Finansbank Net Income dropped on 26.2% in 2015
19 Feb 2016 • About Finansbank (
$FBKD) • By InTwits
Finansbank reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Finansbank has low CAPEX intensity: 5 year average CAPEX/Revenue was 3.6%. At the same time it's in pair with industry average of 3.0%.
- CAPEX is quite volatile: 240 in 2015, 717 in 2014, 203 in 2013, 133 in 2012, 113 in 2011
- The company has potentially unprofitable business model: ROIC is at 3.1%
- It operates with high leverage: Net Debt/EBITDA is 1.7x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Finansbank ($FBKD) key annual financial indicators
| mln. TRY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 5,672 | 7,201 | 7,167 | 8,451 | 9,035 | 6.9% |
| Net Income | 884 | 1,102 | 746 | 901 | 664 | -26.2% |
Balance Sheet
|
|---|
| Cash | 2,970 | 5,328 | 8,208 | 8,664 | 9,997 | 15.4% |
| Short Term Debt | 2,655 | 3,372 | 5,184 | 6,566 | 4,625 | -29.6% |
| Long Term Debt | 4,093 | 5,935 | 5,655 | 7,293 | 10,077 | 38.2% |
Cash flow
|
|---|
| Capex | 113 | 133 | 203 | 717 | 240 | -66.5% |
Ratios
|
|---|
| Revenue growth | 23.7% | 27.0% | -0.5% | 17.9% | 6.9% | |
| Net Income Margin | 15.6% | 15.3% | 10.4% | 10.7% | 7.4% | -3.3% |
| CAPEX, % of revenue | 2.0% | 1.9% | 2.8% | 8.5% | 2.7% | -5.8% |
| ROIC | 8.1% | 7.8% | 4.3% | 4.4% | 3.1% | -1.4% |
| ROE | 16.1% | 16.9% | 9.9% | 11.0% | 7.4% | -3.6% |
Revenue and profitability
Finansbank's Revenue increased on 6.9% in 2015.
Net Income marign decreased on 3.3 pp from 10.7% to 7.4% in 2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 2.7% in 2015. The company showed small growth in CAPEX/Revenue of 0.80 pp from 1.9% in 2012 to 2.7% in 2015. For the last three years the average CAPEX/Revenue was 4.7%.
Return on investment
The company operates at low ROIC (3.08%) and ROE (7.45%). ROIC decreased slightly on 1.4 pp from 4.4% to 3.1% in 2015. ROE decreased on 3.6 pp from 11.0% to 7.4% in 2015.
Leverage (Debt)
Debt increased on 6.1% in 2015 while cash jumped on 15.4% in 2015.
Appendix 1: Peers in Banks
Below you can find Finansbank 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. ($BQAD) | | 9.1% | 11.7% | 23.9% | 7.1% |
| |
|---|
| Median (43 companies) | 9.2% | 9.3% | 4.8% | 11.5% | 3.7% |
|---|
| Finansbank ($FBKD) | | 27.0% | -0.5% | 17.9% | 6.9% |
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% |
| 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% | |
| Diamond Bank ($DBPA) | | 8.2% | 7.9% | 6.0% | 6.7% |
| |
|---|
| Median (40 companies) | 2.4% | 2.4% | 2.7% | 2.1% | 2.5% |
|---|
| Finansbank ($FBKD) | 2.0% | 1.9% | 2.8% | 8.5% | 2.7% |
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 ($UBLS) | 12.6% | 11.7% | 11.8% | 13.8% | 12.6% |
| |
|---|
| Median (43 companies) | 6.9% | 6.0% | 5.7% | 4.5% | 3.4% |
|---|
| Finansbank ($FBKD) | 8.1% | 7.8% | 4.3% | 4.4% | 3.1% |
