Ksk Power Ventur Net Debt / EBITDA dropped on 18.0x from 30.7x to 12.7x in 2016 while Debt increased on 2.4%
19 Jul 2016 • About Ksk Power Ventur (
$KSK) • By InTwits
Ksk Power Ventur reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Ksk Power Ventur has high CAPEX intensity: 5 year average CAPEX/Revenue was 84.4%. At the same time it's a lot of higher than industry average of 27.3%.
- CAPEX is quite volatile: 58.5 in FY2016, 223 in FY2015, 200 in FY2014, 395 in FY2013, 747 in FY2012
- The company has potentially unprofitable business model: ROIC is at 4.4%
- It operates with high leverage: Net Debt/EBITDA is 12.7x while industry average is 4.7x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Ksk Power Ventur ($KSK) key annual financial indicators
| mln. $ | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 383.2 | 392.8 | 335.9 | 382.3 | 674.5 | 76.4% |
| Gross Profit | 130.0 | 157.2 | 91.1 | 103.3 | 231.3 | 124.0% |
| SG&A | | | | 72.1 | 50.9 | -29.5% |
| EBITDA | 165.2 | 159.6 | 101.6 | 99.3 | 251.5 | 153.3% |
| Net Income | -0.9 | 24.4 | -49.0 | -56.5 | -72.9 | 29.1% |
Balance Sheet
|
|---|
| Cash | 417.6 | 305.3 | 194.1 | 198.0 | 122.8 | -38.0% |
| Short Term Debt | 1,128.9 | 1,021.1 | 944.8 | 522.0 | 623.6 | 19.5% |
| Long Term Debt | 1,409.1 | 1,834.5 | 1,943.9 | 2,722.6 | 2,700.2 | -0.8% |
Cash flow
|
|---|
| Capex | 746.9 | 394.5 | 200.0 | 222.9 | 58.5 | -73.7% |
Ratios
|
|---|
| Revenue growth | 69.0% | 2.5% | -14.5% | 13.8% | 76.4% | |
| EBITDA growth | 120.7% | -3.4% | -36.4% | -2.3% | 153.3% | |
| Gross Margin | 33.9% | 40.0% | 27.1% | 27.0% | 34.3% | 7.3% |
| EBITDA Margin | 43.1% | 40.6% | 30.3% | 26.0% | 37.3% | 11.3% |
| Net Income Margin | -0.2% | 6.2% | -14.6% | -14.8% | -10.8% | 4.0% |
| SG&A, % of revenue | | | | 18.9% | 7.5% | -11.3% |
| CAPEX, % of revenue | 194.9% | 100.4% | 59.5% | 58.3% | 8.7% | -49.6% |
| ROIC | 4.3% | 3.6% | 1.7% | 1.1% | 4.4% | 3.2% |
| ROE | -0.2% | 5.6% | -11.5% | -14.8% | -24.4% | -9.6% |
| Net Debt/EBITDA | 12.8x | 16.0x | 26.5x | 30.7x | 12.7x | -18.0x |
Revenue and profitability
Ksk Power Ventur's Revenue jumped on 76.4% in FY2016. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 6.3 pp from 51.2% to 57.5% in FY2016.
Gross Margin increased on 7.3 pp from 27.0% to 34.3% in FY2016. SG&A as a % of Revenue dropped on 11.3 pp from 18.9% to 7.5% in FY2016.
Net Income marign increased on 4.0 pp from -14.8% to -10.8% in FY2016.
Capital expenditures (CAPEX) and working capital investments
In FY2016 Ksk Power Ventur had CAPEX/Revenue of 8.7%. CAPEX/Revenue dropped on 91.8 pp from 100% in FY2013 to 8.7% in FY2016. Average CAPEX/Revenue for the last three years was 42.2%.
Return on investment
The company operates at low but positive ROIC (4.37%) and negative ROE (-24.43%). ROIC increased on 3.2 pp from 1.1% to 4.4% in FY2016. ROE decreased on 9.6 pp from -14.8% to -24.4% in FY2016.
Leverage (Debt)
Debt level is 12.7x Net Debt / EBITDA and 13.2x Debt / EBITDA. Net Debt / EBITDA dropped on 18.0x from 30.7x to 12.7x in FY2016. Debt increased on 2.4% in FY2016 while cash dropped on 38.0% in FY2016.
