Madex International Holdings Ltd revenue growth decelerated to 0.028% in FY2016 vs. 52.4% a year earliner
23/03/2017 • About Madex International Holdings Ltd (
$231) • By InTwits
Madex International Holdings Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is relatively stable: in FY2016 vs. -131.9% in FY2015 vs. -24.8% in FY2012
- Madex International 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 -75.4% for the sames years0
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Madex International Holdings Ltd ($231) key annual financial indicators
| mln. | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 26.702 | 31.881 | 33.107 | 50.465 | 50.479 | 0.0% |
| Gross Profit | 19.769 | 24.825 | 29.482 | 30.266 | | -100.0% |
| SG&A | | | 73.201 | 100.827 | | -100.0% |
| EBITDA | -6.622 | -39.198 | -32.861 | -66.555 | | |
| Net Income | 16.925 | -304.086 | -573.620 | -232.007 | -7.231 | |
Balance Sheet
|
|---|
| Cash | 6.909 | 41.283 | 149.576 | 357.857 | | -100.0% |
| Short Term Debt | 148.413 | 123.046 | 264.548 | 16.155 | | -100.0% |
| Long Term Debt | 576.230 | 746.360 | 702.816 | 2,034.548 | | -100.0% |
Cash flow
|
|---|
| Capex | 46.600 | 165.674 | 67.963 | 176.939 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -2.2% | 19.4% | 3.8% | 52.4% | 0.0% | |
| EBITDA growth | -36.7% | 491.9% | -16.2% | 102.5% | | |
| Gross Margin | 74.0% | 77.9% | 89.1% | 60.0% | | -60.0% |
| EBITDA Margin | -24.8% | -123.0% | -99.3% | -131.9% | 0.0% | 131.9% |
| Net Income Margin | 63.4% | -953.8% | -1,732.6% | -459.7% | -14.3% | 445.4% |
| SG&A, % of revenue | | | 221.1% | 199.8% | | -199.8% |
| CAPEX, % of revenue | 174.5% | 519.7% | 205.3% | 350.6% | | -350.6% |
| ROIC | -0.4% | -1.7% | -1.6% | -2.6% | | 2.6% |
| ROE | 1.3% | -21.5% | -49.8% | -18.0% | | 18.0% |
Revenue and profitability
Madex International Holdings Ltd's Revenue showed almost no change in FY2016.
Net Income marign jumped on 445 pp from -460% to -14.3% in FY2016.
Appendix 1: Peers in Real Estate
Below we provide Madex International Holdings Ltd benchmarking against other companies in Real Estate 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 |
|---|
| Guangdong Land Holdings Ltd ($124) | | | | 24,971.2% | 27.3% |
| GR Properties Ltd ($108) | 21.6% | -82.9% | 14.6% | 1,203.6% | |
| Wanda Hotel Development Co Ltd ($169) | | -51.4% | -86.2% | 1,071.2% | -82.8% |
| Henderson Investment Ltd ($97) | | | | 737.1% | -0.9% |
| ITC Properties Group Ltd ($199) | | -95.2% | 75.7% | 678.6% | 206.4% |
| |
|---|
| Median (179 companies) | 18.3% | 13.1% | 5.3% | 4.2% | 9.7% |
|---|
| Madex International Holdings Ltd ($231) | | 19.4% | 3.8% | 52.4% | 0.0% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Renhe Commercial Holdings Co Ltd ($1387) | 79.0% | 95.2% | 97.9% | 99.9% | |
| Tern Properties Co Ltd ($277) | 96.7% | 98.4% | 98.4% | 98.7% | 98.8% |
| YT Realty Group Ltd ($75) | 94.4% | 96.6% | 96.7% | 97.6% | |
| Wah Ha Realty Co Ltd ($278) | 96.3% | 96.0% | 93.2% | 95.9% | 92.9% |
| Soundwill Holdings Ltd ($878) | 53.1% | 74.5% | 46.9% | 95.7% | |
| |
|---|
| Median (160 companies) | 41.9% | 41.8% | 39.1% | 38.2% | 43.0% |
|---|
| Madex International Holdings Ltd ($231) | 74.0% | 77.9% | 89.1% | 60.0% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Chinese Estates Holdings Ltd ($127) | 356.2% | 91.6% | 195.5% | 397.4% | 56.8% |
| Zall Development Group Ltd ($2098) | 105.3% | 133.1% | 143.2% | 213.9% | |
| SOHO China Ltd ($410) | 113.6% | 80.8% | 104.0% | 201.9% | 175.0% |
| Beijing Properties Holdings Ltd ($925) | -606.3% | 2,162.6% | 224.3% | 186.5% | |
| Swire Properties Ltd ($1972) | 154.5% | 114.6% | 73.2% | 100.3% | 105.1% |
| |
|---|
| Median (179 companies) | 29.3% | 28.5% | 27.8% | 23.5% | 30.3% |
|---|
| Madex International Holdings Ltd ($231) | -24.8% | -123.0% | -99.3% | -131.9% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| LT Commercial Real Estate Ltd ($112) | 0.0% | 18.0% | 27,965.5% | 4,834.8% | |
| China Oceanwide Holdings Ltd ($715) | 0.8% | 0.3% | 2.0% | 880.6% | |
| Pacific Century Premium Developments Ltd ($432) | 2.9% | 323.1% | 351.2% | 340.6% | 570.7% |
| Hon Kwok Land Investment Co Ltd ($160) | 20.6% | 157.3% | 144.5% | 296.3% | 28.1% |
| Silver Grant International Industries Ltd ($171) | 134.5% | 193.1% | 204.1% | 280.7% | |
| |
|---|
| Median (179 companies) | 5.6% | 6.1% | 4.7% | 3.2% | 3.8% |
|---|
| Madex International Holdings Ltd ($231) | 174.5% | 519.7% | 205.3% | 350.6% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Hydoo International Holding Ltd ($1396) | 44.3% | 62.0% | 12.9% | 16.6% | |
| Gemdale Properties & Investment Corp Ltd ($535) | 15.3% | 19.6% | 10.8% | 15.9% | 17.9% |
| China Overseas Land & Investment Ltd ($688) | | 15.1% | 18.5% | 15.4% | 13.0% |
| Colour Life Services Group Co Ltd ($1778) | 44.2% | 47.9% | 29.3% | 14.5% | 13.1% |
| Dalian Wanda Commercial Properties Co Ltd ($3699) | 26.8% | 19.6% | 12.3% | 14.4% | |
| |
|---|
| Median (181 companies) | 4.2% | 4.1% | 4.2% | 2.5% | 3.4% |
|---|
| Madex International Holdings Ltd ($231) | -0.4% | -1.7% | -1.6% | -2.6% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Shui On Land Ltd ($272) | 22.1x | 13.2x | 17.1x | 54.2x | 7.3x |
| Beijing Capital Land Ltd ($2868) | 7.1x | 4.6x | 11.7x | 49.1x | 37.0x |
| Talent Property Group Ltd ($760) | | | | 43.0x | |
| Mingfa Group International Co Ltd ($846) | 2.5x | 3.0x | 6.3x | 42.9x | |
| Sunshine 100 China Holdings Ltd ($2608) | 9.9x | 12.4x | 12.9x | 42.3x | |
| |
|---|
| Median (137 companies) | 2.4x | 2.7x | 3.0x | 3.2x | 2.7x |
|---|
