Cml Microsystems Net Income increased on 8.3% in 2016 and Revenue increased on 4.7%
14 Jun 2016 • About Cml Microsystems (
$CML) • By InTwits
Cml Microsystems reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Cml Microsystems has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.0%. At the same time it's in pair with industry average of 2.0%.
- CAPEX is quite volatile: 0.44 in FY2016, 0.32 in FY2015, 0.10 in FY2014, 0.18 in FY2013, 0.15 in FY2012
- The company has business model with average profitability: ROIC is at 10.1%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Cml Microsystems ($CML) key annual financial indicators
| mln. £ | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 23.409 | 24.648 | 24.394 | 21.804 | 22.833 | 4.7% |
| Gross Profit | 16.213 | 17.335 | 17.882 | 15.465 | 16.253 | 5.1% |
| SG&A | | 12.130 | 12.470 | 16.001 | 13.272 | -17.1% |
| EBITDA | 6.716 | 8.159 | 8.571 | 6.519 | 6.853 | 5.1% |
| Net Income | 3.316 | 4.054 | 4.769 | 2.702 | 2.925 | 8.3% |
Balance Sheet
|
|---|
| Cash | 7.742 | 9.323 | 11.373 | 13.188 | 13.596 | 3.1% |
| Short Term Debt | 2.500 | 0.338 | 0.000 | 0.000 | 0.000 | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 0.145 | 0.179 | 0.103 | 0.318 | 0.443 | 39.5% |
Ratios
|
|---|
| Revenue growth | 5.8% | 5.3% | -1.0% | -10.6% | 4.7% | |
| EBITDA growth | 2.0% | 21.5% | 5.1% | -23.9% | 5.1% | |
| Gross Margin | 69.3% | 70.3% | 73.3% | 70.9% | 71.2% | 0.3% |
| EBITDA Margin | 28.7% | 33.1% | 35.1% | 29.9% | 30.0% | 0.1% |
| Net Income Margin | 14.2% | 16.4% | 19.5% | 12.4% | 12.8% | 0.4% |
| SG&A, % of revenue | | 49.2% | 51.1% | 73.4% | 58.1% | -15.3% |
| CAPEX, % of revenue | 0.6% | 0.7% | 0.4% | 1.5% | 1.9% | 0.5% |
| ROIC | 17.4% | 26.1% | 23.0% | 10.3% | 10.1% | -0.2% |
| ROE | 18.2% | 20.1% | 19.3% | 9.5% | 9.5% | 0.0% |
| Net Debt/EBITDA | -0.8x | -1.1x | -1.3x | -2.0x | -2.0x | 0.0x |
Revenue and profitability
Cml Microsystems's Revenue increased on 4.7% in FY2016. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 3.4 pp from 7.4% to 10.7% in FY2016.
Gross Margin showed almost no change in FY2016. SG&A as a % of Revenue dropped on 15.3 pp from 73.4% to 58.1% in FY2016.
Net Income marign showed almost no change in FY2016.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 1.9% in FY2016. The company showed small growth in CAPEX/Revenue of 1.2 pp from 0.73% in FY2013 to 1.9% in FY2016. For the last three years the average CAPEX/Revenue was 1.3%.
Return on investment
The company operates at low ROIC (10.08%) and ROE (9.50%). ROIC showed almost no change in FY2016. ROE showed almost no change in FY2016.
Leverage (Debt)
The company has no debt. Cash increased on 3.1% in FY2016.
