Canvest Environment Protection Group Co Ltd Net Income jumped on 47.1% and EBITDA Margin increased slightly on 0.54 pp from 41.8% to 42.4%
22/03/2017 • About Canvest Environment Protection Group Co Ltd (
$1381) • By InTwits
Canvest Environment Protection Group Co Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Canvest Environment Protection Group Co Ltd is a growth stock: FY2016 revenue growth was 39.6%, 5 year revenue CAGR was 60.7% at FY2016 ROIC 11.8%
- The company has business model with average profitability: ROIC is at 11.8%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Canvest Environment Protection Group Co Ltd ($1381) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 387 | 390 | 794 | 1,185 | 1,654 | 39.6% |
| Gross Profit | 207 | 203 | 342 | 439 | 589 | 34.1% |
| SG&A | 30 | 41 | 95 | 112 | 123 | 10.1% |
| EBITDA | 230 | 221 | 399 | 495 | 700 | 41.4% |
| Net Income | 127 | 131 | 191 | 272 | 400 | 47.1% |
Balance Sheet
|
|---|
| Cash | 45 | 50 | 1,328 | 449 | 619 | 37.8% |
| Short Term Debt | 148 | 88 | 253 | 321 | 277 | -13.8% |
| Long Term Debt | 324 | 294 | 776 | 1,099 | 2,042 | 85.9% |
Cash flow
|
|---|
| Capex | 34 | 33 | 211 | 367 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 150.6% | 0.8% | 103.5% | 49.2% | 39.6% | |
| EBITDA growth | 109.3% | -3.8% | 80.8% | 24.0% | 41.4% | |
| Gross Margin | 53.4% | 51.9% | 43.1% | 37.1% | 35.6% | -1.5% |
| EBITDA Margin | 59.3% | 56.6% | 50.3% | 41.8% | 42.4% | 0.5% |
| Net Income Margin | 32.7% | 33.6% | 24.1% | 23.0% | 24.2% | 1.2% |
| SG&A, % of revenue | 7.9% | 10.4% | 11.9% | 9.4% | 7.4% | -2.0% |
| CAPEX, % of revenue | 8.8% | 8.6% | 26.6% | 31.0% | | -31.0% |
| ROIC | 27.0% | 18.1% | 12.4% | 10.0% | 11.8% | 1.8% |
| ROE | 76.4% | 28.9% | 12.8% | 11.7% | 15.8% | 4.1% |
| Net Debt/EBITDA | 1.9x | 1.5x | -0.7x | 2.0x | 2.4x | 0.5x |
Revenue and profitability
Canvest Environment Protection Group Co Ltd's Revenue jumped on 39.6%. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 5.9 pp from -0.41% to -6.3% in FY2016.
Gross Margin decreased slightly on 1.5 pp from 37.1% to 35.6% in FY2016. SG&A as a % of Revenue decreased slightly on 2.0 pp from 9.4% to 7.4% in FY2016.
Net Income marign increased slightly on 1.2 pp from 23.0% to 24.2% in FY2016.
Return on investment
The company operates at good ROE (15.82%) while ROIC is low (11.85%). ROIC increased slightly on 1.8 pp from 10.0% to 11.8% in FY2016. ROE increased on 4.1 pp from 11.7% to 15.8% in FY2016.
Leverage (Debt)
Company's Net Debt / EBITDA is 2.4x and Debt / EBITDA is 3.3x. Net Debt / EBITDA jumped on 0.5x from 2.0x to 2.4x in FY2016. Debt jumped on 63.3% while cash jumped on 37.8%.
