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Joyce

ASX:JYC
Snowflake Description

Undervalued with solid track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
JYC
ASX
A$43M
Market Cap
  1. Home
  2. AU
  3. Retail
Company description

Joyce Corporation Ltd retails kitchen and wardrobe products in Australia. The last earnings update was 118 days ago. More info.


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JYC Share Price and Events
7 Day Returns
1%
ASX:JYC
-2.6%
AU Specialty Retail
1.7%
AU Market
1 Year Returns
3.7%
ASX:JYC
0.2%
AU Specialty Retail
5.4%
AU Market
JYC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Joyce (JYC) 1% 1.3% 5.9% 3.7% 46.2% 184.3%
AU Specialty Retail -2.6% 4.9% 8.8% 0.2% 0.9% 25.4%
AU Market 1.7% 2.8% 5.5% 5.4% 25% 12.3%
1 Year Return vs Industry and Market
  • JYC outperformed the Specialty Retail industry which returned 0.2% over the past year.
  • JYC underperformed the Market in Australia which returned 5.4% over the past year.
Price Volatility
JYC
Industry
5yr Volatility vs Market

JYC Value

 Is Joyce undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Joyce to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Joyce.

ASX:JYC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 8.4%
Perpetual Growth Rate 10-Year AU Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ASX:JYC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AU Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
Specialty Retail Unlevered Beta Simply Wall St/ S&P Global 0.86
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.864 (1 + (1- 30%) (25.89%))
1.014
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.01
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.31% + (1.014 * 5.96%)
8.36%

Discounted Cash Flow Calculation for ASX:JYC using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Joyce is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

ASX:JYC DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (AUD, Millions) Source Present Value
Discounted (@ 8.36%)
2019 11.16 Est @ 11.46% 10.30
2020 12.13 Est @ 8.71% 10.33
2021 12.95 Est @ 6.79% 10.18
2022 13.66 Est @ 5.45% 9.91
2023 14.27 Est @ 4.51% 9.56
2024 14.82 Est @ 3.85% 9.16
2025 15.33 Est @ 3.39% 8.74
2026 15.80 Est @ 3.07% 8.31
2027 16.24 Est @ 2.84% 7.89
2028 16.68 Est @ 2.68% 7.48
Present value of next 10 years cash flows A$91.85
ASX:JYC DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= A$16.68 × (1 + 2.31%) ÷ (8.36% – 2.31%)
A$282.38
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= A$282.38 ÷ (1 + 8.36%)10
A$126.57
ASX:JYC Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= A$91.85 + A$126.57
A$218.42
Equity Value per Share
(AUD)
= Total value / Shares Outstanding
= A$218.42 / 27.97
A$7.81
ASX:JYC Discount to Share Price
Calculation Result
Value per share (AUD) From above. A$7.81
Current discount Discount to share price of A$1.54
= -1 x (A$1.54 - A$7.81) / A$7.81
80.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Joyce is available for.
Intrinsic value
>50%
Share price is A$1.54 vs Future cash flow value of A$7.81
Current Discount Checks
For Joyce to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Joyce's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Joyce's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Joyce's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Joyce's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ASX:JYC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in AUD A$0.12
ASX:JYC Share Price ** ASX (2019-06-14) in AUD A$1.54
Australia Specialty Retail Industry PE Ratio Median Figure of 23 Publicly-Listed Specialty Retail Companies 13.23x
Australia Market PE Ratio Median Figure of 545 Publicly-Listed Companies 16.2x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Joyce.

ASX:JYC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ASX:JYC Share Price ÷ EPS (both in AUD)

= 1.54 ÷ 0.12

13.02x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Joyce is good value based on earnings compared to the AU Specialty Retail industry average.
  • Joyce is good value based on earnings compared to the Australia market.
Price based on expected Growth
Does Joyce's expected growth come at a high price?
Raw Data
ASX:JYC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.02x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
2%per year
Australia Specialty Retail Industry PEG Ratio Median Figure of 19 Publicly-Listed Specialty Retail Companies 1.55x
Australia Market PEG Ratio Median Figure of 357 Publicly-Listed Companies 1.4x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Joyce, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Joyce's assets?
Raw Data
ASX:JYC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in AUD A$0.89
ASX:JYC Share Price * ASX (2019-06-14) in AUD A$1.54
Australia Specialty Retail Industry PB Ratio Median Figure of 27 Publicly-Listed Specialty Retail Companies 1.84x
Australia Market PB Ratio Median Figure of 1,687 Publicly-Listed Companies 1.65x
ASX:JYC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ASX:JYC Share Price ÷ Book Value per Share (both in AUD)

