Autins Group Plc revenue decreased on 8.1% while EBITDA Margin increased slightly on 1.6 pp from -2.9% to -1.3%
11 Dec 2019 • About Autins Group Plc (
$AUTG) • By InTwits
Autins Group Plc reported FY2019 financial results today. Here are the key drivers of the company's long term financial model:
- The company operates at negative EBITDA Margin: -1.3%
- EBITDA Margin is quite volatile: -1.3% in FY2019, -2.9% in FY2018, 3.3% in FY2017, 4.5% in FY2016, 9.4% in FY2015
- Autins Group Plc has medium CAPEX intensity: 5 year average CAPEX/Revenue was 7.5%. At the same time it's in pair with industry average of 1.3%
- CAPEX is quite volatile: £0m in FY2019, £1m in FY2018, £4m in FY2017, £3m in FY2016, £0m in FY2015
- The company has unprofitable business model: ROIC is -7.5%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Autins Group Plc's Revenue decreased on 8.1%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.6 pp from -2.9% to -1.3% in FY2019. EBITDA Margin stuck to a declining trend at -2.9 pp per annum in FY2015-FY2019.
Gross Margin increased on 3.0 pp from 24.8% to 27.8% in FY2019. SG&A as a % of Revenue increased slightly on 1.5 pp from 29.6% to 31.1% in FY2019.
Net Income margin decreased slightly on 0.94 pp from -4.6% to -5.6% in FY2019. Net Income margin declined at -2.5 pp per annum in FY2015-FY2019.
Investments (CAPEX, working capital and M&A)
In FY2019 the company had CAPEX/Revenue of 0.86%. The company showed big decline in CAPEX/Revenue of 15.9 pp from 16.8% in FY2016 to 0.86% in FY2019. For the last three years the average CAPEX/Revenue was 6.2%. During FY2015-FY2019 CAPEX as a % of Revenue topped in FY2016 at 16.8% and was declining since that time.
Return on investment
The company operates at negative ROIC (-7.5%) and ROE (-9.9%). ROIC increased slightly on 1.7 pp from -9.2% to -7.5% in FY2019. ROE decreased slightly on 0.88 pp from -9.0% to -9.9% in FY2019. ROIC declined at -5.5 pp per annum in FY2015-FY2019. ROE followed a declining trend at -9.8 pp per annum in the last 5 years.
Leverage (Debt)
Debt level is -2.2x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA didn't change in FY2019. Debt jumped on 26.2% while cash surged on 3,342%.
Autins Group Plc has short term refinancing risk: cash is only 60.9% of short term debt.
Financial and operational results
FY ended 30 Sep 2019
Autins Group Plc ($AUTG) key annual financial indicators| mln. £ | 2015 | 2016 | 2017 | 2018 | 2019 | 2019/2018 |
|---|
P&L
|
|---|
| Revenue | 19.781 | 20.378 | 26.357 | 29.243 | 26.860 | -8.1% |
| Gross Profit | 6.044 | 6.533 | 9.030 | 7.247 | 7.457 | 2.9% |
| SG&A | 4.403 | 6.522 | 8.255 | 8.650 | 8.342 | -3.6% |
| EBITDA | 1.868 | 0.918 | 0.874 | -0.834 | -0.346 | |
| Net Income | 0.749 | 0.295 | 0.403 | -1.358 | -1.499 | |
Balance Sheet
|
|---|
| Cash | 0.505 | 6.449 | 1.625 | 0.091 | 3.132 | 3,341.8% |
| Short Term Debt | 2.930 | 0.994 | 2.947 | 3.713 | 5.143 | 38.5% |
| Long Term Debt | 3.039 | 2.119 | 0.123 | 0.602 | 0.301 | -50.0% |
Cash flow
|
|---|
| Capex | 0.405 | 3.417 | 3.903 | 0.890 | 0.232 | -73.9% |
Ratios
|
|---|
| Revenue growth | 45.3% | 3.0% | 29.3% | 10.9% | -8.1% | |
| EBITDA growth | 223.2% | -50.8% | -4.8% | -195.4% | -58.5% | |
|
|---|
| Gross Margin | 30.6% | 32.1% | 34.3% | 24.8% | 27.8% | 3.0% |
| EBITDA Margin | 9.4% | 4.5% | 3.3% | -2.9% | -1.3% | 1.6% |
| SG&A, % of revenue | 22.3% | 32.0% | 31.3% | 29.6% | 31.1% | 1.5% |
| Net Income Margin | 3.8% | 1.4% | 1.5% | -4.6% | -5.6% | -0.9% |
| CAPEX, % of revenue | 2.0% | 16.8% | 14.8% | 3.0% | 0.9% | -2.2% |
|
|---|
| ROIC | 14.5% | 2.2% | 0.6% | -9.2% | -7.5% | 1.7% |
| ROE | 33.2% | 3.3% | 2.5% | -9.0% | -9.9% | -0.9% |
| Net Debt/EBITDA | 2.9x | -3.6x | 1.7x | | |
Peers in Auto Parts & Equipment
Below we provide Autins Group Plc benchmarking against other companies in Auto Parts & Equipment 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.
