New Europe Property Investments revenue surged on 66.4% in 2015
09 Feb 2016 • About New Europe Property Investments (
$NEPI) • By InTwits
New Europe Property Investments reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- New Europe Property Investments has high CAPEX intensity: 5 year average CAPEX/Revenue was 126.8%. At the same time it's a lot of higher than industry average of 52.7%.
- CAPEX is quite volatile: 154 in 2015, 226 in 2014, 109 in 2013, 6.9 in 2012, 24.2 in 2011
- The company has business model with low profitability: ROIC is at 9.7%
- It operates with high leverage: Net Debt/EBITDA is 2.3x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
New Europe Property Investments ($NEPI) key annual financial indicators
| mln. € | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 32.1 | 48.4 | 58.2 | 89.4 | 148.8 | 66.4% |
| Net Income | 18.8 | 33.1 | 57.5 | 99.2 | 158.4 | 59.7% |
Balance Sheet
|
|---|
| Cash | 55.1 | 85.3 | 52.5 | 108.2 | 326.6 | 201.8% |
| Short Term Debt | 8.2 | 97.8 | 64.5 | 23.3 | 14.7 | -36.8% |
| Long Term Debt | 156.6 | 92.9 | 173.6 | 171.1 | 554.9 | 224.4% |
Cash flow
|
|---|
| Capex | 24.2 | 6.9 | 109.3 | 226.2 | 154.3 | -31.8% |
Ratios
|
|---|
| Revenue growth | 50.8% | 50.8% | 20.4% | 53.6% | 66.4% | |
| Net Income Margin | 58.5% | 68.4% | 98.7% | 110.9% | 106.5% | -4.5% |
| CAPEX, % of revenue | 75.4% | 14.2% | 187.7% | 252.9% | 103.7% | -149.2% |
| ROIC | 6.2% | 9.2% | 7.8% | 7.2% | 9.7% | 2.5% |
| ROE | 9.6% | 10.5% | 10.4% | 10.1% | 11.6% | 1.4% |
Revenue and profitability
The company's Revenue jumped on 66.4% in 2015.
Net Income marign decreased on 4.5 pp from 111% to 106% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 New Europe Property Investments had CAPEX/Revenue of 104%. The company's CAPEX/Revenue jumped on 89.5 pp from 14.2% in 2012 to 104% in 2015. It's average CAPEX/Revenue for the last three years was 181%.
Return on investment
The company operates at low ROIC (9.73%) and ROE (11.55%). ROIC increased on 2.5 pp from 7.2% to 9.7% in 2015. ROE increased slightly on 1.4 pp from 10.1% to 11.6% in 2015.
Leverage (Debt)
Debt surged on 193% in 2015 while cash jumped on 202% in 2015.
Appendix 1: Peers in Equity Investment Instruments
Below we provide New Europe Property Investments benchmarking against other companies in Equity Investment Instruments 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 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Cambria Africa ($CMB) | 5.3% | -4.4% | 9.9% | 10.8% | |
| |
|---|
| Median (1 company) | 5.3% | -4.4% | 9.9% | 10.8% | |
|---|
| New Europe Property Investments ($NEPI) | | 50.8% | 20.4% | 53.6% | 66.4% |
Top companies by Gross margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Cambria Africa ($CMB) | 68.1% | 56.0% | 54.0% | 53.3% | |
| |
|---|
| Median (1 company) | 68.1% | 56.0% | 54.0% | 53.3% | |
|---|
Top companies by EBITDA margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Cambria Africa ($CMB) | -53.2% | -24.2% | -27.1% | -31.6% | |
| |
|---|
| Median (1 company) | -53.2% | -24.2% | -27.1% | -31.6% | |
|---|
Top companies by CAPEX/Revenue, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Cambria Africa ($CMB) | 20.5% | 19.1% | 4.7% | 1.8% | |
| |
|---|
| Median (1 company) | 20.5% | 19.1% | 4.7% | 1.8% | |
|---|
| New Europe Property Investments ($NEPI) | 75.4% | 14.2% | 187.7% | 252.9% | 103.7% |
Top companies by ROIC, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Cambria Africa ($CMB) | -16.0% | -12.0% | -15.2% | -28.6% | |
| |
|---|
| Median (1 company) | -16.0% | -12.0% | -15.2% | -28.6% | |
|---|
| New Europe Property Investments ($NEPI) | 6.2% | 9.2% | 7.8% | 7.2% | 9.7% |
