Synergon

Synergon's Cash & Cash Equivalents fell 39.3% yoy to HUF 510 mil in 2014

By Helgi Analytics - April 2, 2020

Synergon's total assets reached HUF 8,822 mil at the end of 2014, down 27.7% compared to the previous year. Curren...

Profit Statement 2012 2013 2014
Sales HUF mil 7,059 10,396 4,168
Gross Profit HUF mil 2,649 601 -596
EBITDA HUF mil 181 -768 -567
EBIT HUF mil 3.90 -891 -822
Financing Cost HUF mil -147 262 75.8
Pre-Tax Profit HUF mil 62.3 -1,566 -725
Net Profit HUF mil 529 -1,566 -725
Dividends HUF mil ... ... ...
Balance Sheet 2012 2013 2014
Total Assets HUF mil 14,281 12,204 8,822
Non-Current Assets HUF mil 6,313 6,531 3,919
Current Assets HUF mil 7,968 5,673 ...
Working Capital HUF mil 1,751 -1,078 -1,148
Shareholders' Equity HUF mil 3,651 2,115 1,349
Liabilities HUF mil 10,631 10,089 7,473
Total Debt HUF mil 2,598 2,140 909
Net Debt HUF mil 2,330 1,300 399
Ratios 2012 2013 2014
ROE % 14.8 -54.3 -41.9
ROCE % 8.41 -23.2 -17.6
Gross Margin % 37.5 5.78 -14.3
EBITDA Margin % 2.57 -7.38 -13.6
EBIT Margin % 0.055 -8.58 -19.7
Net Margin % 7.50 -15.1 -17.4
Net Debt/EBITDA 12.9 -1.69 -0.704
Net Debt/Equity 0.638 0.615 0.296
Cost of Financing % -8.29 11.1 4.98
Valuation 2012 2013 2014
Market Capitalisation USD mil 18.5 ... ...
Enterprise Value (EV) USD mil 29.0 ... ...
Number Of Shares mil 9.30 3.35 4.13
Share Price HUF 438 ... ...
EV/EBITDA 36.0 ... ...
EV/Sales 0.925 ... ...
Price/Earnings (P/E) 7.70 ... ...
Price/Book Value (P/BV) 1.12 ... ...
Dividend Yield % ... ... ...

