Yapi Ve Kredi Bankasi As reports 51.8% revenue growth in 2018
01 Feb 2019 • About Yapi Ve Kredi Bankasi As (
$YKBD) • By InTwits
Yapi Ve Kredi Bankasi As reported 2018 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Yapi Ve Kredi Bankasi As is a fast growth stock: 2018 revenue growth was 51.8%, 5 year revenue CAGR was 26.1% at 2018 ROIC 4.1%
- Yapi Ve Kredi Bankasi As has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.0%. At the same time it's in pair with industry average of 2.8%
- CAPEX is quite volatile: 1,794 TRYm in 2018, 819 TRYm in 2017, 1,021 TRYm in 2016, 561 TRYm in 2015, 401 TRYm in 2014
- The company has potentially unprofitable business model: ROIC is 4.1%
- It operates with medium-size leverage: Net Debt/EBITDA is 2.3x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Yapi Ve Kredi Bankasi As's Revenue jumped on 51.8%.
Net Income margin decreased slightly on 1.9 pp from 13.0% to 11.0% in 2018.
Investments (CAPEX, working capital and M&A)
In 2018 the company had CAPEX/Revenue of 1.3%. The company showed small CAPEX/Revenue decline of 1.2 pp from 2.5% in 2015 to 1.3% in 2018. It's average level of CAPEX/Revenue for the last three years was 1.5%. CAPEX as a % of Revenue followed a declining trend at -0.44 pp per annum in 2014-2018.
Return on investment
The company operates at good ROE (13.5%) while ROIC is low (4.1%). ROIC showed almost no change in 2018. ROE increased slightly on 0.65 pp from 12.9% to 13.5% in 2018. During 2014-2018 ROIC bottomed in 2015 at 2.9% and was growing since that time. During the last 5 years ROE bottomed in 2015 at 8.8% and was growing since that time.
Leverage (Debt)
Debt increased on 5.0% while cash surged on 33.9%.
Yapi Ve Kredi Bankasi As has no short term refinancing risk: cash is higher than short term debt (188.0%).
Management team
The company's CEO Gokhan Erun has spent 2 years with the company.
The company has 17,577 employees. Average revenue per employee in 2018 was 2,408,131 TRY.
Financial and operational results
FY ended 31 Dec 2018
Yapi Ve Kredi Bankasi As ($YKBD) key annual financial indicators| mln. TRY | 2014 | 2015 | 2016 | 2017 | 2018 | 2018/2017 |
|---|
P&L
|
|---|
| Revenue | 15,898 | 19,921 | 23,467 | 27,878 | 42,328 | 51.8% |
| Net Income | 2,056 | 1,909 | 2,933 | 3,614 | 4,667 | 29.1% |
Balance Sheet
|
|---|
| Cash | 23,215 | 27,389 | 33,083 | 42,452 | 56,831 | 33.9% |
| Short Term Debt | 19,488 | 13,499 | 16,218 | 20,548 | 30,228 | 47.1% |
| Long Term Debt | 27,171 | 44,134 | 52,542 | 70,861 | 65,771 | -7.2% |
Cash flow
|
|---|
| Capex | 475 | 500 | 395 | 420 | 555 | 32.0% |
| Dividends | | | | | 0 | |
Ratios
|
|---|
| Revenue growth | 19.7% | 25.3% | 17.8% | 18.8% | 51.8% | |
|
|---|
| Net Income Margin | 12.9% | 9.6% | 12.5% | 13.0% | 11.0% | -1.9% |
| CAPEX, % of revenue | 3.0% | 2.5% | 1.7% | 1.5% | 1.3% | -0.2% |
|
|---|
| ROIC | 3.8% | 2.9% | 3.6% | 3.7% | 4.1% | 0.5% |
| ROE | 10.7% | 8.8% | 11.9% | 12.9% | 13.5% | 0.7% |
People
|
|---|
| Employees | | | | | 17,577 | |
| Revenue/Employee, th. TRY | | | | | 2,408 | |
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 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| European Islamic Investment Bank ($EIIB) | 42.3% | -4.1% | -63.9% | 232.5% | |
| Halyk Savings Bank Of Kazakhstn JSC ($HSBK) | 16.3% | 19.5% | 16.4% | 59.5% | |
| Zenith Bank ($ZENB) | | 6.8% | 17.9% | 46.7% | |
| Commercial Intl Bank(Egypt)S.A.E ($CBKD) | 18.9% | 26.8% | 27.0% | 46.4% | |
| TCS Group Holding ($TCS) | 11.5% | 10.6% | 34.0% | 33.7% | |
| |
|---|
| Median (43 companies) | 13.6% | 3.5% | 3.4% | 4.5% | 10.3% |
|---|
| Yapi Ve Kredi Bankasi As ($YKBD) | | 25.3% | 17.8% | 18.8% | 51.8% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Lloyds Banking Group ($LLPC) | 13.1% | 13.6% | 14.5% | 14.5% | |
| Banco Santander Sa ($BNC) | 8.9% | 10.2% | 9.1% | 10.0% | 14.7% |
| Bcb Hldgs Ltd ($BCBW) | 5.4% | 2.5% | 3.0% | 7.3% | 5.9% |
| Royal Bank Of Scotland Group ($RBS) | 4.1% | 4.6% | 5.6% | 7.1% | |
| Diamond Bank ($DBPA) | 6.0% | 6.7% | 6.2% | 7.0% | |
| |
|---|
| Median (39 companies) | 2.0% | 2.6% | 2.5% | 1.9% | 1.5% |
|---|
| Yapi Ve Kredi Bankasi As ($YKBD) | 3.0% | 2.5% | 1.7% | 1.5% | 1.3% |
Top companies by ROIC, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| TCS Group Holding ($TCS) | 6.7% | 3.4% | 22.5% | 31.8% | |
| Commercial Intl Bank(Egypt)S.A.E ($CBKD) | 30.1% | 30.3% | 28.0% | 25.3% | |
| Guaranty Trust Bank ($GRTB) | 17.8% | 16.0% | 17.4% | 18.3% | |
| Sberbank Of Russia ($SBER) | 4.8% | 4.0% | 9.4% | 13.0% | |
| Zenith Bank ($ZENB) | 15.0% | 11.2% | 11.1% | 11.4% | |
| |
|---|
| Median (43 companies) | 4.4% | 3.5% | 4.6% | 4.6% | 4.5% |
|---|
| Yapi Ve Kredi Bankasi As ($YKBD) | 3.8% | 2.9% | 3.6% | 3.7% | 4.1% |
