Astral Poly Technik revenue surged on 32.4% in 2015 while EBITDA Margin decreased on 3.0 pp from 14.8% to 11.8%
28-05-2015 • About Astral Poly Technik (
$ASTRAL) • By InTwits
Astral Poly Technik reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Astral Poly Technik is a fast growth stock: FY2015 revenue growth was 32.4%, 5 year revenue CAGR was 37.6% at FY2015 ROIC 19.7%
- Astral Poly Technik has medium CAPEX intensity: 5 year average CAPEX/Revenue was 8.8%. At the same time it's in pair with industry average of 7.5%.
- CAPEX is quite volatile: 633,640 in FY2015, 600,870 in FY2014, 307,260 in FY2013, 163,810 in FY2012, 338,650 in FY2011
- The company has highly profitable business model: ROIC is at 19.7%
- It operates with medium-size leverage: Net Debt/EBITDA is 1.1x while industry average is 1.2x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Astral Poly Technik ($ASTRAL) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 4,113 | 5,827 | 8,252 | 10,796 | 14,299 | 32.4% |
| SG&A | | | | | 506 | |
| EBITDA | 554 | 828 | 1,172 | 1,600 | 1,683 | 5.2% |
| Net Income | 328 | 395 | 606 | 789 | 759 | -3.8% |
Balance Sheet
|
|---|
| Cash | 102 | 110 | 115 | 9 | 115 | 1,131.4% |
| Short Term Debt | 24 | 291 | 279 | 613 | 814 | 32.6% |
| Long Term Debt | 319 | 648 | 644 | 806 | 1,213 | 50.5% |
Cash flow
|
|---|
| Capex | 383 | 696 | 696 | 924 | 858 | -7.2% |
Ratios
|
|---|
| Revenue growth | 41.6% | 41.7% | 41.6% | 30.8% | 32.4% | |
| EBITDA growth | 32.6% | 49.4% | 41.5% | 36.5% | 5.2% | |
| EBITDA Margin | 13.5% | 14.2% | 14.2% | 14.8% | 11.8% | -3.0% |
| Net Income Margin | 8.0% | 6.8% | 7.3% | 7.3% | 5.3% | -2.0% |
| SG&A, % of revenue | | | | | 3.5% | 3.5% |
| CAPEX, % of revenue | 9.3% | 11.9% | 8.4% | 8.6% | 6.0% | -2.6% |
| ROIC | 22.6% | 29.3% | 31.1% | 33.3% | 19.7% | -13.5% |
| ROE | 24.8% | 23.8% | 28.5% | 28.4% | 16.2% | -12.1% |
| Net Debt/EBITDA | 0.4x | 1.0x | 0.7x | 0.9x | 1.1x | 0.3x |
Revenue and profitability
Astral Poly Technik's Revenue jumped on 32.4% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 2.0 pp from 8.1% to 10.0% in FY2015.
Net Income marign decreased on 2.0 pp from 7.3% to 5.3% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 the company had CAPEX/Revenue of 6.0%. Astral Poly Technik showed decline in CAPEX/Revenue of 6.0 pp from 11.9% in FY2012 to 6.0% in FY2015. It's average level of CAPEX/Revenue for the last three years was 7.7%.To fuel this fast growth the company invested a large share of EBITDA (51.0%) to CAPEX.
Return on investment
The company operates at good ROIC (19.74%) and ROE (16.25%). ROIC dropped on 13.5 pp from 33.3% to 19.7% in FY2015. ROE dropped on 12.1 pp from 28.4% to 16.2% in FY2015.
Leverage (Debt)
Debt level is 1.1x Net Debt / EBITDA and 1.2x Debt / EBITDA. Net Debt / EBITDA surged on 0.3x from 0.9x to 1.1x in FY2015. Debt surged on 42.7% in FY2015 while cash jumped on 1,131% in FY2015.
Valuation
The company's trades at EV/EBITDA 29.5x and P/E 62.8x while industy averages are 10.5x and 26.1x. The company's EV/(EBITDA-CAPEX) is 60.0x with the industry average at 4.7x.
