Ifgl Refractories EBITDA dropped on 23.7% in 2015 and EBITDA Margin decreased on 3.7 pp from 15.1% to 11.3%
16-05-2015 • About Ifgl Refractories (
$IFGLREFRAC) • By InTwits
Ifgl Refractories reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Ifgl Refractories has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.2%. At the same time it's in pair with industry average of 2.5%.
- CAPEX is quite volatile: 199 in FY2015, 99.8 in FY2014, 194 in FY2013, 48.7 in FY2012, 157 in FY2011
- The company has highly profitable business model: ROIC is at 15.7%
- It operates with medium-size leverage: Net Debt/EBITDA is 0.9x while industry average is 0.8x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Ifgl Refractories ($IFGLREFRAC) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 4,710 | 6,039 | 6,712 | 7,776 | 7,868 | 1.2% |
| EBITDA | 403 | 795 | 571 | 1,170 | 893 | -23.7% |
| Net Income | 243 | 398 | 282 | 640 | 531 | -17.0% |
Balance Sheet
|
|---|
| Cash | 87 | 140 | 107 | 297 | 379 | 27.7% |
| Short Term Debt | 444 | 490 | 769 | 764 | 873 | 14.2% |
| Long Term Debt | 808 | 638 | 539 | 405 | 289 | -28.5% |
Cash flow
|
|---|
| Capex | 157 | 49 | 194 | 100 | 199 | 99.2% |
Ratios
|
|---|
| Revenue growth | -48.1% | 28.2% | 11.2% | 15.9% | 1.2% | |
| EBITDA growth | -28.3% | 97.2% | -28.2% | 105.0% | -23.7% | |
| EBITDA Margin | 8.6% | 13.2% | 8.5% | 15.1% | 11.3% | -3.7% |
| Net Income Margin | 5.2% | 6.6% | 4.2% | 8.2% | 6.7% | -1.5% |
| CAPEX, % of revenue | 3.3% | 0.8% | 2.9% | 1.3% | 2.5% | 1.2% |
| ROIC | 11.8% | 20.0% | 11.7% | 23.5% | 15.7% | -7.8% |
| ROE | 16.3% | 21.6% | 12.9% | 23.2% | 16.1% | -7.0% |
| Net Debt/EBITDA | 2.9x | 1.2x | 2.1x | 0.7x | 0.9x | 0.1x |
Revenue and profitability
The company's Revenue increased slightly on 1.2% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 3.4 pp from 1.4% to 4.8% in FY2015.
Net Income marign decreased slightly on 1.5 pp from 8.2% to 6.7% in FY2015.
Capital expenditures (CAPEX) and working capital investments
Ifgl Refractories's CAPEX/Revenue was 2.5% in FY2015. CAPEX/Revenue increased slightly on 1.7 pp from 0.81% in FY2012 to 2.5% in FY2015. It's average level of CAPEX/Revenue for the last three years was 2.2%.
Return on investment
The company operates at good ROIC (15.73%) and ROE (16.11%). ROIC decreased on 7.8 pp from 23.5% to 15.7% in FY2015. ROE decreased on 7.0 pp from 23.2% to 16.1% in FY2015.
Leverage (Debt)
Debt level is 0.9x Net Debt / EBITDA and 1.3x Debt / EBITDA. Net Debt / EBITDA jumped on 0.1x from 0.7x to 0.9x in FY2015. Debt decreased slightly on 0.62% in FY2015 while cash jumped on 27.7% in FY2015.
Appendix 1: Peers in Other Industrial Goods
Below you can find Ifgl Refractories benchmarking vs. other companies in Other Industrial Goods 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 |
|---|
| Amd Industries ($AMDIND) | 35.8% | 31.8% | -15.5% | 21.0% | |
| Vesuvius India ($VESUVIUS) | -34.2% | 4.1% | 6.9% | 8.4% | |
| Vhcl Industries ($VHCLINDUS) | | | 110.4% | 3.8% | -77.8% |
| Graphite India ($GRPHIDM) | | 32.5% | 1.9% | 3.1% | -14.9% |
| Heg ($HEG) | | 27.9% | 13.6% | -9.8% | -15.9% |
| |
|---|
| Median (7 companies) | -3.0% | 29.8% | 7.6% | 3.1% | -15.9% |
|---|
| Ifgl Refractories ($IFGLREFRAC) | | 28.2% | 11.2% | 15.9% | 1.2% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Heg ($HEG) | 20.7% | 17.0% | 18.1% | 16.9% | 16.3% |
| Amd Industries ($AMDIND) | 15.4% | 15.3% | 12.3% | 16.4% | |
| Vesuvius India ($VESUVIUS) | 18.0% | 17.7% | 18.8% | 15.6% | |
| Graphite India ($GRPHIDM) | 21.7% | 16.9% | 14.1% | 12.7% | 8.2% |
| Gee ($GEE) | 13.1% | 10.9% | 8.4% | 9.4% | |
| |
|---|
| Median (6 companies) | 16.7% | 15.3% | 12.3% | 14.1% | 16.3% |
|---|
| Ifgl Refractories ($IFGLREFRAC) | 8.6% | 13.2% | 8.5% | 15.1% | 11.3% |
Top companies by CAPEX/Revenue, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Heg ($HEG) | 7.3% | 14.4% | 9.3% | 18.7% | 2.6% |
| Vesuvius India ($VESUVIUS) | 7.1% | 4.2% | 4.0% | 3.4% | |
| Vhcl Industries ($VHCLINDUS) | | 7.1% | 0.4% | 2.9% | |
| Graphite India ($GRPHIDM) | 6.8% | 7.1% | 2.7% | 1.2% | 1.6% |
| |
|---|
| Median (4 companies) | 6.9% | 5.6% | 3.3% | 3.1% | 2.1% |
|---|
| Ifgl Refractories ($IFGLREFRAC) | 3.3% | 0.8% | 2.9% | 1.3% | 2.5% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Snl Bearings ($SNL) | 54.6% | 61.1% | 48.2% | 31.9% | |
| Vhcl Industries ($VHCLINDUS) | | 56.8% | 22.6% | 20.2% | |
| Vesuvius India ($VESUVIUS) | 23.1% | 25.0% | 25.0% | 19.3% | |
| Heg ($HEG) | 9.8% | 9.0% | 10.4% | 8.3% | 5.5% |
| Graphite India ($GRPHIDM) | 13.3% | 12.6% | 8.6% | 8.0% | 4.2% |
| |
|---|
| Median (13 companies) | 13.3% | 15.3% | 12.4% | 19.3% | 4.9% |
|---|
| Ifgl Refractories ($IFGLREFRAC) | 11.8% | 20.0% | 11.7% | 23.5% | 15.7% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Vhcl Industries ($VHCLINDUS) | | 1.4x | 2.6x | 4.0x | |
| Heg ($HEG) | 3.9x | 5.2x | 4.1x | 3.3x | 4.1x |
| Graphite India ($GRPHIDM) | 1.0x | 2.0x | 2.7x | 1.7x | 2.4x |
| Snl Bearings ($SNL) | 0.3x | 0.2x | 0.6x | 1.1x | 0.0x |
| De Nora India ($DENORA) | -0.2x | -0.1x | -0.1x | 0.0x | |
| |
|---|
| Median (8 companies) | 1.0x | 1.4x | 1.6x | 0.5x | 2.4x |
|---|
| Ifgl Refractories ($IFGLREFRAC) | 2.9x | 1.2x | 2.1x | 0.7x | 0.9x |
