Container Corporation Of India CAPEX jumped on 72.1% in 2015 and Revenue surged on 13.0%
28-05-2015 • About Container Corporation Of India (
$CONCOR) • By InTwits
Container Corporation Of India reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Container Corporation Of India has high CAPEX intensity: 5 year average CAPEX/Revenue was 10.1%. At the same time it's in pair with industry average of 9.5%.
- CAPEX is quite volatile: 8,479 in FY2015, 4,927 in FY2014, 5,921 in FY2013, 2,304 in FY2012, 3,150 in FY2011
- The company has highly profitable business model: ROIC is at 13.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Container Corporation Of India ($CONCOR) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 38,992 | 41,009 | 44,450 | 53,167 | 60,068 | 13.0% |
| SG&A | | | | 32 | 32 | 0.9% |
| EBITDA | 10,173 | 10,229 | 10,495 | 11,971 | 14,055 | 17.4% |
| Net Income | 8,764 | 8,657 | 9,306 | 9,443 | 10,544 | 11.7% |
Balance Sheet
|
|---|
| Cash | 566 | 9,033 | 11,010 | 27,499 | 29,083 | 5.8% |
| Short Term Debt | 174 | 347 | 385 | 17 | 344 | 1,983.6% |
| Long Term Debt | 296 | 234 | 0 | 1,160 | 1,308 | 12.7% |
Cash flow
|
|---|
| Capex | 3,150 | 2,304 | 5,921 | 4,927 | 8,479 | 72.1% |
Ratios
|
|---|
| Revenue growth | -48.3% | 5.2% | 8.4% | 19.6% | 13.0% | |
| EBITDA growth | 6.0% | 0.6% | 2.6% | 14.1% | 17.4% | |
| EBITDA Margin | 26.1% | 24.9% | 23.6% | 22.5% | 23.4% | 0.9% |
| Net Income Margin | 22.5% | 21.1% | 20.9% | 17.8% | 17.6% | -0.2% |
| SG&A, % of revenue | | | | 0.1% | 0.1% | -0.0% |
| CAPEX, % of revenue | 8.1% | 5.6% | 13.3% | 9.3% | 14.1% | 4.8% |
| ROIC | 17.8% | 15.5% | 14.1% | 14.2% | 13.3% | -0.9% |
| ROE | 19.0% | 16.5% | 15.8% | 14.4% | 14.7% | 0.2% |
| Net Debt/EBITDA | -0.0x | -0.8x | -1.0x | -2.2x | -2.0x | 0.2x |
Revenue and profitability
Container Corporation Of India's Revenue jumped on 13.0% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 4.2 pp from 28.9% to 33.1% in FY2015.
SG&A as a % of Revenue showed almost no change in FY2015.
Net Income marign showed almost no change in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 the company had CAPEX/Revenue of 14.1%. CAPEX/Revenue increased on 8.5 pp from 5.6% in FY2012 to 14.1% in FY2015. For the last three years the average CAPEX/Revenue was 12.2%.To secure this fast growth Container Corporation Of India invested a large share of EBITDA (60.3%) to CAPEX.
Return on investment
The company operates at good ROIC (13.29%) and ROE (14.67%). ROIC decreased slightly on 0.93 pp from 14.2% to 13.3% in FY2015. ROE showed almost no change in FY2015.
Leverage (Debt)
Debt level is -2.0x Net Debt / EBITDA and 0.1x Debt / EBITDA. Net Debt / EBITDA surged on 0.2x from -2.2x to -2.0x in FY2015. Debt jumped on 40.4% in FY2015 while cash increased on 5.8% in FY2015.
Appendix 1: Peers in Transport Related Services
Below you can find Container Corporation Of India benchmarking vs. other companies in Transport Related Services 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 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Til ($TIL) | -21.7% | 0.4% | -15.1% | 11.8% | |
| Action Construction Equipment ($ACE) | -5.1% | 22.2% | -22.1% | -7.8% | |
| Sanghvi Movers ($SANGHVIMOV) | | 24.7% | -26.3% | -27.2% | 26.6% |
| |
|---|
| Median (3 companies) | -13.4% | 22.2% | -22.1% | -7.8% | 26.6% |
|---|
| Container Corporation Of India ($CONCOR) | | 5.2% | 8.4% | 19.6% | 13.0% |
Top companies by EBITDA margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Sanghvi Movers ($SANGHVIMOV) | 70.8% | 70.1% | 69.8% | 57.9% | 58.3% |
| Til ($TIL) | 9.0% | 5.4% | 7.0% | 8.2% | |
| Action Construction Equipment ($ACE) | 8.5% | 6.5% | 5.6% | 4.1% | |
| |
|---|
| Median (3 companies) | 9.0% | 6.5% | 7.0% | 8.2% | 11.5% |
|---|
| Container Corporation Of India ($CONCOR) | 26.1% | 24.9% | 23.6% | 22.5% | 23.4% |
Top companies by CAPEX/Revenue, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Action Construction Equipment ($ACE) | 4.8% | 8.8% | 6.5% | 4.6% | |
| Sanghvi Movers ($SANGHVIMOV) | 91.4% | 51.3% | 2.8% | 3.9% | 16.6% |
| Til ($TIL) | 6.0% | 11.7% | 5.6% | 2.7% | |
| |
|---|
| Median (3 companies) | 6.0% | 11.7% | 5.6% | 3.9% | 16.6% |
|---|
| Container Corporation Of India ($CONCOR) | 8.1% | 5.6% | 13.3% | 9.3% | 14.1% |
Top companies by ROIC, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Til ($TIL) | 17.8% | 6.8% | 5.7% | 7.7% | |
| Action Construction Equipment ($ACE) | 18.9% | 10.9% | 5.2% | 2.2% | |
| Sanghvi Movers ($SANGHVIMOV) | 14.3% | 15.3% | 8.1% | 1.7% | 5.0% |
| Kernex Microsystems (India) ($KERNEX) | 6.0% | 5.7% | | | |
| |
|---|
| Median (4 companies) | 16.1% | 8.8% | 5.7% | 2.2% | 5.0% |
|---|
| Container Corporation Of India ($CONCOR) | 17.8% | 15.5% | 14.1% | 14.2% | 13.3% |
Top companies by Net Debt / EBITDA
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Action Construction Equipment ($ACE) | 0.8x | 2.6x | 4.2x | 5.6x | |
| Til ($TIL) | 1.4x | 4.6x | 5.8x | 5.1x | |
| Sanghvi Movers ($SANGHVIMOV) | 2.5x | 2.2x | 2.5x | 3.3x | 1.7x |
| |
|---|
| Median (3 companies) | 1.8x | 2.4x | 3.3x | 5.1x | 1.7x |
|---|
| Container Corporation Of India ($CONCOR) | -0.0x | -0.8x | -1.0x | -2.2x | -2.0x |
