Maxwell Industries EBITDA dropped on 102% and EBITDA Margin dropped on 10.9 pp from 10.7% to -0.23%
30-05-2016 • About Maxwell Industries (
$MAXWELL) • By InTwits
Maxwell Industries reported FY2016 financial results today. Here are the key drivers of the company's long term financial model:
- Maxwell Industries is a company in decline: FY2016 revenue growth was -26.2%, 5 years revenue CAGR was -2.9%
- EBITDA Margin is quite volatile: -0.2% in FY2016, 10.7% in FY2015, 9.0% in FY2014, 6.7% in FY2013, 9.9% in FY2012
- The company has unprofitable business model: ROIC is -2.6%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Maxwell Industries's Revenue dropped on 26.2%. During the last 5 years Revenue growth topped in FY2013 at 13.4% and was decelerating since that time. Revenue decline was worsened by EBITDA margin decline. EBITDA Margin dropped on 10.9 pp from 10.7% to -0.23% in FY2016.
Net Income margin decreased on 7.8 pp from 2.7% to -5.2% in FY2016.
Return on investment
The company operates at negative ROIC (-2.6%) and ROE (-10.5%). ROIC dropped on 13.8 pp from 11.2% to -2.6% in FY2016. ROE dropped on 17.8 pp from 7.3% to -10.5% in FY2016.
Leverage (Debt)
Company's Net Debt / EBITDA is 0.0x and Debt / EBITDA is . Net Debt / EBITDA dropped on 3.3x from 3.3x to in FY2016. Debt showed almost no change in FY2016 while cash jumped on 23.0%.
Maxwell Industries has short term refinancing risk: cash is only 3.1% of short term debt.
Financial and operational results
Maxwell Industries ($MAXWELL) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 2,199 | 2,495 | 2,574 | 2,611 | 1,928 | -26.2% |
| EBITDA | 217 | 167 | 233 | 278 | -4 | -101.6% |
| Net Income | 46 | 28 | 53 | 70 | -99 | -242.1% |
Balance Sheet
|
|---|
| Cash | 24 | 24 | 25 | 24 | 29 | 23.0% |
| Short Term Debt | 825 | 990 | 832 | 944 | 940 | -0.4% |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 19 | 47 | 62 | 46 | | |
Ratios
|
|---|
| Revenue growth | -1.7% | 13.4% | 3.2% | 1.4% | -26.2% | |
| EBITDA growth | 44.3% | -23.0% | 39.0% | 19.7% | -101.6% | |
|
|---|
| EBITDA Margin | 9.9% | 6.7% | 9.0% | 10.7% | -0.2% | -10.9% |
| Net Income Margin | 2.1% | 1.1% | 2.1% | 2.7% | -5.2% | -7.8% |
| CAPEX, % of revenue | 0.9% | 1.9% | 2.4% | 1.8% | | |
|
|---|
| ROIC | 9.0% | 6.6% | 9.6% | 11.2% | -2.6% | -13.8% |
| ROE | 4.0% | 2.4% | 5.3% | 7.3% | -10.5% | -17.8% |
| Net Debt/EBITDA | 3.7x | 5.8x | 3.5x | 3.3x | |
Peers in Comm.Trading & Distribution
Below you can find Maxwell Industries 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 |
|---|
| Sakuma Exports ($SAKUMA) | - | -18.3% | 97.4% | 14.0% | 74.1% |
| Indiabulls Wholesale Services ($IBWSL) | - | 103.2% | 61.4% | -25.3% | 48.4% |
| Sunil Industries ($SUNILTX) | - | 57.2% | 12.1% | 59.6% | 19.3% |
| Vadilal Enterprises ($VADILENT) | - | 8.4% | 14.7% | 14.2% | 16.4% |
| Competent Automobiles Co ($COMPEAU) | - | 13.8% | 0.2% | 14.4% | 12.9% |
| |
|---|
| Median (20 companies) | -59.4% | 12.6% | 14.3% | 12.8% | -4.7% |
|---|
| Maxwell Industries ($MAXWELL) | - | 13.4% | 3.2% | 1.4% | -26.2% |
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 ($REMIELEK) | - | - | - | 15.1% | 11.5% |
| |
|---|
| Median (38 companies) | 2.7% | 2.7% | 1.8% | 2.3% | 2.2% |
|---|
| Maxwell Industries ($MAXWELL) | 9.9% | 6.7% | 9.0% | 10.7% | -0.2% |
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) | 0.2% | 0.1% | 0.2% | 0.1% | 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 ($RISAINTL) | - | -0.2% | 14.8% | 11.9% | - |
| Kothari Products ($KOTHARIPRO) | 23.4% | 20.0% | 28.3% | 10.6% | 11.7% |
| Edynamics Solutions ($EDSL) | 0.8% | 0.9% | 0.2% | 0.2% | - |
| |
|---|
| Median (54 companies) | 4.5% | 4.5% | 8.2% | 11.3% | 12.2% |
|---|
| Maxwell Industries ($MAXWELL) | 9.0% | 6.6% | 9.6% | 11.2% | -2.6% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| 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 ($PTL) | 2.2x | 2.0x | 2.0x | 1.2x | 0.5x |
| Hexa Tradex ($HEXATRADEX) | - | 1.0x | 0.8x | 0.0x | - |
| Rama Vision ($RAMAVISION) | -1.8x | 0.3x | 0.0x | 0.0x | - |
| |
|---|
| Median (30 companies) | 1.7x | 1.7x | 0.0x | 0.0x | 0.0x |
|---|
| Maxwell Industries ($MAXWELL) | 3.7x | 5.8x | 3.5x | 3.3x | - |
