Thyssenkrupp Ag revenue increased on 3.8% in 2015 and EBITDA Margin showed almost no change
19 Nov 2015 • About Thyssenkrupp Ag (
$0O1C) • By InTwits
Thyssenkrupp Ag reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is quite volatile: 5.5% in FY2015, 5.6% in FY2014, 3.5% in FY2013, 4.0% in FY2012, 9.4% in FY2011
- Thyssenkrupp Ag has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.9%. At the same time it's in pair with industry average of 5.3%.
- CAPEX is quite volatile: 1,726 in 2015, 126 in 2014, 341 in 2013, 558 in 2012, 253 in 2011
- The company has business model with low profitability: ROIC is at 9.5%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Thyssenkrupp Ag ($0O1C) key annual financial indicators
| mln. € | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 42,725 | 41,536 | 38,559 | 41,212 | 42,778 | 3.8% |
| Gross Profit | 7,348 | 1,464 | 4,737 | 6,205 | 6,874 | 10.8% |
| SG&A | 4,572 | 5,132 | 4,908 | 5,053 | 5,280 | 4.5% |
| EBITDA | 4,034 | 1,660 | 1,360 | 2,319 | 2,351 | 1.4% |
| Net Income | -1,291 | -4,241 | -1,436 | 212 | 309 | 45.8% |
Balance Sheet
|
|---|
| Cash | 3,230 | 2,221 | 3,813 | 4,030 | 4,535 | 12.5% |
| Short Term Debt | 1,038 | 2,610 | 2,918 | 1,957 | 2,342 | 19.7% |
| Long Term Debt | 6,494 | 5,256 | 6,955 | 6,651 | 6,385 | -4.0% |
Cash flow
|
|---|
| Capex | 955 | 1,559 | 1,120 | 1,189 | 1,150 | -3.3% |
Ratios
|
|---|
| Revenue growth | 13.3% | -2.8% | -7.2% | 6.9% | 3.8% | |
| EBITDA growth | 53.6% | -58.8% | -18.1% | 70.5% | 1.4% | |
| Gross Margin | 17.2% | 3.5% | 12.3% | 15.1% | 16.1% | 1.0% |
| EBITDA Margin | 9.4% | 4.0% | 3.5% | 5.6% | 5.5% | -0.1% |
| Net Income Margin | -3.0% | -10.2% | -3.7% | 0.5% | 0.7% | 0.2% |
| SG&A, % of revenue | 10.7% | 12.4% | 12.7% | 12.3% | 12.3% | 0.1% |
| CAPEX, % of revenue | 2.2% | 3.8% | 2.9% | 2.9% | 2.7% | -0.2% |
| ROIC | 15.7% | -27.3% | -6.5% | 10.8% | 9.5% | -1.4% |
| ROE | -14.7% | -67.5% | -49.5% | 8.1% | 10.0% | 1.9% |
| Net Debt/EBITDA | 1.1x | 3.4x | 4.5x | 2.0x | 1.8x | -0.2x |
Revenue and profitability
Thyssenkrupp Ag's Revenue increased on 3.8% in FY2015. EBITDA Margin showed almost no change in FY2015.
Gross Margin increased slightly on 1.0 pp from 15.1% to 16.1% in FY2015. SG&A as a % of Revenue showed almost no change in FY2015.
Net Income marign showed almost no change in FY2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 2.7% in FY2015. Thyssenkrupp Ag's CAPEX/Revenue decreased slightly on 1.1 pp from 3.8% in FY2012 to 2.7% in FY2015. It's average level of CAPEX/Revenue for the last three years was 2.8%.
Return on investment
The company operates at low ROIC (9.47%) and ROE (10.02%). ROIC decreased slightly on 1.4 pp from 10.8% to 9.5% in FY2015. ROE increased slightly on 1.9 pp from 8.1% to 10.0% in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 1.8x and Debt / EBITDA is 3.7x. Net Debt / EBITDA dropped on 0.2x from 2.0x to 1.8x in FY2015. Debt increased slightly on 1.4% in FY2015 while cash surged on 12.5% in FY2015.
Valuation
The company's trades at EV/EBITDA 1.8x and P/E 0.4x while industy averages are 10.5x and 26.1x. The company's EV/(EBITDA-CAPEX) is 3.6x with the industry average at 4.7x.
