Monetbbph Net Debt / EBITDA jumped on 112.9x from 27.4x to 140.3x in 2015 and Revenue jumped on 40.8%
29-05-2015 • About Monetbbph (
$MONETBBPH) • By InTwits
Monetbbph reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Monetbbph doesn't have a profitable business model yet: FY2015 ROIC is -1.4%
- EBITDA Margin is declining: 2.7% in FY2015 vs. 16.9% in FY2014 vs. 28.2% in FY2011
- EBITDA Margin is quite volatile: 2.7% in FY2015, 16.9% in FY2014, 23.4% in FY2013, 25.0% in FY2012, 28.2% in FY2011
- Monetbbph has high CAPEX intensity: 5 year average CAPEX/Revenue was 74.9%. At the same time it's a lot of higher than industry average of 10.7%.
- CAPEX is quite volatile: 28,935 in FY2015, 32,049 in FY2014, 1,073 in FY2013, 26,133 in FY2012, 1,554 in FY2011
- The company has unprofitable business model: ROIC is at -1.4%
- It operates with high leverage: Net Debt/EBITDA is 140.3x while industry average is 10.3x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Monetbbph ($MONETBBPH) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 16,256 | 19,887 | 20,621 | 23,021 | 32,421 | 40.8% |
| EBITDA | 4,585 | 4,968 | 4,826 | 3,890 | 872 | -77.6% |
| Net Income | 2,765 | 2,612 | 2,221 | 370 | -8,569 | -2,413.8% |
Balance Sheet
|
|---|
| Cash | 7,462 | 8,769 | 7,559 | 678 | 2,656 | 291.6% |
| Short Term Debt | 10,848 | 16,561 | 21,624 | 15,257 | 31,063 | 103.6% |
| Long Term Debt | 21,112 | 40,982 | 64,440 | 92,112 | 93,934 | 2.0% |
Cash flow
|
|---|
| Capex | 1,554 | 26,133 | 1,073 | 32,049 | 28,935 | -9.7% |
Ratios
|
|---|
| Revenue growth | -58.7% | 22.3% | 3.7% | 11.6% | 40.8% | |
| EBITDA growth | -0.3% | 8.3% | -2.9% | -19.4% | -77.6% | |
| EBITDA Margin | 28.2% | 25.0% | 23.4% | 16.9% | 2.7% | -14.2% |
| Net Income Margin | 17.0% | 13.1% | 10.8% | 1.6% | -26.4% | -28.0% |
| CAPEX, % of revenue | 9.6% | 131.4% | 5.2% | 139.2% | 89.2% | -50.0% |
| ROIC | 8.3% | 5.9% | 3.8% | 1.9% | -1.4% | -3.3% |
| ROE | 14.5% | 11.4% | 8.8% | 0.9% | -37.3% | -38.2% |
| Net Debt/EBITDA | 5.3x | 9.8x | 16.3x | 27.4x | 140.3x | 112.9x |
Revenue and profitability
Monetbbph's Revenue jumped on 40.8% in FY2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin dropped on 14.2 pp from 16.9% to 2.7% in FY2015.
Net Income marign dropped on 28.0 pp from 1.6% to -26.4% in FY2015.
Capital expenditures (CAPEX) and working capital investments
Monetbbph's CAPEX/Revenue was 89.2% in FY2015. CAPEX/Revenue dropped on 42.2 pp from 131% in FY2012 to 89.2% in FY2015. It's average CAPEX/Revenue for the last three years was 77.9%.To secure this fast growth Monetbbph made large investments to CAPEX (3,318% of EBITDA).
Return on investment
The company operates at negative ROIC (-1.40%) and ROE (-37.30%). ROIC decreased on 3.3 pp from 1.9% to -1.4% in FY2015. ROE dropped on 38.2 pp from 0.88% to -37.3% in FY2015.
Leverage (Debt)
Debt level is 140.3x Net Debt / EBITDA and 143.3x Debt / EBITDA. Net Debt / EBITDA surged on 112.9x from 27.4x to 140.3x in FY2015. Debt surged on 16.4% in FY2015 while cash surged on 292% in FY2015.
