Komercni Banka revenue jumped on 12.9%
07 Feb 2019 • About Komercni Banka (
$KMCA) • By InTwits
Komercni Banka reported 2018 financial results today. Overall the company's long term financial model is characterised by the following facts:
- The company has business model with low profitability: ROIC is 8.7%
- It operates with medium-size leverage: Net Debt/EBITDA is 2.5x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Komercni Banka's Revenue jumped on 12.9%. During the last 5 years Revenue growth bottomed in 2015 at -5.3% and was accelerating since that time.
Net Income margin decreased on 4.5 pp from 38.1% to 33.5% in 2018. During 2014-2018 Net Income margin topped in 2017 at 38.1%. The efficient tax rate was 18.4% in 2018.
Investments (CAPEX, working capital and M&A)
In 2018 Komercni Banka had CAPEX/Revenue of 0.50%. Komercni Banka's CAPEX/Revenue showed almost no change from 2015 to 2018. It's average level of CAPEX/Revenue for the last three years was 2.1%.
Return on investment
The company operates at good ROE (15.1%) while ROIC is low (8.7%). ROIC showed almost no change in 2018. ROE showed almost no change in 2018. ROE stuck to a growing trend at 0.72 pp per annum in 2014-2018.
Leverage (Debt)
Debt increased on 6.5% while cash dropped on 23.9%.
Komercni Banka has short term refinancing risk: cash is only 26.9% of short term debt.
The company paid 59.6% of Net Income as dividends in 2018.
Management team
Komercni Banka's CEO Jan Juchelka has spent 2 years with the company.
The company has 8,454 employees. Average revenue per employee in 2018 was 5,236,338 CZK.
Financial and operational results
FY ended 31 Dec 2018
Komercni Banka ($KMCA) key annual financial indicators| mln. CZK | 2014 | 2015 | 2016 | 2017 | 2018 | 2018/2017 |
|---|
P&L
|
|---|
| Revenue | 42,138 | 39,895 | 38,673 | 39,209 | 44,268 | 12.9% |
| Tax | | | | | 3,348 | |
| Net Income | 12,954 | 12,758 | 13,688 | 14,930 | 14,846 | -0.6% |
Balance Sheet
|
|---|
| Cash | 152,903 | 128,336 | 112,241 | 32,663 | 24,851 | -23.9% |
| Short Term Debt | 61,362 | 56,231 | 54,125 | 84,051 | 92,271 | 9.8% |
| Long Term Debt | 22,584 | 21,403 | 13,423 | 7,392 | 5,118 | -30.8% |
Cash flow
|
|---|
| Capex | | | 727 | 1,486 | 221 | -85.1% |
| Dividends | | | | | 8,851 | |
Ratios
|
|---|
| Revenue growth | -3.2% | -5.3% | -3.1% | 1.4% | 12.9% | |
|
|---|
| Net Income Margin | 30.7% | 32.0% | 35.4% | 38.1% | 33.5% | -4.5% |
| CAPEX, % of revenue | | | 1.9% | 3.8% | 0.5% | -3.3% |
|
|---|
| ROIC | 8.0% | 7.4% | 8.0% | 9.1% | 8.7% | -0.4% |
| ROE | 13.0% | 12.2% | 13.4% | 15.1% | 15.1% | 0.0% |
People
|
|---|
| Employees | | | | | 8,454 | |
| Revenue/Employee, th. CZK | | | | | 5,236 | |
Peers in Banks
Below we provide Komercni Banka 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 | 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) | | 26.8% | 27.0% | 46.4% | 28.9% |
| TCS Group Holding ($TCS) | 11.5% | 10.6% | 34.0% | 33.7% | |
| |
|---|
| Median (43 companies) | 11.1% | 4.0% | 3.9% | 4.5% | 14.9% |
|---|
| Komercni Banka ($KMCA) | | -5.3% | -3.1% | 1.4% | 12.9% |
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 ($DBPA) | 6.0% | 6.7% | 6.2% | 7.0% | |
| |
|---|
| Median (39 companies) | 2.1% | 2.5% | 2.5% | 1.8% | 1.3% |
|---|
| Komercni Banka ($KMCA) | | | 1.9% | 3.8% | 0.5% |
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% | 25.4% |
| 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 ($ZENB) | 15.0% | 11.2% | 11.1% | 11.4% | |
| |
|---|
| Median (43 companies) | 4.4% | 3.4% | 4.5% | 4.4% | 4.5% |
|---|
| Komercni Banka ($KMCA) | 8.0% | 7.4% | 8.0% | 9.1% | 8.7% |
