Rubfila International Net Income jumped on 46.3% in 2015 and Revenue jumped on 28.7%
29-05-2015 • About Rubfila International (
$RUBFILA) • By InTwits
Rubfila International reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Rubfila International has low CAPEX intensity: 5 year average CAPEX/Revenue was 3.8%. At the same time it's in pair with industry average of 5.1%.
- CAPEX is quite volatile: 36.0 in FY2015, 63.2 in FY2014, 91.1 in FY2013, 2.9 in FY2012, 17.2 in FY2011
- The company has highly profitable business model: ROIC is at 29.4%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Rubfila International ($RUBFILA) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 792 | 957 | 1,002 | 1,254 | 1,615 | 28.7% |
| EBITDA | 48 | 117 | 149 | 158 | 218 | 38.3% |
| Net Income | 21 | 328 | 133 | 93 | 136 | 46.3% |
Balance Sheet
|
|---|
| Cash | 17 | 23 | 20 | 48 | 48 | -0.6% |
| Short Term Debt | 0 | 0 | 0 | 0 | 0 | |
| Long Term Debt | 243 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 17 | 3 | 91 | 63 | 36 | -43.0% |
Ratios
|
|---|
| Revenue growth | -58.0% | 20.9% | 4.7% | 25.1% | 28.7% | |
| EBITDA growth | 13.0% | 145.8% | 27.1% | 5.5% | 38.3% | |
| EBITDA Margin | 6.0% | 12.3% | 14.9% | 12.6% | 13.5% | 0.9% |
| Net Income Margin | 2.7% | 34.2% | 13.3% | 7.4% | 8.4% | 1.0% |
| CAPEX, % of revenue | 2.2% | 0.3% | 9.1% | 5.0% | 2.2% | -2.8% |
| ROIC | 12.5% | 35.1% | 26.2% | 22.7% | 29.4% | 6.8% |
| ROE | | | 29.0% | 17.1% | 21.9% | 4.7% |
| Net Debt/EBITDA | 4.7x | -0.2x | -0.1x | -0.3x | -0.2x | 0.1x |
Revenue and profitability
Rubfila International's Revenue surged on 28.7% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 5.2 pp from 7.4% to 12.7% in FY2015.
Net Income marign increased slightly on 1.0 pp from 7.4% to 8.4% in FY2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 2.2% in FY2015. CAPEX/Revenue increased slightly on 1.9 pp from 0.30% in FY2012 to 2.2% in FY2015. Average CAPEX/Revenue for the last three years was 5.5%.
Return on investment
The company operates at high and attractive ROIC (29.42%) and ROE (21.86%). ROIC increased on 6.8 pp from 22.7% to 29.4% in FY2015. ROE increased on 4.7 pp from 17.1% to 21.9% in FY2015.
Leverage (Debt)
The company has no debt. Cash decreased slightly on 0.56% in FY2015.
Valuation
Rubfila International's trades at EV/EBITDA 7.5x and P/E 12.4x while industy averages are 10.5x and 26.1x. The company's EV/(EBITDA-CAPEX) is 9.0x with the industry average at 4.7x.
Appendix 1: Peers in Auto Tyres & Rubber Products
Below we provide Rubfila International benchmarking against other companies in Auto Tyres & Rubber Products industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Ceat ($CEATLTD) | | 28.0% | 8.7% | 9.9% | 3.6% |
| Balkrishna Industries ($BALKRISIND) | | 41.5% | 12.5% | 11.1% | 1.2% |
| Pix Transmissions ($PIXTRANS) | | -5.8% | 12.3% | -14.1% | -3.6% |
| Apollo Tyres ($APOLLOTYRE) | | 37.1% | 5.3% | 4.0% | -4.4% |
| |
|---|
| Median (4 companies) | -12.8% | 28.0% | 8.7% | 4.0% | -1.2% |
|---|
| Rubfila International ($RUBFILA) | | 20.9% | 4.7% | 25.1% | 28.7% |
Top companies by EBITDA margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Balkrishna Industries ($BALKRISIND) | 17.6% | 17.0% | 20.1% | 26.0% | 19.1% |
| Pix Transmissions ($PIXTRANS) | 19.0% | 20.4% | 21.7% | 16.9% | 18.1% |
| Apollo Tyres ($APOLLOTYRE) | 11.0% | 9.7% | 11.4% | 14.2% | 15.2% |
| Ceat ($CEATLTD) | 4.6% | 6.1% | 9.0% | 11.9% | 13.7% |
| |
|---|
| Median (4 companies) | 14.3% | 13.3% | 11.4% | 14.2% | 16.6% |
|---|
| Rubfila International ($RUBFILA) | 6.0% | 12.3% | 14.9% | 12.6% | 13.5% |
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 ($APOLLOTYRE) | 12.6% | 6.5% | 4.9% | 3.7% | 5.0% |
| |
|---|
| Median (3 companies) | 10.8% | 4.8% | 4.0% | 3.4% | 5.3% |
|---|
| Rubfila International ($RUBFILA) | 2.2% | 0.3% | 9.1% | 5.0% | 2.2% |
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 ($APOLLOTYRE) | 15.0% | 14.7% | 16.8% | 23.6% | 23.9% |
| Multibase India ($MULTIBASE) | 17.6% | 12.3% | 22.8% | 22.0% | |
| Balkrishna Industries ($BALKRISIND) | 17.4% | 17.7% | 17.3% | 19.7% | 10.4% |
| |
|---|
| Median (8 companies) | 15.5% | 11.8% | 17.7% | 23.6% | 23.9% |
|---|
| Rubfila International ($RUBFILA) | 12.5% | 35.1% | 26.2% | 22.7% | 29.4% |
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 | |
| Pix Transmissions ($PIXTRANS) | 4.6x | 4.8x | -0.6x | 0.0x | 0.0x |
| |
|---|
| Median (7 companies) | 3.8x | 4.5x | 1.3x | 0.0x | 0.5x |
|---|
| Rubfila International ($RUBFILA) | 4.7x | -0.2x | -0.1x | -0.3x | -0.2x |
