Globaltrans Investment reports 22.4% EBITDA growth and 0.73% Revenue decline
31 Mar 2016 • About Globaltrans Investment (
$GLTR) • By InTwits
Globaltrans Investment reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Globaltrans Investment has high CAPEX intensity: 5 year average CAPEX/Revenue was 10.2%. At the same time it's in pair with industry average of 7.4%.
- CAPEX is quite volatile: 1,459 in 2015, 1,532 in 2014, 1,274 in 2013, 22,891 in 2012, 5,114 in 2011
- The company has business model with average profitability: ROIC is at 10.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Globaltrans Investment ($GLTR) key annual financial indicators
| mln. RUB | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 50,950 | 65,677 | 74,166 | 68,700 | 68,200 | -0.7% |
| Gross Profit | 15,353 | 20,629 | 19,107 | 15,911 | 13,772 | -13.4% |
| SG&A | 2,715 | 3,968 | 4,694 | 4,483 | 4,488 | 0.1% |
| EBITDA | 14,888 | 20,464 | 20,648 | 11,729 | 14,352 | 22.4% |
| Net Income | 7,833 | 8,015 | 5,790 | -1,416 | 1,983 | -240.1% |
Balance Sheet
|
|---|
| Cash | 3,879 | 5,445 | 3,424 | 4,648 | 4,104 | -11.7% |
| Short Term Debt | 5,485 | 7,271 | 9,111 | 18,256 | 9,294 | -49.1% |
| Long Term Debt | 6,694 | 25,582 | 24,247 | 10,050 | 11,065 | 10.1% |
Cash flow
|
|---|
| Capex | 5,114 | 22,891 | 1,274 | 1,532 | 1,459 | -4.8% |
Ratios
|
|---|
| Revenue growth | 21.3% | 28.9% | 12.9% | -7.4% | -0.7% | |
| EBITDA growth | 24.9% | 37.4% | 0.9% | -43.2% | 22.4% | |
| Gross Margin | 30.1% | 31.4% | 25.8% | 23.2% | 20.2% | -3.0% |
| EBITDA Margin | 29.2% | 31.2% | 27.8% | 17.1% | 21.0% | 4.0% |
| Net Income Margin | 15.4% | 12.2% | 7.8% | -2.1% | 2.9% | 5.0% |
| SG&A, % of revenue | 5.3% | 6.0% | 6.3% | 6.5% | 6.6% | 0.1% |
| CAPEX, % of revenue | 10.0% | 34.9% | 1.7% | 2.2% | 2.1% | -0.1% |
| ROIC | 30.3% | 25.5% | 16.3% | 6.4% | 10.3% | 3.9% |
| ROE | 33.1% | 22.4% | 12.7% | -3.2% | 4.4% | 7.6% |
| Net Debt/EBITDA | 0.6x | 1.3x | 1.4x | 2.0x | 1.1x | -0.9x |
Revenue and profitability
The company's Revenue decreased slightly on 0.73% in 2015. Despite revenue decline the EBITDA margin expanded. EBITDA Margin increased on 4.0 pp from 17.1% to 21.0% in 2015.
Gross Margin decreased on 3.0 pp from 23.2% to 20.2% in 2015. SG&A as a % of Revenue showed almost no change in 2015.
Net Income marign increased on 5.0 pp from -2.1% to 2.9% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 Globaltrans Investment had CAPEX/Revenue of 2.1%. Globaltrans Investment's CAPEX/Revenue dropped on 32.7 pp from 34.9% in 2012 to 2.1% in 2015. It's average level of CAPEX/Revenue for the last three years was 2.0%.
Return on investment
The company operates at low ROIC (10.32%) and ROE (4.43%). ROIC increased on 3.9 pp from 6.4% to 10.3% in 2015. ROE increased on 7.6 pp from -3.2% to 4.4% in 2015.
Leverage (Debt)
Debt level is 1.1x Net Debt / EBITDA and 1.4x Debt / EBITDA. Net Debt / EBITDA dropped on 0.9x from 2.0x to 1.1x in 2015. Debt dropped on 28.1% in 2015 while cash dropped on 11.7% in 2015.
Valuation
The company's trades at EV/EBITDA 1.1x and P/E 0.0x while industy averages are 10.5x and 26.1x. Globaltrans Investment's EV/(EBITDA-CAPEX) is 1.3x with the industry average at 4.7x.
