Automotive Stampings & Assemblies revenue decreased on 9.5%
28-04-2016 • About Automotive Stampings & Assemblies (
$ASAL) • By InTwits
Automotive Stampings & Assemblies reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Automotive Stampings & Assemblies is a company in decline: FY2016 revenue growth was -9.5%, 5 years revenue CAGR was -13.2%
- EBITDA Margin is declining: in FY2016 vs. -2.2% in FY2015 vs. 5.1% in FY2012
- It operates with high leverage: Net Debt/EBITDA is 66.3x while industry average is 1.3x
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue decreased on 9.5%. During the last 5 years Revenue growth bottomed in FY2014 at -27.1% and was accelerating since that time.
Net Income margin showed almost no change in FY2016. Net Income margin stuck to a declining trend at -2.5 pp per annum in FY2012-FY2016.
Financial and operational results
Automotive Stampings & Assemblies ($ASAL) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 5,704 | 4,633 | 3,376 | 2,887 | 2,612 | -9.5% |
| EBITDA | 292 | 136 | 97 | -65 | | |
| Net Income | 60 | -44 | -83 | -232 | -207 | |
Balance Sheet
|
|---|
| Cash | 2 | 0 | 0 | | | |
| Short Term Debt | 242 | 389 | 224 | | | |
| Long Term Debt | 77 | 139 | 386 | | | |
Cash flow
|
|---|
| Capex | 226 | 210 | 71 | | | |
Ratios
|
|---|
| Revenue growth | 7.6% | -18.8% | -27.1% | -14.5% | -9.5% | |
| EBITDA growth | -12.5% | -53.5% | -29.0% | -167.2% | | |
|
|---|
| EBITDA Margin | 5.1% | 2.9% | 2.9% | -2.2% | |
| Net Income Margin | 1.0% | -1.0% | -2.5% | -8.0% | -7.9% | 0.1% |
| CAPEX, % of revenue | 4.0% | 4.5% | 2.1% | | | |
|
|---|
| ROIC | 11.8% | -1.3% | -4.2% | | | |
| ROE | 8.8% | -5.8% | -11.9% | | | |
| Net Debt/EBITDA | 1.1x | 3.9x | 6.3x | | |
Peers in Auto Parts & Equipment
Below we provide Automotive Stampings & Assemblies 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| 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 ($IPRINGLTD) | 4.0% | 2.4% | -0.1% | 19.5% | - |
| |
|---|
| Median (36 companies) | 17.6% | 2.7% | 5.0% | 8.7% | 2.5% |
|---|
| Automotive Stampings & Assemblies ($ASAL) | - | -18.8% | -27.1% | -14.5% | -9.5% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Ist ($ISTLTD) | - | - | - | 71.6% | - |
| Tube Investments Of India ($TUBEINVEST) | 18.4% | 24.4% | 28.3% | 30.0% | - |
| Shivam Autotech ($SHIVAMAUTO) | 24.1% | 24.1% | 20.6% | 18.7% | - |
| Amara Raja Batteries ($AMARAJABAT) | 14.9% | 15.7% | 14.2% | 17.0% | - |
| Suprajit Engineering ($SUPRAJIT) | 16.2% | 17.0% | 17.2% | 16.2% | - |
| |
|---|
| Median (42 companies) | 11.1% | 9.9% | 10.8% | 10.3% | 12.9% |
|---|
| Automotive Stampings & Assemblies ($ASAL) | 5.1% | 2.9% | 2.9% | -2.2% | - |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Amtek Auto ($AMTEKAUTO) | 18.9% | - | 27.1% | 30.3% | - |
| Jbm Auto ($JBMA) | 9.8% | 8.4% | - | 14.4% | - |
| Rico Auto Industries ($RICOAUTO) | 5.8% | 10.9% | 5.7% | 14.2% | - |
| Shivam Autotech ($SHIVAMAUTO) | 11.6% | 4.1% | 4.9% | 12.5% | - |
| Amara Raja Batteries ($AMARAJABAT) | 3.7% | 2.5% | 10.9% | 9.6% | - |
| |
|---|
| Median (26 companies) | 5.8% | 4.7% | 5.2% | 4.6% | 6.6% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Amara Raja Batteries ($AMARAJABAT) | 32.1% | 34.5% | 30.3% | 35.4% | - |
| Exide Industries ($EXIDEIND) | 24.2% | 24.3% | 29.5% | 26.9% | 20.5% |
| Munjal Showa ($MUNJALSHOW) | 29.9% | 23.8% | 22.5% | 24.9% | - |
| Motherson Sumi Systems ($MOTHERSUMI) | 13.5% | 16.5% | 25.0% | 24.9% | - |
| Gabriel India ($GABRIEL) | 19.9% | 15.5% | 18.0% | 24.0% | - |
| |
|---|
| Median (48 companies) | 16.4% | 12.7% | 14.5% | 14.5% | 10.0% |
|---|
| Automotive Stampings & Assemblies ($ASAL) | 11.8% | -1.3% | -4.2% | - | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Tube Investments Of India ($TUBEINVEST) | 17.6x | 17.8x | 17.3x | 16.4x | - |
| Amtek Auto ($AMTEKAUTO) | 4.8x | - | 5.3x | 5.8x | - |
| Remsons Industries ($REMSONSIND) | 2.8x | 4.3x | 3.6x | 5.7x | - |
| Steel Strips Wheels ($SSWL) | 5.4x | 6.3x | 6.5x | 5.6x | 4.2x |
| Ucal Fuel Systems ($UCALFUEL) | 4.3x | 5.6x | 5.7x | 3.6x | - |
| |
|---|
| Median (41 companies) | 1.3x | 1.8x | 0.7x | 0.1x | -0.2x |
|---|
