Asm Technologies EBITDA dropped on 74.5% while Revenue increased on 8.7%

11-05-2016 • About Asm Technologies ($ASMTEC) • By InTwits

Asm Technologies reported FY2016 financial results today. 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 increased on 8.7%. During the last 5 years Revenue growth bottomed in FY2014 at -4.7% and was accelerating since that time. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 3.1 pp from 12.7% to 15.9% in FY2016.

Net Income margin showed almost no change in FY2016. Net Income margin stuck to a declining trend at -1.2 pp per annum in FY2012-FY2016.

Financial and operational results

Asm Technologies ($ASMTEC) key annual financial indicators

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	1,456	1,752	1,669	1,638	1,782	8.7%
EBITDA	170	177		168	43	-74.5%
Net Income	115	107	79	50	61	20.3%
Balance Sheet
Cash	48	26
Short Term Debt	144	193
Long Term Debt	191	198
Cash flow
Capex	30	27
Ratios
Revenue growth	30.4%	20.4%	-4.7%	-1.9%	8.7%
EBITDA growth	52.8%	4.5%			-74.5%
EBITDA Margin	11.7%	10.1%		10.2%	2.4%	-7.8%
Net Income Margin	7.9%	6.1%	4.7%	3.1%	3.4%	0.3%
CAPEX, % of revenue	2.1%	1.6%
ROIC	31.1%	22.4%
ROE	45.1%	28.8%
Net Debt/EBITDA	1.7x	2.1x		0.0x	0.0x

Peers in IT Consulting & Software

Below you can find Asm Technologies benchmarking vs. other companies in IT Consulting & Software industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.

Top companies by Revenue growth, %

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Ramco Systems ($RAMCOSYS)	9.3%	7.3%	9.9%	37.0%	-
Cyient ($CYIENT)	-	20.6%	17.8%	24.0%	13.1%
Empower India ($EMPOWER)	-3.7%	-13.2%	-32.6%	23.9%	-
Hexaware Technologies ($HEXAWARE)	34.3%	17.3%	13.0%	21.0%	-
Tech Mahindra ($TECHM)	6.8%	25.2%	174.0%	20.1%	-
Median (22 companies)	9.3%	20.6%	14.2%	9.1%	13.0%
Asm Technologies ($ASMTEC)	-	20.4%	-4.7%	-1.9%	8.7%

Top companies by Gross margin, %

Top	FY2012	FY2013	FY2014	FY2015	FY2016
Tata Consultancy Services ($TCS)	-	-	47.4%	42.4%	43.9%
Infosys ($INFY)	41.3%	98.1%	35.9%	38.3%	37.4%
Mindtree ($MINDTREE)	31.5%	36.2%	-	34.8%	32.4%
Wipro ($WIPRO)	29.2%	30.4%	32.0%	31.6%	30.4%
Median (4 companies)	32.7%	36.2%	35.9%	36.6%	34.9%

Top companies by EBITDA margin, %

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Oracle Financial Services Software ($OFSS)	35.3%	35.2%	37.4%	39.7%	41.1%
Infosys ($INFY)	31.6%	27.9%	26.3%	27.1%	27.1%
Tata Consultancy Services ($TCS)	29.5%	28.6%	30.7%	26.1%	28.2%
Wipro ($WIPRO)	19.1%	20.9%	22.4%	22.3%	21.1%
Mindtree ($MINDTREE)	15.1%	19.8%	20.6%	20.3%	17.7%
Median (25 companies)	15.1%	17.8%	18.5%	14.2%	17.7%
Asm Technologies ($ASMTEC)	11.7%	10.1%	-	10.2%	2.4%

Top companies by CAPEX/Revenue, %

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Ramco Systems ($RAMCOSYS)	-	22.1%	15.3%	12.4%	-
Niit Technologies ($NIITTECH)	5.9%	4.6%	6.1%	7.9%	6.0%
Financial Technologies (India) ($FINANTECH)	8.9%	11.4%	-	6.5%	5.4%
Mindtree ($MINDTREE)	2.5%	4.5%	5.0%	5.6%	3.4%
Tech Mahindra ($TECHM)	5.4%	2.6%	5.0%	5.0%	-
Median (21 companies)	3.9%	3.5%	3.0%	3.1%	3.1%

Top companies by ROIC, %

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Tata Consultancy Services ($TCS)	48.6%	48.4%	50.2%	40.5%	44.4%
Hexaware Technologies ($HEXAWARE)	33.5%	39.2%	34.7%	35.7%	-
Mindtree ($MINDTREE)	24.9%	34.6%	36.2%	32.0%	28.9%
Sqs India Bfsi ($SQSBFSI)	12.1%	27.0%	29.4%	30.6%	39.9%
Tech Mahindra ($TECHM)	15.4%	20.1%	43.0%	29.7%	-
Median (30 companies)	19.1%	20.4%	23.1%	20.7%	25.2%
Asm Technologies ($ASMTEC)	31.1%	22.4%	-	-	-

Top companies by Net Debt / EBITDA

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
3I Infotech ($3IINFOTECH)	8.5x	20.3x	27.7x	14.7x	-
Ramco Systems ($RAMCOSYS)	8.8x	-	27.6x	4.2x	-
Onward Technologies ($ONWARDTEC)	2.4x	2.2x	4.1x	1.9x	-
Kpit Technologies ($KPIT)	0.3x	0.5x	0.7x	0.4x	-0.3x
Mphasis ($MPHASIS)	-0.1x	0.2x	-	0.2x	-
Median (23 companies)	-0.1x	-0.2x	-0.3x	-0.4x	-0.4x
Asm Technologies ($ASMTEC)	1.7x	2.1x	-	0.0x	0.0x

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