Titan Machinery Financials

$330.3 M

Revenue Q3, 2018

$455.6 M

Mkt cap, 22-Dec-2017
Gross profit (Q3, 2018)61.5 M
Gross profit margin (Q3, 2018), %19%
EBIT (Q3, 2018)8.5 M
Cash, 31-Oct-201743.9 M
EV413.3 M

Market Value

Revenue/Financials

Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Revenue

2.2 b1.9 b1.4 b1.2 b

Revenue growth, %

(15%)(28%)(11%)

Cost of goods sold

1.9 b1.6 b1.2 b999.4 m

Gross profit

348.1 m308.4 m205.9 m213.7 m

Gross profit Margin, %

16%16%15%18%

EBIT

46.9 m723 k(23.1 m)(2.4 m)

EBIT margin, %

2%0%(2%)(0%)

Pre tax profit

18.4 m(38.3 m)(56.2 m)(22.7 m)

Income tax expense

(10.3 m)(4.9 m)(18 m)

Net Income

8.1 m(33.4 m)(38.2 m)

    Quarterly

    USDQ3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

    Revenue

    588 m465.5 m451 m493.1 m353.2 m334.2 m345 m284.9 m278.3 m332.3 m264.1 m268.9 m330.3 m

    Cost of goods sold

    494.4 m389.5 m371.3 m408.5 m292.8 m272.1 m277.8 m231.3 m225.4 m273.8 m215.2 m216.1 m268.9 m

    Gross profit

    93.6 m75.9 m79.7 m84.7 m60.4 m62.1 m67.1 m53.5 m52.9 m58.4 m48.9 m52.8 m61.5 m

    Gross profit Margin, %

    16%16%18%17%17%19%19%19%19%18%19%20%19%

    EBIT

    18.6 m2 m11.7 m15.2 m1.7 m6.8 m13.6 m(1.2 m)1.4 m5 m(5.4 m)(3.3 m)8.5 m

    EBIT margin, %

    3%0%3%3%0%2%4%(0%)1%2%(2%)(1%)3%

    Pre tax profit

    10.1 m(6.3 m)1.8 m5.7 m(8.8 m)(479 k)5.7 m(5.8 m)(4.5 m)56 k(9.4 m)(7.2 m)4.9 m

    Income tax expense

    (4.3 m)(2.6 m)(3.4 m)(649 k)2.2 m(1.9 m)(1.8 m)(208 k)2.5 m

      Balance Sheet

      Annual

      USDFY, 2012FY, 2014FY, 2015FY, 2016FY, 2017

      Cash

      74.2 m127.5 m89.5 m53.2 m

      Accounts Receivable

      101.9 m

      Inventories

      879.4 m1.1 b689.5 m478.3 m

      Current Assets

      1.3 b1.1 b858.2 m607.9 m

      PP&E

      228 m208.7 m183.2 m156.6 m

      Goodwill

      24.8 m

      Total Assets

      1.6 b1.3 b1 b771.4 m

      Accounts Payable

      17.7 m23.7 m16.9 m17.3 m

      Current Liabilities

      875 m729.6 m523.4 m308.8 m

      Non-Current Liabilities

      278.3 m241.8 m186.1 m141.4 m

      Total Liabilities

      1.2 b971.4 m709.5 m450.2 m

      Additional Paid-in Capital

      238.9 m240.2 m242.5 m240.6 m

      Retained Earnings

      169.6 m137.4 m99.5 m85.3 m

      Total Equity

      411.3 m378.4 m338.3 m321.2 m

      Financial Leverage

      3.8 x3.6 x3.1 x2.4 x

        Quarterly

        USDQ3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

        Cash

        113.4 m82 m89.7 m110.2 m104.4 m95.4 m78.4 m63.8 m51.1 m52.4 m56.2 m57.5 m43.9 m

        Inventories

        1.2 b1.1 b1.1 b1.1 b880.1 m877.8 m813.8 m684.8 m682 m607.6 m484.1 m517.5 m529.8 m

        Current Assets

        1.4 b1.3 b1.3 b1.3 b1.1 b1.1 b1 b822.5 m803.7 m743.9 m616.5 m655.2 m655.7 m

        PP&E

        235.9 m231.8 m233.1 m216.9 m194.8 m186 m178.8 m177.1 m174.6 m170 m159.8 m160.6 m156.4 m

