Vesuvius India reports 18.4% Net Income growth in 2016 and almost no change in EBITDA Margin of 18.1%
27-02-2017 • About Vesuvius India (
$VESUVIUS) • By InTwits
Vesuvius India reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: The company has highly profitable business model: ROIC is 22.6%.
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue jumped on 17.3%. EBITDA Margin showed almost no change in FY2016.
Net Income margin showed almost no change in FY2016.
Return on investment
The company operates at high and attractive ROIC (22.6%) while ROE is a bit lower (16.4%). ROIC increased slightly on 1.0 pp from 21.6% to 22.6% in FY2016. ROE increased slightly on 0.64 pp from 15.7% to 16.4% in FY2016. During FY2012-FY2016 ROIC bottomed in FY2014 at 19.3% and was growing since that time.
Leverage (Debt)
The company has no debt. Cash jumped on 15.0%.
Valuation and dividends
The company's trades at EV/EBITDA 14.8x and P/E 27.5x while industy averages are 17.8x and 21.9x.
Financial and operational results
Vesuvius India ($VESUVIUS) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 5,623 | 6,012 | 6,517 | 6,985 | 8,192 | 17.3% |
| EBITDA | 994 | 1,127 | 1,015 | 1,255 | 1,479 | 17.9% |
| Net Income | 558 | 652 | 592 | 736 | 871 | 18.4% |
Balance Sheet
|
|---|
| Cash | 154 | 59 | 947 | 1,730 | 1,989 | 15.0% |
| Short Term Debt | 0 | 0 | 0 | 0 | 0 | |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 238 | 242 | 221 | 185 | | |
Ratios
|
|---|
| Revenue growth | 4.1% | 6.9% | 8.4% | 7.2% | 17.3% | |
| EBITDA growth | 2.4% | 13.4% | -10.0% | 23.6% | 17.9% | |
|
|---|
| EBITDA Margin | 17.7% | 18.8% | 15.6% | 18.0% | 18.1% | 0.1% |
| Net Income Margin | 9.9% | 10.8% | 9.1% | 10.5% | 10.6% | 0.1% |
| CAPEX, % of revenue | 4.2% | 4.0% | 3.4% | 2.7% | | |
|
|---|
| ROIC | 25.0% | 25.0% | 19.3% | 21.6% | 22.6% | 1.0% |
| ROE | 17.4% | 17.6% | 14.1% | 15.7% | 16.4% | 0.6% |
| Net Debt/EBITDA | -0.2x | -0.1x | -0.9x | -1.4x | -1.3x | 0.0x |
Peers in Other Industrial Goods
Below you can find Vesuvius India benchmarking vs. other companies in Other Industrial Goods 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 |
|---|
| Hariyana Ship Breakers ($HRYNSHP) | - | 75.6% | -54.7% | -49.6% | 54.7% |
| Gee ($GEE) | - | 7.6% | -10.2% | 7.6% | 5.2% |
| Orient Refractories ($ORIENTREF) | - | 20.0% | 11.9% | 11.9% | 1.7% |
| Amd Industries ($AMDIND) | - | -15.5% | 21.0% | -9.9% | -0.3% |
| Ifgl Refractories ($IFGLREFRAC) | - | 11.2% | 15.9% | 1.2% | -8.9% |
| |
|---|
| Median (7 companies) | - | 12.4% | 3.4% | -12.4% | -0.3% |
|---|
| Vesuvius India ($VESUVIUS) | - | 6.9% | 8.4% | 7.2% | 17.3% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Snl Bearings ($SNL) | - | - | - | 29.0% | - |
| Orient Refractories ($ORIENTREF) | 16.7% | 18.7% | 19.7% | 17.9% | 18.6% |
| Heg ($HEG) | 17.0% | 18.1% | 16.9% | 16.3% | 15.2% |
| Amd Industries ($AMDIND) | 15.3% | 12.3% | 16.4% | 15.3% | 15.1% |
| Ifgl Refractories ($IFGLREFRAC) | 13.2% | 8.5% | 15.1% | 11.3% | 11.3% |
| |
|---|
| Median (9 companies) | 14.3% | 10.4% | 15.1% | 11.3% | 13.2% |
|---|
| Vesuvius India ($VESUVIUS) | 17.7% | 18.8% | 15.6% | 18.0% | 18.1% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Heg ($HEG) | 14.4% | 9.3% | 18.7% | 2.6% | 3.9% |
| Orient Refractories ($ORIENTREF) | 2.1% | 1.8% | 1.7% | 2.5% | 2.0% |
| Ifgl Refractories ($IFGLREFRAC) | 0.8% | 2.9% | 1.3% | 2.5% | 2.4% |
| Insilco ($INSILCO) | - | - | - | 1.6% | - |
| Graphite India ($GRPHIDM) | 7.1% | 2.7% | 1.2% | 1.6% | 3.6% |
| |
|---|
| Median (5 companies) | 2.8% | 2.7% | 1.7% | 2.5% | 3.0% |
|---|
| Vesuvius India ($VESUVIUS) | 4.2% | 4.0% | 3.4% | 2.7% | - |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Orient Refractories ($ORIENTREF) | - | 62.1% | 59.3% | 46.3% | 40.9% |
| Ifgl Refractories ($IFGLREFRAC) | 20.0% | 11.7% | 23.5% | 15.7% | 13.5% |
| Graphite India ($GRPHIDM) | 12.6% | 8.6% | 8.0% | 4.2% | 4.3% |
| Heg ($HEG) | 9.0% | 10.4% | 8.3% | 5.5% | 2.5% |
| De Nora India ($DENORA) | 61.7% | 19.1% | - | - | - |
| |
|---|
| Median (13 companies) | 15.3% | 12.3% | 21.9% | 10.6% | 8.9% |
|---|
| Vesuvius India ($VESUVIUS) | 25.0% | 25.0% | 19.3% | 21.6% | 22.6% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Heg ($HEG) | 5.2x | 4.1x | 3.3x | 4.1x | 5.0x |
| Graphite India ($GRPHIDM) | 2.0x | 2.7x | 1.7x | 2.4x | 2.0x |
| Ifgl Refractories ($IFGLREFRAC) | 1.2x | 2.1x | 0.7x | 0.9x | 0.2x |
| Gee ($GEE) | 3.2x | 2.8x | 0.0x | 0.0x | 0.0x |
| Snl Bearings ($SNL) | 0.2x | 0.6x | 1.1x | 0.0x | 0.0x |
| |
|---|
| Median (8 companies) | 1.3x | 2.1x | 0.7x | 0.0x | 0.0x |
|---|
| Vesuvius India ($VESUVIUS) | -0.2x | -0.1x | -0.9x | -1.4x | -1.3x |
