Gmm Pfaudler EBITDA decreased on 7.9% and Revenue decreased on 5.1%
10-05-2016 • About Gmm Pfaudler (
$GMM) • By InTwits
Gmm Pfaudler reported FY2016 financial results today. Here are the key drivers of the company's long term financial model:
- Gmm Pfaudler has low CAPEX intensity: 5 year average CAPEX/Revenue was 4.1%. At the same time it's in pair with industry average of 4.5%
- CAPEX is quite volatile: ₹139m in FY2016, ₹78m in FY2015, ₹51m in FY2014, ₹76m in FY2013, ₹116m in FY2012
- The company has highly profitable business model: ROIC is 16.1%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Gmm Pfaudler's Revenue decreased on 5.1%. During the last 5 years Revenue growth topped in FY2013 at 47.8% and was decelerating since that time. EBITDA Margin showed almost no change in FY2016. During the last 5 years EBITDA Margin topped in FY2015 at 12.3%.
Net Income margin increased slightly on 0.75 pp from 6.1% to 6.9% in FY2016.
Investments (CAPEX, working capital and M&A)
In FY2016 the company had CAPEX/Revenue of 4.8%. CAPEX/Revenue increased slightly on 1.2 pp from 3.6% in FY2013 to 4.8% in FY2016. Average CAPEX/Revenue for the last three years was 3.0%. During the last 5 years CAPEX as a % of Revenue bottomed in FY2014 at 1.8% and was growing since that time.
Return on investment
The company operates at good ROIC (16.1%) and ROE (12.7%). ROIC decreased on 2.2 pp from 18.2% to 16.1% in FY2016. ROE showed almost no change in FY2016. During the last 5 years ROIC topped in FY2015 at 18.2%.
Leverage (Debt)
The company has no debt. Cash jumped on 54.0%.
Financial and operational results
Gmm Pfaudler ($GMM) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,440 | 2,129 | 2,788 | 3,076 | 2,921 | -5.1% |
| EBITDA | -849 | 159 | 332 | 380 | 350 | -7.9% |
| Net Income | 99 | 97 | 191 | 189 | 201 | 6.6% |
Balance Sheet
|
|---|
| Cash | 130 | 249 | 269 | 347 | 534 | 54.0% |
| Short Term Debt | 0 | 0 | 0 | 0 | 0 | |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 116 | 76 | 51 | 78 | 139 | 78.7% |
Ratios
|
|---|
| Revenue growth | -26.1% | 47.8% | 31.0% | 10.3% | -5.1% | |
| EBITDA growth | -527.6% | -118.7% | 108.9% | 14.2% | -7.9% | |
|
|---|
| EBITDA Margin | -59.0% | 7.5% | 11.9% | 12.3% | 12.0% | -0.4% |
| Net Income Margin | 6.9% | 4.5% | 6.8% | 6.1% | 6.9% | 0.8% |
| CAPEX, % of revenue | 8.1% | 3.6% | 1.8% | 2.5% | 4.8% | 2.2% |
|
|---|
| ROIC | -76.2% | 6.8% | 17.4% | 18.2% | 16.1% | -2.2% |
| ROE | 9.1% | 8.3% | 14.8% | 13.0% | 12.7% | -0.4% |
| Net Debt/EBITDA | | -1.6x | -0.8x | -0.9x | -1.5x | -0.6x |
Peers in Industrial Machinery
Below we provide Gmm Pfaudler benchmarking against other companies in Industrial Machinery 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Lloyd Electric & Engineering ($LLOYDELENG) | - | - | - | 22.3% | 27.3% |
| Kabra Extrusiontechnik ($KABRAEXTRU) | -13.3% | -8.7% | 28.4% | 21.6% | - |
| Akar Tools ($AKARTOOL) | 21.1% | 2.1% | -2.3% | 16.7% | - |
| Honda Siel Power Products ($HONDAPOWER) | 28.1% | 2.4% | 5.0% | 16.5% | - |
| Mazda ($MAZDALTD) | 22.1% | 14.7% | -15.6% | 16.2% | - |
| |
|---|
| Median (27 companies) | 20.1% | 2.1% | -1.2% | 3.3% | 8.7% |
|---|
| Gmm Pfaudler ($GMM) | - | 47.8% | 31.0% | 10.3% | -5.1% |
Top companies by Gross margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Bell Agromachina ($BELAGRO) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| |
|---|
| Median (1 company) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Texmaco Infrastructure & Holdings ($TEXINFRA) | - | - | - | 40.5% | - |
| Dhp India ($DHPIND) | - | - | - | 26.3% | - |
| Shilp Gravures ($SHILGRAVQ) | - | - | - | 19.4% | - |
| Solitaire Machine Tools ($SOLIMAC) | - | - | - | 19.4% | - |
| Wendt (India) ($WENDT) | 28.3% | 21.6% | 18.6% | 19.0% | 16.5% |
| |
|---|
| Median (43 companies) | 11.3% | 9.5% | 10.0% | 10.2% | 11.7% |
|---|
| Gmm Pfaudler ($GMM) | -59.0% | 7.5% | 11.9% | 12.3% | 12.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Texmaco Infrastructure & Holdings ($TEXINFRA) | - | - | - | 14.0% | - |
| Wendt (India) ($WENDT) | 13.5% | 9.0% | 8.8% | 9.4% | 9.3% |
| Ingersoll-Rand (India) ($INGERRAND) | 4.3% | 10.9% | 3.6% | 9.2% | - |
| Kabra Extrusiontechnik ($KABRAEXTRU) | 6.5% | 1.8% | 0.5% | 8.8% | - |
| Forbes & Company ($FORBESCO) | 1.8% | 2.6% | 3.0% | 5.1% | - |
| |
|---|
| Median (21 companies) | 5.6% | 4.4% | 3.0% | 3.3% | 2.2% |
|---|
| Gmm Pfaudler ($GMM) | 8.1% | 3.6% | 1.8% | 2.5% | 4.8% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Greaves Cotton ($GREAVESCOT) | - | 24.8% | 16.3% | 26.7% | 25.7% |
| Lakshmi Machine Works ($LAXMIMACH) | 18.0% | 11.7% | 16.2% | 17.6% | - |
| Honda Siel Power Products ($HONDAPOWER) | 16.9% | 8.8% | 11.5% | 15.3% | - |
| Wendt (India) ($WENDT) | 38.2% | 20.2% | 16.2% | 15.1% | 12.6% |
| Dynamatic Technologies ($DYNAMATECH) | 13.8% | 11.0% | 13.2% | 13.9% | - |
| |
|---|
| Median (52 companies) | 13.5% | 10.9% | 9.2% | 12.1% | 9.8% |
|---|
| Gmm Pfaudler ($GMM) | -76.2% | 6.8% | 17.4% | 18.2% | 16.1% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Forbes & Company ($FORBESCO) | 2.2x | 3.3x | 4.7x | 6.3x | - |
| Nitin Fire Protection Industries ($NITINFIRE) | 3.6x | 3.5x | 3.0x | 3.7x | - |
| Elgi Equipments ($ELGIEQUIP) | -1.2x | 2.3x | 2.7x | 3.3x | - |
| Lloyd Electric & Engineering ($LLOYDELENG) | - | - | 3.7x | 3.2x | 2.7x |
| Elecon Engineering Co ($ELECON) | 3.0x | 3.2x | 4.0x | 3.1x | 3.9x |
| |
|---|
| Median (34 companies) | 0.7x | 1.5x | 0.0x | 0.0x | 0.0x |
|---|
| Gmm Pfaudler ($GMM) | - | -1.6x | -0.8x | -0.9x | -1.5x |
