Bambino Agro Industries EBITDA increased on 7.8% in 2015 and Revenue increased on 3.0%
14-09-2015 • About Bambino Agro Industries (
$BAMBINO) • By InTwits
Bambino Agro Industries reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- The company has highly profitable business model: ROIC is at 18.1%
- It operates with high leverage: Net Debt/EBITDA is 2.9x while industry average is 0.8x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Bambino Agro Industries ($BAMBINO) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 2,041 | 2,248 | 2,355 | 2,607 | 2,686 | 3.0% |
| EBITDA | 158 | 180 | | 228 | 246 | 7.8% |
| Net Income | 19 | 31 | 35 | 71 | 68 | -4.7% |
Balance Sheet
|
|---|
| Cash | 34 | 53 | | 65 | 47 | -26.8% |
| Short Term Debt | 341 | 377 | | 513 | 576 | 12.4% |
| Long Term Debt | 183 | 252 | | 294 | 196 | -33.5% |
Cash flow
|
|---|
| Capex | 81 | 100 | | | | |
Ratios
|
|---|
| Revenue growth | -36.5% | 10.2% | 4.8% | 10.7% | 3.0% | |
| EBITDA growth | 26.8% | 13.9% | | | 7.8% | |
| EBITDA Margin | 7.7% | 8.0% | 0.0% | 8.8% | 9.2% | 0.4% |
| Net Income Margin | 0.9% | 1.4% | 1.5% | 2.7% | 2.5% | -0.2% |
| CAPEX, % of revenue | 4.0% | 4.4% | | | | 0.0% |
| ROIC | 13.5% | 16.3% | | | 18.1% | 18.1% |
| ROE | 6.5% | 10.1% | | | 17.1% | 17.1% |
| Net Debt/EBITDA | 3.1x | 3.2x | | 3.2x | 2.9x | -0.3x |
Revenue and profitability
Bambino Agro Industries's Revenue increased on 3.0% in FY2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 4.8 pp from 8.3% to 3.5% in FY2015.
Net Income marign showed almost no change in FY2015.
Return on investment
The company operates at good ROIC (18.07%) and ROE (17.06%).
Leverage (Debt)
Company's Net Debt / EBITDA is 2.9x and Debt / EBITDA is 3.1x. Net Debt / EBITDA dropped on 0.3x from 3.2x to 2.9x in FY2015. Debt decreased on 4.3% in FY2015 while cash dropped on 26.8% in FY2015.
Valuation
The company's trades at EV/EBITDA 5.9x and P/E 10.8x while industy averages are 10.5x and 26.1x.
Appendix 1: Peers in Packaged Foods
Below we provide Bambino Agro Industries benchmarking against other companies in Packaged Foods 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 |
|---|
| 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 ($BRITANNIA) | | 19.0% | 12.4% | 11.3% | 13.8% |
| |
|---|
| Median (14 companies) | -21.2% | 18.0% | 15.0% | 16.0% | 9.6% |
|---|
| Bambino Agro Industries ($BAMBINO) | | 10.2% | 4.8% | 10.7% | 3.0% |
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 ($BRITANNIA) | 5.2% | 5.7% | 6.9% | 9.2% | 11.1% |
| |
|---|
| Median (15 companies) | 5.8% | 7.2% | 7.3% | 7.1% | 6.7% |
|---|
| Bambino Agro Industries ($BAMBINO) | 7.7% | 8.0% | | 8.8% | 9.2% |
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% |
| Umang Dairies ($UMANGDAIR) | 1.2% | 2.0% | 4.4% | 2.7% | 3.2% |
| Glaxosmithkline Consumer Healthcare ($GSKCONS) | 3.6% | 2.7% | | 4.3% | 2.5% |
| Heritage Foods ($HERITGFOOD) | 2.8% | 2.1% | 1.9% | 3.7% | 2.5% |
| |
|---|
| Median (8 companies) | 3.1% | 3.7% | 4.0% | 4.0% | 2.5% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kse ($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 (17 companies) | 11.3% | 12.1% | 12.5% | 22.3% | 22.7% |
|---|
| Bambino Agro Industries ($BAMBINO) | 13.5% | 16.3% | | | 18.1% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Vadilal Industries ($VADILALIND) | 5.8x | 2.6x | 4.5x | 3.9x | 4.0x |
| 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 |
| |
|---|
| Median (14 companies) | 2.2x | 1.7x | 0.9x | 0.7x | 0.0x |
|---|
| Bambino Agro Industries ($BAMBINO) | 3.1x | 3.2x | | 3.2x | 2.9x |
