BTH  Blyth Inc.

Exchange

NYSE

Sector

Consumer Durables

Industry

Miscellaneous manufacturing industries

Market Cap.

96.67M

Vuru Grade

27.14/100

Current Price

$5.99
+0.00 (+0.00%)

Growth Price

$0.50
Overvalued by 91.66%

Company Metrics

  • P/E 1.33
  • P/S 0.21
  • P/B 0.9
  • EPS 4.5
  • Cash ROIC -7.46%
  • Cash Ratio 0.77
  • Dividend 0 / 0%
  • Avg. Vol. 161,492.00
  • Shares 58.19M
  • Market Cap. 96.67M

Company Description

Blyth, Inc. operates as a multi-channel company in the home fragrance and decorative accessories industry. It operates in three segments: Direct Selling, Catalog and Internet, and Wholesale. The Direct Selling segment designs, manufactures or sources, markets, and distributes a line of products, including scented candles, candle-related accessories, and other fragranced products under the PartyLit... more


Download 10 Years of Financial Statements:
Income Statement   Balance Sheet   Cash Flow

News

The Carlyle Group Announces Agreement to Acquire Blyth Inc. for $98 Million
GlobeNewswire (press release) - Aug 31, 2015
GREENWICH, Conn. and NEW YORK, Aug. 31, 2015 (GLOBE NEWSWIRE) -- Global alternative asset manager The Carlyle Group (NASDAQ:CG) and Blyth, Inc. (NYSE:BTH), a direct-to-consumer manufacturer and seller of candles and home fragrance ...
The Carlyle Group (CG) to Acquire Blyth in $98M Deal - StreetInsider.com
Carlyle Group Acquiring Greenwich-Based Blyth For $98 Million - The Daily Voice
Blyth, Inc. Reports 2nd Quarter 2015 Sales And Earnings
PR Newswire (press release) - Aug 6, 2015
GREENWICH, Conn., Aug. 6, 2015 /PRNewswire/ -- Blyth, Inc. (NYSE: BTH), a direct-to-consumer company and leading designer and marketer of candles and accessories for the home and health, wellness and beauty products, household convenience items ...
Blyth, Inc. Announces Acquisition Of Internet Retailer Native Remedies
PR Newswire (press release) - Feb 9, 2015
9, 2015 /PRNewswire/ -- Blyth, Inc. (NYSE: BTH), a direct-to-consumer company and leading designer and marketer of candles and accessories for the home and health, wellness and beauty products, household convenience items and personalized gifts sold ...
Silver Star Brands Buys Native Remedies - Multichannel Merchant
Blyth, Inc. Reports 1st Quarter 2015 Sales and Earnings
PR Newswire (press release) - May 5, 2015
GREENWICH, Conn., May 5, 2015 /PRNewswire/ -- Blyth, Inc. (NYSE: BTH), a direct-to-consumer company and leading designer and marketer of candles and accessories for the home and health, wellness and beauty products, household convenience items ...
Blyth, Inc. Reports 4th Quarter and Full Year 2014 Sales and Earnings
PR Newswire (press release) - Mar 16, 2015
GREENWICH, Conn., March 16, 2015 /PRNewswire/ -- Blyth, Inc. (NYSE: BTH), a direct-to-consumer company and leading designer and marketer of candles and accessories for the home and health, wellness and beauty products, household convenience ...
Blyth, Inc. Reports 2nd Quarter 2014 Sales and Earnings
PR Newswire (press release) - Aug 1, 2014
GREENWICH, Conn., Aug. 1, 2014 /PRNewswire/ -- Blyth, Inc. (NYSE: BTH), a direct to consumer company and leading designer and marketer of candles and accessories for the home, as well as health, wellness and beauty products sold through the direct ...
Blyth, Inc. Announces Dismissal Of Shareholder Class Action Lawsuit
PR Newswire (press release) - Apr 2, 2014
GREENWICH, Conn., April 2, 2014 /PRNewswire/ -- Blyth, Inc. (NYSE: BTH), a direct to consumer company and leading designer and marketer of candles and accessories for the home, as well as health & wellness products sold through the direct selling and ...
Blyth, Inc. And ViSalus Founders Execute New Agreement
PR Newswire (press release) - Dec 18, 2012
18, 2012 /PRNewswire/ -- Blyth, Inc. (NYSE: BTH), a direct to consumer company and leading designer and marketer of candles, accessories for the home, and health and wellness products sold through the direct selling and direct marketing channels, today ...
Blyth, Inc. Announces Retirement Of CFO, Robert H. Barghaus
PR Newswire (press release) - May 16, 2014
GREENWICH, Conn., May 16, 2014 /PRNewswire/ -- Blyth, Inc. (NYSE: BTH), a direct to consumer company and leading designer and marketer of candles and accessories for the home, as well as health, wellness and beauty products sold through the direct ...
Harry Slatkin Named CEO of Blyth, Inc.
Business Wire (press release) - Oct 14, 2015
PLYMOUTH, Mass.--(BUSINESS WIRE)--Blyth, Inc., a direct-to-consumer manufacturer and distributor of home fragrance, household products and accessories, today will name Harry Slatkin as Chief Executive Officer and member of the Board of Directors.
Growth Rate Assumed by Market

