Gee EBITDA decreased on 7.7% in 2015 and EBITDA Margin decreased slightly on 1.3 pp from 9.4% to 8.1%

31-05-2015 • About Gee ($GEE) • By InTwits

Gee reported FY2015 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Gee ($GEE) key annual financial indicators

mln. INR	2011	2012	2013	2014	2015	2015/2014
P&L
Revenue	1,471	1,732	1,863	1,674	1,801	7.6%
EBITDA	193	188	157	158	146	-7.7%
Net Income	92	71	46	43	24	-44.7%
Balance Sheet
Cash	8	19	33
Short Term Debt	307	374	287
Long Term Debt	155	242	180
Cash flow
Capex	165	48
Ratios
Revenue growth	-27.7%	17.7%	7.6%	-10.2%	7.6%
EBITDA growth	13.5%	-2.3%	-16.8%	0.7%	-7.7%
EBITDA Margin	13.1%	10.9%	8.4%	9.4%	8.1%	-1.3%
Net Income Margin	6.3%	4.1%	2.5%	2.6%	1.3%	-1.2%
CAPEX, % of revenue	11.2%	2.8%				0.0%
ROIC	22.0%	16.4%	12.3%			0.0%
ROE	23.5%	15.4%	9.0%			0.0%
Net Debt/EBITDA	2.4x	3.2x	2.8x	0.0x	0.0x	0.0x

Revenue and profitability

Gee's Revenue increased on 7.6% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.7 pp from 3.8% to 5.6% in FY2015.

Net Income marign decreased slightly on 1.2 pp from 2.6% to 1.3% in FY2015.

Appendix 1: Peers in Other Industrial Goods

Below you can find Gee benchmarking vs. other companies in Other Industrial Goods 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
Ifgl Refractories ($IFGLREFRAC)		28.2%	11.2%	15.9%	1.2%
Amd Industries ($AMDIND)		31.8%	-15.5%	21.0%	-9.9%
Graphite India ($GRPHIDM)		32.5%	1.9%	3.1%	-14.9%
Heg ($HEG)		27.9%	13.6%	-9.8%	-15.9%
Hariyana Ship Breakers ($HRYNSHP)		80.1%	75.6%	-54.7%	-49.6%
Median (6 companies)	-34.2%	30.0%	11.2%	3.8%	-15.4%
Gee ($GEE)		17.7%	7.6%	-10.2%	7.6%

Top companies by EBITDA margin, %

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Snl Bearings ($SNL)					29.0%
Heg ($HEG)	20.7%	17.0%	18.1%	16.9%	16.3%
Amd Industries ($AMDIND)	15.4%	15.3%	12.3%	16.4%	15.3%
Ifgl Refractories ($IFGLREFRAC)	8.6%	13.2%	8.5%	15.1%	11.3%
Graphite India ($GRPHIDM)	21.7%	16.9%	14.1%	12.7%	8.2%
Median (6 companies)	16.7%	15.3%	12.3%	15.3%	13.3%
Gee ($GEE)	13.1%	10.9%	8.4%	9.4%	8.1%

Top companies by CAPEX/Revenue, %

Top	FY2011	FY2012	FY2013	FY2014	FY2015
Heg ($HEG)	7.3%	14.4%	9.3%	18.7%	2.6%
Ifgl Refractories ($IFGLREFRAC)	3.3%	0.8%	2.9%	1.3%	2.5%
Insilco ($INSILCO)					1.6%
Graphite India ($GRPHIDM)	6.8%	7.1%	2.7%	1.2%	1.6%
Median (4 companies)	5.9%	5.6%	2.9%	2.9%	2.1%

Top companies by ROIC, %

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Snl Bearings ($SNL)	54.6%	61.1%	48.2%	31.9%
Ifgl Refractories ($IFGLREFRAC)	11.8%	20.0%	11.7%	23.5%	15.7%
Vhcl Industries ($VHCLINDUS)		56.8%	22.6%	20.2%
Vesuvius India ($VESUVIUS)	23.1%	25.0%	25.0%	19.3%
Heg ($HEG)	9.8%	9.0%	10.4%	8.3%	5.5%
Median (13 companies)	11.8%	15.3%	12.1%	19.8%	5.5%
Gee ($GEE)	22.0%	16.4%	12.3%

Top companies by Net Debt / EBITDA

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Vhcl Industries ($VHCLINDUS)		1.4x	2.6x	4.0x
Heg ($HEG)	3.9x	5.2x	4.1x	3.3x	4.1x
Graphite India ($GRPHIDM)	1.0x	2.0x	2.7x	1.7x	2.4x
Snl Bearings ($SNL)	0.3x	0.2x	0.6x	1.1x	0.0x
Ifgl Refractories ($IFGLREFRAC)	2.9x	1.2x	2.1x	0.7x	0.9x
Median (8 companies)	1.0x	1.2x	1.3x	0.9x	0.9x
Gee ($GEE)	2.4x	3.2x	2.8x	0.0x	0.0x

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