Alkyl Amines Chemicals CAPEX surged on 56.0% in 2015 and Revenue increased on 6.8%
15-05-2015 • About Alkyl Amines Chemicals (
$ALKYLAMINE) • By InTwits
Alkyl Amines Chemicals reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Alkyl Amines Chemicals has medium CAPEX intensity: 5 year average CAPEX/Revenue was 6.8%. At the same time it's in pair with industry average of 7.7%.
- CAPEX is quite volatile: 410 in FY2015, 263 in FY2014, 240 in FY2013, 147 in FY2012, 189 in FY2011
- The company has highly profitable business model: ROIC is at 23.7%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Alkyl Amines Chemicals ($ALKYLAMINE) key annual financial indicators
mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
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P&L
|
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Revenue | 2,359 | 2,880 | 3,659 | 4,461 | 4,764 | 6.8% |
EBITDA | 313 | 457 | 585 | 849 | 874 | 2.9% |
Net Income | 140 | 176 | 242 | 433 | 451 | 4.3% |
Balance Sheet
|
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Cash | 11 | 49 | 50 | 117 | 56 | -52.7% |
Short Term Debt | 657 | 711 | 855 | 850 | 605 | -28.8% |
Long Term Debt | 544 | 523 | 600 | 648 | 560 | -13.6% |
Cash flow
|
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Capex | 189 | 147 | 240 | 263 | 410 | 56.0% |
Ratios
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Revenue growth | -57.8% | 22.1% | 27.0% | 21.9% | 6.8% | |
EBITDA growth | -11.2% | 46.1% | 27.9% | 45.1% | 2.9% | |
EBITDA Margin | 13.3% | 15.9% | 16.0% | 19.0% | 18.3% | -0.7% |
Net Income Margin | 5.9% | 6.1% | 6.6% | 9.7% | 9.5% | -0.2% |
CAPEX, % of revenue | 8.0% | 5.1% | 6.6% | 5.9% | 8.6% | 2.7% |
ROIC | 10.3% | 16.0% | 18.7% | 25.0% | 23.7% | -1.3% |
ROE | 17.5% | 19.2% | 22.6% | 32.5% | 27.0% | -5.5% |
Net Debt/EBITDA | 3.8x | 2.6x | 2.4x | 1.6x | 1.3x | -0.4x |
Revenue and profitability
Alkyl Amines Chemicals's Revenue increased on 6.8% in FY2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 4.2 pp from 3.2% to -0.99% in FY2015.
Net Income marign showed almost no change in FY2015.
Capital expenditures (CAPEX) and working capital investments
Alkyl Amines Chemicals's CAPEX/Revenue was 8.6% in FY2015. Alkyl Amines Chemicals showed CAPEX/Revenue growth of 3.5 pp from 5.1% in FY2012 to 8.6% in FY2015. Average CAPEX/Revenue for the last three years was 7.0%.
Return on investment
The company operates at high and attractive ROIC (23.67%) and ROE (27.01%). ROIC decreased slightly on 1.3 pp from 25.0% to 23.7% in FY2015. ROE decreased on 5.5 pp from 32.5% to 27.0% in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 1.3x and Debt / EBITDA is 1.3x. Net Debt / EBITDA dropped on 0.4x from 1.6x to 1.3x in FY2015. Debt dropped on 22.3% in FY2015 while cash dropped on 52.7% in FY2015.
Valuation
Alkyl Amines Chemicals's trades at EV/EBITDA 8.4x and P/E 13.9x while industy averages are 10.5x and 26.1x. Alkyl Amines Chemicals's EV/(EBITDA-CAPEX) is 15.9x with the industry average at 4.7x.