Appendix 1: Peers in
Below you can find Monetbbph benchmarking vs. other companies in 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 |
|---|
| Rane Engine Valve ($RANENGIN) | | 6.5% | -14.4% | -1.2% | 49.3% |
| Indbulbbph ($INDBULBBPH) | | -3.2% | -6.5% | 33.5% | 49.2% |
| Asleyf ($ASLEYF) | | 15.5% | -3.3% | -8.0% | 33.6% |
| Bharat Rasayan ($BHARATRA) | | 51.3% | 32.1% | 92.7% | 21.4% |
| Jklakbbph ($JKLAKBBPH) | | 29.9% | 19.6% | 0.0% | 12.2% |
| |
|---|
| Median (15 companies) | -48.2% | 17.4% | 10.8% | 3.5% | 8.4% |
|---|
| Monetbbph ($MONETBBPH) | | 22.3% | 3.7% | 11.6% | 40.8% |
Top companies by Gross margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jenson & Nicholson Financial Services ($JNFSL) | | 0.0% | 0.0% | 0.0% | 0.0% |
| Bombay Drugs & Pharmas ($BOMDRDM) | | 0.0% | 0.0% | 0.0% | 0.0% |
| Southern Herbals ($SOUTHNHE) | | 0.0% | 0.0% | 0.0% | 0.0% |
| Tafnccpeq ($TAFNCCPEQ) | | 0.0% | 0.0% | 0.0% | 0.0% |
| |
|---|
| Median (4 companies) | | 0.0% | 0.0% | 0.0% | 0.0% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Oswal Chemicals & Fertilizers ($OSWALCHEM) | | | | | 53.4% |
| Paushak ($PAUSHAK) | | | | | 25.6% |
| The United Nilgiri Tea Estates Company ($UNITEDTEA) | | | | | 24.7% |
| Indbulbbph ($INDBULBBPH) | 27.9% | 36.7% | 34.6% | 29.5% | 23.5% |
| Uplbbph ($UPLBBPH) | 18.8% | 18.2% | 18.3% | 18.8% | 20.0% |
| |
|---|
| Median (19 companies) | 13.4% | 12.8% | 11.3% | 14.5% | 10.7% |
|---|
| Monetbbph ($MONETBBPH) | 28.2% | 25.0% | 23.4% | 16.9% | 2.7% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jklakbbph ($JKLAKBBPH) | 23.6% | 28.5% | 28.8% | 24.6% | 23.6% |
| Rilbbph ($RILBBPH) | 12.7% | 4.6% | 7.7% | 13.8% | 16.9% |
| Gkw ($GKW) | | | | | 15.5% |
| Paushak ($PAUSHAK) | | | | | 12.3% |
| The United Nilgiri Tea Estates Company ($UNITEDTEA) | | | | | 8.8% |
| |
|---|
| Median (16 companies) | 5.0% | 8.6% | 5.2% | 3.6% | 4.0% |
|---|
| Monetbbph ($MONETBBPH) | 9.6% | 131.4% | 5.2% | 139.2% | 89.2% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Bharat Rasayan ($BHARATRA) | 10.0% | 22.1% | 13.7% | 21.9% | 26.1% |
| Uplbbph ($UPLBBPH) | 16.3% | 17.1% | 15.9% | 18.2% | 22.1% |
| Ginni Filaments ($GINNIFIL) | 11.6% | -1.0% | 15.2% | 21.6% | 12.8% |
| Rane Brake Lining ($RANEBRAKE) | 15.3% | 14.1% | 7.9% | 11.1% | 12.8% |
| Asleyf ($ASLEYF) | 13.6% | 12.2% | 5.8% | -0.5% | 7.6% |
| |
|---|
| Median (25 companies) | 10.9% | 9.4% | 7.6% | 5.9% | 3.1% |
|---|
| Monetbbph ($MONETBBPH) | 8.3% | 5.9% | 3.8% | 1.9% | -1.4% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Indbulbbph ($INDBULBBPH) | 8.5x | 4.3x | 4.8x | 5.5x | 9.6x |
| Jklakbbph ($JKLAKBBPH) | 3.0x | 2.1x | 2.3x | 5.3x | 5.5x |
| Asleyf ($ASLEYF) | 2.0x | 2.5x | 5.0x | 17.8x | 5.0x |
| Rane Engine Valve ($RANENGIN) | 1.7x | 2.1x | 11.3x | 4.5x | 4.8x |
| Indian Metals & Ferro Alloys ($INDMETA-B) | 1.8x | 4.0x | 3.8x | 3.5x | 4.3x |
| |
|---|
| Median (14 companies) | 1.8x | 2.1x | 2.2x | 2.3x | 2.5x |
|---|
| Monetbbph ($MONETBBPH) | 5.3x | 9.8x | 16.3x | 27.4x | 140.3x |
