Dawnrays Pharmaceutical Holdings Ltd EBITDA Margin dropped on 41.5 pp from 41.5% to in 2016
24/03/2017 • About Dawnrays Pharmaceutical Holdings Ltd (
$2348) • By InTwits
Dawnrays Pharmaceutical Holdings Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Dawnrays Pharmaceutical Holdings Ltd is a company in decline: FY2016 revenue growth was -16.3%, 5 years revenue CAGR was -5.3%
- It operates with high leverage: Net Debt/EBITDA is 4.2x while industry average is -1.3x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Dawnrays Pharmaceutical Holdings Ltd ($2348) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 856.5 | 915.0 | 783.8 | 985.0 | 824.4 | -16.3% |
| Gross Profit | 324.4 | 403.2 | 459.9 | 569.4 | | -100.0% |
| SG&A | 156.7 | 173.3 | 159.4 | 168.4 | | -100.0% |
| EBITDA | 173.7 | 217.5 | 301.4 | 408.9 | | -100.0% |
| Net Income | 114.5 | 153.1 | 205.1 | 302.2 | 265.9 | -12.0% |
Balance Sheet
|
|---|
| Cash | 155.7 | 205.8 | 443.4 | 563.3 | | -100.0% |
| Short Term Debt | 201.8 | 248.2 | 188.3 | 8.8 | | -100.0% |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | | |
Cash flow
|
|---|
| Capex | 107.6 | 88.7 | 60.0 | 42.8 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -20.8% | 6.8% | -14.3% | 25.7% | -16.3% | |
| EBITDA growth | -14.7% | 25.2% | 38.6% | 35.6% | | |
| Gross Margin | 37.9% | 44.1% | 58.7% | 57.8% | | -57.8% |
| EBITDA Margin | 20.3% | 23.8% | 38.5% | 41.5% | 0.0% | -41.5% |
| Net Income Margin | 13.4% | 16.7% | 26.2% | 30.7% | 32.3% | 1.6% |
| SG&A, % of revenue | 18.3% | 18.9% | 20.3% | 17.1% | | -17.1% |
| CAPEX, % of revenue | 12.6% | 9.7% | 7.6% | 4.3% | | -4.3% |
| ROIC | 12.6% | 14.0% | 17.8% | 23.5% | | -23.5% |
| ROE | 12.0% | 14.8% | 17.5% | 22.2% | | -22.2% |
| Net Debt/EBITDA | 0.3x | 0.2x | -0.8x | -1.4x | | 1.4x |
Revenue and profitability
Dawnrays Pharmaceutical Holdings Ltd's Revenue dropped on 16.3%.
Net Income marign increased slightly on 1.6 pp from 30.7% to 32.3% in FY2016.
Appendix 1: Peers in Pharmaceuticals
Below you can find Dawnrays Pharmaceutical Holdings Ltd benchmarking vs. other companies in Pharmaceuticals 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 |
|---|
| China Health Group Inc ($8225) | | -48.0% | -60.1% | 244.1% | -1.2% |
| Wai Yuen Tong Medicine Holdings Ltd ($897) | | 45.9% | -10.5% | 105.6% | 40.9% |
| Oriental Unicorn Agricultural Group Ltd ($8120) | | -78.1% | 16.8% | 100.8% | 6.9% |
| China Traditional Chinese Medicine Co Ltd ($570) | | 35.2% | 90.0% | 40.0% | 76.1% |
| RM Group Holdings Ltd ($8185) | | 4.6% | -16.0% | 34.2% | -16.6% |
| |
|---|
| Median (41 companies) | 13.3% | 13.5% | 15.3% | 2.7% | 8.8% |
|---|
| Dawnrays Pharmaceutical Holdings Ltd ($2348) | | 6.8% | -14.3% | 25.7% | -16.3% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Luye Pharma Group Ltd ($2186) | 83.5% | 83.6% | 81.0% | 81.4% | |
| Consun Pharmaceutical Group Ltd ($1681) | 75.7% | 79.1% | 78.3% | 80.7% | |
