Chartered Logistics EBITDA Margin increased on 8.1 pp from to 8.1% in 2016
31-05-2016 • About Chartered Logistics (
$CHLOGIST) • By InTwits
Chartered Logistics reported FY2016 financial results today. Here are the key drivers of the company's long term financial model:
- Chartered Logistics is a company in decline: FY2016 revenue growth was -5.9%, 5 years revenue CAGR was -2.3%
- It operates with high leverage: Net Debt/EBITDA is 3.4x while industry average is 0.8x
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue decreased on 5.9%.
Net Income margin increased slightly on 1.7 pp from 2.1% to 3.8% in FY2016. During the last 5 years Net Income margin bottomed in FY2014 at -5.1% and was growing since that time.
Investments (CAPEX, working capital and M&A)
Chartered Logistics's CAPEX/Revenue was 1.1% in FY2016. Chartered Logistics's CAPEX/Revenue increased slightly on 1.1 pp from in FY2013 to 1.1% in FY2016.
Leverage (Debt)
Debt level is 3.4x Net Debt / EBITDA and 4.3x Debt / EBITDA. Net Debt / EBITDA surged3.4x from to 3.4x in FY2016. Debt surged while cash jumped.
Chartered Logistics has short term refinancing risk: cash is only 27.3% of short term debt.
Valuation and dividends
Chartered Logistics's trades at EV/EBITDA 18.4x and P/E 32.0x while industy averages are 17.8x and 21.9x.
Financial and operational results
Chartered Logistics ($CHLOGIST) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 2,569 | 2,501 | 1,610 | 1,746 | 1,642 | -5.9% |
| EBITDA | 324 | 257 | 99 | | 133 | |
| Net Income | 57 | 28 | -82 | 36 | 62 | 72.3% |
Balance Sheet
|
|---|
| Cash | 66 | 101 | 63 | | 120 | |
| Short Term Debt | 571 | 485 | 726 | | 438 | |
| Long Term Debt | 470 | 496 | 181 | | 127 | |
Cash flow
|
|---|
| Capex | 117 | | 14 | | 18 | |
Ratios
|
|---|
| Revenue growth | 39.5% | -2.6% | -35.6% | 8.4% | -5.9% | |
| EBITDA growth | 38.4% | -20.8% | -61.6% | | | |
|
|---|
| EBITDA Margin | 12.6% | 10.3% | 6.1% | | 8.1% |
| Net Income Margin | 2.2% | 1.1% | -5.1% | 2.1% | 3.8% | 1.7% |
| CAPEX, % of revenue | 4.5% | | 0.8% | | 1.1% | |
|
|---|
| ROIC | 17.3% | 10.7% | -0.3% | | | |
| ROE | 22.6% | 9.7% | -31.4% | | | |
| Net Debt/EBITDA | 3.0x | 3.4x | 8.5x | | 3.4x |
Peers in Surface Transportation
Below we provide Chartered Logistics benchmarking against other companies in Surface Transportation 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Mahasagar Travels ($MHSGRMS) | - | -6.4% | 9.4% | 12.6% | 1.4% |
| Inter State Oil Carrier ($INTSTOIL) | - | -13.5% | 1.8% | 14.7% | -9.9% |
| Abc India ($ABCINDQ) | - | -30.3% | -8.7% | -7.2% | -12.5% |
| Patel Integrated Logistics ($PATINTLOG) | - | 12.7% | 6.5% | 8.2% | -13.0% |
| |
|---|
| Median (4 companies) | 5.5% | -6.4% | 4.5% | 8.5% | -11.2% |
|---|
| Chartered Logistics ($CHLOGIST) | - | -2.6% | -35.6% | 8.4% | -5.9% |
Top companies by EBITDA margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Mahasagar Travels ($MHSGRMS) | 9.3% | - | - | 2.8% | 9.4% |
| Patel Integrated Logistics ($PATINTLOG) | 3.7% | 3.3% | 3.0% | 3.7% | 4.2% |
| Abc India ($ABCINDQ) | 9.6% | 16.0% | 2.1% | -0.4% | 0.1% |
| |
|---|
| Median (3 companies) | 9.3% | 10.2% | 5.4% | 3.7% | 4.2% |
|---|
| Chartered Logistics ($CHLOGIST) | 12.6% | 10.3% | 6.1% | - | 8.1% |
Top companies by CAPEX/Revenue, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Transport Corporation Of India ($TCI) | 5.9% | 3.1% | 3.6% | 5.9% | - |
| Patel Integrated Logistics ($PATINTLOG) | 1.6% | - | 0.6% | 0.6% | - |
| |
|---|
| Median (2 companies) | 8.8% | 2.4% | 2.1% | 3.3% | - |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Patel Integrated Logistics ($PATINTLOG) | 9.5% | 9.0% | 8.5% | 12.5% | 11.5% |
| Coastal Roadways ($COARO) | 8.9% | 4.0% | - | - | - |
| Balurghat Technologies ($BALTE) | - | - | - | - | - |
| Abc India ($ABCINDQ) | - | 13.7% | - | - | - |
| Mahasagar Travels ($MHSGRMS) | 21.1% | - | - | - | - |
| |
|---|
| Median (6 companies) | 13.0% | 9.0% | 11.4% | 13.7% | 11.5% |
|---|
| Chartered Logistics ($CHLOGIST) | 17.3% | 10.7% | -0.3% | - | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Patel Integrated Logistics ($PATINTLOG) | 1.4x | 1.5x | 1.8x | 1.5x | 1.1x |
| Balurghat Technologies ($BALTE) | 0.0x | 0.0x | 0.0x | - | 0.0x |
| Coastal Roadways ($COARO) | 0.9x | 1.7x | - | 0.0x | 0.0x |
| Abc India ($ABCINDQ) | 3.6x | 2.5x | 0.0x | - | 0.0x |
| Mahasagar Travels ($MHSGRMS) | 0.5x | - | - | 0.0x | 0.0x |
| |
|---|
| Median (5 companies) | 1.4x | 1.8x | 0.0x | 0.7x | 0.0x |
|---|
| Chartered Logistics ($CHLOGIST) | 3.0x | 3.4x | 8.5x | - | 3.4x |
