Moil EBITDA dropped on 24.8% in 2015 and Revenue dropped on 19.4%
29-05-2015 • About Moil (
$MOIL) • By InTwits
Moil reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Moil is a company in decline: FY2015 revenue growth was -19.4%, 5 years revenue CAGR was -2.7%
- Moil has medium CAPEX intensity: 5 year average CAPEX/Revenue was 6.6%. At the same time it's in pair with industry average of 5.9%.
- CAPEX is quite volatile: 947 in FY2015, 763 in FY2014, 477 in FY2013, 418 in FY2012, 488 in FY2011
- The company has business model with average profitability: ROIC is at 11.5%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Moil ($MOIL) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 11,400 | 8,996 | 9,671 | 10,213 | 8,233 | -19.4% |
| EBITDA | 7,695 | 4,348 | 4,367 | 5,573 | 4,190 | -24.8% |
| Net Income | 5,881 | 4,108 | 4,317 | 5,096 | 4,280 | -16.0% |
Balance Sheet
|
|---|
| Cash | 136 | 80 | 325 | 27,889 | 28,288 | 1.4% |
| Short Term Debt | 0 | 0 | 0 | 0 | 0 | |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 488 | 418 | 477 | 763 | 947 | 24.2% |
Ratios
|
|---|
| Revenue growth | 20.9% | -21.1% | 7.5% | 5.6% | -19.4% | |
| EBITDA growth | 5.2% | -43.5% | 0.4% | 27.6% | -24.8% | |
| EBITDA Margin | 67.5% | 48.3% | 45.2% | 54.6% | 50.9% | -3.7% |
| Net Income Margin | 51.6% | 45.7% | 44.6% | 49.9% | 52.0% | 2.1% |
| CAPEX, % of revenue | 4.3% | 4.6% | 4.9% | 7.5% | 11.5% | 4.0% |
| ROIC | 38.6% | 17.7% | 15.6% | 17.8% | 11.5% | -6.3% |
| ROE | 30.9% | 18.0% | 16.6% | 17.3% | 13.2% | -4.1% |
| Net Debt/EBITDA | -0.0x | -0.0x | -0.1x | -5.0x | -6.8x | -1.7x |
Revenue and profitability
The company's Revenue dropped on 19.4% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 3.4 pp from 1.4% to 4.8% in FY2015.
Net Income marign increased on 2.1 pp from 49.9% to 52.0% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 Moil had CAPEX/Revenue of 11.5%. The company's CAPEX/Revenue increased on 6.9 pp from 4.6% in FY2012 to 11.5% in FY2015. It's average CAPEX/Revenue for the last three years was 8.0%.
Return on investment
The company operates at good ROE (13.15%) while ROIC is low (11.50%). ROIC decreased on 6.3 pp from 17.8% to 11.5% in FY2015. ROE decreased on 4.1 pp from 17.3% to 13.2% in FY2015.
Leverage (Debt)
The company has no debt. Cash increased slightly on 1.4% in FY2015.
Valuation
Moil's trades at EV/EBITDA 3.0x and P/E 9.6x while industy averages are 10.5x and 26.1x. The company's EV/(EBITDA-CAPEX) is 3.9x with the industry average at 4.7x.
Appendix 1: Peers in Mining
Below you can find Moil benchmarking vs. other companies in Mining 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 |
|---|
| Ashapura Minechem ($ASHAPURMIN) | | 2.7% | 18.3% | 40.3% | 61.8% |
| 20 Microns ($20MICRONS) | | 18.4% | 3.6% | 5.0% | 9.0% |
| |
|---|
| Median (2 companies) | | 10.5% | 11.0% | 22.7% | 35.4% |
|---|
| Moil ($MOIL) | | -21.1% | 7.5% | 5.6% | -19.4% |
Top companies by EBITDA margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Ashapura Minechem ($ASHAPURMIN) | 33.8% | 11.7% | 17.1% | 16.6% | 15.5% |
| 20 Microns ($20MICRONS) | 10.6% | 12.7% | 12.4% | 9.2% | 8.4% |
| Yantra Natural Resources ($YANTRA) | | | | | 4.2% |
| |
|---|
| Median (3 companies) | 22.2% | 12.2% | 14.7% | 12.9% | 8.4% |
|---|
| Moil ($MOIL) | 67.5% | 48.3% | 45.2% | 54.6% | 50.9% |
Top companies by CAPEX/Revenue, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Ashapura Minechem ($ASHAPURMIN) | 3.1% | 6.4% | 5.3% | 3.7% | 6.3% |
| Yantra Natural Resources ($YANTRA) | | | | | 0.0% |
| |
|---|
| Median (2 companies) | 5.2% | 10.8% | 5.3% | 3.7% | 3.1% |
|---|
| Moil ($MOIL) | 4.3% | 4.6% | 4.9% | 7.5% | 11.5% |
Top companies by ROIC, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Ashapura Minechem ($ASHAPURMIN) | 45.1% | 39.1% | 87.6% | 90.5% | 181.4% |
| Yantra Natural Resources ($YANTRA) | | | | | 0.1% |
| 20 Microns ($20MICRONS) | 13.7% | 15.8% | 13.4% | | |
| |
|---|
| Median (3 companies) | 29.4% | 27.4% | 50.5% | 90.5% | 90.7% |
|---|
| Moil ($MOIL) | 38.6% | 17.7% | 15.6% | 17.8% | 11.5% |
Top companies by Net Debt / EBITDA
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Ashapura Minechem ($ASHAPURMIN) | 2.0x | 5.7x | 2.9x | 1.4x | 0.5x |
| 20 Microns ($20MICRONS) | 4.0x | 3.9x | 3.6x | 0.0x | 0.0x |
| Yantra Natural Resources ($YANTRA) | -0.1x | | | -17.9x | -0.1x |
| |
|---|
| Median (3 companies) | 2.0x | 5.7x | 3.6x | 0.0x | 0.0x |
|---|
| Moil ($MOIL) | -0.0x | -0.0x | -0.1x | -5.0x | -6.8x |
