Sberbank Of Russia revenue growth accelerated from 23.4% in 2014 to 27.4% in 2015
15 Mar 2016 • About Sberbank Of Russia (
$SBER) • By InTwits
Sberbank Of Russia reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Sberbank Of Russia has medium CAPEX intensity: 5 year average CAPEX/Revenue was 7.2%. At the same time it's a lot of higher than industry average of 3.1%.
- CAPEX is quite volatile: 675,758 in 2015, 282,816 in 2014, 244,824 in 2013, 192,566 in 2012, 108,283 in 2011
- The company has potentially unprofitable business model: ROIC is at 4.0%
- It operates with high leverage: Net Debt/EBITDA is 7.4x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Sberbank Of Russia ($SBER) key annual financial indicators
| mln. RUB | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,046,739 | 1,436,200 | 1,796,100 | 2,216,900 | 2,824,600 | 27.4% |
| Net Income | 316,195 | 348,800 | 363,800 | 292,200 | 223,300 | -23.6% |
Balance Sheet
|
|---|
| Cash | 726,770 | 1,502,000 | 1,578,500 | 2,674,500 | 2,721,500 | 1.8% |
| Short Term Debt | 299,515 | 613,600 | 864,300 | 2,603,500 | 927,500 | -64.4% |
| Long Term Debt | 816,245 | 1,529,500 | 1,730,300 | 2,593,400 | 2,583,000 | -0.4% |
Cash flow
|
|---|
| Capex | 109,352 | 144,400 | 124,500 | 127,000 | 74,300 | -41.5% |
Ratios
|
|---|
| Revenue growth | 6.7% | 37.2% | 25.1% | 23.4% | 27.4% | |
| Net Income Margin | 30.2% | 24.3% | 20.3% | 13.2% | 7.9% | -5.3% |
| CAPEX, % of revenue | 10.4% | 10.1% | 6.9% | 5.7% | 2.6% | -3.1% |
| ROIC | 13.4% | 10.4% | 7.8% | 4.8% | 4.0% | -0.8% |
| ROE | 28.1% | 24.2% | 20.8% | 14.9% | 10.2% | -4.7% |
Revenue and profitability
The company's Revenue surged on 27.4% in 2015.
Net Income marign decreased on 5.3 pp from 13.2% to 7.9% in 2015.
Capital expenditures (CAPEX) and working capital investments
Sberbank Of Russia's CAPEX/Revenue was 2.6% in 2015. Sberbank Of Russia's CAPEX/Revenue decreased on 7.4 pp from 10.1% in 2012 to 2.6% in 2015. For the last three years the average CAPEX/Revenue was 5.1%.
Return on investment
The company operates at low ROIC (3.99%) and ROE (10.17%). ROIC decreased slightly on 0.81 pp from 4.8% to 4.0% in 2015. ROE decreased on 4.7 pp from 14.9% to 10.2% in 2015.
Leverage (Debt)
Debt dropped on 32.5% in 2015 while cash increased slightly on 1.8% in 2015.
Appendix 1: Peers in Banks
Below we provide Sberbank Of Russia 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 |
|---|
| Kazkommertsbank JSC ($KKB) | | | 6.0% | 16.3% | 41.4% |
| Commercial Intl Bank(Egypt)S.A.E ($CBKD) | | 37.6% | 23.7% | 18.9% | 26.8% |
| Yapi Ve Kredi Bankasi As ($YKBD) | | 14.9% | 4.8% | 19.7% | 25.3% |
| Mcb Bank Ltd ($MCBS) | | 3.0% | -1.7% | 19.4% | 22.4% |
| Halyk Savings Bank Of Kazakhstn JSC ($HSBK) | | 3.7% | 9.4% | 16.3% | 19.5% |
| |
|---|
| Median (39 companies) | 0.3% | 9.3% | 4.2% | 11.5% | 4.2% |
|---|
| Sberbank Of Russia ($SBER) | | 37.2% | 25.1% | 23.4% | 27.4% |
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% |
| Guaranty Trust Bank ($GRTB) | 10.0% | 6.7% | 6.1% | 6.8% | 7.7% |
| Diamond Bank ($DBPA) | | 8.2% | 7.9% | 6.0% | 6.7% |
| Banco Bilbao Vizcaya Argentaria Sa ($BVA) | 4.1% | 5.1% | 3.8% | 4.5% | 6.0% |
| |
|---|
| Median (37 companies) | 2.3% | 2.2% | 2.7% | 2.1% | 2.5% |
|---|
| Sberbank Of Russia ($SBER) | 10.4% | 10.1% | 6.9% | 5.7% | 2.6% |
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% | 16.0% |
| Mcb Bank Ltd ($MCBS) | 18.7% | 15.0% | 14.4% | 15.8% | 14.9% |
| United Bank Ltd ($UBLS) | 12.6% | 11.7% | 11.8% | 13.8% | 12.6% |
| Zenith Bank ($ZENB) | 13.8% | 19.0% | 17.6% | 15.0% | 11.2% |
| |
|---|
| Median (39 companies) | 6.9% | 6.0% | 5.3% | 4.4% | 3.3% |
|---|
| Sberbank Of Russia ($SBER) | 13.4% | 10.4% | 7.8% | 4.8% | 4.0% |
