Raunaq Automotive Components EBITDA jumped on 27.6% in 2015 and EBITDA Margin increased on 3.1 pp from 12.0% to 15.1%

05-06-2015 • About Raunaq Automotive Components ($RAUNAQAU) • By InTwits

Raunaq Automotive Components reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is expanding: 15.1% in FY2015 vs. 12.0% in FY2014 vs. 10.8% in FY2011.

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

Raunaq Automotive Components ($RAUNAQAU) key annual financial indicators

mln. INR	2011	2012	2013	2014	2015	2015/2014
P&L
Revenue	827	987	941	1,030	1,044	1.4%
EBITDA	90	101	99	124	158	27.6%
Net Income	26	27	16	19	36	92.0%
Balance Sheet
Cash	2	2	9
Short Term Debt	87	122	236
Long Term Debt	100	174	185
Cash flow
Capex	89	111
Ratios
Revenue growth	-28.3%	19.4%	-4.6%	9.4%	1.4%
EBITDA growth	7.5%	12.2%	-1.9%	25.3%	27.6%
EBITDA Margin	10.8%	10.2%	10.5%	12.0%	15.1%	3.1%
Net Income Margin	3.1%	2.8%	1.7%	1.8%	3.4%	1.6%
CAPEX, % of revenue	10.7%	11.2%				0.0%
ROIC	18.2%	15.2%	9.8%			0.0%
ROE	16.8%	14.4%	5.7%			0.0%
Net Debt/EBITDA	2.1x	2.9x	4.2x	0.0x	0.0x	0.0x

Revenue and profitability

The company's Revenue increased slightly on 1.4% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin surged on 20.7 pp from 17.4% to 38.1% in FY2015.

Net Income marign increased slightly on 1.6 pp from 1.8% to 3.4% in FY2015.

Appendix 1: Peers in Auto Parts & Equipment

Below we provide Raunaq Automotive Components benchmarking against other companies in Auto Parts & Equipment 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 5	FY2011	FY2012	FY2013	FY2014	FY2015
Spectra Industries ($SPECTRA)		16.4%	40.2%	-10.1%	57.1%
India Nippon Electricals ($INDNIPPON)		13.6%	3.2%	-2.4%	24.8%
Amara Raja Batteries ($AMARAJABAT)		34.3%	25.1%	16.1%	22.6%
Enkei Wheels (India) ($ENKEIWHEL)		16.9%	1.3%	11.7%	21.6%
Ip Rings ($IPRINGLTD)		4.0%	2.4%	-0.1%	19.5%
Median (36 companies)		16.9%	2.7%	4.9%	8.7%
Raunaq Automotive Components ($RAUNAQAU)		19.4%	-4.6%	9.4%	1.4%

Top companies by EBITDA margin, %

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Ist ($ISTLTD)					71.6%
Tube Investments Of India ($TUBEINVEST)	33.7%	18.4%	24.4%	28.3%	30.0%
Shivam Autotech ($SHIVAMAUTO)	23.2%	24.1%	24.1%	20.6%	18.7%
Amara Raja Batteries ($AMARAJABAT)	15.0%	14.9%	15.7%	14.2%	17.0%
Suprajit Engineering ($SUPRAJIT)	16.5%	16.2%	17.0%	17.2%	16.2%
Median (41 companies)	10.9%	11.1%	9.8%	10.1%	9.9%
Raunaq Automotive Components ($RAUNAQAU)	10.8%	10.2%	10.5%	12.0%	15.1%

Top companies by CAPEX/Revenue, %

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Amtek Auto ($AMTEKAUTO)		18.9%		27.1%	30.3%
Jbm Auto ($JBMA)	18.1%	9.8%	8.4%		14.4%
Rico Auto Industries ($RICOAUTO)	9.5%	5.8%	10.9%	5.7%	14.2%
Shivam Autotech ($SHIVAMAUTO)	11.6%	11.6%	4.1%	4.9%	12.5%
Amara Raja Batteries ($AMARAJABAT)	2.9%	3.7%	2.5%	10.9%	9.6%
Median (26 companies)	7.6%	5.6%	4.6%	4.9%	4.6%

Top companies by ROIC, %

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Amara Raja Batteries ($AMARAJABAT)	30.5%	32.1%	34.5%	30.3%	35.4%
Exide Industries ($EXIDEIND)	34.2%	24.2%	24.3%	29.5%	26.9%
Munjal Showa ($MUNJALSHOW)	18.8%	29.9%	23.8%	22.5%	24.9%
Motherson Sumi Systems ($MOTHERSUMI)	23.7%	13.5%	16.5%	25.0%	24.9%
Gabriel India ($GABRIEL)	20.3%	19.9%	15.5%	18.0%	24.0%
Median (47 companies)	15.2%	16.4%	12.7%	13.6%	14.5%
Raunaq Automotive Components ($RAUNAQAU)	18.2%	15.2%	9.8%

Top companies by Net Debt / EBITDA

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Tube Investments Of India ($TUBEINVEST)	8.1x	17.6x	17.8x	17.3x	16.4x
Amtek Auto ($AMTEKAUTO)		4.8x		5.3x	5.8x
Remsons Industries ($REMSONSIND)	3.2x	2.8x	4.3x	3.6x	5.7x
Steel Strips Wheels ($SSWL)	4.6x	5.4x	6.3x	6.5x	5.6x
Ucal Fuel Systems ($UCALFUEL)	4.1x	4.3x	5.6x	5.7x	3.6x
Median (39 companies)	2.2x	1.2x	1.8x	0.8x	0.4x
Raunaq Automotive Components ($RAUNAQAU)	2.1x	2.9x	4.2x	0.0x	0.0x

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