Noida Toll Bridge Company Net Income jumped on 47.9% in 2015 and Revenue increased on 3.0%
30 Apr 2015 • About Noida Toll Bridge Company (
$NTBC) • By InTwits
Noida Toll Bridge Company reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Noida Toll Bridge Company has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.7%.
- The company has highly profitable business model: ROIC is at 14.4%
- It operates with medium-size leverage: Net Debt/EBITDA is 0.2x while industry average is 0.2x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Noida Toll Bridge Company ($NTBC) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 858 | 950 | 1,076 | 1,197 | 1,233 | 3.0% |
| EBITDA | 615 | 680 | 735 | 874 | 868 | -0.7% |
| Net Income | 375 | 455 | 419 | 539 | 798 | 47.9% |
Balance Sheet
|
|---|
| Cash | 10 | 17 | 17 | 94 | 54 | -42.9% |
| Short Term Debt | 217 | 0 | 0 | 0 | 214 | |
| Long Term Debt | 1,170 | 754 | 231 | 197 | 0 | -100.0% |
Cash flow
|
|---|
| Capex | 9 | 3 | 11 | 3 | 9 | 203.8% |
Ratios
|
|---|
| Revenue growth | 1.0% | 10.6% | 13.3% | 11.2% | 3.0% | |
| EBITDA growth | 0.9% | 10.7% | 8.0% | 18.9% | -0.7% | |
| EBITDA Margin | 71.6% | 71.7% | 68.3% | 73.0% | 70.4% | -2.6% |
| Net Income Margin | 43.6% | 47.9% | 38.9% | 45.0% | 64.7% | 19.6% |
| CAPEX, % of revenue | 1.0% | 0.3% | 1.0% | 0.2% | 0.7% | 0.5% |
| ROIC | 9.6% | 10.9% | 12.8% | 15.0% | 14.4% | -0.7% |
| ROE | 8.7% | 10.0% | 8.8% | 11.0% | 16.1% | 5.1% |
| Net Debt/EBITDA | 2.2x | 1.1x | 0.3x | 0.1x | 0.2x | 0.1x |
Revenue and profitability
The company's Revenue increased on 3.0% in FY2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 2.1 pp from 21.1% to 19.0% in FY2015.
Net Income marign jumped on 19.6 pp from 45.0% to 64.7% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 Noida Toll Bridge Company had CAPEX/Revenue of 0.72%. Noida Toll Bridge Company's CAPEX/Revenue showed almost no change from FY2012 to FY2015. For the last three years the average CAPEX/Revenue was 0.66%.
Return on investment
The company operates at good ROIC (14.37%) and ROE (16.14%). ROIC decreased slightly on 0.67 pp from 15.0% to 14.4% in FY2015. ROE increased on 5.1 pp from 11.0% to 16.1% in FY2015.
Leverage (Debt)
Debt level is 0.2x Net Debt / EBITDA and 0.2x Debt / EBITDA. Net Debt / EBITDA increased on 0.1x from 0.1x to 0.2x in FY2015. Debt increased on 8.5% in FY2015 while cash dropped on 42.9% in FY2015.
Valuation
The company's trades at EV/EBITDA 0.2x and P/E 0.0x while industy averages are 10.5x and 26.1x.
Appendix 1: 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.
