Good Energy Group revenue growth accelerated to 40.7% in FY2016 vs. 11.6% a year earliner

21 Mar 2017 • About Good Energy Group ($GOOD) • By InTwits

Good Energy Group reported FY2016 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Good Energy Group ($GOOD) key annual financial indicators

mln. £	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	28.202	40.407	57.618	64.281	90.437	40.7%
Gross Profit	9.550	13.585	18.836	21.299		-100.0%
SG&A			15.045	17.065		-100.0%
EBITDA	2.658	5.025	5.705	7.290		-100.0%
Net Income	1.184	2.669	1.808	-0.195	1.383	-809.2%
Balance Sheet
Cash	9.535	17.975	13.703	4.751		-100.0%
Short Term Debt	0.543	0.674	6.608	5.626		-100.0%
Long Term Debt	8.659	24.667	39.676	55.911		-100.0%
Cash flow
Capex	0.275	9.364	18.316	17.748		-100.0%
Ratios
Revenue growth	30.7%	43.3%	42.6%	11.6%	40.7%
EBITDA growth	-5.3%	89.0%	13.5%	27.8%
Gross Margin	33.9%	33.6%	32.7%	33.1%		-33.1%
EBITDA Margin	9.4%	12.4%	9.9%	11.3%	0.0%	-11.3%
Net Income Margin	4.2%	6.6%	3.1%	-0.3%	1.5%	1.8%
SG&A, % of revenue			26.1%	26.5%		-26.5%
CAPEX, % of revenue	1.0%	23.2%	31.8%	27.6%		-27.6%
ROIC	10.8%	12.2%	7.0%	5.8%		-5.8%
ROE	13.3%	19.4%	10.5%	-1.1%		1.1%
Net Debt/EBITDA	-0.1x	1.5x	5.7x	7.8x		-7.8x

Revenue and profitability

Good Energy Group's Revenue jumped on 40.7% in FY2016.

Net Income marign increased slightly on 1.8 pp from -0.30% to 1.5% in FY2016.

Appendix 1: Peers in Electricity

Below you can find Good Energy Group benchmarking vs. other companies in Electricity 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 5	FY2012	FY2013	FY2014	FY2015	FY2016
Ksk Power Ventur ($KSK)		2.5%	-14.5%	13.8%	76.4%
Societatea Comerciala De Dis Si Fur ($ELSA)	-2.2%	2.5%	-6.3%	9.1%
Mosenergo AO ($AOMD)		-0.8%	3.5%	6.0%	11.4%
RusHydro OJSC ($HYDR)		5.0%	5.1%	5.4%	7.6%
Renewable Energy Generation Ltd ($WIND)	23.3%	10.7%	-13.8%	4.2%
Median (8 companies)	8.6%	2.5%	-4.0%	4.8%	7.6%
Good Energy Group ($GOOD)		43.3%	42.6%	11.6%	40.7%

Top companies by Gross margin, %


Top	FY2012	FY2013	FY2014	FY2015	FY2016
Infinis Energy ($INFI)	44.7%	45.0%	45.8%	45.1%	45.9%
Renewable Energy Generation Ltd ($WIND)	42.5%	42.7%	35.9%	36.5%
Datang Intl Power Generation ($DAT)				30.7%	25.1%
Ksk Power Ventur ($KSK)	33.9%	40.0%	27.1%	27.0%	34.3%
Median (4 companies)	42.5%	42.7%	35.9%	33.6%	34.3%
Good Energy Group ($GOOD)	33.9%	33.6%	32.7%	33.1%

