Goldplat CAPEX decreased on 8.3% while Revenue increased on 6.8%
26 Sep 2018 • About Goldplat (
$GDP) • By InTwits
Goldplat reported FY2018 financial results today. Here are the key drivers of the company's long term financial model:
- EBITDA Margin is quite volatile: 10.6% in FY2018, 12.0% in FY2017, 9.3% in FY2016, 0.1% in FY2015, 2.9% in FY2014
- Goldplat has medium CAPEX intensity: 5 year average CAPEX/Revenue was 5.3%. At the same time it's in pair with industry average of 4.2%
- CAPEX is quite volatile: £2m in FY2018, £2m in FY2017, £1m in FY2016, £1m in FY2015, £1m in FY2014
- The company has business model with average profitability: ROIC is 10.6%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue increased on 6.8%. During the last 5 years Revenue growth topped in FY2017 at 56.8%. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased slightly on 1.4 pp from 12.0% to 10.6% in FY2018.
Gross Margin decreased slightly on 1.4 pp from 16.4% to 15.0% in FY2018. SG&A as a % of Revenue showed almost no change in FY2018.
Net Income margin decreased slightly on 1.7 pp from 1.1% to -0.63% in FY2018.
Investments (CAPEX, working capital and M&A)
The company's CAPEX/Revenue was 5.2% in FY2018. Goldplat showed small CAPEX/Revenue decline of 0.83 pp from 6.0% in FY2015 to 5.2% in FY2018. It's average level of CAPEX/Revenue for the last three years was 6.0%. During FY2014-FY2018 CAPEX as a % of Revenue topped in FY2016 at 6.9% and was declining since that time.
Return on investment
The company operates at low but positive ROIC (10.6%) and negative ROE (-1.1%). ROIC decreased on 2.3 pp from 12.9% to 10.6% in FY2018. ROE decreased on 3.0 pp from 1.8% to -1.1% in FY2018.
Leverage (Debt)
Debt level is -0.1x Net Debt / EBITDA and 0.4x Debt / EBITDA. Debt increased slightly on 0.58% while cash dropped on 27.7%.
Goldplat has no short term refinancing risk: cash is higher than short term debt (147.8%).
Financial and operational results
FY ended 30 Jun 2018
Goldplat ($GDP) key annual financial indicators| mln. £ | 2014 | 2015 | 2016 | 2017 | 2018 | 2018/2017 |
|---|
P&L
|
|---|
| Revenue | 21.020 | 16.628 | 20.185 | 31.650 | 33.796 | 6.8% |
| Gross Profit | 1.818 | 0.968 | 3.008 | 5.196 | 5.071 | -2.4% |
| SG&A | 1.665 | 1.679 | 1.836 | 2.286 | 2.562 | 12.1% |
| EBITDA | 0.609 | 0.016 | 1.878 | 3.784 | 3.583 | -5.3% |
| Net Income | -0.527 | -1.143 | 0.946 | 0.336 | -0.213 | -163.4% |
Balance Sheet
|
|---|
| Cash | 1.455 | 0.630 | 2.148 | 2.650 | 1.915 | -27.7% |
| Short Term Debt | 0.169 | 0.224 | 0.276 | 1.326 | 1.296 | -2.3% |
| Long Term Debt | 0.106 | 0.255 | 0.157 | 0.229 | 0.268 | 17.0% |
Cash flow
|
|---|
| Capex | 0.510 | 1.001 | 1.394 | 1.913 | 1.755 | -8.3% |
Ratios
|
|---|
| Revenue growth | -27.3% | -20.9% | 21.4% | 56.8% | 6.8% | |
| EBITDA growth | -57.0% | -97.4% | 11,637.5% | 101.5% | -5.3% | |
|
|---|
| Gross Margin | 8.6% | 5.8% | 14.9% | 16.4% | 15.0% | -1.4% |
| EBITDA Margin | 2.9% | 0.1% | 9.3% | 12.0% | 10.6% | -1.4% |
| SG&A, % of revenue | 7.9% | 10.1% | 9.1% | 7.2% | 7.6% | 0.4% |
| Net Income Margin | -2.5% | -6.9% | 4.7% | 1.1% | -0.6% | -1.7% |
| CAPEX, % of revenue | 2.4% | 6.0% | 6.9% | 6.0% | 5.2% | -0.9% |
|
|---|
| ROIC | 0.8% | -2.8% | 5.8% | 12.9% | 10.6% | -2.3% |
