RABA Automotive Holding

RABA's Cash & Cash Equivalents rose 38.9% yoy to HUF 2,638 mil in 2017

By Helgi Analytics - April 2, 2020

RABA Automotive Holding's total assets reached HUF 36,438 mil at the end of 2017, up 8.76% compared to the previous year. ...

Profit Statement 2015 2016 2017
Sales HUF mil 46,154 42,632 43,842
Gross Profit HUF mil 9,837 17,189 16,882
EBITDA HUF mil 4,475 4,125 4,100
EBIT HUF mil 2,194 2,003 2,149
Financing Cost HUF mil -168 13.7 101
Pre-Tax Profit HUF mil 2,362 1,989 2,048
Net Profit HUF mil 1,952 1,378 1,569
Dividends HUF mil 0 269 0
Balance Sheet 2015 2016 2017
Total Assets HUF mil 34,579 33,502 36,438
Non-Current Assets HUF mil 16,723 15,799 16,876
Current Assets HUF mil 17,807 17,703 19,562
Working Capital HUF mil 4,021 4,262 6,732
Shareholders' Equity HUF mil 17,107 18,679 19,978
Liabilities HUF mil 17,472 14,823 16,460
Total Debt HUF mil 6,576 2,986 5,955
Net Debt HUF mil 3,376 1,086 3,316
Ratios 2015 2016 2017
ROE % 12.1 7.70 8.12
ROCE % 8.73 6.75 7.19
Gross Margin % 21.3 40.3 38.5
EBITDA Margin % 9.70 9.68 9.35
EBIT Margin % 4.75 4.70 4.90
Net Margin % 4.23 3.23 3.58
Net Debt/EBITDA 0.754 0.263 0.809
Net Debt/Equity % 19.7 5.81 16.6
Cost of Financing % -2.08 0.286 2.26
Valuation 2015 2016 2017
Market Capitalisation USD mil 60.2 52.8 63.6
Enterprise Value (EV) USD mil 72.0 56.5 76.4
Number Of Shares mil 13.1 13.3 13.4
Share Price HUF 1,323 1,168 1,233
EV/EBITDA 4.41 3.98 5.15
EV/Sales 0.428 0.385 0.481
Price/Earnings (P/E) 8.85 11.3 10.5
Price/Book Value (P/BV) 1.01 ... ...
Dividend Yield % 0 1.74 0