We did a reverse valuation to calculate the growth rate the market is assuming for BTH to be considered fairly valued at its current market price. It's useful to compare this to the growth rate we're assuming for the Growth Price.

Future Free Cash Flow Growth Rate

This is the annual growth rate we've applied to calculate BTH's Free Cash Flow for the next 10 years. To calculate it, we looked at several time periods of the last 10 years. Feel free to adjust it, but we limit the initial growth rate to 20% and slow it down over the years. Otherwise, long-term sustainability issues come into play.

Discount Rate

The discount rate is the annual rate of return an investor requires to take the risk of investing in a single stock. To account for that risk, this should be above 8-10%, as this is the avg. annual rate of return for the S&P500 over the past 100 years.

$5.99 Current Price

$0.50 Growth Price (DCF)

Overvalued by 91.66%


Growth Rate Assumed by Market: 92.83%


Future Free Cash Flow Growth Rate: -15.0%


Discount Rate: 15.0%


Show Free Cash Flow numbers

$0.30 NCA Price

Overvalued by 94.99%

$0.86 Book Price

Overvalued by 85.62%


Very Poor Cash Return on Invested Capital over the past 5 years

BTH has failed to generate positive returns on its investments in buildings, projects and equipment. This could be due to poor management, lack of an economic moat or the capital intensive nature of the business.

BTH has lost $7.46 of cash for every $100 invested.
Figures in USD. Fiscal year ends in December
20112012201320142015
Free Cash Flow 31.13M 32.36M 20.06M 2.89M -19.58M
divided by
Invested Capital 169.52M 64.37M 139.91M 44.81M 15.45M
Cash ROIC 18.36% 50.28% 14.34% 6.45% -126.73%

Varying Return on Equity over the past 5 years

BTH has generated strong profits with money shareholders have invested. However, there is a substantial variation in their Return on Equity from year-to-year. This may reflect management's inability to generate consistent returns or may be caused by one-time events. Look at reasons for this inconsistency to determine the likelihood of future sustainability.

BTH has generated $19.88 of Earnings for every $100 of Shareholders' Equity.
Figures in USD. Fiscal year ends in December
20112012201320142015
Net Income 25.56M 57.24M 3.44M 87.10M -20.28M
divided by
Stockholders' Equity 249.45M 58.54M 45.62M 133.57M 24.93M
Return on Equity 10.24% 97.79% 7.53% 65.21% -81.36%

Good Business Performance over the past 7 years

It's likely BTH has been unable to maintain profitability in tough economic times, making it a somewhat cyclical business. The other possibility is BTH has expended significant capital on items such as property, plant and equipment in specific years. Look for correlations.

BTH has created positive free cash flow for 7 or 8 of the past 10 years.
Figures in USD. Fiscal year ends in December
2009201020112012201320142015
Free Cash Flow 29.67M 87.99M 31.13M 32.36M 20.06M 2.89M -19.58M

Good Balance Sheet

BTH's Total Assets double Total Liabilities. Its financial position is adequate. Remember to check Shareholders' Equity to see if it's stable or growing. It's one of the best measures of whether a company is creating value for shareholders.
Figures in USD. Fiscal year ends in December
2009201020112012201320142015
Cash 146.42M 212.39M 214.45M 161.13M 122.83M 113.29M 11.70M
Current Assets 384.28M 364.06M 369.94M 321.60M 239.81M 192.89M 34.80M
Total Assets 574.10M 522.99M 501.77M 434.92M 366.78M 287.35M 42.25M
Current Liabilities 167.13M 132.55M 117.80M 209.43M 104.03M 129.26M 15.11M
Total Liabilities 325.61M 266.72M 252.31M 376.39M 321.16M 153.78M 17.33M
Stockholder' Equity 248.50M 256.27M 249.45M 58.54M 45.62M 133.57M 24.93M
Current Ratio 2.30 2.75 3.14 1.54 2.31 1.49 2.30
TL-to-TA 0.57 0.51 0.50 0.87 0.88 0.54 0.41

