Vaibhav Global Net Income dropped on 32.4% in 2015 while Revenue increased on 6.0%
21-05-2015 • About Vaibhav Global (
$VAIBHAVGBL) • By InTwits
Vaibhav Global reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Vaibhav Global has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.4%. At the same time it's in pair with industry average of 20.6%.
- CAPEX is quite volatile: 228 in FY2015, 169 in FY2014, 135 in FY2013, 75.3 in FY2012, 59.2 in FY2011
- The company has highly profitable business model: ROIC is at 32.7%
- It operates with high leverage: Net Debt/EBITDA is 0.1x while industry average is -0.3x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Vaibhav Global ($VAIBHAVGBL) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 5,255 | 6,465 | 8,929 | 12,983 | 13,755 | 6.0% |
| EBITDA | 599 | 758 | 642 | 1,432 | 1,340 | -6.5% |
| Net Income | 431 | 685 | -856 | 1,525 | 1,032 | -32.4% |
Balance Sheet
|
|---|
| Cash | 201 | 136 | 405 | 721 | 662 | -8.1% |
| Short Term Debt | 989 | 1,121 | 1,132 | 784 | 762 | -2.8% |
| Long Term Debt | 1,027 | 655 | 477 | 180 | 0 | -100.0% |
Cash flow
|
|---|
| Capex | 59 | 75 | 135 | 169 | 228 | 34.4% |
Ratios
|
|---|
| Revenue growth | -68.1% | 23.0% | 38.1% | 45.4% | 6.0% | |
| EBITDA growth | -326.0% | 26.6% | -15.3% | 123.0% | -6.5% | |
| EBITDA Margin | 11.4% | 11.7% | 7.2% | 11.0% | 9.7% | -1.3% |
| Net Income Margin | 8.2% | 10.6% | -9.6% | 11.7% | 7.5% | -4.2% |
| CAPEX, % of revenue | 1.1% | 1.2% | 1.5% | 1.3% | 1.7% | 0.4% |
| ROIC | 13.0% | 15.7% | 14.9% | 41.7% | 32.7% | -8.9% |
| ROE | 28.2% | 35.6% | -51.1% | 87.6% | 36.8% | -50.8% |
| Net Debt/EBITDA | 3.0x | 2.2x | 1.9x | 0.2x | 0.1x | -0.1x |
Revenue and profitability
The company's Revenue increased on 6.0% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 7.9 pp from 6.8% to 14.6% in FY2015.
Net Income marign decreased on 4.2 pp from 11.7% to 7.5% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 the company had CAPEX/Revenue of 1.7%. Vaibhav Global showed almost no change in CAPEX/Revenue from FY2012 to FY2015. Average CAPEX/Revenue for the last three years was 1.5%.
Return on investment
The company operates at high and attractive ROIC (32.74%) and ROE (36.78%). ROIC decreased on 8.9 pp from 41.7% to 32.7% in FY2015. ROE dropped on 50.8 pp from 87.6% to 36.8% in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 0.1x and Debt / EBITDA is 0.6x. Net Debt / EBITDA decreased on 0.1x from 0.2x to 0.1x in FY2015. Debt dropped on 20.9% in FY2015 while cash decreased on 8.1% in FY2015.
Appendix 1: Peers in Internet & Catalogue Retail
Below we provide Vaibhav Global benchmarking against other companies in Internet & Catalogue Retail 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 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Info Edge (India) ($NAUKRI) | -62.0% | 21.6% | 20.5% | 20.1% | |
| |
|---|
| Median (1 company) | -62.0% | 21.6% | 20.5% | 20.1% | |
|---|
| Vaibhav Global ($VAIBHAVGBL) | | 23.0% | 38.1% | 45.4% | 6.0% |
Top companies by EBITDA margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Info Edge (India) ($NAUKRI) | 25.9% | 30.2% | 25.6% | 17.0% | |
| |
|---|
| Median (1 company) | 25.9% | 30.2% | 25.6% | 17.0% | |
|---|
| Vaibhav Global ($VAIBHAVGBL) | 11.4% | 11.7% | 7.2% | 11.0% | 9.7% |
Top companies by CAPEX/Revenue, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Info Edge (India) ($NAUKRI) | 13.5% | 2.3% | 11.3% | 3.3% | |
| |
|---|
| Median (1 company) | 13.5% | 2.3% | 11.3% | 3.3% | |
|---|
| Vaibhav Global ($VAIBHAVGBL) | 1.1% | 1.2% | 1.5% | 1.3% | 1.7% |
Top companies by ROIC, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Info Edge (India) ($NAUKRI) | 18.6% | 22.8% | 19.0% | 10.5% | |
| |
|---|
| Median (1 company) | 18.6% | 22.8% | 19.0% | 10.5% | |
|---|
| Vaibhav Global ($VAIBHAVGBL) | 13.0% | 15.7% | 14.9% | 41.7% | 32.7% |
Top companies by Net Debt / EBITDA
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Info Edge (India) ($NAUKRI) | -0.1x | -0.3x | -0.4x | -0.7x | |
| |
|---|
| Median (1 company) | -0.1x | -0.3x | -0.4x | -0.7x | |
|---|
| Vaibhav Global ($VAIBHAVGBL) | 3.0x | 2.2x | 1.9x | 0.2x | 0.1x |
