Komercni Banka revenue decreased on 5.3% in 2015
11 Feb 2016 • About Komercni Banka (
$KMCA) • By InTwits
Komercni Banka reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Komercni Banka is a company in decline: 2015 revenue growth was -5.3%, 5 years revenue CAGR was -3.4%
- The company has business model with low profitability: ROIC is at 7.4%
- It operates with high leverage: Net Debt/EBITDA is 1.0x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Komercni Banka ($KMCA) key annual financial indicators
| mln. CZK | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 48,813 | 48,530 | 43,529 | 42,138 | 39,895 | -5.3% |
| Net Income | 9,475 | 13,954 | 12,528 | 12,954 | 12,758 | -1.5% |
Balance Sheet
|
|---|
| Cash | 16,980 | 28,057 | 44,405 | 152,903 | 128,336 | -16.1% |
| Short Term Debt | 37,455 | 38,903 | 49,681 | 61,362 | 56,231 | -8.4% |
| Long Term Debt | 24,340 | 19,624 | 22,417 | 22,584 | 21,403 | -5.2% |
Cash flow
|
|---|
Ratios
|
|---|
| Revenue growth | 2.7% | -0.6% | -10.3% | -3.2% | -5.3% | |
| Net Income Margin | 19.4% | 28.8% | 28.8% | 30.7% | 32.0% | 1.2% |
| ROIC | 7.8% | 10.0% | 8.6% | 8.0% | 7.4% | -0.6% |
| ROE | 12.3% | 15.8% | 13.1% | 13.0% | 12.2% | -0.7% |
Revenue and profitability
Komercni Banka's Revenue decreased on 5.3% in 2015.
Net Income marign increased slightly on 1.2 pp from 30.7% to 32.0% in 2015.
Return on investment
The company operates at good ROE (12.22%) while ROIC is low (7.41%). ROIC decreased slightly on 0.59 pp from 8.0% to 7.4% in 2015. ROE decreased slightly on 0.73 pp from 13.0% to 12.2% in 2015.
Leverage (Debt)
Debt decreased on 7.5% in 2015 while cash dropped on 16.1% in 2015.
Appendix 1: Peers in Banks
Below we provide Komercni Banka 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. ($BQAD) | | 9.1% | 11.7% | 23.9% | 7.1% |
| |
|---|
| Median (43 companies) | 9.5% | 10.2% | 4.8% | 12.1% | 4.0% |
|---|
| Komercni Banka ($KMCA) | | -0.6% | -10.3% | -3.2% | -5.3% |
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 ($GRTB) | 10.0% | 6.7% | 6.1% | 6.8% | |
| |
|---|
| Median (41 companies) | 2.3% | 2.3% | 2.7% | 2.1% | 2.5% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Commercial Intl Bank(Egypt)S.A.E ($CBKD) | 16.3% | 21.7% | 26.9% | 30.1% | 30.3% |
| 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% | |
| |
|---|
| Median (43 companies) | 6.9% | 6.0% | 5.3% | 4.4% | 3.3% |
|---|
| Komercni Banka ($KMCA) | 7.8% | 10.0% | 8.6% | 8.0% | 7.4% |
