Panasonic Energy India Company reports 7.3% Net Income decline in 2016 and almost no change in EBITDA Margin of 9.8%
24-05-2016 • About Panasonic Energy India Company (
$PANAENERG) • By InTwits
Panasonic Energy India Company reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is quite volatile: 9.8% in FY2016, 10.2% in FY2015, 6.3% in FY2014, 3.4% in FY2013, 3.4% in FY2012
- Panasonic Energy India Company has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.2%. At the same time it's in pair with industry average of 4.1%
- CAPEX is quite volatile: ₹65m in FY2016, ₹53m in FY2015, ₹3m in FY2014, ₹16m in FY2013, ₹7m in FY2012
- The company has highly profitable business model: ROIC is 23.4%
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 increased slightly on 1.2%. During FY2012-FY2016 Revenue growth topped in FY2013 at 11.4% and was decelerating since that time. EBITDA Margin showed almost no change in FY2016. EBITDA Margin grew at 2.0 pp per annum in FY2012-FY2016.
Net Income margin decreased slightly on 0.63 pp from 7.5% to 6.9% in FY2016. Net Income margin grew at 1.8 pp per annum in the last 5 years.
Investments (CAPEX, working capital and M&A)
Panasonic Energy India Company's CAPEX/Revenue was 2.7% in FY2016. CAPEX/Revenue increased slightly on 2.0 pp from 0.75% in FY2013 to 2.7% in FY2016. Average CAPEX/Revenue for the last three years was 1.7%.
Return on investment
The company operates at high and attractive ROIC (23.4%) while ROE is a bit lower (18.5%). ROIC decreased on 3.8 pp from 27.2% to 23.4% in FY2016. ROE decreased on 4.2 pp from 22.7% to 18.5% in FY2016. ROE stuck to a growing trend at 5.1 pp per annum in FY2012-FY2016.
Leverage (Debt)
The company has no debt. Cash dropped on 17.7%.
Valuation and dividends
The company's trades at EV/EBITDA 8.0x and P/E 13.3x while industy averages are 17.8x and 21.9x. The company's EV/(EBITDA-CAPEX) is 11.1x with the industry average at 22.8x.
Financial and operational results
Panasonic Energy India Company ($PANAENERG) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,848 | 2,059 | 2,241 | 2,380 | 2,409 | 1.2% |
| EBITDA | 63 | 69 | 140 | 242 | 236 | -2.3% |
| Net Income | 18 | 25 | 74 | 178 | 165 | -7.3% |
Balance Sheet
|
|---|
| Cash | 209 | 169 | 222 | 370 | 305 | -17.7% |
| Short Term Debt | | | 0 | 0 | 0 | |
| Long Term Debt | | | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 7 | 16 | 3 | 53 | 65 | 22.6% |
Ratios
|
|---|
| Revenue growth | 5.5% | 11.4% | 8.9% | 6.2% | 1.2% | |
| EBITDA growth | -24.5% | 9.7% | 102.2% | 72.3% | -2.3% | |
|
|---|
| EBITDA Margin | 3.4% | 3.4% | 6.3% | 10.2% | 9.8% | -0.4% |
| Net Income Margin | 1.0% | 1.2% | 3.3% | 7.5% | 6.9% | -0.6% |
| CAPEX, % of revenue | 0.4% | 0.8% | 0.1% | 2.2% | 2.7% | 0.5% |
|
|---|
| ROIC | | | | 27.2% | 23.4% | -3.8% |
| ROE | 2.7% | 3.6% | 10.5% | 22.7% | 18.5% | -4.2% |
| Net Debt/EBITDA | -3.3x | -2.4x | -1.6x | -1.5x | -1.3x | 0.2x |
Peers in Non-Durable Household Prod.
Below you can find Panasonic Energy India Company benchmarking vs. other companies in Non-Durable Household Prod. industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kokuyo Camlin ($KOKUYOCMLN) | - | 13.6% | 7.3% | 15.6% | 12.9% |
| Linc Pen & Plastics ($LINCPENQ) | - | 10.6% | 3.1% | 0.6% | 8.5% |
| Eveready Industries India ($EVEREADY) | - | -5.9% | 11.4% | 10.9% | 3.5% |
| |
|---|
| Median (3 companies) | - | 10.6% | 7.3% | 10.9% | 8.5% |
|---|
| Panasonic Energy India Company ($PANAENERG) | - | 11.4% | 8.9% | 6.2% | 1.2% |
Top companies by EBITDA margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Linc Pen & Plastics ($LINCPENQ) | 3.8% | 5.6% | 7.5% | 7.7% | 9.3% |
| Eveready Industries India ($EVEREADY) | 4.0% | 6.3% | 7.9% | 9.7% | 9.1% |
| Kokuyo Camlin ($KOKUYOCMLN) | 3.3% | -1.2% | 0.7% | 3.2% | 4.0% |
| |
|---|
| Median (3 companies) | 3.8% | 5.6% | 7.5% | 5.4% | 9.1% |
|---|
| Panasonic Energy India Company ($PANAENERG) | 3.4% | 3.4% | 6.3% | 10.2% | 9.8% |
Top companies by CAPEX/Revenue, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kokuyo Camlin ($KOKUYOCMLN) | 2.6% | 3.2% | 8.3% | 3.5% | 6.7% |
| Linc Pen & Plastics ($LINCPENQ) | 2.4% | 2.2% | 3.0% | 1.6% | 6.0% |
| Eveready Industries India ($EVEREADY) | 2.7% | 1.3% | 1.7% | 2.6% | 2.1% |
| |
|---|
| Median (3 companies) | 2.6% | 2.2% | 3.0% | 2.6% | 6.0% |
|---|
| Panasonic Energy India Company ($PANAENERG) | 0.4% | 0.8% | 0.1% | 2.2% | 2.7% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Linc Pen & Plastics ($LINCPENQ) | 6.6% | 12.5% | 16.6% | 16.3% | 20.9% |
| Eveready Industries India ($EVEREADY) | 1.6% | 3.5% | 5.7% | 10.8% | 10.4% |
| Kokuyo Camlin ($KOKUYOCMLN) | 3.6% | -7.6% | -2.4% | 2.3% | 4.3% |
| High Energy Batteries (India) ($HIGHENE) | 11.6% | 10.0% | -10.2% | - | - |
| Todays Writing Instruments ($TODAYS) | -111.5% | -39.0% | - | - | - |
| |
|---|
| Median (5 companies) | 3.6% | 3.5% | 1.7% | 10.8% | 10.4% |
|---|
| Panasonic Energy India Company ($PANAENERG) | - | - | - | 27.2% | 23.4% |
Top companies by Net Debt / EBITDA
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Eveready Industries India ($EVEREADY) | 8.2x | 4.1x | 2.5x | 1.8x | 1.6x |
| Kokuyo Camlin ($KOKUYOCMLN) | 2.1x | - | 2.8x | -0.1x | 1.3x |
| Linc Pen & Plastics ($LINCPENQ) | 4.1x | 1.9x | 1.4x | 0.7x | 1.0x |
| |
|---|
| Median (3 companies) | 4.0x | 4.1x | 2.0x | 0.7x | 1.3x |
|---|
| Panasonic Energy India Company ($PANAENERG) | -3.3x | -2.4x | -1.6x | -1.5x | -1.3x |
