Turk Ekonomi Bankasi As reports 14.6% revenue growth in 2015
05 Feb 2016 • About Turk Ekonomi Bankasi As (
$TURA) • By InTwits
Turk Ekonomi Bankasi As reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Turk Ekonomi Bankasi As has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.6%. At the same time it's in pair with industry average of 10.5%.
- CAPEX is quite volatile: 63.3 in 2015, 82.2 in 2014, 146 in 2013, 74.6 in 2012, 69.2 in 2011
- The company has potentially unprofitable business model: ROIC is at 3.3%
- It operates with high leverage: Net Debt/EBITDA is 1.2x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Turk Ekonomi Bankasi As ($TURA) key annual financial indicators
| mln. TRY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 3,738 | 5,037 | 5,357 | 6,588 | 7,550 | 14.6% |
| Net Income | 225 | 476 | 569 | 642 | 726 | 13.2% |
Balance Sheet
|
|---|
| Cash | 4,018 | 4,449 | 6,812 | 8,467 | 9,916 | 17.1% |
| Short Term Debt | 6,437 | 6,251 | 9,353 | 12,130 | 10,370 | -14.5% |
| Long Term Debt | 3,107 | 2,247 | 2,774 | 2,424 | 4,719 | 94.7% |
Cash flow
|
|---|
| Capex | 69 | 75 | 146 | 82 | 63 | -23.0% |
Ratios
|
|---|
| Revenue growth | 67.5% | 34.8% | 6.3% | 23.0% | 14.6% | |
| Net Income Margin | 6.0% | 9.5% | 10.6% | 9.7% | 9.6% | -0.1% |
| CAPEX, % of revenue | 1.9% | 1.5% | 2.7% | 1.2% | 0.8% | -0.4% |
| ROIC | 2.6% | 4.3% | 4.5% | 3.9% | 3.3% | -0.6% |
| ROE | 7.0% | 10.1% | 10.8% | 10.9% | 11.0% | 0.1% |
Revenue and profitability
Turk Ekonomi Bankasi As's Revenue surged on 14.6% in 2015.
Net Income marign showed almost no change in 2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 0.84% in 2015. The company's CAPEX/Revenue decreased slightly on 0.64 pp from 1.5% in 2012 to 0.84% in 2015. It's average level of CAPEX/Revenue for the last three years was 1.6%.
Return on investment
The company operates at low ROIC (3.32%) and ROE (11.00%). ROIC decreased slightly on 0.56 pp from 3.9% to 3.3% in 2015. ROE showed almost no change in 2015.
Leverage (Debt)
Debt increased on 3.7% in 2015 while cash jumped on 17.1% in 2015.
Appendix 1: Peers in Banks
Below you can find Turk Ekonomi Bankasi As 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. ($BQAD) | | 9.1% | 11.7% | 23.9% | 7.1% |
| |
|---|
| Median (43 companies) | 9.5% | 9.3% | 4.2% | 11.5% | 3.5% |
|---|
| Turk Ekonomi Bankasi As ($TURA) | | 34.8% | 6.3% | 23.0% | 14.6% |
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 ($GRTB) | 10.0% | 6.7% | 6.1% | 6.8% | |
| |
|---|
| Median (40 companies) | 2.4% | 2.4% | 2.8% | 2.2% | 2.5% |
|---|
| Turk Ekonomi Bankasi As ($TURA) | 1.9% | 1.5% | 2.7% | 1.2% | 0.8% |
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 ($UBLS) | 12.6% | 11.7% | 11.8% | 13.8% | |
| |
|---|
| Median (43 companies) | 7.1% | 6.4% | 5.7% | 4.5% | 3.2% |
|---|
| Turk Ekonomi Bankasi As ($TURA) | 2.6% | 4.3% | 4.5% | 3.9% | 3.3% |
