Bright Brothers reports 8.8% EBITDA decline in 2016 and 5.0% Revenue decline
20-05-2016 • About Bright Brothers (
$BRIGHTBR) • By InTwits
Bright Brothers reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is relatively stable: 3.9% in FY2016 vs. 4.0% in FY2015 vs. 4.7% in FY2012.
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue decreased on 5.0%. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 10.1 pp from 31.2% to 21.2% in FY2016.
Net Income margin decreased on 3.1 pp from -0.86% to -3.9% in FY2016.
Financial and operational results
Bright Brothers ($BRIGHTBR) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,197 | 1,467 | 1,449 | 1,572 | 1,493 | -5.0% |
| EBITDA | 56 | 55 | 75 | 63 | 58 | -8.8% |
| Net Income | 23 | -8 | 26 | -14 | -59 | |
Balance Sheet
|
|---|
| Cash | 33 | 23 | 16 | | | |
| Short Term Debt | | 24 | 18 | | | |
| Long Term Debt | 33 | 42 | 23 | | | |
Cash flow
|
|---|
Ratios
|
|---|
| Revenue growth | -6.1% | 22.6% | -1.2% | 8.5% | -5.0% | |
| EBITDA growth | -22.2% | -2.2% | 36.4% | -15.7% | -8.8% | |
|
|---|
| EBITDA Margin | 4.7% | 3.8% | 5.2% | 4.0% | 3.9% | -0.2% |
| Net Income Margin | 1.9% | -0.5% | 1.8% | -0.9% | -3.9% | -3.1% |
|
|---|
| ROIC | 3.7% | 1.6% | 4.4% | | | |
| ROE | 3.8% | -1.3% | 4.4% | | | |
| Net Debt/EBITDA | -0.0x | 0.8x | 0.3x | 0.0x | 0.0x |
Peers in Containers & Packaging
Below we provide Bright Brothers benchmarking against other companies in Containers & Packaging 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 |
|---|
| Control Print ($CONTROLPR) | - | 20.0% | 14.1% | 23.9% | - |
| Shri Jagdamba Polymers ($SHRJAGP) | 35.5% | 38.3% | 21.7% | 22.7% | - |
| Kg Petrochem ($KGPETRO) | 16.1% | 24.0% | 20.9% | 22.4% | - |
| Kanpur Plastipack ($KANPRPLA) | 57.2% | -4.6% | 21.1% | 15.9% | - |
| Emmbi Industries ($EMMBI) | - | 36.6% | 13.9% | 14.8% | 13.3% |
| |
|---|
| Median (19 companies) | 24.4% | 15.3% | 14.1% | 8.4% | 3.2% |
|---|
| Bright Brothers ($BRIGHTBR) | - | 22.6% | -1.2% | 8.5% | -5.0% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Control Print ($CONTROLPR) | 13.9% | 19.2% | 22.5% | 25.2% | - |
| Manaksia ($MANAKSIA) | 14.4% | 17.4% | 20.3% | 18.6% | - |
| Essel Propack ($ESSELPRO) | 17.0% | 17.4% | 16.9% | 17.2% | 19.4% |
| Time Technoplast ($TIMETECHNO) | 15.9% | 16.2% | 14.1% | 13.7% | - |
| Piramal Glass ($PIRAMGLAS) | 23.7% | 18.9% | 15.5% | 13.5% | - |
| |
|---|
| Median (22 companies) | 12.9% | 11.3% | 12.2% | 9.4% | 13.3% |
|---|
| Bright Brothers ($BRIGHTBR) | 4.7% | 3.8% | 5.2% | 4.0% | 3.9% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Control Print ($CONTROLPR) | 3.0% | 5.0% | 7.5% | 11.9% | - |
| Essel Propack ($ESSELPRO) | 10.0% | 6.7% | 8.5% | 9.4% | 8.9% |
| Manaksia ($MANAKSIA) | 9.0% | 4.8% | 4.7% | 6.5% | - |
| Piramal Glass ($PIRAMGLAS) | 20.7% | 6.0% | 7.7% | 4.6% | - |
| Time Technoplast ($TIMETECHNO) | 17.9% | 11.1% | 6.2% | 4.2% | - |
| |
|---|
| Median (7 companies) | 8.9% | 6.7% | 6.7% | 4.6% | 8.9% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Control Print ($CONTROLPR) | - | 19.7% | 22.2% | 25.2% | - |
| Essel Propack ($ESSELPRO) | 8.6% | 9.9% | 12.5% | 14.7% | 16.6% |
| Time Technoplast ($TIMETECHNO) | 12.8% | 13.4% | 12.0% | 12.9% | - |
| Manaksia ($MANAKSIA) | 12.9% | 15.5% | 16.0% | 11.4% | - |
| Uflex ($UFLEX) | 12.5% | 9.9% | 8.1% | 8.4% | - |
| |
|---|
| Median (32 companies) | 9.4% | 9.9% | 12.0% | 11.4% | 16.6% |
|---|
| Bright Brothers ($BRIGHTBR) | 3.7% | 1.6% | 4.4% | - | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Hindusthan National Glass & Industries ($HINDNATGLS) | 7.4x | 15.8x | 11.2x | 10.6x | - |
| Piramal Glass ($PIRAMGLAS) | 3.1x | 4.1x | 4.3x | 4.2x | - |
| Uflex ($UFLEX) | 2.7x | 3.0x | 3.2x | 2.8x | - |
| Essel Propack ($ESSELPRO) | 3.2x | 2.9x | 2.6x | 2.2x | 1.6x |
| Time Technoplast ($TIMETECHNO) | 2.6x | 2.6x | 2.6x | 2.2x | - |
| |
|---|
| Median (20 companies) | 3.2x | 3.5x | 2.0x | 0.0x | 0.0x |
|---|
| Bright Brothers ($BRIGHTBR) | -0.0x | 0.8x | 0.3x | 0.0x | 0.0x |
