Mbl Infrastructures EBITDA jumped on 26.0% in 2015 and EBITDA Margin increased slightly on 1.4 pp from 10.7% to 12.1%
23-05-2015 • About Mbl Infrastructures (
$MBLINFRA) • By InTwits
Mbl Infrastructures reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Mbl Infrastructures has medium CAPEX intensity: 5 year average CAPEX/Revenue was 8.8%. At the same time it's in pair with industry average of 12.0%.
- CAPEX is quite volatile: 1,890 in FY2015, 2,065 in FY2014, 1,725 in FY2013, 882 in FY2012, 306 in FY2011
- The company has highly profitable business model: ROIC is at 13.6%
- It operates with medium-size leverage: Net Debt/EBITDA is 4.4x while industry average is 5.3x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Mbl Infrastructures ($MBLINFRA) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 10,016 | 12,653 | 13,554 | 17,663 | 19,618 | 11.1% |
| EBITDA | 1,371 | 1,679 | 1,438 | 1,882 | 2,372 | 26.0% |
| Net Income | 617 | 725 | 566 | 770 | 816 | 6.0% |
Balance Sheet
|
|---|
| Cash | 61 | 121 | 629 | 682 | 660 | -3.3% |
| Short Term Debt | 1,698 | 3,125 | 3,992 | 4,606 | 6,317 | 37.2% |
| Long Term Debt | 1,120 | 1,547 | 2,774 | 3,705 | 4,725 | 27.5% |
Cash flow
|
|---|
| Capex | 306 | 882 | 1,725 | 2,065 | 1,890 | -8.5% |
Ratios
|
|---|
| Revenue growth | -58.2% | 26.3% | 7.1% | 30.3% | 11.1% | |
| EBITDA growth | 50.1% | 22.4% | -14.4% | 30.9% | 26.0% | |
| EBITDA Margin | 13.7% | 13.3% | 10.6% | 10.7% | 12.1% | 1.4% |
| Net Income Margin | 6.2% | 5.7% | 4.2% | 4.4% | 4.2% | -0.2% |
| CAPEX, % of revenue | 3.1% | 7.0% | 12.7% | 11.7% | 9.6% | -2.1% |
| ROIC | 24.3% | 21.3% | 13.4% | 14.0% | 13.6% | -0.5% |
| ROE | 24.5% | 23.1% | 15.2% | 17.8% | 14.5% | -3.3% |
| Net Debt/EBITDA | 2.0x | 2.7x | 4.3x | 4.1x | 4.4x | 0.3x |
Revenue and profitability
The company's Revenue surged on 11.1% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.9 pp from 10.3% to 12.2% in FY2015.
Net Income marign showed almost no change in FY2015.
Capital expenditures (CAPEX) and working capital investments
Mbl Infrastructures's CAPEX/Revenue was 9.6% in FY2015. Mbl Infrastructures showed CAPEX/Revenue growth of 2.7 pp from 7.0% in FY2012 to 9.6% in FY2015. Average CAPEX/Revenue for the last three years was 11.4%.Mbl Infrastructures invested a big chunk of EBITDA (79.7%) to CAPEX to fuel its growth.
Return on investment
The company operates at good ROIC (13.56%) and ROE (14.51%). ROIC showed almost no change in FY2015. ROE decreased on 3.3 pp from 17.8% to 14.5% in FY2015.
Leverage (Debt)
Debt level is 4.4x Net Debt / EBITDA and 4.7x Debt / EBITDA. Net Debt / EBITDA surged on 0.3x from 4.1x to 4.4x in FY2015. Debt jumped on 32.9% in FY2015 while cash decreased on 3.3% in FY2015.
