Wim Plast reports 166% CAPEX growth and 23.5% Revenue growth
25-05-2015 • About Wim Plast (
$WIMPLAST) • By InTwits
Wim Plast reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is relatively stable: 17.0% in FY2015 vs. 18.1% in FY2014 vs. 18.5% in FY2011
- Wim Plast has medium CAPEX intensity: 5 year average CAPEX/Revenue was 7.9%. At the same time it's in pair with industry average of 9.0%.
- CAPEX is quite volatile: 290 in FY2015, 109 in FY2014, 200 in FY2013, 288 in FY2012, 85.0 in FY2011
- The company has highly profitable business model: ROIC is at 31.2%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Wim Plast ($WIMPLAST) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,580 | 2,015 | 2,481 | 2,964 | 3,660 | 23.5% |
| EBITDA | 293 | 366 | 444 | 536 | 621 | 15.8% |
| Net Income | 182 | 227 | 283 | 325 | 384 | 18.0% |
Balance Sheet
|
|---|
| Cash | 7 | 18 | 27 | 37 | 134 | 260.7% |
| Short Term Debt | 0 | 0 | 0 | 0 | 0 | |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 85 | 288 | 200 | 109 | 290 | 165.6% |
Ratios
|
|---|
| Revenue growth | -63.9% | 27.5% | 23.1% | 19.5% | 23.5% | |
| EBITDA growth | 15.5% | 24.9% | 21.4% | 20.7% | 15.8% | |
| EBITDA Margin | 18.5% | 18.1% | 17.9% | 18.1% | 17.0% | -1.1% |
| Net Income Margin | 11.6% | 11.3% | 11.4% | 11.0% | 10.5% | -0.5% |
| CAPEX, % of revenue | 5.4% | 14.3% | 8.1% | 3.7% | 7.9% | 4.2% |
| ROIC | 31.0% | 31.8% | 31.2% | 31.0% | 31.2% | 0.1% |
| ROE | 24.0% | 24.5% | 24.9% | 23.6% | 23.4% | -0.2% |
| Net Debt/EBITDA | -0.0x | -0.1x | -0.1x | -0.1x | -0.2x | -0.1x |
Revenue and profitability
Wim Plast's Revenue surged on 23.5% in FY2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased slightly on 1.1 pp from 18.1% to 17.0% in FY2015.
Net Income marign showed almost no change in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 the company had CAPEX/Revenue of 7.9%. The company showed decline in CAPEX/Revenue of 6.4 pp from 14.3% in FY2012 to 7.9% in FY2015. It's average CAPEX/Revenue for the last three years was 6.6%.
Return on investment
The company operates at high and attractive ROIC (31.16%) and ROE (23.35%). ROIC showed almost no change in FY2015. ROE showed almost no change in FY2015.
Leverage (Debt)
The company has no debt. Cash surged on 261% in FY2015.
Valuation
The company's trades at EV/EBITDA 15.2x and P/E 24.9x while industy averages are 10.5x and 26.1x. The company's EV/(EBITDA-CAPEX) is 28.5x with the industry average at 4.7x.
Appendix 1: Peers in Plastic Products
Below you can find Wim Plast benchmarking vs. other companies in Plastic Products 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 |
|---|
| Acrysil ($ACRYSIL) | | 11.3% | 29.6% | 33.8% | 19.4% |
| Astral Poly Technik ($ASTRAL) | 41.6% | 41.7% | 41.6% | 30.8% | |
| Shaily Engineering Plastics ($SHAILY) | | 14.9% | -16.0% | 23.3% | 19.2% |
| Jain Irrigation Systems ($JISLJALEQS) | | 20.9% | 2.1% | 16.1% | 5.6% |
| Responsive Industries ($RESPONIND) | -52.3% | 42.7% | 29.4% | 15.5% | |
| |
|---|
| Median (11 companies) | -51.4% | 15.3% | 24.4% | 12.6% | 8.5% |
|---|
| Wim Plast ($WIMPLAST) | | 27.5% | 23.1% | 19.5% | 23.5% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Acrysil ($ACRYSIL) | 19.2% | 12.4% | 16.8% | 17.5% | 19.5% |
| Shaily Engineering Plastics ($SHAILY) | 11.5% | 14.3% | 13.9% | 16.0% | 14.8% |
| Astral Poly Technik ($ASTRAL) | 13.5% | 14.2% | 14.2% | 14.8% | |
| Jain Irrigation Systems ($JISLJALEQS) | 18.6% | 16.6% | 12.6% | 12.6% | 12.4% |
| Flexituff International ($FLEXITUFF) | 13.1% | 15.1% | 13.5% | 11.1% | |
| |
|---|
| Median (9 companies) | 11.1% | 11.7% | 11.2% | 11.1% | 12.4% |
|---|
| Wim Plast ($WIMPLAST) | 18.5% | 18.1% | 17.9% | 18.1% | 17.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Flexituff International ($FLEXITUFF) | 11.0% | 10.8% | 10.3% | 15.7% | |
| Shaily Engineering Plastics ($SHAILY) | 1.9% | 3.7% | | 10.7% | 17.2% |
| Acrysil ($ACRYSIL) | 21.2% | 7.8% | 11.0% | 9.6% | 9.3% |
| Astral Poly Technik ($ASTRAL) | 9.3% | 11.9% | 8.4% | 8.6% | |
| Responsive Industries ($RESPONIND) | 18.7% | 14.7% | 10.3% | 6.9% | |
| |
|---|
| Median (7 companies) | 9.1% | 7.8% | 8.4% | 8.6% | 9.3% |
|---|
| Wim Plast ($WIMPLAST) | 5.4% | 14.3% | 8.1% | 3.7% | 7.9% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Astral Poly Technik ($ASTRAL) | 22.6% | 29.3% | 31.1% | 33.3% | |
| Acrysil ($ACRYSIL) | | 7.7% | 16.2% | 20.2% | 21.0% |
| Shaily Engineering Plastics ($SHAILY) | 12.1% | 19.5% | 15.0% | 19.3% | 15.2% |
| Flexituff International ($FLEXITUFF) | 14.7% | 18.6% | 15.9% | 11.0% | |
| Jain Irrigation Systems ($JISLJALEQS) | 15.0% | 13.4% | 8.3% | 9.0% | 8.6% |
| |
|---|
| Median (21 companies) | 12.1% | 10.0% | 10.9% | 11.0% | 15.2% |
|---|
| Wim Plast ($WIMPLAST) | 31.0% | 31.8% | 31.2% | 31.0% | 31.2% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jain Irrigation Systems ($JISLJALEQS) | 3.4x | 3.8x | 5.1x | 4.8x | 4.8x |
| Flexituff International ($FLEXITUFF) | 3.5x | 2.2x | 3.1x | 4.3x | |
| Responsive Industries ($RESPONIND) | 1.9x | 3.3x | 2.9x | 2.4x | |
| Acrysil ($ACRYSIL) | 1.9x | 2.9x | 2.2x | 2.0x | 2.7x |
| Shaily Engineering Plastics ($SHAILY) | 4.0x | 1.9x | 1.8x | 1.9x | 2.6x |
| |
|---|
| Median (12 companies) | 2.4x | 2.2x | 2.3x | 0.8x | 2.6x |
|---|
| Wim Plast ($WIMPLAST) | -0.0x | -0.1x | -0.1x | -0.1x | -0.2x |
