Banco Bilbao Vizcaya Argentaria Sa reports 53.0% CAPEX growth and 14.0% Revenue growth
03 Feb 2016 • About Banco Bilbao Vizcaya Argentaria Sa (
$BVA) • By InTwits
Banco Bilbao Vizcaya Argentaria Sa reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Banco Bilbao Vizcaya Argentaria Sa has low CAPEX intensity: 5 year average CAPEX/Revenue was 4.7%. At the same time it's a lot of higher than industry average of 3.3%.
- CAPEX is quite volatile: 961 in 2015, 2,258 in 2014, 2,255 in 2013, 2,267 in 2012, 699 in 2011
- The company has potentially unprofitable business model: ROIC is at 2.2%
- It operates with high leverage: Net Debt/EBITDA is 1.8x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Banco Bilbao Vizcaya Argentaria Sa ($BVA) key annual financial indicators
| mln. € | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 32,062 | 33,185 | 32,672 | 31,543 | 35,962 | 14.0% |
| Net Income | 3,004 | 1,676 | 2,228 | 2,618 | 2,642 | 0.9% |
Balance Sheet
|
|---|
| Cash | 30,939 | 35,494 | 34,903 | 31,430 | 29,282 | -6.8% |
| Short Term Debt | 104,993 | 116,320 | 96,504 | 112,396 | 133,824 | 19.1% |
| Long Term Debt | 97,349 | 98,070 | 74,676 | 72,191 | 81,980 | 13.6% |
Cash flow
|
|---|
| Capex | 1,313 | 1,685 | 1,252 | 1,419 | 2,171 | 53.0% |
Ratios
|
|---|
| Revenue growth | 7.5% | 3.5% | -1.5% | -3.5% | 14.0% | |
| Net Income Margin | 9.4% | 5.1% | 6.8% | 8.3% | 7.3% | -1.0% |
| CAPEX, % of revenue | 4.1% | 5.1% | 3.8% | 4.5% | 6.0% | 1.5% |
| ROIC | 1.8% | 0.7% | 1.2% | 1.7% | 2.2% | 0.5% |
| ROE | 8.1% | 4.2% | 5.3% | 5.7% | 5.5% | -0.2% |
Revenue and profitability
The company's Revenue surged on 14.0% in 2015.
Net Income marign decreased slightly on 0.95 pp from 8.3% to 7.3% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 Banco Bilbao Vizcaya Argentaria Sa had CAPEX/Revenue of 6.0%. The company showed small growth in CAPEX/Revenue of 0.96 pp from 5.1% in 2012 to 6.0% in 2015. Average CAPEX/Revenue for the last three years was 4.8%.
Return on investment
The company operates at low ROIC (2.17%) and ROE (5.48%). ROIC showed almost no change in 2015. ROE showed almost no change in 2015.
Leverage (Debt)
Debt surged on 16.9% in 2015 while cash decreased on 6.8% in 2015.
Appendix 1: Peers in Banks
Below you can find Banco Bilbao Vizcaya Argentaria Sa 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% | |
| Bank Audi S.A.L. ($BQAD) | | 9.1% | 11.7% | 23.9% | 7.1% |
| |
|---|
| Median (43 companies) | 9.8% | 10.2% | 4.8% | 12.1% | 3.3% |
|---|
| Banco Bilbao Vizcaya Argentaria Sa ($BVA) | | 3.5% | -1.5% | -3.5% | 14.0% |
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 ($GRTB) | 10.0% | 6.7% | 6.1% | 6.8% | |
| |
|---|
| Median (40 companies) | 2.3% | 2.2% | 2.7% | 2.1% | 2.5% |
|---|
| Banco Bilbao Vizcaya Argentaria Sa ($BVA) | 4.1% | 5.1% | 3.8% | 4.5% | 6.0% |
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 ($UBLS) | 12.6% | 11.7% | 11.8% | 13.8% | |
| |
|---|
| Median (43 companies) | 7.1% | 6.4% | 5.7% | 4.5% | 3.2% |
|---|
| Banco Bilbao Vizcaya Argentaria Sa ($BVA) | 1.8% | 0.7% | 1.2% | 1.7% | 2.2% |
