Pnb Gilts reports 43.8% Net Income growth and almost no change in EBITDA Margin of 96.1%
29-04-2015 • About Pnb Gilts (
$PNBGILTS) • By InTwits
Pnb Gilts reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Pnb Gilts has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.0%.
- It operates with high leverage: Net Debt/EBITDA is 8.8x while industry average is 3.3x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Pnb Gilts ($PNBGILTS) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,032 | 1,653 | 2,887 | 3,457 | 4,100 | 18.6% |
| EBITDA | 948 | 1,553 | 2,782 | 3,334 | 3,940 | 18.2% |
| Net Income | 306 | 211 | 612 | 614 | 883 | 43.8% |
Balance Sheet
|
|---|
| Cash | 1 | 1 | 4 | 3 | 3,917 | 150,080.6% |
| Short Term Debt | 8,546 | 22,077 | 31,217 | 37,675 | 38,579 | 2.4% |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 0 | 0 | 0 | 3 | 1 | -80.0% |
Ratios
|
|---|
| Revenue growth | -78.7% | 60.2% | 74.6% | 19.8% | 18.6% | |
| EBITDA growth | 4.0% | 63.8% | 79.1% | 19.9% | 18.2% | |
| EBITDA Margin | 91.8% | 94.0% | 96.4% | 96.4% | 96.1% | -0.3% |
| Net Income Margin | 29.6% | 12.7% | 21.2% | 17.8% | 21.5% | 3.8% |
| CAPEX, % of revenue | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | -0.1% |
| ROE | 5.4% | 3.7% | 10.2% | 9.5% | 12.7% | 3.2% |
| Net Debt/EBITDA | 9.0x | 14.2x | 11.2x | 11.3x | 8.8x | -2.5x |
Revenue and profitability
Pnb Gilts's Revenue jumped on 18.6% in FY2015. EBITDA Margin showed almost no change in FY2015.
Net Income marign increased on 3.8 pp from 17.8% to 21.5% in FY2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 0.016% in FY2015. The company showed almost no change in CAPEX/Revenue from FY2012 to FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 8.8x and Debt / EBITDA is 9.8x. Net Debt / EBITDA dropped on 2.5x from 11.3x to 8.8x in FY2015. Debt increased on 2.4% in FY2015 while cash surged on 150,081% in FY2015.
Valuation
The company's trades at EV/EBITDA 10.2x and P/E 6.1x while industy averages are 10.5x and 26.1x.
Appendix 1: Peers in Finance (including NBFCs)
Below we provide Pnb Gilts benchmarking against other companies in Finance (including NBFCs) 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 |
|---|
| Advance Powerinfra Tech ($ADVPOWER) | | | | 209.3% | |
| Vishwamitra Financial Services ($VISHWAFIN) | | | 65.2% | 118.5% | |
| Industrial Investment Trust ($IITL) | -88.9% | 119.2% | 72.5% | 76.4% | |
| Sks Microfinance ($SKSMICRO) | 36.7% | -62.8% | -25.6% | 55.0% | |
| Muthoot Capital Services ($MUTHTFN) | -83.3% | 81.1% | 59.3% | 48.1% | |
| |
|---|
| Median (23 companies) | -49.6% | 23.2% | 24.4% | 20.8% | 11.8% |
|---|
| Pnb Gilts ($PNBGILTS) | | 60.2% | 74.6% | 19.8% | 18.6% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Rural Electrification Corporation ($RECLTD) | 97.1% | 97.2% | 97.3% | 96.7% | |
| Bajaj Holdings & Investment ($BAJAJHLDNG) | 98.7% | 96.2% | 95.5% | 94.4% | |
| IDFC Limited ($IDFC) | 85.3% | 88.1% | 89.6% | 87.0% | |
| Srei Infrastructure Finance ($SREINFRA) | 78.5% | 80.6% | 83.9% | 83.7% | |
| Bajaj Finserv ($BAJAJFINSV) | 74.8% | | 77.2% | 74.2% | |
| |
|---|
| Median (24 companies) | 68.2% | 64.8% | 65.4% | 65.5% | 66.3% |
|---|
| Pnb Gilts ($PNBGILTS) | 91.8% | 94.0% | 96.4% | 96.4% | 96.1% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Srei Infrastructure Finance ($SREINFRA) | 34.8% | 29.3% | 8.3% | 12.6% | |
| Clarus Finance & Securities ($CLARUS) | | | | 6.9% | |
| Industrial Investment Trust ($IITL) | 3.7% | 1.1% | 0.3% | 4.9% | |
| Fortune Financial Services (India) ($FORTUNEF) | 5.5% | 1.0% | 1.3% | 4.5% | |
| A.K.Capital Services ($AKCAPIT) | 1.9% | 0.3% | 2.9% | 4.1% | |
| |
|---|
| Median (20 companies) | 1.8% | 1.0% | 0.8% | 1.1% | 0.8% |
|---|
| Pnb Gilts ($PNBGILTS) | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Motilal Oswal Financial Services ($MOTILALOFS) | | | 12.0% | 9.7% | |
| Shriram City Union Finance ($SHRIRAMCIT) | | 6.1% | 5.8% | 5.8% | 5.7% |
| Mahindra & Mahindra Financial Services ($M&MFIN) | 7.3% | 6.4% | 6.3% | 5.3% | 4.2% |
| Rural Electrification Corporation ($RECLTD) | | | 4.7% | 5.2% | |
| IDFC Limited ($IDFC) | 4.8% | 4.8% | 5.0% | 4.3% | |
| |
|---|
| Median (52 companies) | 6.0% | 4.1% | 4.6% | 4.1% | 4.2% |
|---|
| Pnb Gilts ($PNBGILTS) | | | | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Fortune Financial Services (India) ($FORTUNEF) | 4.7x | 9.0x | | 10.8x | |
| Vibrant Global Capital ($VGCL) | 7.8x | 23.1x | 32.8x | 10.7x | |
| Rural Electrification Corporation ($RECLTD) | 8.1x | 8.3x | 8.0x | 7.5x | |
| Srei Infrastructure Finance ($SREINFRA) | 6.4x | 7.0x | 6.2x | 7.5x | |
| Cholamandalam Investment And Finance Company ($CHOLAFIN) | 9.4x | 9.0x | 7.9x | 7.4x | 7.2x |
| |
|---|
| Median (39 companies) | 2.6x | 4.4x | 3.6x | 2.9x | 4.3x |
|---|
| Pnb Gilts ($PNBGILTS) | 9.0x | 14.2x | 11.2x | 11.3x | 8.8x |
