Noida Toll Bridge Company reports 105% EBITDA decline in 2018 and 81.3% Revenue decline
21-05-2018 • About Noida Toll Bridge Company (
$NOIDATOLL) • By InTwits
Noida Toll Bridge Company reported FY2018 financial results today. Here are the key drivers of the company's long term financial model:
- Noida Toll Bridge Company is a company in decline: FY2018 revenue growth was -81.3%, 5 years revenue CAGR was -31.5%
- EBITDA Margin is quite volatile: -16.0% in FY2018, 58.6% in FY2017, 72.0% in FY2016, 70.4% in FY2015, 73.0% in FY2014
- Noida Toll Bridge Company has high CAPEX intensity: 5 year average CAPEX/Revenue was 13.3%. At the same time it's in pair with industry average of 12.3%
- CAPEX is quite volatile: ₹30m in FY2018, ₹325m in FY2017, ₹128m in FY2016, ₹9m in FY2015, ₹3m in FY2014
- The company has unprofitable business model: ROIC is -8.7%
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 81.3%. Revenue decline was accelerating on average at -22.1 pp per annum in FY2014-FY2018. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 74.6 pp from 58.6% to -16.0% in FY2018.
Net Income margin dropped on 358 pp from 2.6% to -356% in FY2018. During the last 5 years Net Income margin topped in FY2016 at 74.8% and was declining since that time.
Investments (CAPEX, working capital and M&A)
Noida Toll Bridge Company's CAPEX/Revenue was 18.6% in FY2018. The company's CAPEX/Revenue jumped on 17.9 pp from 0.72% in FY2015 to 18.6% in FY2018. Average CAPEX/Revenue for the last three years was 21.9%. During the last 5 years CAPEX as a % of Revenue topped in FY2017 at 37.3%.
Return on investment
The company operates at negative ROIC (-8.7%) and ROE (-12.9%). ROIC dropped on 11.0 pp from 2.3% to -8.7% in FY2018. ROE dropped on 13.4 pp from 0.46% to -12.9% in FY2018. ROIC declined at -6.0 pp per annum in the last 5 years. During FY2014-FY2018 ROE topped in FY2016 at 19.4% and was declining since that time.
Leverage (Debt)
Debt level is 0.1x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA dropped on 0.9x from 0.9x to in FY2018. Debt surged on 14.2% while cash dropped on 95.1%.
Noida Toll Bridge Company has short term refinancing risk: cash is only 0.2% of short term debt.
Financial and operational results
FY ended 31-03-2018
Noida Toll Bridge Company ($NOIDATOLL) key annual financial indicators| mln. INR | 2014 | 2015 | 2016 | 2017 | 2018 | 2018/2017 |
|---|
P&L
|
|---|
| Revenue | 1,197 | 1,233 | 1,305 | 870 | 163 | -81.3% |
| SG&A | | | 6 | | | |
| EBITDA | 874 | 868 | 940 | 510 | -26 | -105.1% |
| Net Income | 539 | 798 | 976 | 23 | -579 | -2,635.4% |
Balance Sheet
|
|---|
| Cash | 94 | 54 | 319 | 6 | 0 | -95.1% |
| Short Term Debt | 0 | 214 | 36 | 8 | 171 | 1,963.2% |
| Long Term Debt | 197 | 0 | 389 | 446 | 347 | -22.1% |
Cash flow
|
|---|
| Capex | 3 | 9 | 128 | 325 | 30 | -90.7% |
Ratios
|
|---|
| Revenue growth | 11.2% | 3.0% | 5.8% | -33.3% | -81.3% | |
| EBITDA growth | 18.9% | -0.7% | 8.2% | -45.7% | -105.1% | |
|
|---|
| EBITDA Margin | 73.0% | 70.4% | 72.0% | 58.6% | -16.0% | -74.6% |
| SG&A, % of revenue | | | 0.4% | | | |
| Net Income Margin | 45.0% | 64.7% | 74.8% | 2.6% | -355.5% | -358.2% |
| CAPEX, % of revenue | 0.2% | 0.7% | 9.8% | 37.3% | 18.6% | -18.7% |
|
|---|
| ROIC | 15.0% | 14.4% | 10.6% | 2.3% | -8.7% | -11.0% |
| ROE | 11.0% | 16.1% | 19.4% | 0.5% | -12.9% | -13.4% |
| Net Debt/EBITDA | 0.1x | 0.2x | 0.1x | 0.9x | |
Peers in Roads & Highways
Below you can find Noida Toll Bridge Company benchmarking vs. other companies in Roads & Highways 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.
