C4X Discovery Hldg revenue returned to growth in FY2018: increased 4,840% vs. 48.7% decline a year earliner
21 Nov 2018 • About C4X Discovery Hldg (
$C4XD) • By InTwits
C4X Discovery Hldg reported FY2018 financial results today. Here are the key drivers of the company's long term financial model:
- C4X Discovery Hldg is a fast growth stock: FY2018 revenue growth was 4,840%, 5 year revenue CAGR was 57.2% at FY2018 ROIC -29.4%
- The company operates at negative EBITDA Margin: -33.2%
- C4X Discovery Hldg spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2014-FY2018 is 0.0%. Average EBITDA Margin for the same period was -220.6%
- The company has unprofitable business model: ROIC is -29.4%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
C4X Discovery Hldg's Revenue surged on 4,840%. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin jumped on 5,781 pp from -5,814% to -33.2% in FY2018.
SG&A as a % of Revenue dropped on 1,734 pp from 1,771% to 36.9% in FY2018.
Net Income margin jumped on 4,727 pp from -4,743% to -16.1% in FY2018.
Investments (CAPEX, working capital and M&A)
The company's CAPEX/Revenue was 0.62% in FY2018. The company's CAPEX/Revenue increased slightly on 0.62 pp from in FY2015 to 0.62% in FY2018. Average CAPEX/Revenue for the last three years was 14.5%.
Return on investment
The company operates at negative ROIC (-29.4%) and ROE (-13.2%). ROIC surged on 97.7 pp from -127% to -29.4% in FY2018. ROE jumped on 88.3 pp from -101% to -13.2% in FY2018.
Leverage (Debt)
The company has no debt. Cash decreased on 7.5%.
Financial and operational results
FY ended 31 Jul 2018
C4X Discovery Hldg ($C4XD) key annual financial indicators| mln. £ | 2014 | 2015 | 2016 | 2017 | 2018 | 2018/2017 |
|---|
P&L
|
|---|
| Revenue | 0.619 | 0.312 | 0.279 | 0.143 | 7.064 | 4,839.9% |
| Gross Profit | 0.596 | | 0.267 | 0.140 | | |
| SG&A | | | 1.817 | 2.533 | 2.605 | 2.8% |
| EBITDA | -1.207 | | -6.701 | -8.314 | -2.345 | |
| Net Income | -1.118 | | -5.321 | -6.782 | -1.135 | |
Balance Sheet
|
|---|
| Cash | 0.673 | | 1.328 | 6.031 | 5.578 | -7.5% |
| Short Term Debt | 0.043 | | 0.000 | 0.000 | 0.000 | |
| Long Term Debt | 2.220 | | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 0.007 | | 0.042 | 0.040 | 0.044 | 10.0% |
Ratios
|
|---|
| Revenue growth | -15.9% | -49.6% | -10.6% | -48.7% | 4,839.9% | |
| EBITDA growth | 110.6% | | | 24.1% | -71.8% | |
|
|---|
| Gross Margin | 96.3% | | 95.7% | 97.9% | | |
| EBITDA Margin | -195.0% | | -2,401.8% | -5,814.0% | -33.2% | 5,780.8% |
| SG&A, % of revenue | | | 651.3% | 1,771.3% | 36.9% | -1,734.5% |
| Net Income Margin | -180.6% | | -1,907.2% | -4,742.7% | -16.1% | 4,726.6% |
| CAPEX, % of revenue | 1.1% | | 15.1% | 28.0% | 0.6% | -27.3% |
|
|---|
| ROIC | -86.1% | | -110.6% | -127.1% | -29.4% | 97.7% |
| ROE | | | -86.7% | -101.5% | -13.2% | 88.3% |
Peers in Pharmaceuticals & Biotechnology
