Banque Intl Arabe De Tunisie reports 25.8% Net Income growth and 5.5% Revenue growth
06 May 2016 • About Banque Intl Arabe De Tunisie (
$BIND) • By InTwits
Banque Intl Arabe De Tunisie reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Banque Intl Arabe De Tunisie is a growth stock: 2015 revenue growth was 5.5%, 5 year revenue CAGR was 10.2% at 2015 ROIC 10.3%
- Banque Intl Arabe De Tunisie has medium CAPEX intensity: 5 year average CAPEX/Revenue was 7.1%. At the same time it's a lot of higher than industry average of 3.7%.
- CAPEX is quite volatile: 23.9 in 2015, 21.4 in 2014, 20.1 in 2013, 12.6 in 2012, 7.8 in 2011
- The company has business model with average profitability: ROIC is at 10.3%
- It operates with high leverage: Net Debt/EBITDA is 34.7x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Banque Intl Arabe De Tunisie ($BIND) key annual financial indicators
| mln. TND | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 538.0 | 429.2 | 503.4 | 755.9 | 797.7 | 5.5% |
| Net Income | 43.6 | -80.1 | -61.1 | 116.6 | 146.8 | 25.8% |
Balance Sheet
|
|---|
| Cash | 110.0 | 152.1 | 141.1 | 411.7 | 519.4 | 26.2% |
| Short Term Debt | 421.1 | 638.6 | 653.6 | 135.1 | 530.1 | 292.4% |
| Long Term Debt | 134.4 | 122.4 | 99.8 | 119.1 | 108.9 | -8.6% |
Cash flow
|
|---|
| Capex | 52.4 | 24.9 | 54.6 | 40.8 | 30.8 | -24.4% |
Ratios
|
|---|
| Revenue growth | 9.5% | -20.2% | 17.3% | 50.2% | 5.5% | |
| Net Income Margin | 8.1% | -18.7% | -12.1% | 15.4% | 18.4% | 3.0% |
| CAPEX, % of revenue | 9.7% | 5.8% | 10.8% | 5.4% | 3.9% | -1.5% |
| ROIC | 6.0% | -0.7% | | | 10.3% | 10.3% |
| ROE | 8.1% | -14.7% | -10.5% | 18.0% | 20.0% | 2.0% |
Revenue and profitability
The company's Revenue increased on 5.5% in 2015.
Net Income marign increased on 3.0 pp from 15.4% to 18.4% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 Banque Intl Arabe De Tunisie had CAPEX/Revenue of 3.9%. The company's CAPEX/Revenue decreased slightly on 1.9 pp from 5.8% in 2012 to 3.9% in 2015. It's average level of CAPEX/Revenue for the last three years was 6.7%.
Return on investment
The company operates at good ROE (20.02%) while ROIC is low (10.25%). ROE increased on 2.0 pp from 18.0% to 20.0% in 2015.
Leverage (Debt)
Debt surged on 151% in 2015 while cash surged on 26.2% in 2015.
Appendix 1: Peers in Banks
Below we provide Banque Intl Arabe De Tunisie 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 ($KKB) | | | 6.0% | 16.3% | 41.4% |
| Sberbank Of Russia ($SBER) | | 37.2% | 25.1% | 23.4% | 27.4% |
| 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 ($MCBS) | | 3.0% | -1.7% | 19.4% | 22.4% |
| |
|---|
| Median (43 companies) | | 9.3% | 4.2% | 11.5% | 4.2% |
|---|
| Banque Intl Arabe De Tunisie ($BIND) | | -20.2% | 17.3% | 50.2% | 5.5% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Banque Marocaine Du Comm Exterieur ($69IR) | 10.4% | 3.7% | 9.7% | 4.3% | 26.8% |
| Lloyds Banking Group ($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 ($DBPA) | | 8.2% | 7.9% | 6.0% | 6.7% |
| |
|---|
| Median (41 companies) | 2.3% | 2.2% | 2.7% | 2.1% | 2.5% |
|---|
| Banque Intl Arabe De Tunisie ($BIND) | 9.7% | 5.8% | 10.8% | 5.4% | 3.9% |
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 ($ZENB) | 13.8% | 19.0% | 17.6% | 15.0% | 11.2% |
| |
|---|
| Median (43 companies) | 6.9% | 6.4% | 5.5% | 4.4% | 3.4% |
|---|
| Banque Intl Arabe De Tunisie ($BIND) | 6.0% | -0.7% | | | 10.3% |
