Bilcare Net Debt / EBITDA jumped on 4.9x from 4.8x to 9.7x in 2015 while EBITDA dropped on 47.8%
29-05-2015 • About Bilcare (
$BI) • By InTwits
Bilcare reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Bilcare is a company in decline: FY2015 revenue growth was -12.1%, 5 years revenue CAGR was -3.2%
- EBITDA Margin is quite volatile: 8.2% in FY2015, 13.9% in FY2014, 10.9% in FY2013, 15.0% in FY2012, 51.1% in FY2011
- Bilcare has high CAPEX intensity: 5 year average CAPEX/Revenue was 24.0%. At the same time it's in pair with industry average of 4.0%.
- CAPEX is quite volatile: 0 in FY2015, 4,718 in FY2014, 10,343 in FY2013, 3,990 in FY2012, 14,703 in FY2011
- The company has potentially unprofitable business model: ROIC is at 0.9%
- It operates with medium-size leverage: Net Debt/EBITDA is 9.7x while industry average is 9.7x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Bilcare ($BI) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 22,866 | 36,418 | 35,467 | 30,620 | 26,923 | -12.1% |
| EBITDA | 11,688 | 5,452 | 3,874 | 4,252 | 2,218 | -47.8% |
| Net Income | 1,475 | 1,366 | 396 | -1,133 | -2,160 | |
Balance Sheet
|
|---|
| Cash | 1,778 | 1,725 | 944 | 1,060 | 1,563 | 47.4% |
| Short Term Debt | 864 | 673 | 2,244 | 2,642 | 2,482 | -6.0% |
| Long Term Debt | 11,032 | 13,032 | 18,651 | 18,817 | 20,632 | 9.6% |
Cash flow
|
|---|
| Capex | 14,703 | 3,990 | 10,343 | 4,718 | 0 | -100.0% |
Ratios
|
|---|
| Revenue growth | -27.8% | 59.3% | -2.6% | -13.7% | -12.1% | |
| EBITDA growth | 392.1% | -53.4% | -28.9% | 9.8% | -47.8% | |
| EBITDA Margin | 51.1% | 15.0% | 10.9% | 13.9% | 8.2% | -5.6% |
| Net Income Margin | 6.5% | 3.7% | 1.1% | -3.7% | -8.0% | -4.3% |
| CAPEX, % of revenue | 64.3% | 11.0% | 29.2% | 15.4% | 0.0% | -15.4% |
| ROIC | 12.8% | 12.8% | 7.3% | 2.8% | 0.9% | -2.0% |
| ROE | 15.2% | 11.4% | 3.0% | -8.6% | -17.9% | -9.3% |
| Net Debt/EBITDA | 0.9x | 2.2x | 5.2x | 4.8x | 9.7x | 4.9x |
Revenue and profitability
Bilcare's Revenue dropped on 12.1% in FY2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 5.6 pp from 13.9% to 8.2% in FY2015.
Net Income marign decreased on 4.3 pp from -3.7% to -8.0% in FY2015.
Return on investment
The company operates at low but positive ROIC (0.86%) and negative ROE (-17.86%). ROIC decreased slightly on 2.0 pp from 2.8% to 0.86% in FY2015. ROE decreased on 9.3 pp from -8.6% to -17.9% in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 9.7x and Debt / EBITDA is 10.4x. Net Debt / EBITDA jumped on 4.9x from 4.8x to 9.7x in FY2015. Debt increased on 7.7% in FY2015 while cash surged on 47.4% in FY2015.
Appendix 1: Peers in Healthcare Supplies
Below we provide Bilcare benchmarking against other companies in Healthcare Supplies 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.
