Commercial Intl Bank(Egypt)S.A.E revenue jumped on 26.8% in 2015
10 Feb 2016 • About Commercial Intl Bank(Egypt)S.A.E (
$CBKD) • By InTwits
Commercial Intl Bank(Egypt)S.A.E reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Commercial Intl Bank(Egypt)S.A.E is a fast growth stock: 2015 revenue growth was 26.8%, 5 year revenue CAGR was 22.7% at 2015 ROIC 30.3%
- Commercial Intl Bank(Egypt)S.A.E has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.5%. At the same time it's in pair with industry average of 3.3%.
- CAPEX is quite volatile: 304 in 2015, 243 in 2014, 529 in 2013, 212 in 2012, 158 in 2011
- The company has highly profitable business model: ROIC is at 30.3%
- It operates with high leverage: Net Debt/EBITDA is 1.6x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Commercial Intl Bank(Egypt)S.A.E ($CBKD) key annual financial indicators
| mln. EGP | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 6,883 | 9,474 | 11,718 | 13,934 | 17,667 | 26.8% |
| Net Income | 1,615 | 2,226 | 3,006 | 3,741 | 4,729 | 26.4% |
Balance Sheet
|
|---|
| Cash | 7,492 | 5,394 | 4,805 | 7,502 | 9,849 | 31.3% |
| Short Term Debt | 3,341 | 1,715 | 1,373 | 1,131 | 1,601 | 41.5% |
| Long Term Debt | 99 | 80 | 132 | 243 | 131 | -45.9% |
Cash flow
|
|---|
| Capex | 158 | 212 | 529 | 243 | 304 | 25.1% |
Ratios
|
|---|
| Revenue growth | 8.6% | 37.6% | 23.7% | 18.9% | 26.8% | |
| Net Income Margin | 23.5% | 23.5% | 25.7% | 26.9% | 26.8% | -0.1% |
| CAPEX, % of revenue | 2.3% | 2.2% | 4.5% | 1.7% | 1.7% | -0.0% |
| ROIC | 16.3% | 21.7% | 26.9% | 30.1% | 30.3% | 0.2% |
| ROE | 18.7% | 22.9% | 26.5% | 28.0% | 30.2% | 2.2% |
Revenue and profitability
The company's Revenue surged on 26.8% in 2015.
Net Income marign showed almost no change in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 the company had CAPEX/Revenue of 1.7%. The company showed small CAPEX/Revenue decline of 0.51 pp from 2.2% in 2012 to 1.7% in 2015. Average CAPEX/Revenue for the last three years was 2.7%.
Return on investment
The company operates at high and attractive ROIC (30.30%) and ROE (30.23%). ROIC showed almost no change in 2015. ROE increased on 2.2 pp from 28.0% to 30.2% in 2015.
Leverage (Debt)
Debt surged on 26.0% in 2015 while cash surged on 31.3% in 2015.
Appendix 1: Peers in Banks
Below we provide Commercial Intl Bank(Egypt)S.A.E 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. ($BQAD) | | 9.1% | 11.7% | 23.9% | 7.1% |
| |
|---|
| Median (43 companies) | 9.2% | 9.3% | 4.2% | 11.5% | 3.7% |
|---|
| Commercial Intl Bank(Egypt)S.A.E ($CBKD) | | 37.6% | 23.7% | 18.9% | 26.8% |
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 ($GRTB) | 10.0% | 6.7% | 6.1% | 6.8% | |
| |
|---|
| Median (40 companies) | 2.4% | 2.4% | 2.7% | 2.2% | 2.5% |
|---|
| Commercial Intl Bank(Egypt)S.A.E ($CBKD) | 2.3% | 2.2% | 4.5% | 1.7% | 1.7% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Guaranty Trust Bank ($GRTB) | 14.2% | 19.8% | 18.9% | 17.8% | |
| Mcb Bank Ltd ($MCBS) | 18.7% | 15.0% | 14.4% | 15.8% | 14.9% |
| Zenith Bank ($ZENB) | 13.8% | 19.0% | 17.6% | 15.0% | |
| United Bank Ltd ($UBLS) | 12.6% | 11.7% | 11.8% | 13.8% | |
| Halyk Savings Bank Of Kazakhstn JSC ($HSBK) | 5.1% | 8.8% | 9.0% | 12.9% | |
| |
|---|
| Median (43 companies) | 6.9% | 6.0% | 5.3% | 4.4% | 3.3% |
|---|
| Commercial Intl Bank(Egypt)S.A.E ($CBKD) | 16.3% | 21.7% | 26.9% | 30.1% | 30.3% |
