Just Dial CAPEX surged on 39.2% and Revenue surged on 17.1%
20-05-2016 • About Just Dial (
$JUSTDIAL) • By InTwits
Just Dial reported FY2016 financial results today. Here are the key drivers of the company's long term financial model:
- Just Dial is a fast growth stock: FY2016 revenue growth was 17.1%, 5 year revenue CAGR was 30.9% at FY2016 ROIC 33.3%
- Just Dial has medium CAPEX intensity: 5 year average CAPEX/Revenue was 9.7%. At the same time it's a lot of higher than industry average of 6.5%.
- CAPEX is quite volatile: ₹948m in FY2016, ₹681m in FY2015, ₹209m in FY2014, ₹361m in FY2013, ₹231m in FY2012
- The company has highly profitable business model: ROIC is 33.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue jumped on 17.1%. Revenue decline was accelerating on average at -6.7 pp per annum in FY2012-FY2016. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased slightly on 1.9 pp from 3.3% to 1.4% in FY2016.
Net Income margin decreased on 3.0 pp from 23.5% to 20.5% in FY2016.
Investments (CAPEX, working capital and M&A)
Just Dial's CAPEX/Revenue was 13.7% in FY2016. Just Dial showed CAPEX/Revenue growth of 3.8 pp from 10.0% in FY2013 to 13.7% in FY2016. It's average CAPEX/Revenue for the last three years was 9.9%.
Return on investment
The company operates at high and attractive ROIC (33.3%) and ROE (21.1%). ROIC increased slightly on 1.6 pp from 31.7% to 33.3% in FY2016. ROE decreased slightly on 1.9 pp from 23.0% to 21.1% in FY2016. ROE pursued a declining trend in FY2012-FY2016.
Leverage (Debt)
The company has no debt. Cash dropped on 20.3%.
Valuation and dividends
The company's trades at EV/EBITDA 20.2x and P/E 36.5x while industy averages are 17.8x and 21.9x. The company's EV/(EBITDA-CAPEX) is 32.2x with the industry average at 22.8x.
Financial and operational results
Just Dial ($JUSTDIAL) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 2,594 | 3,628 | 4,613 | 5,898 | 6,908 | 17.1% |
| EBITDA | 674 | 1,007 | 1,821 | 2,157 | 2,545 | 18.0% |
| Net Income | 528 | 685 | 1,206 | 1,388 | 1,419 | 2.2% |
Balance Sheet
|
|---|
| Cash | 237 | 239 | 369 | 422 | 337 | -20.3% |
| Short Term Debt | 0 | 0 | 0 | 0 | 0 | |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 231 | 361 | 209 | 681 | 948 | 39.2% |
Ratios
|
|---|
| Revenue growth | 44.4% | 39.8% | 27.2% | 27.9% | 17.1% | |
| EBITDA growth | 47.6% | 49.5% | 80.8% | 18.4% | 18.0% | |
|
|---|
| EBITDA Margin | 26.0% | 27.8% | 39.5% | 36.6% | 36.8% | 0.3% |
| Net Income Margin | 20.4% | 18.9% | 26.1% | 23.5% | 20.5% | -3.0% |
| CAPEX, % of revenue | 8.9% | 10.0% | 4.5% | 11.5% | 13.7% | 2.2% |
|
|---|
| ROIC | 58.7% | 32.4% | 34.2% | 31.7% | 33.3% | 1.6% |
| ROE | 53.1% | 25.7% | 25.1% | 23.0% | 21.1% | -1.9% |
| Net Debt/EBITDA | -0.4x | -0.2x | -0.2x | -0.2x | -0.1x | 0.1x |
Peers in Publishing
Below you can find Just Dial benchmarking vs. other companies in Publishing 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Hindustan Media Ventures ($HMVL) | 15.6% | 6.6% | 14.7% | 12.2% | - |
| D B Corp ($DBCORP) | - | 13.7% | 19.3% | 8.1% | 0.6% |
| Ht Media ($HTMEDIA) | 15.0% | 2.3% | 7.4% | 4.0% | - |
| Jagran Prakashan ($JAGRAN) | 11.0% | 12.3% | 11.9% | 3.9% | - |
| |
|---|
| Median (4 companies) | 15.0% | 9.4% | 13.3% | 6.0% | 0.6% |
|---|
| Just Dial ($JUSTDIAL) | - | 39.8% | 27.2% | 27.9% | 17.1% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Next Mediaworks ($NEXTMEDIA) | - | - | - | 31.4% | - |
| Sambhaav Media ($SAMBHAAV) | - | - | - | 30.7% | - |
| D B Corp ($DBCORP) | 25.9% | 24.8% | 27.1% | 28.1% | 26.1% |
| Jagran Prakashan ($JAGRAN) | 23.4% | 19.5% | 23.2% | 25.8% | - |
| Hindustan Media Ventures ($HMVL) | 16.3% | 17.7% | 20.8% | 21.0% | - |
| |
|---|
| Median (7 companies) | 20.7% | 19.0% | 22.0% | 25.8% | 26.1% |
|---|
| Just Dial ($JUSTDIAL) | 26.0% | 27.8% | 39.5% | 36.6% | 36.8% |
Top companies by CAPEX/Revenue, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Ht Media ($HTMEDIA) | 3.8% | 6.4% | 6.9% | 4.1% | - |
| D B Corp ($DBCORP) | 8.9% | 3.6% | 5.5% | 3.6% | 9.9% |
| Jagran Prakashan ($JAGRAN) | 11.2% | 6.6% | 5.3% | 3.1% | - |
| Hindustan Media Ventures ($HMVL) | 7.7% | 1.2% | 5.8% | 1.9% | - |
| |
|---|
| Median (4 companies) | 8.3% | 5.0% | 5.7% | 3.4% | 9.9% |
|---|
| Just Dial ($JUSTDIAL) | 8.9% | 10.0% | 4.5% | 11.5% | 13.7% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| D B Corp ($DBCORP) | 25.7% | 25.8% | 32.7% | 32.9% | 28.2% |
| Jagran Prakashan ($JAGRAN) | 19.7% | 11.3% | 19.7% | 20.8% | - |
| Hindustan Media Ventures ($HMVL) | 17.7% | 18.3% | 22.3% | 19.6% | - |
| Ht Media ($HTMEDIA) | 14.7% | 14.2% | 10.9% | 8.6% | - |
| Arnav Corporation ($ARNAVCORP) | - | - | - | - | - |
| |
|---|
| Median (8 companies) | 14.7% | 11.3% | 19.7% | 20.2% | 28.2% |
|---|
| Just Dial ($JUSTDIAL) | 58.7% | 32.4% | 34.2% | 31.7% | 33.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Ht Media ($HTMEDIA) | 0.5x | 0.6x | 1.1x | 0.6x | - |
| Hindustan Media Ventures ($HMVL) | -0.2x | -0.2x | -0.0x | 0.3x | - |
| Jagran Prakashan ($JAGRAN) | 2.0x | 1.5x | 1.2x | 0.1x | - |
| Cyber Media (India) ($CYBERMEDIA) | 4.1x | 6.8x | - | 0.0x | - |
| Next Mediaworks ($NEXTMEDIA) | - | 1.9x | 1.0x | 0.0x | 0.0x |
| |
|---|
| Median (7 companies) | 0.5x | 1.5x | 0.5x | 0.0x | 0.1x |
|---|
| Just Dial ($JUSTDIAL) | -0.4x | -0.2x | -0.2x | -0.2x | -0.1x |
