Accurate Transformers revenue started to decline in FY2015: dropped 11.9% vs. 3.3% growth a year earliner
23-08-2015 • About Accurate Transformers (
$ACCURATE) • By InTwits
Accurate Transformers reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Accurate Transformers is a company in decline: FY2015 revenue growth was -13.9%, 5 years revenue CAGR was -3.0%
- It operates with medium-size leverage: Net Debt/EBITDA is 5.7x while industry average is 5.6x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Accurate Transformers ($ACCURATE) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 2,210 | 2,490 | 2,206 | 2,214 | 1,907 | -13.9% |
| EBITDA | 253 | 269 | 304 | | | |
| Net Income | 60 | 32 | 8 | 9 | 5 | -45.6% |
Balance Sheet
|
|---|
| Cash | 154 | 234 | 71 | | | |
| Short Term Debt | 540 | 1,104 | 1,086 | | | |
| Long Term Debt | 227 | 86 | 0 | | | |
Cash flow
|
|---|
| Capex | 3 | 16 | | | | |
Ratios
|
|---|
| Revenue growth | -0.4% | 12.7% | -11.4% | 0.4% | -13.9% | |
| EBITDA growth | 15.5% | 6.1% | 13.3% | | | |
| EBITDA Margin | 11.5% | 10.8% | 13.8% | 0.0% | 0.0% | 0.0% |
| Net Income Margin | 2.7% | 1.3% | 0.4% | 0.4% | 0.2% | -0.1% |
| CAPEX, % of revenue | 0.1% | 0.6% | | | | 0.0% |
| ROIC | 21.0% | 17.0% | 17.4% | | | 0.0% |
| ROE | 12.4% | 6.1% | 1.5% | | | 0.0% |
| Net Debt/EBITDA | 2.4x | 3.6x | 3.3x | | | 0.0x |
Revenue and profitability
Accurate Transformers's Revenue dropped on 13.9% in FY2015.
Net Income marign showed almost no change in FY2015.
Appendix 1: Peers in Other Elect.Equip./ Prod.
Below we provide Accurate Transformers benchmarking against other companies in Other Elect.Equip./ Prod. 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 |
|---|
| Indosolar ($INDOSOLAR) | | -85.0% | -34.7% | -71.0% | 1,797.0% |
| B.C. Power Controls ($BCP) | | 129.0% | -2.2% | 2.2% | 115.3% |
| Ece Industries ($ECEIND) | | 2.8% | -30.9% | -14.8% | 58.1% |
| Pitti Laminations ($PITTILAM) | | 60.4% | -23.9% | -19.4% | 35.9% |
| Genus Power Infrastructures ($GENUSPOWER) | | -1.2% | -7.5% | 17.4% | 19.5% |
| |
|---|
| Median (14 companies) | | 18.2% | -1.9% | -9.3% | 8.9% |
|---|
| Accurate Transformers ($ACCURATE) | | 12.7% | -11.4% | 0.4% | -13.9% |
Top companies by Gross margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Malvica Engineering ($MALVICAE) | | 0.0% | 0.0% | 0.0% | 0.0% |
| |
|---|
| Median (1 company) | | 0.0% | 0.0% | 0.0% | 0.0% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Fluidomat ($FLUIDOM) | | | | | 28.0% |
| Indosolar ($INDOSOLAR) | 5.8% | -114.4% | -52.7% | -140.0% | 16.3% |
| Genus Power Infrastructures ($GENUSPOWER) | 14.4% | 14.1% | 11.0% | 13.8% | 13.8% |
| Salzer Electronics ($SALZER) | 14.3% | 12.9% | 12.5% | 12.4% | 12.6% |
| Pitti Laminations ($PITTILAM) | 12.9% | 15.6% | 13.6% | 13.2% | 12.0% |
| |
|---|
| Median (17 companies) | 6.5% | 8.0% | 8.8% | 8.9% | 10.3% |
|---|
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Indosolar ($INDOSOLAR) | 24.2% | 311.2% | 148.3% | 42.3% | 26.9% |
| Easun Reyrolle ($EASUNREYRL) | 19.3% | 26.5% | 30.7% | 19.4% | |
| Diamond Power Infrastructure ($DIAPOWER) | | | 6.8% | 8.4% | 8.7% |
| Salzer Electronics ($SALZER) | 5.7% | 6.8% | 5.6% | 4.1% | 8.2% |
| Birla Ericsson Optical ($BIRLAERIC) | 9.4% | 1.3% | 4.4% | 4.0% | 3.5% |
| |
|---|
| Median (9 companies) | 5.7% | 3.4% | 4.2% | 4.0% | 3.5% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Birla Ericsson Optical ($BIRLAERIC) | -6.6% | -2.2% | 8.2% | 27.3% | 16.6% |
| Salzer Electronics ($SALZER) | 14.6% | 14.6% | 12.7% | 13.0% | 14.6% |
| Genus Power Infrastructures ($GENUSPOWER) | 15.2% | 12.4% | 8.0% | 12.2% | 13.5% |
| Hbl Power Systems ($HBLPOWER) | 3.8% | 10.6% | 10.1% | 4.3% | 6.7% |
| Indosolar ($INDOSOLAR) | -2.7% | -14.0% | -6.8% | -5.2% | 2.2% |
| |
|---|
| Median (23 companies) | 8.2% | 8.9% | 8.1% | 9.7% | 4.5% |
|---|
| Accurate Transformers ($ACCURATE) | 21.0% | 17.0% | 17.4% | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Diamond Power Infrastructure ($DIAPOWER) | 2.5x | 3.3x | 5.2x | 4.8x | 46.8x |
| Indosolar ($INDOSOLAR) | 13.8x | | | | 20.3x |
| Hbl Power Systems ($HBLPOWER) | 8.6x | 4.1x | 4.4x | 6.8x | 4.7x |
| Salzer Electronics ($SALZER) | 2.1x | 1.9x | 2.2x | 2.6x | 2.7x |
| Genus Power Infrastructures ($GENUSPOWER) | 2.8x | 3.2x | 3.9x | 2.9x | 2.7x |
| |
|---|
| Median (14 companies) | 3.2x | 3.3x | 4.3x | 2.8x | 0.0x |
|---|
