Just Dial reports 226% CAPEX growth and 27.9% Revenue growth
29-05-2015 • About Just Dial (
$JUSTDIAL) • By InTwits
Just Dial reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Just Dial has medium CAPEX intensity: 5 year average CAPEX/Revenue was 9.1%. At the same time it's a lot of higher than industry average of 4.8%.
- CAPEX is quite volatile: 681 in FY2015, 209 in FY2014, 361 in FY2013, 231 in FY2012, 192 in FY2011
- The company has highly profitable business model: ROIC is at 31.7%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Just Dial ($JUSTDIAL) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,796 | 2,594 | 3,628 | 4,613 | 5,898 | 27.9% |
| EBITDA | 456 | 674 | 1,007 | 1,821 | 2,157 | 18.4% |
| Net Income | 286 | 528 | 685 | 1,206 | 1,388 | 15.1% |
Balance Sheet
|
|---|
| Cash | 201 | 237 | 239 | 369 | 422 | 14.4% |
| Short Term Debt | 0 | 0 | 0 | 0 | 0 | |
| Long Term Debt | 1 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 192 | 231 | 361 | 209 | 681 | 225.5% |
Ratios
|
|---|
| Revenue growth | -75.2% | 44.4% | 39.8% | 27.2% | 27.9% | |
| EBITDA growth | 53.6% | 47.6% | 49.5% | 80.8% | 18.4% | |
| EBITDA Margin | 25.4% | 26.0% | 27.8% | 39.5% | 36.6% | -2.9% |
| Net Income Margin | 15.9% | 20.4% | 18.9% | 26.1% | 23.5% | -2.6% |
| CAPEX, % of revenue | 10.7% | 8.9% | 10.0% | 4.5% | 11.5% | 7.0% |
| ROIC | 50.3% | 58.7% | 32.4% | 34.2% | 31.7% | -2.5% |
| ROE | 36.6% | 53.1% | 25.7% | 25.1% | 23.0% | -2.1% |
| Net Debt/EBITDA | -0.4x | -0.4x | -0.2x | -0.2x | -0.2x | 0.0x |
Revenue and profitability
Just Dial's Revenue surged on 27.9% in FY2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 3.0 pp from -12.2% to -15.3% in FY2015.
Net Income marign decreased on 2.6 pp from 26.1% to 23.5% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 Just Dial had CAPEX/Revenue of 11.5%. The company showed CAPEX/Revenue growth of 2.6 pp from 8.9% in FY2012 to 11.5% in FY2015. For the last three years the average CAPEX/Revenue was 8.7%.
Return on investment
The company operates at high and attractive ROIC (31.73%) and ROE (22.99%). ROIC decreased on 2.5 pp from 34.2% to 31.7% in FY2015. ROE decreased on 2.1 pp from 25.1% to 23.0% in FY2015.
Leverage (Debt)
The company has no debt. Cash jumped on 14.4% in FY2015.
Valuation
Just Dial's trades at EV/EBITDA 36.7x and P/E 57.4x while industy averages are 10.5x and 26.1x. Just Dial's EV/(EBITDA-CAPEX) is 53.7x with the industry average at 4.7x.
Appendix 1: Peers in Publishing
Below you can find Just Dial benchmarking vs. other companies in Publishing 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 |
|---|
| Hindustan Media Ventures ($HMVL) | | 15.6% | 6.6% | 14.7% | 12.2% |
| D B Corp ($DBCORP) | | 12.4% | 13.7% | 19.3% | 8.1% |
| Ht Media ($HTMEDIA) | | 15.0% | 2.3% | 7.4% | 4.0% |
| Jagran Prakashan ($JAGRAN) | | 11.0% | 12.3% | 11.9% | 3.9% |
| |
|---|
| Median (4 companies) | | 13.7% | 9.4% | 13.3% | 6.0% |
|---|
| Just Dial ($JUSTDIAL) | | 44.4% | 39.8% | 27.2% | 27.9% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Next Mediaworks ($NEXTMEDIA) | | | | | 31.4% |
| Sambhaav Media ($SAMBHAAV) | | | | | 30.7% |
| D B Corp ($DBCORP) | 33.3% | 25.9% | 24.8% | 27.1% | 28.1% |
| Jagran Prakashan ($JAGRAN) | 29.8% | 23.4% | 19.5% | 23.2% | 25.8% |
| Hindustan Media Ventures ($HMVL) | 17.0% | 16.3% | 17.7% | 20.8% | 21.0% |
| |
|---|
| Median (7 companies) | 25.2% | 20.7% | 19.0% | 22.0% | 25.8% |
|---|
| Just Dial ($JUSTDIAL) | 25.4% | 26.0% | 27.8% | 39.5% | 36.6% |
Top companies by CAPEX/Revenue, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Ht Media ($HTMEDIA) | 4.5% | 3.8% | 6.4% | 6.9% | 4.1% |
| D B Corp ($DBCORP) | 11.8% | 8.9% | 3.6% | 5.5% | 3.6% |
| Jagran Prakashan ($JAGRAN) | 15.1% | 11.2% | 6.6% | 5.3% | 3.1% |
| Hindustan Media Ventures ($HMVL) | 5.7% | 7.7% | 1.2% | 5.8% | 1.9% |
| |
|---|
| Median (4 companies) | 8.7% | 8.3% | 5.0% | 5.7% | 3.4% |
|---|
| Just Dial ($JUSTDIAL) | 10.7% | 8.9% | 10.0% | 4.5% | 11.5% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| D B Corp ($DBCORP) | 33.4% | 25.7% | 25.8% | 32.7% | 32.9% |
| Jagran Prakashan ($JAGRAN) | | 19.7% | 11.3% | 19.7% | 20.8% |
| Hindustan Media Ventures ($HMVL) | 23.0% | 17.7% | 18.3% | 22.3% | 19.6% |
| Ht Media ($HTMEDIA) | 16.8% | 14.7% | 14.2% | 10.9% | 8.6% |
| Sambhaav Media ($SAMBHAAV) | 8.2% | 8.7% | 7.6% | | |
| |
|---|
| Median (7 companies) | 12.5% | 14.7% | 11.3% | 19.7% | 20.2% |
|---|
| Just Dial ($JUSTDIAL) | 50.3% | 58.7% | 32.4% | 34.2% | 31.7% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Ht Media ($HTMEDIA) | 0.5x | 0.5x | 0.6x | 1.1x | 0.6x |
| Hindustan Media Ventures ($HMVL) | -0.2x | -0.2x | -0.2x | -0.0x | 0.3x |
| Jagran Prakashan ($JAGRAN) | 0.5x | 2.0x | 1.5x | 1.2x | 0.1x |
| Cyber Media (India) ($CYBERMEDIA) | 4.8x | 4.1x | 6.8x | | 0.0x |
| Next Mediaworks ($NEXTMEDIA) | 11.9x | | 1.9x | 1.0x | 0.0x |
| |
|---|
| Median (7 companies) | 0.5x | 0.5x | 1.5x | 0.5x | 0.0x |
|---|
| Just Dial ($JUSTDIAL) | -0.4x | -0.4x | -0.2x | -0.2x | -0.2x |
