Gmm Pfaudler reports 14.2% EBITDA growth and 10.3% Revenue growth
20-05-2015 • About Gmm Pfaudler (
$GMM) • By InTwits
Gmm Pfaudler reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Gmm Pfaudler has low CAPEX intensity: 5 year average CAPEX/Revenue was 4.5%. At the same time it's in pair with industry average of 4.2%.
- CAPEX is quite volatile: 77.7 in FY2015, 50.6 in FY2014, 76.0 in FY2013, 116 in FY2012, 125 in FY2011
- The company has highly profitable business model: ROIC is at 18.2%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Gmm Pfaudler ($GMM) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,949 | 1,440 | 2,129 | 2,788 | 3,076 | 10.3% |
| EBITDA | 199 | -849 | 159 | 332 | 380 | 14.2% |
| Net Income | 121 | 99 | 97 | 191 | 189 | -1.0% |
Balance Sheet
|
|---|
| Cash | 71 | 130 | 249 | 269 | 347 | 28.8% |
| Short Term Debt | 7 | 0 | 0 | 0 | 0 | |
| Long Term Debt | 37 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 125 | 116 | 76 | 51 | 78 | 53.6% |
Ratios
|
|---|
| Revenue growth | -47.2% | -26.1% | 47.8% | 31.0% | 10.3% | |
| EBITDA growth | 17.9% | -527.6% | -118.7% | 108.9% | 14.2% | |
| EBITDA Margin | 10.2% | -59.0% | 7.5% | 11.9% | 12.3% | 0.4% |
| Net Income Margin | 6.2% | 6.9% | 4.5% | 6.8% | 6.1% | -0.7% |
| CAPEX, % of revenue | 6.4% | 8.1% | 3.6% | 1.8% | 2.5% | 0.7% |
| ROIC | 14.2% | -76.2% | 6.8% | 17.4% | 18.2% | 0.8% |
| ROE | 12.2% | 9.1% | 8.3% | 14.8% | 13.0% | -1.7% |
| Net Debt/EBITDA | -0.1x | | -1.6x | -0.8x | -0.9x | -0.1x |
Revenue and profitability
The company's Revenue jumped on 10.3% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin jumped on 16.0 pp from -6.3% to 9.7% in FY2015.
Net Income marign decreased slightly on 0.70 pp from 6.8% to 6.1% in FY2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 2.5% in FY2015. The company's CAPEX/Revenue decreased on 5.5 pp from 8.1% in FY2012 to 2.5% in FY2015. Average CAPEX/Revenue for the last three years was 2.6%.
Return on investment
The company operates at good ROIC (18.23%) and ROE (13.04%). ROIC increased slightly on 0.83 pp from 17.4% to 18.2% in FY2015. ROE decreased slightly on 1.7 pp from 14.8% to 13.0% in FY2015.
Leverage (Debt)
The company has no debt. Cash surged on 28.8% in FY2015.
Appendix 1: Peers in Industrial Machinery
Below we provide Gmm Pfaudler benchmarking against other companies in Industrial Machinery 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 |
|---|
| Forbes & Company ($FORBESCO) | -66.3% | 22.4% | 13.0% | 53.4% | |
| Nitin Fire Protection Industries ($NITINFIRE) | -67.4% | 22.3% | 31.5% | 44.2% | |
| Kabra Extrusiontechnik ($KABRAEXTRU) | -32.6% | -13.3% | -8.7% | 28.4% | |
| Veejay Lakshmi Engineering Works ($VJLAXMIE) | 27.9% | -28.8% | 5.7% | 26.6% | |
| Lloyd Electric & Engineering ($LLOYDELENG) | 24.2% | 32.2% | 9.9% | 20.5% | |
| |
|---|
| Median (26 companies) | -28.2% | 20.1% | 2.1% | 0.9% | 12.7% |
|---|
| Gmm Pfaudler ($GMM) | | -26.1% | 47.8% | 31.0% | 10.3% |
Top companies by Gross margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Bell Agromachina ($BELAGRO) | | 0.0% | 0.0% | 0.0% | 0.0% |
| |
|---|
| Median (1 company) | | 0.0% | 0.0% | 0.0% | 0.0% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Lokesh Machines ($LOKESHMACH) | 14.7% | 18.9% | 21.9% | 24.0% | |
| Wendt (India) ($WENDT) | 30.8% | 28.3% | 21.6% | 18.6% | 19.0% |
| Mazda ($MAZDALTD) | 14.4% | 14.5% | 16.2% | 15.0% | |
| Ksb Pumps ($KSBPUMPS) | 9.9% | 13.1% | 14.1% | 12.6% | |
| Abc Bearings ($ABCBEARS) | 22.6% | 16.5% | 12.9% | 12.1% | 13.3% |
| |
|---|
| Median (22 companies) | 14.0% | 11.2% | 9.6% | 10.0% | 10.1% |
|---|
| Gmm Pfaudler ($GMM) | 10.2% | -59.0% | 7.5% | 11.9% | 12.3% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Lokesh Machines ($LOKESHMACH) | 18.5% | 22.1% | | 12.9% | |
| Elgi Equipments ($ELGIEQUIP) | 2.8% | 4.0% | 24.0% | 9.8% | |
| Wendt (India) ($WENDT) | 7.2% | 13.5% | 9.0% | 8.8% | 9.4% |
| Ksb Pumps ($KSBPUMPS) | 3.3% | 7.5% | 3.5% | 5.0% | |
| Honda Siel Power Products ($HONDAPOWER) | 4.3% | 6.7% | 8.0% | 3.7% | 4.3% |
| |
|---|
| Median (19 companies) | 3.4% | 5.5% | 4.1% | 3.0% | 4.6% |
|---|
| Gmm Pfaudler ($GMM) | 6.4% | 8.1% | 3.6% | 1.8% | 2.5% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Rexnord Electronics & Controls ($REXNORD) | 10.4% | | | 18.8% | |
| Greaves Cotton ($GREAVESCOT) | | | 24.8% | 16.3% | 26.7% |
| Lakshmi Machine Works ($LAXMIMACH) | 16.8% | 18.0% | 11.7% | 16.2% | |
| Wendt (India) ($WENDT) | | 38.2% | 20.2% | 16.2% | 15.1% |
| Nitin Fire Protection Industries ($NITINFIRE) | | | 13.2% | 14.7% | |
| |
|---|
| Median (51 companies) | 15.2% | 13.1% | 10.9% | 9.2% | 8.2% |
|---|
| Gmm Pfaudler ($GMM) | 14.2% | -76.2% | 6.8% | 17.4% | 18.2% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Chemtech Industrial Valves ($CHEMTECH) | 7.7x | 6.4x | 5.3x | 8.8x | |
| Forbes & Company ($FORBESCO) | 3.5x | 2.2x | 3.3x | 4.7x | |
| Lokesh Machines ($LOKESHMACH) | 4.0x | 3.7x | 3.3x | 4.6x | |
| Elecon Engineering Co ($ELECON) | 3.1x | 3.0x | 3.2x | 4.0x | 3.1x |
| Lloyd Electric & Engineering ($LLOYDELENG) | 4.0x | 3.2x | 3.0x | 3.7x | |
| |
|---|
| Median (34 companies) | 1.3x | 0.8x | 1.7x | 0.0x | 0.0x |
|---|
| Gmm Pfaudler ($GMM) | -0.1x | | -1.6x | -0.8x | -0.9x |
