Tenfu Cayman Holdings Co Ltd EBITDA Margin dropped on 22.5 pp from 22.5% to in 2016
20/03/2017 • About Tenfu Cayman Holdings Co Ltd (
$6868) • By InTwits
Tenfu Cayman Holdings Co Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Tenfu Cayman Holdings Co Ltd is a company in decline: FY2016 revenue growth was -2.2%, 5 years revenue CAGR was -3.3%
- It operates with high leverage: Net Debt/EBITDA is 8.7x while industry average is 2.9x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Tenfu Cayman Holdings Co Ltd ($6868) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,707 | 1,662 | 1,689 | 1,518 | 1,485 | -2.2% |
| Gross Profit | 1,095 | 1,017 | 1,050 | 932 | | -100.0% |
| SG&A | 696 | 680 | 703 | 678 | | -100.0% |
| EBITDA | 469 | 420 | 440 | 342 | | -100.0% |
| Net Income | 295 | 267 | 270 | 146 | 165 | 13.0% |
Balance Sheet
|
|---|
| Cash | 559 | 202 | 232 | 201 | | -100.0% |
| Short Term Debt | 104 | 121 | 477 | 252 | | -100.0% |
| Long Term Debt | 0 | 0 | 122 | 0 | | |
Cash flow
|
|---|
| Capex | 312 | 146 | 202 | 140 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -2.7% | -2.6% | 1.6% | -10.1% | -2.2% | |
| EBITDA growth | -2.4% | -10.4% | 4.8% | -22.3% | | |
| Gross Margin | 64.1% | 61.2% | 62.2% | 61.4% | | -61.4% |
| EBITDA Margin | 27.5% | 25.3% | 26.1% | 22.5% | 0.0% | -22.5% |
| Net Income Margin | 17.3% | 16.1% | 16.0% | 9.6% | 11.1% | 1.5% |
| SG&A, % of revenue | 40.8% | 40.9% | 41.6% | 44.7% | | -44.7% |
| CAPEX, % of revenue | 18.3% | 8.8% | 12.0% | 9.2% | | -9.2% |
| ROIC | 19.4% | 17.9% | 15.7% | 11.0% | | -11.0% |
| ROE | 15.8% | 14.4% | 14.0% | 7.5% | | -7.5% |
| Net Debt/EBITDA | -1.0x | -0.2x | 0.8x | 0.1x | | -0.1x |
Revenue and profitability
Tenfu Cayman Holdings Co Ltd's Revenue decreased on 2.2%.
Net Income marign increased slightly on 1.5 pp from 9.6% to 11.1% in FY2016.
Appendix 1: Peers in Beverages
Below you can find Tenfu Cayman Holdings Co Ltd benchmarking vs. other companies in Beverages 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 |
|---|
| Sino Distillery Group Ltd ($39) | -62.4% | -34.9% | -15.0% | 882.1% | |
| China Huiyuan Juice Group Ltd ($1886) | 4.1% | 13.1% | 2.0% | 23.7% | |
| Besunyen Holdings Co Ltd ($926) | | 2.6% | 15.7% | 17.5% | -22.3% |
| Vitasoy International Holdings Ltd ($345) | | 9.0% | 10.9% | 12.4% | 9.9% |
| Tibet 5100 Water Resources Holdings Ltd ($1115) | 7.7% | 15.4% | -1.8% | 7.7% | |
| |
|---|
| Median (15 companies) | -2.2% | -13.0% | 3.1% | -4.7% | -4.9% |
|---|
| Tenfu Cayman Holdings Co Ltd ($6868) | | -2.6% | 1.6% | -10.1% | -2.2% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Besunyen Holdings Co Ltd ($926) | 82.5% | 83.3% | 84.3% | 89.7% | |
| Tibet 5100 Water Resources Holdings Ltd ($1115) | 81.4% | 73.2% | 62.7% | 60.3% | |
