LightInTheBox Holding Co., Ltd. (NYSE: LITB)

Sector: Consumer Cyclical Industry: Apparel Manufacturing CIK: 0001523836
Market Cap 50.61 Mn
P/B -6.68
P/E 9.33
P/S 0.23
ROIC (Qtr) -270.18
Div Yield % 0.00
Rev 1y % (Qtr) -2.72
Total Debt (Qtr) 6.49 Mn
Debt/Equity (Qtr) -0.86

About

LightInTheBox Holding Co., Ltd., a company with the ticker symbol LITB, operates in the e-commerce industry, delivering a wide range of products directly to consumers worldwide. The company's offerings include apparel, electronics, and home goods, which are available on its websites and mobile applications. LightInTheBox was established in June 2007 and is headquartered in Singapore. It has a vast network of subsidiaries and affiliated companies that handle marketing and customer service, warehouse management, and local delivery in Southeast Asia....

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Price action

Investment thesis

Bull case

  • Healthy cash reserves of 18M provide 4.29x coverage of short-term debt 4.19M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 35.37M provides 5.45x coverage of total debt 6.49M, indicating robust asset backing and low credit risk.
  • Retained earnings of (257.23M) represent substantial 33.95x of equity (7.58M), indicating strong internal capital generation.
  • Cash reserves of 18M provide solid 168.18x coverage of other non-current liabilities 107000, indicating strong liquidity.
  • Cash reserves of 18M provide comfortable 168.18x coverage of tax obligations 107000, showing strong fiscal management.

Bear case

  • Operating cash flow of 0 provides minimal -0x coverage of tax expenses of (151000), suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Tangible assets of 35.37M provide limited backing for working capital of (43.86M), which is -0.81x, suggesting increased operational risk in market downturns.
  • Tax assets of 0 provide limited offset against tax liabilities of 107000, which is 0x, indicating potential future cash flow pressure from tax obligations.
  • Operating cash flow of 0 barely covers operating expenses of 15.72M with a 0 ratio, suggesting thin operational efficiency margins and limited flexibility.
  • R&D investment of 0 represents just 0x of SG&A expenses of 119.49M, indicating potential underinvestment in innovation relative to administrative overhead.

Peer comparison

Companies in the Apparel Manufacturing
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 RL Ralph Lauren Corp 21.81 Bn 25.53 2.88 2.85 Bn
2 GIL Gildan Activewear Inc. 9.45 Bn 19.89 2.81 1.87 Bn
3 LEVI Levi Strauss & Co 8.22 Bn 13.64 1.29 2.29 Bn
4 VFC V F Corp 7.10 Bn 78.61 0.74 5.79 Bn
5 KTB Kontoor Brands, Inc. 3.40 Bn 15.62 1.20 1.50 Bn
6 PVH Pvh Corp. /De/ 3.39 Bn 9.96 0.38 4.26 Bn
7 COLM Columbia Sportswear Co 3.12 Bn 16.69 0.91 0.48 Bn
8 ZGN Ermenegildo Zegna N.V. 2.55 Bn 43.66 1.13 -

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.58 1.01
EV to Cash from Ops. EV/CFO -0.79 8.80
EV to Debt EV to Debt 5.83 4.30
EV to EBIT EV/EBIT 7.16 -5.31
EV to EBITDA EV/EBITDA -1,892.67 -69.89
EV to Free Cash Flow [EV/FCF] EV/FCF -0.77 15.55
EV to Market Cap EV to Market Cap 0.75 1.81
EV to Revenue EV/Rev 0.17 1.14
Price to Book Value [P/B] P/B -6.68 1.78
Price to Earnings [P/E] P/E 9.33 14.89
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 -1.16
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 -3.95
Dividend per Basic Share Div per Share (Qtr) 0.00 0.51
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 20.82
Interest Coverage Int. cover (Qtr) 406.46 26.98
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 0.00 -10.62
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 4.90 10.71
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 2.94
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 175.43 -88.95
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 0.00 11.99
EBIT Growth (1y) % EBIT 1y % (Qtr) 173.30 -49.71
EBT Growth (1y) % EBT 1y % (Qtr) 173.11 -181.63
EPS Growth (1y) % EPS 1y % (Qtr) 150.00 -218.58
FCF Growth (1y) % FCF 1y % (Qtr) 0.00 -29.63
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -27.96 6.94
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 3.37 1.16
Cash Payout Ratio Cash Payout Ratio 0.00 0.15
Cash Ratio Cash Ratio (Qtr) 0.26 0.28
Current Ratio Curr Ratio (Qtr) 0.38 1.99
Debt to Equity Ratio Debt/Equity (Qtr) -0.86 -1.63
Interest Cover Ratio Int Coverage (Qtr) 406.46 26.98
Times Interest Earned Times Interest Earned (Qtr) 406.46 26.98
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 0.00 -6.73
EBIT Margin % EBIT Margin % (Qtr) 2.41 -10.67
EBT Margin % EBT Margin % (Qtr) 2.41 -17.44
Gross Margin % Gross Margin % (Qtr) 64.10 49.34
Net Profit Margin % Net Margin % (Qtr) 2.50 -18.93