Monetbbph reports 607% EBITDA decline in 2016 and 26.7 pp EBITDA Margin decline from 2.7% to -24.0%
30-05-2016 • About Monetbbph (
$MONETBBPH) • By InTwits
Monetbbph reported FY2016 financial results today. Here are the key drivers of the company's long term financial model:
- EBITDA Margin is declining: -24.0% in FY2016 vs. 2.7% in FY2015 vs. 25.0% in FY2012
- EBITDA Margin is quite volatile: -24.0% in FY2016, 2.7% in FY2015, 16.9% in FY2014, 23.4% in FY2013, 25.0% in FY2012
- Monetbbph has high CAPEX intensity: 5 year average CAPEX/Revenue was 74.8%. At the same time it's a lot of higher than industry average of 5.2%.
- CAPEX is quite volatile: ₹1,614m in FY2016, ₹28,935m in FY2015, ₹32,049m in FY2014, ₹1,073m in FY2013, ₹26,133m in FY2012
- The company has unprofitable business model: ROIC is -5.8%
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 dropped on 43.1%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 5.7 pp from 4.0% to 9.7% in FY2016. EBITDA Margin declined at -11.9 pp per annum in FY2012-FY2016.
Net Income margin dropped on 74.3 pp from -26.4% to -101% in FY2016. Net Income margin stuck to a declining trend at -26.5 pp per annum in FY2012-FY2016.
Investments (CAPEX, working capital and M&A)
Monetbbph's CAPEX/Revenue was 8.8% in FY2016. The company's CAPEX/Revenue increased on 3.6 pp from 5.2% in FY2013 to 8.8% in FY2016. It's average level of CAPEX/Revenue for the last three years was 79.1%.
Return on investment
The company operates at negative ROIC (-5.8%) and ROE (-156.5%). ROIC decreased on 4.4 pp from -1.4% to -5.8% in FY2016. ROE dropped on 119 pp from -37.3% to -157% in FY2016. ROIC stuck to a declining trend at -2.9 pp per annum in FY2012-FY2016. ROE followed a declining trend in FY2012-FY2016.
Leverage (Debt)
Company's Net Debt / EBITDA is -2.2x and Debt / EBITDA is . Net Debt / EBITDA dropped on 140.3x from 140.3x to in FY2016. Debt decreased on 3.1% while cash dropped on 23.6%.
Monetbbph has short term refinancing risk: cash is only 7.6% of short term debt.
Financial and operational results
Monetbbph ($MONETBBPH) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 19,887 | 20,621 | 23,021 | 32,421 | 18,433 | -43.1% |
| SG&A | | | | | 724 | |
| EBITDA | 4,968 | 4,826 | 3,890 | 872 | -4,419 | -606.7% |
| Net Income | 2,612 | 2,221 | 370 | -8,569 | -18,563 | |
Balance Sheet
|
|---|
| Cash | 8,769 | 7,559 | 678 | 2,656 | 2,030 | -23.6% |
| Short Term Debt | 16,561 | 21,624 | 15,257 | 31,063 | 26,697 | -14.1% |
| Long Term Debt | 40,982 | 64,440 | 92,112 | 93,934 | 94,454 | 0.6% |
Cash flow
|
|---|
| Capex | 26,133 | 1,073 | 32,049 | 28,935 | 1,614 | -94.4% |
Ratios
|
|---|
| Revenue growth | 22.3% | 3.7% | 11.6% | 40.8% | -43.1% | |
| EBITDA growth | 8.3% | -2.9% | -19.4% | -77.6% | -606.7% | |
|
|---|
| EBITDA Margin | 25.0% | 23.4% | 16.9% | 2.7% | -24.0% | -26.7% |
| SG&A, % of revenue | | | | | 3.9% | |
| Net Income Margin | 13.1% | 10.8% | 1.6% | -26.4% | -100.7% | -74.3% |
| CAPEX, % of revenue | 131.4% | 5.2% | 139.2% | 89.2% | 8.8% | -80.5% |
|
|---|
| ROIC | 5.9% | 3.8% | 1.9% | -1.4% | -5.8% | -4.4% |
| ROE | 11.4% | 8.8% | 0.9% | -37.3% | -156.5% | -119.2% |
