Hardide reports 24.7% CAPEX growth in 2019 and 9.5% Revenue growth
09 Dec 2019 • About Hardide (
$HDD) • By InTwits
Hardide reported FY2019 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Hardide is a growth stock: FY2019 revenue growth was 9.5%, 5 year revenue CAGR was 10.8% at FY2019 ROIC
- The company operates at negative EBITDA Margin: -14.4%
- Hardide motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2015-FY2019 was 0.0% while average EBITDA Margin was -17.0% for the sames years
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Hardide's Revenue increased on 9.5%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 0.95 pp from 5.5% to 6.4% in FY2019.
Gross Margin decreased on 4.4 pp from 52.3% to 47.8% in FY2019. SG&A as a % of Revenue increased slightly on 1.3 pp from 58.8% to 60.1% in FY2019.
Net Income margin decreased on 3.7 pp from -18.8% to -22.5% in FY2019.
Investments (CAPEX, working capital and M&A)
The company's CAPEX/Revenue was 21.9% in FY2019. Hardide's CAPEX/Revenue decreased on 4.3 pp from 26.2% in FY2016 to 21.9% in FY2019. It's average level of CAPEX/Revenue for the last three years was 15.3%.
Financial and operational results
FY ended 30 Nov -0001
Hardide ($HDD) key annual financial indicators| mln. £ | 2015 | 2016 | 2017 | 2018 | 2019 | 2019/2018 |
|---|
P&L
|
|---|
| Revenue | 3.003 | 2.142 | 3.241 | 4.613 | 5.052 | 9.5% |
| Gross Profit | | 0.685 | 1.590 | 2.412 | 2.417 | 0.2% |
| SG&A | | 1.989 | 2.325 | 2.711 | 3.037 | 12.0% |
| EBITDA | | -1.051 | -0.735 | -0.547 | -0.728 | |
| Net Income | | -1.341 | -1.096 | -0.865 | -1.136 | |
Balance Sheet
|
|---|
| Cash | | 1.967 | 1.212 | 3.302 | 4.809 | 45.6% |
| Short Term Debt | | 0.017 | 0.005 | 0.010 | 0.050 | 400.0% |
| Long Term Debt | | 0.003 | 0.012 | 0.058 | | |
Cash flow
|
|---|
| Capex | | 0.561 | 0.152 | 0.887 | 1.106 | 24.7% |
Ratios
|
|---|
| Revenue growth | -0.9% | -28.7% | 51.3% | 42.3% | 9.5% | |
| EBITDA growth | | | -30.1% | -25.6% | 33.1% | |
|
|---|
| Gross Margin | | 32.0% | 49.1% | 52.3% | 47.8% | -4.4% |
| EBITDA Margin | | -49.1% | -22.7% | -11.9% | -14.4% | -2.6% |
| SG&A, % of revenue | | 92.9% | 71.7% | 58.8% | 60.1% | 1.3% |
| Net Income Margin | | -62.6% | -33.8% | -18.8% | -22.5% | -3.7% |
| CAPEX, % of revenue | | 26.2% | 4.7% | 19.2% | 21.9% | 2.7% |
|
|---|
| ROIC | | -35.4% | -32.1% | -21.6% | | |
| ROE | | -32.6% | -28.6% | -20.7% | -17.8% | 2.9% |
Peers in Chemicals
Below you can find Hardide benchmarking vs. other companies in Chemicals industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Plastics Capital ($PLA) | 21.9% | 28.4% | 29.5% | 16.6% | |
| Victrex ($VCT) | | -4.3% | 15.0% | 12.3% | -9.8% |
| Lg Chem ($LGCD) | -10.5% | 2.2% | 24.4% | 9.7% | |
| |
|---|
| Median (3 companies) | 0.9% | -4.3% | 14.8% | 12.3% | -9.8% |
|---|
| Hardide ($HDD) | | -28.7% | 51.3% | 42.3% | 9.5% |
Top companies by Gross margin, %
| Top | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Victrex ($VCT) | 63.8% | 62.9% | 63.3% | 63.8% | 60.0% |
| Plastics Capital ($PLA) | 35.3% | 33.2% | 32.1% | 31.4% | |
| Lg Chem ($LGCD) | 18.1% | 19.7% | 21.6% | 19.0% | |
| |
|---|
| Median (3 companies) | 40.2% | 35.8% | 38.1% | 31.4% | 60.0% |
|---|
| Hardide ($HDD) | | 32.0% | 49.1% | 52.3% | 47.8% |
Top companies by EBITDA margin, %
| Top | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Victrex ($VCT) | 45.2% | 45.9% | 44.3% | 44.4% | 41.3% |
| Lg Chem ($LGCD) | 15.2% | 16.1% | 16.9% | 13.2% | |
| Plastics Capital ($PLA) | 13.3% | 9.5% | 8.9% | 8.6% | |
| |
|---|
| Median (3 companies) | 27.7% | 19.0% | 27.9% | 13.2% | 41.3% |
|---|
| Hardide ($HDD) | | -49.1% | -22.7% | -11.9% | -14.4% |
Top companies by CAPEX/Revenue, %
| Top | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Lg Chem ($LGCD) | 8.1% | 6.8% | 8.8% | 15.0% | |
| Plastics Capital ($PLA) | 2.5% | 4.5% | 5.3% | 4.8% | |
| Victrex ($VCT) | 15.6% | 10.3% | 5.8% | 3.0% | 7.7% |
| |
|---|
| Median (3 companies) | 8.2% | 7.8% | 7.5% | 4.8% | 7.7% |
|---|
| Hardide ($HDD) | | 26.2% | 4.7% | 19.2% | 21.9% |
Top companies by ROIC, %
| Top 5 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Victrex ($VCT) | 28.9% | 26.0% | 24.9% | 25.3% | 21.0% |
| Lg Chem ($LGCD) | 11.6% | 12.0% | 16.0% | 10.7% | |
| Plastics Capital ($PLA) | 6.8% | 4.3% | 7.2% | 6.7% | |
| Halosource Inc ($HALO) | -37.2% | -104.9% | | | |
| Croda International ($50GP) | 30.5% | 27.7% | 27.5% | | |
| |
|---|
| Median (9 companies) | 16.7% | 12.8% | 15.2% | 10.7% | 21.0% |
|---|
| Hardide ($HDD) | | -35.4% | -32.1% | -21.6% | |
Top companies by Net Debt / EBITDA
| Top | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Plastics Capital ($PLA) | 2.2x | 2.3x | 2.8x | 2.3x | |
| Lg Chem ($LGCD) | 0.3x | 0.4x | 0.2x | 0.8x | |
| Victrex ($VCT) | -0.5x | -0.6x | -0.9x | -0.5x | -0.6x |
| |
|---|
| Median (3 companies) | 1.2x | 1.4x | 1.5x | 0.8x | -0.6x |
|---|
