Ginni Filaments EBITDA dropped on 27.7% in 2015 and Revenue decreased on 2.3%
04-05-2015 • About Ginni Filaments (
$GINNIFIL) • By InTwits
Ginni Filaments reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Ginni Filaments is a company in decline: FY2015 revenue growth was -2.3%, 5 years revenue CAGR was -3.5%
- EBITDA Margin is quite volatile: 10.7% in FY2015, 14.5% in FY2014, 12.6% in FY2013, 2.7% in FY2012, 12.6% in FY2011
- The company has highly profitable business model: ROIC is at 12.8%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Ginni Filaments ($GINNIFIL) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 6,930 | 7,121 | 7,447 | 8,680 | 8,477 | -2.3% |
| EBITDA | 874 | 195 | 937 | 1,260 | 910 | -27.7% |
| Net Income | 183 | -437 | 175 | 363 | 78 | -78.6% |
Balance Sheet
|
|---|
| Cash | 23 | 39 | 27 | 42 | 19 | -54.8% |
| Short Term Debt | 1,895 | 1,390 | 1,977 | 1,502 | 2,026 | 34.8% |
| Long Term Debt | 2,378 | 2,271 | 1,833 | 1,623 | 1,114 | -31.4% |
Cash flow
|
|---|
| Capex | 93 | | 148 | | 134 | |
Ratios
|
|---|
| Revenue growth | -31.6% | 2.8% | 4.6% | 16.6% | -2.3% | |
| EBITDA growth | 35.1% | -77.6% | 379.4% | 34.5% | -27.7% | |
| EBITDA Margin | 12.6% | 2.7% | 12.6% | 14.5% | 10.7% | -3.8% |
| Net Income Margin | 2.6% | -6.1% | 2.4% | 4.2% | 0.9% | -3.3% |
| CAPEX, % of revenue | 1.3% | | 2.0% | | 1.6% | 1.6% |
| ROIC | 11.6% | -1.0% | 15.2% | 21.6% | 12.8% | -8.7% |
| ROE | 16.1% | -43.2% | 19.3% | 31.6% | 5.2% | -26.3% |
| Net Debt/EBITDA | 4.9x | 18.5x | 4.0x | 2.4x | 3.4x | 1.0x |
Revenue and profitability
Ginni Filaments's Revenue decreased on 2.3% in FY2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 3.8 pp from 14.5% to 10.7% in FY2015.
Net Income marign decreased on 3.3 pp from 4.2% to 0.92% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 Ginni Filaments had CAPEX/Revenue of 1.6%. Ginni Filaments's CAPEX/Revenue increased slightly1.6 pp from in FY2012 to 1.6% in FY2015.
Return on investment
The company operates at good ROIC (12.85%) while ROE is low (5.24%). ROIC decreased on 8.7 pp from 21.6% to 12.8% in FY2015. ROE dropped on 26.3 pp from 31.6% to 5.2% in FY2015.
Leverage (Debt)
Debt level is 3.4x Net Debt / EBITDA and 3.4x Debt / EBITDA. Net Debt / EBITDA jumped on 1.0x from 2.4x to 3.4x in FY2015. Debt showed almost no change in FY2015 while cash dropped on 54.8% in FY2015.
Valuation
Ginni Filaments's trades at EV/EBITDA 4.8x and P/E 15.8x while industy averages are 10.5x and 26.1x.