= 1.54 ÷ 0.89

1.72x

* Primary Listing of Joyce.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Joyce is good value based on assets compared to the AU Specialty Retail industry average.
X
Value checks
We assess Joyce's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Specialty Retail industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Specialty Retail industry average (and greater than 0)? (1 check)
  5. Joyce has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

JYC Future Performance

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

  • No analysts cover Joyce, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Joyce expected to grow at an attractive rate?
  • Joyce's earnings growth is positive but not above the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Joyce's earnings growth is positive but not above the Australia market average.
  • Unable to compare Joyce's revenue growth to the Australia market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
ASX:JYC Future Growth Rates Data Sources
Data Point Source Value (per year)
ASX:JYC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 2%
Australia Specialty Retail Industry Earnings Growth Rate Market Cap Weighted Average 14.7%
Australia Specialty Retail Industry Revenue Growth Rate Market Cap Weighted Average 5.8%
Australia Market Earnings Growth Rate Market Cap Weighted Average 6.9%
Australia Market Revenue Growth Rate Market Cap Weighted Average 3.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ASX:JYC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in AUD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ASX:JYC Past Financials Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income *
2018-12-31 102 9 3
2018-09-30 99 9 3
2018-06-30 96 9 4
2017-12-31 84 7 3
2017-09-30 81 6 3
2017-06-30 79 5 3
2017-03-31 75 6 3
2016-12-31 70 7 2
2016-09-30 63 4 2
2016-06-30 57 2 2
2016-03-31 53 2 1

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Joyce's earnings are expected to grow by 2% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Joyce is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ASX:JYC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Joyce Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:JYC Past Financials Data
Date (Data in AUD Millions) EPS *
2018-12-31 0.12
2018-09-30 0.12
2018-06-30 0.13
2017-12-31 0.10
2017-09-30 0.10
2017-06-30 0.09
2017-03-31 0.10
2016-12-31 0.09
2016-09-30 0.08
2016-06-30 0.06
2016-03-31 0.04

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Joyce will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Joyce's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Australia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Joyce has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

JYC Past Performance

  How has Joyce performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Joyce's growth in the last year to its industry (Specialty Retail).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Joyce has delivered over 20% year on year earnings growth in the past 5 years.
  • Joyce's 1-year earnings growth is less than its 5-year average (17.8% vs 35.4%)
  • Joyce's earnings growth has exceeded the AU Specialty Retail industry average in the past year (17.8% vs 6.3%).
Earnings and Revenue History
Joyce's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Joyce Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:JYC Past Revenue, Cash Flow and Net Income Data
Date (Data in AUD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 101.65 3.28 44.78
2018-09-30 99.02 3.40 44.67
2018-06-30 96.39 3.52 44.55
2017-12-31 83.54 2.79 40.90
2017-09-30 81.16 2.69 36.18
2017-06-30 78.77 2.59 31.47
2017-03-31 75.45 2.62 28.97
2016-12-31 69.81 2.47 26.11
2016-09-30 63.18 2.13 23.27
2016-06-30 56.54 1.78 20.42
2016-03-31 52.87 1.21 19.82
2015-12-31 49.20 0.63 19.23
2015-09-30 41.97 0.01 17.10
2015-06-30 34.74 -0.62 14.98
2014-12-31 16.59 -0.80 9.00
2014-09-30 14.62 -0.22 8.44
2014-06-30 12.66 0.37 7.88
2014-03-31 14.81 1.92 8.80
2013-12-31 14.79 2.21 8.78
2013-09-30 14.70 2.29 8.62
2013-06-30 14.61 2.37 8.46
2013-03-31 14.46 2.68 8.09
2012-12-31 14.31 2.99 7.73
2012-09-30 14.66 4.00 8.08
2012-06-30 15.00 5.01 8.43

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Joyce has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Joyce used its assets more efficiently than the AU Specialty Retail industry average last year based on Return on Assets.
  • Joyce has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Joyce's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Specialty Retail industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Joyce has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

JYC Health

 How is Joyce's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Joyce's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Joyce's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Joyce's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Joyce's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Joyce Company Filings, last reported 5 months ago.

