Salora International reports 8.7% EBITDA decline in 2016 and almost no change in EBITDA Margin of 2.6%
27-05-2016 • About Salora International (
$SALORAINTL) • By InTwits
Salora International reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is quite volatile: 2.6% in FY2016, 3.0% in FY2015, 2.2% in FY2014, 3.0% in FY2013, 0.6% in FY2012.
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue increased on 3.9%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 4.1 pp from 82.8% to 86.9% in FY2016.
Net Income margin showed almost no change in FY2016. During the last 5 years Net Income margin topped in FY2013 at 0.64% and was declining since that time.
Financial and operational results
Salora International ($SALORAINTL) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 4,132 | 3,926 | 3,948 | 2,935 | 3,050 | 3.9% |
| EBITDA | 24 | 119 | 86 | 87 | 79 | -8.7% |
| Net Income | -79 | 25 | 16 | -3 | -7 | |
Balance Sheet
|
|---|
| Cash | 3 | 17 | | | | |
| Short Term Debt | 471 | 327 | | | | |
| Long Term Debt | 87 | 102 | | | | |
Cash flow
|
|---|
| Capex | 2 | | | | | |
Ratios
|
|---|
| Revenue growth | -19.1% | -5.0% | 0.6% | -25.7% | 3.9% | |
| EBITDA growth | -214.0% | 404.6% | -27.4% | 0.5% | -8.7% | |
|
|---|
| EBITDA Margin | 0.6% | 3.0% | 2.2% | 3.0% | 2.6% | -0.4% |
| Net Income Margin | -1.9% | 0.6% | 0.4% | -0.1% | -0.2% | -0.1% |
| CAPEX, % of revenue | 0.1% | | | | | |
|
|---|
| ROIC | -0.9% | 4.8% | | | | |
| ROE | -6.8% | 2.2% | | | | |
| Net Debt/EBITDA | 23.6x | 3.5x | 0.0x | 0.0x | 0.0x |
Peers in Comm.Trading & Distribution
Below you can find Salora International benchmarking vs. other companies in Comm.Trading & Distribution 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 |
|---|
| Shri Krishna Prasadam ($SKP) | - | 57.3% | 1,074.7% | 148.2% | -54.1% |
| Sunil Industries ($SUNILTX) | - | 57.2% | 12.1% | 59.6% | 19.3% |
| Gagan Polycot India ($GAGANPO) | -59.4% | 76.3% | 18.2% | 43.2% | - |
| Ptl Enterprises ($PTL) | - | 12.6% | 17.7% | 35.1% | -2.4% |
| Parker Agrochem Exports ($PARKERAC) | - | 1,542.3% | 39.1% | 33.1% | -63.4% |
| |
|---|
| Median (19 companies) | -1.7% | 13.6% | 14.0% | 12.6% | -10.4% |
|---|
| Salora International ($SALORAINTL) | - | -5.0% | 0.6% | -25.7% | 3.9% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Hexa Tradex ($HEXATRADEX) | - | - | - | 48.1% | - |
| Indiabulls Wholesale Services ($IBWSL) | 30.8% | 25.9% | 19.4% | 21.4% | 27.6% |
| Bombay Cycle & Motor Agency ($BOMBCYC) | - | - | - | 19.5% | - |
| Ptl Enterprises ($PTL) | 26.6% | 22.7% | 21.6% | 18.5% | 20.9% |
| Remi Elektrotechnik ($REMIELEK) | - | - | - | 15.1% | - |
| |
|---|
| Median (37 companies) | 3.2% | 2.7% | 2.2% | 2.4% | 2.0% |
|---|
| Salora International ($SALORAINTL) | 0.6% | 3.0% | 2.2% | 3.0% | 2.6% |
Top companies by CAPEX/Revenue, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Ptl Enterprises ($PTL) | 5.0% | 4.5% | 2.4% | 4.2% | 5.8% |
| Mmtc ($MMTC) | 0.0% | 0.1% | 0.1% | 0.1% | 0.2% |
| Redington (India) ($REDINGTON) | 0.2% | 0.7% | 0.2% | 0.2% | 0.2% |
| Kothari Products ($KOTHARIPRO) | 2.5% | 0.1% | 0.2% | 0.0% | 0.1% |
| |
|---|
| Median (4 companies) | 0.6% | 0.1% | 0.2% | 0.2% | 0.2% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Ptl Enterprises ($PTL) | 18.5% | 19.5% | 21.1% | 22.1% | 12.8% |
| Redington (India) ($REDINGTON) | 17.2% | 16.0% | 16.3% | 15.3% | 14.4% |
| Risa International ($RISAINTL) | - | -0.2% | 14.8% | 11.9% | - |
| Maxwell Industries ($MAXWELL) | 9.0% | 6.6% | 9.6% | 11.2% | - |
| Kothari Products ($KOTHARIPRO) | 23.4% | 20.0% | 28.3% | 10.6% | 11.7% |
| |
|---|
| Median (52 companies) | 4.8% | 4.9% | 9.6% | 11.2% | 12.2% |
|---|
| Salora International ($SALORAINTL) | -0.9% | 4.8% | - | - | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Maxwell Industries ($MAXWELL) | 3.7x | 5.8x | 3.5x | 3.3x | - |
| Redington (India) ($REDINGTON) | 2.6x | 2.6x | 1.7x | 1.9x | 2.3x |
| Kothari Products ($KOTHARIPRO) | 1.2x | 0.6x | 0.4x | 1.4x | 1.5x |
| Ptl Enterprises ($PTL) | 2.2x | 2.0x | 2.0x | 1.2x | 0.5x |
| Rama Vision ($RAMAVISION) | -1.8x | 0.3x | 0.0x | 0.0x | - |
| |
|---|
| Median (29 companies) | 1.6x | 1.7x | 0.0x | 0.0x | 0.0x |
|---|
| Salora International ($SALORAINTL) | 23.6x | 3.5x | 0.0x | 0.0x | 0.0x |
