Milkfood revenue dropped on 13.1% in 2015
31-05-2015 • About Milkfood (
$MLKFOOD) • By InTwits
Milkfood reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: Milkfood is a company in decline: FY2015 revenue growth was -13.1%, 5 years revenue CAGR was -3.4%.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Milkfood ($MLKFOOD) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 3,079 | 3,046 | 3,329 | 4,252 | 3,694 | -13.1% |
| EBITDA | 127 | 177 | | | 159 | |
| Net Income | -52 | 6 | 7 | 12 | 10 | -15.3% |
Balance Sheet
|
|---|
| Cash | 17 | 18 | | | | |
| Short Term Debt | 242 | 381 | | | | |
| Long Term Debt | 415 | 337 | | | | |
Cash flow
|
|---|
| Capex | 51 | 113 | | | | |
Ratios
|
|---|
| Revenue growth | -29.8% | -1.1% | 9.3% | 27.7% | -13.1% | |
| EBITDA growth | 41.5% | 39.4% | | | | |
| EBITDA Margin | 4.1% | 5.8% | 0.0% | 0.0% | 4.3% | 4.3% |
| Net Income Margin | -1.7% | 0.2% | 0.2% | 0.3% | 0.3% | -0.0% |
| CAPEX, % of revenue | 1.7% | 3.7% | | | | 0.0% |
| ROIC | 7.3% | 12.4% | | | | 0.0% |
| ROE | -18.2% | 1.8% | | | | 0.0% |
| Net Debt/EBITDA | 5.0x | 4.0x | | | 0.0x | 0.0x |
Revenue and profitability
The company's Revenue dropped on 13.1% in FY2015.
Net Income marign showed almost no change in FY2015.
Appendix 1: Peers in Packaged Foods
Below you can find Milkfood benchmarking vs. other companies in Packaged Foods 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 |
|---|
| Simran Farms ($SIMRAN) | | 38.4% | 23.8% | 27.5% | 23.4% |
| Heritage Foods ($HERITGFOOD) | | 27.1% | 15.0% | 7.5% | 20.4% |
| Rcl Foods ($RCLFOODS) | | -56.8% | -34.2% | 18.2% | 17.8% |
| Umang Dairies ($UMANGDAIR) | | 46.8% | 15.7% | 24.5% | 16.1% |
| Britannia Industries ($BRITANNIA) | | 19.0% | 12.4% | 11.3% | 13.8% |
| |
|---|
| Median (12 companies) | -36.5% | 18.0% | 15.0% | 15.7% | 10.6% |
|---|
| Milkfood ($MLKFOOD) | | -1.1% | 9.3% | 27.7% | -13.1% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Glaxosmithkline Consumer Healthcare ($GSKCONS) | 18.8% | 18.6% | 17.8% | 22.5% | 17.2% |
| Sampre Nutritions ($SAMPRE) | | | | | 16.8% |
| Krbl ($KRBL) | 14.7% | 14.1% | 14.2% | 15.1% | 15.4% |
| Adf Foods ($ADFFOODS) | 16.2% | 13.5% | 11.2% | 8.6% | 14.5% |
| Britannia Industries ($BRITANNIA) | 5.2% | 5.7% | 6.9% | 9.2% | 11.1% |
| |
|---|
| Median (13 companies) | 7.7% | 8.0% | 7.3% | 8.6% | 6.7% |
|---|
| Milkfood ($MLKFOOD) | 4.1% | 5.8% | | | 4.3% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Venky'S (India) ($VENKYS) | 6.4% | 8.9% | 6.6% | 10.4% | 7.7% |
| Krbl ($KRBL) | 5.8% | 4.1% | 4.0% | 6.1% | 7.3% |
| Vadilal Industries ($VADILALIND) | 20.1% | 12.2% | 9.4% | 5.9% | |
| Adf Foods ($ADFFOODS) | 21.8% | 1.9% | 18.3% | 5.8% | |
| Glaxosmithkline Consumer Healthcare ($GSKCONS) | 3.6% | 2.7% | | 4.3% | 2.5% |
| |
|---|
| Median (10 companies) | 3.6% | 4.1% | 4.0% | 4.0% | 2.5% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kse ($KSE) | 14.7% | 27.7% | 14.1% | 36.9% | 69.0% |
| Britannia Industries ($BRITANNIA) | 17.8% | 24.6% | 33.7% | 54.0% | 59.4% |
| Glaxosmithkline Consumer Healthcare ($GSKCONS) | 45.0% | 44.6% | | | 36.2% |
| Umang Dairies ($UMANGDAIR) | 54.8% | 93.5% | 55.6% | 22.3% | 28.4% |
| Krbl ($KRBL) | 14.4% | 11.7% | 14.5% | 18.3% | 17.0% |
| |
|---|
| Median (15 companies) | 13.1% | 12.1% | 12.5% | 22.3% | 28.4% |
|---|
| Milkfood ($MLKFOOD) | 7.3% | 12.4% | | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Venky'S (India) ($VENKYS) | 0.9x | 2.6x | 2.8x | 6.7x | 3.9x |
| Krbl ($KRBL) | 3.7x | 4.1x | 2.9x | 3.0x | 2.7x |
| Heritage Foods ($HERITGFOOD) | 3.5x | 2.2x | 0.9x | 1.0x | 1.4x |
| Umang Dairies ($UMANGDAIR) | 1.8x | 0.6x | 0.5x | 1.7x | 1.1x |
| Sampre Nutritions ($SAMPRE) | 2.9x | 0.0x | 0.0x | | 0.0x |
| |
|---|
| Median (12 companies) | 2.2x | 1.7x | 0.9x | 1.0x | 0.0x |
|---|
| Milkfood ($MLKFOOD) | 5.0x | 4.0x | | | 0.0x |
