Peninsula Land revenue surged on 90.2% while EBITDA Margin decreased on 3.8 pp from -10.8% to -14.6%
11-05-2016 • About Peninsula Land (
$PENINLAND) • By InTwits
Peninsula Land reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- The company operates at negative EBITDA Margin: -14.6%
- EBITDA Margin is quite volatile: -14.6% in FY2016, -10.8% in FY2015, 18.8% in FY2014, -17.7% in FY2013, 34.0% in FY2012
- Peninsula Land has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.7%. At the same time it's a lot of higher than industry average of 6.6%.
- CAPEX is quite volatile: ₹53m in FY2016, ₹19m in FY2015, ₹0m in FY2014, ₹58m in FY2013, ₹257m in FY2012
- The company has unprofitable business model: ROIC is -1.4%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Peninsula Land's Revenue jumped on 90.2%. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased on 3.8 pp from -10.8% to -14.6% in FY2016.
Net Income margin decreased on 4.3 pp from -5.3% to -9.6% in FY2016. Net Income margin declined at -10.8 pp per annum in the last 5 years.
Investments (CAPEX, working capital and M&A)
Peninsula Land's CAPEX/Revenue was 1.7% in FY2016. The company's CAPEX/Revenue increased slightly on 0.96 pp from 0.79% in FY2013 to 1.7% in FY2016.
Return on investment
The company operates at negative ROIC (-1.4%) and ROE (-2.0%). ROIC decreased slightly on 0.55 pp from -0.88% to -1.4% in FY2016. ROE decreased slightly on 1.5 pp from -0.57% to -2.0% in FY2016. ROE followed a declining trend at -3.8 pp per annum in the last 5 years.
Leverage (Debt)
Debt level is 0.0x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA didn't change in FY2016. Debt surged on 10.5% while cash dropped on 53.1%.
Peninsula Land has short term refinancing risk: cash is only 36.6% of short term debt.
Financial and operational results
Peninsula Land ($PENINLAND) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 5,323 | 7,412 | 2,793 | 1,609 | 3,061 | 90.2% |
| EBITDA | 1,812 | -1,309 | 525 | -173 | -447 | |
| Net Income | 1,514 | 1,953 | 418 | -86 | -294 | |
Balance Sheet
|
|---|
| Cash | 3,540 | 1,666 | 1,399 | 2,933 | 1,374 | -53.1% |
| Short Term Debt | 5,846 | 4,133 | 5,506 | 3,756 | 3,757 | 0.0% |
| Long Term Debt | 7,643 | 8,092 | 8,510 | 14,296 | 16,190 | 13.3% |
Cash flow
|
|---|
| Capex | 257 | 58 | 0 | 19 | 53 | 185.6% |
Ratios
|
|---|
| Revenue growth | 6.3% | 39.2% | -62.3% | -42.4% | 90.2% | |
| EBITDA growth | -7.9% | -172.2% | -140.1% | -133.0% | 157.9% | |
|
|---|
| EBITDA Margin | 34.0% | -17.7% | 18.8% | -10.8% | -14.6% | -3.8% |
| Net Income Margin | 28.5% | 26.4% | 15.0% | -5.3% | -9.6% | -4.3% |
| CAPEX, % of revenue | 4.8% | 0.8% | 0.0% | 1.2% | 1.7% | 0.6% |
|
|---|
| ROIC | 6.6% | -4.7% | 1.6% | -0.9% | -1.4% | -0.6% |
| ROE | 10.4% | 12.4% | 2.7% | -0.6% | -2.0% | -1.5% |
| Net Debt/EBITDA | 5.5x | | 24.0x | | |
Peers in Realty
Below you can find Peninsula Land benchmarking vs. other companies in Realty 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 |
