Autins Group Plc EBITDA dropped on 195% while Revenue jumped on 10.9%
06 Mar 2019 • About Autins Group Plc (
$AUTG) • By InTwits
Autins Group Plc reported FY2018 financial results today. Here are the key drivers of the company's long term financial model:
- Autins Group Plc is a fast growth stock: FY2018 revenue growth was 10.9%, 5 year revenue CAGR was 20.4% at FY2018 ROIC -9.2%
- EBITDA Margin is declining: -2.9% in FY2018 vs. 3.3% in FY2017 vs. 4.2% in FY2014
- EBITDA Margin is quite volatile: -2.9% in FY2018, 3.3% in FY2017, 4.5% in FY2016, 9.4% in FY2015, 4.2% in FY2014
- Autins Group Plc has medium CAPEX intensity: 5 year average CAPEX/Revenue was 8.0%. At the same time it's in pair with industry average of 2.4%
- CAPEX is quite volatile: £1m in FY2018, £4m in FY2017, £3m in FY2016, £0m in FY2015, £0m in FY2014
- The company has unprofitable business model: ROIC is -9.2%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue jumped on 10.9%. Having stable revenue the company managed to increase EBITDA margin. EBITDA Margin surged on 25.2 pp from -416% to -390% in FY2018. During FY2014-FY2018 EBITDA Margin topped in FY2015 at 9.4% and was declining since that time.
Gross Margin decreased on 9.5 pp from 34.3% to 24.8% in FY2018. During the last 5 years Gross Margin topped in FY2017 at 34.3%. SG&A as a % of Revenue decreased slightly on 1.7 pp from 31.3% to 29.6% in FY2018.
Net Income margin decreased on 6.2 pp from 1.5% to -4.6% in FY2018.
Investments (CAPEX, working capital and M&A)
The company's CAPEX/Revenue was 3.0% in FY2018. CAPEX/Revenue increased slightly on 1.00 pp from 2.0% in FY2015 to 3.0% in FY2018. Average CAPEX/Revenue for the last three years was 11.5%.
Return on investment
The company operates at negative ROIC (-9.2%) and ROE (-9.0%). ROIC decreased on 9.8 pp from 0.56% to -9.2% in FY2018. ROE dropped on 11.5 pp from 2.5% to -9.0% in FY2018. During the last 5 years ROIC topped in FY2015 at 14.5% and was declining since that time. During the last 5 years ROE topped in FY2015 at 33.2% and was declining since that time.
Leverage (Debt)
Company's Net Debt / EBITDA is 1.0x and Debt / EBITDA is . Net Debt / EBITDA dropped on 1.7x from 1.7x to in FY2018. Debt jumped on 40.6% while cash dropped on 94.4%.
Autins Group Plc has short term refinancing risk: cash is only 2.5% of short term debt.
Financial and operational results
FY ended 30 Sep 2018
Autins Group Plc ($AUTG) key annual financial indicators| mln. £ | 2014 | 2015 | 2016 | 2017 | 2018 | 2018/2017 |
|---|
P&L
|
|---|
| Revenue | 13.616 | 19.781 | 20.378 | 26.357 | 29.243 | 10.9% |
| Gross Profit | 4.159 | 6.044 | 6.533 | 9.030 | 7.247 | -19.7% |
| SG&A | 4.003 | 4.403 | 6.522 | 8.255 | 8.650 | 4.8% |
| EBITDA | 0.578 | 1.868 | 0.918 | 0.874 | -0.834 | -195.4% |
| Net Income | 0.320 | 0.749 | 0.295 | 0.403 | -1.358 | -437.0% |
Balance Sheet
|
|---|
| Cash | 0.100 | 0.505 | 6.449 | 1.625 | 0.091 | -94.4% |
| Short Term Debt | 3.594 | 2.930 | 0.994 | 2.947 | 3.713 | 26.0% |
| Long Term Debt | 2.551 | 3.039 | 2.119 | 0.123 | 0.602 | 389.4% |
Cash flow
|
|---|
| Capex | 0.463 | 0.405 | 3.417 | 3.903 | 0.890 | -77.2% |
Ratios
|
|---|
| Revenue growth | 17.9% | 45.3% | 3.0% | 29.3% | 10.9% | |
| EBITDA growth | -43.0% | 223.2% | -50.8% | -4.8% | -195.4% | |
|
|---|
| Gross Margin | 30.5% | 30.6% | 32.1% | 34.3% | 24.8% | -9.5% |
| EBITDA Margin | 4.2% | 9.4% | 4.5% | 3.3% | -2.9% | -6.2% |
| SG&A, % of revenue | 29.4% | 22.3% | 32.0% | 31.3% | 29.6% | -1.7% |
| Net Income Margin | 2.4% | 3.8% | 1.4% | 1.5% | -4.6% | -6.2% |
| CAPEX, % of revenue | 3.4% | 2.0% | 16.8% | 14.8% | 3.0% | -11.8% |
|
|---|
| ROIC | 3.6% | 14.5% | 2.2% | 0.6% | -9.2% | -9.8% |
| ROE | 20.1% | 33.2% | 3.3% | 2.5% | -9.0% | -11.5% |
| Net Debt/EBITDA | 10.5x | 2.9x | -3.6x | 1.7x | |
Peers in Auto Parts & Equipment
Below you can find Autins Group Plc benchmarking vs. other companies in Auto Parts & Equipment 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 EBITDA margin, %
| Top | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Amtek Auto ($AMKD) | 20.7% | 14.8% | | 19.0% | |
| |
|---|
| Median (1 company) | 20.7% | 14.8% | | 19.0% | |
|---|
| Autins Group Plc ($AUTG) | 4.2% | 9.4% | 4.5% | 3.3% | -2.9% |
Top companies by CAPEX/Revenue, %
| Top | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Amtek Auto ($AMKD) | 27.1% | 30.3% | | 40.5% | |
| |
|---|
| Median (1 company) | 27.1% | 30.3% | | 40.5% | |
|---|
| Autins Group Plc ($AUTG) | 3.4% | 2.0% | 16.8% | 14.8% | 3.0% |
Top companies by ROIC, %
| Top | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Amtek Auto ($AMKD) | | 4.2% | | -1.2% | |
| |
|---|
| Median (1 company) | | 4.2% | | -1.2% | |
|---|
| Autins Group Plc ($AUTG) | 3.6% | 14.5% | 2.2% | 0.6% | -9.2% |
Top companies by Net Debt / EBITDA
| Top | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Amtek Auto ($AMKD) | 5.3x | 5.8x | | 37.2x | |
| |
|---|
| Median (1 company) | 5.3x | 5.8x | | 37.2x | |
|---|
| Autins Group Plc ($AUTG) | 10.5x | 2.9x | -3.6x | 1.7x | |
