20 Microns EBITDA jumped on 53.2% and EBITDA Margin increased on 4.4 pp from 8.4% to 12.8%

23-05-2016 • About 20 Microns ($20MICRONS) • By InTwits

20 Microns reported FY2016 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.

Revenue and profitability

The company's Revenue showed almost no change in FY2016. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 3.9 pp from 17.0% to 20.9% in FY2016. During the last 5 years EBITDA Margin bottomed in FY2015 at 8.4%.

Net Income margin increased on 3.8 pp from -0.70% to 3.1% in FY2016. During FY2012-FY2016 Net Income margin bottomed in FY2014 at -0.70% and was growing since that time.

Financial and operational results

20 Microns ($20MICRONS) key annual financial indicators

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	3,018	3,128	3,284	3,578	3,594	0.4%
EBITDA	382	387	302	299	459	53.2%
Net Income	110	48	-23	-25	110
Balance Sheet
Cash	47	64
Short Term Debt	951	710
Long Term Debt	588	727
Cash flow
Capex	460
Ratios
Revenue growth	18.4%	3.6%	5.0%	9.0%	0.4%
EBITDA growth	41.0%	1.2%	-21.8%	-1.0%	53.2%

EBITDA Margin	12.7%	12.4%	9.2%	8.4%	12.8%	4.4%
Net Income Margin	3.7%	1.5%	-0.7%	-0.7%	3.1%	3.8%
CAPEX, % of revenue	15.2%

ROIC	15.8%	13.4%
ROE	21.6%	7.5%
Net Debt/EBITDA	3.9x	3.6x	0.0x	0.0x	0.0x

Peers in Mining

Below we provide 20 Microns benchmarking against other companies in Mining 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	FY2012	FY2013	FY2014	FY2015	FY2016
Ashapura Minechem ($ASHAPURMIN)	2.7%	18.3%	40.3%	61.8%	-
Moil ($MOIL)	-21.1%	7.5%	5.6%	-19.4%	-
Median (2 companies)	-9.2%	12.9%	23.0%	21.2%	-
20 Microns ($20MICRONS)	-	3.6%	5.0%	9.0%	0.4%

Top companies by EBITDA margin, %


Top	FY2012	FY2013	FY2014	FY2015	FY2016
Moil ($MOIL)	48.3%	45.2%	54.6%	50.9%	-
Ashapura Minechem ($ASHAPURMIN)	11.7%	17.1%	16.6%	15.5%	-
Yantra Natural Resources ($YANTRA)	-	-	-	4.2%	-
Median (3 companies)	30.0%	31.1%	35.6%	15.5%	-
20 Microns ($20MICRONS)	12.7%	12.4%	9.2%	8.4%	12.8%

Top companies by CAPEX/Revenue, %


Top	FY2012	FY2013	FY2014	FY2015	FY2016
Moil ($MOIL)	4.6%	4.9%	7.5%	11.5%	-
Ashapura Minechem ($ASHAPURMIN)	6.4%	5.3%	3.7%	6.3%	-
Yantra Natural Resources ($YANTRA)	-	-	-	0.0%	-
Median (3 companies)	5.5%	5.1%	5.6%	6.3%	-

Top companies by ROIC, %


Top	FY2012	FY2013	FY2014	FY2015	FY2016
Ashapura Minechem ($ASHAPURMIN)	39.1%	87.6%	90.5%	181.4%	-
Moil ($MOIL)	17.7%	15.6%	17.8%	11.5%	-
Yantra Natural Resources ($YANTRA)	-	-	-	0.1%	-
Southern Magnesium & Chemicals ($SOUTHMG)	-	-	-	-	-
Median (4 companies)	28.4%	51.6%	54.2%	11.5%	-
20 Microns ($20MICRONS)	15.8%	13.4%	-	-	-

Top companies by Net Debt / EBITDA


Top	FY2012	FY2013	FY2014	FY2015	FY2016
Ashapura Minechem ($ASHAPURMIN)	5.7x	2.9x	1.4x	0.5x	-
Yantra Natural Resources ($YANTRA)	-	-	-17.9x	-0.1x	-
Moil ($MOIL)	-0.0x	-0.1x	-5.0x	-6.8x	-
Median (3 companies)	5.7x	2.9x	-5.0x	-0.1x	-
20 Microns ($20MICRONS)	3.9x	3.6x	0.0x	0.0x	0.0x

20 Microns stock price chart

20 Microns financials

mln.	FY2010	FY2011	FY2012

Revenue	4,260	2,550	3,018
EBITDA	207.0	271.0	382.3
Net income	59.874	64.919	110.4
CAPEX	183.4	187.9	459.7
Debt	873.5	1,158	1,539
Cash	55.524	82.934	47.200

About 20 Microns

20 Microns Limited produces and sells white minerals in the field of functional fillers, extenders, and specialty chemicals in India and internationally. The company provides micronized minerals, including calcined clay/calcined kaolin, china clay/kaolin, natural redoxide, natural silica, natural mica, natural baryte, natural ground calcium carbonate, natural talc, and nepheline synite/feldspar. It also offers specialty chemicals, such as white pigment opacifier, synthetic aluminum silicate, high performance opacifier, flash calcined clay/kaolin, flatting/matting amourphous alumino silicate, specialty matting silica, synthetic barium sulphate blancfixe, inorganic water base thickeners, organoclay solvent base thickener, sub micron calcium carbonate, high aspect ratio sub-micron talc, sub-microns hydrous clay/kaolin, flame retardant and smoke suppressant, polyethylene wax, and ultrafine natural silica. It serves textile, plastic, rubber, adhesive, paints, paper and printing ink, and agro-chemical industries. The company was founded in 1987 and is headquartered in Vadodara, India.