Samson Holding Ltd EBITDA increased on 8.4% and Revenue showed almost no change
22/03/2017 • About Samson Holding Ltd (
$531) • By InTwits
Samson Holding Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: The company has potentially unprofitable business model: ROIC is at 2.3%.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Samson Holding Ltd ($531) key annual financial indicators
| mln. $ | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 422.8 | 408.8 | 415.8 | 435.1 | 434.1 | -0.3% |
| Gross Profit | 108.2 | 104.0 | 113.7 | 119.0 | 119.8 | 0.7% |
| SG&A | 97.6 | 97.2 | 74.9 | 78.2 | 101.5 | 29.9% |
| EBITDA | 31.7 | 27.0 | 39.0 | 22.1 | 24.0 | 8.4% |
| Net Income | 18.9 | 15.9 | 17.5 | 2.8 | 6.5 | 130.4% |
Balance Sheet
|
|---|
| Cash | 99.5 | 109.9 | 241.7 | 126.8 | 108.1 | -14.8% |
| Short Term Debt | 98.1 | 100.1 | 203.9 | 106.3 | 105.9 | -0.4% |
| Long Term Debt | 0.0 | 0.0 | 5.0 | 4.6 | 4.5 | -2.7% |
Cash flow
|
|---|
| Capex | 4.1 | 8.9 | 13.6 | 10.9 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -0.2% | -3.3% | 1.7% | 4.7% | -0.3% | |
| EBITDA growth | 20.6% | -14.8% | 44.4% | -43.4% | 8.4% | |
| Gross Margin | 25.6% | 25.4% | 27.3% | 27.3% | 27.6% | 0.3% |
| EBITDA Margin | 7.5% | 6.6% | 9.4% | 5.1% | 5.5% | 0.4% |
| Net Income Margin | 4.5% | 3.9% | 4.2% | 0.7% | 1.5% | 0.9% |
| SG&A, % of revenue | 23.1% | 23.8% | 18.0% | 18.0% | 23.4% | 5.4% |
| CAPEX, % of revenue | 1.0% | 2.2% | 3.3% | 2.5% | | -2.5% |
| ROIC | 2.3% | 1.8% | 3.9% | 1.5% | 2.3% | 0.8% |
| ROE | 3.4% | 3.0% | 3.5% | 0.6% | 1.6% | 1.0% |
| Net Debt/EBITDA | -0.0x | -0.4x | -0.8x | -0.7x | 0.1x | 0.8x |
Revenue and profitability
Samson Holding Ltd's Revenue showed almost no change in FY2016. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 3.0 pp from -24.1% to -27.1% in FY2016.
Gross Margin showed almost no change in FY2016. SG&A as a % of Revenue increased on 5.4 pp from 18.0% to 23.4% in FY2016.
Net Income marign increased slightly on 0.86 pp from 0.65% to 1.5% in FY2016.
Return on investment
The company operates at low ROIC (2.31%) and ROE (1.64%). ROIC increased slightly on 0.83 pp from 1.5% to 2.3% in FY2016. ROE increased slightly on 1.0 pp from 0.62% to 1.6% in FY2016.
Leverage (Debt)
Debt level is 0.1x Net Debt / EBITDA and 4.6x Debt / EBITDA. Net Debt / EBITDA surged on 0.8x from -0.7x to 0.1x in FY2016. Debt decreased slightly on 0.53% while cash dropped on 14.8%.
