Beijing Capital International Airport Co Ltd reports 8.5% Net Income growth and 0.70 pp EBITDA Margin decline from 51.6% to 50.9%
21/03/2017 • About Beijing Capital International Airport Co Ltd (
$694) • By InTwits
Beijing Capital International Airport Co Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: The company has business model with low profitability: ROIC is at 9.6%.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Beijing Capital International Airport Co Ltd ($694) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 6,863 | 7,225 | 7,656 | 8,510 | 8,729 | 2.6% |
| EBITDA | 3,667 | 3,822 | 3,847 | 4,392 | 4,444 | 1.2% |
| Net Income | 1,149 | 1,329 | 1,391 | 1,642 | 1,781 | 8.5% |
Balance Sheet
|
|---|
| Cash | 1,818 | 2,052 | 2,184 | 2,113 | 4,530 | 114.4% |
| Short Term Debt | 7,655 | 3,160 | 4,310 | 4,645 | 5,670 | 22.1% |
| Long Term Debt | 7,937 | 10,699 | 7,902 | 7,038 | 5,133 | -27.1% |
Cash flow
|
|---|
| Capex | 241 | 480 | 548 | 2,397 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 5.6% | 5.3% | 6.0% | 11.2% | 2.6% | |
| EBITDA growth | 2.5% | 4.2% | 0.7% | 14.2% | 1.2% | |
| EBITDA Margin | 53.4% | 52.9% | 50.3% | 51.6% | 50.9% | -0.7% |
| Net Income Margin | 16.7% | 18.4% | 18.2% | 19.3% | 20.4% | 1.1% |
| CAPEX, % of revenue | 3.5% | 6.6% | 7.2% | 28.2% | | -28.2% |
| ROIC | 6.9% | 7.5% | 8.0% | 9.4% | 9.6% | 0.2% |
| ROE | 7.7% | 8.5% | 8.3% | 9.3% | 9.5% | 0.2% |
| Net Debt/EBITDA | 3.8x | 3.1x | 2.6x | 2.2x | 1.4x | -0.8x |
Revenue and profitability
Beijing Capital International Airport Co Ltd's Revenue increased on 2.6%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.6 pp from 2.6% to 4.2% in FY2016.
Net Income marign increased slightly on 1.1 pp from 19.3% to 20.4% in FY2016.
Return on investment
The company operates at low ROIC (9.60%) and ROE (9.46%). ROIC showed almost no change in FY2016. ROE showed almost no change in FY2016.
Leverage (Debt)
Company's Net Debt / EBITDA is 1.4x and Debt / EBITDA is 2.4x. Net Debt / EBITDA dropped on 0.8x from 2.2x to 1.4x in FY2016. Debt decreased on 7.5% while cash jumped on 114%.
Appendix 1: Peers in Engineering&Construction
Below we provide Beijing Capital International Airport Co Ltd benchmarking against other companies in Engineering&Construction 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 |
|---|
| CNQC International Holdings Ltd ($1240) | 21.6% | 91.0% | 103.7% | 807.4% | |
| China National Culture Group Ltd ($745) | | -76.8% | -55.8% | 592.3% | 86.7% |
| Vision Fame International Holding Ltd ($1315) | | 45.9% | -10.5% | 105.6% | 40.9% |
| Sino Credit Holdings Ltd ($628) | | | | 97.4% | -40.3% |
| Grand Ming Group Holdings Ltd ($1271) | | -26.9% | -37.4% | 74.8% | 14.3% |
| |
|---|
| Median (44 companies) | 9.2% | 24.8% | 21.4% | 10.3% | 6.4% |
|---|
| Beijing Capital International Airport Co Ltd ($694) | | 5.3% | 6.0% | 11.2% | 2.6% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| HNA Infrastructure Company Ltd ($357) | 66.4% | 62.1% | 62.4% | 61.1% | |
