Noida Toll Bridge Company CAPEX jumped on 1,336% and Revenue increased on 5.8%
05-03-2016 • About Noida Toll Bridge Company (
$NOIDATOLL) • By InTwits
Noida Toll Bridge Company reported FY2016 financial results today. Here are the key drivers of the company's long term financial model:
- Noida Toll Bridge Company has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.4%. At the same time it's a lot of higher than industry average of 4.5%.
- CAPEX is quite volatile: ₹128m in FY2016, ₹9m in FY2015, ₹3m in FY2014, ₹11m in FY2013, ₹3m in FY2012
- The company has business model with average profitability: ROIC is 10.6%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Noida Toll Bridge Company's Revenue increased on 5.8%. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased slightly on 1.6 pp from 70.4% to 72.0% in FY2016.
Net Income margin jumped on 10.1 pp from 64.7% to 74.8% in FY2016. During the last 5 years Net Income margin bottomed in FY2013 at 38.9% and was growing since that time.
Investments (CAPEX, working capital and M&A)
The company's CAPEX/Revenue was 9.8% in FY2016. CAPEX/Revenue increased on 8.8 pp from 1.0% in FY2013 to 9.8% in FY2016. It's average CAPEX/Revenue for the last three years was 3.6%.
Return on investment
The company operates at good ROE (19.4%) while ROIC is low (10.6%). ROIC decreased on 3.8 pp from 14.4% to 10.6% in FY2016. ROE increased on 3.2 pp from 16.1% to 19.4% in FY2016. During FY2012-FY2016 ROIC topped in FY2014 at 15.0% and was declining since that time. ROE followed a growing trend at 2.6 pp per annum in the last 5 years.
Leverage (Debt)
Debt level is 0.1x Net Debt / EBITDA and 0.5x Debt / EBITDA. Net Debt / EBITDA decreased on 0.1x from 0.2x to 0.1x in FY2016. Debt surged on 98.7% while cash surged on 492%.
Noida Toll Bridge Company has no short term refinancing risk: cash is higher than short term debt (889.9%).
Financial and operational results
Noida Toll Bridge Company ($NOIDATOLL) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 950 | 1,076 | 1,197 | 1,233 | 1,305 | 5.8% |
| SG&A | | | | | 6 | |
| EBITDA | 680 | 735 | 874 | 868 | 940 | 8.2% |
| Net Income | 455 | 419 | 539 | 798 | 976 | 22.4% |
Balance Sheet
|
|---|
| Cash | 17 | 17 | 94 | 54 | 319 | 492.4% |
| Short Term Debt | 0 | 0 | 0 | 214 | 36 | -83.2% |
| Long Term Debt | 754 | 231 | 197 | 0 | 389 | |
Cash flow
|
|---|
| Capex | 3 | 11 | 3 | 9 | 128 | 1,335.7% |
Ratios
|
|---|
| Revenue growth | 10.6% | 13.3% | 11.2% | 3.0% | 5.8% | |
| EBITDA growth | 10.7% | 8.0% | 18.9% | -0.7% | 8.2% | |
|
|---|
| EBITDA Margin | 71.7% | 68.3% | 73.0% | 70.4% | 72.0% | 1.6% |
| SG&A, % of revenue | | | | | 0.4% | |
| Net Income Margin | 47.9% | 38.9% | 45.0% | 64.7% | 74.8% | 10.1% |
| CAPEX, % of revenue | 0.3% | 1.0% | 0.2% | 0.7% | 9.8% | 9.1% |
|
|---|
| ROIC | 10.9% | 12.8% | 15.0% | 14.4% | 10.6% | -3.8% |
| ROE | 10.0% | 8.8% | 11.0% | 16.1% | 19.4% | 3.2% |
| Net Debt/EBITDA | 1.1x | 0.3x | 0.1x | 0.2x | 0.1x | -0.1x |
Peers in Roads & Highways
Below we provide Noida Toll Bridge Company benchmarking against other companies in Roads & Highways 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Irb Infrastructure Developers ($IRB) | 28.5% | 17.7% | 1.2% | 3.1% | - |
| Il&Fs Transportation Networks ($IL&FSTRANS) | 38.5% | 18.5% | -0.9% | -1.3% | - |
| |
|---|
| Median (2 companies) | 33.5% | 18.1% | 0.2% | 0.9% | - |
|---|
| Noida Toll Bridge Company ($NOIDATOLL) | - | 13.3% | 11.2% | 3.0% | 5.8% |
Top companies by EBITDA margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Irb Infrastructure Developers ($IRB) | 44.6% | 44.4% | 47.3% | 57.5% | - |
| Il&Fs Transportation Networks ($IL&FSTRANS) | 26.5% | 27.9% | 28.9% | 33.1% | - |
| |
|---|
| Median (2 companies) | 35.6% | 36.1% | 38.1% | 45.3% | - |
|---|
| Noida Toll Bridge Company ($NOIDATOLL) | 71.7% | 68.3% | 73.0% | 70.4% | 72.0% |
Top companies by CAPEX/Revenue, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Irb Infrastructure Developers ($IRB) | 77.2% | 67.2% | 71.1% | 60.1% | - |
| Il&Fs Transportation Networks ($IL&FSTRANS) | 34.5% | 46.1% | 48.5% | 43.9% | - |
| |
|---|
| Median (2 companies) | 55.9% | 56.6% | 59.8% | 52.0% | - |
|---|
| Noida Toll Bridge Company ($NOIDATOLL) | 0.3% | 1.0% | 0.2% | 0.7% | 9.8% |
Top companies by ROIC, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Irb Infrastructure Developers ($IRB) | 12.8% | 10.7% | 9.6% | 9.5% | - |
| Il&Fs Transportation Networks ($IL&FSTRANS) | 13.6% | 10.9% | 8.1% | 7.3% | - |
| |
|---|
| Median (2 companies) | 13.2% | 10.8% | 8.8% | 8.4% | - |
|---|
| Noida Toll Bridge Company ($NOIDATOLL) | 10.9% | 12.8% | 15.0% | 14.4% | 10.6% |
Top companies by Net Debt / EBITDA
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Il&Fs Transportation Networks ($IL&FSTRANS) | 6.8x | 7.6x | 9.6x | 10.6x | - |
| Irb Infrastructure Developers ($IRB) | 4.8x | 5.2x | 6.0x | 5.0x | - |
| |
|---|
| Median (2 companies) | 5.8x | 6.4x | 7.8x | 7.8x | - |
|---|
| Noida Toll Bridge Company ($NOIDATOLL) | 1.1x | 0.3x | 0.1x | 0.2x | 0.1x |
