Pv Crystalox Solar revenue dropped on 12.0% in 2016 while EBITDA Margin jumped on 15.8 pp from -19.3% to -3.5%
23 Mar 2017 • About Pv Crystalox Solar (
$PVCS) • By InTwits
Pv Crystalox Solar reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Pv Crystalox Solar is a company in decline: FY2016 revenue growth was -12.0%, 5 years revenue CAGR was -23.1%
- The company operates at negative EBITDA Margin: -3.5%
- Pv Crystalox Solar spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 is 0.0%. Average EBITDA Margin for the same period was -11.4%0
- Pv Crystalox Solar has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.7%.
- The company has unprofitable business model: ROIC is at -5.1%
- It operates with high leverage: Net Debt/EBITDA is 2.8x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Pv Crystalox Solar ($PVCS) key annual financial indicators
| mln. € | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 46.305 | 71.442 | 53.333 | 64.464 | 56.732 | -12.0% |
| Gross Profit | -73.934 | 16.339 | -12.361 | 0.196 | 8.110 | 4,037.8% |
| SG&A | 0.392 | 0.146 | 0.133 | 0.134 | | -100.0% |
| EBITDA | -15.618 | 7.888 | -11.012 | -12.454 | -1.995 | -84.0% |
| Net Income | -121.401 | 3.659 | -4.652 | -13.757 | 1.744 | -112.7% |
Balance Sheet
|
|---|
| Cash | 94.680 | 39.900 | 24.592 | 12.691 | 28.827 | 127.1% |
| Short Term Debt | 5.284 | 0.690 | 0.000 | 0.000 | 0.000 | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 1.129 | 0.122 | 0.251 | 0.020 | 0.131 | 555.0% |
Ratios
|
|---|
| Revenue growth | -78.0% | 54.3% | -25.3% | 20.9% | -12.0% | |
| EBITDA growth | -70.5% | -150.5% | -239.6% | 13.1% | -84.0% | |
| Gross Margin | -159.7% | 22.9% | -23.2% | 0.3% | 14.3% | 14.0% |
| EBITDA Margin | -33.7% | 11.0% | -20.6% | -19.3% | -3.5% | 15.8% |
| Net Income Margin | -262.2% | 5.1% | -8.7% | -21.3% | 3.1% | 24.4% |
| SG&A, % of revenue | 0.8% | 0.2% | 0.2% | 0.2% | | -0.2% |
| CAPEX, % of revenue | 2.4% | 0.2% | 0.5% | 0.0% | 0.2% | 0.2% |
| ROIC | -18.3% | 9.4% | -19.7% | -25.5% | -5.1% | 20.4% |
| ROE | -77.8% | 4.8% | -8.1% | -27.3% | 4.0% | 31.4% |
| Net Debt/EBITDA | | -5.0x | | | | 0.0x |
Revenue and profitability
Pv Crystalox Solar's Revenue dropped on 12.0% in FY2016. Revenue decline happened at the same time with EBITDA margin expansion. EBITDA Margin jumped on 15.8 pp from -19.3% to -3.5% in FY2016.
Gross Margin jumped on 14.0 pp from 0.30% to 14.3% in FY2016.
Net Income marign jumped on 24.4 pp from -21.3% to 3.1% in FY2016.
Capital expenditures (CAPEX) and working capital investments
In FY2016 the company had CAPEX/Revenue of 0.23%. Pv Crystalox Solar showed almost no change in CAPEX/Revenue from FY2013 to FY2016. It's average level of CAPEX/Revenue for the last three years was 0.24%.
Return on investment
The company operates at negative ROIC (-5.14%) and low but positive ROE (4.03%). ROIC jumped on 20.4 pp from -25.5% to -5.1% in FY2016. ROE jumped on 31.4 pp from -27.3% to 4.0% in FY2016.
Leverage (Debt)
The company has no debt. Cash surged on 127% in FY2016.
Appendix 1: Peers in Alternative Energy
Below we provide Pv Crystalox Solar benchmarking against other companies in Alternative Energy 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Active Energy Group ($AEG) | | 2,174.1% | 170.1% | 72.0% | |
| China New Energy Ltd ($CNEL) | -18.3% | -70.0% | 30.8% | 7.6% | |
| Hydrodec Group ($HYR) | 16.5% | 51.9% | 16.4% | -8.4% | |
| |
|---|
| Median (3 companies) | -0.9% | 51.9% | 30.8% | 7.6% | |
|---|
| Pv Crystalox Solar ($PVCS) | | 54.3% | -25.3% | 20.9% | -12.0% |
Top companies by Gross margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China New Energy Ltd ($CNEL) | | -5.3% | 7.5% | 12.4% | |
| Active Energy Group ($AEG) | 34.7% | -1.7% | 11.7% | 8.1% | |
| Hydrodec Group ($HYR) | 20.6% | 22.7% | 12.4% | -0.9% | |
| |
|---|
| Median (3 companies) | 27.6% | -1.7% | 11.7% | 8.1% | |
|---|
| Pv Crystalox Solar ($PVCS) | -159.7% | 22.9% | -23.2% | 0.3% | 14.3% |
Top companies by EBITDA margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Hydrodec Group ($HYR) | -13.5% | -7.0% | -2.8% | -8.1% | |
| Active Energy Group ($AEG) | -238.4% | -36.1% | -4.4% | -13.1% | |
| China New Energy Ltd ($CNEL) | | -37.2% | -16.3% | -22.1% | |
| |
|---|
| Median (3 companies) | -126.0% | -36.1% | -4.4% | -13.1% | |
|---|
| Pv Crystalox Solar ($PVCS) | -33.7% | 11.0% | -20.6% | -19.3% | -3.5% |
Top companies by CAPEX/Revenue, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Hydrodec Group ($HYR) | 4.4% | 2.6% | 41.2% | 35.3% | |
| Active Energy Group ($AEG) | 0.6% | 2.5% | 3.1% | 9.0% | |
| China New Energy Ltd ($CNEL) | | 6.7% | 0.1% | 0.3% | |
| |
|---|
| Median (3 companies) | 2.5% | 2.6% | 3.1% | 9.0% | |
|---|
| Pv Crystalox Solar ($PVCS) | 2.4% | 0.2% | 0.5% | 0.0% | 0.2% |
Top companies by ROIC, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Hydrodec Group ($HYR) | -14.7% | -13.4% | -12.4% | -28.0% | |
| China New Energy Ltd ($CNEL) | | | -39.3% | -31.6% | |
| Active Energy Group ($AEG) | -29.5% | -63.3% | -16.2% | -41.4% | |
| |
|---|
| Median (3 companies) | -22.1% | -38.4% | -16.2% | -31.6% | |
|---|
| Pv Crystalox Solar ($PVCS) | -18.3% | 9.4% | -19.7% | -25.5% | -5.1% |
