China Sunshine Paper Holdings Co Ltd EBITDA Margin dropped on 15.5 pp from 15.5% to in 2016
17/03/2017 • About China Sunshine Paper Holdings Co Ltd (
$2002) • By InTwits
China Sunshine Paper Holdings Co Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: It operates with high leverage: Net Debt/EBITDA is 15.8x while industry average is 3.2x.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
China Sunshine Paper Holdings Co Ltd ($2002) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 3,704 | 3,658 | 3,448 | 3,726 | 4,223 | 13.4% |
| Gross Profit | 615 | 603 | 656 | 746 | | -100.0% |
| SG&A | 359 | 411 | 403 | 430 | | -100.0% |
| EBITDA | 530 | 466 | 499 | 577 | | -100.0% |
| Net Income | 44 | 22 | -38 | 51 | 123 | 140.2% |
Balance Sheet
|
|---|
| Cash | 258 | 467 | 302 | 327 | | -100.0% |
| Short Term Debt | 2,555 | 3,401 | 2,705 | 1,953 | | -100.0% |
| Long Term Debt | 852 | 267 | 613 | 768 | | -100.0% |
Cash flow
|
|---|
| Capex | 547 | 361 | 301 | 148 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -0.5% | -1.3% | -5.7% | 8.1% | 13.4% | |
| EBITDA growth | 3.5% | -12.1% | 7.2% | 15.6% | | |
| Gross Margin | 16.6% | 16.5% | 19.0% | 20.0% | | -20.0% |
| EBITDA Margin | 14.3% | 12.7% | 14.5% | 15.5% | 0.0% | -15.5% |
| Net Income Margin | 1.2% | 0.6% | -1.1% | 1.4% | 2.9% | 1.5% |
| SG&A, % of revenue | 9.7% | 11.2% | 11.7% | 11.5% | | -11.5% |
| CAPEX, % of revenue | 14.8% | 9.9% | 8.7% | 4.0% | | -4.0% |
| ROIC | 6.8% | 5.1% | 5.5% | 7.6% | | -7.6% |
| ROE | 3.0% | 1.5% | -2.6% | 3.4% | | -3.4% |
| Net Debt/EBITDA | 5.9x | 6.9x | 6.0x | 4.1x | | -4.1x |
Revenue and profitability
The company's Revenue surged on 13.4%.
Net Income marign increased slightly on 1.5 pp from 1.4% to 2.9% in FY2016.
Appendix 1: Peers in Forest Products&Paper
Below you can find China Sunshine Paper Holdings Co Ltd benchmarking vs. other companies in Forest Products&Paper 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 |
|---|
| KuangChi Science Ltd ($439) | | | 39.7% | 211.9% | |
| Merdeka Mobile Group Ltd ($8163) | | 415.4% | 71.4% | 88.0% | 95.0% |
| Youyuan International Holdings Ltd ($2268) | | 6.7% | 0.8% | 10.3% | 5.7% |
| PNG Resources Holdings Ltd ($221) | | 248.6% | 8.5% | 8.7% | -44.3% |
| Samson Paper Holdings Ltd ($731) | | -7.1% | 6.4% | 6.2% | -5.2% |
| |
|---|
| Median (11 companies) | 7.5% | 4.9% | 2.8% | 5.8% | 6.2% |
|---|
| China Sunshine Paper Holdings Co Ltd ($2002) | | -1.3% | -5.7% | 8.1% | 13.4% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| KuangChi Science Ltd ($439) | | 20.3% | 17.3% | 63.6% | |
| PNG Resources Holdings Ltd ($221) | 19.4% | 18.6% | 24.2% | 35.3% | 31.9% |
| Youyuan International Holdings Ltd ($2268) | 29.8% | 32.9% | 31.3% | 29.2% | 30.8% |