Appendix 1: Peers in Home Furnishings
Below we provide Samson Holding Ltd benchmarking against other companies in Home Furnishings 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 |
|---|
| BEP International Holdings Ltd ($2326) | | -41.5% | 46.2% | 187.9% | 258.0% |
| See Corp Ltd ($491) | | -31.9% | 134.1% | 126.9% | -80.4% |
| Sunrise China Technology Group Ltd ($8226) | -93.0% | 21.9% | -20.4% | 77.5% | |
| Yuxing InfoTech Investment Holdings Ltd ($8005) | | -21.2% | -16.5% | 21.3% | 8.9% |
| Aupu Group Holding Co Ltd ($477) | 5.7% | 9.0% | 26.4% | 18.5% | |
| |
|---|
| Median (27 companies) | -5.1% | 6.6% | 4.0% | -2.4% | -1.0% |
|---|
| Samson Holding Ltd ($531) | | -3.3% | 1.7% | 4.7% | -0.3% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| South East Group Ltd ($726) | 25.5% | 51.6% | 38.8% | 82.4% | |
| Aupu Group Holding Co Ltd ($477) | 48.6% | 45.0% | 47.8% | 48.7% | |
| Grande Holdings Ltd/The ($186) | 23.7% | 25.4% | 29.0% | 27.7% | |
| Gold Peak Industries Holding Ltd ($40) | 25.8% | 23.6% | 24.9% | 25.6% | 25.6% |
| Hing Lee HK Holdings Ltd ($396) | 16.3% | 18.7% | 22.7% | 22.9% | |
| |
|---|
| Median (27 companies) | 17.6% | 17.7% | 16.4% | 15.9% | 17.3% |
|---|
| Samson Holding Ltd ($531) | 25.6% | 25.4% | 27.3% | 27.3% | 27.6% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Aupu Group Holding Co Ltd ($477) | 15.3% | 17.6% | 30.1% | 27.0% | |
| Skyworth Digital Holdings Ltd ($751) | 6.0% | 6.1% | 5.7% | 11.3% | 8.5% |
| Welling Holding Ltd ($382) | 11.9% | 12.8% | 10.8% | 8.6% | 11.5% |
| Hing Lee HK Holdings Ltd ($396) | -3.0% | 4.3% | 9.4% | 8.2% | |
| Raymond Industrial Ltd ($229) | 7.6% | 7.7% | 7.8% | 6.3% | |
| |
|---|
| Median (26 companies) | 5.0% | 4.5% | 4.5% | 3.1% | 5.7% |
|---|
| Samson Holding Ltd ($531) | 7.5% | 6.6% | 9.4% | 5.1% | 5.5% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| JF Household Furnishings Ltd ($776) | 0.7% | 4.5% | 2.8% | 54.5% | |
| Sunrise China Technology Group Ltd ($8226) | 126.4% | 69.3% | 7.4% | 14.1% | |
| Royale Furniture Holdings Ltd ($1198) | | 14.1% | 16.5% | 10.5% | |
| South East Group Ltd ($726) | 0.0% | 0.0% | 0.0% | 7.9% | |
| Aupu Group Holding Co Ltd ($477) | 1.5% | 6.3% | 5.3% | 5.7% | |
| |
|---|
| Median (27 companies) | 1.5% | 1.6% | 2.8% | 2.0% | 3.6% |
|---|
| Samson Holding Ltd ($531) | 1.0% | 2.2% | 3.3% | 2.5% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Aupu Group Holding Co Ltd ($477) | 14.8% | 17.0% | 32.2% | 32.2% | |
| Mastercraft International Holdings Ltd ($8146) | 54.4% | 38.6% | 36.4% | 23.2% | |
| Skyworth Digital Holdings Ltd ($751) | 11.6% | 13.4% | 10.9% | 23.0% | 13.7% |
| BEP International Holdings Ltd ($2326) | 90.3% | 4.7% | -4.5% | 17.6% | 29.4% |
| Tonly Electronics Holdings Ltd ($1249) | 4.2% | 7.1% | 15.9% | 11.7% | |
| |
|---|
| Median (27 companies) | 4.2% | 5.1% | 5.0% | 2.1% | 3.5% |
|---|
| Samson Holding Ltd ($531) | 2.3% | 1.8% | 3.9% | 1.5% | 2.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kasen International Holdings Ltd ($496) | 2.2x | 3.7x | 44.9x | 20.1x | |
| Hisense Kelon Electrical Holdings Co Ltd ($921) | 1.2x | 0.9x | 1.0x | 6.4x | |
| Gold Peak Industries Holding Ltd ($40) | 10.2x | 3.4x | 3.6x | 2.8x | 3.9x |
| TCL Multimedia Technology Holdings Ltd ($1070) | -0.3x | -2.3x | 0.7x | 0.5x | |
| Skyworth Digital Holdings Ltd ($751) | 1.2x | 1.5x | 1.2x | -0.2x | 0.9x |
| |
|---|
| Median (16 companies) | -0.4x | -1.3x | -2.3x | -1.3x | -2.1x |
|---|
| Samson Holding Ltd ($531) | -0.0x | -0.4x | -0.8x | -0.7x | 0.1x |
