Ifg Group Net Income jumped on 953% in 2015 and EBITDA Margin increased on 4.2 pp from 13.3% to 17.5%
22 Mar 2016 • About Ifg Group (
$IFP) • By InTwits
Ifg Group reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Ifg Group has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.7%. At the same time it's in pair with industry average of 1.7%.
- CAPEX is quite volatile: 1.6 in 2015, 1.5 in 2014, 2.1 in 2013, 0.66 in 2012, 1.0 in 2011
- The company has business model with low profitability: ROIC is at 9.6%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Ifg Group ($IFP) key annual financial indicators
| mln. € | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 89.044 | 93.913 | 74.577 | 80.776 | 98.240 | 21.6% |
| Gross Profit | 15.189 | 14.346 | 12.974 | 13.199 | 21.286 | 61.3% |
| SG&A | 6.249 | 5.757 | 5.261 | 7.130 | 7.731 | 8.4% |
| EBITDA | 15.326 | 13.988 | 11.669 | 10.708 | 17.197 | 60.6% |
| Net Income | 12.098 | 26.638 | 5.741 | 0.828 | 8.713 | 952.7% |
Balance Sheet
|
|---|
| Cash | 38.606 | 33.630 | 28.195 | 37.763 | 46.224 | 22.4% |
| Short Term Debt | 10.245 | 0.176 | 0.011 | 0.003 | 9.263 | 359,562.6% |
| Long Term Debt | 39.301 | 8.112 | 7.792 | 8.549 | 0.000 | -100.0% |
Cash flow
|
|---|
| Capex | 1.045 | 0.661 | 2.099 | 1.546 | 1.649 | 6.6% |
Ratios
|
|---|
| Revenue growth | -26.2% | 5.5% | -20.6% | 8.3% | 21.6% | |
| EBITDA growth | 5.6% | -8.7% | -16.6% | -8.2% | 60.6% | |
| Gross Margin | 17.1% | 15.3% | 17.4% | 16.3% | 21.7% | 5.3% |
| EBITDA Margin | 17.2% | 14.9% | 15.6% | 13.3% | 17.5% | 4.2% |
| Net Income Margin | 13.6% | 28.4% | 7.7% | 1.0% | 8.9% | 7.8% |
| SG&A, % of revenue | 7.0% | 6.1% | 7.1% | 8.8% | 7.9% | -1.0% |
| CAPEX, % of revenue | 1.2% | 0.7% | 2.8% | 1.9% | 1.7% | -0.2% |
| ROIC | 5.4% | 5.2% | 5.9% | 5.5% | 9.6% | 4.2% |
| ROE | 11.3% | 24.6% | 6.0% | 0.8% | 8.1% | 7.3% |
| Net Debt/EBITDA | 0.7x | -1.8x | -1.7x | -2.7x | -2.1x | 0.6x |
Revenue and profitability
The company's Revenue jumped on 21.6% in 2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin surged on 23.7 pp from -31.8% to -8.1% in 2015.
Gross Margin increased on 5.3 pp from 16.3% to 21.7% in 2015. SG&A as a % of Revenue decreased slightly on 0.96 pp from 8.8% to 7.9% in 2015.
Net Income marign increased on 7.8 pp from 1.0% to 8.9% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 the company had CAPEX/Revenue of 1.7%. The company's CAPEX/Revenue increased slightly on 0.97 pp from 0.70% in 2012 to 1.7% in 2015. Average CAPEX/Revenue for the last three years was 2.1%.
Return on investment
The company operates at low ROIC (9.62%) and ROE (8.11%). ROIC increased on 4.2 pp from 5.5% to 9.6% in 2015. ROE increased on 7.3 pp from 0.84% to 8.1% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is -2.1x and Debt / EBITDA is 0.5x. Net Debt / EBITDA surged on 0.6x from -2.7x to -2.1x in 2015. Debt increased on 8.3% in 2015 while cash jumped on 22.4% in 2015.