| Net Debt/EBITDA | 9.8x | 16.3x | 27.4x | 140.3x | |
Peers in
Below you can find Monetbbph benchmarking vs. other companies in 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 |
|---|
| Tvs Electronics ($TVSEL) | - | 8.5% | 5.2% | 9.2% | 116.1% |
| Asleyf ($ASLEYF) | - | -3.3% | -8.0% | 33.6% | 34.7% |
| Jocil ($JOCIL) | - | 4.1% | -8.7% | -13.7% | 22.2% |
| Kirloskar Pneumatic Co ($KIRPNDM) | - | -17.7% | -11.8% | -8.9% | 15.4% |
| Jklakbbph ($JKLAKBBPH) | - | 19.6% | 0.0% | 12.2% | 14.0% |
| |
|---|
| Median (16 companies) | 34.7% | 11.0% | 3.5% | 8.4% | 4.3% |
|---|
| Monetbbph ($MONETBBPH) | - | 3.7% | 11.6% | 40.8% | -43.1% |
Top companies by Gross margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Jenson & Nicholson Financial Services ($JNFSL) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Bombay Drugs & Pharmas ($BOMDRDM) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Southern Herbals ($SOUTHNHE) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Tafnccpeq ($TAFNCCPEQ) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| |
|---|
| Median (4 companies) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Oswal Chemicals & Fertilizers ($OSWALCHEM) | - | - | - | 53.4% | - |
| Kaleconbbph ($KALECONBBPH) | 27.7% | 44.3% | 43.5% | 37.9% | - |
| Paushak ($PAUSHAK) | - | - | - | 25.6% | - |
| The United Nilgiri Tea Estates Company ($UNITEDTEA) | - | - | - | 24.7% | - |
| Indbulbbph ($INDBULBBPH) | 36.7% | 34.6% | 29.5% | 23.5% | 28.7% |
| |
|---|
| Median (20 companies) | 14.8% | 12.5% | 13.4% | 10.8% | 9.8% |
|---|
| Monetbbph ($MONETBBPH) | 25.0% | 23.4% | 16.9% | 2.7% | -24.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Jklakbbph ($JKLAKBBPH) | 28.5% | 28.8% | 24.6% | 23.6% | 17.5% |
| Rilbbph ($RILBBPH) | 4.6% | 7.7% | 13.8% | 16.9% | 18.0% |
| Gkw ($GKW) | - | - | - | 15.5% | - |
| Paushak ($PAUSHAK) | - | - | - | 12.3% | - |
| The United Nilgiri Tea Estates Company ($UNITEDTEA) | - | - | - | 8.8% | - |
| |
|---|
| Median (17 companies) | 8.6% | 6.3% | 4.1% | 5.0% | 2.7% |
|---|
| Monetbbph ($MONETBBPH) | 131.4% | 5.2% | 139.2% | 89.2% | 8.8% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Paushak ($PAUSHAK) | 8.4% | 24.5% | - | - | 23.1% |
| Uplbbph ($UPLBBPH) | 17.1% | 15.9% | 18.2% | 22.1% | 22.2% |
| Rane Brake Lining ($RANEBRAKE) | 14.1% | 7.9% | 11.1% | 12.8% | 21.2% |
| The United Nilgiri Tea Estates Company ($UNITEDTEA) | 11.8% | 15.8% | - | - | 18.1% |
| Asleyf ($ASLEYF) | 12.2% | 5.8% | -0.5% | 7.6% | 16.4% |
| |
|---|
| Median (28 companies) | 9.4% | 7.9% | 6.6% | 4.9% | 2.7% |
|---|
| Monetbbph ($MONETBBPH) | 5.9% | 3.8% | 1.9% | -1.4% | -5.8% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Rane Engine Valve ($RANENGIN) | 2.1x | 11.3x | 4.5x | 4.8x | 25.4x |
| Indian Metals & Ferro Alloys ($INDMETA-B) | 4.0x | 3.8x | 3.5x | 4.3x | 9.1x |
| Jklakbbph ($JKLAKBBPH) | 2.1x | 2.3x | 5.3x | 5.5x | 8.3x |
| Indbulbbph ($INDBULBBPH) | 4.3x | 4.8x | 5.5x | 9.6x | 6.5x |
| Rilbbph ($RILBBPH) | 1.7x | 2.1x | 2.9x | 3.9x | 3.9x |
| |
|---|
| Median (15 companies) | 1.7x | 2.1x | 2.0x | 0.9x | 1.0x |
|---|