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                                
Sales HUF mil                   17,859 17,723 15,389 16,623 7,059    
Gross Profit HUF mil               ... ... 5,754 6,553 4,614 6,757 2,649    
EBIT HUF mil                   -21.8 392 -542 -354 3.90    
Net Profit HUF mil                   -1,100 364 -728 -786 529    
ROE %                   -18.8 6.96 -15.4 -20.4 14.8    
EBIT Margin %                   -0.122 2.21 -3.52 -2.13 0.055    
Net Margin %                   -6.16 2.05 -4.73 -4.73 7.50    
Employees ... ... ... ... ... ...       421 355 348 324 236    
balance sheet                                
Total Assets HUF mil                   10,513 10,118 8,991 11,331 14,281    
Non-Current Assets HUF mil                   1,786 2,547 2,124 1,908 6,313    
Current Assets HUF mil                   8,727 7,570 6,867 9,423 7,968   ...
Shareholders' Equity HUF mil                   5,217 5,224 4,209 3,507 3,651    
Liabilities HUF mil                   5,296 4,894 4,782 7,824 10,631    
Non-Current Liabilities HUF mil                   211 296 143 56.6 1,072    
Current Liabilities HUF mil                   5,084 4,598 4,639 7,767 9,559    
Net Debt/EBITDA                   -1.73 -0.490 -0.132 1.36 12.9    
Net Debt/Equity                   -0.132 -0.077 -0.001 0.091 0.638    
Cost of Financing % ...                 ... ... 91.8 21.7 -8.29    
cash flow                                
Total Cash From Operations HUF mil ...                 81.2 656 415 461 123    
Total Cash From Investing HUF mil ...                 -375 -584 -521 -536 -1,367    
Total Cash From Financing HUF mil ...                 -350 -355 -269 -1.66 1,017    
Net Change In Cash HUF mil ...                 -644 -283 -375 -76.7 -227    
valuation                                
Market Capitalisation USD mil                   24.6 38.2 19.4 8.78 18.5 ... ...
Number Of Shares mil                   9.55 9.41 8.46 9.30 9.30    
Share Price HUF                   489 765 476 229 438 ... ...
Earnings Per Share (EPS) HUF                   -115 38.7 -86.0 -84.5 56.9    
Book Value Per Share HUF                   546 555 497 377 392    
Dividend Per Share HUF                   0 0.136 0.197 0 ... ... ...
Price/Earnings (P/E)                   -4.25 19.8 -5.53 -2.71 7.70 ... ...
Price/Book Value (P/BV)                   0.896 1.38 0.957 0.608 1.12 ... ...
Dividend Yield %                   0 0.018 0.041 0 ... ... ...
Earnings Per Share Growth % ...                 -340 -134 -322 -1.79 -167    
Book Value Per Share Growth % ...                 -20.1 1.71 -10.4 -24.2 4.09    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                                
Sales HUF mil                   17,859 17,723 15,389 16,623 7,059    
Cost of Goods & Services HUF mil               ... ... 12,105 11,170 10,775 9,866 4,411    
Gross Profit HUF mil               ... ... 5,754 6,553 4,614 6,757 2,649    
EBITDA HUF mil                   398 818 42.1 234 181    
Depreciation HUF mil                   419 426 584 588 177    
EBIT HUF mil                   -21.8 392 -542 -354 3.90    
Financing Cost HUF mil                   1,016 14.3 150 137 -147    
Extraordinary Cost HUF mil                   0 0 82.5 227 88.1    
Pre-Tax Profit HUF mil                   -1,037 378 -774 -718 62.3    
Tax HUF mil                   62.0 154 26.7 10.2 112    
Minorities HUF mil                   0.456 1.95 2.88 2.76 0    
Net Profit HUF mil                   -1,100 364 -728 -786 529    
Dividends HUF mil                   0 1.28 1.66 0 ... ... ...
growth rates                                
Total Revenue Growth % ...                 -0.610 -0.763 -13.2 8.02 -57.5    
EBITDA Growth % ...                 -54.2 106 -94.9 456 -22.4    
EBIT Growth % ...                 -105 -1,896 -238 -34.6 -101    
Pre-Tax Profit Growth % ...                 -312 -136 -305 -7.19 -109    
Net Profit Growth % ...                 -342 -133 -300 7.98 -167    
ratios                                
ROE %                   -18.8 6.96 -15.4 -20.4 14.8    
ROCE % ...                 -19.7 6.25 -13.2 -16.4 8.41    
Gross Margin %               ... ... 32.2 37.0 30.0 40.6 37.5    
EBITDA Margin %                   2.23 4.61 0.273 1.41 2.57    
EBIT Margin %                   -0.122 2.21 -3.52 -2.13 0.055    
Net Margin %                   -6.16 2.05 -4.73 -4.73 7.50    
Payout Ratio %                   0 0.351 -0.229 0 ... ... ...
Cost of Financing % ...                 ... ... 91.8 21.7 -8.29    
Net Debt/EBITDA                   -1.73 -0.490 -0.132 1.36 12.9    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
balance sheet                                
Non-Current Assets HUF mil                   1,786 2,547 2,124 1,908 6,313    
Property, Plant & Equipment HUF mil                   1,381 1,169 985 733 2,167    
Intangible Assets HUF mil                   381 569 347 485 3,031    
Goodwill HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Current Assets HUF mil                   8,727 7,570 6,867 9,423 7,968   ...
Inventories HUF mil                   735 592 880 2,291 2,295    
Receivables HUF mil                   6,719 5,951 4,830 5,919 4,417    
Cash & Cash Equivalents HUF mil                   687 401 332 616 269    
Total Assets HUF mil                   10,513 10,118 8,991 11,331 14,281    
Shareholders' Equity HUF mil                   5,217 5,224 4,209 3,507 3,651    
Of Which Minority Interest HUF mil                   41.3 43.3 44.9 46.7 -51.8    
Liabilities HUF mil                   5,296 4,894 4,782 7,824 10,631    
Non-Current Liabilities HUF mil                   211 296 143 56.6 1,072    
Long-Term Debt HUF mil                   0 0 0 46.5 893    
Current Liabilities HUF mil                   5,084 4,598 4,639 7,767 9,559    
Short-Term Debt HUF mil                   0 0 326 888 1,706    
Trade Payables HUF mil                   3,502 3,187 2,749 5,600 4,961    
Equity And Liabilities HUF mil                   10,513 10,118 8,991 11,331 14,281    
growth rates                                
Total Asset Growth % ...                 -2.80 -3.76 -11.1 26.0 26.0    
Shareholders' Equity Growth % ...                 -19.4 0.121 -19.4 -16.7 4.09    
Net Debt Growth % ...                 -48.4 -41.7 -98.6 -5,859 631    
Total Debt Growth % ...   ...             ... ... ... 186 178    
ratios                                
Total Debt HUF mil                   0 0 326 935 2,598    
Net Debt HUF mil                   -687 -401 -5.53 319 2,330    
Working Capital HUF mil                   3,952 3,356 2,962 2,610 1,751    
Capital Employed HUF mil                   5,738 5,903 5,086 4,517 8,064    
Net Debt/Equity                   -0.132 -0.077 -0.001 0.091 0.638    
Cost of Financing % ...                 ... ... 91.8 21.7 -8.29    
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
cash flow                                
Net Profit HUF mil                   -1,100 364 -728 -786 529    
Depreciation HUF mil                   419 426 584 588 177    
Non-Cash Items HUF mil ...                 1,131 -729 165 307 -1,443    
Change in Working Capital HUF mil ...                 -369 596 394 352 859    
Total Cash From Operations HUF mil ...                 81.2 656 415 461 123    
Capital Expenditures HUF mil ...                 -217 -325 -348 -217 -28.7    
Other Investments HUF mil ...                 -158 -258 -173 -319 -1,338    
Total Cash From Investing HUF mil ...                 -375 -584 -521 -536 -1,367    
Dividends Paid HUF mil ...                 0 -1.28 -1.66 0 ... ... ...
Issuance Of Debt HUF mil ...                 0 0 326 608 1,664    
Total Cash From Financing HUF mil ...                 -350 -355 -269 -1.66 1,017    
Net Change In Cash HUF mil ...                 -644 -283 -375 -76.7 -227    
ratios                                
Days Sales Outstanding days                   137 123 115 130 228    
Days Sales Of Inventory days               ... ... 22.2 19.4 29.8 84.7 190    
Days Payable Outstanding days               ... ... 106 104 93.1 207 411    
Cash Conversion Cycle days               ... ... 53.9 37.8 51.3 7.54 7.73    
Cash Earnings HUF mil                   -681 789 -144 -198 707    
Cash Earnings Per Share HUF                   -71.2 83.9 -17.0 -21.3 75.9    
Price/Cash Earnings (P/CE)                   -6.87 9.12 -28.0 -10.8 5.77 ... ...
Free Cash Flow HUF mil ...                 -294 72.3 -105 -75.0 -1,244    
Free Cash Flow Yield % ...                 -6.94 0.936 -2.61 -4.25 -30.0 ... ...
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
other data                                
ROA %                   -10.3 3.52 -7.62 -7.73 4.13    
Gross Margin %               ... ... 32.2 37.0 30.0 40.6 37.5    
Employees ... ... ... ... ... ...       421 355 348 324 236    
Effective Tax Rate %                   -5.98 40.8 -3.44 -1.41 180    
Enterprise Value (EV) USD mil                   20.9 36.1 19.3 10.1 29.0 ... ...
EV/EBITDA                   9.08 8.91 95.7 8.69 36.0 ... ...
EV/Capital Employed                   0.694 1.15 0.791 0.542 0.794 ... ...
EV/Sales                   0.202 0.411 0.262 0.122 0.925 ... ...
EV/EBIT                   -165 18.6 -7.43 -5.73 1,673 ... ...
Capital Expenditures (As % of Sales) % ...                 1.21 1.84 2.26 1.30 0.407    