        Goodwill

        31 m24.8 m24.8 m24.7 m

        Total Assets

        1.7 b1.6 b1.6 b1.6 b1.3 b1.3 b1.2 b1 b984.8 m920.3 m782.9 m822.4 m818.3 m

        Accounts Payable

        34.3 m26.1 m23.2 m26.7 m17.5 m18.4 m23.2 m18.3 m16.3 m22.9 m20.1 m16.3 m19.6 m

        Short-term debt

        1.5 m

        Current Liabilities

        1.1 b940.7 m973 m884.8 m710 m692.4 m613.7 m522 m507.3 m462 m328.4 m375.5 m385.9 m

        Non-Current Liabilities

        267.1 m250.6 m247.4 m283 m221.6 m218.5 m206.1 m147.4 m147.8 m125.9 m137.2 m132.2 m113.2 m

        Total Debt

        1.5 m

        Additional Paid-in Capital

        238.3 m238.8 m239.4 m240.1 m240.5 m241.2 m242.1 m243.7 m240.7 m242 m242.9 m244.5 m245.1 m

        Retained Earnings

        170 m165.4 m162.4 m164.9 m131.1 m131.1 m134.6 m95.8 m93.3 m93.6 m78.2 m73 m75.4 m

        Total Equity

        410.2 m405.3 m404.6 m405 m366 m369.6 m373.8 m336.6 m329.8 m332.3 m317.3 m314.7 m319.2 m

        Financial Leverage

        4.2 x3.9 x4 x3.9 x3.5 x3.5 x3.2 x3 x3 x2.8 x2.5 x2.6 x2.6 x

          Cash Flow

          Annual

          USDFY, 2014FY, 2015FY, 2016FY, 2017

          Net Income

          8.1 m

          Depreciation and Amortization

          30.8 m31.8 m28.5 m26.9 m

          Accounts Receivable

          5.7 m

          Inventories

          (182.4 m)171.6 m197 m211.8 m

          Accounts Payable

          4 m

          Cash From Operating Activities

          (50.1 m)53.3 m(38.1 m)141 m

          Cash From Investing Activities

          (7.1 m)4.4 m(126 k)(9.1 m)

          Long-term Borrowings

          (134 m)(140.7 m)(116.9 m)(17.2 m)

          Cash From Financing Activities

          39.8 m9 m(269 m)(168 m)

          Interest Paid

          26.1 m30 m25.8 m20.8 m

          Income Taxes Paid

          15.7 m6.4 m7.3 m(13.1 m)

          Quarterly

          USDQ3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

          Net Income

          9.1 m(4.5 m)

          Depreciation and Amortization

          23.1 m6.7 m14.7 m23.9 m6.7 m13.8 m21.6 m6.2 m12.8 m19.9 m6.1 m12.3 m

          Inventories

          (287.4 m)(42 m)(68.3 m)(2.4 m)522 k8.9 m72.4 m9.4 m13.6 m91.2 m(3.8 m)(32 m)

          Cash From Operating Activities

          (107.4 m)(54.6 m)(79.4 m)(82.6 m)14.3 m185.6 m198.8 m(24.9 m)60.4 m74.4 m40.9 m66.9 m

          Cash From Investing Activities

          (11 m)(6.1 m)(6 m)2.5 m(1.5 m)(1.5 m)(360 k)(672 k)(7 m)(9.7 m)(15.4 m)

          Long-term Borrowings

          (49.5 m)(2.5 m)(5.6 m)(16.2 m)(5.7 m)(44.5 m)(101.5 m)(526 k)(1.3 m)(1.9 m)(2.3 m)(22.7 m)

          Cash From Financing Activities

          107.4 m68.4 m100.8 m116.6 m(35.3 m)(215.7 m)(246.9 m)(550 k)(95.4 m)(104.6 m)(28.2 m)(47.6 m)

          Interest Paid

          17 m5.5 m13.8 m21 m7.7 m13.4 m18.5 m4.7 m11.1 m15.5 m3.4 m7.2 m

          Income Taxes Paid

          9.1 m4 m3.7 m5.8 m4.1 m4.1 m5.3 m(3.3 m)(12.9 m)(12.9 m)3 k

          Ratios

          USDY, 2017

          EV/EBIT

          48.5 x

          EV/CFO

          6.2 x

          Revenue/Employee

          145.2 k

          Financial Leverage

          2.6 x