Appendix 1: Peers in Commodity Chemicals
Below you can find Alkyl Amines Chemicals benchmarking vs. other companies in Commodity Chemicals industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
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Shree Hari Chemicals Export ($SHHARICH) | -52.2% | -2.5% | -78.0% | 299.5% | |
Jindal Poly Films ($JINDPOLBBPH) | -66.5% | -17.2% | -6.3% | 131.7% | |
Bodal Chemicals ($BODALCHEM) | -51.3% | 5.4% | -12.6% | 80.0% | |
Kanoria Chemicals & Industries ($KANORICHEM) | -22.3% | -40.7% | 27.2% | 47.9% | |
Camphor & Allied Products ($CAMPHOR) | -49.0% | -6.7% | 7.2% | 42.7% | |
|
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Median (35 companies) | -42.0% | 15.5% | 10.9% | 10.6% | 3.1% |
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Alkyl Amines Chemicals ($ALKYLAMINE) | | 22.1% | 27.0% | 21.9% | 6.8% |
Top companies by EBITDA margin, %
Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
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Shree Hari Chemicals Export ($SHHARICH) | 8.3% | 1.8% | -19.4% | 29.4% | |
Chemfab Alkalis ($CHEMFALKAL) | 19.0% | 22.3% | 32.9% | 24.2% | 19.8% |
Aditya Birla Chemicals (India) ($ABCIL) | 33.6% | 26.8% | 27.1% | 23.6% | 21.9% |
Bodal Chemicals ($BODALCHEM) | 10.6% | 1.8% | 5.6% | 20.4% | |
Iol Chemicals & Pharmaceuticals ($IOLCP) | 17.4% | 14.6% | 18.5% | 17.0% | |
|
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Median (31 companies) | 12.1% | 10.9% | 8.3% | 8.5% | 9.4% |
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Alkyl Amines Chemicals ($ALKYLAMINE) | 13.3% | 15.9% | 16.0% | 19.0% | 18.3% |
Top companies by CAPEX/Revenue, %
Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
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Chemfab Alkalis ($CHEMFALKAL) | 5.1% | 2.2% | 15.8% | 55.6% | |
Aditya Birla Chemicals (India) ($ABCIL) | 5.9% | 136.9% | 24.2% | 30.8% | 15.0% |
Jindal Poly Films ($JINDPOLBBPH) | 2.9% | 6.9% | 2.1% | 27.5% | |
Polyplex Corporation ($POLYPLEX) | 6.0% | 10.7% | 41.3% | 19.2% | |
Kanoria Chemicals & Industries ($KANORICHEM) | 12.9% | 25.1% | 6.0% | 13.4% | |
|
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Median (19 companies) | 5.6% | 5.3% | 7.0% | 5.4% | 10.4% |
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Alkyl Amines Chemicals ($ALKYLAMINE) | 8.0% | 5.1% | 6.6% | 5.9% | 8.6% |
Top companies by ROIC, %
Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
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Riddhi Siddhi Gluco Biols ($RIDDHI) | -0.2% | -1.3% | -0.6% | 61.1% | |
Bodal Chemicals ($BODALCHEM) | | -1.3% | 3.3% | 39.0% | |
Elantas Beck India ($ELANTAS) | 17.5% | 20.4% | 33.9% | 31.0% | |
Aarti Industries ($AARTIIND) | 13.1% | 15.9% | 19.1% | 17.2% | 17.9% |
Camphor & Allied Products ($CAMPHOR) | 10.3% | 5.7% | 15.5% | 17.0% | |
|
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Median (59 companies) | 10.7% | 9.0% | 9.5% | 8.9% | 11.6% |
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Alkyl Amines Chemicals ($ALKYLAMINE) | 10.3% | 16.0% | 18.7% | 25.0% | 23.7% |
Top companies by Net Debt / EBITDA
Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
---|
India Glycols ($INDIAGLYCO) | 8.2x | 4.8x | 3.7x | 8.5x | |
Godrej Industries ($GODREJIND) | 6.8x | 9.9x | 5.7x | 7.9x | |
Polyplex Corporation ($POLYPLEX) | 0.6x | 0.9x | 6.8x | 7.1x | |
Link Pharma Chem ($LINKPH) | 71.1x | 3.4x | 4.1x | 6.2x | |
Refnol Resins & Chemicals ($REFNOL) | | | 4.1x | 5.6x | 0.0x |
|
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Median (41 companies) | 2.4x | 2.6x | 3.2x | 0.8x | 0.0x |
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Alkyl Amines Chemicals ($ALKYLAMINE) | 3.8x | 2.6x | 2.4x | 1.6x | 1.3x |