Geojit Bnp Paribas Financial Services Net Income surged on 206% in 2015 and EBITDA Margin increased on 6.6 pp from 33.3% to 39.9%
20-05-2015 • About Geojit Bnp Paribas Financial Services (
$GEOJITBNPP) • By InTwits
Geojit Bnp Paribas Financial Services reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is expanding: 39.9% in FY2015 vs. 33.3% in FY2014 vs. 24.6% in FY2011
- Geojit Bnp Paribas Financial Services has medium CAPEX intensity: 5 year average CAPEX/Revenue was 5.5%. At the same time it's a lot of higher than industry average of 3.5%.
- CAPEX is quite volatile: 262 in FY2015, 212 in FY2014, 178 in FY2013, 430 in FY2012, 264 in FY2011
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Geojit Bnp Paribas Financial Services ($GEOJITBNPP) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 2,813 | 2,571 | 2,622 | 2,290 | 3,260 | 42.3% |
| EBITDA | 692 | 660 | 837 | 763 | 1,300 | 70.5% |
| Net Income | 290 | 194 | 818 | -732 | 774 | |
Balance Sheet
|
|---|
| Cash | 999 | 1,145 | 821 | 640 | 1,132 | 76.7% |
| Short Term Debt | 379 | 158 | 765 | 150 | 45 | -69.7% |
| Long Term Debt | 0 | 250 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 158 | 148 | 204 | 85 | 156 | 84.2% |
Ratios
|
|---|
| Revenue growth | -7.5% | -8.6% | 2.0% | -12.6% | 42.3% | |
| EBITDA growth | -26.7% | -4.6% | 26.9% | -8.9% | 70.5% | |
| EBITDA Margin | 24.6% | 25.7% | 31.9% | 33.3% | 39.9% | 6.6% |
| Net Income Margin | 10.3% | 7.6% | 31.2% | -32.0% | 23.7% | 55.7% |
| CAPEX, % of revenue | 5.6% | 5.7% | 7.8% | 3.7% | 4.8% | 1.1% |
| ROE | 7.2% | 4.7% | 18.6% | -16.2% | 17.1% | 33.3% |
| Net Debt/EBITDA | -0.9x | -1.1x | -0.1x | -0.6x | -0.8x | -0.2x |
Revenue and profitability
The company's Revenue jumped on 42.3% in FY2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased slightly on 1.1 pp from 16.4% to 15.3% in FY2015.
Net Income marign jumped on 55.7 pp from -32.0% to 23.7% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 Geojit Bnp Paribas Financial Services had CAPEX/Revenue of 4.8%. Geojit Bnp Paribas Financial Services showed small CAPEX/Revenue decline of 0.95 pp from 5.7% in FY2012 to 4.8% in FY2015. Average CAPEX/Revenue for the last three years was 5.4%.
Leverage (Debt)
Debt level is -0.8x Net Debt / EBITDA and 0.0x Debt / EBITDA. Net Debt / EBITDA dropped on 0.2x from -0.6x to -0.8x in FY2015. Debt dropped on 69.7% in FY2015 while cash surged on 76.7% in FY2015.
Valuation
Geojit Bnp Paribas Financial Services's trades at EV/EBITDA 9.3x and P/E 17.1x while industy averages are 10.5x and 26.1x. Geojit Bnp Paribas Financial Services's EV/(EBITDA-CAPEX) is 10.6x with the industry average at 4.7x.
Appendix 1: Peers in Other Financial Services
Below we provide Geojit Bnp Paribas Financial Services benchmarking against other companies in Other Financial Services 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 |
|---|
| Indiabulls Securities ($IBSEC) | | -48.1% | 0.1% | 58.0% | 31.6% |
| Intec Capital ($INTECCAP) | | | 42.5% | 34.2% | |
| Capital First ($CAPF) | | 90.7% | 9.9% | 31.5% | 35.8% |
| Centrum Capital ($CENTRUM) | -70.3% | 85.4% | -5.7% | 23.1% | |
| Crisil ($CRISIL) | 28.4% | 21.2% | 13.6% | 12.9% | |
| |
|---|
| Median (11 companies) | -46.6% | 10.3% | 9.9% | 12.2% | 35.8% |
|---|
| Geojit Bnp Paribas Financial Services ($GEOJITBNPP) | | -8.6% | 2.0% | -12.6% | 42.3% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Capital First ($CAPF) | 67.6% | 74.3% | 68.2% | 67.6% | 66.6% |
| Intec Capital ($INTECCAP) | | 78.8% | 77.3% | 66.7% | |
| Indiabulls Securities ($IBSEC) | 32.7% | 16.2% | 36.2% | 60.8% | 64.4% |
| Jm Financial ($JMFINANCIL) | 56.3% | 56.3% | 61.9% | 60.3% | |
| Religare Enterprises ($RELIGARE) | 19.1% | 43.2% | 57.6% | 53.8% | |
| |
|---|
| Median (11 companies) | 36.0% | 36.4% | 40.9% | 43.8% | 35.3% |
|---|
| Geojit Bnp Paribas Financial Services ($GEOJITBNPP) | 24.6% | 25.7% | 31.9% | 33.3% | 39.9% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Icra ($ICRA) | 2.4% | 2.0% | 2.1% | 13.2% | |
| Jm Financial ($JMFINANCIL) | 1.0% | 0.9% | 0.9% | 11.2% | |
| Lkp Finance ($LKPFIN) | 1.2% | 3.6% | 1.6% | 3.9% | 1.1% |
| Indiabulls Securities ($IBSEC) | 1.0% | 8.1% | 1.8% | 1.8% | 1.1% |
| Multi Commodity Exchange Of India ($MCX) | 8.5% | 3.8% | 8.8% | 1.7% | 3.8% |
| |
|---|
| Median (10 companies) | 2.1% | 3.6% | 1.6% | 1.7% | 1.1% |
|---|
| Geojit Bnp Paribas Financial Services ($GEOJITBNPP) | 5.6% | 5.7% | 7.8% | 3.7% | 4.8% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Crisil ($CRISIL) | 60.1% | 62.5% | 53.7% | 46.4% | |
| Icra ($ICRA) | 24.5% | 20.7% | 17.0% | 20.9% | |
| Multi Commodity Exchange Of India ($MCX) | 21.9% | 35.4% | 27.2% | 9.9% | 4.8% |
| Religare Enterprises ($RELIGARE) | -2.7% | 2.0% | 3.4% | 2.7% | |
| Iris Mediaworks ($IRISMEDIA) | | -1.1% | -0.2% | -0.2% | |
| |
|---|
| Median (34 companies) | 21.9% | 5.4% | 10.2% | 9.9% | 4.8% |
|---|
| Geojit Bnp Paribas Financial Services ($GEOJITBNPP) | | | | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Capital First ($CAPF) | 9.1x | 7.5x | 9.2x | 9.1x | 7.7x |
| Religare Enterprises ($RELIGARE) | 20.2x | 9.2x | 6.1x | 7.0x | |
| Iris Mediaworks ($IRISMEDIA) | 0.6x | | 11.6x | 6.1x | |
| Jm Financial ($JMFINANCIL) | 6.6x | 6.4x | 6.4x | 4.8x | |
| Intec Capital ($INTECCAP) | | 5.1x | 4.9x | 4.6x | |
| |
|---|
| Median (21 companies) | 0.0x | 0.0x | 1.8x | 0.0x | 0.0x |
|---|
| Geojit Bnp Paribas Financial Services ($GEOJITBNPP) | -0.9x | -1.1x | -0.1x | -0.6x | -0.8x |