Appendix 1: Peers in General Industrials
Below you can find Thyssenkrupp Ag benchmarking vs. other companies in General Industrials 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 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Robinson ($RBN) | 10.3% | -1.6% | 10.2% | 20.3% | |
| Press Corp ($PESD) | -40.5% | 111.1% | 52.6% | 20.3% | |
| Macfarlane Group ($MACF) | 6.7% | -1.9% | 1.4% | 6.9% | |
| Barloworld ($BWO) | | 17.5% | 1.6% | 4.4% | 1.0% |
| Honeywell International Inc ($HON) | 12.9% | 3.1% | 3.7% | 3.2% | |
| |
|---|
| Median (9 companies) | 10.2% | 3.1% | 1.6% | 3.2% | 1.1% |
|---|
| Thyssenkrupp Ag ($0O1C) | | -2.8% | -7.2% | 6.9% | 3.8% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Press Corp ($PESD) | 75.4% | 58.9% | 54.4% | 56.0% | |
| Macfarlane Group ($MACF) | 30.2% | 32.0% | 31.2% | 30.9% | |
| Smurfit Kappa Group ($SKG) | 27.9% | 28.6% | 28.9% | 29.5% | |
| Honeywell International Inc ($HON) | 21.8% | 24.9% | 27.4% | 28.2% | |
| Jardine Strategic Hldgs ($88EI) | 24.7% | 24.0% | 24.0% | 25.4% | |
| |
|---|
| Median (9 companies) | 24.7% | 24.9% | 27.4% | 25.4% | 25.7% |
|---|
| Thyssenkrupp Ag ($0O1C) | 17.2% | 3.5% | 12.3% | 15.1% | 16.1% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Press Corp ($PESD) | 37.1% | 29.5% | 29.6% | 29.2% | |
| Honeywell International Inc ($HON) | 9.7% | 13.5% | 16.6% | 16.8% | |
| Robinson ($RBN) | 14.4% | 16.0% | 14.1% | 15.1% | |
| Jardine Strategic Hldgs ($88EI) | 28.8% | 15.0% | 13.3% | 13.5% | |
| General Electric Co. ($GEC) | 17.6% | 17.2% | 16.5% | 13.3% | |
| |
|---|
| Median (9 companies) | 13.1% | 13.5% | 13.3% | 13.3% | 9.4% |
|---|
| Thyssenkrupp Ag ($0O1C) | 9.4% | 4.0% | 3.5% | 5.6% | 5.5% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Press Corp ($PESD) | 22.7% | 21.3% | 8.5% | 12.1% | |
| General Electric Co. ($GEC) | 8.9% | 10.5% | 9.4% | 6.1% | |
| Smurfit Kappa Group ($SKG) | 3.8% | 4.3% | 4.4% | 5.3% | |
| Jardine Strategic Hldgs ($88EI) | 4.4% | 5.8% | 5.2% | 4.1% | |
| Robinson ($RBN) | 4.9% | 4.3% | 6.0% | 3.5% | |
| |
|---|
| Median (9 companies) | 4.4% | 4.3% | 5.2% | 3.5% | 2.3% |
|---|
| Thyssenkrupp Ag ($0O1C) | 2.2% | 3.8% | 2.9% | 2.9% | 2.7% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Press Corp ($PESD) | 12.1% | 21.6% | 27.1% | 24.7% | |
| Honeywell International Inc ($HON) | 14.4% | 21.8% | 23.0% | 21.3% | |
| Macfarlane Group ($MACF) | 15.1% | 17.9% | 22.2% | 19.0% | |
| Barloworld ($BWO) | 12.4% | 14.0% | 13.5% | 14.1% | 12.9% |
| Smurfit Kappa Group ($SKG) | 10.2% | 10.8% | 11.2% | 11.8% | |
| |
|---|
| Median (9 companies) | 12.1% | 10.8% | 11.2% | 11.8% | 9.8% |
|---|
| Thyssenkrupp Ag ($0O1C) | 15.7% | -27.3% | -6.5% | 10.8% | 9.5% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| General Electric Co. ($GEC) | 11.8x | 10.5x | 8.9x | 12.0x | |
| Coral Products ($CRU) | 1.5x | 1.5x | 2.9x | 3.4x | 2.7x |
| Smurfit Kappa Group ($SKG) | 2.9x | 2.9x | 2.6x | 2.7x | |
| Jardine Strategic Hldgs ($88EI) | 0.6x | 1.4x | 1.3x | 1.3x | |
| Macfarlane Group ($MACF) | 1.3x | 1.0x | 0.8x | 1.3x | |
| |
|---|
| Median (9 companies) | 1.1x | 1.4x | 1.3x | 1.3x | 2.2x |
|---|
| Thyssenkrupp Ag ($0O1C) | 1.1x | 3.4x | 4.5x | 2.0x | 1.8x |