Appendix 1: Peers in Construction & Engineering
Below we provide Mbl Infrastructures benchmarking against other companies in Construction & Engineering 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 |
|---|
| Madhucon Projects ($MADHUCON) | -72.3% | -19.5% | 61.7% | 81.2% | |
| C & C Constructions ($CANDC) | 7.1% | -11.6% | -12.2% | 31.7% | |
| Atlanta ($ATLANTA) | -61.5% | -47.6% | 115.1% | 28.1% | |
| Arss Infrastructure Projects ($ARSSINFRA) | | -5.3% | -34.8% | 17.8% | -27.8% |
| Simplex Projects ($SIMPLEX) | 28.6% | -38.5% | -0.6% | 16.0% | |
| |
|---|
| Median (31 companies) | -20.9% | 8.7% | 6.6% | 6.6% | 7.4% |
|---|
| Mbl Infrastructures ($MBLINFRA) | | 26.3% | 7.1% | 30.3% | 11.1% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jaiprakash Associates ($JPASSOCIAT) | 44.0% | 36.9% | 35.9% | 32.4% | |
| Atlanta ($ATLANTA) | 44.1% | 28.5% | 34.6% | 30.8% | |
| Shristi Infrastructure Development Corporation ($SHRISTI) | 28.0% | 27.2% | 30.0% | 30.0% | |
| Madhucon Projects ($MADHUCON) | 11.6% | 8.4% | 31.9% | 22.1% | |
| Arss Infrastructure Projects ($ARSSINFRA) | 21.8% | 14.0% | 13.9% | 22.0% | 31.3% |
| |
|---|
| Median (29 companies) | 12.0% | 11.9% | 11.3% | 10.2% | 12.0% |
|---|
| Mbl Infrastructures ($MBLINFRA) | 13.7% | 13.3% | 10.6% | 10.7% | 12.1% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Madhucon Projects ($MADHUCON) | 149.8% | 234.5% | 155.1% | 76.0% | |
| Jaiprakash Associates ($JPASSOCIAT) | 114.7% | 97.0% | 65.5% | 45.0% | |
| Supreme Infrastructure India ($SUPREMEINF) | 16.7% | 46.6% | 31.1% | 43.1% | |
| Man Infraconstruction ($MANINFRA) | 11.5% | 7.8% | 1.6% | 25.0% | |
| Jmc Projects (India) ($JMCPROJECT) | 7.8% | 4.5% | 1.7% | 18.9% | |
| |
|---|
| Median (23 companies) | 6.1% | 7.7% | 6.6% | 4.0% | 2.5% |
|---|
| Mbl Infrastructures ($MBLINFRA) | 3.1% | 7.0% | 12.7% | 11.7% | 9.6% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Skipper ($SKIPPER) | 10.6% | 10.4% | 13.5% | 14.7% | 27.4% |
| Voltas ($VOLTAS) | 32.9% | 19.6% | 11.7% | 11.8% | 19.3% |
| Supreme Infrastructure India ($SUPREMEINF) | 15.0% | 15.4% | 12.4% | 10.6% | |
| Reliance Industrial Infrastructure ($RIIL) | 5.1% | 10.8% | 12.7% | 10.5% | 5.7% |
| Unity Infraprojects ($UNITY) | 15.4% | 16.8% | 15.0% | 9.1% | |
| |
|---|
| Median (42 companies) | 10.5% | 8.6% | 7.1% | 5.6% | 7.4% |
|---|
| Mbl Infrastructures ($MBLINFRA) | 24.3% | 21.3% | 13.4% | 14.0% | 13.6% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Coromandel Engineering Company ($COROENGG) | 7.1x | | 14.4x | 54.6x | 3.2x |
| Welspun Projects ($WELPROJ) | 71.3x | 6.0x | 2.6x | 20.8x | |
| Punj Lloyd ($PUNJLLOYD) | 6.5x | 6.7x | 6.8x | 16.5x | |
| Madhucon Projects ($MADHUCON) | 40.1x | 96.8x | 19.0x | 16.4x | |
| Hindustan Construction Co ($HCC) | 10.0x | 18.8x | 20.3x | 12.3x | 9.3x |
| |
|---|
| Median (32 companies) | 3.7x | 4.7x | 5.7x | 6.6x | 2.3x |
|---|
| Mbl Infrastructures ($MBLINFRA) | 2.0x | 2.7x | 4.3x | 4.1x | 4.4x |
