The business behind the dividend
| Measure | APWC | Median | Formula |
|---|---|---|---|
| Return on equity | 6.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-4.99m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $711.00k | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -0.1% | 14.3% | Operating income ÷ revenue |
| Net margin | 2.4% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | -0.24x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.25x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.07x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -0.2% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Debt to equity, Long-term debt to working capital, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2012 | 2011 | 2010 | 2009 | Median |
|---|---|---|---|---|---|
| Return on equity | 6.8% | -3.7% | 9.2% | 5.5% | 6.8% |
| Operating margin | -0.1% | 0.1% | 7.1% | 5.6% | 5.6% |
| Net margin | 2.4% | -1.2% | 3.2% | 3.1% | 3.1% |
| Current ratio | 2.25x | 2.45x | 2.07x | — | 2.25x |
| Cash conversion | 1.07x | — | -0.19x | 1.82x | 1.07x |
How it compares in materials
Among the 79 materials companies here measured on free cash flow, Asia Pacific Wire & Cable pays out less than 1 of them. The median for that group is 34.3%, against this company’s 431.4%.
Closest on free cash flow
- Sensient Technologies (SXT) 181.2%
- DuPont de Nemours (DD) 263.0%
- AdvanSix (ASIX) 267.6%
- LyondellBasell Industries N.V. (LYB) 459.4%
Same sector and same denominator, so the figures are comparable. All 107 in materials →