Yapi Ve Kredi Bankasi As revenue jumped on 25.3% in 2015
02 Feb 2016 • About Yapi Ve Kredi Bankasi As (
$YKBD) • By InTwits
Yapi Ve Kredi Bankasi As reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Yapi Ve Kredi Bankasi As has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.5%. At the same time it's in pair with industry average of 3.2%.
- CAPEX is quite volatile: 1,386 in FY2015, 1,625 in FY2014, 3,030 in FY2013, 2,491 in FY2012, 1,231 in FY2011
- The company has potentially unprofitable business model: ROIC is at 2.9%
- It operates with high leverage: Net Debt/EBITDA is 0.9x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Yapi Ve Kredi Bankasi As ($YKBD) key annual financial indicators
| mln. TRY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 11,035 | 12,675 | 13,286 | 15,898 | 19,921 | 25.3% |
| Net Income | 2,285 | 2,088 | 3,659 | 2,056 | 1,909 | -7.2% |
Balance Sheet
|
|---|
| Cash | 10,082 | 11,488 | 18,991 | 23,215 | 27,389 | 18.0% |
| Short Term Debt | 11,335 | 10,738 | 16,937 | 19,488 | 13,499 | -30.7% |
| Long Term Debt | 11,644 | 15,802 | 21,842 | 27,171 | 44,134 | 62.4% |
Cash flow
|
|---|
| Capex | 248 | 317 | 305 | 475 | 500 | 5.2% |
Ratios
|
|---|
| Revenue growth | 13.0% | 14.9% | 4.8% | 19.7% | 25.3% | |
| Net Income Margin | 20.7% | 16.5% | 27.5% | 12.9% | 9.6% | -3.4% |
| CAPEX, % of revenue | 2.2% | 2.5% | 2.3% | 3.0% | 2.5% | -0.5% |
| ROIC | 7.8% | 5.6% | 5.3% | 3.8% | 2.9% | -0.9% |
| ROE | 19.7% | 14.6% | 21.4% | 10.7% | 8.8% | -1.9% |
Revenue and profitability
Yapi Ve Kredi Bankasi As's Revenue surged on 25.3% in 2015.
Net Income marign decreased on 3.4 pp from 12.9% to 9.6% in 2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 2.5% in 2015. The company's CAPEX/Revenue showed almost no change from 2012 to 2015. Average CAPEX/Revenue for the last three years was 2.6%.
Return on investment
The company operates at low ROIC (2.89%) and ROE (8.82%). ROIC decreased slightly on 0.89 pp from 3.8% to 2.9% in 2015. ROE decreased slightly on 1.9 pp from 10.7% to 8.8% in 2015.
Leverage (Debt)
Debt jumped on 23.5% in 2015 while cash jumped on 18.0% in 2015.
Appendix 1: Peers in Banks
Below we provide Yapi Ve Kredi Bankasi As 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. ($BQAD) | | 9.1% | 11.7% | 23.9% | 7.1% |
| |
|---|
| Median (43 companies) | 9.2% | 9.3% | 4.2% | 11.5% | 3.3% |
|---|
| Yapi Ve Kredi Bankasi As ($YKBD) | | 14.9% | 4.8% | 19.7% | 25.3% |
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 ($GRTB) | 10.0% | 6.7% | 6.1% | 6.8% | |
| |
|---|
| Median (40 companies) | 2.4% | 2.2% | 2.8% | 2.1% | 2.4% |
|---|
| Yapi Ve Kredi Bankasi As ($YKBD) | 2.2% | 2.5% | 2.3% | 3.0% | 2.5% |
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 ($UBLS) | 12.6% | 11.7% | 11.8% | 13.8% | |
| |
|---|
| Median (43 companies) | 6.9% | 6.4% | 5.7% | 4.5% | 3.2% |
|---|
| Yapi Ve Kredi Bankasi As ($YKBD) | 7.8% | 5.6% | 5.3% | 3.8% | 2.9% |