Low or No Reinvestment of Profits over the past 7 years

BTH has either been retaining a small amount of their earnings or has done so inconsistently. A lack of consistency could be due to BTH operating at a loss or them having such a strong economic moat they feel comfortable spending profits on growth. Be wary of future prospects and if applicable, inspect the moat's sustainability.
Figures in USD. Fiscal year ends in December
2009201020112012201320142015
Retained Earnings 486.55M 494.52M 510.10M 318.30M 312.04M 403.46M -162.95M
Retained Earnings Growth - 1.64% 3.15% -37.60% -1.97% 29.30% -140.39%

Loss Making Entity over the past 7 years

BTH has been unable to maintain profitability. It's Costs of Sales have outstripped Revenue consistently. This is a huge red flag, unless the company has been investing heavily for the future. However, even that is dubious since accurately predicting the future of a company like that is extremely difficult.

$2.23 of every $100 of Revenue have been a loss, on average over the past 7 years.
Figures in USD. Fiscal year ends in December
2009201020112012201320142015
Net Income -15.48M 17.69M 25.56M 57.24M 3.44M 87.10M -20.28M
divided by
Revenue 1.05B 958.08M 900.93M 1.18B 885.45M 490.02M 48.48M
Net Profit Margin -1.47% 1.85% 2.84% 4.85% 0.39% 17.78% -41.83%

Strong Pricing Power over the past 7 years

BTH has maintained substantial gross margins, suggesting that they have been able to set prices without consideration of the cost of goods sold. This potentially leaves flexibility in inflationary environments to raise prices on consumers and maintain profitability.

$56.04 of every $100 worth of sales have been Gross Profit, on average over the past 7 years.
Figures in USD. Fiscal year ends in December
2009201020112012201320142015
Gross Profit 577.22M 525.50M 499.63M 787.52M 572.59M 307.24M 15.95M
divided by
Revenue 1.05B 958.08M 900.93M 1.18B 885.45M 490.02M 48.48M
Gross Margin 54.93% 54.85% 55.46% 66.77% 64.67% 62.70% 32.90%

High Capital Intensity over the past 7 years

BTH spends large amounts of capital buying new equipment or investing in new facilities to stay competitive. Over the long term, those costs may have to be fuelled by debt. Look at the growth of Shareholders' Equity to see if this strategy is having a positive or negative impact.

91.88% of Profits are being spent on Capital Expenditures, like Property, Plant, & Equipment, required to run the business.
Figures in USD. Fiscal year ends in December
2009201020112012201320142015
Capital Expenditure 8.17M 5.38M 8.22M 19.39M 12.36M 2.87M 1.80M
divided by
Net Income -15.48M 17.69M 25.56M 57.24M 3.44M 87.10M -20.28M
Capital Expenditure Ratio -52.80% 30.43% 32.16% 33.88% 359.66% 3.29% -8.89%

Inconsistent Dividend History over the past 7 years

BTH has started distributing dividends in the past couple years or has recently suspended their dividend distribution. The reliability of future distributions is unclear.
Figures in USD. Fiscal year ends in December
2009201020112012201320142015
Dividend Paid 19.41M 1.79M 18.80M 9.19M 9.51M 982,000.00 -
divided by
Shares Outstanding 8.97M 8.93M 8.51M 17.25M 16.20M 16.17M 58.19M
Dividend Paid Per Share 2.16 0.20 2.21 0.53 0.59 0.06 -
Price at Year End 34.31 35.52 56.80 14.98 10.86 9.09 5.99
Dividend Yield 6.30% 0.56% 3.89% 3.56% 5.40% 0.67% -

History of Stock Buybacks over the past 7 years

BTH has some history of delivering increased value for shareholders in the form of stock buybacks. These have helped improve financial metrics and increase each shareholders' relative ownership stake in the company, due to fewer shares outstanding and holding the same number of shares.
Figures in USD. Fiscal year ends in December
2009201020112012201320142015
Shares Outstanding 8.97M 8.93M 8.51M 17.25M 16.20M 16.17M 58.19M
Stock Bought Back - 0.41% 5.01% -50.67% 6.49% 0.19% -72.22%
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