|---|
| Sspdl ($SSPDL) | 16.2% | -11.8% | -43.4% | 326.1% | - |
| Orbit Corporation ($ORBITCORP) | -4.2% | -21.9% | -88.0% | 275.1% | - |
| Ajmera Realty & Infra India ($AJMERA) | 21.3% | -61.7% | -1.8% | 109.9% | - |
| Prajay Engineers Syndicate ($PRAENG) | -21.1% | 42.0% | -30.1% | 62.8% | - |
| Godrej Properties ($GODREJPROP) | - | 34.7% | 13.7% | 56.3% | 35.9% |
| |
|---|
| Median (34 companies) | -1.6% | 3.4% | -1.8% | 13.2% | 35.9% |
|---|
| Peninsula Land ($PENINLAND) | - | 39.2% | -62.3% | -42.4% | 90.2% |
Top companies by Gross margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Godrej Properties ($GODREJPROP) | 24.9% | 33.3% | 28.9% | 19.4% | 14.7% |
| |
|---|
| Median (1 company) | 24.9% | 33.3% | 28.9% | 19.4% | 14.7% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Hubtown ($HUBTOWN) | 53.3% | 72.4% | 67.6% | 82.4% | - |
| Housing Development & Infrastructure ($HDIL) | 75.8% | 40.6% | 102.5% | 78.9% | - |
| Tci Developers ($TCIDEVELOP) | - | - | - | 75.9% | - |
| Orbit Corporation ($ORBITCORP) | 42.4% | 53.3% | -127.2% | 69.8% | - |
| Oberoi Realty ($OBEROIRLTY) | 59.3% | 58.9% | 54.5% | 56.4% | 47.7% |
| |
|---|
| Median (43 companies) | 19.4% | 18.1% | 20.1% | 22.6% | 23.8% |
|---|
| Peninsula Land ($PENINLAND) | 34.0% | -17.7% | 18.8% | -10.8% | -14.6% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Prozone Intu Properties ($PROZONINTU) | - | - | - | 89.5% | - |
| Ashiana Housing ($ASHIANA) | - | - | - | 26.7% | - |
| Brigade Enterprises ($BRIGADE) | 45.7% | 10.7% | 17.0% | 18.5% | - |
| Prestige Estates Projects ($PRESTIGE) | 37.7% | 30.2% | 18.8% | 11.6% | - |
| Parsvnath Developers ($PARSVNATH) | 15.9% | - | 11.6% | 10.6% | - |
| |
|---|
| Median (30 companies) | 4.8% | 2.6% | 3.7% | 2.5% | 2.9% |
|---|
| Peninsula Land ($PENINLAND) | 4.8% | 0.8% | 0.0% | 1.2% | 1.7% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Ahluwalia Contracts (India) ($AHLUCONT) | -3.2% | -15.8% | 5.6% | 21.2% | - |
| Poddar Developers ($PODDARDEV) | 3.9% | 2.6% | 12.9% | 19.1% | - |
| Lancor Holdings ($LANCORHOL) | 18.0% | 11.6% | 19.5% | 17.7% | - |
| Mahindra Lifespace Developers ($MAHLIFE) | 10.4% | 11.7% | 6.6% | 14.9% | 4.6% |
| Sobha Developers ($SOBHA) | 18.8% | 16.7% | 14.6% | 12.7% | - |
| |
|---|
| Median (50 companies) | 5.7% | 5.1% | 5.7% | 6.8% | 6.0% |
|---|
| Peninsula Land ($PENINLAND) | 6.6% | -4.7% | 1.6% | -0.9% | -1.4% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| D B Realty ($DBREALTY) | 13.2x | 135.4x | 14.0x | 54.8x | - |
| B.L.Kashyap And Sons ($BLKASHYAP) | 8.2x | 5.8x | 12.7x | 40.1x | - |
| Vipul ($VIPUL) | 0.7x | 3.0x | 10.8x | 26.0x | - |
| Ansal Properties & Infrastructure ($ANSALAPI) | 12.8x | 11.9x | 11.4x | 16.6x | - |
| Srs Real Infrastructure ($SRSREAL) | 11.7x | 10.0x | 12.9x | 14.7x | - |
| |
|---|
| Median (38 companies) | 5.1x | 4.8x | 4.9x | 4.0x | 0.5x |
|---|
