Cml Microsystems revenue jumped on 14.2% and EBITDA Margin decreased slightly on 0.70 pp from 31.4% to 30.7%
12 Jun 2018 • About Cml Microsystems (
$CML) • By InTwits
Cml Microsystems reported FY2018 financial results today. Here are the key drivers of the company's long term financial model:
- Cml Microsystems has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.4%. At the same time it's in pair with industry average of 4.1%
- CAPEX is quite volatile: £0m in FY2018, £0m in FY2017, £0m in FY2016, £0m in FY2015, £0m in FY2014
- The company has business model with average profitability: ROIC is 10.4%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Cml Microsystems's Revenue jumped on 14.2%. Despite revenue decline the EBITDA margin expanded. EBITDA Margin increased slightly on 1.1 pp from 5.2% to 6.3% in FY2018.
Gross Margin decreased slightly on 1.2 pp from 71.4% to 70.2% in FY2018.
Net Income margin decreased slightly on 0.87 pp from 13.9% to 13.1% in FY2018.
Investments (CAPEX, working capital and M&A)
In FY2018 the company had CAPEX/Revenue of 1.5%. CAPEX/Revenue showed almost no change from FY2015 to FY2018. For the last three years the average CAPEX/Revenue was 1.7%. During FY2014-FY2018 CAPEX as a % of Revenue topped in FY2016 at 1.9% and was declining since that time.
Return on investment
The company operates at low ROIC (10.4%) and ROE (10.4%). ROIC decreased slightly on 0.78 pp from 11.2% to 10.4% in FY2018. ROE decreased slightly on 0.59 pp from 11.0% to 10.4% in FY2018.
Leverage (Debt)
The company has no debt. Cash surged on 11.0%.
Financial and operational results
FY ended 31 Mar 2018
Cml Microsystems ($CML) key annual financial indicators| mln. £ | 2014 | 2015 | 2016 | 2017 | 2018 | 2018/2017 |
|---|
P&L
|
|---|
| Revenue | 24.394 | 21.804 | 22.833 | 27.737 | 31.674 | 14.2% |
| Gross Profit | 17.882 | 15.465 | 16.253 | 19.815 | 22.236 | 12.2% |
| SG&A | 12.470 | 16.001 | 13.272 | 16.116 | | |
| EBITDA | 8.571 | 6.519 | 6.853 | 8.701 | 9.715 | 11.7% |
| Net Income | 4.769 | 2.702 | 2.925 | 3.867 | 4.139 | 7.0% |
Balance Sheet
|
|---|
| Cash | 11.373 | 13.188 | 13.596 | 12.447 | 13.816 | 11.0% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 0.103 | 0.318 | 0.443 | 0.450 | 0.488 | 8.4% |
Ratios
|
|---|
| Revenue growth | -1.0% | -10.6% | 4.7% | 21.5% | 14.2% | |
| EBITDA growth | 5.1% | -23.9% | 5.1% | 27.0% | 11.7% | |
|
|---|
| Gross Margin | 73.3% | 70.9% | 71.2% | 71.4% | 70.2% | -1.2% |
| EBITDA Margin | 35.1% | 29.9% | 30.0% | 31.4% | 30.7% | -0.7% |
| SG&A, % of revenue | 51.1% | 73.4% | 58.1% | 58.1% | | |
| Net Income Margin | 19.5% | 12.4% | 12.8% | 13.9% | 13.1% | -0.9% |
| CAPEX, % of revenue | 0.4% | 1.5% | 1.9% | 1.6% | 1.5% | -0.1% |
|
|---|
| ROIC | 23.0% | 10.3% | 10.1% | 11.2% | 10.4% | -0.8% |
| ROE | 19.3% | 9.5% | 9.5% | 11.0% | 10.4% | -0.6% |
| Net Debt/EBITDA | -1.3x | -2.0x | -2.0x | -1.4x | -1.4x | 0.0x |
Peers in Technology Hardware & Equipment
Below we provide Cml Microsystems 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 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Filtronic ($FTC) | -17.7% | -46.7% | -22.5% | 160.5% | |
