Baoye Group Co Ltd reports 5.5 pp EBITDA Margin decline from 5.5% to in 2016
26/03/2017 • About Baoye Group Co Ltd (
$2355) • By InTwits
Baoye Group Co Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: It operates with high leverage: Net Debt/EBITDA is 2.0x while industry average is .
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Baoye Group Co Ltd ($2355) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 17,276 | 17,553 | 18,898 | 18,216 | 18,196 | -0.1% |
| Gross Profit | 1,460 | 1,205 | 1,181 | 1,243 | | -100.0% |
| SG&A | 440 | 455 | 469 | 480 | | -100.0% |
| EBITDA | 1,305 | 984 | 960 | 1,010 | | -100.0% |
| Net Income | 752 | 663 | 649 | 564 | 527 | -6.5% |
Balance Sheet
|
|---|
| Cash | 1,613 | 2,159 | 2,319 | 3,170 | | -100.0% |
| Short Term Debt | 655 | 758 | 719 | 537 | | -100.0% |
| Long Term Debt | 190 | 243 | 289 | 0 | | |
Cash flow
|
|---|
| Capex | 232 | 220 | 174 | 167 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 6.7% | 1.6% | 7.7% | -3.6% | -0.1% | |
| EBITDA growth | 10.6% | -24.6% | -2.4% | 5.2% | | |
| Gross Margin | 8.5% | 6.9% | 6.2% | 6.8% | | -6.8% |
| EBITDA Margin | 7.6% | 5.6% | 5.1% | 5.5% | 0.0% | -5.5% |
| Net Income Margin | 4.4% | 3.8% | 3.4% | 3.1% | 2.9% | -0.2% |
| SG&A, % of revenue | 2.5% | 2.6% | 2.5% | 2.6% | | -2.6% |
| CAPEX, % of revenue | 1.3% | 1.3% | 0.9% | 0.9% | | -0.9% |
| ROIC | 17.7% | 12.4% | 11.2% | 11.7% | | -11.7% |
| ROE | 16.1% | 12.6% | 11.3% | 9.1% | | -9.1% |
| Net Debt/EBITDA | -0.6x | -1.2x | -1.4x | -2.6x | | 2.6x |
Revenue and profitability
Baoye Group Co Ltd's Revenue showed almost no change in FY2016.
Net Income marign showed almost no change in FY2016.
Appendix 1: Peers in Home Builders
Below you can find Baoye Group Co Ltd benchmarking vs. other companies in Home Builders 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Modern Land China Co Ltd ($1107) | | 76.5% | 17.6% | 55.7% | 33.2% |
| |
|---|
| Median (1 company) | | 76.5% | 17.6% | 55.7% | 33.2% |
|---|
| Baoye Group Co Ltd ($2355) | | 1.6% | 7.7% | -3.6% | -0.1% |
Top companies by Gross margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Modern Land China Co Ltd ($1107) | 44.4% | 39.5% | 40.6% | 30.9% | |
| |
|---|
| Median (1 company) | 44.4% | 39.5% | 40.6% | 30.9% | |
|---|
| Baoye Group Co Ltd ($2355) | 8.5% | 6.9% | 6.2% | 6.8% | |
Top companies by EBITDA margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Modern Land China Co Ltd ($1107) | 39.8% | 29.4% | 30.7% | 23.7% | |
| |
|---|
| Median (1 company) | 39.8% | 29.4% | 30.7% | 23.7% | |
|---|
| Baoye Group Co Ltd ($2355) | 7.6% | 5.6% | 5.1% | 5.5% | |
Top companies by CAPEX/Revenue, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Modern Land China Co Ltd ($1107) | 5.9% | 3.2% | 0.4% | 0.2% | |
| |
|---|
| Median (1 company) | 5.9% | 3.2% | 0.4% | 0.2% | |
|---|
| Baoye Group Co Ltd ($2355) | 1.3% | 1.3% | 0.9% | 0.9% | |
Top companies by ROIC, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Modern Land China Co Ltd ($1107) | 20.5% | 21.4% | 16.4% | 14.8% | |
| |
|---|
| Median (1 company) | 20.5% | 21.4% | 16.4% | 14.8% | |
|---|
| Baoye Group Co Ltd ($2355) | 17.7% | 12.4% | 11.2% | 11.7% | |
Top companies by Net Debt / EBITDA
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Modern Land China Co Ltd ($1107) | 0.4x | -0.6x | 1.4x | 1.9x | |
| |
|---|
| Median (1 company) | 0.4x | -0.6x | 1.4x | 1.9x | |
|---|
| Baoye Group Co Ltd ($2355) | -0.6x | -1.2x | -1.4x | -2.6x | |
