ICICI BANK LTD-SPON ADR (IBN) Stock Fundamental Analysis
NYSE:IBN - New York Stock Exchange, Inc. - US45104G1040 - ADR - Currency: USD
Overall IBN gets a fundamental rating of 4 out of 10. We evaluated IBN against 404 industry peers in the Banks industry. There are concerns on the financial health of IBN while its profitability can be described as average. IBN is not overvalued while it is showing excellent growth. This is an interesting combination.
1. Profitability
1.1 Basic Checks
IBN had positive earnings in the past year.
In the past year IBN had a positive cash flow from operations.
IBN had positive earnings in each of the past 5 years.
Of the past 5 years IBN 4 years had a positive operating cash flow.
1.2 Ratios
IBN's Return On Assets of 1.88% is amongst the best of the industry. IBN outperforms 94.97% of its industry peers.
IBN has a better Return On Equity (16.91%) than 93.97% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 1.88% | ||
| ROE | 16.91% | ||
| ROIC | N/A |
ROA(3y)1.68%
ROA(5y)1.38%
ROE(3y)15.65%
ROE(5y)13.28%
ROIC(3y)N/A
ROIC(5y)N/A
1.3 Margins
IBN's Profit Margin of 25.79% is fine compared to the rest of the industry. IBN outperforms 66.83% of its industry peers.
In the last couple of years the Profit Margin of IBN has grown nicely.
IBN does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | N/A | ||
| PM (TTM) | 25.79% | ||
| GM | N/A |
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y20.83%
PM growth 5Y42.71%
GM growth 3YN/A
GM growth 5YN/A
2. Health
2.1 Basic Checks
IBN does not have a ROIC to compare to the WACC, probably because it is not profitable.
IBN has more shares outstanding than it did 1 year ago.
The number of shares outstanding for IBN has been increased compared to 5 years ago.
IBN has a better debt/assets ratio than last year.
2.2 Solvency
IBN has a debt to FCF ratio of 1.11. This is a very positive value and a sign of high solvency as it would only need 1.11 years to pay back of all of its debts.
The Debt to FCF ratio of IBN (1.11) is better than 76.88% of its industry peers.
A Debt/Equity ratio of 0.78 indicates that IBN is somewhat dependend on debt financing.
IBN's Debt to Equity ratio of 0.78 is on the low side compared to the rest of the industry. IBN is outperformed by 83.67% of its industry peers.
Although IBN does not score too well on debt/equity it has very limited outstanding debt, which is well covered by the FCF. We will not put too much weight on the debt/equity number as it may be because of low equity, which could be a consequence of a share buyback program for instance. This needs to be investigated.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.78 | ||
| Debt/FCF | 1.11 | ||
| Altman-Z | N/A |
ROIC/WACCN/A
WACC8.59%
2.3 Liquidity
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | N/A | ||
| Quick Ratio | N/A |
3. Growth
3.1 Past
The Earnings Per Share has grown by an nice 14.74% over the past year.
Measured over the past years, IBN shows a very strong growth in Earnings Per Share. The EPS has been growing by 61.93% on average per year.
The Revenue has grown by 19.39% in the past year. This is quite good.
IBN shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 11.94% yearly.
EPS 1Y (TTM)14.74%
EPS 3Y34.49%
EPS 5Y61.93%
EPS Q2Q%14.24%
Revenue 1Y (TTM)19.39%
Revenue growth 3Y10.91%
Revenue growth 5Y11.94%
Sales Q2Q%-17.78%
3.2 Future
The Earnings Per Share is expected to grow by 13.08% on average over the next years. This is quite good.
IBN is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 13.80% yearly.
EPS Next Y15.96%
EPS Next 2Y12.75%
EPS Next 3Y13.08%
EPS Next 5YN/A
Revenue Next Year12.99%
Revenue Next 2Y13.25%
Revenue Next 3Y13.8%
Revenue Next 5YN/A
3.3 Evolution
The estimated forward EPS growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
IBN is valuated rather expensively with a Price/Earnings ratio of 18.90.
Based on the Price/Earnings ratio, IBN is valued a bit more expensive than the industry average as 78.39% of the companies are valued more cheaply.
IBN is valuated rather cheaply when we compare the Price/Earnings ratio to 29.63, which is the current average of the S&P500 Index.
IBN is valuated correctly with a Price/Forward Earnings ratio of 16.47.
Based on the Price/Forward Earnings ratio, IBN is valued a bit more expensive than the industry average as 71.61% of the companies are valued more cheaply.
When comparing the Price/Forward Earnings ratio of IBN to the average of the S&P500 Index (22.68), we can say IBN is valued slightly cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 18.9 | ||
| Fwd PE | 16.47 |
4.2 Price Multiples
Compared to the rest of the industry, the Price/Free Cash Flow ratio of IBN indicates a rather cheap valuation: IBN is cheaper than 92.71% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 4.34 | ||
| EV/EBITDA | N/A |
4.3 Compensation for Growth
IBN's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
IBN's earnings are expected to grow with 13.08% in the coming years. This may justify a more expensive valuation.
