Pix Transmissions revenue decreased on 3.6% in 2015 while EBITDA Margin increased slightly on 1.2 pp from 16.9% to 18.1%

29-05-2015 • About Pix Transmissions ($PIXTRANS) • By InTwits

Pix Transmissions reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: Pix Transmissions is a company in decline: FY2015 revenue growth was -3.6%, 5 years revenue CAGR was -3.1%.

Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Pix Transmissions ($PIXTRANS) key annual financial indicators

mln. INR	2011	2012	2013	2014	2015	2015/2014
P&L
Revenue	2,316	2,182	2,451	2,106	2,030	-3.6%
EBITDA	440	445	531	356	367	3.1%
Net Income	19	6	1,163	75	34	-54.1%
Balance Sheet
Cash	84	83	324
Short Term Debt			0
Long Term Debt	2,086	2,203	0
Cash flow
Capex	243
Ratios
Revenue growth	-2.5%	-5.8%	12.3%	-14.1%	-3.6%
EBITDA growth	28.4%	1.2%	19.3%	-33.0%	3.1%
EBITDA Margin	19.0%	20.4%	21.7%	16.9%	18.1%	1.2%
Net Income Margin	0.8%	0.3%	47.4%	3.6%	1.7%	-1.9%
CAPEX, % of revenue	10.5%					0.0%
ROIC	9.2%	8.8%	17.7%			0.0%
ROE	4.7%	1.2%	112.9%			0.0%
Net Debt/EBITDA	4.6x	4.8x	-0.6x	0.0x	0.0x	0.0x

Revenue and profitability

Pix Transmissions's Revenue decreased on 3.6% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.2 pp from 16.9% to 18.1% in FY2015.

Net Income marign decreased slightly on 1.9 pp from 3.6% to 1.7% in FY2015.

Appendix 1: Peers in Auto Tyres & Rubber Products

Below you can find Pix Transmissions benchmarking vs. other companies in Auto Tyres & Rubber Products 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
Rubfila International ($RUBFILA)		20.9%	4.7%	25.1%	28.7%
Ceat ($CEATLTD)		28.0%	8.7%	9.9%	3.6%
Balkrishna Industries ($BALKRISIND)		41.5%	12.5%	11.1%	1.2%
Apollo Tyres ($APOLLOTYRE)		37.1%	5.3%	4.0%	-4.4%
Median (4 companies)	-12.8%	28.0%	5.9%	9.9%	2.4%
Pix Transmissions ($PIXTRANS)		-5.8%	12.3%	-14.1%	-3.6%

Top companies by EBITDA margin, %

Top	FY2011	FY2012	FY2013	FY2014	FY2015
Balkrishna Industries ($BALKRISIND)	17.6%	17.0%	20.1%	26.0%	19.1%
Apollo Tyres ($APOLLOTYRE)	11.0%	9.7%	11.4%	14.2%	15.2%
Ceat ($CEATLTD)	4.6%	6.1%	9.0%	11.9%	13.7%
Rubfila International ($RUBFILA)	6.0%	12.3%	14.9%	12.6%	13.5%
Median (4 companies)	8.5%	11.0%	11.4%	12.6%	14.5%
Pix Transmissions ($PIXTRANS)	19.0%	20.4%	21.7%	16.9%	18.1%

Top companies by CAPEX/Revenue, %

Top	FY2011	FY2012	FY2013	FY2014	FY2015
Balkrishna Industries ($BALKRISIND)	10.8%	23.4%	29.9%	23.5%	9.7%
Ceat ($CEATLTD)	16.7%	3.1%	1.7%	2.7%	5.3%
Apollo Tyres ($APOLLOTYRE)	12.6%	6.5%	4.9%	3.7%	5.0%
Rubfila International ($RUBFILA)	2.2%	0.3%	9.1%	5.0%	2.2%
Median (4 companies)	10.8%	3.1%	4.9%	3.7%	5.1%

Top companies by ROIC, %

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Ceat ($CEATLTD)	8.5%	11.4%	19.1%	27.6%	28.8%
Goodyear India ($GOODYEAR)	33.1%	25.5%	30.3%	26.7%
Apollo Tyres ($APOLLOTYRE)	15.0%	14.7%	16.8%	23.6%	23.9%
Rubfila International ($RUBFILA)	12.5%	35.1%	26.2%	22.7%	29.4%
Multibase India ($MULTIBASE)	17.6%	12.3%	22.8%	22.0%
Median (8 companies)	15.5%	13.5%	19.1%	23.1%	26.3%
Pix Transmissions ($PIXTRANS)	9.2%	8.8%	17.7%

Top companies by Net Debt / EBITDA

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Balkrishna Industries ($BALKRISIND)	1.7x	3.2x	3.2x	2.5x	2.6x
Ceat ($CEATLTD)	5.8x	4.5x	2.1x	1.3x	0.8x
Apollo Tyres ($APOLLOTYRE)	2.3x	2.4x	1.3x	0.3x	0.3x
Tirupati Foam ($TIRFOAM)	3.8x	6.4x	5.4x	0.0x
Rubfila International ($RUBFILA)	4.7x	-0.2x	-0.1x	-0.3x	-0.2x
Median (7 companies)	3.8x	3.2x	1.3x	0.0x	0.5x
Pix Transmissions ($PIXTRANS)	4.6x	4.8x	-0.6x	0.0x	0.0x

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