Komercni Banka revenue dropped on 26.4%
06 Feb 2020 • About Komercni Banka (
$KMCA) • By InTwits
Komercni Banka reported FY2019 financial results today. Here are the key drivers of the company's long term financial model:
- Komercni Banka is a company in decline: FY2019 revenue growth was -26.4%, 5 years revenue CAGR was -5.0%
- The company has business model with low profitability: ROIC is 8.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue dropped on 26.4%. During FY2015-FY2019 Revenue growth topped in FY2018 at 12.9%.
Net Income margin jumped on 12.2 pp from 33.5% to 45.7% in FY2019.
Return on investment
The company operates at good ROE (14.5%) while ROIC is low (8.3%). ROIC showed almost no change in FY2019. ROE decreased slightly on 0.61 pp from 15.1% to 14.5% in FY2019. During the last 5 years ROIC topped in FY2017 at 9.1% and was declining since that time. During FY2015-FY2019 ROE topped in FY2018 at 15.1%.
Leverage (Debt)
Debt increased on 5.5% while cash dropped on 28.6%.
Komercni Banka has short term refinancing risk: cash is only 19.0% of short term debt.
Management team
Jan Juchelka is a the company's CEO. Jan Juchelka is a founder and has spent 2 years with the company.
Financial and operational results
FY ended 30 Nov -0001
Komercni Banka ($KMCA) key annual financial indicators| mln. CZK | 2015 | 2016 | 2017 | 2018 | 2019 | 2019/2018 |
|---|
P&L
|
|---|
| Revenue | 39,895 | 38,673 | 39,209 | 44,268 | 32,573 | -26.4% |
| Tax | | | | 3,348 | | |
| Net Income | 12,758 | 13,688 | 14,930 | 14,846 | 14,901 | 0.4% |
Balance Sheet
|
|---|
| Cash | 128,336 | 112,241 | 32,663 | 24,851 | 17,744 | -28.6% |
| Short Term Debt | 56,231 | 54,125 | 84,051 | 92,271 | 93,582 | 1.4% |
| Long Term Debt | 21,403 | 13,423 | 7,392 | 5,118 | 9,183 | 79.4% |
Cash flow
|
|---|
| Capex | | 727 | 1,486 | 221 | | |
| Dividends | | | | 8,851 | | |
Ratios
|
|---|
| Revenue growth | -5.3% | -3.1% | 1.4% | 12.9% | -26.4% | |
|
|---|
| Net Income Margin | 32.0% | 35.4% | 38.1% | 33.5% | 45.7% | 12.2% |
| CAPEX, % of revenue | | 1.9% | 3.8% | 0.5% | | |
|
|---|
| ROIC | 7.4% | 8.0% | 9.1% | 8.7% | 8.3% | -0.4% |
| ROE | 12.2% | 13.4% | 15.1% | 15.1% | 14.5% | -0.6% |
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 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Bank Muscat ($BKM) | | 6.9% | 8.2% | 5,513.3% | 19.2% |
| Yapi Ve Kredi Bankasi As ($YKBD) | | 17.8% | 18.8% | 51.8% | 7.0% |
| Turkiye Garanti Bankasi ($39IS) | | 20.4% | 18.6% | 50.6% | 7.9% |
| Finansbank ($FBKD) | | 16.8% | 19.0% | 50.1% | 13.9% |
| Turk Ekonomi Bankasi As ($TURA) | | 18.1% | 2.6% | 44.8% | 7.3% |
| |
|---|
| Median (19 companies) | 3.7% | 3.9% | 4.5% | 12.2% | 7.3% |
|---|
| Komercni Banka ($KMCA) | | -3.1% | 1.4% | 12.9% | -26.4% |
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 ($39IS) | 2.4% | 3.6% | 2.4% | 3.5% | 1.1% |
| |
|---|
| Median (16 companies) | 2.5% | 2.5% | 1.8% | 1.4% | 1.4% |
|---|
| Komercni Banka ($KMCA) | | 1.9% | 3.8% | 0.5% | |
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% | 24.1% |
| Turkiye Garanti Bankasi ($39IS) | 4.3% | 5.5% | 6.5% | 6.5% | 6.3% |
| Finansbank ($FBKD) | 3.1% | 4.3% | 4.6% | 5.4% | 4.7% |
| Bank Muscat ($BKM) | 5.0% | 4.8% | 6.5% | 5.4% | 4.6% |
| |
|---|
| Median (34 companies) | 3.4% | 4.5% | 4.4% | 4.1% | 4.6% |
|---|
| Komercni Banka ($KMCA) | 7.4% | 8.0% | 9.1% | 8.7% | 8.3% |
