Turkiye Is Bankasi Net Income jumped on 50.1% in 2016 and Revenue jumped on 16.8%
02 Feb 2017 • About Turkiye Is Bankasi (
$TIBD) • By InTwits
Turkiye Is Bankasi reported 2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Turkiye Is Bankasi has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.3%. At the same time it's a lot of higher than industry average of 12.5%.
- CAPEX is quite volatile: 429 in 2016, 985 in 2015, 587 in 2014, 632 in 2013, 408 in 2012
- The company has potentially unprofitable business model: ROIC is at 4.6%
- It operates with high leverage: Net Debt/EBITDA is 1.7x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Turkiye Is Bankasi ($TIBD) key annual financial indicators
| mln. TRY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 22,393 | 22,452 | 25,975 | 30,073 | 35,117 | 16.8% |
| Net Income | 3,412 | 3,236 | 3,352 | 3,331 | 4,999 | 50.1% |
Balance Sheet
|
|---|
| Cash | 16,111 | 23,410 | 25,144 | 32,490 | 33,233 | 2.3% |
| Short Term Debt | 16,667 | 22,063 | 29,816 | 25,768 | 24,921 | -3.3% |
| Long Term Debt | 16,198 | 24,931 | 35,246 | 57,715 | 70,991 | 23.0% |
Cash flow
|
|---|
| Capex | 408 | 632 | 587 | 985 | 429 | -56.5% |
Ratios
|
|---|
| Revenue growth | 20.9% | 0.3% | 15.7% | 15.8% | 16.8% | |
| Net Income Margin | 15.2% | 14.4% | 12.9% | 11.1% | 14.2% | 3.2% |
| CAPEX, % of revenue | 1.8% | 2.8% | 2.3% | 3.3% | 1.2% | -2.1% |
| ROIC | 6.5% | 5.2% | 4.4% | 3.5% | 4.6% | 1.1% |
| ROE | 17.1% | 14.5% | 13.2% | 11.0% | 14.5% | 3.5% |
Revenue and profitability
The company's Revenue jumped on 16.8% in 2016.
Net Income marign increased on 3.2 pp from 11.1% to 14.2% in 2016.
Capital expenditures (CAPEX) and working capital investments
In 2016 Turkiye Is Bankasi had CAPEX/Revenue of 1.2%. Turkiye Is Bankasi showed small CAPEX/Revenue decline of 1.6 pp from 2.8% in 2013 to 1.2% in 2016. It's average level of CAPEX/Revenue for the last three years was 2.3%.
Return on investment
The company operates at good ROE (14.53%) while ROIC is low (4.55%). ROIC increased slightly on 1.1 pp from 3.5% to 4.6% in 2016. ROE increased on 3.5 pp from 11.0% to 14.5% in 2016.
Leverage (Debt)
Debt surged on 14.9% in 2016 while cash increased on 2.3% in 2016.
Appendix 1: Peers in Banks
Below you can find Turkiye Is Bankasi 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 ($CBKD) | | 23.7% | 18.9% | 26.8% | 27.0% |
| Yapi Ve Kredi Bankasi As ($YKBD) | | 4.8% | 19.7% | 25.3% | 17.8% |
| Mcb Bank Ltd ($MCBS) | 3.0% | -1.7% | 19.4% | 22.4% | |
| |
|---|
| Median (43 companies) | 9.5% | 4.8% | 11.5% | 4.2% | 5.0% |
|---|
| Turkiye Is Bankasi ($TIBD) | | 0.3% | 15.7% | 15.8% | 16.8% |
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 ($BNC) | 2.7% | 2.6% | 8.9% | 10.2% | 9.1% |
| Guaranty Trust Bank ($GRTB) | 6.7% | 6.1% | 6.8% | 7.7% | |
| Diamond Bank ($DBPA) | 8.2% | 7.9% | 6.0% | 6.7% | |
| |
|---|
| Median (41 companies) | 2.4% | 2.7% | 2.1% | 2.5% | 2.2% |
|---|
| Turkiye Is Bankasi ($TIBD) | 1.8% | 2.8% | 2.3% | 3.3% | 1.2% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Commercial Intl Bank(Egypt)S.A.E ($CBKD) | 21.7% | 26.9% | 30.1% | 30.3% | 28.5% |
| Guaranty Trust Bank ($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 ($ZENB) | 19.0% | 17.6% | 15.0% | 11.2% | |
| |
|---|
| Median (43 companies) | 6.0% | 5.7% | 4.5% | 3.4% | 4.1% |
|---|
| Turkiye Is Bankasi ($TIBD) | 6.5% | 5.2% | 4.4% | 3.5% | 4.6% |
