Gateway Distriparks Net Income jumped on 38.2% in 2015 and EBITDA Margin increased on 4.0 pp from 25.4% to 29.4%
29-04-2015 • About Gateway Distriparks (
$GDL) • By InTwits
Gateway Distriparks reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Gateway Distriparks has high CAPEX intensity: 5 year average CAPEX/Revenue was 19.9%. At the same time it's a lot of higher than industry average of 16.3%.
- CAPEX is quite volatile: 243 in FY2015, 473 in FY2014, 420 in FY2013, 599 in FY2012, 885 in FY2011
- The company has highly profitable business model: ROIC is at 15.6%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Gateway Distriparks ($GDL) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 6,013 | 8,214 | 9,539 | 10,128 | 11,113 | 9.7% |
| EBITDA | 1,644 | 2,500 | 2,441 | 2,577 | 3,270 | 26.9% |
| Net Income | 968 | 1,320 | 1,267 | 1,358 | 1,878 | 38.2% |
Balance Sheet
|
|---|
| Cash | 1,370 | 841 | 696 | 698 | 416 | -40.5% |
| Short Term Debt | 208 | 234 | 568 | 1,018 | 450 | -55.9% |
| Long Term Debt | 4,099 | 1,037 | 1,953 | 2,222 | 1,370 | -38.3% |
Cash flow
|
|---|
| Capex | 1,641 | 1,123 | 2,393 | 1,984 | 1,557 | -21.6% |
Ratios
|
|---|
| Revenue growth | -54.7% | 36.6% | 16.1% | 6.2% | 9.7% | |
| EBITDA growth | 30.9% | 52.1% | -2.4% | 5.6% | 26.9% | |
| EBITDA Margin | 27.3% | 30.4% | 25.6% | 25.4% | 29.4% | 4.0% |
| Net Income Margin | 16.1% | 16.1% | 13.3% | 13.4% | 16.9% | 3.5% |
| CAPEX, % of revenue | 27.3% | 13.7% | 25.1% | 19.6% | 14.0% | -5.6% |
| ROIC | 10.6% | 15.3% | 13.0% | 11.7% | 15.6% | 3.9% |
| ROE | 14.3% | 18.4% | 16.5% | 16.7% | 21.3% | 4.6% |
| Net Debt/EBITDA | 1.8x | 0.2x | 0.7x | 1.0x | 0.4x | -0.6x |
Revenue and profitability
Gateway Distriparks's Revenue increased on 9.7% in FY2015. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased on 4.0 pp from 25.4% to 29.4% in FY2015.
Net Income marign increased on 3.5 pp from 13.4% to 16.9% in FY2015.
Capital expenditures (CAPEX) and working capital investments
Gateway Distriparks's CAPEX/Revenue was 14.0% in FY2015. The company's CAPEX/Revenue showed almost no change from FY2012 to FY2015. It's average level of CAPEX/Revenue for the last three years was 19.6%.
Return on investment
The company operates at high and attractive ROE (21.34%) while ROIC is a bit lower (15.58%). ROIC increased on 3.9 pp from 11.7% to 15.6% in FY2015. ROE increased on 4.6 pp from 16.7% to 21.3% in FY2015.
Leverage (Debt)
Debt level is 0.4x Net Debt / EBITDA and 0.6x Debt / EBITDA. Net Debt / EBITDA dropped on 0.6x from 1.0x to 0.4x in FY2015. Debt dropped on 43.8% in FY2015 while cash dropped on 40.5% in FY2015.
Appendix 1: Peers in Transportation - Logistics
Below we provide Gateway Distriparks benchmarking against other companies in Transportation - Logistics 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 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Snowman Logistics ($SNOWMAN) | | 35.9% | 85.2% | 34.9% | 32.3% |
| Sical Logistics ($SICAL) | -20.5% | 1.3% | -2.4% | 10.7% | |
| Arshiya ($ARSHIYA) | 111.9% | 28.7% | 7.8% | -54.7% | |
| |
|---|
| Median (3 companies) | 45.7% | 15.0% | 7.1% | 10.7% | 32.3% |
|---|
| Gateway Distriparks ($GDL) | | 36.6% | 16.1% | 6.2% | 9.7% |
Top companies by EBITDA margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Snowman Logistics ($SNOWMAN) | 25.4% | 25.7% | 22.8% | 26.0% | 23.2% |
| Sical Logistics ($SICAL) | -0.2% | 10.4% | 12.2% | 11.9% | |
| Arshiya ($ARSHIYA) | 19.5% | 25.7% | 15.5% | -6.3% | |
| |
|---|
| Median (3 companies) | 13.6% | 18.0% | 13.9% | 11.9% | 15.9% |
|---|
| Gateway Distriparks ($GDL) | 27.3% | 30.4% | 25.6% | 25.4% | 29.4% |
Top companies by CAPEX/Revenue, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Snowman Logistics ($SNOWMAN) | 61.4% | 46.2% | 100.1% | 76.9% | 46.9% |
| Sical Logistics ($SICAL) | 24.5% | 19.4% | 21.9% | 10.2% | |
| Arshiya ($ARSHIYA) | 114.4% | 92.5% | 38.8% | 3.1% | |
| |
|---|
| Median (3 companies) | 42.9% | 46.2% | 30.3% | 10.2% | 27.1% |
|---|
| Gateway Distriparks ($GDL) | 27.3% | 13.7% | 25.1% | 19.6% | 14.0% |
Top companies by ROIC, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Snowman Logistics ($SNOWMAN) | 7.3% | 9.4% | 10.0% | 8.1% | 5.2% |
| Sical Logistics ($SICAL) | -2.3% | 4.1% | 4.3% | 4.2% | |
| Gati ($GATI) | 8.8% | 4.8% | 4.8% | 0.0% | 8.3% |
| Arshiya ($ARSHIYA) | 8.5% | 9.1% | 3.5% | -3.3% | |
| |
|---|
| Median (4 companies) | 7.9% | 7.0% | 4.6% | 2.1% | 6.8% |
|---|
| Gateway Distriparks ($GDL) | 10.6% | 15.3% | 13.0% | 11.7% | 15.6% |
Top companies by Net Debt / EBITDA
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Gati ($GATI) | 4.6x | 4.1x | 5.2x | | 2.9x |
| Snowman Logistics ($SNOWMAN) | -2.5x | -0.8x | 3.4x | 3.3x | 0.1x |
| |
|---|
| Median (2 companies) | 4.6x | 5.2x | 6.3x | 5.7x | 1.5x |
|---|
| Gateway Distriparks ($GDL) | 1.8x | 0.2x | 0.7x | 1.0x | 0.4x |