PEG (NY)1.18
PEG (5Y)0.31
EPS Next 2Y12.75%
EPS Next 3Y13.08%
5. Dividend
5.1 Amount
With a yearly dividend of 0.80%, IBN is not a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 3.15, IBN's dividend is way lower than its industry peers. On top of this 83.17% of the companies listed in the same industry pay a better dividend than IBN!
Compared to an average S&P500 Dividend Yield of 2.29, IBN's dividend is way lower than the S&P500 average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 0.8% |
5.2 History
The dividend of IBN is nicely growing with an annual growth rate of 34.51%!
IBN has been paying a dividend for at least 10 years, so it has a reliable track record.
IBN has decreased its dividend recently.
Dividend Growth(5Y)34.51%
Div Incr Years1
Div Non Decr Years1
5.3 Sustainability
14.87% of the earnings are spent on dividend by IBN. This is a low number and sustainable payout ratio.
The dividend of IBN is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP14.87%
EPS Next 2Y12.75%
EPS Next 3Y13.08%
28.16
-0.44 (-1.54%)
Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)
Earnings (Next)
Inst Owners54.63%
Inst Owner Change-2.77%
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap99.43B
Analysts88.84
Price Target35.14 (24.79%)
Short Float %0.65%
Short Ratio5.86
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 0.8% |
Yearly Dividend8
Dividend Growth(5Y)34.51%
DP14.87%
Div Incr Years1
Div Non Decr Years1
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)4.14%
Min EPS beat(2)3.55%
Max EPS beat(2)4.73%
EPS beat(4)4
Avg EPS beat(4)3.81%
Min EPS beat(4)2.68%
Max EPS beat(4)4.73%
EPS beat(8)6
Avg EPS beat(8)2.52%
EPS beat(12)8
Avg EPS beat(12)2.02%
EPS beat(16)10
Avg EPS beat(16)1.29%
Revenue beat(2)0
Avg Revenue beat(2)-2.86%
Min Revenue beat(2)-4.62%
Max Revenue beat(2)-1.11%
Revenue beat(4)1
Avg Revenue beat(4)6.64%
Min Revenue beat(4)-4.62%
Max Revenue beat(4)32.9%
Revenue beat(8)4
Avg Revenue beat(8)34.19%
Revenue beat(12)8
Avg Revenue beat(12)67.11%
Revenue beat(16)12
Avg Revenue beat(16)95.75%
PT rev (1m)-0.04%
PT rev (3m)4.3%
EPS NQ rev (1m)1.9%
EPS NQ rev (3m)3.28%
EPS NY rev (1m)1%
EPS NY rev (3m)0.8%
Revenue NQ rev (1m)-0.91%
Revenue NQ rev (3m)-26.08%
Revenue NY rev (1m)0%
Revenue NY rev (3m)1.03%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 18.9 | ||
| Fwd PE | 16.47 | ||
| P/S | 4.69 | ||
| P/FCF | 4.34 | ||
| P/OCF | 4.24 | ||
| P/B | 3.07 | ||
| P/tB | 3.11 | ||
| EV/EBITDA | N/A |
EPS(TTM)1.49
EY5.29%
EPS(NY)1.71
Fwd EY6.07%
FCF(TTM)6.49
FCFY23.04%
OCF(TTM)6.64
OCFY23.57%
SpS6.01
BVpS9.16
TBVpS9.07
PEG (NY)1.18
PEG (5Y)0.31
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 1.88% | ||
| ROE | 16.91% | ||
| ROCE | N/A | ||
| ROIC | N/A | ||
| ROICexc | N/A | ||
| ROICexgc | N/A | ||
| OM | N/A | ||
| PM (TTM) | 25.79% | ||
| GM | N/A | ||
| FCFM | 107.99% |
ROA(3y)1.68%
ROA(5y)1.38%
ROE(3y)15.65%
ROE(5y)13.28%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y20.83%
PM growth 5Y42.71%
GM growth 3YN/A
GM growth 5YN/A
F-Score6
Asset Turnover0.07
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.78 | ||
| Debt/FCF | 1.11 | ||
| Debt/EBITDA | N/A | ||
| Cap/Depr | 178.4% | ||
| Cap/Sales | 2.49% | ||
| Interest Coverage | N/A | ||
| Cash Conversion | N/A | ||
| Profit Quality | 418.79% | ||
| Current Ratio | N/A | ||
| Quick Ratio | N/A | ||
| Altman-Z | N/A |
F-Score6
WACC8.59%
ROIC/WACCN/A
Cap/Depr(3y)153.33%
Cap/Depr(5y)142.3%
Cap/Sales(3y)1.9%
Cap/Sales(5y)1.78%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)14.74%
EPS 3Y34.49%
EPS 5Y61.93%
EPS Q2Q%14.24%
EPS Next Y15.96%
EPS Next 2Y12.75%
EPS Next 3Y13.08%
EPS Next 5YN/A
Revenue 1Y (TTM)19.39%
Revenue growth 3Y10.91%
Revenue growth 5Y11.94%
Sales Q2Q%-17.78%
Revenue Next Year12.99%
Revenue Next 2Y13.25%
Revenue Next 3Y13.8%
Revenue Next 5YN/A
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y1050.95%
FCF growth 3Y4.23%
FCF growth 5Y26.57%
OCF growth 1Y1177.87%
OCF growth 3Y4.62%
OCF growth 5Y26.56%