| Jilin Province Huinan Changlong Bio-pharmacy Co Ltd ($8049) | 82.0% | 81.5% | 80.9% | 79.9% | |
| RM Group Holdings Ltd ($8185) | 79.6% | 78.8% | 76.6% | 77.7% | 77.4% |
| Sino Biopharmaceutical Ltd ($1177) | 78.5% | 77.5% | 76.4% | 77.7% | 79.2% |
| |
|---|
| Median (40 companies) | 42.5% | 38.3% | 50.0% | 50.0% | 52.5% |
|---|
| Dawnrays Pharmaceutical Holdings Ltd ($2348) | 37.9% | 44.1% | 58.7% | 57.8% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Northeast Tiger Pharmaceutical Corp Ltd ($8197) | 193.8% | 205,840.0% | -15,344.8% | 49,650.0% | 26.0% |
| Sihuan Pharmaceutical Holdings Group Ltd ($460) | 38.8% | 65.4% | 70.9% | 93.3% | |
| Hua Han Bio-Pharmaceutical Holdings Ltd ($587) | 60.6% | 21.0% | 28.8% | 61.1% | |
| U-Home Group Holdings Ltd ($2327) | 9.8% | -16.6% | -46.7% | 51.7% | |
| Beijing Tong Ren Tang Chinese Medicine Co Ltd ($8138) | 41.3% | 45.4% | 47.5% | 49.1% | 50.9% |
| |
|---|
| Median (41 companies) | 20.1% | 20.2% | 21.4% | 19.0% | 11.9% |
|---|
| Dawnrays Pharmaceutical Holdings Ltd ($2348) | 20.3% | 23.8% | 38.5% | 41.5% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Hao Wen Holdings Ltd ($8019) | 30.0% | 2.3% | 38.2% | 44.8% | |
| Hua Han Bio-Pharmaceutical Holdings Ltd ($587) | 0.9% | 1.4% | 7.6% | 40.5% | |
| Lee's Pharmaceutical Holdings Ltd ($950) | 18.6% | 20.9% | 7.1% | 26.1% | |
| Tianda Pharmaceuticals Ltd ($455) | 6.0% | 3.9% | 10.5% | 24.4% | 22.9% |
| Lijun International Pharmaceutical Holding Co Ltd ($2005) | 16.8% | 52.4% | 39.6% | 18.7% | |
| |
|---|
| Median (40 companies) | 8.2% | 8.1% | 7.4% | 4.6% | 4.0% |
|---|
| Dawnrays Pharmaceutical Holdings Ltd ($2348) | 12.6% | 9.7% | 7.6% | 4.3% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Sino Biopharmaceutical Ltd ($1177) | 26.2% | 26.8% | 26.5% | 26.2% | 24.3% |
| Beijing Tong Ren Tang Chinese Medicine Co Ltd ($8138) | 25.3% | 27.5% | 23.8% | 25.9% | 25.1% |
| Sihuan Pharmaceutical Holdings Group Ltd ($460) | 13.7% | 18.3% | 22.0% | 25.4% | |
| Lee's Pharmaceutical Holdings Ltd ($950) | 26.1% | 22.0% | 22.4% | 22.7% | |
| RM Group Holdings Ltd ($8185) | | 84.9% | -1.4% | 22.1% | 7.9% |
| |
|---|
| Median (42 companies) | 12.2% | 9.3% | 10.0% | 9.1% | 6.4% |
|---|
| Dawnrays Pharmaceutical Holdings Ltd ($2348) | 12.6% | 14.0% | 17.8% | 23.5% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Northeast Tiger Pharmaceutical Corp Ltd ($8197) | 2.3x | 3.7x | | 22.2x | -5.1x |
| U-Home Group Holdings Ltd ($2327) | 10.1x | | | 9.9x | |
| Lansen Pharmaceutical Holdings Ltd ($503) | 1.7x | 2.8x | 3.4x | 4.7x | |
| China Grand Pharmaceutical and Healthcare Holdings Ltd ($512) | 5.4x | 4.0x | 3.4x | 4.3x | |
| United Laboratories International Holdings Ltd/The ($3933) | 6.5x | 4.6x | 4.2x | 4.0x | |
| |
|---|
| Median (34 companies) | -0.4x | -0.5x | -0.6x | -0.4x | -1.3x |
|---|
| Dawnrays Pharmaceutical Holdings Ltd ($2348) | 0.3x | 0.2x | -0.8x | -1.4x | |