Appendix 1: Peers in Technology Hardware & Equipment
Below we provide Cml Microsystems benchmarking against other companies in Technology Hardware & Equipment 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 |
|---|
| Trakm8 Holdings ($TRAK) | 24.6% | -8.9% | 93.5% | 94.2% | |
| Mti Wireless Edge ($MWE) | -13.5% | 5.6% | 6.8% | 36.5% | |
| Concurrent Technologies ($CNC) | -7.3% | -7.3% | 8.0% | 33.3% | |
| Toumaz Ld ($TMZ) | 279.7% | 150.3% | 19.5% | 22.1% | |
| Seeing Machines ($SEE) | 0.1% | 66.3% | 43.3% | 13.3% | |
| |
|---|
| Median (19 companies) | 0.4% | 1.3% | 3.4% | 1.1% | |
|---|
| Cml Microsystems ($CML) | | 5.3% | -1.0% | -10.6% | 4.7% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Concurrent Technologies ($CNC) | 51.7% | 50.6% | 51.2% | 50.6% | |
| Trakm8 Holdings ($TRAK) | 63.8% | 71.9% | 57.2% | 45.2% | |
| Vislink ($VLK) | 39.4% | 40.7% | 45.9% | 45.0% | |
| Seeing Machines ($SEE) | 61.4% | 64.1% | 59.8% | 44.9% | |
| Toumaz Ld ($TMZ) | 45.6% | 44.4% | 43.6% | 42.4% | |
| |
|---|
| Median (18 companies) | 33.2% | 34.1% | 36.0% | 36.6% | |
|---|
| Cml Microsystems ($CML) | 69.3% | 70.3% | 73.3% | 70.9% | 71.2% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Concurrent Technologies ($CNC) | 29.3% | 23.3% | 27.1% | 28.6% | |
| Pure Wafer ($PUR) | 16.3% | 17.0% | 31.5% | 27.4% | |
| Samsung Electronics Co ($SMSN) | 22.2% | 23.3% | 20.9% | 23.6% | |
| Trakm8 Holdings ($TRAK) | 7.1% | 6.8% | 12.9% | 14.0% | |
| Telefonaktiebolaget Lm Ericsson ($0O87) | 13.9% | 12.4% | 11.8% | 13.0% | |
| |
|---|
| Median (19 companies) | 3.8% | 6.8% | 5.6% | 5.3% | |
|---|
| Cml Microsystems ($CML) | 28.7% | 33.1% | 35.1% | 29.9% | 30.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Samsung Electronics Co ($SMSN) | 11.4% | 10.1% | 10.7% | 12.9% | |
| Pure Wafer ($PUR) | 0.5% | 3.5% | 23.3% | 8.5% | |
| Tatung Co ($TAT) | 6.1% | 4.3% | 4.3% | 6.7% | |
| Sunplus Technology Co Ltd ($SUPD) | 4.8% | 6.3% | 15.0% | 4.5% | |
| Seeing Machines ($SEE) | 0.3% | 2.2% | 1.0% | 3.9% | |
| |
|---|
| Median (19 companies) | 2.2% | 2.0% | 2.3% | 1.8% | |
|---|
| Cml Microsystems ($CML) | 0.6% | 0.7% | 0.4% | 1.5% | 1.9% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Trakm8 Holdings ($TRAK) | 3.8% | 1.9% | 18.7% | 22.5% | |
| Concurrent Technologies ($CNC) | 14.6% | 8.2% | 14.1% | 20.9% | |
| Samsung Electronics Co ($SMSN) | 22.4% | 24.0% | 14.4% | 14.0% | |
| Telefonaktiebolaget Lm Ericsson ($0O87) | 13.7% | 11.1% | 10.3% | 13.5% | |
| Hon Hai Precision Industry ($HHPD) | 9.9% | 8.7% | 10.3% | 11.7% | |
| |
|---|
| Median (19 companies) | 0.6% | 5.8% | 5.7% | 3.4% | |
|---|
| Cml Microsystems ($CML) | 17.4% | 26.1% | 23.0% | 10.3% | 10.1% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Tatung Co ($TAT) | 41.1x | 6.1x | 6.7x | 40.1x | |
| Vislink ($VLK) | -1.2x | -0.5x | -0.0x | 1.8x | |
| Mti Wireless Edge ($MWE) | -21.9x | 1.9x | -1.6x | 0.2x | |
| Telefonaktiebolaget Lm Ericsson ($0O87) | -0.1x | 0.0x | -0.2x | 0.1x | |
| Samsung Electronics Co ($SMSN) | -0.1x | -0.1x | -0.1x | -0.2x | |
| |
|---|
| Median (15 companies) | -1.1x | -0.5x | -1.3x | -1.0x | |
|---|
| Cml Microsystems ($CML) | -0.8x | -1.1x | -1.3x | -2.0x | -2.0x |