Top companies by EBITDA margin, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Renewable Energy Generation Ltd ($WIND)	24.4%	23.0%	10.5%	125.2%
Infinis Energy ($INFI)	55.1%	54.6%	45.2%	69.8%	56.0%
Datang Intl Power Generation ($DAT)	28.7%	33.6%	34.8%	38.0%	38.9%
Ksk Power Ventur ($KSK)	43.1%	40.6%	30.3%	26.0%	37.3%
Societatea Comerciala De Dis Si Fur ($ELSA)	12.2%	11.9%	16.7%	17.8%
Median (8 companies)	19.8%	21.0%	18.4%	21.9%	37.3%
Good Energy Group ($GOOD)	9.4%	12.4%	9.9%	11.3%

Top companies by CAPEX/Revenue, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Renewable Energy Generation Ltd ($WIND)	142.1%	77.4%	167.6%	100.1%
Ksk Power Ventur ($KSK)	194.9%	100.4%	59.5%	58.3%	8.7%
Datang Intl Power Generation ($DAT)	34.3%	43.2%	28.8%	29.7%	28.1%
RusHydro OJSC ($HYDR)	27.8%	19.7%	23.8%	22.8%	16.3%
Infinis Energy ($INFI)	23.6%	32.3%	16.2%	22.8%	56.6%
Median (8 companies)	25.7%	26.0%	20.0%	22.8%	16.3%
Good Energy Group ($GOOD)	1.0%	23.2%	31.8%	27.6%

Top companies by ROIC, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Societatea Comerciala De Dis Si Fur ($ELSA)	3.2%	4.0%	6.5%	7.9%
Infinis Energy ($INFI)	4.6%	5.0%	3.0%	5.2%	3.5%
Datang Intl Power Generation ($DAT)	5.7%	5.9%	4.8%	4.6%	4.8%
RusHydro OJSC ($HYDR)	-0.7%	3.0%	4.3%	4.2%	5.5%
Public Power Corp S.A. ($PPCD)	1.5%	3.6%	3.7%	1.4%
Median (8 companies)	2.9%	3.6%	3.4%	2.8%	4.8%
Good Energy Group ($GOOD)	10.8%	12.2%	7.0%	5.8%

Top companies by Net Debt / EBITDA


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Ksk Power Ventur ($KSK)	12.8x	16.0x	26.5x	30.7x	12.7x
Datang Intl Power Generation ($DAT)	8.4x	7.7x	8.3x	7.5x	6.1x
Public Power Corp S.A. ($PPCD)	5.3x	4.1x	4.3x	4.8x
Infinis Energy ($INFI)	3.3x	4.2x	5.1x	4.3x	5.4x
RusHydro OJSC ($HYDR)	7.8x	2.9x	2.6x	2.6x	1.8x
Median (8 companies)	6.6x	3.5x	4.7x	3.4x	5.4x
Good Energy Group ($GOOD)	-0.1x	1.5x	5.7x	7.8x

Good Energy Group stock price chart

Good Energy Group financials

mln.	FY2010	FY2011	FY2012

Revenue	20.036	21.577	28.202
EBITDA	1.223	2.806	2.658
Net income	0.514	0.851	1.184
CAPEX	10.524	2.088	0.275
Debt	7.960	9.713	9.202
Cash	0.000	2.370	9.535

About Good Energy Group

Good Energy Group PLC, through its subsidiaries, purchases, generates, and sells electricity from renewable sources in the United Kingdom. The company operates through Electricity Supply and feed-in tariff (FIT) Administration, Gas Supply, Electricity Generation, and Holding Companies segments. It is also involved in the provision of gas and services relating to micro-renewable generation. In addition, the company is engaged in the supply of gas; generation of electric power by wind turbine machinery; and provision of FIT administration services to micro-generators. It serves approximately 40,000 electricity customers, approximately 15,000 gas customers, and approximately 59,000 FIT customers. The company was formerly known as Monkton Group PLC. Good Energy Group PLC was founded in 1999 and is based in Chippenham, the United Kingdom.

Good Energy Group revenue growth accelerated to 40.7% in FY2016 vs. 11.6% a year earliner

Revenue and profitability

Appendix 1: Peers in Electricity

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Good Energy Group financials

About Good Energy Group