Yapi Ve Kredi Bankasi As Net Income jumped on 53.7% in 2016 and Revenue surged on 17.8%
02 Feb 2017 • About Yapi Ve Kredi Bankasi As (
$YKBD) • By InTwits
Yapi Ve Kredi Bankasi As reported 2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Yapi Ve Kredi Bankasi As has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.4%. At the same time it's in pair with industry average of 6.4%.
- CAPEX is quite volatile: 1,021 in 2016, 561 in 2015, 401 in 2014, 503 in 2013, 264 in 2012
- The company has potentially unprofitable business model: ROIC is at 3.6%
- It operates with high leverage: Net Debt/EBITDA is 0.7x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Yapi Ve Kredi Bankasi As ($YKBD) key annual financial indicators
| mln. TRY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 12,675 | 13,286 | 15,898 | 19,921 | 23,467 | 17.8% |
| Net Income | 2,088 | 3,659 | 2,056 | 1,909 | 2,933 | 53.7% |
Balance Sheet
|
|---|
| Cash | 11,488 | 18,991 | 23,215 | 27,389 | 33,083 | 20.8% |
| Short Term Debt | 10,738 | 16,937 | 19,488 | 13,499 | 16,218 | 20.1% |
| Long Term Debt | 15,802 | 21,842 | 27,171 | 44,134 | 52,542 | 19.1% |
Cash flow
|
|---|
| Capex | 317 | 305 | 475 | 500 | 395 | -20.9% |
Ratios
|
|---|
| Revenue growth | 14.9% | 4.8% | 19.7% | 25.3% | 17.8% | |
| Net Income Margin | 16.5% | 27.5% | 12.9% | 9.6% | 12.5% | 2.9% |
| CAPEX, % of revenue | 2.5% | 2.3% | 3.0% | 2.5% | 1.7% | -0.8% |
| ROIC | 5.6% | 5.3% | 3.8% | 2.9% | 3.6% | 0.7% |
| ROE | 14.6% | 21.4% | 10.7% | 8.8% | 11.9% | 3.1% |
Revenue and profitability
Yapi Ve Kredi Bankasi As's Revenue jumped on 17.8% in 2016.
Net Income marign increased on 2.9 pp from 9.6% to 12.5% in 2016.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 1.7% in 2016. CAPEX/Revenue decreased slightly on 0.61 pp from 2.3% in 2013 to 1.7% in 2016. It's average CAPEX/Revenue for the last three years was 2.4%.
Return on investment
The company operates at low ROIC (3.60%) and ROE (11.92%). ROIC increased slightly on 0.70 pp from 2.9% to 3.6% in 2016. ROE increased on 3.1 pp from 8.8% to 11.9% in 2016.
Leverage (Debt)
Debt surged on 19.3% in 2016 while cash surged on 20.8% in 2016.
Appendix 1: Peers in Banks
Below you can find Yapi Ve Kredi Bankasi As 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 ($CBKD) | | 23.7% | 18.9% | 26.8% | 27.0% |
| Mcb Bank Ltd ($MCBS) | 3.0% | -1.7% | 19.4% | 22.4% | |
| Halyk Savings Bank Of Kazakhstn JSC ($HSBK) | 3.7% | 9.4% | 16.3% | 19.5% | |
| |
|---|
| Median (43 companies) | 9.5% | 4.2% | 11.5% | 4.2% | 5.0% |
|---|
| Yapi Ve Kredi Bankasi As ($YKBD) | | 4.8% | 19.7% | 25.3% | 17.8% |
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 ($DBPA) | 8.2% | 7.9% | 6.0% | 6.7% | |
| |
|---|
| Median (41 companies) | 2.2% | 2.8% | 2.1% | 2.5% | 2.2% |
|---|
| Yapi Ve Kredi Bankasi As ($YKBD) | 2.5% | 2.3% | 3.0% | 2.5% | 1.7% |
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 ($ZENB) | 19.0% | 17.6% | 15.0% | 11.2% | |
| |
|---|
| Median (43 companies) | 6.4% | 5.7% | 4.5% | 3.5% | 4.6% |
|---|
| Yapi Ve Kredi Bankasi As ($YKBD) | 5.6% | 5.3% | 3.8% | 2.9% | 3.6% |
