Bonjour Holdings Ltd reports 121% Net Income decline in 2016 and 12.8% Revenue decline
24/03/2017 • About Bonjour Holdings Ltd (
$653) • By InTwits
Bonjour Holdings Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Bonjour Holdings Ltd is a company in decline: FY2016 revenue growth was -12.8%, 5 years revenue CAGR was -4.9%
- EBITDA Margin is declining: in FY2016 vs. 3.7% in FY2015 vs. 10.8% in FY2012
- It operates with high leverage: Net Debt/EBITDA is 1.1x while industry average is 0.5x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Bonjour Holdings Ltd ($653) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 2,808 | 2,724 | 2,796 | 2,287 | 1,995 | -12.8% |
| Gross Profit | 1,325 | 1,142 | 1,168 | 955 | | -100.0% |
| SG&A | 1,106 | 909 | 986 | 897 | | -100.0% |
| EBITDA | 304 | 328 | 281 | 85 | | -100.0% |
| Net Income | 222 | 273 | 226 | 432 | -92 | -121.2% |
Balance Sheet
|
|---|
| Cash | 279 | 322 | 159 | 97 | | -100.0% |
| Short Term Debt | 40 | 45 | 195 | 176 | | -100.0% |
| Long Term Debt | 2 | 2 | 239 | 248 | | -100.0% |
Cash flow
|
|---|
| Capex | 55 | 29 | 570 | 95 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 9.6% | -3.0% | 2.6% | -18.2% | -12.8% | |
| EBITDA growth | -4.9% | 7.9% | -14.4% | -69.6% | | |
| Gross Margin | 47.2% | 41.9% | 41.8% | 41.8% | | -41.8% |
| EBITDA Margin | 10.8% | 12.1% | 10.0% | 3.7% | 0.0% | -3.7% |
| Net Income Margin | 7.9% | 10.0% | 8.1% | 18.9% | -4.6% | -23.5% |
| SG&A, % of revenue | 39.4% | 33.4% | 35.3% | 39.2% | | -39.2% |
| CAPEX, % of revenue | 2.0% | 1.1% | 20.4% | 4.1% | | -4.1% |
| ROIC | 69.1% | 65.5% | 30.9% | 4.1% | | -4.1% |
| ROE | 72.5% | 75.4% | 46.2% | 52.2% | | -52.2% |
| Net Debt/EBITDA | -0.8x | -0.8x | 1.0x | 3.8x | | -3.8x |
Revenue and profitability
Bonjour Holdings Ltd's Revenue dropped on 12.8%.
Net Income marign dropped on 23.5 pp from 18.9% to -4.6% in FY2016.
Appendix 1: Peers in Retail
Below we provide Bonjour Holdings Ltd benchmarking against other companies in Retail 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 |
|---|
| China Nuclear Industry 23 International Corp Ltd ($611) | | 85.6% | -42.1% | 419.8% | 21.8% |
| Noble House China Holdings Ltd ($8246) | | -20.2% | -24.8% | 117.2% | 129.1% |
| Vongroup Ltd ($318) | | 23.7% | -80.2% | 90.3% | -7.2% |
| Nanjing Sinolife United Co Ltd ($3332) | 45.6% | 29.5% | 29.6% | 57.3% | |
| Shanghai La Chapelle Fashion Co Ltd ($6116) | | 72.8% | 23.0% | 48.3% | 12.5% |
| |
|---|
| Median (117 companies) | 10.5% | 6.5% | 3.1% | -1.0% | -3.3% |
|---|
| Bonjour Holdings Ltd ($653) | | -3.0% | 2.6% | -18.2% | -12.8% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Vongroup Ltd ($318) | | | 95.1% | 99.1% | 99.0% |