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Apr 2014
Statistical Dossier
Apr 2014
Company Report

Synergon is a Hungary-based information technology solution provider. The Company's products and services include Information Technology (IT) Infrastructure solutions such as hardware solutions, communication network, datacenter; IT Security solutions such as centralized identity management, firewalls, safety management tools, protection against data leakage and content filtering; System Integration such as service center and management solutions, design and implementation of the infrastructure of systems based on databases; Business Solutions such as business application deployment, document management; IT Services and support; and Sector-Specific Solutions for such sectors as healthcare, waste management, public sector. The Company operates in Hungary, the Czech Republic and Slovakia

Finance

Synergon has been growing its sales by a year on average in the last 5 years. EBITDA has fallen by 169% during that time to total of HUF -567 mil in 2014, or -13.6% of sales. That’s compared to -3.35% average margin seen in last five years.

The company netted HUF -725 mil in 2014 implying ROE of -41.9% and ROCE of -17.6%. Again, the average figures were -23.4% and -12.4%, respectively when looking at the previous 5 years.

Synergon’s net debt amounted to HUF 399 mil at the end of 2014, or 0.296 of equity. When compared to EBITDA, net debt was -0.704x, down when compared to average of 2.34x seen in the last 5 years.

Valuation

Synergon stock traded at per share at the end of 2014 resulting in a market capitalization of . Over the previous five years, stock price fell by 0% or -100% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of x and price to earnings (PE) of x as of 2014.

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