Management team
Sandeep P Engineer is a Astral Poly Technik's CEO. Sandeep P Engineer has spent 12 years at the company.
Appendix 1: Peers in Plastic Products
Below we provide Astral Poly Technik benchmarking against other companies in Plastic Products 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 |
|---|
| Max India ($MAX) | | 28.0% | 23.7% | 10.1% | 27.4% |
| Wim Plast ($WIMPLAST) | | 27.5% | 23.1% | 19.5% | 23.5% |
| Acrysil ($ACRYSIL) | | 11.3% | 29.6% | 33.8% | 19.4% |
| Shaily Engineering Plastics ($SHAILY) | | 14.9% | -16.0% | 23.3% | 19.2% |
| Fenoplast ($FENOPLAS) | | 11.4% | -1.1% | 12.6% | 8.5% |
| |
|---|
| Median (10 companies) | -18.6% | 15.3% | 23.4% | 12.6% | 8.5% |
|---|
| Astral Poly Technik ($ASTRAL) | | 41.7% | 41.6% | 30.8% | 32.4% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Acrysil ($ACRYSIL) | 19.2% | 12.4% | 16.8% | 17.5% | 19.5% |
| Wim Plast ($WIMPLAST) | 18.5% | 18.1% | 17.9% | 18.1% | 17.0% |
| Shaily Engineering Plastics ($SHAILY) | 11.5% | 14.3% | 13.9% | 16.0% | 14.8% |
| Jain Irrigation Systems ($JISLJALEQS) | 18.6% | 16.6% | 12.6% | 12.6% | 12.4% |
| Responsive Industries ($RESPONIND) | 15.4% | 13.4% | 11.5% | 10.3% | 12.2% |
| |
|---|
| Median (11 companies) | 11.1% | 11.7% | 11.2% | 11.1% | 11.8% |
|---|
| Astral Poly Technik ($ASTRAL) | 13.5% | 14.2% | 14.2% | 14.8% | 11.8% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Shaily Engineering Plastics ($SHAILY) | 1.9% | 3.7% | | 10.7% | 17.2% |
| Flexituff International ($FLEXITUFF) | 11.0% | 10.8% | 10.3% | 15.7% | 10.0% |
| Acrysil ($ACRYSIL) | 21.2% | 7.8% | 11.0% | 9.6% | 9.3% |
| Wim Plast ($WIMPLAST) | 5.4% | 14.3% | 8.1% | 3.7% | 7.9% |
| Responsive Industries ($RESPONIND) | 18.7% | 14.7% | 10.3% | 6.9% | 3.8% |
| |
|---|
| Median (7 companies) | 5.4% | 7.8% | 8.1% | 6.9% | 7.9% |
|---|
| Astral Poly Technik ($ASTRAL) | 9.3% | 11.9% | 8.4% | 8.6% | 6.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Wim Plast ($WIMPLAST) | 31.0% | 31.8% | 31.2% | 31.0% | 31.2% |
| Acrysil ($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% | 6.9% |
| Jain Irrigation Systems ($JISLJALEQS) | 15.0% | 13.4% | 8.3% | 9.0% | 8.6% |
| |
|---|
| Median (21 companies) | 12.1% | 10.0% | 10.9% | 11.0% | 12.7% |
|---|
| Astral Poly Technik ($ASTRAL) | 22.6% | 29.3% | 31.1% | 33.3% | 19.7% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Flexituff International ($FLEXITUFF) | 3.5x | 2.2x | 3.1x | 4.3x | 5.3x |
| Jain Irrigation Systems ($JISLJALEQS) | 3.4x | 3.8x | 5.1x | 4.8x | 4.8x |
| 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 |
| Responsive Industries ($RESPONIND) | 1.9x | 3.3x | 2.9x | 2.4x | 1.9x |
| |
|---|
| Median (11 companies) | 2.4x | 2.2x | 2.3x | 0.4x | 0.4x |
|---|
| Astral Poly Technik ($ASTRAL) | 0.4x | 1.0x | 0.7x | 0.9x | 1.1x |
