Peninsula Land reports 133% EBITDA decline and 29.6 pp EBITDA Margin decline from 18.8% to -10.8%
11-05-2015 • About Peninsula Land (
$PENINLAND) • By InTwits
Peninsula Land reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Peninsula Land is a company in decline: FY2015 revenue growth was -42.4%, 5 years revenue CAGR was -2.9%
- The company operates at negative EBITDA Margin: -10.8%
- EBITDA Margin is quite volatile: -10.8% in FY2015, 18.8% in FY2014, -17.7% in FY2013, 34.0% in FY2012, 39.3% in FY2011
- Peninsula Land has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.8%. At the same time it's in pair with industry average of 5.1%.
- CAPEX is quite volatile: 18.7 in FY2015, 0 in FY2014, 58.2 in FY2013, 257 in FY2012, 101 in FY2011
- The company has unprofitable business model: ROIC is at -0.9%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Peninsula Land ($PENINLAND) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 5,010 | 5,323 | 7,412 | 2,793 | 1,609 | -42.4% |
| EBITDA | 1,968 | 1,812 | -1,309 | 525 | -173 | -133.0% |
| Net Income | 1,943 | 1,514 | 1,953 | 418 | -86 | -120.4% |
Balance Sheet
|
|---|
| Cash | 5,065 | 3,540 | 1,666 | 1,399 | 2,933 | 109.6% |
| Short Term Debt | 7,958 | 5,846 | 4,133 | 5,506 | 3,756 | -31.8% |
| Long Term Debt | 1,484 | 7,643 | 8,092 | 8,510 | 14,296 | 68.0% |
Cash flow
|
|---|
| Capex | 101 | 257 | 58 | 0 | 19 | |
Ratios
|
|---|
| Revenue growth | 168.6% | 6.3% | 39.2% | -62.3% | -42.4% | |
| EBITDA growth | -41.9% | -7.9% | -172.2% | -140.1% | -133.0% | |
| EBITDA Margin | 39.3% | 34.0% | -17.7% | 18.8% | -10.8% | -29.6% |
| Net Income Margin | 38.8% | 28.5% | 26.4% | 15.0% | -5.3% | -20.3% |
| CAPEX, % of revenue | 2.0% | 4.8% | 0.8% | 0.0% | 1.2% | 1.2% |
| ROIC | 9.4% | 6.6% | -4.7% | 1.6% | -0.9% | -2.4% |
| ROE | 14.6% | 10.4% | 12.4% | 2.7% | -0.6% | -3.2% |
| Net Debt/EBITDA | 2.2x | 5.5x | | 24.0x | | -24.0x |
Revenue and profitability
Peninsula Land's Revenue dropped on 42.4% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 5.2 pp from 7.4% to 12.7% in FY2015.
Net Income marign dropped on 20.3 pp from 15.0% to -5.3% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 the company had CAPEX/Revenue of 1.2%. CAPEX/Revenue decreased on 3.7 pp from 4.8% in FY2012 to 1.2% in FY2015.
Return on investment
The company operates at negative ROIC (-0.88%) and ROE (-0.57%). ROIC decreased on 2.4 pp from 1.6% to -0.88% in FY2015. ROE decreased on 3.2 pp from 2.7% to -0.57% in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 0.0x and Debt / EBITDA is . Net Debt / EBITDA dropped on 24.0x from 24.0x to in FY2015. Debt jumped on 28.8% in FY2015 while cash surged on 110% in FY2015.
Appendix 1: Peers in Realty
Below you can find Peninsula Land benchmarking vs. other companies in Realty 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 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% | |
| Lancor Holdings ($LANCORHOL) | | -47.4% | -23.9% | 74.0% | 10.5% |
| |
|---|
| Median (33 companies) | -13.9% | -1.6% | 3.4% | -1.8% | 34.0% |
|---|
| Peninsula Land ($PENINLAND) | | 6.3% | 39.2% | -62.3% | -42.4% |
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% | 18.1% | 20.1% | 37.1% |
|---|
| Peninsula Land ($PENINLAND) | 39.3% | 34.0% | -17.7% | 18.8% | -10.8% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| The Phoenix Mills ($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 (29 companies) | 5.5% | 4.8% | 2.6% | 3.7% | 0.7% |
|---|
| Peninsula Land ($PENINLAND) | 2.0% | 4.8% | 0.8% | 0.0% | 1.2% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Sunteck Realty ($SUNTECK) | 0.5% | 0.4% | 0.4% | 24.5% | |
| Lancor Holdings ($LANCORHOL) | 38.2% | 18.0% | 11.6% | 19.5% | 17.7% |
| Sobha Developers ($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% | |
| |
|---|
| Median (50 companies) | 9.2% | 5.7% | 5.1% | 5.7% | 12.2% |
|---|
| Peninsula Land ($PENINLAND) | 9.4% | 6.6% | -4.7% | 1.6% | -0.9% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Unitech ($UNITECH) | 5.5x | 13.1x | 14.4x | 28.0x | |
| Vascon Engineers ($VASCONEQ) | 2.8x | 8.4x | 11.2x | 25.9x | |
| Parsvnath Developers ($PARSVNATH) | 4.5x | 5.1x | 4.7x | 14.6x | |
| D B Realty ($DBREALTY) | 1.1x | 13.2x | 135.4x | 14.0x | |
| Ajmera Realty & Infra India ($AJMERA) | 2.8x | 4.5x | 10.7x | 13.8x | |
| |
|---|
| Median (39 companies) | 4.2x | 5.1x | 4.8x | 4.9x | 2.8x |
|---|
| Peninsula Land ($PENINLAND) | 2.2x | 5.5x | | 24.0x | |
