Finansbank revenue jumped on 13.9%
30 Jan 2020 • About Finansbank (
$FBKD) • By InTwits
Finansbank reported 2019 financial results today. Here are the key drivers of the company's long term financial model:
- Finansbank is a fast growth stock: 2019 revenue growth was 13.9%, 5 year revenue CAGR was 20.5% at 2019 ROIC 4.7%
- Finansbank has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.6%. At the same time it's in pair with industry average of 1.8%
- CAPEX is quite volatile: 1,303 EGPm in 2019, 875 EGPm in 2018, 745 EGPm in 2017, 561 EGPm in 2016, 304 EGPm in 2015
- The company has potentially unprofitable business model: ROIC is 4.7%
- It operates with medium-size leverage: Net Debt/EBITDA is 3.9x 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
The company's Revenue surged on 13.9%. During the last 5 years Revenue growth topped in 2018 at 50.1%.
Net Income margin showed almost no change in 2019. During the last 5 years Net Income margin topped in 2017 at 14.1% and was declining since that time.
Investments (CAPEX, working capital and M&A)
In 2019 Finansbank had CAPEX/Revenue of 1.1%. CAPEX/Revenue decreased slightly on 0.55 pp from 1.7% in 2016 to 1.1% in 2019. Average CAPEX/Revenue for the last three years was 1.2%. CAPEX as a % of Revenue declined at -0.35 pp per annum in 2015-2019.
Return on investment
The company operates at good ROE (18.3%) while ROIC is low (4.7%). ROIC decreased slightly on 0.68 pp from 5.4% to 4.7% in 2019. ROE decreased slightly on 0.77 pp from 19.0% to 18.3% in 2019. During the last 5 years ROIC topped in 2018 at 5.4%. ROE followed a growing trend at 2.8 pp per annum in 2015-2019.
Leverage (Debt)
Debt jumped on 21.0% while cash increased slightly on 1.2%.
Finansbank has no short term refinancing risk: cash is higher than short term debt (146.0%).
Management team
Adnan Menderes Yayla is a the company's CFO. Adnan Menderes Yayla has spent 2 years at the company.
Financial and operational results
FY ended 31 Dec 2019
Finansbank ($FBKD) key annual financial indicators| mln. TRY | 2015 | 2016 | 2017 | 2018 | 2019 | 2019/2018 |
|---|
P&L
|
|---|
| Revenue | 9,035 | 10,553 | 12,552 | 18,843 | 21,469 | 13.9% |
| Net Income | 664 | 1,236 | 1,772 | 2,573 | 2,864 | 11.3% |
Balance Sheet
|
|---|
| Cash | 9,997 | 13,104 | 15,882 | 18,511 | 18,743 | 1.2% |
| Short Term Debt | 4,625 | 7,366 | 11,357 | 8,621 | 12,838 | 48.9% |
| Long Term Debt | 10,077 | 14,963 | 21,073 | 28,598 | 32,209 | 12.6% |
Cash flow
|
|---|
| Capex | 240 | 180 | 164 | 226 | 247 | 9.2% |
| Dividends | | | | 100 | | |
Ratios
|
|---|
| Revenue growth | 6.9% | 16.8% | 19.0% | 50.1% | 13.9% | |
|
|---|
| Net Income Margin | 7.4% | 11.7% | 14.1% | 13.7% | 13.3% | -0.3% |
| CAPEX, % of revenue | 2.7% | 1.7% | 1.3% | 1.2% | 1.1% | -0.0% |
|
|---|
| ROIC | 3.1% | 4.3% | 4.6% | 5.4% | 4.7% | -0.7% |
| ROE | 7.4% | 12.7% | 15.6% | 19.0% | 18.3% | -0.8% |
People
|
|---|
| Employees | | | | 12,268 | | |
| Revenue/Employee, th. TRY | | | | 1,536 | | |
Peers in Banks
Below you can find Finansbank 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 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Bank Muscat ($BKM) | | 6.9% | 8.2% | 5,513.3% | 19.2% |
| Yapi Ve Kredi Bankasi As ($YKBD) | 25.3% | 17.8% | 18.8% | 51.8% | |
| Turkiye Garanti Bankasi ($39IS) | | 20.4% | 18.6% | 50.6% | 7.9% |
| Turk Ekonomi Bankasi As ($TURA) | 14.6% | 18.1% | 2.6% | 44.8% | |
| Turkiye Is Bankasi ($TIBD) | 15.8% | 16.8% | 18.1% | 34.0% | |
| |
|---|
| Median (19 companies) | 4.8% | 3.4% | 4.5% | 12.2% | 6.2% |
|---|
| Finansbank ($FBKD) | | 16.8% | 19.0% | 50.1% | 13.9% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Banco Santander Sa ($BNC) | 10.2% | 9.1% | 10.0% | 14.7% | |
| Bcb Hldgs Ltd ($BCBW) | 2.5% | 3.0% | 7.3% | 5.9% | |
| Barclays ($BARC) | 7.1% | 6.3% | 5.4% | 4.9% | |
| Royal Bank Of Scotland Group ($RBS) | 4.6% | 5.6% | 7.1% | 3.7% | |
| Turkiye Garanti Bankasi ($39IS) | 2.4% | 3.6% | 2.4% | 3.5% | 1.1% |
| |
|---|
| Median (16 companies) | 2.5% | 2.5% | 1.9% | 1.4% | 1.2% |
|---|
| Finansbank ($FBKD) | 2.7% | 1.7% | 1.3% | 1.2% | 1.1% |
Top companies by ROIC, %
| Top 5 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Bcb Hldgs Ltd ($BCBW) | -8.7% | 5.7% | 5.0% | 34.6% | |
| Commercial Intl Bank(Egypt)S.A.E ($CBKD) | 30.3% | 28.0% | 25.3% | 25.4% | |
| Komercni Banka ($KMCA) | 7.4% | 8.0% | 9.1% | 8.7% | |
| Turkiye Garanti Bankasi ($39IS) | 4.3% | 5.5% | 6.5% | 6.5% | 6.3% |
| Bank Muscat ($BKM) | 5.0% | 4.8% | 6.5% | 5.4% | 4.6% |
| |
|---|
| Median (34 companies) | 3.5% | 4.6% | 4.4% | 4.1% | 4.4% |
|---|
| Finansbank ($FBKD) | 3.1% | 4.3% | 4.6% | 5.4% | 4.7% |
