Panasonic Energy India Company reports 140% Net Income growth and 6.2% Revenue growth
28-05-2015 • About Panasonic Energy India Company (
$PANAENERG) • By InTwits
Panasonic Energy India Company reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is quite volatile: 10.2% in FY2015, 6.3% in FY2014, 3.4% in FY2013, 3.4% in FY2012, 4.8% in FY2011
- Panasonic Energy India Company has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.8%.
- The company has highly profitable business model: ROIC is at 27.2%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Panasonic Energy India Company ($PANAENERG) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,753 | 1,848 | 2,059 | 2,241 | 2,380 | 6.2% |
| EBITDA | 84 | 63 | 69 | 140 | 242 | 72.3% |
| Net Income | 55 | 18 | 25 | 74 | 178 | 139.9% |
Balance Sheet
|
|---|
| Cash | 139 | 209 | 169 | 222 | 370 | 66.4% |
| Short Term Debt | 0 | | | 0 | 0 | |
| Long Term Debt | 0 | | | 0 | 0 | |
Cash flow
|
|---|
| Capex | 6 | 7 | 16 | 3 | 53 | 1,770.8% |
Ratios
|
|---|
| Revenue growth | -35.2% | 5.5% | 11.4% | 8.9% | 6.2% | |
| EBITDA growth | 0.8% | -24.5% | 9.7% | 102.2% | 72.3% | |
| EBITDA Margin | 4.8% | 3.4% | 3.4% | 6.3% | 10.2% | 3.9% |
| Net Income Margin | 3.1% | 1.0% | 1.2% | 3.3% | 7.5% | 4.2% |
| CAPEX, % of revenue | 0.4% | 0.4% | 0.8% | 0.1% | 2.2% | 2.1% |
| ROIC | 7.6% | | | | 27.2% | 27.2% |
| ROE | 8.3% | 2.7% | 3.6% | 10.5% | 22.7% | 12.2% |
| Net Debt/EBITDA | -1.7x | -3.3x | -2.4x | -1.6x | -1.5x | 0.1x |
Revenue and profitability
The company's Revenue increased on 6.2% in FY2015. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased on 3.9 pp from 6.3% to 10.2% in FY2015.
Net Income marign increased on 4.2 pp from 3.3% to 7.5% in FY2015.
Capital expenditures (CAPEX) and working capital investments
Panasonic Energy India Company's CAPEX/Revenue was 2.2% in FY2015. Panasonic Energy India Company showed small growth in CAPEX/Revenue of 1.9 pp from 0.38% in FY2012 to 2.2% in FY2015. It's average CAPEX/Revenue for the last three years was 1.0%.
Return on investment
The company operates at high and attractive ROIC (27.17%) and ROE (22.68%). ROE jumped on 12.2 pp from 10.5% to 22.7% in FY2015.
Leverage (Debt)
The company has no debt. Cash surged on 66.4% in FY2015.
Valuation
Panasonic Energy India Company's trades at EV/EBITDA 7.0x and P/E 11.5x while industy averages are 10.5x and 26.1x.
Appendix 1: Peers in Non-Durable Household Prod.
Below we provide Panasonic Energy India Company benchmarking against other companies in Non-Durable Household Prod. 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 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kokuyo Camlin ($KOKUYOCMLN) | | 7.4% | 13.6% | 7.3% | 15.6% |
| Eveready Industries India ($EVEREADY) | | 2.4% | -5.9% | 11.4% | 10.9% |
| Linc Pen & Plastics ($LINCPENQ) | | 9.2% | 10.6% | 3.1% | 0.6% |
| |
|---|
| Median (3 companies) | | 7.4% | 10.6% | 7.3% | 10.9% |
|---|
| Panasonic Energy India Company ($PANAENERG) | | 5.5% | 11.4% | 8.9% | 6.2% |
Top companies by EBITDA margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Eveready Industries India ($EVEREADY) | 6.5% | 4.0% | 6.3% | 7.9% | 9.7% |
| Linc Pen & Plastics ($LINCPENQ) | 5.9% | 3.8% | 5.6% | 7.5% | 7.7% |
| Kokuyo Camlin ($KOKUYOCMLN) | 7.3% | 3.3% | -1.2% | 0.7% | 3.2% |
| |
|---|
| Median (3 companies) | 6.5% | 3.8% | 5.6% | 7.5% | 7.7% |
|---|
| Panasonic Energy India Company ($PANAENERG) | 4.8% | 3.4% | 3.4% | 6.3% | 10.2% |
Top companies by CAPEX/Revenue, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kokuyo Camlin ($KOKUYOCMLN) | 4.3% | 2.6% | 3.2% | 8.3% | 3.5% |
| Eveready Industries India ($EVEREADY) | 1.7% | 2.7% | 1.3% | 1.7% | 2.6% |
| Linc Pen & Plastics ($LINCPENQ) | 4.7% | 2.4% | 2.2% | 3.0% | 1.6% |
| |
|---|
| Median (3 companies) | 4.3% | 2.6% | 2.2% | 3.0% | 2.6% |
|---|
| Panasonic Energy India Company ($PANAENERG) | 0.4% | 0.4% | 0.8% | 0.1% | 2.2% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Linc Pen & Plastics ($LINCPENQ) | 14.1% | 6.6% | 12.5% | 16.6% | 16.3% |
| Eveready Industries India ($EVEREADY) | 3.5% | 1.6% | 3.5% | 5.7% | 10.8% |
| Kokuyo Camlin ($KOKUYOCMLN) | 17.6% | 3.6% | -7.6% | -2.4% | 2.3% |
| High Energy Batteries (India) ($HIGHENE) | -0.9% | 11.6% | 10.0% | -10.2% | |
| Todays Writing Instruments ($TODAYS) | -12.0% | -111.5% | -39.0% | | |
| |
|---|
| Median (5 companies) | 3.5% | 3.6% | 3.5% | 1.7% | 10.8% |
|---|
| Panasonic Energy India Company ($PANAENERG) | 7.6% | | | | 27.2% |
Top companies by Net Debt / EBITDA
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Eveready Industries India ($EVEREADY) | 5.4x | 8.2x | 4.1x | 2.5x | 1.8x |
| Linc Pen & Plastics ($LINCPENQ) | 2.8x | 4.1x | 1.9x | 1.4x | 0.7x |
| Kokuyo Camlin ($KOKUYOCMLN) | 1.6x | 2.1x | | 2.8x | -0.1x |
| |
|---|
| Median (3 companies) | 4.1x | 4.0x | 4.1x | 2.0x | 0.7x |
|---|
| Panasonic Energy India Company ($PANAENERG) | -1.7x | -3.3x | -2.4x | -1.6x | -1.5x |