Appendix 1: Peers in Industrial Transportation
Below you can find Globaltrans Investment benchmarking vs. other companies in Industrial Transportation 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 |
|---|
| Frontline Ltd ($FRO) | | -27.8% | -9.4% | -55.6% | 104.5% |
| Zhejiang Expressway Co ($ZHEH) | | 2.2% | 13.3% | 20.5% | 32.2% |
| Wisdom Marine Lines Co Limited ($WML) | | 11.2% | -0.8% | 8.8% | 21.6% |
| Dp World Ltd ($0P5M) | | 4.8% | -1.5% | 12.7% | 16.7% |
| Center Fr Cargo Cont Trf Trcnt PJSC ($TRCN) | | 17.8% | 7.7% | -6.6% | 16.2% |
| |
|---|
| Median (13 companies) | 65.2% | 1.6% | -2.3% | 5.8% | -5.4% |
|---|
| Globaltrans Investment ($GLTR) | | 28.9% | 12.9% | -7.4% | -0.7% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Global Ports Investments ($GLPR) | 52.6% | 40.3% | 58.8% | 58.8% | 68.0% |
| Dp World Ltd ($0P5M) | 32.7% | 35.8% | 39.8% | 41.9% | 48.4% |
| Zhejiang Expressway Co ($ZHEH) | 39.9% | 34.0% | 36.9% | 37.7% | 43.6% |
| Wisdom Marine Lines Co Limited ($WML) | 37.4% | 30.3% | 20.3% | 20.7% | 24.1% |
| Bba Aviation ($BBA) | | 18.9% | 18.9% | 18.6% | 18.6% |
| |
|---|
| Median (8 companies) | 37.4% | 30.3% | 20.3% | 20.7% | 21.3% |
|---|
| Globaltrans Investment ($GLTR) | 30.1% | 31.4% | 25.8% | 23.2% | 20.2% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Capital Lease Aviation ($CLA) | 105.0% | 101.2% | 88.5% | 89.2% | 80.5% |
| Frontline Ltd ($FRO) | 13.7% | 17.2% | -4.6% | 64.5% | 74.6% |
| Global Ports Investments ($GLPR) | 55.1% | 57.1% | 60.3% | 69.6% | 71.2% |
| Zhejiang Expressway Co ($ZHEH) | 52.8% | 49.6% | 51.1% | 53.5% | 58.0% |
| Wisdom Marine Lines Co Limited ($WML) | 60.1% | 56.9% | 52.0% | 52.8% | 55.2% |
| |
|---|
| Median (13 companies) | 45.5% | 22.6% | 17.1% | 29.7% | 12.6% |
|---|
| Globaltrans Investment ($GLTR) | 29.2% | 31.2% | 27.8% | 17.1% | 21.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Frontline Ltd ($FRO) | 10.2% | 2.5% | 0.5% | 83.6% | 171.4% |
| Dp World Ltd ($0P5M) | 15.1% | 20.6% | 33.4% | 20.7% | 28.9% |
| Yangming Marine Transport Corp ($YMTD) | 11.0% | 13.1% | 8.2% | 7.0% | 7.7% |
| Center Fr Cargo Cont Trf Trcnt PJSC ($TRCN) | 13.7% | 15.6% | 16.9% | 11.5% | 5.7% |
| Wisdom Marine Lines Co Limited ($WML) | 160.8% | 163.8% | 108.4% | 4.2% | 5.2% |
| |
|---|
| Median (13 companies) | 9.6% | 8.0% | 9.3% | 5.6% | 2.9% |
|---|
| Globaltrans Investment ($GLTR) | 10.0% | 34.9% | 1.7% | 2.2% | 2.1% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Zhejiang Expressway Co ($ZHEH) | 13.3% | 11.2% | 13.3% | 13.2% | 15.3% |
| Global Ports Investments ($GLPR) | 18.5% | 17.0% | 7.1% | 12.1% | 14.6% |
| Dx ($DX.) | 8.2% | 9.3% | 9.6% | 14.5% | 12.8% |
| Frontline Ltd ($FRO) | -3.4% | -1.0% | -8.9% | 7.6% | 12.1% |
| Dp World Ltd ($0P5M) | 2.7% | 5.0% | 5.5% | 6.8% | 8.2% |
| |
|---|
| Median (13 companies) | 7.6% | 7.3% | 5.4% | 7.2% | 6.6% |
|---|
| Globaltrans Investment ($GLTR) | 30.3% | 25.5% | 16.3% | 6.4% | 10.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Evergreen Marine Corp(Taiwan) ($EGMD) | | 7.9x | 33.6x | 6.7x | 18.3x |
| Wisdom Marine Lines Co Limited ($WML) | 7.9x | 8.5x | 9.0x | 9.1x | 8.4x |
| Interbulk Group ($INB) | 3.5x | 3.3x | 4.1x | 3.5x | 3.6x |
| Global Ports Investments ($GLPR) | 0.3x | 0.8x | 6.6x | 2.8x | 3.6x |
| Dp World Ltd ($0P5M) | 3.1x | 2.4x | 2.0x | 1.5x | 3.4x |
| |
|---|
| Median (11 companies) | 3.5x | 3.7x | 5.4x | 2.8x | 3.3x |
|---|
| Globaltrans Investment ($GLTR) | 0.6x | 1.3x | 1.4x | 2.0x | 1.1x |
