Oscar Investments Debt jumped on 164% in 2015 while Revenue decreased on 4.0%
29-05-2015 • About Oscar Investments (
$OSCAR) • By InTwits
Oscar Investments reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Oscar Investments is a company in decline: FY2015 revenue growth was -4.0%, 5 years revenue CAGR was -2.6%
- Oscar Investments has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.5%.
- It operates with high leverage: Net Debt/EBITDA is 7.7x while industry average is 1.5x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Oscar Investments ($OSCAR) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 860 | 2,931 | 782 | 1,209 | 1,161 | -4.0% |
| EBITDA | 746 | 2,821 | 636 | 1,047 | 1,022 | -2.4% |
| Net Income | 425 | 1,965 | 423 | 287 | 281 | -1.9% |
Balance Sheet
|
|---|
| Cash | 1,259 | 8 | 213 | 24 | 16 | -35.5% |
| Short Term Debt | 0 | 361 | 3,403 | 2,972 | 2,848 | -4.2% |
| Long Term Debt | 600 | 600 | 0 | 0 | 5,000 | |
Cash flow
|
|---|
| Capex | 2 | 1 | 9 | 12 | 1 | -92.6% |
Ratios
|
|---|
| Revenue growth | -35.0% | 240.9% | -73.3% | 54.7% | -4.0% | |
| EBITDA growth | 1.8% | 278.2% | -77.5% | 64.7% | -2.4% | |
| EBITDA Margin | 86.8% | 96.3% | 81.3% | 86.6% | 88.0% | 1.4% |
| Net Income Margin | 49.4% | 67.0% | 54.1% | 23.7% | 24.2% | 0.5% |
| CAPEX, % of revenue | 0.2% | 0.0% | 1.2% | 1.0% | 0.1% | -0.9% |
| ROE | 3.0% | 12.6% | 2.5% | 1.7% | 1.6% | -0.1% |
| Net Debt/EBITDA | -0.9x | 0.3x | 5.0x | 2.8x | 7.7x | 4.8x |
Revenue and profitability
Oscar Investments's Revenue decreased on 4.0% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.4 pp from 86.6% to 88.0% in FY2015.
Net Income marign showed almost no change in FY2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 0.076% in FY2015. CAPEX/Revenue showed almost no change from FY2012 to FY2015. For the last three years the average CAPEX/Revenue was 0.75%.
Leverage (Debt)
Debt level is 7.7x Net Debt / EBITDA and 7.7x Debt / EBITDA. Net Debt / EBITDA surged on 4.8x from 2.8x to 7.7x in FY2015. Debt jumped on 164% in FY2015 while cash dropped on 35.5% in FY2015.
Appendix 1: Peers in Investment Companies
Below you can find Oscar Investments benchmarking vs. other companies in Investment Companies 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 |
|---|
| United Breweries (Holdings) ($UBHOLDINGS) | 891.0% | -13.5% | -87.2% | -27.1% | |
| |
|---|
| Median (1 company) | 891.0% | -13.5% | -87.2% | -27.1% | |
|---|
| Oscar Investments ($OSCAR) | | 240.9% | -73.3% | 54.7% | -4.0% |
Top companies by EBITDA margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Bf Investment ($BFINVEST) | | | | | 95.0% |
| Summit Securities ($SUMMITSEC) | | | | | 94.1% |
| Industrial & Prudential Investments Co ($INDPRUD) | | | | | 90.4% |
| Tamboli Capital ($TAMBOLI) | | | | | 20.2% |
| |
|---|
| Median (4 companies) | 1.8% | -20.6% | 26.1% | -662.4% | 92.3% |
|---|
| Oscar Investments ($OSCAR) | 86.8% | 96.3% | 81.3% | 86.6% | 88.0% |
Top companies by CAPEX/Revenue, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Bf Investment ($BFINVEST) | | | | | 5.3% |
| Summit Securities ($SUMMITSEC) | | | | | 0.1% |
| |
|---|
| Median (2 companies) | 0.6% | 0.4% | 2.8% | 4.0% | 2.7% |
|---|
| Oscar Investments ($OSCAR) | 0.2% | 0.0% | 1.2% | 1.0% | 0.1% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Geefcee Finance ($GEEFC) | | | | | |
| Industrial & Prudential Investments Co ($INDPRUD) | | | | | |
| Bf Investment ($BFINVEST) | | | | | |
| Oswal Agro Mills ($OSWALAGRO) | | | | | |
| Tamboli Capital ($TAMBOLI) | | | | | |
| |
|---|
| Median (6 companies) | -2.4% | -20.6% | 2.8% | -68.6% | |
|---|
| Oscar Investments ($OSCAR) | | | | | |
Top companies by Net Debt / EBITDA
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Tamboli Capital ($TAMBOLI) | 1.8x | 1.3x | | 0.0x | 0.0x |
| Industrial & Prudential Investments Co ($INDPRUD) | -0.2x | -0.3x | -0.6x | | 0.0x |
| Bf Investment ($BFINVEST) | -0.0x | -0.0x | -0.0x | -0.0x | -0.0x |
| Summit Securities ($SUMMITSEC) | 0.2x | -0.7x | -0.4x | -0.2x | -0.2x |
| |
|---|
| Median (4 companies) | 0.2x | -0.1x | -0.4x | -0.0x | -0.0x |
|---|
| Oscar Investments ($OSCAR) | -0.9x | 0.3x | 5.0x | 2.8x | 7.7x |
