Jin Bao Bao Holdings Ltd EBITDA jumped on 258% and EBITDA Margin surged on 10.3 pp from 12.9% to 23.2%
23/03/2017 • About Jin Bao Bao Holdings Ltd (
$1239) • By InTwits
Jin Bao Bao Holdings Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Jin Bao Bao Holdings Ltd is a growth stock: FY2016 revenue growth was 98.8%, 5 year revenue CAGR was 12.0% at FY2016 ROIC 18.4%
- The company has highly profitable business model: ROIC is at 18.4%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Jin Bao Bao Holdings Ltd ($1239) key annual financial indicators
| mln. | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 199.3 | 234.7 | 218.6 | 189.0 | 375.7 | 98.8% |
| Gross Profit | 45.7 | 46.5 | 46.1 | 40.4 | 111.0 | 174.5% |
| SG&A | 20.2 | 22.2 | 24.9 | 24.6 | 36.2 | 47.2% |
| EBITDA | 33.9 | 32.7 | 30.3 | 24.4 | 87.1 | 257.6% |
| Net Income | 18.8 | 19.1 | 14.1 | -2.6 | 15.8 | |
Balance Sheet
|
|---|
| Cash | 64.5 | 56.7 | 37.0 | 65.7 | 162.5 | 147.5% |
| Short Term Debt | 7.4 | 2.0 | 2.0 | 0.5 | 233.9 | 46,678.2% |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 167.5 | 0.0 | -100.0% |
Cash flow
|
|---|
| Capex | 10.5 | 7.7 | 18.0 | 10.3 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -6.4% | 17.8% | -6.9% | -13.5% | 98.8% | |
| EBITDA growth | -24.6% | -3.4% | -7.6% | -19.5% | 257.6% | |
| Gross Margin | 23.0% | 19.8% | 21.1% | 21.4% | 29.5% | 8.2% |
| EBITDA Margin | 17.0% | 13.9% | 13.8% | 12.9% | 23.2% | 10.3% |
| Net Income Margin | 9.5% | 8.1% | 6.5% | -1.4% | 4.2% | 5.5% |
| SG&A, % of revenue | 10.1% | 9.4% | 11.4% | 13.0% | 9.6% | -3.4% |
| CAPEX, % of revenue | 5.2% | 3.3% | 8.3% | 5.5% | | -5.5% |
| ROIC | 12.2% | 11.2% | 10.3% | 5.4% | 18.4% | 12.9% |
| ROE | 9.1% | 9.0% | 6.9% | -1.3% | 7.1% | 8.4% |
| Net Debt/EBITDA | -1.7x | -1.7x | -1.2x | 4.2x | 0.8x | -3.4x |
Revenue and profitability
The company's Revenue jumped on 98.8%. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 5.6 pp from -9.6% to -15.3% in FY2016.
Gross Margin increased on 8.2 pp from 21.4% to 29.5% in FY2016. SG&A as a % of Revenue decreased on 3.4 pp from 13.0% to 9.6% in FY2016.
Net Income marign increased on 5.5 pp from -1.4% to 4.2% in FY2016.
Return on investment
The company operates at good ROIC (18.38%) while ROE is low (7.14%). ROIC surged on 12.9 pp from 5.4% to 18.4% in FY2016. ROE increased on 8.4 pp from -1.3% to 7.1% in FY2016.
Leverage (Debt)
Company's Net Debt / EBITDA is 0.8x and Debt / EBITDA is 2.7x. Net Debt / EBITDA dropped on 3.4x from 4.2x to 0.8x in FY2016. Debt jumped on 39.2% while cash jumped on 148%.
