Gic Housing Finance EBITDA surged on 20.1% in 2015 and Revenue jumped on 17.2%
06-05-2015 • About Gic Housing Finance (
$GICHSGFIN) • By InTwits
Gic Housing Finance reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Gic Housing Finance has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.2%.
- It operates with medium-size leverage: Net Debt/EBITDA is 8.6x while industry average is 8.5x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Gic Housing Finance ($GICHSGFIN) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 4,284 | 4,394 | 5,539 | 6,249 | 7,324 | 17.2% |
| EBITDA | 3,612 | 3,909 | 4,884 | 5,545 | 6,658 | 20.1% |
| Net Income | 1,138 | 590 | 850 | 976 | 1,030 | 5.5% |
Balance Sheet
|
|---|
| Cash | 174 | 380 | 511 | 362 | 390 | 7.8% |
| Short Term Debt | 7,261 | 7,639 | 9,708 | 10,217 | 14,352 | 40.5% |
| Long Term Debt | 23,604 | 28,310 | 30,020 | 36,301 | 43,591 | 20.1% |
Cash flow
|
|---|
| Capex | 8 | 19 | 18 | 9 | 10 | 3.3% |
Ratios
|
|---|
| Revenue growth | -49.5% | 2.6% | 26.1% | 12.8% | 17.2% | |
| EBITDA growth | 23.9% | 8.2% | 24.9% | 13.5% | 20.1% | |
| EBITDA Margin | 84.3% | 89.0% | 88.2% | 88.7% | 90.9% | 2.2% |
| Net Income Margin | 26.6% | 13.4% | 15.4% | 15.6% | 14.1% | -1.6% |
| CAPEX, % of revenue | 0.2% | 0.4% | 0.3% | 0.1% | 0.1% | -0.0% |
| ROE | 26.7% | 12.3% | 16.2% | 16.8% | 16.2% | -0.6% |
| Net Debt/EBITDA | 8.5x | 9.1x | 8.0x | 8.3x | 8.6x | 0.3x |
Revenue and profitability
Gic Housing Finance's Revenue surged on 17.2% in FY2015. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased on 2.2 pp from 88.7% to 90.9% in FY2015.
Net Income marign decreased slightly on 1.6 pp from 15.6% to 14.1% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 the company had CAPEX/Revenue of 0.13%. CAPEX/Revenue showed almost no change from FY2012 to FY2015. It's average level of CAPEX/Revenue for the last three years was 0.20%.
Leverage (Debt)
Debt level is 8.6x Net Debt / EBITDA and 8.7x Debt / EBITDA. Net Debt / EBITDA jumped on 0.3x from 8.3x to 8.6x in FY2015. Debt surged on 24.6% in FY2015 while cash increased on 7.8% in FY2015.
Valuation
The company's trades at EV/EBITDA 10.4x and P/E 11.1x while industy averages are 10.5x and 26.1x.
Appendix 1: Peers in Housing Finance
Below you can find Gic Housing Finance benchmarking vs. other companies in Housing Finance industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Can Fin Homes ($CANFINHOME) | | 24.0% | 36.9% | 47.2% | 41.4% |
| Housing Development Finance Corp ($HDFC) | | 17.5% | 18.8% | 13.4% | 18.6% |
| Lic Housing Finance ($LICHSGFIN) | | 28.1% | 23.9% | 20.7% | 15.8% |
| |
|---|
| Median (3 companies) | | 24.0% | 23.9% | 20.7% | 18.6% |
|---|
| Gic Housing Finance ($GICHSGFIN) | | 2.6% | 26.1% | 12.8% | 17.2% |
Top companies by EBITDA margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Lic Housing Finance ($LICHSGFIN) | 90.1% | 93.4% | 94.9% | 96.2% | 96.4% |
| Can Fin Homes ($CANFINHOME) | 92.7% | 92.2% | 91.5% | 92.0% | 92.0% |
| Housing Development Finance Corp ($HDFC) | 50.4% | 57.7% | 59.9% | 61.9% | 59.4% |
| |
|---|
| Median (3 companies) | 90.1% | 92.2% | 91.5% | 92.0% | 92.0% |
|---|
| Gic Housing Finance ($GICHSGFIN) | 84.3% | 89.0% | 88.2% | 88.7% | 90.9% |
Top companies by CAPEX/Revenue, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Housing Development Finance Corp ($HDFC) | 1.2% | 0.5% | 0.5% | 0.6% | 1.3% |
| Can Fin Homes ($CANFINHOME) | 0.1% | 0.5% | 1.2% | 0.6% | 0.7% |
| Lic Housing Finance ($LICHSGFIN) | 0.4% | 0.6% | 0.1% | 0.1% | 0.2% |
| |
|---|
| Median (3 companies) | 0.4% | 0.5% | 0.5% | 0.6% | 0.7% |
|---|
| Gic Housing Finance ($GICHSGFIN) | 0.2% | 0.4% | 0.3% | 0.1% | 0.1% |
Top companies by ROIC, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Housing Development Finance Corp ($HDFC) | 4.8% | 4.6% | 4.8% | 4.8% | 4.6% |
| Can Fin Homes ($CANFINHOME) | | 2.8% | 2.3% | 2.2% | 2.0% |
| Lic Housing Finance ($LICHSGFIN) | | | | | |
| |
|---|
| Median (3 companies) | 4.8% | 3.7% | 3.5% | 3.5% | 3.3% |
|---|
| Gic Housing Finance ($GICHSGFIN) | | | | | |
Top companies by Net Debt / EBITDA
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Can Fin Homes ($CANFINHOME) | 8.8x | 8.7x | 9.8x | 9.9x | 9.8x |
| Lic Housing Finance ($LICHSGFIN) | 10.5x | 9.6x | 9.4x | 9.0x | 9.3x |
| Housing Development Finance Corp ($HDFC) | 7.4x | 6.5x | 5.9x | 6.2x | 6.3x |
| |
|---|
| Median (3 companies) | 8.8x | 8.7x | 9.4x | 9.0x | 9.3x |
|---|
| Gic Housing Finance ($GICHSGFIN) | 8.5x | 9.1x | 8.0x | 8.3x | 8.6x |
