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Eveready Industries India EBITDA surged on 36.8% in 2015 and EBITDA Margin increased slightly on 1.8 pp from 7.9% to 9.7%

11-05-2015 • About Eveready Industries India ($EVEREADY) • By InTwits

Eveready Industries India reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • EBITDA Margin is expanding: 9.7% in FY2015 vs. 7.9% in FY2014 vs. 6.5% in FY2011
  • Eveready Industries India has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.0%. At the same time it's a lot of higher than industry average of 7.9%.
  • CAPEX is quite volatile: 336 in FY2015, 201 in FY2014, 132 in FY2013, 293 in FY2012, 184 in FY2011
  • The company has business model with average profitability: ROIC is at 10.8%
  • It operates with high leverage: Net Debt/EBITDA is 1.8x while industry average is 0.9x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Eveready Industries India ($EVEREADY) key annual financial indicators

mln. INR201120122013201420152015/2014
P&L
Revenue10,73911,00110,35311,53412,78910.9%
EBITDA6994436579071,24036.8%
Net Income-140-88151136489260.0%
Balance Sheet
Cash1476743967691.2%
Short Term Debt2,3662,2111,9301,7901,749-2.3%
Long Term Debt1,5391,50883246052814.7%
Cash flow
Capex18429313220133667.1%
Ratios
Revenue growth-27.5%2.4%-5.9%11.4%10.9%
EBITDA growth-32.4%-36.6%48.2%38.0%36.8%
EBITDA Margin6.5%4.0%6.3%7.9%9.7%1.8%
Net Income Margin-1.3%-8.0%0.5%1.2%3.8%2.6%
CAPEX, % of revenue1.7%2.7%1.3%1.7%2.6%0.9%
ROIC3.5%1.6%3.5%5.7%10.8%5.1%
ROE-2.2%-15.8%0.9%2.3%8.0%5.7%
Net Debt/EBITDA5.4x8.2x4.1x2.5x1.8x-0.7x

Revenue and profitability


The company's Revenue surged on 10.9% in FY2015. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased slightly on 1.8 pp from 7.9% to 9.7% in FY2015.

Net Income marign increased on 2.6 pp from 1.2% to 3.8% in FY2015.

Capital expenditures (CAPEX) and working capital investments


In FY2015 the company had CAPEX/Revenue of 2.6%. Eveready Industries India's CAPEX/Revenue showed almost no change from FY2012 to FY2015. It's average level of CAPEX/Revenue for the last three years was 1.9%.

Return on investment


The company operates at low ROIC (10.84%) and ROE (8.03%). ROIC increased on 5.1 pp from 5.7% to 10.8% in FY2015. ROE increased on 5.7 pp from 2.3% to 8.0% in FY2015.

Leverage (Debt)


Debt level is 1.8x Net Debt / EBITDA and 1.8x Debt / EBITDA. Net Debt / EBITDA dropped on 0.7x from 2.5x to 1.8x in FY2015. Debt increased slightly on 1.2% in FY2015 while cash surged on 691% in FY2015.

Appendix 1: Peers in Non-Durable Household Prod.


Below you can find Eveready Industries India benchmarking vs. other companies in Non-Durable Household Prod. 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  FY2011 FY2012 FY2013 FY2014 FY2015
Panasonic Energy India Company ($PANAENERG)-35.2%5.5%11.4%8.9%
Kokuyo Camlin ($KOKUYOCMLN)-44.8%7.4%13.6%7.3%
Linc Pen & Plastics ($LINCPENQ)-33.6%9.2%10.6%3.1%
 
Median (3 companies)-35.2%7.4%11.4%7.3%
Eveready Industries India ($EVEREADY)2.4%-5.9%11.4%10.9%


Top companies by EBITDA margin, %

Top  FY2011 FY2012 FY2013 FY2014 FY2015
Linc Pen & Plastics ($LINCPENQ)5.9%3.8%5.6%7.5%
Panasonic Energy India Company ($PANAENERG)4.8%3.4%3.4%6.3%
Kokuyo Camlin ($KOKUYOCMLN)7.3%3.3%-1.2%0.7%
 
Median (3 companies)5.9%3.4%3.4%6.3%
Eveready Industries India ($EVEREADY)6.5%4.0%6.3%7.9%9.7%


Top companies by CAPEX/Revenue, %

Top  FY2011 FY2012 FY2013 FY2014 FY2015
Kokuyo Camlin ($KOKUYOCMLN)4.3%2.6%3.2%8.3%
Linc Pen & Plastics ($LINCPENQ)4.7%2.4%2.2%3.0%
Panasonic Energy India Company ($PANAENERG)0.4%0.4%0.8%0.1%
 
Median (3 companies)4.3%2.4%2.2%3.0%
Eveready Industries India ($EVEREADY)1.7%2.7%1.3%1.7%2.6%


Top companies by ROIC, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Linc Pen & Plastics ($LINCPENQ)14.1%6.6%12.5%16.6%
Kokuyo Camlin ($KOKUYOCMLN)17.6%3.6%-7.6%-2.4%
High Energy Batteries (India) ($HIGHENE)-0.9%11.6%10.0%-10.2%
Panasonic Energy India Company ($PANAENERG)7.6%
Todays Writing Instruments ($TODAYS)-12.0%-111.5%-39.0%
 
Median (5 companies)7.6%5.1%1.2%-2.4%
Eveready Industries India ($EVEREADY)3.5%1.6%3.5%5.7%10.8%


Top companies by Net Debt / EBITDA

Top  FY2011 FY2012 FY2013 FY2014 FY2015
Kokuyo Camlin ($KOKUYOCMLN)1.6x2.1x2.8x
Linc Pen & Plastics ($LINCPENQ)2.8x4.1x1.9x1.4x
Todays Writing Instruments ($TODAYS)0.0x
Panasonic Energy India Company ($PANAENERG)-1.7x-3.3x-2.4x-1.6x
 
Median (4 companies)2.2x3.0x1.9x0.7x
Eveready Industries India ($EVEREADY)5.4x8.2x4.1x2.5x1.8x


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