| Vitasoy International Holdings Ltd ($345) | 47.4% | 47.5% | 48.4% | 49.7% | 50.9% |
| JLF Investment Co Ltd ($472) | 50.9% | 48.7% | 42.4% | 41.8% | |
| San Miguel Brewery Hong Kong Ltd ($236) | 42.8% | 42.2% | 42.8% | 41.7% | 44.0% |
| |
|---|
| Median (15 companies) | 44.5% | 34.7% | 34.7% | 36.1% | 34.8% |
|---|
| Tenfu Cayman Holdings Co Ltd ($6868) | 64.1% | 61.2% | 62.2% | 61.4% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Tibet 5100 Water Resources Holdings Ltd ($1115) | 73.3% | 73.2% | 69.2% | 52.8% | |
| China Tianyi Holdings Ltd ($756) | 28.4% | 26.1% | 29.7% | 23.0% | 22.1% |
| China Huiyuan Juice Group Ltd ($1886) | 15.2% | 21.7% | 11.3% | 18.3% | |
| Yantai North Andre Juice Co ($2218) | 14.1% | 11.9% | 15.5% | 15.7% | |
| China Haisheng Juice Holdings Co Ltd ($359) | 5.8% | 6.6% | 14.9% | 14.8% | |
| |
|---|
| Median (15 companies) | 15.2% | 9.6% | 10.6% | 9.6% | 4.2% |
|---|
| Tenfu Cayman Holdings Co Ltd ($6868) | 27.5% | 25.3% | 26.1% | 22.5% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Culiangwang Beverages Holdings Ltd ($904) | 26.8% | 52.2% | 81.8% | 75.8% | 25.1% |
| China Haisheng Juice Holdings Co Ltd ($359) | 4.8% | 6.3% | 15.3% | 26.0% | |
| China Huiyuan Juice Group Ltd ($1886) | 11.7% | 7.4% | 10.5% | 14.9% | |
| Sino Distillery Group Ltd ($39) | 32.4% | 6.5% | 0.4% | 12.0% | |
| Vitasoy International Holdings Ltd ($345) | 11.1% | 4.2% | 5.1% | 11.1% | 12.0% |
| |
|---|
| Median (15 companies) | 10.1% | 6.5% | 7.3% | 5.6% | 6.4% |
|---|
| Tenfu Cayman Holdings Co Ltd ($6868) | 18.3% | 8.8% | 12.0% | 9.2% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Vitasoy International Holdings Ltd ($345) | 20.8% | 20.6% | 21.7% | 23.5% | 23.5% |
| Tibet 5100 Water Resources Holdings Ltd ($1115) | 23.3% | 20.3% | 14.9% | 11.0% | |
| Tsingtao Brewery Co Ltd ($168) | 13.4% | 12.0% | 12.2% | 6.7% | |
| Besunyen Holdings Co Ltd ($926) | -24.2% | -8.9% | 3.2% | 4.1% | |
| Yantai North Andre Juice Co ($2218) | 6.5% | 3.2% | 4.2% | 4.1% | |
| |
|---|
| Median (15 companies) | 9.6% | 3.0% | 2.7% | 2.4% | 1.2% |
|---|
| Tenfu Cayman Holdings Co Ltd ($6868) | 19.4% | 17.9% | 15.7% | 11.0% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Haisheng Juice Holdings Co Ltd ($359) | 11.9x | 16.2x | 8.9x | 9.9x | |
| China Huiyuan Juice Group Ltd ($1886) | 5.4x | 4.3x | 7.9x | 4.3x | |
| San Miguel Brewery Hong Kong Ltd ($236) | | 2.0x | 1.0x | 3.8x | 1.0x |
| Yantai North Andre Juice Co ($2218) | 2.3x | 2.4x | 2.2x | 3.0x | |
| China Tianyi Holdings Ltd ($756) | -1.0x | -0.8x | 0.9x | 1.1x | 1.0x |
| |
|---|
| Median (10 companies) | -0.7x | 1.9x | 1.0x | 0.4x | 1.0x |
|---|
| Tenfu Cayman Holdings Co Ltd ($6868) | -1.0x | -0.2x | 0.8x | 0.1x | |
