Goldplat reports 11,638% EBITDA growth and 9.2 pp EBITDA Margin growth from 0.096% to 9.3%
26 Sep 2016 • About Goldplat (
$GDP) • By InTwits
Goldplat reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is quite volatile: 9.3% in FY2016, 0.1% in FY2015, 2.9% in FY2014, 4.9% in FY2013, 19.2% in FY2012
- Goldplat has low CAPEX intensity: 5 year average CAPEX/Revenue was 4.9%. At the same time it's a lot of higher than industry average of 4.4%.
- CAPEX is quite volatile: 0.15 in FY2016, 0.16 in FY2015, 0.52 in FY2014, 0.16 in FY2013, 0.15 in FY2012
- The company has potentially unprofitable business model: ROIC is at 5.8%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Goldplat ($GDP) key annual financial indicators
| mln. £ | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 26.225 | 28.904 | 21.020 | 16.628 | 20.185 | 21.4% |
| Gross Profit | 6.047 | 4.566 | 1.818 | 0.968 | 3.008 | 210.7% |
| SG&A | | | 1.665 | 1.679 | 1.836 | 9.4% |
| EBITDA | 5.039 | 1.415 | 0.609 | 0.016 | 1.878 | 11,637.5% |
| Net Income | 4.467 | -0.795 | -0.527 | -1.143 | 0.946 | -182.8% |
Balance Sheet
|
|---|
| Cash | 4.575 | 2.362 | 1.455 | 0.630 | 2.148 | 241.0% |
| Short Term Debt | 0.111 | 0.151 | 0.169 | 0.224 | 0.276 | 23.2% |
| Long Term Debt | 0.039 | 0.140 | 0.106 | 0.255 | 0.157 | -38.4% |
Cash flow
|
|---|
| Capex | 1.164 | 1.329 | 0.510 | 1.001 | 1.394 | 39.3% |
Ratios
|
|---|
| Revenue growth | 33.7% | 10.2% | -27.3% | -20.9% | 21.4% | |
| EBITDA growth | 50.5% | -71.9% | -57.0% | -97.4% | 11,637.5% | |
| Gross Margin | 23.1% | 15.8% | 8.6% | 5.8% | 14.9% | 9.1% |
| EBITDA Margin | 19.2% | 4.9% | 2.9% | 0.1% | 9.3% | 9.2% |
| Net Income Margin | 17.0% | -2.8% | -2.5% | -6.9% | 4.7% | 11.6% |
| SG&A, % of revenue | | | 7.9% | 10.1% | 9.1% | -1.0% |
| CAPEX, % of revenue | 4.4% | 4.6% | 2.4% | 6.0% | 6.9% | 0.9% |
| ROIC | 19.1% | 4.0% | 0.8% | -2.8% | 5.8% | 8.7% |
| ROE | 20.1% | -3.4% | -2.6% | -6.6% | 5.5% | 12.1% |
| Net Debt/EBITDA | -0.9x | -1.5x | -1.9x | -9.4x | -0.9x | 8.5x |
Revenue and profitability
The company's Revenue jumped on 21.4% in FY2016. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 2.4 pp from 28.6% to 26.2% in FY2016.
Gross Margin increased on 9.1 pp from 5.8% to 14.9% in FY2016. SG&A as a % of Revenue decreased slightly on 1.0 pp from 10.1% to 9.1% in FY2016.
Net Income marign surged on 11.6 pp from -6.9% to 4.7% in FY2016.
Capital expenditures (CAPEX) and working capital investments
In FY2016 the company had CAPEX/Revenue of 6.9%. The company showed CAPEX/Revenue growth of 2.3 pp from 4.6% in FY2013 to 6.9% in FY2016. It's average level of CAPEX/Revenue for the last three years was 5.1%.Goldplat invested a big chunk of EBITDA (74.2%) to CAPEX to fuel its growth.
Return on investment
The company operates at low ROIC (5.83%) and ROE (5.53%). ROIC increased on 8.7 pp from -2.8% to 5.8% in FY2016. ROE surged on 12.1 pp from -6.6% to 5.5% in FY2016.
Leverage (Debt)
Debt level is -0.9x Net Debt / EBITDA and 0.2x Debt / EBITDA. Net Debt / EBITDA surged on 8.5x from -9.4x to -0.9x in FY2016. Debt decreased on 9.6% in FY2016 while cash jumped on 241% in FY2016.