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                      
Sales HUF mil                         39,379 42,346 47,485 47,916 46,154    
Gross Profit HUF mil                         8,037 9,098 11,108 9,191 9,837    
EBIT HUF mil                         499 3,209 3,262 1,891 2,194    
Net Profit HUF mil                         455 569 2,669 852 1,952    
ROE %                         4.53 5.32 21.0 5.85 12.1    
EBIT Margin %                         1.27 7.58 6.87 3.95 4.75    
Net Margin %                         1.15 1.34 5.62 1.78 4.23    
Employees ... ... ... ... ... ... ... ... ... ... ... ... 1,962 1,904 1,936 1,839 1,715    
balance sheet                                      
Total Assets HUF mil                         35,777 35,076 33,130 36,252 34,579    
Non-Current Assets HUF mil                         16,112 16,508 18,237 17,276 16,723    
Current Assets HUF mil                         19,665 18,569 16,894 18,976 17,807    
Shareholders' Equity HUF mil                         9,991 11,390 14,076 15,075 17,107    
Liabilities HUF mil                         25,786 23,686 19,054 21,177 17,472    
Non-Current Liabilities HUF mil                         8,694 6,013 6,234 6,739 3,267    
Current Liabilities HUF mil                         17,092 17,673 12,821 14,438 14,156    
Net Debt/EBITDA                         5.10 2.50 1.60 2.08 0.754    
Net Debt/Equity %                         138 118 62.9 56.9 19.7    
Cost of Financing % ...                       0 16.5 -0.253 6.23 -2.08    
cash flow                                      
Total Cash From Operations HUF mil ...                       -170 2,768 6,130 3,481 -7,471    
Total Cash From Investing HUF mil ...                       -1,971 -2,786 -1,508 -2,876 -2,344    
Total Cash From Financing HUF mil ...                       1,538 -700 -4,533 156 -2,954    
Net Change In Cash HUF mil ...                       -603 -718 88.5 760 -12,768    
valuation                                      
Market Capitalisation USD mil                         33.8 50.7 75.7 52.8 60.2    
Number Of Shares mil                         12.6 12.9 12.9 13.0 13.1    
Share Price HUF                         653 867 1,263 1,060 1,323    
Earnings Per Share (EPS) HUF                         36.2 44.1 207 65.4 150    
Book Value Per Share HUF                         796 882 1,089 1,158 1,311 ... ...
Dividend Per Share HUF ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0 0 0    
Price/Earnings (P/E)                         18.0 19.7 6.12 16.2 8.85    
Price/Book Value (P/BV)                         0.821 0.984 1.16 0.916 1.01 ... ...
Dividend Yield % ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0 0 0    
Earnings Per Share Growth % ...                       -154 21.7 369 -68.3 129    
Book Value Per Share Growth % ...                       0.506 10.8 23.6 6.28 13.2 ... ...
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                      
Sales HUF mil                         39,379 42,346 47,485 47,916 46,154    
Cost of Goods & Services HUF mil                         31,342 33,248 36,377 38,725 36,317    
Gross Profit HUF mil                         8,037 9,098 11,108 9,191 9,837    
Staff Cost HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Other Cost HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
EBITDA HUF mil                         2,704 5,365 5,532 4,133 4,475    
Depreciation HUF mil                         2,205 2,156 2,270 2,242 2,281    
EBIT HUF mil                         499 3,209 3,262 1,891 2,194    
Financing Cost HUF mil                         0 2,331 -28.8 584 -168    
Extraordinary Cost HUF mil                         0 0 0 0 0    
Pre-Tax Profit HUF mil                         499 878 3,291 1,308 2,362    
Tax HUF mil                         44.4 309 622 456 410    
Minorities HUF mil                         0 0 0 0 0    
Net Profit HUF mil                         455 569 2,669 852 1,952    
Dividends HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0 0 0    
growth rates                                      
Total Revenue Growth % ...                       10.1 7.53 12.1 0.907 -3.68    
Operating Cost Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
EBITDA Growth % ...                       6.85 98.4 3.12 -25.3 8.27    
EBIT Growth % ...                       82.4 543 1.66 -42.0 16.0    
Pre-Tax Profit Growth % ...                       82.4 75.9 275 -60.3 80.6    
Net Profit Growth % ...                       -153 25.2 369 -68.1 129    
ratios                                      
ROE %                         4.53 5.32 21.0 5.85 12.1    
ROCE % ...                       1.99 2.30 10.6 3.46 8.73    
Gross Margin %                         20.4 21.5 23.4 19.2 21.3    
EBITDA Margin %                         6.87 12.7 11.7 8.63 9.70    
EBIT Margin %                         1.27 7.58 6.87 3.95 4.75    
Net Margin %                         1.15 1.34 5.62 1.78 4.23    
Payout Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0 0 0    
Cost of Financing % ...                       0 16.5 -0.253 6.23 -2.08    
Net Debt/EBITDA                         5.10 2.50 1.60 2.08 0.754    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                                      
Non-Current Assets HUF mil                         16,112 16,508 18,237 17,276 16,723    
Property, Plant & Equipment HUF mil                         13,940 13,778 13,842 14,977 14,832    
Intangible Assets HUF mil                         971 1,047 978 1,071 789    
Current Assets HUF mil                         19,665 18,569 16,894 18,976 17,807    
Inventories HUF mil                         8,188 8,424 7,164 6,629 6,211    
Receivables HUF mil                         10,541 9,856 9,428 11,321 8,397    
Cash & Cash Equivalents HUF mil                         895 177 265 1,025 3,199    
Total Assets HUF mil                         35,777 35,076 33,130 36,252 34,579    
Shareholders' Equity HUF mil                         9,991 11,390 14,076 15,075 17,107    
Of Which Minority Interest HUF mil                         0 0 0 0 0    
Liabilities HUF mil                         25,786 23,686 19,054 21,177 17,472    
Non-Current Liabilities HUF mil                         8,694 6,013 6,234 6,739 3,267    
Long-Term Debt HUF mil                         8,044 5,606 5,819 6,424 3,006    
Deferred Tax Liabilities HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Current Liabilities HUF mil                         17,092 17,673 12,821 14,438 14,156    
Short-Term Debt HUF mil                         6,653 7,975 3,304 3,185 3,570    
Trade Payables HUF mil                         10,438 9,699 9,517 11,252 10,587    
Provisions HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Equity And Liabilities HUF mil                         35,777 35,076 33,130 36,252 34,579    
growth rates                                      
Total Asset Growth % ...                       11.7 -1.96 -5.55 9.42 -4.61    
Shareholders' Equity Growth % ...                       -0.675 14.0 23.6 7.10 13.5    
Net Debt Growth % ...                       31.5 -2.88 -33.9 -3.10 -60.7    
Total Debt Growth % ...                       22.5 -7.59 -32.8 5.33 -31.6    
ratios                                      
Total Debt HUF mil                         14,697 13,581 9,123 9,609 6,576    
Net Debt HUF mil                         13,802 13,404 8,858 8,584 3,376    
Working Capital HUF mil                         8,290 8,581 7,075 6,698 4,021    
Capital Employed HUF mil                         24,403 25,089 25,312 23,974 20,744    
Net Debt/Equity %                         138 118 62.9 56.9 19.7    
Cost of Financing % ...                       0 16.5 -0.253 6.23 -2.08    
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                                      
Net Profit HUF mil                         455 569 2,669 852 1,952    
Depreciation HUF mil                         2,205 2,156 2,270 2,242 2,281    
Non-Cash Items HUF mil ...                       -566 333 -315 9.82 -14,380    
Change in Working Capital HUF mil ...                       -2,264 -291 1,506 377 2,677    
Total Cash From Operations HUF mil ...                       -170 2,768 6,130 3,481 -7,471    
Capital Expenditures HUF mil ...                       -3,048 -2,161 -2,449 -2,890 -2,357    
Other Investments HUF mil ...                       1,076 -625 941 13.7 13.0    
Total Cash From Investing HUF mil ...                       -1,971 -2,786 -1,508 -2,876 -2,344    
Dividends Paid HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0 0 0    
Issuance Of Debt HUF mil ...                       2,699 -1,116 -4,458 486 -3,034    
Total Cash From Financing HUF mil ...                       1,538 -700 -4,533 156 -2,954    
Net Change In Cash HUF mil ...                       -603 -718 88.5 760 -12,768    
ratios                                      
Days Sales Outstanding days                         97.7 84.9 72.5 86.2 66.4    
Days Sales Of Inventory days                         95.4 92.5 71.9 62.5 62.4    
Days Payable Outstanding days                         122 106 95.5 106 106    
Cash Conversion Cycle days                         71.5 71.0 48.9 42.7 22.4    
Cash Earnings HUF mil                         2,660 2,725 4,939 3,094 4,232    
Cash Earnings Per Share HUF                         212 211 382 238 324    
Price/Cash Earnings (P/CE)                         3.08 4.11 3.30 4.46 4.08    
Free Cash Flow HUF mil ...                       -2,142 -18.3 4,622 605 -9,815    
Free Cash Flow Yield % ...                       -31.5 -0.160 27.3 4.80 -59.5    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                      
ROA %                         1.34 1.61 7.83 2.46 5.51    
Gross Margin %                         20.4 21.5 23.4 19.2 21.3    
Employees ... ... ... ... ... ... ... ... ... ... ... ... 1,962 1,904 1,936 1,839 1,715    
Cost Per Employee USD per month ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Cost Per Employee (Local Currency) HUF per month ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Effective Tax Rate %                         8.90 35.2 18.9 34.8 17.4    
Enterprise Value (EV) USD mil                         90.6 111 117 85.7 72.0    
EV/EBITDA                         6.74 4.67 4.72 4.94 4.41    
EV/Capital Employed                         0.902 0.981 0.995 0.934 0.995    
EV/Sales                         0.463 0.592 0.550 0.426 0.428    
EV/EBIT                         36.5 7.81 8.01 10.8 8.99    
Domestic Sales HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Capital Expenditures (As % of Sales) % ...                       7.74 5.10 5.16 6.03 5.11    
Revenues From Abroad HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    

