Noida Toll Bridge Company CAPEX jumped on 154% while Revenue dropped on 33.3%
26-05-2017 • About Noida Toll Bridge Company (
$NOIDATOLL) • By InTwits
Noida Toll Bridge Company reported FY2017 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Noida Toll Bridge Company has medium CAPEX intensity: 5 year average CAPEX/Revenue was 9.8%. At the same time it's in pair with industry average of 12.1%
- CAPEX is quite volatile: ₹325m in FY2017, ₹128m in FY2016, ₹9m in FY2015, ₹3m in FY2014, ₹11m in FY2013
- The company has potentially unprofitable business model: ROIC is 2.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Noida Toll Bridge Company's Revenue dropped on 33.3%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.6 pp from 12.3% to 13.9% in FY2017.
Net Income margin dropped on 72.2 pp from 74.8% to 2.6% in FY2017. During FY2013-FY2017 Net Income margin topped in FY2016 at 74.8%.
Investments (CAPEX, working capital and M&A)
The company's CAPEX/Revenue was 37.3% in FY2017. The company showed fast CAPEX/Revenue growth of 37.1 pp from 0.24% in FY2014 to 37.3% in FY2017. It's average CAPEX/Revenue for the last three years was 15.9%. Battling declining revenue the company invested a large share of EBITDA (63.7%) to CAPEX but that didn't help at least in this year. During FY2013-FY2017 CAPEX as a % of Revenue bottomed in FY2014 at 0.24% and was growing since that time.
Return on investment
The company operates at low ROIC (2.3%) and ROE (0.5%). ROIC decreased on 8.2 pp from 10.6% to 2.3% in FY2017. ROE dropped on 18.9 pp from 19.4% to 0.46% in FY2017. During the last 5 years ROIC topped in FY2014 at 15.0% and was declining since that time. During the last 5 years ROE topped in FY2016 at 19.4%.
Leverage (Debt)
Debt level is 0.9x Net Debt / EBITDA and 0.9x Debt / EBITDA. Net Debt / EBITDA jumped on 0.8x from 0.1x to 0.9x in FY2017. Debt increased on 7.0% while cash dropped on 98.0%.
Noida Toll Bridge Company has short term refinancing risk: cash is only 78.2% of short term debt.
Financial and operational results
FY ended 31-03-2017
Noida Toll Bridge Company ($NOIDATOLL) key annual financial indicators| mln. INR | 2013 | 2014 | 2015 | 2016 | 2017 | 2017/2016 |
|---|
P&L
|
|---|
| Revenue | 1,076 | 1,197 | 1,233 | 1,305 | 870 | -33.3% |
| SG&A | | | | 6 | | |
| EBITDA | 735 | 874 | 868 | 940 | 510 | -45.7% |
| Net Income | 419 | 539 | 798 | 976 | 23 | -97.7% |
Balance Sheet
|
|---|
| Cash | 17 | 94 | 54 | 319 | 6 | -98.0% |
| Short Term Debt | 0 | 0 | 214 | 36 | 8 | -76.8% |
| Long Term Debt | 231 | 197 | 0 | 389 | 446 | 14.7% |
Cash flow
|
|---|
| Capex | 11 | 3 | 9 | 128 | 325 | 154.4% |
Ratios
|
|---|
| Revenue growth | 13.3% | 11.2% | 3.0% | 5.8% | -33.3% | |
| EBITDA growth | 8.0% | 18.9% | -0.7% | 8.2% | -45.7% | |
|
|---|
| EBITDA Margin | 68.3% | 73.0% | 70.4% | 72.0% | 58.6% | -13.4% |
| SG&A, % of revenue | | | | 0.4% | | |
| Net Income Margin | 38.9% | 45.0% | 64.7% | 74.8% | 2.6% | -72.2% |
| CAPEX, % of revenue | 1.0% | 0.2% | 0.7% | 9.8% | 37.3% | 27.5% |
|
|---|
| ROIC | 12.8% | 15.0% | 14.4% | 10.6% | 2.3% | -8.2% |
| ROE | 8.8% | 11.0% | 16.1% | 19.4% | 0.5% | -18.9% |
| Net Debt/EBITDA | 0.3x | 0.1x | 0.2x | 0.1x | 0.9x | 0.8x |
Peers in Roads & Highways
Below we provide Noida Toll Bridge Company benchmarking against other companies in Roads & Highways 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 | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 |
|---|
| Irb Infrastructure Developers ($IRB) | 17.7% | 1.2% | 3.1% | 33.3% | - |
| Il&Fs Transportation Networks ($IL&FSTRANS) | 18.5% | -0.9% | -1.3% | 27.1% | - |
| |
|---|
| Median (2 companies) | 18.1% | 0.2% | 0.9% | 30.2% | - |
|---|
| Noida Toll Bridge Company ($NOIDATOLL) | - | 11.2% | 3.0% | 5.8% | -33.3% |
Top companies by EBITDA margin, %
| Top | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 |
|---|
| Irb Infrastructure Developers ($IRB) | 44.4% | 47.3% | 57.5% | 51.9% | - |
| Il&Fs Transportation Networks ($IL&FSTRANS) | 27.9% | 28.9% | 33.1% | 33.7% | - |
| |
|---|
| Median (2 companies) | 36.1% | 38.1% | 45.3% | 42.8% | - |
|---|
| Noida Toll Bridge Company ($NOIDATOLL) | 68.3% | 73.0% | 70.4% | 72.0% | 58.6% |
Top companies by CAPEX/Revenue, %
| Top | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 |
|---|
| Irb Infrastructure Developers ($IRB) | 67.2% | 71.1% | 60.1% | 61.6% | - |
| Il&Fs Transportation Networks ($IL&FSTRANS) | 46.1% | 48.5% | 43.9% | 48.3% | - |
| |
|---|
| Median (2 companies) | 56.6% | 59.8% | 52.0% | 54.9% | - |
|---|
| Noida Toll Bridge Company ($NOIDATOLL) | 1.0% | 0.2% | 0.7% | 9.8% | 37.3% |
Top companies by ROIC, %
| Top | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 |
|---|
| Irb Infrastructure Developers ($IRB) | 10.7% | 9.6% | 9.5% | 9.8% | - |
| Il&Fs Transportation Networks ($IL&FSTRANS) | 10.9% | 8.1% | 7.3% | 7.7% | - |
| |
|---|
| Median (2 companies) | 10.8% | 8.8% | 8.4% | 8.8% | - |
|---|
| Noida Toll Bridge Company ($NOIDATOLL) | 12.8% | 15.0% | 14.4% | 10.6% | 2.3% |
Top companies by Net Debt / EBITDA
| Top | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 |
|---|
| Il&Fs Transportation Networks ($IL&FSTRANS) | 7.6x | 9.6x | 10.6x | 9.7x | - |
| Irb Infrastructure Developers ($IRB) | 5.2x | 6.0x | 5.0x | 5.1x | - |
| |
|---|
| Median (2 companies) | 6.4x | 7.8x | 7.8x | 7.4x | - |
|---|
| Noida Toll Bridge Company ($NOIDATOLL) | 0.3x | 0.1x | 0.2x | 0.1x | 0.9x |
