Magnit PJSC revenue surged on 10.6%
06 Feb 2020 • About Magnit PJSC (
$MGNT) • By InTwits
Magnit PJSC reported FY2019 financial results today. Here are the key drivers of the company's long term financial model:
- Magnit PJSC is a growth stock: FY2019 revenue growth was 10.6%, 5 year revenue CAGR was 12.3% at FY2019 ROIC
- EBITDA Margin is declining: in FY2019 vs. 6.6% in FY2018 vs. 10.9% in FY2015
- It operates with high leverage: Net Debt/EBITDA is 3.8x while industry average is 0.9x
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Magnit PJSC's Revenue surged on 10.6%. During FY2015-FY2019 Revenue growth bottomed in FY2017 at 6.4% and was accelerating since that time.
Net Income margin decreased on 2.1 pp from 2.7% to 0.66% in FY2019. Net Income margin stuck to a declining trend at -1.3 pp per annum in FY2015-FY2019.
Management team
Magnit PJSC's CEO is Yan Gezinus Dunning. Yan Gezinus Dunning is a founder and has 0 years tenure with the company. Elena Milinova is a the company's CFO. Elena Milinova has spent 1 year at the company.
Financial and operational results
FY ended 30 Nov -0001
Magnit PJSC ($MGNT) key annual financial indicators| mln. RUB | 2015 | 2016 | 2017 | 2018 | 2019 | 2019/2018 |
|---|
P&L
|
|---|
| Revenue | 955,100 | 1,074,812 | 1,143,314 | 1,237,015 | 1,368,705 | 10.6% |
| Gross Profit | 272,099 | 295,759 | 304,643 | 296,447 | | |
| SG&A | 168,616 | 192,996 | 221,013 | 214,319 | | |
| EBITDA | 103,978 | 103,507 | 84,620 | 82,128 | | |
| EBIT | | | | 45,610 | | |
| Interest expence | | | | 9,136 | | |
| Tax | | | | 9,207 | | |
| Net Income | 59,340 | 54,409 | 35,539 | 33,865 | 9,035 | -73.3% |
Balance Sheet
|
|---|
| Cash | 8,396 | 16,559 | 18,337 | 26,748 | | |
| Inventory | | | | 187,779 | | |
| Short Term Debt | 43,108 | 50,106 | 40,122 | 102,997 | | |
| Long Term Debt | 59,446 | 77,500 | 86,338 | 384,317 | | |
Cash flow
|
|---|
| Capex | 54,255 | 49,808 | 73,528 | 51,604 | | |
| Dividends | | | | 13,809 | | |
Ratios
|
|---|
| Revenue growth | 24.4% | 12.5% | 6.4% | 8.2% | 10.6% | |
| EBITDA growth | 19.7% | -0.5% | -18.2% | -2.9% | | |
|
|---|
| Gross Margin | 28.5% | 27.5% | 26.6% | 24.0% | | |
| EBITDA Margin | 10.9% | 9.6% | 7.4% | 6.6% | |
| EBIT Margin | | | | 3.7% | |
| SG&A, % of revenue | 17.7% | 18.0% | 19.3% | 17.3% | | |
| Net Income Margin | 6.2% | 5.1% | 3.1% | 2.7% | 0.7% | -2.1% |
| CAPEX, % of revenue | 5.7% | 4.6% | 6.4% | 4.2% | | |
|
|---|
| ROIC | 32.6% | 25.1% | 13.6% | 8.0% | | |
| ROE | 40.2% | 30.1% | 15.6% | 14.2% | | |
| Net Debt/EBITDA | 0.9x | 1.1x | 1.3x | 5.6x | |
| Interest coverage ratio (ICR) | | | | 5.0x | |
| Interest expence / Average debt | | | | 1.9% | | |
Peers in Food & Drug Retailers
Below you can find Magnit PJSC benchmarking vs. other companies in Food & Drug Retailers 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 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Ocado Group ($OCDO) | 16.7% | 14.8% | 14.4% | 9.9% | |
| Crawshaw Group ($CRAW) | 17.1% | 50.5% | 19.3% | 0.7% | |
| |
|---|
| Median (2 companies) | 7.8% | 8.0% | 16.4% | 5.3% | |
|---|
| Magnit PJSC ($MGNT) | | 12.5% | 6.4% | 8.2% | 10.6% |
Top companies by Gross margin, %
| Top | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Crawshaw Group ($CRAW) | 44.4% | 45.1% | 43.5% | 42.0% | |
| Ocado Group ($OCDO) | 33.9% | 34.2% | 34.0% | 34.2% | |
| |
|---|
| Median (2 companies) | 24.5% | 24.2% | 23.8% | 38.1% | |
|---|
| Magnit PJSC ($MGNT) | 28.5% | 27.5% | 26.6% | 24.0% | |
Top companies by EBITDA margin, %
| Top | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Ocado Group ($OCDO) | 7.2% | 6.3% | 5.1% | 3.6% | |
| Crawshaw Group ($CRAW) | 6.4% | 1.5% | -0.5% | -27.7% | |
| |
|---|
| Median (2 companies) | 6.4% | 6.0% | 5.2% | -12.0% | |
|---|
| Magnit PJSC ($MGNT) | 10.9% | 9.6% | 7.4% | 6.6% | |
Top companies by CAPEX/Revenue, %
| Top | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Ocado Group ($OCDO) | 6.4% | 6.7% | 9.0% | 7.1% | |
| Crawshaw Group ($CRAW) | 6.3% | 6.1% | 6.7% | 2.0% | |
| |
|---|
| Median (2 companies) | 5.1% | 3.9% | 5.0% | 4.5% | |
|---|
| Magnit PJSC ($MGNT) | 5.7% | 4.6% | 6.4% | 4.2% | |
Top companies by ROIC, %
| Top 5 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Ocado Group ($OCDO) | 4.8% | 4.4% | 0.7% | -4.3% | |
| Crawshaw Group ($CRAW) | 7.1% | -1.9% | -7.2% | -91.6% | |
| Dairy Farm International Hldgs ($DFIB) | 21.6% | 18.7% | 13.4% | | |
| O'Key Group Sa ($OKEY) | 10.4% | 5.7% | 7.2% | | |
| X5 Retail Group N.V ($89VS) | 15.7% | 17.0% | 18.0% | | |
| |
|---|
| Median (5 companies) | 9.5% | 9.2% | 12.6% | -47.9% | |
|---|
| Magnit PJSC ($MGNT) | 32.6% | 25.1% | 13.6% | 8.0% | |
Top companies by Net Debt / EBITDA
| Top | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Ocado Group ($OCDO) | 1.6x | 2.0x | 3.0x | -0.9x | |
| |
|---|
| Median (1 company) | 1.5x | 1.4x | 1.7x | -0.9x | |
|---|
| Magnit PJSC ($MGNT) | 0.9x | 1.1x | 1.3x | 5.6x | |
