Cambria Africa Debt dropped on 35.9% in 2016
27 Jan 2017 • About Cambria Africa (
$CMB) • By InTwits
Cambria Africa reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Cambria Africa spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 is 0.0%. Average EBITDA Margin for the same period was -19.4%0
- Cambria Africa has medium CAPEX intensity: 5 year average CAPEX/Revenue was 5.7%. At the same time it's a lot of higher than industry average of 2.4%.
- CAPEX is quite volatile: 0.17 in FY2016, 0.088 in FY2015, 0.17 in FY2014, 0.40 in FY2013, 1.5 in FY2012
- The company has potentially unprofitable business model: ROIC is at 5.0%
- It operates with medium-size leverage: Net Debt/EBITDA is 8.7x while industry average is 8.7x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Cambria Africa ($CMB) key annual financial indicators
| mln. $ | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 7.721 | 8.487 | 9.405 | 10.306 | 8.552 | -17.0% |
| Gross Profit | 4.326 | 4.581 | 5.017 | 5.636 | 5.590 | -0.8% |
| EBITDA | -1.872 | -2.298 | -2.973 | -1.928 | 0.427 | -122.1% |
| Net Income | -27.271 | -12.048 | -16.138 | 0.164 | -1.010 | -715.9% |
Balance Sheet
|
|---|
| Cash | 0.468 | 2.136 | 0.405 | 0.645 | 0.701 | 8.7% |
| Short Term Debt | 2.029 | 0.492 | 0.348 | 6.877 | 1.469 | -78.6% |
| Long Term Debt | 2.054 | 6.553 | 6.685 | 0.045 | 2.965 | 6,488.9% |
Cash flow
|
|---|
| Capex | 1.473 | 0.400 | 0.169 | 0.088 | 0.170 | 93.2% |
Ratios
|
|---|
| Revenue growth | -4.4% | 9.9% | 10.8% | 9.6% | -17.0% | |
| EBITDA growth | -56.4% | 22.8% | 29.4% | -35.1% | -122.1% | |
| Gross Margin | 56.0% | 54.0% | 53.3% | 54.7% | 65.4% | 10.7% |
| EBITDA Margin | -24.2% | -27.1% | -31.6% | -18.7% | 5.0% | 23.7% |
| Net Income Margin | -353.2% | -142.0% | -171.6% | 1.6% | -11.8% | -13.4% |
| CAPEX, % of revenue | 19.1% | 4.7% | 1.8% | 0.9% | 2.0% | 1.1% |
| ROIC | -12.0% | -15.2% | -28.6% | -31.2% | 5.0% | 36.2% |
| ROE | -70.3% | -67.1% | | | | 0.0% |
| Net Debt/EBITDA | | | | | 8.7x | 8.7x |
Revenue and profitability
Cambria Africa's Revenue dropped on 17.0% in FY2016. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin surged on 23.7 pp from -18.7% to 5.0% in FY2016.
Gross Margin jumped on 10.7 pp from 54.7% to 65.4% in FY2016.
Net Income marign dropped on 13.4 pp from 1.6% to -11.8% in FY2016.
Capital expenditures (CAPEX) and working capital investments
Cambria Africa's CAPEX/Revenue was 2.0% in FY2016. The company's CAPEX/Revenue decreased on 2.7 pp from 4.7% in FY2013 to 2.0% in FY2016. Average CAPEX/Revenue for the last three years was 1.5%.
Leverage (Debt)
Debt level is 8.7x Net Debt / EBITDA and 10.4x Debt / EBITDA. Net Debt / EBITDA surged8.7x from to 8.7x in FY2016. Debt dropped on 35.9% in FY2016 while cash increased on 8.7% in FY2016.
Appendix 1: Peers in Equity Investment Instruments
Below you can find Cambria Africa benchmarking vs. other companies in Equity Investment Instruments 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 |
|---|
| New Europe Property Investments ($NEPI) | 50.8% | 20.4% | 53.6% | 66.4% | |
| |
|---|
| Median (1 company) | 50.8% | 20.4% | 53.6% | 66.4% | |
|---|
| Cambria Africa ($CMB) | | 9.9% | 10.8% | 9.6% | -17.0% |
Top companies by CAPEX/Revenue, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| New Europe Property Investments ($NEPI) | 14.2% | 187.7% | 252.9% | 103.7% | |
| |
|---|
| Median (1 company) | 14.2% | 187.7% | 252.9% | 103.7% | |
|---|
| Cambria Africa ($CMB) | 19.1% | 4.7% | 1.8% | 0.9% | 2.0% |
Top companies by ROIC, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| New Europe Property Investments ($NEPI) | 9.2% | 7.8% | 7.2% | 9.7% | |
| |
|---|
| Median (1 company) | 9.2% | 7.8% | 7.2% | 9.7% | |
|---|
| Cambria Africa ($CMB) | -12.0% | -15.2% | -28.6% | -31.2% | 5.0% |