Appendix 1: Peers in Financial Services
Below you can find Ifg Group benchmarking vs. other companies in Financial Services 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 |
|---|
| Real Estate Credit Investments Pcc ($RECP) | | | 335.8% | -59.6% | 47.3% |
| Fairpoint Group ($FRP) | | 32.7% | -17.5% | 35.1% | 41.2% |
| Afh Financial Group ($AFHP) | | | 49.9% | 39.3% | 39.5% |
| Manx Financial Group ($MFX) | | 5.6% | 33.3% | 22.0% | 28.2% |
| Daishin Securities Co ($DSS) | | 18.9% | -8.7% | -8.6% | 15.6% |
| |
|---|
| Median (24 companies) | 24.5% | 5.3% | 14.7% | 4.7% | 2.9% |
|---|
| Ifg Group ($IFP) | | 5.5% | -20.6% | 8.3% | 21.6% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Record ($REC) | 99.6% | 98.8% | 98.8% | 99.6% | 99.3% |
| First Property Group ($FPO) | 85.2% | 86.0% | 69.5% | 67.9% | 83.0% |
| Schroders ($SDRC) | 75.8% | 76.9% | 76.2% | 77.7% | 78.3% |
| Walker Crips Group ($WCW) | 74.5% | 71.8% | 58.0% | 68.2% | 66.7% |
| S & U ($46IE) | | 65.6% | 66.5% | 67.6% | 65.3% |
| |
|---|
| Median (12 companies) | 64.7% | 56.8% | 53.3% | 53.0% | 52.5% |
|---|
| Ifg Group ($IFP) | 17.1% | 15.3% | 17.4% | 16.3% | 21.7% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Real Estate Credit Investments Pcc ($RECP) | | 58.6% | 89.3% | 77.0% | 80.3% |
| Manx Financial Group ($MFX) | 24.2% | 39.8% | 49.2% | 56.5% | 58.8% |
| Hargreaves Lansdown ($HL.) | 61.0% | 64.1% | 66.4% | 58.7% | 51.2% |
| Daishin Securities Co ($DSS) | 49.9% | 53.8% | 51.5% | 38.8% | 49.2% |
| S & U ($46IE) | | 25.5% | 27.9% | 30.6% | 47.2% |
| |
|---|
| Median (23 companies) | 16.0% | 11.7% | 17.0% | 16.8% | 16.3% |
|---|
| Ifg Group ($IFP) | 17.2% | 14.9% | 15.6% | 13.3% | 17.5% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Daishin Securities Co ($DSS) | 2.8% | 6.0% | 24.7% | 15.0% | 6.5% |
| Commercial Bank Of Qatar(The) ($CBQS) | 3.0% | 6.0% | 3.8% | 2.8% | 3.9% |
| Afh Financial Group ($AFHP) | | 1.6% | 1.5% | 0.7% | 3.8% |
| S & U ($46IE) | | 1.4% | 1.4% | 1.3% | 3.1% |
| Guinness Peat Group ($GPG) | 3.7% | 2.6% | 0.6% | 2.9% | 3.0% |
| |
|---|
| Median (23 companies) | 1.1% | 1.4% | 1.3% | 1.3% | 0.7% |
|---|
| Ifg Group ($IFP) | 1.2% | 0.7% | 2.8% | 1.9% | 1.7% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Hargreaves Lansdown ($HL.) | 133.9% | 108.7% | 111.7% | 101.0% | 87.5% |
| Manx Financial Group ($MFX) | -1.2% | 8.0% | 19.7% | 29.7% | 40.2% |
| Record ($REC) | 44.4% | 23.8% | 19.6% | 20.2% | 20.2% |
| Impax Asset Management Group ($IPX) | 12.5% | -13.7% | 17.2% | 18.7% | 16.1% |
| Lighthouse Group ($LGT) | 5.1% | 7.2% | -3.9% | 8.6% | 14.6% |
| |
|---|
| Median (24 companies) | 5.5% | 5.5% | 6.3% | 9.2% | 8.9% |
|---|
| Ifg Group ($IFP) | 5.4% | 5.2% | 5.9% | 5.5% | 9.6% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Private & Commercial Finance Group ($PCF) | 16.0x | 12.8x | 14.3x | 13.9x | 12.9x |
| First Property Group ($FPO) | 5.6x | 3.6x | 3.0x | 5.6x | 12.3x |
| Canaccord Genuity Group Inc ($CF.) | | | | | 10.2x |
| Daishin Securities Co ($DSS) | 0.8x | 1.5x | 2.4x | 10.7x | 8.0x |
| S & U ($46IE) | | 1.4x | 1.3x | 1.7x | 3.1x |
| |
|---|
| Median (22 companies) | -1.6x | -1.0x | -1.0x | -1.9x | -0.5x |
|---|
| Ifg Group ($IFP) | 0.7x | -1.8x | -1.7x | -2.7x | -2.1x |