Appendix 1: Peers in Mining
Below we provide Goldplat benchmarking against other companies in Mining 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 |
|---|
| Coalfield Resources ($CRES) | | 19,087.5% | -5.0% | 803.4% | |
| Serabi Gold ($SRB) | | | | 177.8% | |
| Anglo Pacific Group ($APF) | -56.3% | -2.8% | -76.4% | 149.4% | |
| Griffin Mining ($GFM) | -2.8% | -7.5% | -35.9% | 31.2% | |
| Kirkland Lake Gold Inc ($KGI) | 54.7% | -5.1% | 14.2% | 26.9% | |
| |
|---|
| Median (30 companies) | 1.3% | -3.2% | -4.7% | -7.4% | -18.8% |
|---|
| Goldplat ($GDP) | | 10.2% | -27.3% | -20.9% | 21.4% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Polyus Gold Intl Ltd ($PGIL) | 51.1% | 40.2% | 46.1% | 58.8% | |
| Coalfield Resources ($CRES) | | | | 54.4% | |
| Zccm Investments Hldgs ($ZCC) | 51.8% | 71.4% | 85.6% | 45.9% | |
| Mwana Africa ($MWA) | 42.9% | 45.9% | 46.6% | 38.6% | 29.1% |
| Kaz Minerals ($KAZ) | 39.7% | 41.1% | 46.1% | 35.5% | |
| |
|---|
| Median (29 companies) | 39.1% | 19.8% | 22.7% | 22.8% | 24.4% |
|---|
| Goldplat ($GDP) | 23.1% | 15.8% | 8.6% | 5.8% | 14.9% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Coalfield Resources ($CRES) | 1,693,625.0% | 28.4% | 0.1% | 259.6% | |
| Polyus Gold Intl Ltd ($PGIL) | 51.1% | 18.7% | 45.9% | 58.0% | |
| Anglo Pacific Group ($APF) | 76.2% | 77.9% | -58.0% | 53.7% | |
| Nord Gold Nv ($NORD) | 33.0% | 0.8% | 40.2% | 44.9% | |
| Trans-Siberian Gold ($TSG) | 24.7% | 8.0% | 32.7% | 38.1% | |
| |
|---|
| Median (31 companies) | 27.2% | 18.0% | 18.9% | 18.6% | 14.7% |
|---|
| Goldplat ($GDP) | 19.2% | 4.9% | 2.9% | 0.1% | 9.3% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kaz Minerals ($KAZ) | 36.6% | 136.5% | 168.8% | 168.7% | |
| Weatherly International ($WTI) | 8.6% | | | 161.8% | |
| Hwange Colliery Co ($HWA) | 3.5% | | 0.5% | 45.6% | |
| Goldbridges Global Resources ($GBGR) | 26.9% | 17.6% | 73.9% | 40.1% | |
| Caledonia Mining Corp ($CMCL) | 10.5% | 18.0% | 11.5% | 33.8% | |
| |
|---|
| Median (30 companies) | 21.5% | 17.8% | 11.0% | 14.5% | 17.9% |
|---|
| Goldplat ($GDP) | 4.4% | 4.6% | 2.4% | 6.0% | 6.9% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Polyus Gold Intl Ltd ($PGIL) | 27.0% | 4.3% | 19.2% | 29.7% | |
| Nord Gold Nv ($NORD) | 6.6% | -9.0% | 13.8% | 16.1% | |
| Coalfield Resources ($CRES) | 0.1% | 0.8% | 0.0% | 15.8% | |
| Kirkland Lake Gold Inc ($KGI) | 19.7% | 1.5% | -0.7% | 9.2% | |
| Trans-Siberian Gold ($TSG) | -1.1% | -6.8% | 5.0% | 9.2% | |
| |
|---|
| Median (31 companies) | 4.4% | 2.0% | 2.3% | 1.4% | 1.4% |
|---|
| Goldplat ($GDP) | 19.1% | 4.0% | 0.8% | -2.8% | 5.8% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kaz Minerals ($KAZ) | 2.4x | 2.9x | 5.5x | 18.7x | |
| Goldbridges Global Resources ($GBGR) | 2.2x | | 1.3x | 10.9x | |
| Glencore ($GLEN) | 7.3x | 6.2x | 4.6x | 5.5x | |
| Griffin Mining ($GFM) | 0.8x | 1.4x | 4.0x | 4.4x | |
| Bisichi Mining ($BISI) | 0.9x | 1.7x | 1.3x | 4.0x | |
| |
|---|
| Median (22 companies) | 0.8x | 1.7x | 0.7x | 1.1x | 2.9x |
|---|
| Goldplat ($GDP) | -0.9x | -1.5x | -1.9x | -9.4x | -0.9x |