| Huayu Expressway Group Ltd ($1823) | 43.6% | 65.6% | 64.0% | 58.9% | |
| Broad Greenstate International Co Ltd ($1253) | 20.1% | 28.7% | 35.8% | 36.7% | 37.4% |
| Sam Woo Construction Group Ltd ($3822) | 33.2% | 27.3% | 33.6% | 36.0% | 19.8% |
| China National Culture Group Ltd ($745) | 0.9% | 12.1% | 10.3% | 32.3% | 19.2% |
| |
|---|
| Median (40 companies) | 17.0% | 16.5% | 15.8% | 16.0% | 12.9% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Huayu Expressway Group Ltd ($1823) | 46.2% | 73.8% | 77.1% | 76.2% | |
| HNA Infrastructure Company Ltd ($357) | 62.8% | 63.7% | 62.8% | 61.7% | |
| Cheung Kong Infrastructure Holdings Ltd ($1038) | 31.2% | 20.6% | 36.2% | 60.9% | 38.4% |
| China National Culture Group Ltd ($745) | -30.4% | -72.7% | -279.2% | 45.3% | -14.6% |
| Chevalier International Holdings Ltd ($25) | 10.4% | 11.9% | 12.8% | 37.5% | 11.8% |
| |
|---|
| Median (44 companies) | 9.9% | 10.4% | 9.2% | 8.3% | 5.1% |
|---|
| Beijing Capital International Airport Co Ltd ($694) | 53.4% | 52.9% | 50.3% | 51.6% | 50.9% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| HNA Infrastructure Company Ltd ($357) | 36.8% | 5.7% | 85.4% | 155.4% | |
| Grand Ming Group Holdings Ltd ($1271) | 0.0% | 16.1% | 8.7% | 33.8% | 14.0% |
| NEW Concepts Holdings Ltd ($2221) | 1.7% | 1.2% | 3.1% | 20.5% | 0.3% |
| Louis XIII Holdings Ltd ($577) | 1.2% | 29.5% | 9.3% | 16.1% | 47.3% |
| PYI Corp Ltd ($498) | 3.7% | 4.2% | 24.5% | 13.1% | 19.7% |
| |
|---|
| Median (44 companies) | 2.2% | 2.5% | 1.7% | 2.0% | 2.4% |
|---|
| Beijing Capital International Airport Co Ltd ($694) | 3.5% | 6.6% | 7.2% | 28.2% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| In Construction Holdings Ltd ($1500) | | 52.8% | 37.0% | 49.4% | 40.4% |
| Chun Sing Engineering Holdings Ltd ($2277) | | 98.3% | 54.9% | 43.7% | 21.6% |
| NEW Concepts Holdings Ltd ($2221) | | 51.0% | 78.8% | 39.0% | 23.3% |
| Sam Woo Construction Group Ltd ($3822) | | 28.2% | 28.7% | 33.5% | 18.3% |
| Ngai Shun Holdings Ltd ($1246) | 68.8% | 77.2% | 45.2% | 31.0% | -2.9% |
| |
|---|
| Median (46 companies) | 5.8% | 5.9% | 4.4% | 5.5% | 2.0% |
|---|
| Beijing Capital International Airport Co Ltd ($694) | 6.9% | 7.5% | 8.0% | 9.4% | 9.6% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Deson Development International Holdings ($262) | 3.8x | 4.9x | 13.7x | 47.0x | |
| Hsin Chong Construction Group Ltd ($404) | 1.8x | 8.0x | 10.2x | 41.7x | |
| China Resources and Transportation Group Ltd ($269) | | | 66.7x | 29.7x | |
| CNC Holdings Ltd ($8356) | | 22.0x | 21.9x | 24.3x | 2.7x |
| Louis XIII Holdings Ltd ($577) | 0.8x | -12.5x | -23.2x | 19.1x | |
| |
|---|
| Median (38 companies) | 0.7x | 0.2x | 0.2x | 0.7x | 0.6x |
|---|
| Beijing Capital International Airport Co Ltd ($694) | 3.8x | 3.1x | 2.6x | 2.2x | 1.4x |
