Mascotte Holdings Ltd reports 80.5 pp EBITDA Margin growth from -67.7% to 12.8% in 2016 in 2016 and 32.4% Revenue growth
21/03/2017 • About Mascotte Holdings Ltd (
$136) • By InTwits
Mascotte Holdings Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Mascotte Holdings Ltd doesn't have a profitable business model yet: FY2016 ROIC is 1.1%
- Mascotte Holdings Ltd motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 was 0.0%. On average EBITDA Margin was -88.3% for the sames years0
- The company has potentially unprofitable business model: ROIC is at 1.1%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Mascotte Holdings Ltd ($136) key annual financial indicators
| mln. | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 172.1 | 163.3 | 107.9 | 100.1 | 132.5 | 32.4% |
| Gross Profit | 35.6 | 49.1 | 33.9 | 34.2 | 56.7 | 65.6% |
| SG&A | | 126.6 | 82.1 | 104.1 | 49.9 | -52.0% |
| EBITDA | -388.2 | -111.1 | -46.5 | -67.8 | 16.9 | |
| Net Income | -621.3 | -1,176.6 | -545.7 | -128.4 | 5.0 | |
Balance Sheet
|
|---|
| Cash | 208.2 | 52.7 | 59.1 | 45.8 | 936.5 | 1,942.8% |
| Short Term Debt | 28.7 | 503.3 | 70.4 | 16.5 | 0.2 | -98.9% |
| Long Term Debt | 2,346.8 | 893.3 | 92.5 | 60.4 | 60.5 | 0.1% |
Cash flow
|
|---|
| Capex | 127.8 | 73.4 | 13.2 | 0.6 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -9.1% | -5.1% | -33.9% | -7.2% | 32.4% | |
| EBITDA growth | 60.0% | -71.4% | -58.2% | 45.8% | -125.0% | |
| Gross Margin | 20.7% | 30.1% | 31.4% | 34.2% | 42.8% | 8.6% |
| EBITDA Margin | -225.5% | -68.1% | -43.1% | -67.7% | 12.8% | 80.5% |
| Net Income Margin | -360.9% | -720.6% | -505.9% | -128.3% | 3.8% | 132.1% |
| SG&A, % of revenue | | 77.5% | 76.1% | 104.0% | 37.7% | -66.3% |
| CAPEX, % of revenue | 74.2% | 45.0% | 12.2% | 0.6% | | -0.6% |
| ROIC | -18.4% | -5.7% | -22.7% | -85.2% | 1.1% | 86.3% |
| ROE | -62.8% | | | | | 0.0% |
| Net Debt/EBITDA | | | | | -51.8x | -51.8x |
Revenue and profitability
The company's Revenue jumped on 32.4%. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin surged on 80.5 pp from -67.7% to 12.8% in FY2016.
Gross Margin increased on 8.6 pp from 34.2% to 42.8% in FY2016. SG&A as a % of Revenue dropped on 66.3 pp from 104% to 37.7% in FY2016.
Net Income marign surged on 132 pp from -128% to 3.8% in FY2016.
Leverage (Debt)
Company's Net Debt / EBITDA is -51.8x and Debt / EBITDA is 3.6x. Net Debt / EBITDA dropped51.8x from to -51.8x in FY2016. Debt dropped on 21.1% while cash jumped on 1,943%.
