Mazda reports 7.2% Net Income growth in 2016 and 3.1% Revenue growth
30-05-2016 • About Mazda (
$MAZDALTD) • By InTwits
Mazda reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is relatively stable: 15.1% in FY2016 vs. 14.9% in FY2015 vs. 14.5% in FY2012.
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue increased on 3.1%. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 10.9 pp from 4.5% to -6.4% in FY2016.
Net Income margin showed almost no change in FY2016.
Financial and operational results
Mazda ($MAZDALTD) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,031 | 1,182 | 998 | 1,159 | 1,196 | 3.1% |
| EBITDA | 150 | 191 | 150 | 172 | 180 | 4.4% |
| Net Income | 100 | 124 | 103 | 112 | 120 | 7.2% |
Balance Sheet
|
|---|
| Cash | 5 | 59 | | | | |
| Short Term Debt | 10 | 24 | | | | |
| Long Term Debt | 2 | 0 | | | | |
Cash flow
|
|---|
| Capex | 86 | | | | | |
Ratios
|
|---|
| Revenue growth | 22.1% | 14.7% | -15.6% | 16.2% | 3.1% | |
| EBITDA growth | 23.5% | 27.6% | -21.5% | 14.9% | 4.4% | |
|
|---|
| EBITDA Margin | 14.5% | 16.2% | 15.0% | 14.9% | 15.1% | 0.2% |
| Net Income Margin | 9.7% | 10.5% | 10.3% | 9.7% | 10.1% | 0.4% |
| CAPEX, % of revenue | 8.4% | | | | | |
|
|---|
| ROIC | 21.8% | 23.8% | | | | |
| ROE | 16.1% | 17.5% | | | | |
| Net Debt/EBITDA | 0.0x | -0.2x | 0.0x | 0.0x | 0.0x |
Peers in Industrial Machinery
Below we provide Mazda benchmarking against other companies in Industrial Machinery 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 |
|---|
| Batliboi ($BATLIBOI) | - | - | - | -54.5% | 74.2% |
| Wpil ($WPIL) | - | 38.4% | 0.3% | -5.5% | 51.3% |
| Lloyd Electric & Engineering ($LLOYDELENG) | - | - | - | 22.3% | 27.3% |
| Manugraph India ($MANUGRAPH) | - | -17.4% | -19.8% | -14.6% | 22.6% |
| Isgec Heavy Engineering ($SARASIND) | - | -3.8% | - | - | 14.2% |
| |
|---|
| Median (24 companies) | 10.7% | 2.2% | 3.0% | 2.8% | 5.7% |
|---|
| Mazda ($MAZDALTD) | - | 14.7% | -15.6% | 16.2% | 3.1% |
Top companies by Gross margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Bell Agromachina ($BELAGRO) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| |
|---|
| Median (1 company) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Texmaco Infrastructure & Holdings ($TEXINFRA) | - | - | - | 40.5% | - |
| Dhp India ($DHPIND) | - | - | - | 26.3% | - |
| Shilp Gravures ($SHILGRAVQ) | - | - | - | 19.4% | - |
| Solitaire Machine Tools ($SOLIMAC) | - | - | - | 19.4% | - |
| Wendt (India) ($WENDT) | 28.3% | 21.6% | 18.6% | 19.0% | 16.5% |
| |
|---|
| Median (46 companies) | 11.3% | 9.5% | 10.5% | 10.5% | 9.7% |
|---|
| Mazda ($MAZDALTD) | 14.5% | 16.2% | 15.0% | 14.9% | 15.1% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Texmaco Infrastructure & Holdings ($TEXINFRA) | - | - | - | 14.0% | - |
| Shakti Pumps (India) ($SHAKTIPUMP) | 5.8% | 19.0% | 6.1% | 9.9% | 7.5% |
| Wendt (India) ($WENDT) | 13.5% | 9.0% | 8.8% | 9.4% | 9.3% |
| Ingersoll-Rand (India) ($INGERRAND) | 4.3% | 10.9% | 3.6% | 9.2% | 6.7% |
| Kabra Extrusiontechnik ($KABRAEXTRU) | 6.5% | 1.8% | 0.5% | 8.8% | 16.2% |
| |
|---|
| Median (24 companies) | 5.6% | 4.5% | 3.0% | 3.2% | 3.2% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Greaves Cotton ($GREAVESCOT) | - | 24.8% | 16.3% | 26.7% | 25.7% |
| Honda Siel Power Products ($HONDAPOWER) | 16.9% | 8.8% | 11.5% | 15.3% | 18.3% |
| Lakshmi Machine Works ($LAXMIMACH) | 18.0% | 11.7% | 16.2% | 17.6% | 18.2% |
| Kabra Extrusiontechnik ($KABRAEXTRU) | - | - | 11.9% | 13.9% | 17.0% |
| Ion Exchange (India) ($IONEXCHANG) | 11.0% | 15.1% | 8.8% | 13.1% | 16.4% |
| |
|---|
| Median (44 companies) | 12.8% | 11.0% | 10.8% | 13.0% | 10.6% |
|---|
| Mazda ($MAZDALTD) | 21.8% | 23.8% | - | - | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Wpil ($WPIL) | 2.4x | 2.3x | 2.2x | 0.8x | 5.4x |
| Kirloskar Brothers ($KIRLOSBROS) | 2.4x | 1.3x | 1.1x | 1.5x | 4.7x |
| Forbes & Company ($FORBESCO) | 2.2x | 3.3x | 4.7x | 6.3x | 4.3x |
| Elecon Engineering Co ($ELECON) | 3.0x | 3.2x | 4.0x | 3.1x | 3.9x |
| Dynamatic Technologies ($DYNAMATECH) | 5.0x | 4.1x | 3.4x | 2.7x | 3.8x |
| |
|---|
| Median (34 companies) | 1.3x | 1.6x | 0.0x | 0.0x | 0.0x |
|---|
| Mazda ($MAZDALTD) | 0.0x | -0.2x | 0.0x | 0.0x | 0.0x |
