Bright Brothers reports 15.7% EBITDA decline and 1.2 pp EBITDA Margin decline from 5.2% to 4.0%
26-05-2015 • About Bright Brothers (
$BRIGHTBR) • By InTwits
Bright Brothers reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is relatively stable: 4.0% in FY2015 vs. 5.2% in FY2014 vs. 5.7% in FY2011.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Bright Brothers ($BRIGHTBR) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,274 | 1,197 | 1,467 | 1,449 | 1,572 | 8.5% |
| EBITDA | 73 | 56 | 55 | 75 | 63 | -15.7% |
| Net Income | 15 | 23 | -8 | 26 | -14 | -151.6% |
Balance Sheet
|
|---|
| Cash | 1 | 33 | 23 | 16 | | -100.0% |
| Short Term Debt | 0 | | 24 | 18 | | -100.0% |
| Long Term Debt | 38 | 33 | 42 | 23 | | -100.0% |
Cash flow
|
|---|
| Capex | 86 | | | | | |
Ratios
|
|---|
| Revenue growth | -30.5% | -6.1% | 22.6% | -1.2% | 8.5% | |
| EBITDA growth | 61.1% | -22.2% | -2.2% | 36.4% | -15.7% | |
| EBITDA Margin | 5.7% | 4.7% | 3.8% | 5.2% | 4.0% | -1.2% |
| Net Income Margin | 1.2% | 1.9% | -0.5% | 1.8% | -0.9% | -2.7% |
| CAPEX, % of revenue | 6.8% | | | | | 0.0% |
| ROIC | 6.9% | 3.7% | 1.6% | 4.4% | | -4.4% |
| ROE | 2.6% | 3.8% | -1.3% | 4.4% | | -4.4% |
| Net Debt/EBITDA | 0.5x | -0.0x | 0.8x | 0.3x | 0.0x | -0.3x |
Revenue and profitability
Bright Brothers's Revenue increased on 8.5% in FY2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 29.6 pp from 18.8% to -10.8% in FY2015.
Net Income marign decreased on 2.7 pp from 1.8% to -0.86% in FY2015.
Appendix 1: Peers in Containers & Packaging
Below you can find Bright Brothers benchmarking vs. other companies in Containers & Packaging 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 |
|---|
| Neo Corp International ($NEOCORP) | -63.2% | 36.7% | 45.2% | 56.4% | |
| Gopala Polyplast ($GOPALA) | -42.9% | -1.7% | 17.0% | 29.6% | |
| Shree Rama Multi-Tech ($SHREERAMA) | -18.3% | -25.0% | 18.2% | 23.3% | |
| Shri Jagdamba Polymers ($SHRJAGP) | -66.8% | 35.5% | 38.3% | 21.7% | |
| Time Technoplast ($TIMETECHNO) | -58.8% | 19.8% | 17.6% | 21.6% | |
| |
|---|
| Median (19 companies) | -49.0% | 18.0% | 15.3% | 14.1% | 8.6% |
|---|
| Bright Brothers ($BRIGHTBR) | | -6.1% | 22.6% | -1.2% | 8.5% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Control Print ($CONTROLPR) | | 13.9% | 19.2% | 22.5% | |
| Manaksia ($MANAKSIA) | 16.5% | 14.4% | 17.4% | 20.3% | 18.6% |
| Essel Propack ($ESSELPRO) | 17.8% | 17.0% | 17.4% | 16.9% | 17.2% |
| Piramal Glass ($PIRAMGLAS) | 24.4% | 23.7% | 18.9% | 15.5% | |
| Kg Petrochem ($KGPETRO) | 11.6% | 16.0% | 12.8% | 14.7% | |
| |
|---|
| Median (14 companies) | 12.6% | 12.9% | 11.3% | 12.2% | 6.9% |
|---|
| Bright Brothers ($BRIGHTBR) | 5.7% | 4.7% | 3.8% | 5.2% | 4.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Essel Propack ($ESSELPRO) | 7.9% | 10.0% | 6.7% | 8.5% | 9.4% |
| Piramal Glass ($PIRAMGLAS) | 12.6% | 20.7% | 6.0% | 7.7% | |
| Control Print ($CONTROLPR) | | 3.0% | 5.0% | 7.5% | |
| Hindusthan National Glass & Industries ($HINDNATGLS) | 21.7% | 75.5% | 25.0% | 6.7% | |
| Time Technoplast ($TIMETECHNO) | 18.5% | 17.9% | 11.1% | 6.2% | |
| |
|---|
| Median (7 companies) | 12.5% | 8.9% | 6.7% | 6.7% | 8.0% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Control Print ($CONTROLPR) | | | 19.7% | 22.2% | |
| Manaksia ($MANAKSIA) | 12.7% | 12.9% | 15.5% | 16.0% | 11.4% |
| Neo Corp International ($NEOCORP) | 17.4% | 14.9% | 13.7% | 15.7% | |
| Kg Petrochem ($KGPETRO) | 5.0% | 10.8% | 10.1% | 14.3% | |
| Hitech Plast ($HITECHPLAS) | 18.1% | 13.8% | 12.6% | 14.0% | |
| |
|---|
| Median (32 companies) | 8.7% | 9.4% | 9.9% | 12.0% | 13.1% |
|---|
| Bright Brothers ($BRIGHTBR) | 6.9% | 3.7% | 1.6% | 4.4% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Union Quality Plastics ($UNQTYMI) | | | 14.9x | 12.9x | 0.0x |
| Hindusthan National Glass & Industries ($HINDNATGLS) | 2.1x | 7.4x | 15.8x | 11.2x | |
| Piramal Glass ($PIRAMGLAS) | 3.0x | 3.1x | 4.1x | 4.3x | |
| Kg Petrochem ($KGPETRO) | 6.2x | 3.3x | 3.6x | 3.4x | |
| Uflex ($UFLEX) | 1.0x | 2.7x | 3.0x | 3.2x | |
| |
|---|
| Median (18 companies) | 3.2x | 3.2x | 3.5x | 2.0x | 0.0x |
|---|
| Bright Brothers ($BRIGHTBR) | 0.5x | -0.0x | 0.8x | 0.3x | 0.0x |
