Rubfila International Net Income dropped on 40.9% and Revenue increased slightly on 1.00%
13-05-2016 • About Rubfila International (
$RUBFILA) • By InTwits
Rubfila International reported FY2016 financial results today. Here are the key drivers of the company's long term financial model: The company has highly profitable business model: ROIC is 15.9%.
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue increased slightly on 1.00%. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased on 4.7 pp from 13.5% to 8.8% in FY2016.
Net Income margin decreased on 3.5 pp from 8.4% to 4.9% in FY2016.
Return on investment
The company operates at good ROIC (15.9%) while ROE is low (11.5%). ROIC dropped on 13.5 pp from 29.4% to 15.9% in FY2016. ROE dropped on 10.3 pp from 21.9% to 11.5% in FY2016.
Leverage (Debt)
The company has no debt. Cash jumped on 19.0%.
Valuation and dividends
The company's trades at EV/EBITDA 11.0x and P/E 20.4x while industy averages are 17.8x and 21.9x.
Financial and operational results
Rubfila International ($RUBFILA) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 957 | 1,002 | 1,254 | 1,615 | 1,631 | 1.0% |
| EBITDA | 117 | 149 | 158 | 218 | 144 | -34.0% |
| Net Income | 328 | 133 | 93 | 136 | 80 | -40.9% |
Balance Sheet
|
|---|
| Cash | 23 | 20 | 48 | 48 | 57 | 19.0% |
| Short Term Debt | 0 | 0 | 0 | 0 | 0 | |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 3 | 91 | 63 | 36 | | |
Ratios
|
|---|
| Revenue growth | 20.9% | 4.7% | 25.1% | 28.7% | 1.0% | |
| EBITDA growth | 145.8% | 27.1% | 5.5% | 38.3% | -34.0% | |
|
|---|
| EBITDA Margin | 12.3% | 14.9% | 12.6% | 13.5% | 8.8% | -4.7% |
| Net Income Margin | 34.2% | 13.3% | 7.4% | 8.4% | 4.9% | -3.5% |
| CAPEX, % of revenue | 0.3% | 9.1% | 5.0% | 2.2% | | |
|
|---|
| ROIC | 35.1% | 26.2% | 22.7% | 29.4% | 15.9% | -13.5% |
| ROE | | 29.0% | 17.1% | 21.9% | 11.5% | -10.3% |
| Net Debt/EBITDA | -0.2x | -0.1x | -0.3x | -0.2x | -0.4x | -0.2x |
Peers in Auto Tyres & Rubber Products
Below we provide Rubfila International benchmarking against other companies in Auto Tyres & Rubber Products 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 |
|---|
| Ceat ($CEATLTD) | - | 8.7% | 9.9% | 3.6% | -0.7% |
| Balkrishna Industries ($BALKRISIND) | 41.5% | 12.5% | 11.1% | 1.2% | - |
| Pix Transmissions ($PIXTRANS) | -5.8% | 12.3% | -14.1% | -3.6% | - |
| Apollo Tyres ($APOLLOTYRE) | - | 5.3% | 4.0% | -4.4% | -8.0% |
| Goodyear India ($GOODYEAR) | -2.1% | 5.9% | 0.7% | -8.0% | - |
| |
|---|
| Median (5 companies) | -2.1% | 8.7% | 4.0% | -3.6% | -4.3% |
|---|
| Rubfila International ($RUBFILA) | - | 4.7% | 25.1% | 28.7% | 1.0% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Balkrishna Industries ($BALKRISIND) | 17.0% | 20.1% | 26.0% | 19.1% | - |
| Pix Transmissions ($PIXTRANS) | 20.4% | 21.7% | 16.9% | 18.1% | - |
| Multibase India ($MULTIBASE) | - | - | - | 17.0% | - |
| Apollo Tyres ($APOLLOTYRE) | 9.7% | 11.4% | 14.2% | 15.2% | 16.8% |
| Ceat ($CEATLTD) | 6.1% | 9.0% | 11.9% | 13.7% | 16.0% |
| |
|---|
| Median (7 companies) | 13.3% | 11.4% | 14.2% | 15.2% | 16.4% |
|---|
| Rubfila International ($RUBFILA) | 12.3% | 14.9% | 12.6% | 13.5% | 8.8% |
Top companies by CAPEX/Revenue, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Balkrishna Industries ($BALKRISIND) | 23.4% | 29.9% | 23.5% | 9.7% | - |
| Ceat ($CEATLTD) | 3.1% | 1.7% | 2.7% | 5.3% | 12.3% |
| Apollo Tyres ($APOLLOTYRE) | 6.5% | 4.9% | 3.7% | 5.0% | 14.7% |
| Multibase India ($MULTIBASE) | - | - | - | 1.8% | - |
| |
|---|
| Median (4 companies) | 4.8% | 4.0% | 3.4% | 5.1% | 13.5% |
|---|
| Rubfila International ($RUBFILA) | 0.3% | 9.1% | 5.0% | 2.2% | - |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Ceat ($CEATLTD) | 11.4% | 19.1% | 27.6% | 28.8% | 29.0% |
| Multibase India ($MULTIBASE) | 12.3% | 22.8% | 22.0% | 25.8% | - |
| Apollo Tyres ($APOLLOTYRE) | 14.7% | 16.8% | 23.6% | 23.9% | 20.5% |
| Balkrishna Industries ($BALKRISIND) | 17.7% | 17.3% | 19.7% | 10.4% | - |
| Falcon Tyres ($FALCONTQ) | 6.2% | - | - | - | - |
| |
|---|
| Median (8 companies) | 11.8% | 17.7% | 23.6% | 24.9% | 24.8% |
|---|
| Rubfila International ($RUBFILA) | 35.1% | 26.2% | 22.7% | 29.4% | 15.9% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Balkrishna Industries ($BALKRISIND) | 3.2x | 3.2x | 2.5x | 2.6x | - |
| Ceat ($CEATLTD) | 4.5x | 2.1x | 1.3x | 0.8x | 0.6x |
| Apollo Tyres ($APOLLOTYRE) | 2.4x | 1.3x | 0.3x | 0.3x | 0.4x |
| Tirupati Foam ($TIRFOAM) | 6.4x | 5.4x | 0.0x | 0.0x | - |
| Goodyear India ($GOODYEAR) | - | -0.3x | -1.5x | 0.0x | - |
| |
|---|
| Median (7 companies) | 4.5x | 1.3x | 0.0x | 0.0x | 0.5x |
|---|
| Rubfila International ($RUBFILA) | -0.2x | -0.1x | -0.3x | -0.2x | -0.4x |
