Finansbank reports 86.1% Net Income growth
03 Feb 2017 • About Finansbank (
$FBKD) • By InTwits
Finansbank reported 2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Finansbank has low CAPEX intensity: 5 year average CAPEX/Revenue was 3.5%. At the same time it's in pair with industry average of 3.6%.
- CAPEX is quite volatile: 180 in 2016, 240 in 2015, 717 in 2014, 203 in 2013, 133 in 2012
- The company has potentially unprofitable business model: ROIC is at 4.3%
- It operates with high leverage: Net Debt/EBITDA is 0.3x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Finansbank ($FBKD) key annual financial indicators
| mln. TRY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 7,201 | 7,167 | 8,451 | 9,035 | 10,553 | 16.8% |
| Net Income | 1,102 | 746 | 901 | 664 | 1,236 | 86.1% |
Balance Sheet
|
|---|
| Cash | 5,328 | 8,208 | 8,664 | 9,997 | 13,104 | 31.1% |
| Short Term Debt | 3,372 | 5,184 | 6,566 | 4,625 | 7,366 | 59.3% |
| Long Term Debt | 5,935 | 5,655 | 7,293 | 10,077 | 14,963 | 48.5% |
Cash flow
|
|---|
| Capex | 133 | 203 | 717 | 240 | 180 | -25.2% |
Ratios
|
|---|
| Revenue growth | 27.0% | -0.5% | 17.9% | 6.9% | 16.8% | |
| Net Income Margin | 15.3% | 10.4% | 10.7% | 7.4% | 11.7% | 4.4% |
| CAPEX, % of revenue | 1.9% | 2.8% | 8.5% | 2.7% | 1.7% | -1.0% |
| ROIC | 7.8% | 4.3% | 4.4% | 3.1% | 4.3% | 1.2% |
| ROE | 16.9% | 9.9% | 11.0% | 7.4% | 12.7% | 5.2% |
Revenue and profitability
The company's Revenue jumped on 16.8% in 2016.
Net Income marign increased on 4.4 pp from 7.4% to 11.7% in 2016.
Capital expenditures (CAPEX) and working capital investments
In 2016 the company had CAPEX/Revenue of 1.7%. CAPEX/Revenue decreased slightly on 1.1 pp from 2.8% in 2013 to 1.7% in 2016. For the last three years the average CAPEX/Revenue was 4.3%.
Return on investment
The company operates at good ROE (12.67%) while ROIC is low (4.26%). ROIC increased slightly on 1.2 pp from 3.1% to 4.3% in 2016. ROE increased on 5.2 pp from 7.4% to 12.7% in 2016.
Leverage (Debt)
Debt surged on 51.9% in 2016 while cash jumped on 31.1% in 2016.
Appendix 1: Peers in Banks
Below we provide Finansbank 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 | 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 ($MCBS) | 3.0% | -1.7% | 19.4% | 22.4% | |
| |
|---|
| Median (43 companies) | 9.0% | 4.8% | 11.5% | 4.2% | 5.7% |
|---|
| Finansbank ($FBKD) | | -0.5% | 17.9% | 6.9% | 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 ($DBPA) | 8.2% | 7.9% | 6.0% | 6.7% | |
| |
|---|
| Median (41 companies) | 2.4% | 2.7% | 2.1% | 2.5% | 1.9% |
|---|
| Finansbank ($FBKD) | 1.9% | 2.8% | 8.5% | 2.7% | 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 ($ZENB) | 19.0% | 17.6% | 15.0% | 11.2% | |
| |
|---|
| Median (43 companies) | 6.0% | 5.7% | 4.5% | 3.5% | 4.3% |
|---|
| Finansbank ($FBKD) | 7.8% | 4.3% | 4.4% | 3.1% | 4.3% |