Appendix 1: Peers in Apparel
Below we provide Mascotte Holdings Ltd benchmarking against other companies in Apparel 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 |
|---|
| Symphony Holdings Ltd/Hong Kong ($1223) | | 46.8% | 20.4% | 33.1% | 3.6% |
| Highlight China IoT International Ltd ($1682) | | 17.7% | -73.7% | 29.6% | -55.0% |
| Koradior Holdings Ltd ($3709) | 48.3% | 44.7% | 47.7% | 23.9% | |
| Kingmaker Footwear Holdings Ltd ($1170) | | 9.3% | 6.3% | 23.7% | -1.5% |
| Cosmo Lady China Holdings Co Ltd ($2298) | 36.3% | 29.2% | 37.4% | 23.6% | |
| |
|---|
| Median (52 companies) | 8.9% | 6.3% | 5.5% | -1.5% | -10.6% |
|---|
| Mascotte Holdings Ltd ($136) | | -5.1% | -33.9% | -7.2% | 32.4% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Symphony Holdings Ltd/Hong Kong ($1223) | 38.5% | 42.3% | 59.6% | 75.6% | |
| Koradior Holdings Ltd ($3709) | 62.8% | 69.3% | 73.3% | 73.7% | |
| Prada SpA ($1913) | 71.5% | 72.1% | 73.8% | 71.8% | 72.4% |
| China Outfitters Holdings Ltd ($1146) | 74.9% | 74.3% | 70.0% | 65.7% | |
| Crocodile Garments ($122) | 64.7% | 60.7% | 60.4% | 62.1% | 59.7% |
| |
|---|
| Median (51 companies) | 25.0% | 23.5% | 24.9% | 25.0% | 18.3% |
|---|
| Mascotte Holdings Ltd ($136) | 20.7% | 30.1% | 31.4% | 34.2% | 42.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Lilang Ltd ($1234) | 26.3% | 26.9% | 29.4% | 30.6% | 28.6% |
| Cabbeen Fashion Ltd ($2030) | 25.0% | 29.7% | 28.4% | 29.0% | 22.9% |
| Fuguiniao Co Ltd ($1819) | 24.5% | 26.1% | 26.7% | 27.9% | |
| Prada SpA ($1913) | 29.6% | 31.7% | 31.7% | 26.8% | 22.4% |
| Shenzhou International Group Holdings Ltd ($2313) | 26.4% | 26.2% | 26.1% | 26.7% | |
| |
|---|
| Median (52 companies) | 11.1% | 10.9% | 7.5% | 7.2% | 0.3% |
|---|
| Mascotte Holdings Ltd ($136) | -225.5% | -68.1% | -43.1% | -67.7% | 12.8% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Symphony Holdings Ltd/Hong Kong ($1223) | 136.9% | 70.3% | 13.5% | 28.5% | |
| Shenzhou International Group Holdings Ltd ($2313) | 7.3% | 7.9% | 10.2% | 16.1% | |
| Crocodile Garments ($122) | 20.1% | 22.1% | 1.8% | 13.5% | 1.8% |
| Texhong Textile Group Ltd ($2678) | 8.9% | 11.8% | 5.8% | 10.5% | |
| Prada SpA ($1913) | 9.7% | 10.6% | 15.3% | 10.2% | 11.1% |
| |
|---|
| Median (51 companies) | 2.2% | 3.0% | 2.3% | 2.6% | 2.1% |
|---|
| Mascotte Holdings Ltd ($136) | 74.2% | 45.0% | 12.2% | 0.6% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Koradior Holdings Ltd ($3709) | 45.2% | 69.5% | 36.5% | 31.0% | |
| Cosmo Lady China Holdings Co Ltd ($2298) | 41.7% | 56.0% | 38.6% | 27.8% | |
| Cabbeen Fashion Ltd ($2030) | 32.3% | 32.9% | 26.5% | 27.0% | 16.1% |
| Sitoy Group Holdings Ltd ($1023) | 39.3% | 28.7% | 31.8% | 22.0% | 16.4% |
| Prada SpA ($1913) | 32.1% | 37.4% | 34.0% | 21.9% | 14.0% |
| |
|---|
| Median (52 companies) | 12.4% | 7.3% | 5.3% | 5.7% | -0.1% |
|---|
| Mascotte Holdings Ltd ($136) | -18.4% | -5.7% | -22.7% | -85.2% | 1.1% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| S Culture International Holdings Ltd ($1255) | 1.4x | 0.7x | 2.4x | 158.1x | |
| High Fashion International Ltd ($608) | 16.7x | 27.7x | 11.2x | 5.2x | |
| Global Brands Group Holding Ltd ($787) | -0.4x | -0.3x | 1.3x | 2.1x | |
| Fuguiniao Co Ltd ($1819) | -0.0x | -0.7x | 0.3x | 1.9x | |
| Texhong Textile Group Ltd ($2678) | 1.4x | 1.3x | 2.3x | 1.4x | 1.7x |
| |
|---|
| Median (39 companies) | -0.3x | -0.7x | -0.3x | -1.2x | -1.1x |
|---|
