Komercni Banka Net Income increased on 7.3% in 2016 while Revenue decreased on 3.1%
09 Feb 2017 • About Komercni Banka (
$KMCA) • By InTwits
Komercni Banka reported 2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Komercni Banka is a company in decline: 2016 revenue growth was -3.1%, 5 years revenue CAGR was -4.6%
- The company has business model with low profitability: ROIC is at 8.0%
- It operates with high leverage: Net Debt/EBITDA is 1.8x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Komercni Banka ($KMCA) key annual financial indicators
| mln. CZK | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 48,530 | 43,529 | 42,138 | 39,895 | 38,673 | -3.1% |
| Net Income | 13,954 | 12,528 | 12,954 | 12,758 | 13,688 | 7.3% |
Balance Sheet
|
|---|
| Cash | 28,057 | 44,405 | 152,903 | 128,336 | 112,241 | -12.5% |
| Short Term Debt | 38,903 | 49,681 | 61,362 | 56,231 | 54,125 | -3.7% |
| Long Term Debt | 19,624 | 22,417 | 22,584 | 21,403 | 13,423 | -37.3% |
Cash flow
|
|---|
| Capex | | | | | 727 | |
Ratios
|
|---|
| Revenue growth | -0.6% | -10.3% | -3.2% | -5.3% | -3.1% | |
| Net Income Margin | 28.8% | 28.8% | 30.7% | 32.0% | 35.4% | 3.4% |
| CAPEX, % of revenue | | | | | 1.9% | 1.9% |
| ROIC | 10.0% | 8.6% | 8.0% | 7.4% | 8.0% | 0.6% |
| ROE | 15.8% | 13.1% | 13.0% | 12.2% | 13.4% | 1.2% |
Revenue and profitability
Komercni Banka's Revenue decreased on 3.1% in 2016.
Net Income marign increased on 3.4 pp from 32.0% to 35.4% in 2016.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 1.9% in 2016. The company's CAPEX/Revenue increased slightly1.9 pp from in 2013 to 1.9% in 2016.
Return on investment
The company operates at good ROE (13.42%) while ROIC is low (8.02%). ROIC increased slightly on 0.62 pp from 7.4% to 8.0% in 2016. ROE increased slightly on 1.2 pp from 12.2% to 13.4% in 2016.
Leverage (Debt)
Debt dropped on 13.0% in 2016 while cash dropped on 12.5% in 2016.
Appendix 1: Peers in Banks
Below you can find Komercni Banka 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 ($MCBS) | | -1.7% | 19.4% | 22.4% | -10.7% |
| |
|---|
| Median (43 companies) | 13.9% | 4.8% | 12.1% | 5.5% | 5.0% |
|---|
| Komercni Banka ($KMCA) | | -10.3% | -3.2% | -5.3% | -3.1% |
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 ($DBPA) | 8.2% | 7.9% | 6.0% | 6.7% | |
| |
|---|
| Median (42 companies) | 2.3% | 2.7% | 2.1% | 2.5% | 1.9% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Commercial Intl Bank(Egypt)S.A.E ($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% | 12.5% |
| 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% | 5.3% | 4.4% | 3.4% | 4.5% |
|---|
| Komercni Banka ($KMCA) | 10.0% | 8.6% | 8.0% | 7.4% | 8.0% |