| ROE | -2.6% | -6.6% | 5.5% | 1.8% | -1.1% | -3.0% |
| Net Debt/EBITDA | -1.9x | -9.4x | -0.9x | -0.3x | -0.1x | 0.2x |
Peers in Mining
Below we provide Goldplat benchmarking against other companies in Mining 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 |
|---|
| Regency Mines ($RGM) | 985.7% | -97.6% | -16.0% | 355.0% | |
| Wolf Minerals Ltd ($WLFE) | | | | 188.2% | |
| Griffin Mining ($GFM) | -35.9% | 31.2% | 10.9% | 91.1% | |
| Bisichi Mining ($BISI) | -24.5% | -3.2% | -11.1% | 64.2% | |
| Coalfield Resources ($CRES) | -5.0% | 803.4% | 155.8% | 59.3% | |
| |
|---|
| Median (23 companies) | -4.0% | -7.9% | 4.6% | 18.0% | 4.1% |
|---|
| Goldplat ($GDP) | | -20.9% | 21.4% | 56.8% | 6.8% |
Top companies by Gross margin, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Griffin Mining ($GFM) | 44.4% | 28.2% | 42.9% | 65.0% | |
| Antofagasta ($ANTO) | 44.2% | 27.0% | 42.4% | 50.4% | |
| Patagonia Gold ($PGD) | 27.2% | -13.8% | 50.5% | 47.6% | |
| Randgold Resources ($RRS) | 34.4% | 27.4% | 40.9% | 44.7% | |
| Caledonia Mining Corp ($CMCL) | 34.7% | 26.9% | 37.9% | 37.7% | |
| |
|---|
| Median (21 companies) | 22.7% | 20.9% | 28.6% | 24.8% | 12.5% |
|---|
| Goldplat ($GDP) | 8.6% | 5.8% | 14.9% | 16.4% | 15.0% |
Top companies by EBITDA margin, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Zccm Investments Hldgs ($ZCC) | 88.7% | -891.4% | -417.8% | 944.0% | |
| Coalfield Resources ($CRES) | 0.1% | 259.6% | 134.0% | 74.7% | |
| Griffin Mining ($GFM) | 28.4% | 18.6% | 35.8% | 58.1% | |
| Antofagasta ($ANTO) | 42.6% | 25.9% | 28.9% | 51.0% | |
| Randgold Resources ($RRS) | 39.4% | 33.8% | 46.8% | 50.7% | |
| |
|---|
| Median (23 companies) | 18.9% | 18.3% | 24.6% | 28.5% | -3.5% |
|---|
| Goldplat ($GDP) | 2.9% | 0.1% | 9.3% | 12.0% | 10.6% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Wolf Minerals Ltd ($WLFE) | | | 356.9% | 72.6% | |
| Rambler Metals & Mining ($RMM) | 13.9% | 20.7% | 22.9% | 36.7% | |
| Trans-Siberian Gold ($TSG) | 7.7% | 9.0% | 20.8% | 32.7% | |
| Caledonia Mining Corp ($CMCL) | 11.5% | 33.8% | 32.1% | 31.0% | |
| Orosur Mining Inc ($OMI) | 14.1% | 19.7% | 15.1% | 29.9% | 40.1% |
| |
|---|
| Median (23 companies) | 11.0% | 14.5% | 16.0% | 13.1% | 26.4% |
|---|
| Goldplat ($GDP) | 2.4% | 6.0% | 6.9% | 6.0% | 5.2% |
Top companies by ROIC, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Griffin Mining ($GFM) | 3.1% | 2.0% | 7.4% | 32.2% | |
| Caledonia Mining Corp ($CMCL) | 18.1% | 8.4% | 32.0% | 24.7% | |
| Antofagasta ($ANTO) | 14.3% | 2.6% | 3.8% | 14.6% | |
| Bisichi Mining ($BISI) | 5.7% | 1.6% | 0.7% | 14.3% | |
| Nord Gold Nv ($NORD) | 13.8% | 16.1% | 12.1% | 13.4% | |
| |
|---|
| Median (28 companies) | 1.6% | 0.5% | 3.8% | 7.0% | -64.2% |
|---|
| Goldplat ($GDP) | 0.8% | -2.8% | 5.8% | 12.9% | 10.6% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Goldbridges Global Resources ($GBGR) | 1.3x | 10.9x | | 3.3x | |
| Patagonia Gold ($PGD) | | | 4.2x | 2.7x | |
| Glencore ($GLEN) | 4.6x | 5.5x | 4.0x | 2.7x | |
| Shanta Gold ($SHG) | 1.1x | 1.2x | 1.0x | 1.6x | |
| Nord Gold Nv ($NORD) | 1.3x | 1.1x | 1.3x | 1.3x | |
| |
|---|
| Median (18 companies) | 0.7x | 1.2x | 1.6x | 0.6x | -0.6x |
|---|
| Goldplat ($GDP) | -1.9x | -9.4x | -0.9x | -0.3x | -0.1x |
