I-Nexus Global Plc revenue dropped on 14.3%
02 Dec 2020 • About I-Nexus Global Plc (
$INX) • By InTwits
I-Nexus Global Plc reported FY2020 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is relatively stable: in FY2020 vs. in FY2019 vs. -31.7% in FY2016
- I-Nexus Global Plc motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2016-FY2020 was 0.0% while average EBITDA Margin was -6.7% for the sames years
- I-Nexus Global Plc has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.1%. At the same time it's a lot of higher than industry average of 0.2%.
- CAPEX is quite volatile: £0m in FY2020, £0m in FY2019, £0m in FY2018, £0m in FY2017, £0m in FY2016
- The company has unprofitable business model: ROIC is -311.6%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue dropped on 14.3%. During FY2016-FY2020 Revenue growth topped in FY2017 at 20.5% and was decelerating since that time.
Gross Margin decreased slightly on 1.3 pp from 74.5% to 73.2% in FY2020. Gross Margin stuck to a growing trend at 3.2 pp per annum in the last 5 years. SG&A as a % of Revenue dropped on 34.1 pp from 164% to 130% in FY2020.
Net Income margin surged on 33.2 pp from -82.6% to -49.4% in FY2020.
Investments (CAPEX, working capital and M&A)
In FY2020 I-Nexus Global Plc had CAPEX/Revenue of 0.97%. I-Nexus Global Plc showed almost no change in CAPEX/Revenue from FY2017 to FY2020. It's average level of CAPEX/Revenue for the last three years was 2.9%.
Leverage (Debt)
Debt dropped on 30.3% while cash dropped on 92.2%.
I-Nexus Global Plc has short term refinancing risk: cash is only 67.0% of short term debt.
Financial and operational results
I-Nexus Global Plc ($INX) key annual financial indicators| mln. £ | 2016 | 2017 | 2018 | 2019 | 2020 | 2020/2019 |
|---|
P&L
|
|---|
| Revenue | 3.413 | 4.113 | 4.742 | 4.759 | 4.081 | -14.3% |
| Gross Profit | 2.044 | 2.854 | 3.254 | 3.547 | 2.986 | -15.8% |
| SG&A | 3.167 | 3.230 | 4.140 | 7.818 | 5.311 | -32.1% |
| EBITDA | -1.082 | -0.338 | | | | |
| Net Income | -0.998 | -0.171 | -0.821 | -3.930 | -2.016 | |
Balance Sheet
|
|---|
| Cash | 0.101 | 0.246 | 6.941 | 1.533 | 0.120 | -92.2% |
| Short Term Debt | 0.000 | 0.000 | 0.299 | 0.160 | 0.179 | 12.1% |
| Long Term Debt | 0.000 | 0.000 | 0.403 | 0.244 | 0.102 | -58.2% |
Cash flow
|
|---|
| Capex | 0.031 | 0.035 | 0.118 | 0.246 | 0.040 | -83.8% |
Ratios
|
|---|
| Revenue growth | 1.0% | 20.5% | 15.3% | 0.4% | -14.3% | |
| EBITDA growth | 122.9% | -68.8% | | | | |
|
|---|
| Gross Margin | 59.9% | 69.4% | 68.6% | 74.5% | 73.2% | -1.3% |
| EBITDA Margin | -31.7% | -8.2% | | | |
| SG&A, % of revenue | 92.8% | 78.5% | 87.3% | 164.3% | 130.1% | -34.1% |
| Net Income Margin | -29.3% | -4.2% | -17.3% | -82.6% | -49.4% | 33.2% |
| CAPEX, % of revenue | 0.9% | 0.8% | 2.5% | 5.2% | 1.0% | -4.2% |
|
|---|
| ROIC | | | -43.3% | -104.8% | -311.6% | -206.9% |
| ROE | | | | -113.5% | | |
Peers in Application Software
Below we provide I-Nexus Global Plc benchmarking against other companies in Application Software 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 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Maestrano Group Plc ($MNO) | - | 12.8% | -16.4% | -7.4% | -3.7% |
| |
|---|
| Median (1 company) | - | 12.8% | -16.4% | -7.4% | -3.7% |
|---|
| I-Nexus Global Plc ($INX) | - | 20.5% | 15.3% | 0.4% | -14.3% |
Top companies by EBITDA margin, %
| Top | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Maestrano Group Plc ($MNO) | -84.4% | -124.9% | -106.6% | -194.7% | -34.3% |
| |
|---|
| Median (1 company) | -84.4% | -124.9% | -106.6% | -194.7% | -34.3% |
|---|
Top companies by CAPEX/Revenue, %
| Top | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Maestrano Group Plc ($MNO) | 0.0% | 0.6% | 0.2% | 3.2% | 6.1% |
| |
|---|
| Median (1 company) | 0.0% | 0.6% | 0.2% | 3.2% | 6.1% |
|---|
| I-Nexus Global Plc ($INX) | 0.9% | 0.8% | 2.5% | 5.2% | 1.0% |
Top companies by ROIC, %
| Top | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Maestrano Group Plc ($MNO) | -47.3% | -76.8% | -33.1% | -46.9% | -11.6% |
| |
|---|
| Median (1 company) | -47.3% | -76.8% | -33.1% | -46.9% | -11.6% |
|---|
| I-Nexus Global Plc ($INX) | - | - | -43.3% | -104.8% | -311.6% |
