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Camphor & Allied Products revenue surged on 14.8% in 2015 while EBITDA Margin decreased on 3.0 pp from 15.2% to 12.2%

28-05-2015 • About Camphor & Allied Products ($CAMPHOR) • By InTwits

Camphor & Allied Products reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • EBITDA Margin is quite volatile: 12.2% in FY2015, 15.2% in FY2014, 15.2% in FY2013, 5.4% in FY2012, 6.1% in FY2011
  • Camphor & Allied Products has medium CAPEX intensity: 5 year average CAPEX/Revenue was 9.9%. At the same time it's a lot of higher than industry average of 8.0%.
  • CAPEX is quite volatile: 62.9 in FY2015, 60.4 in FY2014, 801 in FY2013, 141 in FY2012, 40.1 in FY2011
  • The company has highly profitable business model: ROIC is at 13.3%
  • It operates with medium-size leverage: Net Debt/EBITDA is 2.7x while industry average is 2.5x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Camphor & Allied Products ($CAMPHOR) key annual financial indicators

mln. INR201120122013201420152015/2014
P&L
Revenue2,1682,0222,1683,0933,55114.8%
EBITDA133110329469433-7.7%
Net Income7721239201193-4.2%
Balance Sheet
Cash2352382521-15.5%
Short Term Debt4093175408481,09028.6%
Long Term Debt0628526341104-69.4%
Cash flow
Capex4014180160634.1%
Ratios
Revenue growth-49.0%-6.7%7.2%42.7%14.8%
EBITDA growth-29.8%-17.3%199.2%42.5%-7.7%
EBITDA Margin6.1%5.4%15.2%15.2%12.2%-3.0%
Net Income Margin3.5%1.0%11.0%6.5%5.4%-1.1%
CAPEX, % of revenue1.8%7.0%36.9%2.0%1.8%-0.2%
ROIC10.3%5.7%15.5%17.0%13.3%-3.7%
ROE11.3%2.9%28.1%18.8%15.4%-3.4%
Net Debt/EBITDA2.9x3.8x3.2x2.5x2.7x0.2x

Revenue and profitability


The company's Revenue jumped on 14.8% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.1 pp from 9.2% to 10.4% in FY2015.

Net Income marign decreased slightly on 1.1 pp from 6.5% to 5.4% in FY2015.

Capital expenditures (CAPEX) and working capital investments


In FY2015 Camphor & Allied Products had CAPEX/Revenue of 1.8%. The company's CAPEX/Revenue decreased on 5.2 pp from 7.0% in FY2012 to 1.8% in FY2015. It's average level of CAPEX/Revenue for the last three years was 13.5%.

Return on investment


The company operates at good ROIC (13.34%) and ROE (15.40%). ROIC decreased on 3.7 pp from 17.0% to 13.3% in FY2015. ROE decreased on 3.4 pp from 18.8% to 15.4% in FY2015.

Leverage (Debt)


Company's Net Debt / EBITDA is 2.7x and Debt / EBITDA is 2.8x. Net Debt / EBITDA jumped on 0.2x from 2.5x to 2.7x in FY2015. Debt showed almost no change in FY2015 while cash dropped on 15.5% in FY2015.

Valuation


The company's trades at EV/EBITDA 5.8x and P/E 6.9x while industy averages are 10.5x and 26.1x. Camphor & Allied Products's EV/(EBITDA-CAPEX) is 6.8x with the industry average at 4.7x.

Appendix 1: Peers in Commodity Chemicals


Below we provide Camphor & Allied Products benchmarking against other companies in Commodity Chemicals 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
Shree Hari Chemicals Export ($SHHARICH)-2.5%-78.0%299.5%111.6%
Jindal Poly Films ($JINDPOLBBPH)-66.5%-17.2%-6.3%131.7%
Bodal Chemicals ($BODALCHEM)-51.3%5.4%-12.6%80.0%
Kanoria Chemicals & Industries ($KANORICHEM)-40.7%27.2%47.9%-1.9%
Gayatri Bioorganics ($GAYATRIBI)-71.2%48.9%17.4%41.4%
 
Median (35 companies)-33.1%19.0%11.4%10.6%3.1%
Camphor & Allied Products ($CAMPHOR)-6.7%7.2%42.7%14.8%


Top companies by EBITDA margin, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Mysore Petro Chemicals ($MYSORPETRO)47.1%
Aditya Birla Chemicals (India) ($ABCIL)33.6%26.8%27.1%23.6%21.9%
Chemfab Alkalis ($CHEMFALKAL)19.0%22.3%32.9%24.2%19.8%
Alkyl Amines Chemicals ($ALKYLAMINE)13.3%15.9%16.0%19.0%18.3%
Balaji Amines ($BALAMINES)18.3%17.6%15.5%14.3%16.4%
 
Median (32 companies)13.3%11.6%8.3%8.5%6.9%
Camphor & Allied Products ($CAMPHOR)6.1%5.4%15.2%15.2%12.2%


Top companies by CAPEX/Revenue, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Chemfab Alkalis ($CHEMFALKAL)5.1%2.2%15.8%55.6%
Aditya Birla Chemicals (India) ($ABCIL)5.9%136.9%24.2%30.8%15.0%
Jindal Poly Films ($JINDPOLBBPH)2.9%6.9%2.1%27.5%
Polyplex Corporation ($POLYPLEX)6.0%10.7%41.3%19.2%
Kanoria Chemicals & Industries ($KANORICHEM)12.9%25.1%6.0%13.4%40.3%
 
Median (19 companies)5.9%5.2%6.3%5.9%3.8%
Camphor & Allied Products ($CAMPHOR)1.8%7.0%36.9%2.0%1.8%


Top companies by ROIC, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Riddhi Siddhi Gluco Biols ($RIDDHI)-0.2%-1.3%-0.6%61.1%
Bodal Chemicals ($BODALCHEM)-1.3%3.3%39.0%
Elantas Beck India ($ELANTAS)17.5%20.4%33.9%31.0%
Alkyl Amines Chemicals ($ALKYLAMINE)10.3%16.0%18.7%25.0%23.7%
Aarti Industries ($AARTIIND)13.1%15.9%19.1%17.2%17.9%
 
Median (59 companies)10.7%9.2%9.5%8.9%9.8%
Camphor & Allied Products ($CAMPHOR)10.3%5.7%15.5%17.0%13.3%


Top companies by Net Debt / EBITDA

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
India Glycols ($INDIAGLYCO)8.2x4.8x3.7x8.5x14.2x
Godrej Industries ($GODREJIND)6.8x9.9x5.7x7.9x10.7x
Polyplex Corporation ($POLYPLEX)0.6x0.9x6.8x7.1x
Link Pharma Chem ($LINKPH)71.1x3.4x4.1x6.2x
Refnol Resins & Chemicals ($REFNOL)4.1x5.6x0.0x
 
Median (41 companies)2.4x2.6x3.0x0.8x1.5x
Camphor & Allied Products ($CAMPHOR)2.9x3.8x3.2x2.5x2.7x


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