ASX:JYC Past Debt and Equity Data
Date (Data in AUD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 28.07 11.12 4.01
2018-09-30 28.07 11.12 4.01
2018-06-30 28.11 10.49 6.22
2017-12-31 27.33 10.00 3.21
2017-09-30 27.33 10.00 3.21
2017-06-30 26.49 8.60 5.30
2017-03-31 26.49 8.60 5.30
2016-12-31 26.38 1.60 6.01
2016-09-30 26.38 1.60 6.01
2016-06-30 25.99 0.00 15.25
2016-03-31 25.99 0.00 15.25
2015-12-31 25.77 0.00 13.68
2015-09-30 25.77 0.00 13.68
2015-06-30 26.45 5.32 5.96
2014-12-31 25.60 7.05 3.02
2014-09-30 25.60 7.05 3.02
2014-06-30 22.73 7.03 1.23
2014-03-31 22.73 7.03 1.23
2013-12-31 22.33 7.65 3.39
2013-09-30 22.33 7.65 3.39
2013-06-30 22.13 6.44 2.44
2013-03-31 22.13 6.44 2.44
2012-12-31 21.76 5.74 3.74
2012-09-30 21.76 5.74 3.74
2012-06-30 21.92 5.46 3.77
  • Joyce's level of debt (39.6%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (34.2% vs 39.6% today).
  • Debt is well covered by operating cash flow (77.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 35.6x coverage).
X
Financial health checks
We assess Joyce's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Joyce has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

JYC Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.36%
Current annual income from Joyce dividends.
If you bought A$2,000 of Joyce shares you are expected to receive A$87 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Joyce's pays a higher dividend yield than the bottom 25% of dividend payers in Australia (2.65%).
  • Joyce's dividend is below the markets top 25% of dividend payers in Australia (5.72%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ASX:JYC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Australia Specialty Retail Industry Average Dividend Yield Market Cap Weighted Average of 18 Stocks 4.7%
Australia Market Average Dividend Yield Market Cap Weighted Average of 415 Stocks 4.1%
Australia Minimum Threshold Dividend Yield 10th Percentile 1.6%
Australia Bottom 25% Dividend Yield 25th Percentile 2.7%
Australia Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ASX:JYC Past Annualized Dividends Data
Date (Data in A$) Dividend per share (annual) Avg. Yield (%)
2019-05-01 0.067 4.484
2019-02-19 0.110 7.608
2018-08-30 0.110 7.150
2017-08-31 0.115 7.564
2017-02-24 0.090 5.511
2016-08-24 0.110 7.371
2016-02-23 0.080 7.232
2015-10-30 0.060 5.865
2014-10-22 0.036 4.164
2013-10-25 0.030 6.011
2012-10-31 0.013 3.190
2012-02-28 0.030 7.359
2011-05-19 0.040 8.709
2011-04-04 0.040 7.654
2010-10-01 0.000 0.000
2010-09-29 0.000 0.000
2010-03-02 0.000 0.000
2009-11-24 0.035 6.673

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Joyce's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Joyce's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Joyce afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Joyce has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

JYC Management

 What is the CEO of Joyce's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Keith Smith
COMPENSATION A$20,258
TENURE AS CEO 0.1 years
CEO Bio

Mr. Keith Smith serves as Finance Executive & COO at Joyce Corp. Ltd since July 25, 2018. Mr. Smith serves as Acting Chief Executive Officer of Joyce Corporation Ltd since May 2019. Mr. Smith Served as Joint Company Secretary of Joyce Corp. Ltd since September 3, 2018 untill 10 October 2018. Mr. Smith serves Company Secretary since 10 October 2018.

