Ashapura Minechem CAPEX jumped on 177% in 2015 and Revenue surged on 61.8%
26-05-2015 • About Ashapura Minechem (
$ASHAPURMIN) • By InTwits
Ashapura Minechem reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is quite volatile: 15.5% in FY2015, 16.6% in FY2014, 17.1% in FY2013, 11.7% in FY2012, 33.8% in FY2011
- Ashapura Minechem has low CAPEX intensity: 5 year average CAPEX/Revenue was 5.0%. At the same time it's in pair with industry average of 6.9%.
- CAPEX is quite volatile: 1,103 in FY2015, 399 in FY2014, 409 in FY2013, 420 in FY2012, 196 in FY2011
- The company has highly profitable business model: ROIC is at 181.4%
- It operates with high leverage: Net Debt/EBITDA is 0.5x while industry average is -5.6x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Ashapura Minechem ($ASHAPURMIN) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 6,356 | 6,526 | 7,719 | 10,832 | 17,528 | 61.8% |
| EBITDA | 2,148 | 766 | 1,321 | 1,798 | 2,719 | 51.2% |
| Net Income | -6,021 | -336 | 441 | 1,742 | -365 | -120.9% |
Balance Sheet
|
|---|
| Cash | 233 | 131 | 279 | 318 | 492 | 55.0% |
| Short Term Debt | 3,438 | 3,540 | 3,158 | 2,338 | 1,403 | -40.0% |
| Long Term Debt | 984 | 937 | 966 | 512 | 477 | -6.7% |
Cash flow
|
|---|
| Capex | 196 | 420 | 409 | 399 | 1,103 | 176.6% |
Ratios
|
|---|
| Revenue growth | -70.2% | 2.7% | 18.3% | 40.3% | 61.8% | |
| EBITDA growth | 161.0% | -64.3% | 72.4% | 36.2% | 51.2% | |
| EBITDA Margin | 33.8% | 11.7% | 17.1% | 16.6% | 15.5% | -1.1% |
| Net Income Margin | -94.7% | -5.2% | 5.7% | 16.1% | -2.1% | -18.2% |
| CAPEX, % of revenue | 3.1% | 6.4% | 5.3% | 3.7% | 6.3% | 2.6% |
| ROIC | 45.1% | 39.1% | 87.6% | 90.5% | 181.4% | 90.9% |
| Net Debt/EBITDA | 2.0x | 5.7x | 2.9x | 1.4x | 0.5x | -0.9x |
Revenue and profitability
Ashapura Minechem's Revenue jumped on 61.8% in FY2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased slightly on 1.1 pp from 16.6% to 15.5% in FY2015.
Net Income marign dropped on 18.2 pp from 16.1% to -2.1% in FY2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 6.3% in FY2015. Ashapura Minechem showed almost no change in CAPEX/Revenue from FY2012 to FY2015. Average CAPEX/Revenue for the last three years was 5.1%.
Leverage (Debt)
Company's Net Debt / EBITDA is 0.5x and Debt / EBITDA is 0.7x. Net Debt / EBITDA dropped on 0.9x from 1.4x to 0.5x in FY2015. Debt dropped on 34.0% in FY2015 while cash surged on 55.0% in FY2015.
Management team
Rajnikant Pajwani is a the company's CEO. Rajnikant Pajwani has spent 4 years at the company.
Appendix 1: Peers in Mining
Below you can find Ashapura Minechem benchmarking vs. other companies in Mining 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 |
|---|
| Moil ($MOIL) | 20.9% | -21.1% | 7.5% | 5.6% | |
| 20 Microns ($20MICRONS) | -40.1% | 18.4% | 3.6% | 5.0% | |
| |
|---|
| Median (2 companies) | -9.6% | -1.4% | 5.6% | 5.3% | |
|---|
| Ashapura Minechem ($ASHAPURMIN) | | 2.7% | 18.3% | 40.3% | 61.8% |
Top companies by EBITDA margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Moil ($MOIL) | 67.5% | 48.3% | 45.2% | 54.6% | |
| 20 Microns ($20MICRONS) | 10.6% | 12.7% | 12.4% | 9.2% | |
| |
|---|
| Median (2 companies) | 39.1% | 30.5% | 28.8% | 31.9% | |
|---|
| Ashapura Minechem ($ASHAPURMIN) | 33.8% | 11.7% | 17.1% | 16.6% | 15.5% |
Top companies by CAPEX/Revenue, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Moil ($MOIL) | 4.3% | 4.6% | 4.9% | 7.5% | |
| |
|---|
| Median (1 company) | 5.8% | 9.9% | 4.9% | 7.5% | |
|---|
| Ashapura Minechem ($ASHAPURMIN) | 3.1% | 6.4% | 5.3% | 3.7% | 6.3% |
Top companies by ROIC, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Moil ($MOIL) | 38.6% | 17.7% | 15.6% | 17.8% | |
| Southern Magnesium & Chemicals ($SOUTHMG) | | | | | |
| 20 Microns ($20MICRONS) | 13.7% | 15.8% | 13.4% | | |
| Yantra Natural Resources ($YANTRA) | | | | | |
| |
|---|
| Median (4 companies) | 26.1% | 16.8% | 14.5% | 17.8% | |
|---|
| Ashapura Minechem ($ASHAPURMIN) | 45.1% | 39.1% | 87.6% | 90.5% | 181.4% |
Top companies by Net Debt / EBITDA
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| 20 Microns ($20MICRONS) | 4.0x | 3.9x | 3.6x | 0.0x | |
| Moil ($MOIL) | -0.0x | -0.0x | -0.1x | -5.0x | |
| Yantra Natural Resources ($YANTRA) | -0.1x | | | -17.9x | |
| |
|---|
| Median (3 companies) | -0.0x | 3.9x | 3.6x | -5.0x | |
|---|
| Ashapura Minechem ($ASHAPURMIN) | 2.0x | 5.7x | 2.9x | 1.4x | 0.5x |
