Superhouse revenue dropped on 11.2% and EBITDA Margin increased slightly on 0.58 pp from 10.3% to 10.8%
30-05-2016 • About Superhouse (
$SUPERHOUSE) • By InTwits
Superhouse reported FY2016 financial results today. Here are the key drivers of the company's long term financial model:
- EBITDA Margin is relatively stable: 10.8% in FY2016 vs. 10.3% in FY2015 vs. 10.8% in FY2012
- The company has highly profitable business model: ROIC is 12.7%
- It operates with high leverage: Net Debt/EBITDA is 2.3x while industry average is 0.8x
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue dropped on 11.2%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 0.58 pp from 10.3% to 10.8% in FY2016.
Net Income margin showed almost no change in FY2016.
Return on investment
The company operates at good ROIC (12.7%) while ROE is low (11.2%). ROIC decreased on 2.4 pp from 15.1% to 12.7% in FY2016. ROE decreased on 4.4 pp from 15.6% to 11.2% in FY2016.
Leverage (Debt)
Company's Net Debt / EBITDA is 2.3x and Debt / EBITDA is 2.7x. Net Debt / EBITDA dropped on 0.3x from 2.6x to 2.3x in FY2016. Debt decreased on 9.3% while cash surged on 103%.
Superhouse has short term refinancing risk: cash is only 21.4% of short term debt.
Financial and operational results
Superhouse ($SUPERHOUSE) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 5,351 | 5,876 | 7,530 | 8,001 | 7,101 | -11.2% |
| EBITDA | 580 | 585 | 882 | 822 | 770 | -6.3% |
| Net Income | 244 | 223 | 371 | 357 | 292 | -18.2% |
Balance Sheet
|
|---|
| Cash | 117 | 76 | 120 | 167 | 339 | 102.6% |
| Short Term Debt | 1,040 | 1,300 | 1,556 | 1,965 | 1,581 | -19.5% |
| Long Term Debt | 316 | 378 | 369 | 351 | 519 | 47.8% |
Cash flow
|
|---|
| Capex | 290 | 265 | 179 | 537 | | |
Ratios
|
|---|
| Revenue growth | 18.1% | 9.8% | 28.1% | 6.3% | -11.2% | |
| EBITDA growth | 35.8% | 0.8% | 50.8% | -6.9% | -6.3% | |
|
|---|
| EBITDA Margin | 10.8% | 10.0% | 11.7% | 10.3% | 10.8% | 0.6% |
| Net Income Margin | 4.6% | 3.8% | 4.9% | 4.5% | 4.1% | -0.4% |
| CAPEX, % of revenue | 5.4% | 4.5% | 2.4% | 6.7% | | |
|
|---|
| ROIC | 16.7% | 14.1% | 19.2% | 15.1% | 12.7% | -2.4% |
| ROE | 16.6% | 13.2% | 19.0% | 15.6% | 11.2% | -4.4% |
| Net Debt/EBITDA | 2.1x | 2.7x | 2.0x | 2.6x | 2.3x | -0.3x |
Peers in Footwear
Below you can find Superhouse benchmarking vs. other companies in Footwear 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Relaxo Footwears ($RELAXO) | - | 16.8% | 20.0% | 22.2% | 15.7% |
| |
|---|
| Median (1 company) | - | 16.8% | 20.0% | 22.2% | 15.7% |
|---|
| Superhouse ($SUPERHOUSE) | - | 9.8% | 28.1% | 6.3% | -11.2% |
Top companies by EBITDA margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Sreeleathers ($SREEL2) | - | - | - | 21.4% | - |
| Relaxo Footwears ($RELAXO) | 11.2% | 10.9% | 12.2% | 13.6% | 14.1% |
| |
|---|
| Median (2 companies) | 11.2% | 10.9% | 12.2% | 17.5% | 14.1% |
|---|
| Superhouse ($SUPERHOUSE) | 10.8% | 10.0% | 11.7% | 10.3% | 10.8% |
Top companies by CAPEX/Revenue, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Relaxo Footwears ($RELAXO) | 5.6% | 8.3% | 5.9% | 8.9% | 7.9% |
| Sreeleathers ($SREEL2) | - | - | - | 0.1% | - |
| |
|---|
| Median (2 companies) | 5.6% | 8.3% | 5.9% | 4.5% | 7.9% |
|---|
| Superhouse ($SUPERHOUSE) | 5.4% | 4.5% | 2.4% | 6.7% | - |
Top companies by ROIC, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Relaxo Footwears ($RELAXO) | 21.2% | 19.9% | 24.1% | 28.3% | 28.1% |
| Sreeleathers ($SREEL2) | - | - | 5.7% | 6.7% | 8.5% |
| Welterman International ($WELTI) | - | - | - | - | - |
| |
|---|
| Median (3 companies) | 21.2% | 19.9% | 14.9% | 17.5% | 18.3% |
|---|
| Superhouse ($SUPERHOUSE) | 16.7% | 14.1% | 19.2% | 15.1% | 12.7% |
Top companies by Net Debt / EBITDA
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Relaxo Footwears ($RELAXO) | 1.8x | 2.0x | 1.3x | 1.2x | 1.0x |
| Sreeleathers ($SREEL2) | - | -0.1x | -0.5x | -0.4x | -1.0x |
| |
|---|
| Median (2 companies) | 1.8x | 1.0x | 0.0x | 0.4x | 0.0x |
|---|
| Superhouse ($SUPERHOUSE) | 2.1x | 2.7x | 2.0x | 2.6x | 2.3x |
