Modern Land China Co Ltd revenue jumped on 33.2% in 2016
20/03/2017 • About Modern Land China Co Ltd (
$1107) • By InTwits
Modern Land China 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 3.8x while industry average is -2.6x.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Modern Land China Co Ltd ($1107) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,965 | 3,469 | 4,079 | 6,350 | 8,458 | 33.2% |
| Gross Profit | 873 | 1,370 | 1,655 | 1,964 | | -100.0% |
| SG&A | 272 | 375 | 449 | 456 | | -100.0% |
| EBITDA | 781 | 1,020 | 1,252 | 1,507 | | -100.0% |
| Net Income | 471 | 529 | 521 | 578 | 664 | 15.0% |
Balance Sheet
|
|---|
| Cash | 788 | 2,744 | 2,798 | 2,521 | | -100.0% |
| Short Term Debt | 109 | 257 | 1,314 | 1,757 | | -100.0% |
| Long Term Debt | 1,001 | 1,902 | 3,193 | 3,635 | | -100.0% |
Cash flow
|
|---|
| Capex | 116 | 112 | 18 | 15 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -37.7% | 76.5% | 17.6% | 55.7% | 33.2% | |
| EBITDA growth | -25.7% | 30.5% | 22.8% | 20.4% | | |
| Gross Margin | 44.4% | 39.5% | 40.6% | 30.9% | | -30.9% |
| EBITDA Margin | 39.8% | 29.4% | 30.7% | 23.7% | 0.0% | -23.7% |
| Net Income Margin | 24.0% | 15.2% | 12.8% | 9.1% | 7.9% | -1.2% |
| SG&A, % of revenue | 13.8% | 10.8% | 11.0% | 7.2% | | -7.2% |
| CAPEX, % of revenue | 5.9% | 3.2% | 0.4% | 0.2% | | -0.2% |
| ROIC | 20.5% | 21.4% | 16.4% | 14.8% | | -14.8% |
| ROE | 37.0% | 26.6% | 19.5% | 17.4% | | -17.4% |
| Net Debt/EBITDA | 0.4x | -0.6x | 1.4x | 1.9x | | -1.9x |
Revenue and profitability
The company's Revenue surged on 33.2%.
Net Income marign decreased slightly on 1.2 pp from 9.1% to 7.9% in FY2016.
Appendix 1: Peers in Home Builders
Below we provide Modern Land China Co Ltd benchmarking against other companies in Home Builders 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Baoye Group Co Ltd ($2355) | 6.7% | 1.6% | 7.7% | -3.6% | |
| |
|---|
| Median (1 company) | 6.7% | 1.6% | 7.7% | -3.6% | |
|---|
| Modern Land China Co Ltd ($1107) | | 76.5% | 17.6% | 55.7% | 33.2% |
Top companies by Gross margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Baoye Group Co Ltd ($2355) | 8.5% | 6.9% | 6.2% | 6.8% | |
| |
|---|
| Median (1 company) | 8.5% | 6.9% | 6.2% | 6.8% | |
|---|
| Modern Land China Co Ltd ($1107) | 44.4% | 39.5% | 40.6% | 30.9% | |
Top companies by EBITDA margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Baoye Group Co Ltd ($2355) | 7.6% | 5.6% | 5.1% | 5.5% | |
| |
|---|
| Median (1 company) | 7.6% | 5.6% | 5.1% | 5.5% | |
|---|
| Modern Land China Co Ltd ($1107) | 39.8% | 29.4% | 30.7% | 23.7% | |
Top companies by CAPEX/Revenue, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Baoye Group Co Ltd ($2355) | 1.3% | 1.3% | 0.9% | 0.9% | |
| |
|---|
| Median (1 company) | 1.3% | 1.3% | 0.9% | 0.9% | |
|---|
| Modern Land China Co Ltd ($1107) | 5.9% | 3.2% | 0.4% | 0.2% | |
Top companies by ROIC, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Baoye Group Co Ltd ($2355) | 17.7% | 12.4% | 11.2% | 11.7% | |
| |
|---|
| Median (1 company) | 17.7% | 12.4% | 11.2% | 11.7% | |
|---|
| Modern Land China Co Ltd ($1107) | 20.5% | 21.4% | 16.4% | 14.8% | |
Top companies by Net Debt / EBITDA
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Baoye Group Co Ltd ($2355) | -0.6x | -1.2x | -1.4x | -2.6x | |
| |
|---|
| Median (1 company) | -0.6x | -1.2x | -1.4x | -2.6x | |
|---|
| Modern Land China Co Ltd ($1107) | 0.4x | -0.6x | 1.4x | 1.9x | |
