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Indigovision Group reports 184% EBITDA growth and 10.4% Revenue growth

02 Mar 2017 • About Indigovision Group ($IND) • By InTwits

Indigovision Group reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • Indigovision Group doesn't have a profitable business model yet: FY2016 ROIC is -0.9%
  • EBITDA Margin is quite volatile: 1.6% in FY2016, 0.6% in FY2015, 8.0% in FY2014, 7.5% in FY2013, 11.4% in FY2012
  • Indigovision Group has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.6%. At the same time it's in pair with industry average of 2.0%.
  • CAPEX is quite volatile: 0.88 in FY2016, 0.074 in FY2015, 0.26 in FY2014, 0.40 in FY2013, 0.69 in FY2012
  • The company has unprofitable business model: ROIC is at -0.9%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Indigovision Group ($IND) key annual financial indicators

mln. £201220132014201520162016/2015
P&L
Revenue30.26631.97837.17830.82334.01610.4%
Gross Profit17.85618.12421.43115.84717.3079.2%
SG&A13.49614.94710.8%
EBITDA3.4502.4082.9790.1910.544184.5%
Net Income1.6661.7432.438-0.317-2.068552.8%
Balance Sheet
Cash5.9960.8442.4441.8755.025167.9%
Short Term Debt0.0000.0000.0000.0000.000
Long Term Debt0.0000.0000.0000.0000.000
Cash flow
Capex0.2530.5970.7070.5360.491-8.4%
Ratios
Revenue growth4.8%5.7%16.3%-17.1%10.4%
EBITDA growth130.5%-30.2%23.7%-93.6%184.5%
Gross Margin59.0%56.7%57.6%51.4%50.9%-0.5%
EBITDA Margin11.4%7.5%8.0%0.6%1.6%1.0%
Net Income Margin5.5%5.5%6.6%-1.0%-6.1%-5.1%
SG&A, % of revenue43.8%43.9%0.2%
CAPEX, % of revenue0.8%1.9%1.9%1.7%1.4%-0.3%
ROIC22.1%16.0%21.5%-4.3%-0.9%3.4%
ROE9.3%10.7%16.7%-2.0%-12.9%-11.0%
Net Debt/EBITDA-1.7x-0.4x-0.8x-9.8x-9.2x0.6x

Revenue and profitability


Indigovision Group's Revenue jumped on 10.4% in FY2016. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 14.2 pp from 4.1% to -10.1% in FY2016.

Gross Margin decreased slightly on 0.53 pp from 51.4% to 50.9% in FY2016. SG&A as a % of Revenue showed almost no change in FY2016.

Net Income marign decreased on 5.1 pp from -1.0% to -6.1% in FY2016.

Capital expenditures (CAPEX) and working capital investments


Indigovision Group's CAPEX/Revenue was 1.4% in FY2016. The company showed almost no change in CAPEX/Revenue from FY2013 to FY2016. Average CAPEX/Revenue for the last three years was 1.7%.To secure this fast growth the company invested a large share of EBITDA (90.3%) to CAPEX.

Return on investment


The company operates at negative ROIC (-0.94%) and ROE (-12.95%). ROIC increased on 3.4 pp from -4.3% to -0.94% in FY2016. ROE dropped on 11.0 pp from -2.0% to -12.9% in FY2016.

Leverage (Debt)


The company has no debt. Cash surged on 168% in FY2016.

Appendix 1: Peers in Software & Computer Services


Below you can find Indigovision Group benchmarking vs. other companies in Software & Computer Services 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
Coms ($COMS)46.8%763.3%110.4%36.1%
Centralnic Group ($CNIC)15.9%4.0%98.9%71.3%
Proactis Holdings ($PHD)7.0%26.2%69.6%12.5%
Progility ($PGY)51.0%3.2%
Galasys ($GLS)14.3%20.9%311.1%33.0%
 
Median (45 companies)12.5%6.6%4.4%4.1%6.3%
Indigovision Group ($IND)5.7%16.3%-17.1%10.4%


Top companies by Gross margin, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Lombard Risk Management ($LRM)99.0%98.8%99.2%98.6%99.3%
Phoenix It Group ($PNX)97.0%97.2%97.6%97.9%
Wandisco ($WAND)91.8%80.3%80.7%93.2%
Netcall ($NET)88.2%89.7%91.0%90.9%91.2%
Idox ($IDOX)90.4%90.8%89.4%89.3%86.8%
 
Median (38 companies)63.0%62.1%58.4%60.2%53.6%
Indigovision Group ($IND)59.0%56.7%57.6%51.4%50.9%


Top companies by EBITDA margin, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Mail.Ru Group Ltd ($61HE)43.1%47.4%50.5%34.6%35.2%
Dotdigital Group ($DOTD)31.4%39.4%29.2%32.0%30.4%
Idox ($IDOX)30.9%26.1%26.0%28.6%27.3%
Galasys ($GLS)44.0%83.6%32.6%28.5%
Oxford Metrics ($OMG)15.7%6.0%14.7%28.4%23.1%
 
Median (45 companies)14.3%13.4%13.0%12.5%10.3%
Indigovision Group ($IND)11.4%7.5%8.0%0.6%1.6%


Top companies by CAPEX/Revenue, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Rapidcloud Intl ($RCI)1.0%23.1%11.6%19.6%
Coms ($COMS)0.5%0.9%3.4%7.5%0.1%
Csf Group ($CSFG)1.5%4.0%2.4%7.1%4.9%
Nasstar ($NASA)17.9%2.1%5.2%
Unisys Corp ($USY)2.1%2.5%4.1%5.0%3.0%
 
Median (45 companies)1.5%1.5%1.9%1.0%1.2%
Indigovision Group ($IND)0.8%1.9%1.9%1.7%1.4%


Top companies by ROIC, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Rm ($RM.)48.6%130.8%289.2%263.8%
Triad Group ($TRD)4.1%-3.8%24.5%61.5%74.4%
Dotdigital Group ($DOTD)26.4%38.0%28.5%31.4%28.9%
International Bus Mach Corp ($IBM)36.1%31.0%28.1%25.7%18.7%
Galasys ($GLS)58.7%60.9%40.8%22.2%
 
Median (45 companies)12.5%11.6%9.8%7.7%9.8%
Indigovision Group ($IND)22.1%16.0%21.5%-4.3%-0.9%


Top companies by Net Debt / EBITDA

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Progility ($PGY)2.0x1.8x12.8x6.8x
Parity Group ($PTY)4.7x4.9x5.1x
Nasstar ($NASA)-5.3x0.0x1.9x
Phoenix It Group ($PNX)4.3x1.9x
International Bus Mach Corp ($IBM)0.9x1.2x1.4x1.7x2.2x
 
Median (35 companies)-0.4x-0.5x-0.3x-0.5x-0.8x
Indigovision Group ($IND)-1.7x-0.4x-0.8x-9.8x-9.2x


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