Appendix 1: Peers in Packaging&Containers
Below you can find Jin Bao Bao Holdings Ltd benchmarking vs. other companies in Packaging&Containers 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 |
|---|
| Overseas Chinese Town Asia Holdings Ltd ($3366) | 34.9% | 17.5% | -6.5% | 69.5% | |
| Hao Tian Development Group Ltd ($474) | | | | 51.0% | 113.4% |
| Jin Cai Holdings Co Ltd ($1250) | 2.1% | -6.3% | -3.1% | 40.8% | |
| Huaxi Holdings Co Ltd ($1689) | | 5.0% | -5.1% | 12.5% | -15.3% |
| Huajun Holdings Ltd ($377) | | 3.3% | 3.4% | 10.4% | 73.2% |
| |
|---|
| Median (19 companies) | 2.9% | 5.0% | 0.8% | 3.0% | 1.8% |
|---|
| Jin Bao Bao Holdings Ltd ($1239) | | 17.8% | -6.9% | -13.5% | 98.8% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Jin Cai Holdings Co Ltd ($1250) | 36.6% | 39.1% | 37.7% | 44.7% | |
| Huaxi Holdings Co Ltd ($1689) | 19.0% | 28.2% | 40.9% | 37.5% | 37.3% |
| China For You Group Co Ltd ($572) | 12.4% | | 34.6% | 31.9% | |
| Overseas Chinese Town Asia Holdings Ltd ($3366) | 34.3% | 36.5% | 32.8% | 31.4% | |
| Kith Holdings Ltd ($1201) | 30.8% | 31.9% | 31.4% | 30.5% | |
| |
|---|
| Median (18 companies) | 19.0% | 20.7% | 23.4% | 22.3% | 22.2% |
|---|
| Jin Bao Bao Holdings Ltd ($1239) | 23.0% | 19.8% | 21.1% | 21.4% | 29.5% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Huaxi Holdings Co Ltd ($1689) | 14.5% | 21.2% | 27.1% | 29.1% | 25.7% |
| Overseas Chinese Town Asia Holdings Ltd ($3366) | 27.9% | 30.7% | 27.4% | 26.3% | |
| Greatview Aseptic Packaging Co Ltd ($468) | 25.9% | 23.1% | 21.6% | 23.4% | |
| Lee & Man Paper Manufacturing Ltd ($2314) | 14.6% | 17.2% | 18.7% | 21.6% | 23.7% |
| Kith Holdings Ltd ($1201) | 21.6% | 19.4% | 20.1% | 20.5% | |
| |
|---|
| Median (19 companies) | 11.9% | 15.5% | 12.2% | 11.0% | 10.6% |
|---|
| Jin Bao Bao Holdings Ltd ($1239) | 17.0% | 13.9% | 13.8% | 12.9% | 23.2% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Jin Cai Holdings Co Ltd ($1250) | 0.0% | 0.0% | 3.0% | 122.3% | |
| Sheen Tai Holdings Grp Co Ltd ($1335) | 3.7% | 1.2% | 3.1% | 42.2% | |
| Hao Tian Development Group Ltd ($474) | 81.6% | | 13.0% | 25.4% | 4.3% |
| Lee & Man Paper Manufacturing Ltd ($2314) | 19.7% | 13.7% | 13.1% | 17.1% | |
| Kith Holdings Ltd ($1201) | 3.7% | 4.8% | 3.3% | 13.3% | |
| |
|---|
| Median (19 companies) | 6.9% | 5.0% | 4.1% | 5.5% | 4.0% |
|---|
| Jin Bao Bao Holdings Ltd ($1239) | 5.2% | 3.3% | 8.3% | 5.5% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Huaxi Holdings Co Ltd ($1689) | 21.4% | 28.5% | 26.2% | 23.6% | 16.6% |
| Greatview Aseptic Packaging Co Ltd ($468) | 20.2% | 18.9% | 15.7% | 17.7% | |
| China Aluminum Cans Holdings Ltd ($6898) | 19.7% | 14.6% | 20.2% | 17.1% | 20.8% |
| Kith Holdings Ltd ($1201) | 6.9% | 5.6% | 7.8% | 12.2% | |
| Lee & Man Paper Manufacturing Ltd ($2314) | 7.2% | 8.7% | 8.0% | 9.2% | 10.6% |
| |
|---|
| Median (19 companies) | 7.7% | 6.4% | 5.4% | 4.4% | 10.6% |
|---|
| Jin Bao Bao Holdings Ltd ($1239) | 12.2% | 11.2% | 10.3% | 5.4% | 18.4% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Sino Haijing Holdings Ltd ($1106) | 6.4x | 6.1x | 6.2x | 10.1x | |
| Huajun Holdings Ltd ($377) | 0.0x | 0.3x | 0.7x | 9.9x | 19.9x |
| Zhengye International Holdings Co Ltd ($3363) | 6.2x | 6.4x | 7.8x | 5.5x | |
| Overseas Chinese Town Asia Holdings Ltd ($3366) | 9.4x | 6.7x | 7.4x | 4.4x | |
| Come Sure Group Holdings Ltd ($794) | 3.6x | 4.1x | 3.8x | 3.4x | 401.3x |
| |
|---|
| Median (16 companies) | 1.2x | 0.9x | 0.7x | 1.3x | 1.1x |
|---|
| Jin Bao Bao Holdings Ltd ($1239) | -1.7x | -1.7x | -1.2x | 4.2x | 0.8x |
