Saint-Gobain(Compagnie De) EBITDA decreased on 4.7% in 2015 while Revenue increased on 3.3%
25 Feb 2016 • About Saint-Gobain(Compagnie De) (
$COD) • By InTwits
Saint-Gobain(Compagnie De) reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Saint-Gobain(Compagnie De) has low CAPEX intensity: 5 year average CAPEX/Revenue was 4.0%. At the same time it's in pair with industry average of 4.2%.
- CAPEX is quite volatile: 2,434 in 2015, 4,212 in 2014, 6,632 in 2013, 5,691 in 2012, 4,244 in 2011
- The company has potentially unprofitable business model: ROIC is at 4.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Saint-Gobain(Compagnie De) ($COD) key annual financial indicators
| mln. € | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 42,116 | 43,198 | 41,761 | 38,349 | 39,623 | 3.3% |
| Gross Profit | 10,353 | 10,152 | 9,966 | 9,555 | 9,929 | 3.9% |
| SG&A | 6,912 | 7,289 | 7,232 | 7,077 | 7,336 | 3.7% |
| EBITDA | 4,538 | 3,954 | 3,742 | 3,501 | 3,336 | -4.7% |
| Net Income | 1,284 | 693 | 595 | 953 | 1,295 | 35.9% |
Balance Sheet
|
|---|
| Cash | 2,949 | 4,179 | 4,350 | 3,493 | 5,380 | 54.0% |
| Short Term Debt | 2,920 | 3,082 | 2,522 | 2,022 | 2,867 | 41.8% |
| Long Term Debt | 8,326 | 9,566 | 9,308 | 8,655 | 7,325 | -15.4% |
Cash flow
|
|---|
| Capex | 2,028 | 1,883 | 1,419 | 1,351 | 1,475 | 9.2% |
Ratios
|
|---|
| Revenue growth | 5.0% | 2.6% | -3.3% | -8.2% | 3.3% | |
| EBITDA growth | 6.1% | -12.9% | -5.4% | -6.4% | -4.7% | |
| Gross Margin | 24.6% | 23.5% | 23.9% | 24.9% | 25.1% | 0.1% |
| EBITDA Margin | 10.8% | 9.2% | 9.0% | 9.1% | 8.4% | -0.7% |
| Net Income Margin | 3.0% | 1.6% | 1.4% | 2.5% | 3.3% | 0.8% |
| SG&A, % of revenue | 16.4% | 16.9% | 17.3% | 18.5% | 18.5% | 0.1% |
| CAPEX, % of revenue | 4.8% | 4.4% | 3.4% | 3.5% | 3.7% | 0.2% |
| ROIC | 9.2% | 6.6% | 6.2% | 5.2% | 4.3% | -0.9% |
| ROE | 7.2% | 3.9% | 3.4% | 5.4% | 7.0% | 1.6% |
| Net Debt/EBITDA | 1.8x | 2.1x | 2.0x | 2.1x | 1.4x | -0.6x |
Revenue and profitability
The company's Revenue increased on 3.3% in 2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased slightly on 0.71 pp from 9.1% to 8.4% in 2015.
Gross Margin showed almost no change in 2015. SG&A as a % of Revenue showed almost no change in 2015.
Net Income marign increased slightly on 0.78 pp from 2.5% to 3.3% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 Saint-Gobain(Compagnie De) had CAPEX/Revenue of 3.7%. CAPEX/Revenue decreased slightly on 0.64 pp from 4.4% in 2012 to 3.7% in 2015. Average CAPEX/Revenue for the last three years was 3.5%.
Return on investment
The company operates at low ROIC (4.32%) and ROE (7.01%). ROIC decreased slightly on 0.92 pp from 5.2% to 4.3% in 2015. ROE increased slightly on 1.6 pp from 5.4% to 7.0% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 1.4x and Debt / EBITDA is 3.1x. Net Debt / EBITDA dropped on 0.6x from 2.1x to 1.4x in 2015. Debt decreased on 4.5% in 2015 while cash surged on 54.0% in 2015.
Valuation
Saint-Gobain(Compagnie De)'s trades at EV/EBITDA 1.5x and P/E 0.2x while industy averages are 10.5x and 26.1x. The company's EV/(EBITDA-CAPEX) is 2.7x with the industry average at 4.7x.
