Trending stocks

Wendt (India) CAPEX jumped on 20.8% in 2015 and Revenue surged on 12.7%

21-04-2015 • About Wendt (India) ($WENDT) • By InTwits

Wendt (India) reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • Wendt (India) has medium CAPEX intensity: 5 year average CAPEX/Revenue was 9.6%. At the same time it's a lot of higher than industry average of 3.8%.
  • CAPEX is quite volatile: 47.2 in FY2015, 6.8 in FY2014, 16.2 in FY2013, 8.0 in FY2012, 6.7 in FY2011
  • The company has highly profitable business model: ROIC is at 15.1%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Wendt (India) ($WENDT) key annual financial indicators

mln. INR201120122013201420152015/2014
P&L
Revenue9171,1111,0121,1011,24112.7%
EBITDA28331521920523615.2%
Net Income16819512911713516.1%
Balance Sheet
Cash5588805641-27.9%
Short Term Debt70200
Long Term Debt00000
Cash flow
Capex66150919711720.8%
Ratios
Revenue growth-37.5%21.1%-8.9%8.8%12.7%
EBITDA growth64.9%11.4%-30.4%-6.3%15.2%
EBITDA Margin30.8%28.3%21.6%18.6%19.0%0.4%
Net Income Margin18.4%17.5%12.7%10.6%10.9%0.3%
CAPEX, % of revenue7.2%13.5%9.0%8.8%9.4%0.6%
ROIC38.2%20.2%16.2%15.1%-1.2%
ROE30.4%28.5%15.9%13.1%14.1%1.1%
Net Debt/EBITDA-0.2x-0.3x-0.4x-0.3x-0.2x0.1x

Revenue and profitability


The company's Revenue jumped on 12.7% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.9 pp from 21.6% to 23.5% in FY2015.

Net Income marign showed almost no change in FY2015.

Capital expenditures (CAPEX) and working capital investments


Wendt (India)'s CAPEX/Revenue was 9.4% in FY2015. Wendt (India)'s CAPEX/Revenue decreased on 4.1 pp from 13.5% in FY2012 to 9.4% in FY2015. For the last three years the average CAPEX/Revenue was 9.1%.

Return on investment


The company operates at good ROIC (15.06%) and ROE (14.12%). ROIC decreased slightly on 1.2 pp from 16.2% to 15.1% in FY2015. ROE increased slightly on 1.1 pp from 13.1% to 14.1% in FY2015.

Leverage (Debt)


The company has no debt. Cash dropped on 27.9% in FY2015.

Appendix 1: Peers in Industrial Machinery


Below we provide Wendt (India) benchmarking against other companies in Industrial Machinery industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.

Top companies by Revenue growth, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Forbes & Company ($FORBESCO)-66.3%22.4%13.0%53.4%
Nitin Fire Protection Industries ($NITINFIRE)-67.4%22.3%31.5%44.2%
Gmm Pfaudler ($GMM)-47.2%-26.1%47.8%31.0%
Kabra Extrusiontechnik ($KABRAEXTRU)-32.6%-13.3%-8.7%28.4%
Veejay Lakshmi Engineering Works ($VJLAXMIE)27.9%-28.8%5.7%26.6%
 
Median (26 companies)-28.2%14.1%2.3%0.9%
Wendt (India) ($WENDT)21.1%-8.9%8.8%12.7%


Top companies by Gross margin, %

Top  FY2011 FY2012 FY2013 FY2014 FY2015
Bell Agromachina ($BELAGRO)0.0%0.0%0.0%0.0%
 
Median (1 company)0.0%0.0%0.0%0.0%


Top companies by EBITDA margin, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Lokesh Machines ($LOKESHMACH)14.7%18.9%21.9%24.0%
Mazda ($MAZDALTD)14.4%14.5%16.2%15.0%
Ksb Pumps ($KSBPUMPS)9.9%13.1%14.1%12.6%
Abc Bearings ($ABCBEARS)22.6%16.5%12.9%12.1%
Gmm Pfaudler ($GMM)10.2%-59.0%7.5%11.9%
 
Median (22 companies)13.5%10.7%9.4%10.0%
Wendt (India) ($WENDT)30.8%28.3%21.6%18.6%19.0%


Top companies by CAPEX/Revenue, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Lokesh Machines ($LOKESHMACH)18.5%22.1%12.9%
Elgi Equipments ($ELGIEQUIP)2.8%4.0%24.0%9.8%
Ksb Pumps ($KSBPUMPS)3.3%7.5%3.5%5.0%
Honda Siel Power Products ($HONDAPOWER)4.3%6.7%8.0%3.7%
Ingersoll-Rand (India) ($INGERRAND)1.3%4.3%10.9%3.6%
 
Median (19 companies)3.4%5.5%3.7%2.7%
Wendt (India) ($WENDT)7.2%13.5%9.0%8.8%9.4%


Top companies by ROIC, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Rexnord Electronics & Controls ($REXNORD)10.4%18.8%
Gmm Pfaudler ($GMM)14.2%-76.2%6.8%17.4%
Greaves Cotton ($GREAVESCOT)24.8%16.3%
Lakshmi Machine Works ($LAXMIMACH)16.8%18.0%11.7%16.2%
Nitin Fire Protection Industries ($NITINFIRE)13.2%14.7%
 
Median (51 companies)15.0%12.6%10.2%9.2%0.0%
Wendt (India) ($WENDT)38.2%20.2%16.2%15.1%


Top companies by Net Debt / EBITDA

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Chemtech Industrial Valves ($CHEMTECH)7.7x6.4x5.3x8.8x
Forbes & Company ($FORBESCO)3.5x2.2x3.3x4.7x
Lokesh Machines ($LOKESHMACH)4.0x3.7x3.3x4.6x
Elecon Engineering Co ($ELECON)3.1x3.0x3.2x4.0x
Lloyd Electric & Engineering ($LLOYDELENG)4.0x3.2x3.0x3.7x
 
Median (34 companies)1.3x1.1x1.7x0.0x
Wendt (India) ($WENDT)-0.2x-0.3x-0.4x-0.3x-0.2x


Similar news

21-04-2015 Wipro reports 11.0% Net Income growth and almost no change in EBITDA Margin of 22.3%

21-04-2015 Tayo Rolls reports 6.6% revenue decline in FY2015

20-04-2015 Hindustan Zinc Net Income jumped on 18.4% in 2015 and Revenue increased on 8.4%

20-04-2015 Ramco Systems reports 426% EBITDA growth and 13.9 pp EBITDA Margin growth from 4.9% to 18.8%

18-04-2015 Lic Housing Finance EBITDA surged on 16.0% in 2015 and Revenue surged on 15.8%