Svenska Cellulosa Ab-Sca reports 32.4% CAPEX growth and 10.8% Revenue growth
28 Jan 2016 • About Svenska Cellulosa Ab-Sca (
$0MCK) • By InTwits
Svenska Cellulosa Ab-Sca reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Svenska Cellulosa Ab-Sca has medium CAPEX intensity: 5 year average CAPEX/Revenue was 6.4%. At the same time it's a lot of higher than industry average of 3.1%.
- CAPEX is quite volatile: 2,516 in 2015, 4,103 in 2014, 9,997 in 2013, 14,978 in 2012, 20,502 in 2011
- The company has business model with low profitability: ROIC is at 9.0%
- It operates with high leverage: Net Debt/EBITDA is 1.7x 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.
Svenska Cellulosa Ab-Sca ($0MCK) key annual financial indicators
| mln. SEK | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 81,337 | 85,408 | 92,873 | 104,054 | 115,316 | 10.8% |
| Gross Profit | 18,960 | 20,659 | 23,000 | 26,098 | 29,840 | 14.3% |
| SG&A | 12,080 | 13,454 | 13,862 | 15,115 | 17,025 | 12.6% |
| EBITDA | 8,143 | 10,779 | 13,932 | 15,846 | 16,801 | 6.0% |
| Net Income | 548 | 4,956 | 5,547 | 6,599 | 7,002 | 6.1% |
Balance Sheet
|
|---|
| Cash | 1,013 | 1,718 | 2,464 | 3,023 | 5,042 | 66.8% |
| Short Term Debt | 9,008 | 9,834 | 9,934 | 13,966 | 11,866 | -15.0% |
| Long Term Debt | 27,553 | 23,583 | 28,407 | 24,215 | 21,352 | -11.8% |
Cash flow
|
|---|
| Capex | 5,911 | 5,673 | 5,653 | 5,733 | 7,591 | 32.4% |
Ratios
|
|---|
| Revenue growth | -1.7% | 5.0% | 8.7% | 12.0% | 10.8% | |
| EBITDA growth | -41.9% | 32.4% | 29.3% | 13.7% | 6.0% | |
| Gross Margin | 23.3% | 24.2% | 24.8% | 25.1% | 25.9% | 0.8% |
| EBITDA Margin | 10.0% | 12.6% | 15.0% | 15.2% | 14.6% | -0.7% |
| Net Income Margin | 0.7% | 5.8% | 6.0% | 6.3% | 6.1% | -0.3% |
| SG&A, % of revenue | 14.9% | 15.8% | 14.9% | 14.5% | 14.8% | 0.2% |
| CAPEX, % of revenue | 7.3% | 6.6% | 6.1% | 5.5% | 6.6% | 1.1% |
| ROIC | 2.0% | 5.5% | 8.2% | 8.7% | 9.0% | 0.2% |
| ROE | 0.9% | 8.2% | 9.0% | 10.1% | 10.1% | 0.1% |
| Net Debt/EBITDA | 4.4x | 2.9x | 2.6x | 2.2x | 1.7x | -0.5x |
Revenue and profitability
Svenska Cellulosa Ab-Sca's Revenue surged on 10.8% in 2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased slightly on 0.66 pp from 15.2% to 14.6% in 2015.
Gross Margin increased slightly on 0.80 pp from 25.1% to 25.9% in 2015. SG&A as a % of Revenue showed almost no change in 2015.
Net Income marign showed almost no change in 2015.
Capital expenditures (CAPEX) and working capital investments
Svenska Cellulosa Ab-Sca's CAPEX/Revenue was 6.6% in 2015. CAPEX/Revenue showed almost no change from 2012 to 2015. It's average CAPEX/Revenue for the last three years was 6.1%.
Return on investment
The company operates at low ROIC (8.97%) and ROE (10.15%). ROIC showed almost no change in 2015. ROE showed almost no change in 2015.
Leverage (Debt)
Debt level is 1.7x Net Debt / EBITDA and 2.0x Debt / EBITDA. Net Debt / EBITDA dropped on 0.5x from 2.2x to 1.7x in 2015. Debt dropped on 13.0% in 2015 while cash jumped on 66.8% in 2015.
