Bank Audi S.A.L. Net Income jumped on 14.5% in 2015 and Revenue increased on 7.1%
29 Jan 2016 • About Bank Audi S.A.L. (
$BQAD) • By InTwits
Bank Audi S.A.L. reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Bank Audi S.A.L. has low CAPEX intensity: 5 year average CAPEX/Revenue was 4.0%. At the same time it's a lot of higher than industry average of 3.2%.
- CAPEX is quite volatile: 170,736 in 2015, 112,019 in 2014, 186,243 in 2013, 182,499 in 2012, 65,301 in 2011
- The company has business model with low profitability: ROIC is at 8.3%
- It operates with high leverage: Net Debt/EBITDA is 2.3x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Bank Audi S.A.L. ($BQAD) key annual financial indicators
| mln. LBP | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 2,799,467 | 3,054,835 | 3,412,489 | 4,229,557 | 4,528,185 | 7.1% |
| Net Income | 544,239 | 564,737 | 454,621 | 513,500 | 587,948 | 14.5% |
Balance Sheet
|
|---|
| Cash | 8,703,354 | 9,462,380 | 9,192,108 | 13,247,387 | 13,754,922 | 3.8% |
| Short Term Debt | 1,140,952 | 1,304,282 | 2,048,134 | 2,224,179 | 2,910,421 | 30.9% |
| Long Term Debt | 0 | 0 | 0 | 854,455 | 1,053,982 | 23.4% |
Cash flow
|
|---|
| Capex | 65,301 | 182,499 | 186,243 | 112,019 | 170,736 | 52.4% |
Ratios
|
|---|
| Revenue growth | 7.1% | 9.1% | 11.7% | 23.9% | 7.1% | |
| Net Income Margin | 19.4% | 18.5% | 13.3% | 12.1% | 13.0% | 0.8% |
| CAPEX, % of revenue | 2.3% | 6.0% | 5.5% | 2.6% | 3.8% | 1.1% |
| ROIC | 13.5% | 13.2% | 9.2% | 8.9% | 8.3% | -0.5% |
| ROE | 15.1% | 14.5% | 11.6% | 12.5% | 12.9% | 0.4% |
Revenue and profitability
The company's Revenue increased on 7.1% in 2015.
Net Income marign increased slightly on 0.84 pp from 12.1% to 13.0% in 2015.
Capital expenditures (CAPEX) and working capital investments
Bank Audi S.A.L.'s CAPEX/Revenue was 3.8% in 2015. Bank Audi S.A.L. showed decline in CAPEX/Revenue of 2.2 pp from 6.0% in 2012 to 3.8% in 2015. It's average level of CAPEX/Revenue for the last three years was 4.0%.
Return on investment
The company operates at good ROE (12.93%) while ROIC is low (8.33%). ROIC decreased slightly on 0.54 pp from 8.9% to 8.3% in 2015. ROE showed almost no change in 2015.
Leverage (Debt)
Debt surged on 28.8% in 2015 while cash increased on 3.8% in 2015.
Appendix 1: Peers in Banks
Below you can find Bank Audi S.A.L. benchmarking vs. other companies in Banks 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 |
|---|
| Banque Intl Arabe De Tunisie ($BIND) | 9.5% | -20.2% | 17.3% | 50.2% | |
| European Islamic Investment Bank ($EIIB) | -41.8% | 121.2% | 12.6% | 42.3% | |
| Tsb Banking Grp ($TSB) | | -3.2% | -33.8% | 39.2% | -1.4% |
| VTB Bank JSC ($VTBR) | 23.8% | 48.1% | 16.5% | 29.8% | |
| Sberbank Of Russia ($SBER) | 6.7% | 37.2% | 25.1% | 23.4% | |
| |
|---|
| Median (43 companies) | 10.0% | 10.2% | 4.2% | 11.5% | 0.6% |
|---|
| Bank Audi S.A.L. ($BQAD) | | 9.1% | 11.7% | 23.9% | 7.1% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Lloyds Banking Group ($LLPC) | | 8.0% | 8.9% | 13.1% | 13.6% |
| Banco Santander Sa ($BNC) | 2.2% | 2.7% | 2.6% | 8.9% | 10.2% |
| Finansbank ($FBKD) | 2.0% | 1.9% | 2.8% | 8.5% | |
| Tsb Banking Grp ($TSB) | 1.3% | 1.8% | 4.4% | 7.2% | 3.4% |
| Guaranty Trust Bank ($GRTB) | 10.0% | 6.7% | 6.1% | 6.8% | |
| |
|---|
| Median (40 companies) | 2.4% | 2.2% | 2.7% | 2.1% | 1.9% |
|---|
| Bank Audi S.A.L. ($BQAD) | 2.3% | 6.0% | 5.5% | 2.6% | 3.8% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Commercial Intl Bank(Egypt)S.A.E ($CBKD) | 16.3% | 21.7% | 26.9% | 30.1% | |
| Guaranty Trust Bank ($GRTB) | 14.2% | 19.8% | 18.9% | 17.8% | |
| Mcb Bank Ltd ($MCBS) | 18.7% | 15.0% | 14.4% | 15.8% | |
| Zenith Bank ($ZENB) | 13.8% | 19.0% | 17.6% | 15.0% | |
| United Bank Ltd ($UBLS) | 12.6% | 11.7% | 11.8% | 13.8% | |
| |
|---|
| Median (43 companies) | 6.9% | 6.0% | 5.3% | 4.4% | 2.9% |
|---|
| Bank Audi S.A.L. ($BQAD) | 13.5% | 13.2% | 9.2% | 8.9% | 8.3% |
