Compal Electronics Inc reports 9.5% revenue decline in FY2016
28 Mar 2017 • About Compal Electronics Inc (
$CEIR) • By InTwits
Compal Electronics Inc reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is declining: in FY2016 vs. 2.0% in FY2015 vs. 2.2% in FY2012
- It operates with high leverage: Net Debt/EBITDA is 7.7x while industry average is 0.7x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Compal Electronics Inc ($CEIR) key annual financial indicators
| mln. TWD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 683,914 | 692,748 | 845,701 | 847,306 | 766,810 | -9.5% |
| Gross Profit | 28,750 | 28,110 | 32,365 | 33,378 | | -100.0% |
| SG&A | 18,695 | 18,876 | 20,700 | 22,066 | | -100.0% |
| EBITDA | 15,371 | 14,790 | 17,702 | 17,237 | | -100.0% |
| Net Income | 6,400 | 2,467 | 7,024 | 8,685 | 8,131 | -6.4% |
Balance Sheet
|
|---|
| Cash | 44,155 | 46,966 | 74,708 | 62,752 | | -100.0% |
| Short Term Debt | 36,581 | 52,395 | 50,327 | 43,698 | | -100.0% |
| Long Term Debt | 551 | 14,107 | 20,504 | 14,357 | | -100.0% |
Cash flow
|
|---|
| Capex | 8,117 | 5,677 | 6,566 | 5,493 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -1.3% | 1.3% | 22.1% | 0.2% | -9.5% | |
| EBITDA growth | -18.3% | -3.8% | 19.7% | -2.6% | | |
| Gross Margin | 4.2% | 4.1% | 3.8% | 3.9% | | -3.9% |
| EBITDA Margin | 2.2% | 2.1% | 2.1% | 2.0% | 0.0% | -2.0% |
| Net Income Margin | 0.9% | 0.4% | 0.8% | 1.0% | 1.1% | 0.0% |
| SG&A, % of revenue | 2.7% | 2.7% | 2.4% | 2.6% | | -2.6% |
| CAPEX, % of revenue | 1.2% | 0.8% | 0.8% | 0.6% | | -0.6% |
| ROIC | 7.1% | 5.8% | 6.7% | 6.5% | | -6.5% |
| ROE | 6.0% | 2.5% | 7.2% | 8.5% | | -8.5% |
| Net Debt/EBITDA | -0.5x | 1.3x | -0.2x | -0.3x | | 0.3x |
Revenue and profitability
The company's Revenue decreased on 9.5% in FY2016.
Net Income marign showed almost no change in FY2016.
Appendix 1: Peers in Technology Hardware & Equipment
Below we provide Compal Electronics Inc 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 ($TRAK) | | -8.9% | 93.5% | 94.2% | 43.7% |
| Mti Wireless Edge ($MWE) | | 5.6% | 6.8% | 36.5% | 18.9% |
| Concurrent Technologies ($CNC) | | -7.3% | 8.0% | 33.3% | -3.8% |
| Toumaz Ld ($TMZ) | | 150.3% | 19.5% | 22.1% | 0.3% |
| Seeing Machines ($SEE) | | 66.3% | 43.3% | 13.3% | 76.8% |
| |
|---|
| Median (19 companies) | 13.7% | 3.4% | 0.3% | 1.1% | -0.6% |
|---|
| Compal Electronics Inc ($CEIR) | | 1.3% | 22.1% | 0.2% | -9.5% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Cml Microsystems ($CML) | 69.3% | 70.3% | 73.3% | 70.9% | 71.2% |
| Concurrent Technologies ($CNC) | 51.7% | 50.6% | 51.2% | 50.6% | 54.2% |
| Trakm8 Holdings ($TRAK) | 63.8% | 71.9% | 57.2% | 45.2% | 48.3% |
| Vislink ($VLK) | 39.4% | 40.7% | 45.9% | 45.0% | |
| Seeing Machines ($SEE) | 61.4% | 64.1% | 59.8% | 44.9% | 81.3% |
| |
|---|
| Median (18 companies) | 34.5% | 35.2% | 37.0% | 38.9% | 36.7% |
|---|
| Compal Electronics Inc ($CEIR) | 4.2% | 4.1% | 3.8% | 3.9% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Cml Microsystems ($CML) | 28.7% | 33.1% | 35.1% | 29.9% | 30.0% |
| Concurrent Technologies ($CNC) | 29.3% | 23.3% | 27.1% | 28.6% | 26.2% |
| Pure Wafer ($PUR) | 16.3% | 17.0% | 31.5% | 27.4% | |
| Samsung Electronics Co ($SMSN) | 22.2% | 23.3% | 20.9% | 23.6% | 24.7% |
| Trakm8 Holdings ($TRAK) | 7.1% | 6.8% | 12.9% | 14.0% | 15.8% |
| |
|---|
| Median (19 companies) | 4.5% | 8.0% | 6.4% | 5.6% | 7.7% |
|---|
| Compal Electronics Inc ($CEIR) | 2.2% | 2.1% | 2.1% | 2.0% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Samsung Electronics Co ($SMSN) | 11.4% | 10.1% | 10.7% | 12.9% | 12.0% |
| Pure Wafer ($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 ($SEE) | 0.3% | 2.2% | 1.0% | 3.9% | 1.6% |
| |
|---|
| Median (19 companies) | 2.2% | 2.0% | 2.3% | 1.8% | 1.6% |
|---|
| Compal Electronics Inc ($CEIR) | 1.2% | 0.8% | 0.8% | 0.6% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Trakm8 Holdings ($TRAK) | 3.8% | 1.9% | 18.7% | 22.5% | 20.8% |
| Concurrent Technologies ($CNC) | 14.6% | 8.2% | 14.1% | 20.9% | 15.9% |
| Samsung Electronics Co ($SMSN) | 22.4% | 24.0% | 14.4% | 14.0% | 14.3% |
| Lite-On Technology Corp ($LTTD) | 8.9% | 8.2% | 5.7% | 7.0% | 10.6% |
| Cml Microsystems ($CML) | 17.4% | 26.1% | 23.0% | 10.3% | 10.1% |
| |
|---|
| Median (16 companies) | 0.6% | 6.0% | 5.7% | 3.4% | 5.4% |
|---|
| Compal Electronics Inc ($CEIR) | 7.1% | 5.8% | 6.7% | 6.5% | |
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 | -0.9x |
| Telefonaktiebolaget Lm Ericsson ($0O87) | -0.1x | 0.0x | -0.2x | 0.1x | 0.1x |
| Samsung Electronics Co ($SMSN) | -0.1x | -0.1x | -0.1x | -0.2x | -0.3x |
| |
|---|
| Median (15 companies) | -1.1x | -0.8x | -1.4x | -1.4x | -0.9x |
|---|
| Compal Electronics Inc ($CEIR) | -0.5x | 1.3x | -0.2x | -0.3x | |
