Stock Spirits Group reports 193% Net Income growth in 2018 and 2.8% Revenue growth
05 Dec 2018 • About Stock Spirits Group (
$STCK) • By InTwits
Stock Spirits Group reported FY2018 financial results today. Overall the company's long term financial model is characterised by the following facts: The company has business model with low profitability: ROIC is 9.9%.
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Stock Spirits Group's Revenue increased on 2.8%. Revenue decline was slowing down on average by 4.9 pp per annum in FY2014-FY2018. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased slightly on 0.51 pp from 20.5% to 21.0% in FY2018. During the last 5 years EBITDA Margin bottomed in FY2016 at 19.7% and was growing since that time.
Gross Margin decreased slightly on 1.0 pp from 50.0% to 48.9% in FY2018. Gross Margin followed a declining trend at -1.1 pp per annum in FY2014-FY2018.
Net Income margin increased on 7.6 pp from 4.1% to 11.8% in FY2018. The efficient tax rate was 27.1% in FY2018.
Return on investment
The company operates at low ROIC (9.9%) and ROE (9.4%). ROIC increased slightly on 1.1 pp from 8.7% to 9.9% in FY2018. ROE increased on 6.2 pp from 3.2% to 9.4% in FY2018. During the last 5 years ROIC bottomed in FY2016 at 7.6% and was growing since that time.
Leverage (Debt)
Company's Net Debt / EBITDA is 0.5x and Debt / EBITDA is 1.4x. Net Debt / EBITDA dropped on 0.5x from 1.0x to 0.5x in FY2018. Debt dropped on 30.4% while cash dropped on 18.3%.
Stock Spirits Group has no short term refinancing risk: cash is higher than short term debt (313,393.8%).
Valuation and dividends
Stock Spirits Group's trades at EV/EBITDA 7.7x and P/E 12.8x.
Management team
Insider ownership is 0.12%.
Financial and operational results
FY ended 30 Nov -0001
Stock Spirits Group ($STCK) key annual financial indicators| mln. € | 2014 | 2015 | 2016 | 2017 | 2018 | 2018/2017 |
|---|
P&L
|
|---|
| Revenue | 292.7 | 262.6 | 261.0 | 274.6 | 282.4 | 2.8% |
| Gross Profit | 153.9 | 140.6 | 132.3 | 137.2 | 138.2 | 0.7% |
| SG&A | 99.2 | 63.0 | | | 87.8 | |
| EBITDA | 64.6 | 52.7 | 51.4 | 56.3 | 59.4 | 5.4% |
| EBIT | | | | | 49.1 | |
| Tax | | | | | 12.3 | |
| Net Income | 35.8 | 19.4 | 28.4 | 11.3 | 33.2 | 193.3% |
Balance Sheet
|
|---|
| Cash | 82.9 | 75.8 | 75.0 | 61.3 | 50.1 | -18.3% |
| Inventory | | | | | 30.7 | |
| Short Term Debt | 7.3 | 0.2 | 0.2 | 0.1 | 0.0 | -87.8% |
| Long Term Debt | 152.9 | 132.6 | 134.3 | 116.6 | 81.3 | -30.3% |
Cash flow
|
|---|
| Capex | 7.1 | 7.2 | 6.7 | 3.7 | | |
Ratios
|
|---|
| Revenue growth | -14.1% | -10.3% | -0.6% | 5.2% | 2.8% | |
| EBITDA growth | 13.5% | -18.5% | -2.6% | 9.7% | 5.4% | |
|
|---|
| Gross Margin | 52.6% | 53.5% | 50.7% | 50.0% | 48.9% | -1.0% |
| EBITDA Margin | 22.1% | 20.1% | 19.7% | 20.5% | 21.0% | 0.5% |
| EBIT Margin | | | | | 17.4% |
| SG&A, % of revenue | 33.9% | 24.0% | | | 31.1% | |
| Net Income Margin | 12.2% | 7.4% | 10.9% | 4.1% | 11.8% | 7.6% |
| CAPEX, % of revenue | 2.4% | 2.8% | 2.6% | 1.4% | | |
|
|---|
| ROIC | 10.3% | 7.9% | 7.6% | 8.7% | 9.9% | 1.1% |
| ROE | 10.8% | 5.5% | 8.0% | 3.2% | 9.4% | 6.2% |
| Net Debt/EBITDA | 1.2x | 1.1x | 1.2x | 1.0x | 0.5x | -0.5x |
People
|
|---|
| Insider ownership | | | | | 0.1% | |
Peers in Beverages
Below we provide Stock Spirits Group benchmarking against other companies in Beverages 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 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Coca-Cola Hbc Ag ($CCH) | -5.3% | -2.5% | -2.0% | 4.9% | |
| C&C Group ($CCR) | | 10.3% | -3.1% | -10.0% | -8.1% |
| |
|---|
| Median (2 companies) | -5.3% | 3.9% | -2.6% | -2.6% | -8.1% |
|---|
| Stock Spirits Group ($STCK) | | -10.3% | -0.6% | 5.2% | 2.8% |
Top companies by Gross margin, %
| Top | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Coca-Cola Hbc Ag ($CCH) | 35.6% | 36.7% | 37.0% | 37.4% | |
| |
|---|
| Median (1 company) | 35.6% | 36.7% | 37.0% | 37.4% | |
|---|
| Stock Spirits Group ($STCK) | 52.6% | 53.5% | 50.7% | 50.0% | 48.9% |
Top companies by EBITDA margin, %
| Top | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Coca-Cola Hbc Ag ($CCH) | 10.7% | 11.5% | 13.1% | 13.7% | |
| C&C Group ($CCR) | 21.0% | -4.9% | 12.7% | -6.7% | 17.0% |
| |
|---|
| Median (2 companies) | 15.8% | 3.3% | 12.9% | 3.5% | 17.0% |
|---|
| Stock Spirits Group ($STCK) | 22.1% | 20.1% | 19.7% | 20.5% | 21.0% |
Top companies by CAPEX/Revenue, %
| Top | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Coca-Cola Hbc Ag ($CCH) | 5.6% | 5.2% | 5.6% | 6.3% | |
| C&C Group ($CCR) | 6.2% | 3.2% | 1.5% | 3.8% | 2.6% |
| |
|---|
| Median (2 companies) | 5.9% | 4.2% | 3.5% | 5.0% | 2.6% |
|---|
| Stock Spirits Group ($STCK) | 2.4% | 2.8% | 2.6% | 1.4% | |
Top companies by ROIC, %
| Top | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Coca-Cola Hbc Ag ($CCH) | 6.9% | 8.6% | 10.8% | 12.5% | |
| C&C Group ($CCR) | 9.7% | -5.1% | 6.0% | -5.7% | 8.7% |
| |
|---|
| Median (2 companies) | 8.3% | 1.7% | 8.4% | 3.4% | 8.7% |
|---|
| Stock Spirits Group ($STCK) | 10.3% | 7.9% | 7.6% | 8.7% | 9.9% |
Top companies by Net Debt / EBITDA
| Top | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| C&C Group ($CCR) | 1.1x | | 1.9x | | 2.5x |
| |
|---|
| Median (1 company) | 1.6x | 1.7x | 1.6x | 1.0x | 2.5x |
|---|
| Stock Spirits Group ($STCK) | 1.2x | 1.1x | 1.2x | 1.0x | 0.5x |