Appendix 1: Peers in Construction & Materials
Below you can find Saint-Gobain(Compagnie De) benchmarking vs. other companies in Construction & Materials 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 |
|---|
| Aukett Swanke Group ($AUK) | | 13.7% | 5.5% | 107.0% | 14.6% |
| Accsys Technologies ($AXS) | | 9.5% | 25.5% | 78.0% | 37.5% |
| Inch Kenneth Kajang Rubber ($IKK) | -28.4% | -18.7% | -14.2% | 68.0% | |
| LSR Group OJSC ($LSRG) | 4.0% | 17.6% | -1.4% | 54.1% | |
| Lucky Cement Ltd ($LKCS) | | 28.1% | 68.2% | 44.8% | 1.2% |
| |
|---|
| Median (25 companies) | 4.0% | 3.6% | 5.6% | 8.9% | 1.6% |
|---|
| Saint-Gobain(Compagnie De) ($COD) | | 2.6% | -3.3% | -8.2% | 3.3% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Heath(Samuel)& Sons ($HSM) | 49.2% | 49.5% | 47.3% | 48.6% | 47.6% |
| James Halstead ($JHD) | | 41.2% | 41.6% | 41.0% | 41.7% |
| Swp Group ($SWP) | 39.2% | 43.0% | 48.1% | 39.2% | 49.7% |
| Billington Hldgs ($BILN) | 30.4% | 41.1% | 41.7% | 38.8% | |
| Alumasc Group ($ALU) | 26.6% | 23.6% | 26.3% | 31.6% | 32.7% |
| |
|---|
| Median (24 companies) | 25.4% | 25.4% | 25.2% | 27.0% | 29.3% |
|---|
| Saint-Gobain(Compagnie De) ($COD) | 24.6% | 23.5% | 23.9% | 24.9% | 25.1% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Lucky Cement Ltd ($LKCS) | 25.0% | 31.5% | 26.8% | 24.4% | 26.5% |
| LSR Group OJSC ($LSRG) | 19.8% | 20.2% | 19.5% | 22.9% | |
| James Halstead ($JHD) | | 20.2% | 19.8% | 20.1% | 20.9% |
| Asia Cement Corp ($ASCD) | 20.2% | 13.5% | 16.3% | 18.3% | |
| Suez Cement Co ($SZCD) | 20.9% | 19.4% | 19.3% | 17.9% | |
| |
|---|
| Median (25 companies) | 7.9% | 8.5% | 7.3% | 9.7% | 10.2% |
|---|
| Saint-Gobain(Compagnie De) ($COD) | 10.8% | 9.2% | 9.0% | 9.1% | 8.4% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Steppe Cement ($STCM) | 1.8% | 8.4% | 13.0% | 18.7% | |
| Inch Kenneth Kajang Rubber ($IKK) | 15.9% | 74.2% | 5.4% | 12.8% | |
| Swp Group ($SWP) | 0.8% | 0.9% | 2.5% | 8.5% | 7.4% |
| Michelmersh Brick Hldgs ($MBH) | 1.3% | 1.1% | 3.6% | 7.3% | |
| Lucky Cement Ltd ($LKCS) | 7.3% | 3.2% | 5.2% | 6.9% | 12.0% |
| |
|---|
| Median (25 companies) | 2.1% | 2.1% | 2.4% | 2.4% | 2.2% |
|---|
| Saint-Gobain(Compagnie De) ($COD) | 4.8% | 4.4% | 3.4% | 3.5% | 3.7% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| James Halstead ($JHD) | | 49.3% | 46.2% | 46.7% | 45.3% |
| Aukett Swanke Group ($AUK) | -41.2% | 2.7% | 11.4% | 27.3% | 31.6% |
| Alumasc Group ($ALU) | 12.6% | 6.5% | 17.5% | 22.6% | 36.0% |
| Lucky Cement Ltd ($LKCS) | 13.5% | 23.8% | 22.9% | 20.3% | 20.0% |
| LSR Group OJSC ($LSRG) | 9.3% | 10.2% | 8.8% | 20.1% | |
| |
|---|
| Median (25 companies) | 5.2% | 4.0% | 7.5% | 7.4% | 8.0% |
|---|
| Saint-Gobain(Compagnie De) ($COD) | 9.2% | 6.6% | 6.2% | 5.2% | 4.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Mountfield Group ($MOGP) | | 26.3x | 4.8x | 52.0x | |
| Asia Cement Corp ($ASCD) | 4.3x | 7.8x | 6.9x | 6.8x | |
| Steppe Cement ($STCM) | 2.6x | 1.6x | 1.2x | 2.9x | |
| Low & Bonar ($BD46) | | 2.7x | 2.1x | 2.1x | 2.4x |
| Crh ($CRH) | | 2.0x | 3.6x | 1.6x | 3.1x |
| |
|---|
| Median (19 companies) | 1.2x | 1.4x | 0.6x | 0.4x | -0.2x |
|---|
| Saint-Gobain(Compagnie De) ($COD) | 1.8x | 2.1x | 2.0x | 2.1x | 1.4x |