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RABA Jarmuipari Holding Nyrt is a Hungary-based holding company engaged in the automotive industry, producing axles, automotive components and commercial vehicles. The Company's products portfolio comprises complete axles, axle parts, seats and seat parts, car and engine components, as well as other spare parts. But, the three strategic business units the company produce are axles for commercial vehicles, agri-machinery and earthmovers as well as automotive components and specialty vehicles. The Company is a Győr-based (Western-Hungary) and has plants in Mor, Eszterogom and Sarvar. The Group employs nearly 2,000 people and 70% of its production is exported, mainly to the EU, USA and the CIS. Rába is a public limited company with shares listed on the Budapest Stock Exchange

Finance

RABA Automotive Holding has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 5.24% a year during that time to total of HUF 4,100 mil in 2017, or 9.35% of sales. That’s compared to 9.80% average margin seen in last five years.

The company netted HUF 1,569 mil in 2017 implying ROE of 8.12% and ROCE of 7.19%. Again, the average figures were 11.0% and 7.34%, respectively when looking at the previous 5 years.

RABA Automotive Holding’s net debt amounted to HUF 3,316 mil at the end of 2017, or 16.6% of equity. When compared to EBITDA, net debt was 0.809x, down when compared to average of 1.10x seen in the last 5 years.

Valuation

RABA Automotive Holding stock traded at HUF 1,233 per share at the end of 2017 resulting in a market capitalization of USD 63.6 mil. Over the previous five years, stock price grew by 42.2% or 7.30% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 5.15x and price to earnings (PE) of 10.5x as of 2017.