Merckbbph reports 41.7% Net Income growth in 2016 and 2.4 pp EBITDA Margin growth from 9.3% to 11.7%
27-02-2017 • About Merckbbph (
$MERCKBBPH) • By InTwits
Merckbbph reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Merckbbph is a growth stock: FY2016 revenue growth was 6.6%, 5 year revenue CAGR was 11.7% at FY2016 ROIC 14.1%
- The company has highly profitable business model: ROIC is 14.1%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Merckbbph's Revenue increased on 6.6%. Revenue decline was accelerating on average at -3.1 pp per annum in FY2012-FY2016. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 50.4 pp from 9.5% to -41.0% in FY2016. During the last 5 years EBITDA Margin bottomed in FY2014 at 7.2% and was growing since that time.
Net Income margin increased slightly on 1.9 pp from 5.9% to 7.8% in FY2016. During the last 5 years Net Income margin bottomed in FY2014 at 5.2% and was growing since that time.
Return on investment
The company operates at good ROIC (14.1%) and ROE (12.3%). ROIC increased on 3.4 pp from 10.6% to 14.1% in FY2016. ROE increased on 2.9 pp from 9.3% to 12.3% in FY2016. During the last 5 years ROIC bottomed in FY2014 at 8.6% and was growing since that time. During FY2012-FY2016 ROE bottomed in FY2014 at 8.0% and was growing since that time.
Leverage (Debt)
The company has no debt. Cash surged on 48.2%.
Financial and operational results
Merckbbph ($MERCKBBPH) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 6,581 | 7,730 | 8,325 | 9,083 | 9,683 | 6.6% |
| EBITDA | 1,056 | 770 | 596 | 847 | 1,135 | 34.0% |
| Net Income | 784 | 559 | 432 | 536 | 759 | 41.7% |
Balance Sheet
|
|---|
| Cash | 25 | 53 | 43 | 1,884 | 2,793 | 48.2% |
| Short Term Debt | 0 | 0 | 0 | 0 | 0 | |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 136 | 334 | 404 | 452 | | |
Ratios
|
|---|
| Revenue growth | 18.0% | 17.5% | 7.7% | 9.1% | 6.6% | |
| EBITDA growth | 20.6% | -27.0% | -22.7% | 42.2% | 34.0% | |
|
|---|
| EBITDA Margin | 16.0% | 10.0% | 7.2% | 9.3% | 11.7% | 2.4% |
| Net Income Margin | 11.9% | 7.2% | 5.2% | 5.9% | 7.8% | 1.9% |
| CAPEX, % of revenue | 2.1% | 4.3% | 4.9% | 5.0% | | |
|
|---|
| ROIC | 21.3% | 13.1% | 8.6% | 10.6% | 14.1% | 3.4% |
| ROE | 17.5% | 11.1% | 8.0% | 9.3% | 12.3% | 2.9% |
| Net Debt/EBITDA | -0.0x | -0.1x | -0.1x | -2.2x | -2.5x | -0.2x |
Peers in
Below you can find Merckbbph 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 ($JKLAKBBPH) | - | 19.6% | 0.0% | 12.2% | 14.0% |
| |
|---|
| Median (19 companies) | - | 10.8% | 3.5% | 8.4% | 3.8% |
|---|
| Merckbbph ($MERCKBBPH) | - | 17.5% | 7.7% | 9.1% | 6.6% |
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 |
|---|
| Kaleconbbph ($KALECONBBPH) | 27.7% | 44.3% | 43.5% | 37.9% | 39.8% |
| Indbulbbph ($INDBULBBPH) | 36.7% | 34.6% | 29.5% | 23.5% | 28.7% |
| Uplbbph ($UPLBBPH) | 18.2% | 18.3% | 18.8% | 20.0% | 20.8% |
| Bharat Rasayan ($BHARATRA) | 12.8% | 14.9% | 18.2% | 18.6% | 17.7% |
| Rilbbph ($RILBBPH) | 9.7% | 8.3% | 8.1% | 10.0% | 15.8% |
| |
|---|
| Median (17 companies) | 14.8% | 14.2% | 15.8% | 10.8% | 9.9% |
|---|
| Merckbbph ($MERCKBBPH) | 16.0% | 10.0% | 7.2% | 9.3% | 11.7% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Rilbbph ($RILBBPH) | 4.6% | 7.7% | 13.8% | 16.9% | 18.0% |
| Jklakbbph ($JKLAKBBPH) | 28.5% | 28.8% | 24.6% | 23.6% | 17.5% |
| Indian Metals & Ferro Alloys ($INDMETA-B) | 33.6% | 18.7% | 10.1% | 5.4% | 8.9% |
| Monetbbph ($MONETBBPH) | 131.4% | 5.2% | 139.2% | 89.2% | 8.8% |
| Kaleconbbph ($KALECONBBPH) | 10.9% | 5.0% | 2.5% | 2.9% | 6.3% |
| |
|---|
| Median (15 companies) | 8.9% | 6.3% | 4.1% | 5.0% | 3.6% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kaleconbbph ($KALECONBBPH) | - | 89.0% | 103.8% | 81.0% | 102.7% |
| Bharat Rasayan ($BHARATRA) | 22.1% | 13.7% | 21.9% | 26.1% | 24.1% |
| Paushak ($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% |
| |
|---|
| Median (31 companies) | 8.4% | 7.6% | 5.6% | 3.9% | 3.0% |
|---|
| Merckbbph ($MERCKBBPH) | 21.3% | 13.1% | 8.6% | 10.6% | 14.1% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Rane Engine Valve ($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 (17 companies) | 1.9x | 2.3x | 2.5x | 1.4x | 1.0x |
|---|
| Merckbbph ($MERCKBBPH) | -0.0x | -0.1x | -0.1x | -2.2x | -2.5x |
