Automotive Stampings & Assemblies reports 167% EBITDA decline and 14.5% Revenue decline
22-04-2015 • About Automotive Stampings & Assemblies (
$ASAL) • By InTwits
Automotive Stampings & Assemblies reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Automotive Stampings & Assemblies is a company in decline: FY2015 revenue growth was -14.5%, 5 years revenue CAGR was -3.4%
- EBITDA Margin is declining: -2.2% in FY2015 vs. 2.9% in FY2014 vs. 6.3% in FY2011
- EBITDA Margin is quite volatile: -2.2% in FY2015, 2.9% in FY2014, 2.9% in FY2013, 5.1% in FY2012, 6.3% in FY2011
- It operates with high leverage: Net Debt/EBITDA is 20.3x while industry average is 2.0x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Automotive Stampings & Assemblies ($ASAL) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 5,300 | 5,704 | 4,633 | 3,376 | 2,887 | -14.5% |
| EBITDA | 334 | 292 | 136 | 97 | -65 | -167.2% |
| Net Income | 102 | 60 | -44 | -83 | -232 | |
Balance Sheet
|
|---|
| Cash | 1 | 2 | 0 | 0 | | -100.0% |
| Short Term Debt | 440 | 242 | 389 | 224 | | -100.0% |
| Long Term Debt | 165 | 77 | 139 | 386 | | -100.0% |
Cash flow
|
|---|
| Capex | 282 | 226 | 210 | 71 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 54.6% | 7.6% | -18.8% | -27.1% | -14.5% | |
| EBITDA growth | 21.7% | -12.5% | -53.5% | -29.0% | -167.2% | |
| EBITDA Margin | 6.3% | 5.1% | 2.9% | 2.9% | -2.2% | -5.1% |
| Net Income Margin | 1.9% | 1.0% | -1.0% | -2.5% | -8.0% | -5.6% |
| CAPEX, % of revenue | 5.3% | 4.0% | 4.5% | 2.1% | | -2.1% |
| ROIC | 17.8% | 11.8% | -1.3% | -4.2% | | 4.2% |
| ROE | 20.7% | 8.8% | -5.8% | -11.9% | | 11.9% |
| Net Debt/EBITDA | 1.8x | 1.1x | 3.9x | 6.3x | | -6.3x |
Revenue and profitability
The company's Revenue dropped on 14.5% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 0.77 pp from 2.2% to 3.0% in FY2015.
Net Income marign decreased on 5.6 pp from -2.5% to -8.0% in FY2015.
Appendix 1: Peers in Auto Parts & Equipment
Below we provide Automotive Stampings & Assemblies benchmarking against other companies in Auto Parts & Equipment 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 |
|---|
| Exide Industries ($EXIDEIND) | -59.6% | 11.5% | 19.7% | 30.6% | |
| Motherson Sumi Systems ($MOTHERSUMI) | -86.4% | 79.1% | 71.3% | 20.2% | |
| Fiem Industries ($FIEMIND) | -54.4% | 25.2% | 13.4% | 18.7% | |
| Suprajit Engineering ($SUPRAJIT) | -53.1% | 22.2% | 9.4% | 17.9% | |
| Amara Raja Batteries ($AMARAJABAT) | -66.9% | 34.3% | 25.1% | 16.1% | |
| |
|---|
| Median (35 companies) | -36.2% | 17.2% | 2.7% | 5.0% | -3.2% |
|---|
| Automotive Stampings & Assemblies ($ASAL) | | 7.6% | -18.8% | -27.1% | -14.5% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Tube Investments Of India ($TUBEINVEST) | 33.7% | 18.4% | 24.4% | 28.3% | |
| Shanthi Gears ($SHANTIGEAR) | 44.6% | 37.9% | 30.2% | 27.8% | |
| Amtek Auto ($AMTEKAUTO) | | 25.1% | | 20.7% | 14.8% |
| Shivam Autotech ($SHIVAMAUTO) | 23.2% | 24.1% | 24.1% | 20.6% | |
| Suprajit Engineering ($SUPRAJIT) | 16.5% | 16.2% | 17.0% | 17.2% | |
| |
|---|
| Median (34 companies) | 10.9% | 11.1% | 9.9% | 10.8% | 14.8% |
|---|
| Automotive Stampings & Assemblies ($ASAL) | 6.3% | 5.1% | 2.9% | 2.9% | -2.2% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Amtek Auto ($AMTEKAUTO) | | 18.9% | | 27.1% | 30.3% |
| Amara Raja Batteries ($AMARAJABAT) | 2.9% | 3.7% | 2.5% | 10.9% | |
| Subros ($SUBROS) | 11.6% | 16.6% | 10.7% | 9.3% | |
| Lumax Auto Technologies ($LUMAXTECH) | 3.7% | 5.1% | 7.3% | 7.8% | |
| Sona Koyo Steering Systems ($SONASTEER) | 5.9% | 9.8% | 6.6% | 7.1% | |
| |
|---|
| Median (24 companies) | 8.0% | 5.8% | 4.7% | 5.2% | 30.3% |
|---|
| Automotive Stampings & Assemblies ($ASAL) | 5.3% | 4.0% | 4.5% | 2.1% | |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Amara Raja Batteries ($AMARAJABAT) | 30.5% | 32.1% | 34.5% | 30.3% | |
| Exide Industries ($EXIDEIND) | 34.2% | 24.2% | 24.3% | 29.5% | |
| Suprajit Engineering ($SUPRAJIT) | 32.4% | 31.8% | 28.0% | 26.1% | |
| Motherson Sumi Systems ($MOTHERSUMI) | 23.7% | 13.5% | 16.5% | 25.0% | |
| Munjal Showa ($MUNJALSHOW) | 18.8% | 29.9% | 23.8% | 22.5% | |
| |
|---|
| Median (48 companies) | 15.2% | 16.4% | 12.7% | 14.5% | 4.2% |
|---|
| Automotive Stampings & Assemblies ($ASAL) | 17.8% | 11.8% | -1.3% | -4.2% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Tube Investments Of India ($TUBEINVEST) | 8.1x | 17.6x | 17.8x | 17.3x | |
| Autoline Industries ($AUTOIND) | 3.1x | 3.2x | 4.0x | 12.0x | |
| Reil Electricals India ($REILELEC) | -0.1x | -0.0x | 1.5x | 9.1x | |
| Steel Strips Wheels ($SSWL) | 4.6x | 5.4x | 6.3x | 6.5x | |
| Ucal Fuel Systems ($UCALFUEL) | 4.1x | 4.3x | 5.6x | 5.7x | |
| |
|---|
| Median (44 companies) | 2.2x | 1.3x | 1.8x | 0.7x | 5.8x |
|---|
| Automotive Stampings & Assemblies ($ASAL) | 1.8x | 1.1x | 3.9x | 6.3x | |