CEO Compensation
  • Insufficient data for Keith to compare compensation growth.
  • Keith's remuneration is lower than average for companies of similar size in Australia.
Management Team

Keith Smith

TITLE
Acting CEO
COMPENSATION
A$20K
TENURE
0.1 yrs

Anthony Mankarios

TITLE
Executive Director
COMPENSATION
A$538K
AGE
51

Gavin Culmsee

TITLE
General Manager of Bedshed Franchising Pty Ltd
COMPENSATION
A$298K

John Bourke

TITLE
Managing Director of KWB Group Pty Ltd
COMPENSATION
A$448K

Chris Palin

TITLE
Finance Director KWB Group Pty Ltd
COMPENSATION
A$340K

M. Hames

TITLE
Chief Operating Officer Lloyds Online Auctions Pty Ltd
COMPENSATION
A$159K

A. Webber

TITLE
Director Lloyds Online Auctions Pty Ltd
COMPENSATION
A$55K
Board of Directors Tenure

Average tenure and age of the Joyce board of directors in years:

9.3
Average Tenure
70
Average Age
  • The tenure for the Joyce board of directors is about average.
Board of Directors

Mike Gurry

TITLE
Chairman
COMPENSATION
A$93K
AGE
71
TENURE
0.6 yrs

Anthony Mankarios

TITLE
Executive Director
COMPENSATION
A$538K
AGE
51
TENURE
9.3 yrs

Tim Hantke

TITLE
Non-Executive Director
COMPENSATION
A$70K
AGE
70
TENURE
16.9 yrs

Karen Gadsby

TITLE
Non-Executive Director
COMPENSATION
A$82K
AGE
55
TENURE
1.9 yrs

Dan Smetana

TITLE
Non-Executive Director
COMPENSATION
A$202K
AGE
74
TENURE
34.6 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Joyce insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (A$) Value (A$)
22. Mar 19 Buy Anthony Mankarios Individual 20. Mar 19 20. Mar 19 40,000 A$0.15 A$5,800
16. Nov 18 Buy Anthony Mankarios Individual 16. Nov 18 16. Nov 18 3,500 A$1.52 A$5,320
01. Oct 18 Buy Anthony Mankarios Individual 01. Oct 18 01. Oct 18 10,000 A$1.59 A$15,900
X
Management checks
We assess Joyce's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Joyce has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

JYC News

Simply Wall St News

Could Joyce Corporation Ltd (ASX:JYC) Have The Makings Of Another Dividend Aristocrat?

Is Joyce Corporation Ltd (ASX:JYC) a good dividend stock? How would you know? Dividend paying companies with growing earnings can be highly rewarding in the long term. If you are hoping to live on your dividends, it's important to be more stringent with your investments than the average punter. Regular readers know we like to apply the same approach to each dividend stock, and we hope you'll find our analysis useful. A high yield and a long history of paying dividends is an appealing combination for Joyce. It would not be a surprise to discover that many investors buy it for the dividends. There are a few simple ways to reduce the risks of buying Joyce for its dividend, and we'll go through these below. Explore this interactive chart for our latest analysis on Joyce! ASX:JYC Historical Dividend Yield, June 9th 2019 Payout ratios Dividends are typically paid from company earnings. If a company pays more in dividends than it earned, then the dividend might become unsustainable - hardly an ideal situation. As a result, we should always investigate whether a company can afford its dividend, measured as a percentage of a company's net income after tax. Looking at the data, we can see that 93% of Joyce's profits were paid out as dividends in the last 12 months. This is quite a high payout ratio that suggests the dividend is not well covered by earnings. In addition to comparing dividends against profits, we should inspect whether the company generated enough cash to pay its dividend. Joyce's cash payout ratio in the last year was 27%, which suggests dividends were well covered by cash generated by the business. While the dividend was not well covered by profits, at least they were covered by free cash flow. Still, if the company continues paying out such a high percentage of its profits, the dividend could be at risk if business turns sour. Is Joyce's Balance Sheet Risky? As Joyce's dividend was not well covered by earnings, we need to check its balance sheet for signs of financial distress. A rough way to check this is with these two simple ratios: a) net debt divided by EBITDA (earnings before interest, tax, depreciation and amortisation), and b) net interest cover. … Dividend Growth Potential With a relatively unstable dividend, it's even more important to see if earnings per share (EPS) are growing. Why take the risk of a dividend getting cut, unless there's a good chance of bigger dividends in future? Earnings have grown at around 6.9% a year for the past five years, which is better than seeing them shrink! Although per-share earnings are growing at a credible rate, virtually all of the income is being paid out as dividends to shareholders. This is okay, but may limit growth in the company's future dividend payments. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing. … Second, earnings growth has been ordinary, and its history of dividend payments is chequered - having cut its dividend at least once in the past.

