F.B.D.Hldgs reports 24.4% CAPEX decline and 0.81% Revenue growth
29 Feb 2016 • About F.B.D.Hldgs (
$FBH) • By InTwits
F.B.D.Hldgs reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- F.B.D.Hldgs doesn't have a profitable business model yet: 2015 ROIC is -9.0%
- F.B.D.Hldgs has low CAPEX intensity: 5 year average CAPEX/Revenue was 4.5%. At the same time it's a lot of higher than industry average of 1.3%.
- CAPEX is quite volatile: 18.2 in 2015, 24.1 in 2014, 18.6 in 2013, 10.2 in 2012, 5.4 in 2011
- The company has unprofitable business model: ROIC is at -9.0%
- It operates with high leverage: Net Debt/EBITDA is 2.4x while industry average is 1.1x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
F.B.D.Hldgs ($FBH) key annual financial indicators
| mln. € | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 339.6 | 340.3 | 341.0 | 344.9 | 347.7 | 0.8% |
| Net Income | 51.1 | 48.4 | 44.8 | -2.1 | -73.7 | 3,427.3% |
Balance Sheet
|
|---|
| Cash | 35.7 | 25.7 | 21.6 | 26.2 | 22.2 | -15.1% |
| Short Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 50.0 | |
Cash flow
|
|---|
| Capex | 5.4 | 10.2 | 18.6 | 24.1 | 18.2 | -24.4% |
Ratios
|
|---|
| Revenue growth | 5.8% | 0.2% | 0.2% | 1.1% | 0.8% | |
| Net Income Margin | 15.0% | 14.2% | 13.1% | -0.6% | -21.2% | -20.6% |
| CAPEX, % of revenue | 1.6% | 3.0% | 5.4% | 7.0% | 5.2% | -1.7% |
| ROIC | 4.8% | 5.4% | 5.0% | 0.2% | -9.0% | -9.3% |
| ROE | 25.9% | 21.4% | 17.2% | -0.8% | -30.4% | -29.5% |
Revenue and profitability
F.B.D.Hldgs's Revenue increased slightly on 0.81% in 2015.
Net Income marign dropped on 20.6 pp from -0.61% to -21.2% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 F.B.D.Hldgs had CAPEX/Revenue of 5.2%. F.B.D.Hldgs's CAPEX/Revenue increased on 2.2 pp from 3.0% in 2012 to 5.2% in 2015. Average CAPEX/Revenue for the last three years was 5.9%.
Return on investment
The company operates at negative ROIC (-9.03%) and ROE (-30.36%). ROIC decreased on 9.3 pp from 0.22% to -9.0% in 2015. ROE dropped on 29.5 pp from -0.82% to -30.4% in 2015.
Leverage (Debt)
Debt jumped while cash dropped on 15.1% in 2015.
Appendix 1: Peers in Nonlife Insurance
Below we provide F.B.D.Hldgs benchmarking against other companies in Nonlife Insurance 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 |
|---|
| Helios Underwriting ($HUW) | -7.1% | 17.8% | 26.1% | 47.9% | |
| General Accident ($GACB) | | | -20.4% | 25.6% | -45.7% |
| Gable Hldgs Inc ($GAH) | 30.1% | 36.6% | 36.3% | 22.1% | |
| Randall & Quilter Invt Hldgs Ltd ($RQIH) | 12.1% | 40.7% | 4.7% | 20.7% | |
| Arab Insurance Group(Arig) ($AGRD) | | 17.9% | -6.1% | 7.3% | -14.9% |
| |
|---|
| Median (8 companies) | 12.1% | 17.8% | 3.7% | 14.0% | -14.9% |
|---|
| F.B.D.Hldgs ($FBH) | | 0.2% | 0.2% | 1.1% | 0.8% |
Top companies by EBITDA margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Marsh & Mclennan Cos Inc ($MHM) | 17.1% | 18.3% | 19.9% | 20.8% | 22.0% |
| |
|---|
| Median (1 company) | 17.1% | 18.3% | 19.9% | 20.8% | 22.0% |
|---|
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Marsh & Mclennan Cos Inc ($MHM) | 2.4% | 2.7% | 3.3% | 2.8% | 2.5% |
| Randall & Quilter Invt Hldgs Ltd ($RQIH) | 3.8% | 1.4% | 1.0% | 1.1% | |
| Rsa Insurance Group ($RSAB) | | 0.4% | 0.4% | 0.5% | 0.2% |
| General Accident ($GACB) | | 0.5% | 0.1% | 0.3% | 0.2% |
| Arab Insurance Group(Arig) ($AGRD) | 0.6% | 0.2% | 0.5% | 0.2% | 0.3% |
| |
|---|
| Median (8 companies) | 0.5% | 0.3% | 0.5% | 0.2% | 0.3% |
|---|
| F.B.D.Hldgs ($FBH) | 1.6% | 3.0% | 5.4% | 7.0% | 5.2% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Marsh & Mclennan Cos Inc ($MHM) | 17.6% | 19.5% | 19.9% | 21.0% | 22.0% |
| Helios Underwriting ($HUW) | -2.4% | 2.9% | 2.3% | 4.9% | |
| Brit ($BRIT) | | 2.7% | 3.6% | 4.6% | 0.5% |
| Arab Insurance Group(Arig) ($AGRD) | -1.6% | 1.8% | 1.5% | 1.2% | -0.7% |
| General Accident ($GACB) | | 0.4% | 0.7% | 1.0% | 0.6% |
| |
|---|
| Median (8 companies) | 0.1% | 2.9% | 1.9% | 1.1% | 0.6% |
|---|
| F.B.D.Hldgs ($FBH) | 4.8% | 5.4% | 5.0% | 0.2% | -9.0% |
Top companies by Net Debt / EBITDA
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Marsh & Mclennan Cos Inc ($MHM) | 0.4x | 0.3x | 0.3x | 0.5x | 1.1x |
| |
|---|
| Median (1 company) | 0.4x | 0.3x | 0.3x | 0.5x | 1.1x |
|---|
