Turkiye Is Bankasi revenue jumped on 15.8% in 2015
02 Feb 2016 • About Turkiye Is Bankasi (
$TIBD) • By InTwits
Turkiye Is Bankasi reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Turkiye Is Bankasi has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.4%. At the same time it's in pair with industry average of 3.2%.
- CAPEX is quite volatile: 985 in 2015, 587 in 2014, 632 in 2013, 408 in 2012, 308 in 2011
- The company has potentially unprofitable business model: ROIC is at 3.5%
- It operates with high leverage: Net Debt/EBITDA is 2.0x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Turkiye Is Bankasi ($TIBD) key annual financial indicators
| mln. TRY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 18,517 | 22,393 | 22,452 | 25,975 | 30,073 | 15.8% |
| Net Income | 2,272 | 3,412 | 3,236 | 3,352 | 3,331 | -0.6% |
Balance Sheet
|
|---|
| Cash | 13,887 | 16,111 | 23,410 | 25,144 | 32,490 | 29.2% |
| Short Term Debt | 13,273 | 16,667 | 22,063 | 29,816 | 25,768 | -13.6% |
| Long Term Debt | 13,729 | 16,198 | 24,931 | 35,246 | 57,715 | 63.7% |
Cash flow
|
|---|
| Capex | 308 | 408 | 632 | 587 | 985 | 67.9% |
Ratios
|
|---|
| Revenue growth | 10.7% | 20.9% | 0.3% | 15.7% | 15.8% | |
| Net Income Margin | 12.3% | 15.2% | 14.4% | 12.9% | 11.1% | -1.8% |
| CAPEX, % of revenue | 1.7% | 1.8% | 2.8% | 2.3% | 3.3% | 1.0% |
| ROIC | 5.1% | 6.5% | 5.2% | 4.4% | 3.5% | -0.9% |
| ROE | 13.3% | 17.1% | 14.5% | 13.2% | 11.0% | -2.1% |
Revenue and profitability
Turkiye Is Bankasi's Revenue surged on 15.8% in 2015.
Net Income marign decreased slightly on 1.8 pp from 12.9% to 11.1% in 2015.
Capital expenditures (CAPEX) and working capital investments
Turkiye Is Bankasi's CAPEX/Revenue was 3.3% in 2015. Turkiye Is Bankasi's CAPEX/Revenue increased slightly on 1.5 pp from 1.8% in 2012 to 3.3% in 2015. For the last three years the average CAPEX/Revenue was 2.8%.
Return on investment
The company operates at low ROIC (3.47%) and ROE (11.04%). ROIC decreased slightly on 0.92 pp from 4.4% to 3.5% in 2015. ROE decreased on 2.1 pp from 13.2% to 11.0% in 2015.
Leverage (Debt)
Debt jumped on 28.3% in 2015 while cash surged on 29.2% in 2015.
Appendix 1: Peers in Banks
Below we provide Turkiye Is Bankasi benchmarking against other companies in Banks 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 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% | |
| Bank Audi S.A.L. ($BQAD) | | 9.1% | 11.7% | 23.9% | 7.1% |
| |
|---|
| Median (43 companies) | 9.2% | 9.3% | 4.8% | 11.5% | 3.3% |
|---|
| Turkiye Is Bankasi ($TIBD) | | 20.9% | 0.3% | 15.7% | 15.8% |
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 ($GRTB) | 10.0% | 6.7% | 6.1% | 6.8% | |
| |
|---|
| Median (40 companies) | 2.4% | 2.4% | 2.7% | 2.1% | 2.4% |
|---|
| Turkiye Is Bankasi ($TIBD) | 1.7% | 1.8% | 2.8% | 2.3% | 3.3% |
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 ($UBLS) | 12.6% | 11.7% | 11.8% | 13.8% | |
| |
|---|
| Median (43 companies) | 7.1% | 6.0% | 5.7% | 4.5% | 3.1% |
|---|
| Turkiye Is Bankasi ($TIBD) | 5.1% | 6.5% | 5.2% | 4.4% | 3.5% |
