Bcb Hldgs Ltd revenue decline accelerated to 9.9% in FY2016 vs. 2.1% a year earliner
29 Sep 2016 • About Bcb Hldgs Ltd (
$BCBW) • By InTwits
Bcb Hldgs Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Bcb Hldgs Ltd is a company in decline: FY2016 revenue growth was -9.9%, 5 years revenue CAGR was -10.0%
- Bcb Hldgs Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 4.4%. At the same time it's in pair with industry average of 3.7%.
- CAPEX is quite volatile: 1.5 in FY2016, 1.4 in FY2015, 3.1 in FY2014, 2.4 in FY2013, 3.7 in FY2012
- The company has potentially unprofitable business model: ROIC is at 5.7%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Bcb Hldgs Ltd ($BCBW) key annual financial indicators
| mln. $ | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 53.800 | 53.500 | 57.600 | 56.400 | 50.800 | -9.9% |
| Net Income | -15.100 | -21.600 | -12.000 | -17.200 | 0.600 | -103.5% |
Balance Sheet
|
|---|
| Cash | 155.200 | 132.500 | 174.500 | 183.600 | 177.000 | -3.6% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 3.700 | 2.400 | 3.100 | 1.400 | 1.500 | 7.1% |
Ratios
|
|---|
| Revenue growth | -37.3% | -0.6% | 7.7% | -2.1% | -9.9% | |
| Net Income Margin | -28.1% | -40.4% | -20.8% | -30.5% | 1.2% | 31.7% |
| CAPEX, % of revenue | 6.9% | 4.5% | 5.4% | 2.5% | 3.0% | 0.5% |
| ROIC | -3.6% | -6.6% | -4.6% | -8.7% | 5.7% | 14.4% |
| ROE | -5.7% | -22.3% | -15.0% | -26.1% | 1.0% | 27.1% |
Revenue and profitability
Bcb Hldgs Ltd's Revenue decreased on 9.9% in FY2016.
Net Income marign surged on 31.7 pp from -30.5% to 1.2% in FY2016.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 3.0% in FY2016. CAPEX/Revenue decreased slightly on 1.5 pp from 4.5% in FY2013 to 3.0% in FY2016. Average CAPEX/Revenue for the last three years was 3.6%.
Return on investment
The company operates at low ROIC (5.68%) and ROE (1.04%). ROIC surged on 14.4 pp from -8.7% to 5.7% in FY2016. ROE surged on 27.1 pp from -26.1% to 1.0% in FY2016.
Leverage (Debt)
The company has no debt. Cash decreased on 3.6% in FY2016.
Appendix 1: Peers in Banks
Below you can find Bcb Hldgs Ltd benchmarking vs. other companies in Banks 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| 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 ($MCBS) | 3.0% | -1.7% | 19.4% | 22.4% | |
| |
|---|
| Median (43 companies) | 9.1% | 4.8% | 12.1% | 5.5% | 2.1% |
|---|
| Bcb Hldgs Ltd ($BCBW) | | -0.6% | 7.7% | -2.1% | -9.9% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Banque Marocaine Du Comm Exterieur ($69IR) | 3.7% | 9.7% | 4.3% | 26.8% | |
| Lloyds Banking Group ($LLPC) | 8.0% | 8.9% | 13.1% | 13.6% | 14.5% |
| Banco Santander Sa ($BNC) | 2.7% | 2.6% | 8.9% | 10.2% | |
| Guaranty Trust Bank ($GRTB) | 6.7% | 6.1% | 6.8% | 7.7% | |
| Diamond Bank ($DBPA) | 8.2% | 7.9% | 6.0% | 6.7% | |
| |
|---|
| Median (41 companies) | 2.2% | 2.7% | 2.1% | 2.5% | 2.4% |
|---|
| Bcb Hldgs Ltd ($BCBW) | 6.9% | 4.5% | 5.4% | 2.5% | 3.0% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Commercial Intl Bank(Egypt)S.A.E ($CBKD) | 21.7% | 26.9% | 30.1% | 30.3% | |
| Guaranty Trust Bank ($GRTB) | 19.8% | 18.9% | 17.8% | 16.0% | |
| Mcb Bank Ltd ($MCBS) | 15.0% | 14.4% | 15.8% | 14.9% | |
| United Bank Ltd ($UBLS) | 11.7% | 11.8% | 13.8% | 12.6% | |
| Zenith Bank ($ZENB) | 19.0% | 17.6% | 15.0% | 11.2% | |
| |
|---|
| Median (43 companies) | 6.4% | 5.7% | 4.5% | 3.5% | 3.3% |
|---|
| Bcb Hldgs Ltd ($BCBW) | -3.6% | -6.6% | -4.6% | -8.7% | 5.7% |