Appendix 1: Peers in Electricity
Below we provide Ksk Power Ventur benchmarking against other companies in Electricity 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Good Energy Group ($GOOD) | 30.7% | 43.3% | 42.6% | 11.6% | |
| Societatea Comerciala De Dis Si Fur ($ELSA) | -2.2% | 2.5% | -6.3% | 9.1% | |
| Mosenergo AO ($AOMD) | -2.5% | -0.8% | 3.5% | 6.0% | |
| RusHydro OJSC ($HYDR) | -17.6% | 5.0% | 5.1% | 5.4% | |
| Renewable Energy Generation Ltd ($WIND) | 23.3% | 10.7% | -13.8% | 4.2% | |
| |
|---|
| Median (8 companies) | 7.9% | 3.0% | 0.9% | 4.8% | |
|---|
| Ksk Power Ventur ($KSK) | | 2.5% | -14.5% | 13.8% | 76.4% |
Top companies by Gross margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Infinis Energy ($INFI) | 44.7% | 45.0% | 45.8% | 45.1% | |
| Renewable Energy Generation Ltd ($WIND) | 42.5% | 42.7% | 35.9% | 36.5% | |
| Good Energy Group ($GOOD) | 33.9% | 33.6% | 32.7% | 33.1% | |
| Datang Intl Power Generation ($DAT) | | | | 30.7% | |
| |
|---|
| Median (4 companies) | 42.5% | 42.7% | 35.9% | 34.8% | |
|---|
| Ksk Power Ventur ($KSK) | 33.9% | 40.0% | 27.1% | 27.0% | 34.3% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Renewable Energy Generation Ltd ($WIND) | 24.4% | 23.0% | 10.5% | 125.2% | |
| Infinis Energy ($INFI) | 55.1% | 54.6% | 45.2% | 69.8% | |
| Datang Intl Power Generation ($DAT) | 28.7% | 33.6% | 34.8% | 38.0% | |
| Societatea Comerciala De Dis Si Fur ($ELSA) | 12.2% | 11.9% | 16.7% | 17.8% | |
| Public Power Corp S.A. ($PPCD) | 15.3% | 19.1% | 20.0% | 17.7% | |
| |
|---|
| Median (8 companies) | 14.1% | 17.2% | 16.7% | 17.7% | |
|---|
| Ksk Power Ventur ($KSK) | 43.1% | 40.6% | 30.3% | 26.0% | 37.3% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Renewable Energy Generation Ltd ($WIND) | 142.1% | 77.4% | 167.6% | 100.1% | |
| Datang Intl Power Generation ($DAT) | 34.3% | 43.2% | 28.8% | 29.7% | |
| Good Energy Group ($GOOD) | 1.0% | 23.2% | 31.8% | 27.6% | |
| RusHydro OJSC ($HYDR) | 27.8% | 19.7% | 23.8% | 22.8% | |
| Infinis Energy ($INFI) | 23.6% | 32.3% | 16.2% | 22.8% | |
| |
|---|
| Median (8 companies) | 18.5% | 21.4% | 20.0% | 22.8% | |
|---|
| Ksk Power Ventur ($KSK) | 194.9% | 100.4% | 59.5% | 58.3% | 8.7% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Societatea Comerciala De Dis Si Fur ($ELSA) | 3.2% | 4.0% | 6.5% | 7.9% | |
| Good Energy Group ($GOOD) | 10.8% | 12.2% | 7.0% | 5.8% | |
| Infinis Energy ($INFI) | 4.6% | 5.0% | 3.0% | 5.2% | |
| Datang Intl Power Generation ($DAT) | 5.7% | 5.9% | 4.8% | 4.6% | |
| RusHydro OJSC ($HYDR) | -0.7% | 3.0% | 4.3% | 4.2% | |
| |
|---|
| Median (8 companies) | 2.9% | 3.8% | 4.0% | 4.4% | |
|---|
| Ksk Power Ventur ($KSK) | 4.3% | 3.6% | 1.7% | 1.1% | 4.4% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Good Energy Group ($GOOD) | -0.1x | 1.5x | 5.7x | 7.8x | |
| Datang Intl Power Generation ($DAT) | 8.4x | 7.7x | 8.3x | 7.5x | |
| Public Power Corp S.A. ($PPCD) | 5.3x | 4.1x | 4.3x | 4.8x | |
| Infinis Energy ($INFI) | 3.3x | 4.2x | 5.1x | 4.3x | |
| RusHydro OJSC ($HYDR) | 7.8x | 2.9x | 2.6x | 2.6x | |
| |
|---|
| Median (8 companies) | 4.3x | 2.2x | 4.7x | 3.4x | |
|---|
| Ksk Power Ventur ($KSK) | 12.8x | 16.0x | 26.5x | 30.7x | 12.7x |
