Lancor Holdings Debt surged on 17.4% in 2015 and Revenue jumped on 10.5%
07-05-2015 • About Lancor Holdings (
$LANCORHOL) • By InTwits
Lancor Holdings reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: The company has highly profitable business model: ROIC is at 17.7%.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Lancor Holdings ($LANCORHOL) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,954 | 1,027 | 781 | 1,360 | 1,503 | 10.5% |
| EBITDA | 556 | 319 | 274 | 525 | 529 | 0.7% |
| Net Income | 322 | 112 | 74 | 168 | 168 | 0.0% |
Balance Sheet
|
|---|
| Cash | 35 | 86 | 67 | 78 | 42 | -46.0% |
| Short Term Debt | 112 | 358 | 496 | 439 | 428 | -2.5% |
| Long Term Debt | 451 | 468 | 878 | 902 | 1,146 | 27.1% |
Cash flow
|
|---|
| Capex | 8 | 28 | | | | |
Ratios
|
|---|
| Revenue growth | 16.6% | -47.4% | -23.9% | 74.0% | 10.5% | |
| EBITDA growth | 70.8% | -42.6% | -14.2% | 91.8% | 0.7% | |
| EBITDA Margin | 28.4% | 31.1% | 35.1% | 38.6% | 35.2% | -3.4% |
| Net Income Margin | 16.5% | 10.9% | 9.4% | 12.4% | 11.2% | -1.2% |
| CAPEX, % of revenue | 0.4% | 2.7% | | | | 0.0% |
| ROIC | 38.2% | 18.0% | 11.6% | 19.5% | 17.7% | -1.8% |
| ROE | 41.7% | 11.9% | 7.0% | 14.0% | 12.5% | -1.5% |
| Net Debt/EBITDA | 0.9x | 2.3x | 4.8x | 2.4x | 2.9x | 0.5x |
Revenue and profitability
Lancor Holdings's Revenue surged on 10.5% in FY2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased on 3.4 pp from 38.6% to 35.2% in FY2015.
Net Income marign decreased slightly on 1.2 pp from 12.4% to 11.2% in FY2015.
Return on investment
The company operates at good ROIC (17.73%) and ROE (12.53%). ROIC decreased slightly on 1.8 pp from 19.5% to 17.7% in FY2015. ROE decreased slightly on 1.5 pp from 14.0% to 12.5% in FY2015.
Leverage (Debt)
Debt level is 2.9x Net Debt / EBITDA and 3.0x Debt / EBITDA. Net Debt / EBITDA surged on 0.5x from 2.4x to 2.9x in FY2015. Debt jumped on 17.4% in FY2015 while cash dropped on 46.0% in FY2015.
Appendix 1: Peers in Realty
Below we provide Lancor Holdings benchmarking against other companies in Realty 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 |
|---|
| Sunteck Realty ($SUNTECK) | -94.4% | -16.0% | 77.7% | 2,963.6% | |
| Nitesh Estates ($NITESHEST) | -63.3% | -6.3% | -28.7% | 259.1% | |
| The Phoenix Mills ($PHOENIXLTD) | -89.4% | 87.7% | 19.1% | 208.3% | |
| Poddar Developers ($PODDARDEV) | -82.6% | -18.4% | 63.9% | 152.9% | |
| Arihant Superstructures ($ASL) | -13.9% | -36.5% | 9.1% | 42.0% | |
| |
|---|
| Median (33 companies) | -12.6% | 0.6% | 5.6% | -4.5% | 54.0% |
|---|
| Lancor Holdings ($LANCORHOL) | | -47.4% | -23.9% | 74.0% | 10.5% |
Top companies by Gross margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Godrej Properties ($GODREJPROP) | 28.2% | 24.9% | 33.3% | 28.9% | 19.4% |
| |
|---|
| Median (1 company) | 28.2% | 24.9% | 33.3% | 28.9% | 19.4% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Housing Development & Infrastructure ($HDIL) | 83.7% | 75.8% | 40.6% | 102.5% | |
| Hubtown ($HUBTOWN) | 51.6% | 53.3% | 72.4% | 67.6% | |
| Oberoi Realty ($OBEROIRLTY) | 58.7% | 59.3% | 58.9% | 54.5% | 56.4% |
| Pvp Ventures ($PVP) | -644.3% | | 73.2% | 51.1% | |
| The Phoenix Mills ($PHOENIXLTD) | 71.8% | 54.7% | 56.2% | 46.9% | |
| |
|---|
| Median (33 companies) | 23.3% | 19.4% | 13.4% | 19.8% | 39.1% |
|---|
| Lancor Holdings ($LANCORHOL) | 28.4% | 31.1% | 35.1% | 38.6% | 35.2% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| The Phoenix Mills ($PHOENIXLTD) | 138.3% | 168.3% | 108.0% | 107.1% | |
| Prestige Estates Projects ($PRESTIGE) | 23.3% | 37.7% | 30.2% | 18.8% | |
| Brigade Enterprises ($BRIGADE) | 42.6% | 45.7% | 10.7% | 17.0% | |
| Parsvnath Developers ($PARSVNATH) | 19.9% | 15.9% | | 11.6% | |
| Unitech ($UNITECH) | 9.8% | 4.6% | 12.7% | 10.6% | |
| |
|---|
| Median (30 companies) | 5.5% | 4.9% | 2.5% | 3.6% | 0.7% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Sunteck Realty ($SUNTECK) | 0.5% | 0.4% | 0.4% | 24.5% | |
| Sobha Developers ($SOBHA) | 12.4% | 18.8% | 16.7% | 14.6% | |
| Poddar Developers ($PODDARDEV) | 4.1% | 3.9% | 2.6% | 12.9% | |
| Puravankara Projects ($PURVA) | 11.2% | 13.3% | 17.0% | 12.3% | |
| The Phoenix Mills ($PHOENIXLTD) | 4.5% | 4.9% | 5.4% | 11.1% | |
| |
|---|
| Median (50 companies) | 9.2% | 5.7% | 4.6% | 5.6% | 9.4% |
|---|
| Lancor Holdings ($LANCORHOL) | 38.2% | 18.0% | 11.6% | 19.5% | 17.7% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Unitech ($UNITECH) | 5.5x | 13.1x | 14.4x | 28.0x | |
| Vascon Engineers ($VASCONEQ) | 2.8x | 8.4x | 11.2x | 25.9x | |
| Peninsula Land ($PENINLAND) | 2.2x | 5.5x | | 24.0x | |
| Parsvnath Developers ($PARSVNATH) | 4.5x | 5.1x | 4.7x | 14.6x | |
| D B Realty ($DBREALTY) | 1.1x | 13.2x | 135.4x | 14.0x | |
| |
|---|
| Median (39 companies) | 4.2x | 5.3x | 5.1x | 5.0x | 2.8x |
|---|
| Lancor Holdings ($LANCORHOL) | 0.9x | 2.3x | 4.8x | 2.4x | 2.9x |