| China Asean Resources Ltd ($8186) | 19.8% | 40.3% | | 27.8% | |
| Shandong Chenming Paper Holdings Ltd ($1812) | 15.2% | 18.0% | 19.4% | 26.6% | 30.3% |
| |
|---|
| Median (12 companies) | 16.1% | 18.0% | 17.0% | 19.9% | 30.3% |
|---|
| China Sunshine Paper Holdings Co Ltd ($2002) | 16.6% | 16.5% | 19.0% | 20.0% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Youyuan International Holdings Ltd ($2268) | 27.2% | 30.8% | 29.8% | 30.0% | 28.4% |
| PNG Resources Holdings Ltd ($221) | -6.1% | 9.6% | 12.2% | 26.5% | 21.9% |
| Shandong Chenming Paper Holdings Ltd ($1812) | 11.4% | 13.2% | 14.5% | 20.4% | 23.2% |
| Changgang Dunxin Enterprise Co Ltd ($2229) | 20.9% | 22.2% | 22.8% | 19.9% | |
| Nine Dragons Paper Holdings Ltd ($2689) | 16.4% | 17.2% | 18.6% | 16.9% | 20.7% |
| |
|---|
| Median (12 companies) | 10.3% | 10.3% | 7.0% | 9.0% | 21.9% |
|---|
| China Sunshine Paper Holdings Co Ltd ($2002) | 14.3% | 12.7% | 14.5% | 15.5% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| KuangChi Science Ltd ($439) | | 3.2% | 0.5% | 65.6% | |
| PNG Resources Holdings Ltd ($221) | 133.1% | 35.6% | 53.0% | 44.8% | 31.1% |
| Changgang Dunxin Enterprise Co Ltd ($2229) | 2.1% | 15.8% | 2.0% | 36.7% | |
| China Agroforestry Low-Carbon Holdings Ltd ($1069) | 0.2% | 11.5% | 26.7% | 26.3% | |
| Shandong Chenming Paper Holdings Ltd ($1812) | 14.4% | 18.8% | 16.3% | 18.5% | 10.9% |
| |
|---|
| Median (12 companies) | 14.4% | 11.5% | 5.9% | 10.0% | 8.3% |
|---|
| China Sunshine Paper Holdings Co Ltd ($2002) | 14.8% | 9.9% | 8.7% | 4.0% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| PNG Resources Holdings Ltd ($221) | -1.2% | 5.8% | 8.3% | 19.9% | 8.1% |
| Youyuan International Holdings Ltd ($2268) | 12.6% | 12.9% | 10.4% | 10.6% | 9.5% |
| Changgang Dunxin Enterprise Co Ltd ($2229) | 41.0% | 32.5% | 23.3% | 10.4% | |
| Nine Dragons Paper Holdings Ltd ($2689) | 6.5% | 6.1% | 5.9% | 5.3% | 7.7% |
| Shandong Chenming Paper Holdings Ltd ($1812) | 1.9% | 3.3% | 3.0% | 4.5% | 5.4% |
| |
|---|
| Median (13 companies) | 0.2% | 2.0% | -0.5% | 2.6% | 7.7% |
|---|
| China Sunshine Paper Holdings Co Ltd ($2002) | 6.8% | 5.1% | 5.5% | 7.6% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Greenheart Group Ltd ($94) | | 7.1x | 26.8x | 53.0x | |
| Shandong Chenming Paper Holdings Ltd ($1812) | 10.4x | 9.0x | 10.9x | 12.4x | 8.8x |
| Samson Paper Holdings Ltd ($731) | 8.3x | 13.0x | 9.3x | 8.9x | 11.3x |
| Nine Dragons Paper Holdings Ltd ($2689) | 4.9x | 5.7x | 5.1x | 4.7x | 3.3x |
| Youyuan International Holdings Ltd ($2268) | 1.5x | 2.1x | 1.5x | 1.4x | 2.4x |
| |
|---|
| Median (9 companies) | 2.5x | 3.6x | 3.3x | 1.4x | 3.3x |
|---|
| China Sunshine Paper Holdings Co Ltd ($2002) | 5.9x | 6.9x | 6.0x | 4.1x | |