Appendix 1: Peers in
Below we provide Ginni Filaments benchmarking against other companies in 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 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Bharat Rasayan ($BHARATRA) | -82.3% | 51.3% | 32.1% | 92.7% | |
| Indbulbbph ($INDBULBBPH) | -54.2% | -3.2% | -6.5% | 33.5% | |
| Uplbbph ($UPLBBPH) | | 33.2% | 19.7% | 17.3% | 10.9% |
| Monetbbph ($MONETBBPH) | -58.7% | 22.3% | 3.7% | 11.6% | |
| Rilbbph ($RILBBPH) | | 34.9% | 10.8% | 9.4% | -13.6% |
| |
|---|
| Median (17 companies) | -37.0% | 17.7% | 10.8% | 3.5% | -1.3% |
|---|
| Ginni Filaments ($GINNIFIL) | | 2.8% | 4.6% | 16.6% | -2.3% |
Top companies by Gross margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jenson & Nicholson Financial Services ($JNFSL) | | 0.0% | 0.0% | 0.0% | 0.0% |
| Bombay Drugs & Pharmas ($BOMDRDM) | | 0.0% | 0.0% | 0.0% | 0.0% |
| Southern Herbals ($SOUTHNHE) | | 0.0% | 0.0% | 0.0% | 0.0% |
| Tafnccpeq ($TAFNCCPEQ) | | 0.0% | 0.0% | 0.0% | 0.0% |
| |
|---|
| Median (4 companies) | | 0.0% | 0.0% | 0.0% | 0.0% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Madras Fertilizers ($MADRASFERT) | 48.3% | 64.5% | 31.7% | 61.2% | |
| Kaleconbbph ($KALECONBBPH) | | 27.7% | 44.3% | 43.5% | |
| Indbulbbph ($INDBULBBPH) | 27.9% | 36.7% | 34.6% | 29.5% | |
| Indian Metals & Ferro Alloys ($INDMETA-B) | 33.0% | 20.4% | 21.4% | 23.2% | |
| Uplbbph ($UPLBBPH) | 18.8% | 18.2% | 18.3% | 18.8% | 20.0% |
| |
|---|
| Median (15 companies) | 14.8% | 15.4% | 12.4% | 14.7% | 10.0% |
|---|
| Ginni Filaments ($GINNIFIL) | 12.6% | 2.7% | 12.6% | 14.5% | 10.7% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Monetbbph ($MONETBBPH) | 9.6% | 131.4% | 5.2% | 139.2% | |
| Jklakbbph ($JKLAKBBPH) | 23.6% | 28.5% | 28.8% | 24.6% | |
| Rilbbph ($RILBBPH) | 12.7% | 4.6% | 7.7% | 13.8% | 16.9% |
| Indian Metals & Ferro Alloys ($INDMETA-B) | 27.1% | 33.6% | 18.7% | 10.1% | |
| Bharat Rasayan ($BHARATRA) | 3.0% | 32.9% | 41.5% | 7.1% | |
| |
|---|
| Median (14 companies) | 7.1% | 8.8% | 5.2% | 3.8% | 10.9% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kaleconbbph ($KALECONBBPH) | | | 89.0% | 103.8% | |
| Madras Fertilizers ($MADRASFERT) | 52.6% | 44.7% | 18.0% | 23.9% | |
| Bharat Rasayan ($BHARATRA) | 10.0% | 22.1% | 13.7% | 21.9% | |
| Uplbbph ($UPLBBPH) | 16.3% | 17.1% | 15.9% | 18.2% | 22.1% |
| Rane Brake Lining ($RANEBRAKE) | 15.3% | 14.1% | 7.9% | 11.1% | |
| |
|---|
| Median (28 companies) | 10.1% | 9.4% | 5.8% | 5.3% | 0.0% |
|---|
| Ginni Filaments ($GINNIFIL) | 11.6% | -1.0% | 15.2% | 21.6% | 12.8% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Monetbbph ($MONETBBPH) | 5.3x | 9.8x | 16.3x | 27.4x | |
| Asleyf ($ASLEYF) | 2.0x | 2.5x | 5.0x | 17.8x | |
| Indbulbbph ($INDBULBBPH) | 8.5x | 4.3x | 4.8x | 5.5x | |
| Jklakbbph ($JKLAKBBPH) | 3.0x | 2.1x | 2.3x | 5.3x | |
| Madras Fertilizers ($MADRASFERT) | 5.5x | 3.5x | 6.5x | 5.0x | |
| |
|---|
| Median (16 companies) | 1.8x | 2.1x | 2.2x | 2.5x | 2.3x |
|---|
| Ginni Filaments ($GINNIFIL) | 4.9x | 18.5x | 4.0x | 2.4x | 3.4x |
