Turkiye Is Bankasi revenue jumped on 11.3%
07 Feb 2020 • About Turkiye Is Bankasi (
$TIBD) • By InTwits
Turkiye Is Bankasi reported 2019 financial results today. Here are the key drivers of the company's long term financial model:
- Turkiye Is Bankasi is a fast growth stock: 2019 revenue growth was 11.3%, 5 year revenue CAGR was 18.9% at 2019 ROIC 3.3%
- Turkiye Is Bankasi has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.5%. At the same time it's in pair with industry average of 1.9%
- CAPEX is quite volatile: 319 TRYm in 2019, 431 TRYm in 2018, 750 TRYm in 2017, 429 TRYm in 2016, 985 TRYm in 2015
- The company has potentially unprofitable business model: ROIC is 3.3%
- It operates with medium-size leverage: Net Debt/EBITDA is 2.2x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Turkiye Is Bankasi's Revenue jumped on 11.3%. During 2015-2019 Revenue growth topped in 2018 at 34.0%.
Net Income margin decreased on 2.3 pp from 12.0% to 9.7% in 2019. During 2015-2019 Net Income margin topped in 2016 at 14.2% and was declining since that time.
Investments (CAPEX, working capital and M&A)
The company's CAPEX/Revenue was 0.52% in 2019. The company's CAPEX/Revenue decreased slightly on 0.71 pp from 1.2% in 2016 to 0.52% in 2019. It's average level of CAPEX/Revenue for the last three years was 1.0%.
Return on investment
The company operates at low ROIC (3.3%) and ROE (11.1%). ROIC showed almost no change in 2019. ROE decreased on 3.3 pp from 14.4% to 11.1% in 2019. During 2015-2019 ROIC topped in 2016 at 4.6% and was declining since that time.
Leverage (Debt)
Debt increased slightly on 1.1% while cash jumped on 32.0%.
Turkiye Is Bankasi has no short term refinancing risk: cash is higher than short term debt (256.7%).
Management team
Turkiye Is Bankasi's CEO is Adnan Bali. Adnan Bali is a founder and has 11 years tenure with the company.
Financial and operational results
FY ended 31 Dec 2019
Turkiye Is Bankasi ($TIBD) key annual financial indicators| mln. TRY | 2015 | 2016 | 2017 | 2018 | 2019 | 2019/2018 |
|---|
P&L
|
|---|
| Revenue | 30,073 | 35,117 | 41,469 | 55,555 | 61,855 | 11.3% |
| Net Income | 3,331 | 4,999 | 5,530 | 6,672 | 6,010 | -9.9% |
Balance Sheet
|
|---|
| Cash | 32,490 | 33,233 | 36,830 | 40,922 | 54,024 | 32.0% |
| Short Term Debt | 25,768 | 24,921 | 24,246 | 20,522 | 21,046 | 2.6% |
| Long Term Debt | 57,715 | 70,991 | 91,786 | 110,959 | 111,834 | 0.8% |
Cash flow
|
|---|
| Capex | 985 | 429 | 750 | 431 | 319 | -25.9% |
| Dividends | | | | 1,892 | | |
| Acquisitions | | | | 14 | | |
Ratios
|
|---|
| Revenue growth | 15.8% | 16.8% | 18.1% | 34.0% | 11.3% | |
|
|---|
| Net Income Margin | 11.1% | 14.2% | 13.3% | 12.0% | 9.7% | -2.3% |
| CAPEX, % of revenue | 3.3% | 1.2% | 1.8% | 0.8% | 0.5% | -0.3% |
|
|---|
| ROIC | 3.5% | 4.6% | 4.4% | 3.8% | 3.3% | -0.5% |
| ROE | 11.0% | 14.5% | 13.9% | 14.4% | 11.1% | -3.3% |
Peers in Banks
Below we provide Turkiye Is Bankasi 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 ($TURA) | | 18.1% | 2.6% | 44.8% | 7.3% |
| |
|---|
| Median (19 companies) | 3.1% | 3.4% | 4.5% | 12.2% | 7.1% |
|---|
| Turkiye Is Bankasi ($TIBD) | | 16.8% | 18.1% | 34.0% | 11.3% |
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 ($39IS) | 2.4% | 3.6% | 2.4% | 3.5% | 1.1% |
| |
|---|
| Median (16 companies) | 2.5% | 2.5% | 1.9% | 1.4% | 1.4% |
|---|
| Turkiye Is Bankasi ($TIBD) | 3.3% | 1.2% | 1.8% | 0.8% | 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% |
| Komercni Banka ($KMCA) | 7.4% | 8.0% | 9.1% | 8.7% | 8.3% |
| 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% |
| |
|---|
| Median (34 companies) | 3.4% | 4.6% | 4.6% | 4.5% | 4.6% |
|---|
| Turkiye Is Bankasi ($TIBD) | 3.5% | 4.6% | 4.4% | 3.8% | 3.3% |
