It takes stock company SouFun real estate industry as the first Internet information platform for the play Barbie Cooking Games company listed on the United States, had reached the highest market capitalization of about $ 8 billion, and revenue in consecutive years of high growth, high-margin, high-net, high cash flow, "high five" characteristics of high dividends become popular concept stocks on Wall Street blitz star company. However, since the beginning of 2015, "radical" restructuring, there has been a sharp decline in profits, shrinking market, large-scale retrenchments, collective action and a series of events. The next "big fight Transocean" OF do some analysis and discussion on related events that occurred after the SouFun IPO.
The Numbers: The data behind the search room
We might start with the company's financial data to start, so that the number of words, the data to understand the story of the search room. SouFun from the past seven years and eight consecutive quarters of profit and loss, we can see:
SouFun gross margin in 2014 and until almost remained above 80%, such a high margin even takes stock "lead Big Brother" Ali can not match;
From the first quarter of 2015, the company's gross margin found room serious decline sharply, mainly due to its radical transformation from traditional media to the internet company business caused by the electricity supplier;
Although the company's gross margin dramatic decline from 2015, but the cost of sales proportion of income has not diminished, but to maintain an upward trend, while the proportion of income and administrative expenses also no decline, which accelerated into the overall profitability from a loss pace;
2013 can be said to be the pinnacle of the search room, not only the highest level gross margin, cost of sales proportion of income is relatively low; when annual net profit approaching $ 300 million, EPS is the highest level in history; since then, the company's EPS downward trend, mainly due to lower profitability due to the company;
Third quarter 2015 operating loss of more than 30 million, but still maintain million net profit for the quarter was mainly due to one-time tax benefits recognized (one-off tax credit) of approximately $ 31 million; thereafter, in 2015 fourth quarter and confirmed that such a one-time tax benefits of $ 30 million; in 2015 confirmed these cumulative revenue of approximately US $ 61 million, without this revenue, the company's 2015 net loss of more than seven thousand five $ one million; quarterly announcement did not disclose the specific circumstances of the tax revenue, since the company will be defined as one-time items, can not be expected in 2016 there will still be this income.
From major balance sheet account information, we can find:
SouFun's overall asset-liability ratio to maintain a high level for a long time, always above 60%;
Current liabilities accounted for the proportion of liabilities in the fourth quarter of 2015, a sudden rise to 74%, indicating that the company liquidity pressure rise;
The company's asset-liability ratio is high, partly due to the small amount of public financing, resulting in capital is not well off, and before the 2015 third quarter, the company's net assets is mainly retained earnings; the other hand, due to the company in the IPO after a total of more than 500 million US dollars payout caused;
After the fourth quarter of 2015, the company received hundreds of millions of dollars of private equity funding, capital replenished, but the asset-liability ratio has not decreased, showing the company's funding needs have not yet been fundamentally satisfied;
The company has always maintained a high amount of cash equivalents and short-term investments, and this aspect is the layout of the basic needs of financial services, on the other hand also shows that the liquidity of the company's assets higher.
Information from the cash flow statement, we can see that:
The company's cash flow obtained from the IPO in only ten million US dollars, which is the company takes play Dora Games stock in extremely rare; cash in financing activities obtained mainly from loans and convertible bond issues;
The company's cash flow from operating activities has maintained a high positive number, until it turned negative in 2015, due to the 2015 level of profitability declined sharply in this regard, partly because the company's Internet banking lending business in 2015 consumes hundreds of millions of dollars in cash flow;
Cash flow used in investment is not obvious, the merger is not much cash, the largest M & A transactions and cash expenditures related to property acquisition, which shows the company's mergers and acquisitions business is not active;
Over the past few years, companies in the payout spent more than 500 million US dollars in cash, which directly reduce the company's net asset levels.
In short, from the above historical financial data, we found that in 2015, SouFun company can be said for a long time to maintain high growth, high-margin, high net profit, cash flow and high dividend high school "high five" pacesetter companies, such good times lasted until 2014.
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SouFun shares at September 17, 2010 when the IPO price of $ 42.5 per ADS of why ended March 10, 2016 closing price becomes $ 5.25? SouFun market capitalization after the listing in the end what has changed? SouFun current price-earnings ratio in the end is high or low? SouFun stock price movements will be how? We only after ADS ratio change and changes in market value after specific knowledge SouFun IPO, it is possible to better explore the answers to these questions.
SouFun on September 17, 2010 on the NYSE traded, IPO issued a total of 2,933,238 copies of ADS (equivalent to 11,732,952 shares of Class A common shares), the issue price of $ 42.50 per ADS (1ADS = 4 ordinary shares), the share of about 10.625 dollar, raising approximately $ 124.7 million; this issue mainly for the reduction of existing shareholders SouFun actual financing $ 10 million; while the company also carried out during the IPO of private equity, private placement in the amount of $ 320 million; the deal, Australia Telecommunications about to over 400 million US dollars of the total consideration to exit the 50% stake from the housing; According disclosed by the company in 2010 IPO prospectus on June 30, 2010 total number of ordinary shares of approximately 73,932,217 shares, this estimate, the company IPO when the total market value of about $ 800 million; the outside world that belongs to SouFun IPO "was listed" because the IPO is mainly to exit the major shareholder Telstra, and the company obtained from the IPO in the total amount of financing only ten million US dollars;
Found room on February 18, 2011 to implement a stock split, a split 4 that after the spin-off 1ADS = 1 common share;
March 2014 28 ADS and found room to adjust the ratio of ordinary shares, after adjusting for 1 common share = 5 ADS; so now every time IPO twenty ADS representing each ADS.
March 7, 2014 the highest price of each ADS 18.49 (equal to five per ADS), equivalent to the highest price per share of $ 92.45; the price is far higher than the IPO price of $ 10.625 per share, the highest price corresponds to the highest business market value of nearly $ 8 billion; and when compared to the IPO, the company's total market capitalization has increased tenfold; thereafter SouFun shares almost all the way down.
March 10, 2016, each ADS's stock price of about $ 5.25, from about $ 26.25 per share, the weighted average number of shares if disclosed in accordance with the company's fourth quarter 2015 diluted earnings of about 85,170,886, the total market value of about of $ 2.24 billion; although some market value has shrunk more than 70% of the highest in history, but this is still nearly three times the market value of the original IPO time. If the company's 2014 net profit of about $ 250 million calculated, corresponding to the current price-earnings ratio of less than about ten times; if the highest price of the last 52 weeks the stock calculated for each dollar ADS10, the total market value of about $ 4.2 billion, according to the 2014 full 250 million US dollars, corresponding to earnings ratio closer to 17 times; if the record of 7 March 2014 the highest share price corresponding to the market value of about $ 8 billion, still in 2014, $ 250 million net profit, whichever , then the price-earnings ratio is 32 times. As can be seen from the above calculation, SouFun price-earnings ratio is in gradual decline, it seems that investors on the company's growth and profitability is expected to decline.
February 25, 2015 ,, SouFun announced a 12-month total amount of $ 200 million stock repurchase program, has yet to disclose their actual buyback;
However, from the third quarter of 2015, the company's operating profit for the first time into a loss and a net loss from the beginning of the fourth quarter and full-year 2015 net loss, the company's stock price remains to be seen how the next trend.
Today being "radical" transformation of the Housing from high profit into a loss, its new story can continue to impress Wall Street? Wall Street losses can tolerate how long? This is a challenge for the company had to face?
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