Below we provide C4X Discovery Hldg benchmarking against other companies in Pharmaceuticals & Biotechnology 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 |
|---|
| Evocutis ($EVO) | 25.2% | 57.3% | 51.2% | 54.5% | |
| Benchmark Hldgs ($BMK) | 28.4% | 25.0% | 147.5% | 28.2% | |
| Quantum Pharma ($QP.) | 10.8% | 15.4% | 13.4% | 26.8% | |
| Ixico ($IXI) | | | 4.9% | 25.8% | |
| Ergomed ($ERGO) | 39.7% | 42.7% | 30.0% | 21.4% | |
| |
|---|
| Median (14 companies) | 6.3% | 4.5% | 8.1% | 10.4% | |
|---|
| C4X Discovery Hldg ($C4XD) | | -49.6% | -10.6% | -48.7% | 4,839.9% |
Top companies by Gross margin, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Indivior ($INDV) | 91.5% | 90.4% | 89.9% | 90.5% | |
| Astrazeneca ($AZN) | 78.0% | 81.2% | 82.1% | 80.8% | |
| Pfizer Inc ($PFZ) | 80.7% | 80.3% | 76.7% | 78.6% | |
| GlaxoSmithKline ($GSK) | 68.2% | 63.0% | 66.7% | 65.7% | |
| Ixico ($IXI) | | | 48.6% | 56.5% | |
| |
|---|
| Median (13 companies) | 46.3% | 45.6% | 47.7% | 49.1% | |
|---|
| C4X Discovery Hldg ($C4XD) | 96.3% | | 95.7% | 97.9% | |
Top companies by EBITDA margin, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Evocutis ($EVO) | 35.0% | 35.4% | 38.6% | 45.2% | |
| Pfizer Inc ($PFZ) | 37.9% | 34.8% | 33.6% | 37.9% | |
| Astrazeneca ($AZN) | 20.8% | 28.3% | 32.5% | 29.9% | |
| Beximco Pharmaceuticals ($BXP) | 27.2% | 26.6% | 28.9% | 27.3% | |
| Eastpharma Ltd ($EAST) | 16.1% | 23.3% | 23.9% | 22.9% | |
| |
|---|
| Median (14 companies) | 20.1% | 23.3% | 15.9% | 19.7% | |
|---|
| C4X Discovery Hldg ($C4XD) | -195.0% | | -2,401.8% | -5,814.0% | -33.2% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Benchmark Hldgs ($BMK) | 10.9% | 31.8% | 17.1% | 23.4% | |
| Beximco Pharmaceuticals ($BXP) | 24.8% | 19.4% | 13.5% | 19.4% | |
| Eastpharma Ltd ($EAST) | 7.1% | 6.2% | 6.7% | 10.3% | |
| Cathay International Hldgs Ltd ($CTI) | 4.0% | 5.5% | 6.2% | 8.2% | |
| Astrazeneca ($AZN) | 3.8% | 5.4% | 6.3% | 5.9% | |
| |
|---|
| Median (14 companies) | 3.8% | 5.3% | 4.6% | 4.4% | |
|---|
| C4X Discovery Hldg ($C4XD) | 1.1% | | 15.1% | 28.0% | 0.6% |
Top companies by ROIC, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Indivior ($INDV) | | 172.1% | 85.9% | 107.2% | |
| Evocutis ($EVO) | 68.6% | 62.4% | 59.8% | 70.1% | |
| GlaxoSmithKline ($GSK) | 15.2% | 42.9% | 10.9% | 20.2% | |
| Animalcare Group ($ANCR) | 14.2% | 14.8% | 13.8% | 12.0% | |
| Beximco Pharmaceuticals ($BXP) | 8.7% | 9.6% | 10.9% | 11.2% | |
| |
|---|
| Median (14 companies) | 8.5% | 13.8% | 10.2% | 10.9% | |
|---|
| C4X Discovery Hldg ($C4XD) | -86.1% | | -110.6% | -127.1% | -29.4% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Cathay International Hldgs Ltd ($CTI) | 6.3x | 12.7x | 20.5x | 21.7x | |
| Quantum Pharma ($QP.) | 15.5x | 0.8x | 2.8x | 4.2x | |
| Astrazeneca ($AZN) | 0.8x | 1.3x | 1.6x | 2.2x | |
| GlaxoSmithKline ($GSK) | 2.9x | 0.9x | 3.1x | 2.1x | |
| Pfizer Inc ($PFZ) | 1.8x | 2.1x | 2.2x | 2.1x | |
| |
|---|
| Median (12 companies) | 0.8x | 0.8x | 1.0x | 1.8x | |
|---|