| Modern Beauty Salon Holdings Ltd ($919) | 97.4% | 95.9% | 96.8% | 96.7% | 96.8% |
| Moiselle International Holdings Ltd ($130) | 81.2% | 83.8% | 80.6% | 83.2% | 77.6% |
| Embry Holdings Ltd ($1388) | 81.2% | 80.4% | 82.3% | 81.6% | |
| Nanjing Sinolife United Co Ltd ($3332) | 86.5% | 89.3% | 90.9% | 80.6% | |
| |
|---|
| Median (103 companies) | 36.2% | 35.8% | 35.0% | 33.3% | 43.8% |
|---|
| Bonjour Holdings Ltd ($653) | 47.2% | 41.9% | 41.8% | 41.8% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Energy Development Holdings Ltd ($228) | -58.1% | -72.3% | -84.0% | 1,070.6% | |
| Golden Eagle Retail Group Ltd ($3308) | 48.5% | 47.3% | 42.8% | 55.4% | |
| Nanjing Sinolife United Co Ltd ($3332) | 51.6% | 56.9% | 54.4% | 44.8% | |
| Lifestyle International Holdings Ltd ($1212) | 47.5% | 47.0% | 44.7% | 43.4% | 46.3% |
| China Dongxiang Group Co Ltd ($3818) | 6.0% | 5.6% | 58.3% | 41.4% | 61.6% |
| |
|---|
| Median (117 companies) | 10.3% | 7.3% | 8.9% | 7.4% | 6.8% |
|---|
| Bonjour Holdings Ltd ($653) | 10.8% | 12.1% | 10.0% | 3.7% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Culture Landmark Investment Ltd ($674) | 11.6% | 19.4% | 15.7% | 47.2% | 3.9% |
| Springland International Holdings Ltd ($1700) | 31.9% | 17.4% | 26.5% | 36.9% | |
| Merry Garden Holdings Ltd ($1237) | 18.6% | 28.6% | 15.1% | 34.2% | |
| China Energy Development Holdings Ltd ($228) | 1.6% | 0.2% | 0.0% | 27.4% | |
| Golden Eagle Retail Group Ltd ($3308) | 28.5% | 9.4% | 26.7% | 25.4% | |
| |
|---|
| Median (117 companies) | 4.1% | 3.6% | 3.7% | 3.1% | 2.1% |
|---|
| Bonjour Holdings Ltd ($653) | 2.0% | 1.1% | 20.4% | 4.1% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Modern Beauty Salon Holdings Ltd ($919) | 50.7% | -4.6% | 81.3% | 71.8% | 13.3% |
| JC Group Holdings Ltd ($8326) | | 215.6% | 92.8% | 66.3% | 81.7% |
| Starbucks Corp ($4337) | 36.4% | -6.0% | 52.8% | 51.4% | 46.2% |
| Sa Sa International Holdings Ltd ($178) | 53.5% | 52.7% | 49.0% | 39.8% | 19.0% |
| Noble House China Holdings Ltd ($8246) | 17.7% | -67.7% | -113.8% | 35.6% | 68.8% |
| |
|---|
| Median (117 companies) | 12.2% | 8.8% | 8.5% | 5.8% | 6.9% |
|---|
| Bonjour Holdings Ltd ($653) | 69.1% | 65.5% | 30.9% | 4.1% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Sparkle Roll Group Ltd ($970) | 0.6x | 4.0x | 9.3x | 23.5x | 8.5x |
| Trinity Ltd ($891) | -0.2x | 0.2x | 0.6x | 18.2x | |
| Parkson Retail Group Ltd ($3368) | 0.8x | 2.3x | 3.6x | 9.8x | 11.1x |
| Maoye International Holdings Ltd ($848) | 2.9x | 3.3x | 3.4x | 9.0x | |
| Century Ginwa Retail Holdings Ltd ($162) | 2.0x | 2.5x | 4.8x | 7.3x | |
| |
|---|
| Median (91 companies) | -0.5x | -0.5x | -0.2x | -0.5x | -0.4x |
|---|
| Bonjour Holdings Ltd ($653) | -0.8x | -0.8x | 1.0x | 3.8x | |
