Commerzbank Ag Net Income surged on 308% in 2015 and Revenue showed almost no change
12 Feb 2016 • About Commerzbank Ag (
$CZB) • By InTwits
Commerzbank Ag reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Commerzbank Ag doesn't have a profitable business model yet: 2015 ROIC is 0.9%
- Commerzbank Ag has low CAPEX intensity: 5 year average CAPEX/Revenue was 3.7%. At the same time it's in pair with industry average of 3.2%.
- CAPEX is quite volatile: 252 in 2015, 735 in 2014, 1,528 in 2013, 457 in 2012, 296 in 2011
- The company has potentially unprofitable business model: ROIC is at 0.9%
- It operates with high leverage: Net Debt/EBITDA is 1.5x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Commerzbank Ag ($CZB) key annual financial indicators
| mln. € | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 21,026 | 20,226 | 17,582 | 16,149 | 16,080 | -0.4% |
| Net Income | 638 | -47 | 81 | 266 | 1,084 | 307.5% |
Balance Sheet
|
|---|
| Cash | 6,075 | 15,755 | 12,397 | 4,897 | 28,509 | 482.2% |
| Short Term Debt | 55,321 | 98,836 | 42,958 | 49,392 | 52,045 | 5.4% |
| Long Term Debt | 157,224 | 93,270 | 102,724 | 86,309 | 76,390 | -11.5% |
Cash flow
|
|---|
| Capex | 296 | 457 | 1,528 | 735 | 252 | -65.7% |
Ratios
|
|---|
| Revenue growth | -14.1% | -3.8% | -13.1% | -8.2% | -0.4% | |
| Net Income Margin | 3.0% | -0.2% | 0.5% | 1.6% | 6.7% | 5.1% |
| CAPEX, % of revenue | 1.4% | 2.3% | 8.7% | 4.6% | 1.6% | -3.0% |
| ROIC | 0.1% | 0.4% | 0.1% | 0.3% | 0.9% | 0.6% |
| ROE | 4.0% | -0.2% | 0.3% | 1.0% | 3.9% | 2.9% |
Revenue and profitability
Commerzbank Ag's Revenue showed almost no change in 2015.
Net Income marign increased on 5.1 pp from 1.6% to 6.7% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 Commerzbank Ag had CAPEX/Revenue of 1.6%. The company's CAPEX/Revenue decreased slightly on 0.69 pp from 2.3% in 2012 to 1.6% in 2015. For the last three years the average CAPEX/Revenue was 4.9%.
Return on investment
The company operates at low ROIC (0.86%) and ROE (3.92%). ROIC increased slightly on 0.61 pp from 0.25% to 0.86% in 2015. ROE increased on 2.9 pp from 1.0% to 3.9% in 2015.
Leverage (Debt)
Debt decreased on 5.4% in 2015 while cash jumped on 482% in 2015.
Appendix 1: Peers in Banks
Below you can find Commerzbank Ag 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. ($BQAD) | | 9.1% | 11.7% | 23.9% | 7.1% |
| |
|---|
| Median (43 companies) | 12.0% | 10.2% | 4.8% | 12.1% | 3.7% |
|---|
| Commerzbank Ag ($CZB) | | -3.8% | -13.1% | -8.2% | -0.4% |
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 ($GRTB) | 10.0% | 6.7% | 6.1% | 6.8% | |
| |
|---|
| Median (40 companies) | 2.4% | 2.4% | 2.7% | 2.1% | 2.5% |
|---|
| Commerzbank Ag ($CZB) | 1.4% | 2.3% | 8.7% | 4.6% | 1.6% |
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 ($UBLS) | 12.6% | 11.7% | 11.8% | 13.8% | |
| |
|---|
| Median (43 companies) | 7.1% | 6.4% | 5.7% | 4.5% | 3.4% |
|---|
| Commerzbank Ag ($CZB) | 0.1% | 0.4% | 0.1% | 0.3% | 0.9% |
