37.0% | | |
| Gross Margin | 20.1% | 20.6% | 18.3% | 21.3% | | -21.3% |
| EBITDA Margin | 14.8% | 17.0% | 15.2% | 20.7% | 0.0% | -20.7% |
| Net Income Margin | 8.2% | 6.1% | 8.4% | 7.8% | 8.0% | 0.2% |
| SG&A, % of revenue | | | | 6.4% | | -6.4% |
| CAPEX, % of revenue | 26.9% | 18.0% | 15.5% | 16.7% | | -16.7% |
| ROIC | 12.2% | 12.2% | 10.9% | 14.7% | | -14.7% |
| ROE | | 79.7% | 53.3% | 31.3% | | -31.3% |
| Net Debt/EBITDA | 3.4x | 2.8x | 3.5x | 2.8x | | -2.8x |
Revenue and profitability
Binhai Investment Co Ltd's Revenue dropped on 16.0%.
Net Income marign showed almost no change in FY2016.
Appendix 1: Peers in Gas
Below we provide Binhai Investment Co Ltd benchmarking against other companies in Gas 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 |
|---|
| Beijing Enterprises Holdings Ltd ($392) | 16.7% | 19.1% | 13.2% | 25.5% | |
| China Gas Holdings Ltd ($384) | | -5.2% | 44.8% | 21.8% | -8.0% |
| ENN Energy Holdings Ltd ($2688) | 19.6% | 27.4% | 26.7% | 10.2% | |
| China Resources Gas Group Ltd ($1193) | -4.1% | 63.6% | 28.8% | 8.3% | |
| Suchuang Gas Corp Ltd ($1430) | 10.3% | 26.9% | 18.4% | 1.3% | |
| |
|---|
| Median (9 companies) | 11.4% | 27.1% | 18.4% | 1.3% | -7.0% |
|---|
| Binhai Investment Co Ltd ($2886) | | 34.2% | 14.1% | 0.5% | -16.0% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Resources Gas Group Ltd ($1193) | 31.2% | 34.2% | 30.3% | 31.5% | |
| Suchuang Gas Corp Ltd ($1430) | 28.9% | 30.1% | 24.2% | 25.2% | |
| ENN Energy Holdings Ltd ($2688) | 26.9% | 23.8% | 20.9% | 21.4% | |
| China Gas Holdings Ltd ($384) | 19.0% | 21.0% | 20.3% | 20.4% | 24.1% |
| China Oil Gangran Energy Group Holdings Ltd ($8132) | 9.4% | 17.2% | 16.4% | 20.3% | 10.1% |
| |
|---|
| Median (7 companies) | 22.5% | 22.6% | 20.3% | 20.4% | 17.1% |
|---|
| Binhai Investment Co Ltd ($2886) | 20.1% | 20.6% | 18.3% | 21.3% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Hong Kong & China Gas Co Ltd ($3) | 30.0% | 29.6% | 29.2% | 30.7% | 32.7% |
| Suchuang Gas Corp Ltd ($1430) | 30.2% | 30.5% | 24.9% | 24.0% | |
| Towngas China Co Ltd ($1083) | 19.9% | 18.9% | 18.8% | 19.2% | 23.9% |
| China Resources Gas Group Ltd ($1193) | 16.2% | 17.4% | 17.7% | 19.0% | |
| China Gas Holdings Ltd ($384) | 15.2% | 16.5% | 16.6% | 16.8% | 20.3% |
| |
|---|
| Median (10 companies) | 20.1% | 18.2% | 17.7% | 16.7% | 20.3% |
|---|
| Binhai Investment Co Ltd ($2886) | 14.8% | 17.0% | 15.2% | 20.7% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Towngas China Co Ltd ($1083) | 31.3% | 25.7% | 26.2% | 26.4% | |
| Hong Kong & China Gas Co Ltd ($3) | 23.7% | 18.7% | 20.1% | 21.5% | |
| China Resources Gas Group Ltd ($1193) | 20.6% | 18.5% | 12.4% | 12.3% | |
| China Gas Holdings Ltd ($384) | 9.4% | 13.7% | 12.3% | 12.3% | 10.2% |
| China Oil & Gas Group Ltd ($603) | 15.0% | 18.3% | 15.4% | 11.1% | |
| |
|---|
| Median (10 companies) | 18.3% | 14.9% | 12.3% | 9.6% | 6.5% |
|---|
| Binhai Investment Co Ltd ($2886) | 26.9% | 18.0% | 15.5% | 16.7% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Suchuang Gas Corp Ltd ($1430) | 13.6% | 19.4% | 23.9% | 20.8% | |
| ENN Energy Holdings Ltd ($2688) | 14.3% | 11.7% | 16.4% | 13.6% | |
| China Resources Gas Group Ltd ($1193) | 6.9% | 10.4% | 11.4% | 12.5% | |
| China Gas Holdings Ltd ($384) | 8.4% | 8.6% | 10.6% | 10.6% | 11.2% |
| Hong Kong & China Gas Co Ltd ($3) | 7.3% | 7.4% | 7.5% | 6.9% | 7.0% |
| |
|---|
| Median (10 companies) | 7.5% | 9.5% | 7.5% | 6.4% | 5.2% |
|---|
| Binhai Investment Co Ltd ($2886) | 12.2% | 12.2% | 10.9% | 14.7% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Oil & Gas Group Ltd ($603) | -0.0x | 1.0x | 2.8x | 6.0x | |
| Towngas China Co Ltd ($1083) | 3.5x | 3.7x | 4.1x | 4.5x | 3.8x |
| Beijing Enterprises Holdings Ltd ($392) | 3.1x | 2.6x | 4.7x | 3.6x | |
| China Gas Holdings Ltd ($384) | 3.7x | 3.7x | 3.1x | 2.9x | 2.8x |
| Hong Kong & China Gas Co Ltd ($3) | 2.6x | 2.8x | 2.1x | 2.3x | 2.7x |
| |
|---|
| Median (9 companies) | 2.9x | 1.9x | 2.4x | 2.3x | 2.8x |
|---|
| Binhai Investment Co Ltd ($2886) | 3.4x | 2.8x | 3.5x | 2.8x | |