Appendix 1: Peers in Energy-Alternate Sources
Below we provide Canvest Environment Protection Group Co Ltd benchmarking against other companies in Energy-Alternate Sources 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 |
|---|
| HaiTian Hydropower International Ltd ($8261) | | 8.5% | 114.0% | 220.2% | 14.6% |
| Xinyi Solar Holdings Ltd ($968) | | 28.3% | 22.5% | 97.1% | 26.5% |
| United Photovoltaics Group Ltd ($686) | -74.0% | -83.5% | 1,168.8% | 66.2% | |
| Beijing Jingneng Clean Energy Co Ltd ($579) | 2.5% | 50.7% | 39.6% | 64.4% | |
| China Renewable Energy Investment Ltd ($987) | | 14.3% | -14.4% | 36.6% | -1.4% |
| |
|---|
| Median (10 companies) | -5.8% | 20.1% | 28.0% | 29.1% | 8.6% |
|---|
| Canvest Environment Protection Group Co Ltd ($1381) | | 0.8% | 103.5% | 49.2% | 39.6% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| HaiTian Hydropower International Ltd ($8261) | 74.2% | 74.3% | 79.3% | 64.6% | 64.6% |
| United Photovoltaics Group Ltd ($686) | -29.8% | 99.3% | 90.7% | 54.0% | |
| Xinyi Solar Holdings Ltd ($968) | 17.2% | 30.1% | 31.6% | 36.0% | 45.8% |
| China Renewable Energy Investment Ltd ($987) | 20.2% | 37.1% | 24.7% | 33.3% | 33.5% |
| China Suntien Green Energy Corp Ltd ($956) | 33.5% | 31.3% | 25.2% | 26.5% | |
| |
|---|
| Median (7 companies) | 20.2% | 31.3% | 25.2% | 33.3% | 39.6% |
|---|
| Canvest Environment Protection Group Co Ltd ($1381) | 53.4% | 51.9% | 43.1% | 37.1% | 35.6% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| United Photovoltaics Group Ltd ($686) | -42.6% | -230.5% | 92.9% | 83.5% | |
| China Renewable Energy Investment Ltd ($987) | 54.1% | 66.1% | 64.3% | 74.3% | 71.6% |
| HaiTian Hydropower International Ltd ($8261) | 61.9% | 75.9% | 80.2% | 69.0% | 66.8% |
| China Longyuan Power Group Corp Ltd ($916) | 56.3% | 54.4% | 63.5% | 64.5% | 62.3% |
| Beijing Jingneng Clean Energy Co Ltd ($579) | 57.7% | 50.4% | 41.8% | 36.6% | |
| |
|---|
| Median (10 companies) | 31.9% | 30.6% | 36.9% | 36.2% | 64.5% |
|---|
| Canvest Environment Protection Group Co Ltd ($1381) | 59.3% | 56.6% | 50.3% | 41.8% | 42.4% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Suntien Green Energy Corp Ltd ($956) | 41.4% | 25.7% | 35.9% | 128.8% | |
| China Longyuan Power Group Corp Ltd ($916) | 79.5% | 54.9% | 100.2% | 77.7% | |
| Xinyi Solar Holdings Ltd ($968) | 22.7% | 12.2% | 98.8% | 75.4% | |
| International Standard Resources Holdings Ltd ($91) | 51.5% | 2.4% | 11.1% | 69.3% | |
| Concord New Energy Group Ltd ($182) | 64.2% | 19.0% | 52.7% | 54.7% | |
| |
|---|
| Median (10 companies) | 46.5% | 22.3% | 44.3% | 48.7% | |
|---|
| Canvest Environment Protection Group Co Ltd ($1381) | 8.8% | 8.6% | 26.6% | 31.0% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Xinyi Solar Holdings Ltd ($968) | 13.8% | 21.6% | 16.9% | 18.7% | 19.7% |
| HaiTian Hydropower International Ltd ($8261) | 6.4% | 7.5% | 7.5% | 11.9% | 11.7% |
| Beijing Jingneng Clean Energy Co Ltd ($579) | 5.8% | 6.8% | 6.3% | 8.1% | |
| GCL-Poly Energy Holdings Ltd ($3800) | 0.3% | 2.8% | 6.9% | 7.2% | |
| China Longyuan Power Group Corp Ltd ($916) | 6.9% | 6.3% | 6.3% | 6.2% | 6.2% |
| |
|---|
| Median (10 companies) | 4.4% | 5.2% | 6.0% | 6.0% | 6.2% |
|---|
| Canvest Environment Protection Group Co Ltd ($1381) | 27.0% | 18.1% | 12.4% | 10.0% | 11.8% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| United Photovoltaics Group Ltd ($686) | | | 7.8x | 13.2x | |
| China Suntien Green Energy Corp Ltd ($956) | 4.5x | 4.1x | 4.9x | 9.5x | |
| China Longyuan Power Group Corp Ltd ($916) | 5.5x | 5.3x | 5.8x | 5.7x | 5.4x |
| GCL-Poly Energy Holdings Ltd ($3800) | 11.4x | 7.7x | 5.4x | 5.0x | |
| Beijing Jingneng Clean Energy Co Ltd ($579) | 6.7x | 6.3x | 6.7x | 4.4x | |
| |
|---|
| Median (9 companies) | 5.0x | 4.7x | 5.8x | 4.4x | 2.4x |
|---|
| Canvest Environment Protection Group Co Ltd ($1381) | 1.9x | 1.5x | -0.7x | 2.0x | 2.4x |