Appendix 1: Peers in Personal Goods
Below you can find Svenska Cellulosa Ab-Sca benchmarking vs. other companies in Personal Goods 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 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Creightons ($CRL) | | 15.6% | 6.1% | 11.7% | 4.2% |
| Swallowfield ($SWL) | | 0.7% | -16.0% | 3.0% | -1.2% |
| Far Eastern New Century Corp ($FETD) | | | 0.9% | -1.4% | -7.5% |
| |
|---|
| Median (3 companies) | 5.8% | 0.7% | -1.2% | 0.8% | -1.2% |
|---|
| Svenska Cellulosa Ab-Sca ($0MCK) | | 5.0% | 8.7% | 12.0% | 10.8% |
Top companies by Gross margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Creightons ($CRL) | 42.0% | 42.1% | 42.8% | 40.8% | 39.2% |
| Far Eastern New Century Corp ($FETD) | | 18.7% | 19.5% | 20.3% | 23.2% |
| Swallowfield ($SWL) | 10.9% | 10.6% | 8.2% | 10.3% | 11.8% |
| |
|---|
| Median (3 companies) | 23.2% | 18.0% | 20.0% | 20.3% | 23.2% |
|---|
| Svenska Cellulosa Ab-Sca ($0MCK) | 23.3% | 24.2% | 24.8% | 25.1% | 25.9% |
Top companies by EBITDA margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Far Eastern New Century Corp ($FETD) | | 12.3% | 12.5% | 12.1% | 15.0% |
| Creightons ($CRL) | 3.4% | 4.0% | 4.6% | 4.7% | 5.0% |
| Swallowfield ($SWL) | 4.5% | 4.9% | 1.8% | 4.0% | 4.5% |
| |
|---|
| Median (3 companies) | 4.5% | 4.8% | 5.6% | 5.8% | 5.0% |
|---|
| Svenska Cellulosa Ab-Sca ($0MCK) | 10.0% | 12.6% | 15.0% | 15.2% | 14.6% |
Top companies by CAPEX/Revenue, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Far Eastern New Century Corp ($FETD) | | 7.4% | 10.5% | 12.0% | 11.1% |
| Swallowfield ($SWL) | 2.6% | 2.1% | 1.5% | 1.8% | 3.1% |
| Creightons ($CRL) | 0.8% | 1.9% | 0.6% | 1.1% | 0.8% |
| |
|---|
| Median (3 companies) | 2.6% | 2.0% | 1.3% | 1.8% | 3.1% |
|---|
| Svenska Cellulosa Ab-Sca ($0MCK) | 7.3% | 6.6% | 6.1% | 5.5% | 6.6% |
Top companies by ROIC, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Creightons ($CRL) | 5.3% | 6.3% | 7.0% | 8.4% | 8.8% |
| Swallowfield ($SWL) | 8.5% | 10.9% | -3.1% | 5.1% | 8.4% |
| Far Eastern New Century Corp ($FETD) | | 4.3% | 3.6% | 2.6% | 3.0% |
| |
|---|
| Median (3 companies) | 8.5% | 5.5% | 5.3% | 6.7% | 8.4% |
|---|
| Svenska Cellulosa Ab-Sca ($0MCK) | 2.0% | 5.5% | 8.2% | 8.7% | 9.0% |
Top companies by Net Debt / EBITDA
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Far Eastern New Century Corp ($FETD) | | 2.7x | 4.8x | 5.6x | 5.1x |
| Swallowfield ($SWL) | -0.1x | -0.0x | -0.8x | -0.3x | 0.3x |
| Creightons ($CRL) | 1.1x | 1.2x | 1.2x | 0.7x | 0.1x |
| |
|---|
| Median (3 companies) | 1.1x | 2.0x | 2.1x | 2.0x | 0.3x |
|---|
| Svenska Cellulosa Ab-Sca ($0MCK) | 4.4x | 2.9x | 2.6x | 2.2x | 1.7x |
