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Talbros Automotive Components reports 4.5% EBITDA decline in 2016 and 0.55 pp EBITDA Margin decline from 10.3% to 9.8%

21-05-2016 • About Talbros Automotive Components ($TALBROAUTO) • By InTwits

Talbros Automotive Components reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is relatively stable: 9.8% in FY2016 vs. 10.3% in FY2015 vs. 11.1% 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 increased slightly on 0.83%. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 3.9 pp from 5.2% to 1.3% in FY2016. EBITDA Margin stuck to a declining trend at -0.38 pp per annum in FY2012-FY2016.

Net Income margin decreased slightly on 1.2 pp from 3.6% to 2.5% in FY2016. During FY2012-FY2016 Net Income margin topped in FY2014 at 5.3% and was declining since that time.

Financial and operational results


Talbros Automotive Components ($TALBROAUTO) key annual financial indicators

mln. INR201220132014201520162016/2015
P&L
Revenue3,7303,4133,6603,8883,9200.8%
EBITDA415391375401383-4.5%
Net Income14413919314197-31.2%
Balance Sheet
Cash648066102
Short Term Debt829757935851
Long Term Debt327257309318
Cash flow
Capex121201
Ratios
Revenue growth16.8%-8.5%7.2%6.2%0.8%
EBITDA growth17.9%-5.7%-4.2%7.1%-4.5%
EBITDA Margin11.1%11.5%10.2%10.3%9.8%-0.5%
Net Income Margin3.9%4.1%5.3%3.6%2.5%-1.2%
CAPEX, % of revenue3.2%5.5%
ROIC14.6%13.5%11.6%12.1%
ROE16.5%14.3%17.1%11.5%
Net Debt/EBITDA2.6x2.4x3.1x2.7x0.0x

Peers in Auto Parts & Equipment


Below we provide Talbros Automotive Components benchmarking against other companies in Auto Parts & Equipment 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
Spectra Industries ($SPECTRA)16.4%40.2%-10.1%57.1%-
India Nippon Electricals ($INDNIPPON)13.6%3.2%-2.4%24.8%-
Amara Raja Batteries ($AMARAJABAT)34.3%25.1%16.1%22.6%-
Enkei Wheels (India) ($ENKEIWHEL)16.9%1.3%11.7%21.6%-
Ip Rings ($IPRINGLTD)4.0%2.4%-0.1%19.5%-
 
Median (37 companies)16.9%2.6%4.7%8.8%-0.2%
Talbros Automotive Components ($TALBROAUTO)--8.5%7.2%6.2%0.8%


Top companies by EBITDA margin, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Ist ($ISTLTD)---71.6%-
Tube Investments Of India ($TUBEINVEST)18.4%24.4%28.3%30.0%21.4%
Shivam Autotech ($SHIVAMAUTO)24.1%24.1%20.6%18.7%-
Amara Raja Batteries ($AMARAJABAT)14.9%15.7%14.2%17.0%-
Suprajit Engineering ($SUPRAJIT)16.2%17.0%17.2%16.2%-
 
Median (43 companies)10.5%9.7%10.0%9.9%10.8%
Talbros Automotive Components ($TALBROAUTO)11.1%11.5%10.2%10.3%9.8%


Top companies by CAPEX/Revenue, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Amtek Auto ($AMTEKAUTO)18.9%-27.1%30.3%-
Jbm Auto ($JBMA)9.8%8.4%-14.4%-
Rico Auto Industries ($RICOAUTO)5.8%10.9%5.7%14.2%7.4%
Shivam Autotech ($SHIVAMAUTO)11.6%4.1%4.9%12.5%-
Amara Raja Batteries ($AMARAJABAT)3.7%2.5%10.9%9.6%-
 
Median (26 companies)5.8%4.6%4.8%4.6%5.2%


Top companies by ROIC, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Amara Raja Batteries ($AMARAJABAT)32.1%34.5%30.3%35.4%-
Exide Industries ($EXIDEIND)24.2%24.3%29.5%26.9%20.5%
Munjal Showa ($MUNJALSHOW)29.9%23.8%22.5%24.9%19.8%
Motherson Sumi Systems ($MOTHERSUMI)13.5%16.5%25.0%24.9%25.1%
Gabriel India ($GABRIEL)19.9%15.5%18.0%24.0%25.0%
 
Median (49 companies)16.4%11.9%14.5%14.6%15.5%
Talbros Automotive Components ($TALBROAUTO)14.6%13.5%11.6%12.1%-


Top companies by Net Debt / EBITDA

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Tube Investments Of India ($TUBEINVEST)17.6x17.8x17.3x16.4x0.1x
Amtek Auto ($AMTEKAUTO)4.8x-5.3x5.8x-
Remsons Industries ($REMSONSIND)2.8x4.3x3.6x5.7x-
Steel Strips Wheels ($SSWL)5.4x6.3x6.5x5.6x4.2x
Ucal Fuel Systems ($UCALFUEL)4.3x5.6x5.7x3.6x-
 
Median (41 companies)1.2x1.7x0.7x0.0x0.1x
Talbros Automotive Components ($TALBROAUTO)2.6x2.4x3.1x2.7x0.0x


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