ASX:JYC

Stock Analysis Report

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Executive Summary

Joyce Corporation Ltd retails kitchen and wardrobe products in Australia.


Snowflake Analysis

Good value with adequate balance sheet.

Share Price & News

How has Joyce's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: JYC's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

5.8%

JYC

-4.9%

AU Specialty Retail

-0.5%

AU Market


1 Year Return

-25.6%

JYC

-3.3%

AU Specialty Retail

-10.7%

AU Market

Return vs Industry: JYC underperformed the Australian Specialty Retail industry which returned -3.3% over the past year.

Return vs Market: JYC underperformed the Australian Market which returned -10.7% over the past year.


Shareholder returns

JYCIndustryMarket
7 Day5.8%-4.9%-0.5%
30 Day8.2%3.7%2.4%
90 Day40.0%27.9%10.8%
1 Year-23.2%-25.6%0.3%-3.3%-7.0%-10.7%
3 Year-13.3%-27.9%26.7%10.7%16.5%1.1%
5 Year69.6%16.7%37.8%11.1%29.8%1.8%

Price Volatility Vs. Market

How volatile is Joyce's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Joyce undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: JYC (A$1.19) is trading below our estimate of fair value (A$6.22)

Significantly Below Fair Value: JYC is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: JYC is poor value based on its PE Ratio (13.5x) compared to the AU Specialty Retail industry average (13.3x).

PE vs Market: JYC is good value based on its PE Ratio (13.5x) compared to the Australian market (15.6x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate JYC's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: JYC is good value based on its PB Ratio (1.5x) compared to the AU Specialty Retail industry average (1.8x).


Next Steps

Future Growth

How is Joyce forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

18.6%

Forecasted Retail industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Joyce has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has Joyce performed over the past 5 years?

35.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: JYC has high quality earnings.

Growing Profit Margin: JYC's current net profit margins (2.4%) are lower than last year (3.8%).


Past Earnings Growth Analysis

Earnings Trend: JYC has become profitable over the past 5 years, growing earnings by 35.8% per year.

Accelerating Growth: JYC's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: JYC had negative earnings growth (-33.5%) over the past year, making it difficult to compare to the Specialty Retail industry average (-2.2%).


Return on Equity

High ROE: JYC's Return on Equity (21%) is considered high.


Next Steps

Financial Health

How is Joyce's financial position?


Financial Position Analysis

Short Term Liabilities: JYC's short term assets (A$8.6M) do not cover its short term liabilities (A$19.8M).

Long Term Liabilities: JYC's short term assets (A$8.6M) do not cover its long term liabilities (A$20.2M).


Debt to Equity History and Analysis

Debt Level: JYC's debt to equity ratio (25.9%) is considered satisfactory.

Reducing Debt: JYC's debt to equity ratio has reduced from 27.2% to 25.9% over the past 5 years.

Debt Coverage: JYC's debt is well covered by operating cash flow (140.7%).

Interest Coverage: JYC's interest payments on its debt are well covered by EBIT (21.1x coverage).


Balance Sheet


Next Steps

Dividend

What is Joyce current dividend yield, its reliability and sustainability?

9.83%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: JYC's dividend (9.83%) is higher than the bottom 25% of dividend payers in the Australian market (2.55%).

High Dividend: JYC's dividend (9.83%) is in the top 25% of dividend payers in the Australian market (6.5%)


Stability and Growth of Payments

Stable Dividend: JYC's dividend payments have been volatile in the past 10 years.

Growing Dividend: JYC's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (132.7%), JYC's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.4yrs

Average board tenure


CEO

Keith Smith (53yo)

1

Tenure

AU$265,153

Compensation

Mr. Keith Smith, Accounting BSc (Hons), ACA, CA ANZ, AICD, GIA (Cert), serves as Chief Executive Officer of Joyce Corporation Ltd since March 2020 and served as its Acting Chief Executive Officer since Jul ...


CEO Compensation Analysis

Compensation vs Market: Keith's total compensation ($USD185.19K) is about average for companies of similar size in the Australian market ($USD262.56K).

Compensation vs Earnings: Keith's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Board Members

NamePositionTenureCompensationOwnership
M. Hames
COO & Director of Lloyds Online Auctions Pty Ltdno dataAU$209.61kno data
Daniel Smetana
Non-Executive Director35.67yrsAU$132.25k36.3% A$12.2m
Michael Gurry
Independent Chairman1.67yrsAU$127.00k0.20% A$68.3k
Tim Hantke
Non-Executive Director18yrsAU$94.25k0.071% A$24.0k
Jeremy Kirkwood
Non-Executive Director0.50yrno datano data
Karen Gadsby
Deputy Chairman of the Board1.17yrsAU$94.25k0.071% A$24.0k
Travis McKenzie
Non-Executive Director1yrno data0.088% A$29.6k

1.4yrs

Average Tenure

72yo

Average Age

Experienced Board: JYC's board of directors are not considered experienced ( 1.4 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Joyce Corporation Ltd's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Joyce Corporation Ltd
  • Ticker: JYC
  • Exchange: ASX
  • Founded: 1886
  • Industry: Homefurnishing Retail
  • Sector: Retail
  • Market Cap: AU$33.720m
  • Shares outstanding: 28.10m
  • Website: https://www.joycecorp.com.au

Location

  • Joyce Corporation Ltd
  • 75 Howe Street
  • Osborne Park
  • Perth
  • Western Australia
  • 6017
  • Australia

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
JYCASX (Australian Securities Exchange)YesOrdinary SharesAUAUDJan 1992
JYCCHIA (Chi-X Australia)YesOrdinary SharesAUAUDJan 1992

Biography

Joyce Corporation Ltd retails kitchen and wardrobe products in Australia. It owns five Bedshed retail stores, as well as franchise Bedshed retail bedding stores. The company also operates kitchen and wardrobe supply and installation stores under the Kitchen Connection and Wallspan brand name. In addition, the company is involved in online auction and valuers business. Joyce Corporation Ltd was founded in 1886 and is headquartered in Perth, Australia. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/14 10:38
End of Day Share Price2020/07/14 00:00
Earnings2019/12/31
Annual Earnings2019/06/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.