Simply Wall St -

Here's What Joyce Corporation Ltd's (ASX:JYC) ROCE Can Tell Us

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Joyce: 0.28 = AU$11m ÷ (AU$54m - AU$14m) (Based on the trailing twelve months to December 2018.) Therefore, Joyce has an ROCE of 28%. … The ROCE equation subtracts current liabilities from capital employed, so a company with a lot of current liabilities appears to have less capital employed, and a higher ROCE than otherwise. … Our Take On Joyce's ROCE This is good to see, and with such a high ROCE, Joyce may be worth a closer look.

Simply Wall St -

How Does Joyce Corporation Ltd's (ASX:JYC) Earnings Growth Stack Up Against Industry Performance?

View our latest analysis for Joyce How JYC fared against its long-term earnings performance and its industry JYC's trailing twelve-month earnings (from 31 December 2018) of AU$3.3m has jumped 18% compared to the previous year. … However, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 35%, indicating the rate at which JYC is growing has slowed down. … I suggest you continue to research Joyce to get a more holistic view of the stock by looking at: Future Outlook: What are well-informed industry analysts predicting for JYC’s future growth?

Simply Wall St -

Should You Be Adding Joyce (ASX:JYC) To Your Watchlist Today?

In contrast to all that, I prefer to spend time on companies like Joyce (ASX:JYC), which has not only revenues, but also profits. … How Fast Is Joyce Growing Its Earnings Per Share. … One way to double-check a company's growth is to look at how its revenue, and earnings before interest and tax (EBIT) margins are changing.

Simply Wall St -

These Factors Make Joyce Corporation Ltd (ASX:JYC) An Interesting Investment

Building up an investment case requires looking at a stock holistically. … Today I've chosen to put the spotlight on Joyce Corporation Ltd (ASX:JYC) due to its excellent fundamentals in more than one area.

Simply Wall St -

Should You Be Tempted To Sell Joyce Corporation Ltd (ASX:JYC) Because Of Its P/E Ratio?

This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … We'll look at Joyce Corporation Ltd's (ASX:JYC) P/E ratio and reflect on what it tells us about the company's share price. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

Is Joyce Corporation Ltd's (ASX:JYC) Balance Sheet Strong Enough To Weather A Storm?

While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. … Evaluating financial health as part of your investment thesis is. … Let's work through some financial health checks you may wish to consider if you're interested in this stock.

Simply Wall St -

Investors Who Bought Joyce Shares Five Years Ago Are Now Up 212%

For example, the Joyce Corporation Ltd (ASX:JYC) share price has soared 212% in the last half decade. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … Over half a decade, Joyce managed to grow its earnings per share at 8.3% a year.

Simply Wall St -

Is Joyce Corporation Ltd (ASX:JYC) A Smart Choice For Dividend Investors?

Dividends play a key role in compounding returns over time and can form a large part of our portfolio return. … Historically, Joyce Corporation Ltd (ASX:JYC) has paid dividends to shareholders, and these days it yields 7.6%. … Let's take a look at Joyce in more detail.

Simply Wall St -

What Kind Of Shareholders Own Joyce Corporation Ltd (ASX:JYC)?

A look at the shareholders of Joyce Corporation Ltd (ASX:JYC) can tell us which group is most powerful. … As Nassim Nicholas Taleb said, 'Don’t tell me what you think, tell me what you have in your portfolio.'. … Joyce is a smaller company with a market capitalization of AU$41m, so it may still be flying under the radar of many institutional investors.

Simply Wall St -

JYC Company Info

Description

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.

Details
Name: Joyce Corporation Ltd
JYC
Exchange: ASX
Founded: 1886
A$42,931,271
27,968,255
Website: http://www.joycecorp.com.au
Address: Joyce Corporation Ltd
75 Howe Street,
Osborne Park,
Perth,
Western Australia, 6017,
Australia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ASX JYC Ordinary Shares Australian Securities Exchange AU AUD 02. Jan 1992
CHIA JYC Ordinary Shares Chi-X Australia AU AUD 02. Jan 1992
Number of employees
Current staff
Staff numbers
0
Joyce employees.
Industry
Homefurnishing Retail
Retail
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/17 10:36
End of day share price update: 2019/06/14 00:00
Last earnings filing: 2019/02/19
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/06/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.