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Global Ports Investments Net Income surged on 343% in 2016

17 Mar 2017 • About Global Ports Investments ($GLPR) • By InTwits

Global Ports Investments reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: Global Ports Investments is a company in decline: FY2016 revenue growth was -18.3%, 5 years revenue CAGR was -7.9%.

Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Global Ports Investments ($GLPR) key annual financial indicators

mln. $201220132014201520162016/2015
P&L
Revenue501.8332.2562.4405.7331.5-18.3%
Gross Profit202.0195.3330.9276.0-100.0%
SG&A43.445.655.242.3-100.0%
EBITDA286.7200.3391.3288.9-100.0%
Net Income107.8114.1-193.1-25.161.0-342.8%
Balance Sheet
Cash89.6113.278.8123.1-100.0%
Short Term Debt69.8206.4110.0103.0-100.0%
Long Term Debt263.31,230.91,073.71,062.4-100.0%
Cash flow
Capex79.862.823.611.7-100.0%
Ratios
Revenue growth0.1%-33.8%69.3%-27.9%-18.3%
EBITDA growth3.9%-30.2%95.4%-26.2%
Gross Margin40.3%58.8%58.8%68.0%-68.0%
EBITDA Margin57.1%60.3%69.6%71.2%0.0%-71.2%
Net Income Margin21.5%34.3%-34.3%-6.2%18.4%24.6%
SG&A, % of revenue8.6%13.7%9.8%10.4%-10.4%
CAPEX, % of revenue15.9%18.9%4.2%2.9%-2.9%
ROIC17.0%7.1%12.1%14.6%-14.6%
ROE12.2%11.3%-24.5%-9.6%9.6%
Net Debt/EBITDA0.8x6.6x2.8x3.6x-3.6x

Revenue and profitability


The company's Revenue dropped on 18.3% in FY2016.

Net Income marign surged on 24.6 pp from -6.2% to 18.4% in FY2016.


Appendix 1: Peers in Industrial Transportation


Below we provide Global Ports Investments benchmarking against other companies in Industrial Transportation 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
Frontline Ltd ($FRO)-9.4%-55.6%104.5%86.0%
Zhejiang Expressway Co ($ZHEH)2.2%13.3%20.5%32.2%
Wisdom Marine Lines Co Limited ($WML)11.2%-0.8%8.8%21.6%
Dp World Ltd ($0P5M)4.8%-1.5%12.7%16.7%
Center Fr Cargo Cont Trf Trcnt PJSC ($TRCN)17.8%7.7%-6.6%16.2%
 
Median (14 companies)3.5%-1.4%3.4%-5.0%0.9%
Global Ports Investments ($GLPR)-33.8%69.3%-27.9%-18.3%


Top companies by Gross margin, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Novorossiysk Commercial Sea Port ($NCSP)57.9%54.3%61.0%72.9%
Dp World Ltd ($0P5M)35.8%39.8%41.9%48.4%
Zhejiang Expressway Co ($ZHEH)34.0%36.9%37.7%43.6%
Wisdom Marine Lines Co Limited ($WML)30.3%20.3%20.7%24.1%
Globaltrans Investment ($GLTR)31.4%25.8%23.2%20.2%
 
Median (9 companies)30.3%20.3%20.7%20.2%23.0%
Global Ports Investments ($GLPR)40.3%58.8%58.8%68.0%


Top companies by EBITDA margin, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Capital Lease Aviation ($CLA)101.2%88.5%89.2%80.5%
Frontline Ltd ($FRO)17.2%-4.6%64.5%74.6%42.5%
Zhejiang Expressway Co ($ZHEH)49.6%51.1%53.5%58.0%
Wisdom Marine Lines Co Limited ($WML)56.9%52.0%52.8%55.2%
Dp World Ltd ($0P5M)38.2%39.3%42.4%45.7%
 
Median (14 companies)22.6%17.1%17.0%16.8%15.7%
Global Ports Investments ($GLPR)57.1%60.3%69.6%71.2%


Top companies by CAPEX/Revenue, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Frontline Ltd ($FRO)2.5%0.5%83.6%171.4%82.5%
Dp World Ltd ($0P5M)20.6%33.4%20.7%28.9%
Yangming Marine Transport Corp ($YMTD)13.1%8.2%7.0%7.7%
Novorossiysk Commercial Sea Port ($NCSP)5.4%10.4%9.9%7.3%
Center Fr Cargo Cont Trf Trcnt PJSC ($TRCN)15.6%16.9%11.5%5.7%
 
Median (14 companies)8.0%7.7%5.6%3.2%4.7%
Global Ports Investments ($GLPR)15.9%18.9%4.2%2.9%


Top companies by ROIC, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Novorossiysk Commercial Sea Port ($NCSP)11.0%4.5%17.1%16.1%
Zhejiang Expressway Co ($ZHEH)11.2%13.3%13.2%15.3%
Dx ($DX.)9.3%9.6%14.5%12.8%-52.4%
Frontline Ltd ($FRO)-1.0%-8.9%7.6%12.1%6.3%
Globaltrans Investment ($GLTR)25.5%16.3%6.4%10.3%
 
Median (14 companies)7.3%5.4%6.7%6.7%4.8%
Global Ports Investments ($GLPR)17.0%7.1%12.1%14.6%


Top companies by Net Debt / EBITDA

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Evergreen Marine Corp(Taiwan) ($EGMD)7.9x33.6x6.7x18.3x
Wisdom Marine Lines Co Limited ($WML)8.5x9.0x9.1x8.4x
Novorossiysk Commercial Sea Port ($NCSP)4.1x7.1x2.6x4.1x
Interbulk Group ($INB)3.3x4.1x3.5x3.6x
Dp World Ltd ($0P5M)2.4x2.0x1.5x3.4x
 
Median (12 companies)3.7x4.1x2.7x3.2x4.1x
Global Ports Investments ($GLPR)0.8x6.6x2.8x3.6x