| Toumaz Ld ($TMZ) | 19.5% | 22.1% | 0.3% | 27.7% | |
| Samsung Electronics Co ($SMSN) | -9.8% | -2.7% | 0.6% | 18.7% | |
| Batm Advanced Communications ($BVC) | -4.3% | -11.1% | -6.9% | 18.5% | |
| Compal Electronics Inc ($CEIR) | 22.1% | 0.2% | -9.5% | 15.8% | |
| |
|---|
| Median (17 companies) | 5.0% | 1.1% | -4.7% | 2.0% | |
|---|
| Cml Microsystems ($CML) | | -10.6% | 4.7% | 21.5% | 14.2% |
Top companies by Gross margin, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Concurrent Technologies ($CNC) | 51.2% | 50.6% | 54.2% | 55.4% | |
| Trakm8 Holdings ($TRAK) | 57.2% | 45.2% | 48.3% | 49.4% | |
| Samsung Electronics Co ($SMSN) | 37.8% | 38.5% | 40.4% | 46.0% | |
| Toumaz Ld ($TMZ) | 43.6% | 42.4% | 44.0% | 41.2% | |
| Sunplus Technology Co Ltd ($SUPD) | 42.1% | 41.6% | 42.4% | 40.1% | |
| |
|---|
| Median (16 companies) | 36.0% | 36.6% | 31.4% | 21.5% | |
|---|
| Cml Microsystems ($CML) | 73.3% | 70.9% | 71.2% | 71.4% | 70.2% |
Top companies by EBITDA margin, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Samsung Electronics Co ($SMSN) | 20.9% | 23.6% | 24.7% | 31.6% | |
| Concurrent Technologies ($CNC) | 27.1% | 28.6% | 24.8% | 28.4% | |
| Tatung Co ($TAT) | 9.2% | 2.1% | 9.1% | 12.5% | |
| Trakm8 Holdings ($TRAK) | 12.9% | 14.0% | 15.8% | 8.7% | |
| Mti Wireless Edge ($MWE) | 5.5% | 12.0% | 9.1% | 8.5% | |
| |
|---|
| Median (17 companies) | 5.6% | 5.3% | 6.1% | 5.8% | |
|---|
| Cml Microsystems ($CML) | 35.1% | 29.9% | 30.0% | 31.4% | 30.7% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Tatung Co ($TAT) | 4.3% | 6.7% | 16.1% | 45.1% | |
| Samsung Electronics Co ($SMSN) | 10.7% | 12.9% | 12.0% | 17.9% | |
| Seeing Machines ($SEE) | 1.0% | 3.9% | 1.6% | 5.6% | |
| Batm Advanced Communications ($BVC) | 1.6% | 2.5% | 4.1% | 3.0% | |
| Filtronic ($FTC) | 3.2% | 1.1% | 1.3% | 2.3% | |
| |
|---|
| Median (17 companies) | 2.3% | 1.8% | 1.5% | 1.7% | |
|---|
| Cml Microsystems ($CML) | 0.4% | 1.5% | 1.9% | 1.6% | 1.5% |
Top companies by ROIC, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Samsung Electronics Co ($SMSN) | 14.4% | 14.0% | 14.3% | 23.2% | |
| Filtronic ($FTC) | -14.9% | -80.4% | -79.3% | 18.6% | |
| Concurrent Technologies ($CNC) | 14.1% | 20.9% | 14.7% | 16.1% | |
| Lite-On Technology Corp ($LTTD) | 5.7% | 7.0% | 10.6% | 7.5% | |
| Mti Wireless Edge ($MWE) | 1.7% | 8.7% | 7.0% | 7.5% | |
| |
|---|
| Median (17 companies) | 5.7% | 3.4% | 1.7% | 4.9% | |
|---|
| Cml Microsystems ($CML) | 23.0% | 10.3% | 10.1% | 11.2% | 10.4% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Tatung Co ($TAT) | 6.7x | 40.1x | 9.2x | 7.7x | |
| Trakm8 Holdings ($TRAK) | -0.5x | -0.2x | 0.3x | 1.7x | |
| Compal Electronics Inc ($CEIR) | -0.2x | -0.3x | 0.1x | 1.0x | |
| Global Invacom Group Ltd ($GINV) | -2.8x | -1.4x | -0.9x | 0.1x | |
| Hon Hai Precision Industry ($HHPD) | -1.2x | -1.5x | -0.9x | 0.1x | |
| |
|---|
| Median (14 companies) | -1.3x | -1.0x | -0.9x | -0.7x | |
|---|
| Cml Microsystems ($CML) | -1.3x | -2.0x | -2.0x | -1.4x | -1.4x |
