South India Paper Mills Net Income jumped on 78.0% and Revenue jumped on 11.5%
26-05-2016 • About South India Paper Mills (
$STHINPA) • By InTwits
South India Paper Mills reported FY2016 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue surged on 11.5%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 0.54 pp from 89.2% to 89.7% in FY2016.
Net Income margin increased on 4.4 pp from 7.3% to 11.7% in FY2016. During the last 5 years Net Income margin bottomed in FY2014 at 2.7% and was growing since that time.
Leverage (Debt)
Company's Net Debt / EBITDA is 0.7x and Debt / EBITDA is 0.8x. Net Debt / EBITDA jumped0.7x from 0x to 0.7x in FY2016. Debt surged while cash surged.
South India Paper Mills has short term refinancing risk: cash is only 26.7% of short term debt.
Valuation and dividends
South India Paper Mills's trades at EV/EBITDA 5.7x and P/E 7.4x while industy averages are 17.8x and 21.9x.
Financial and operational results
South India Paper Mills ($STHINPA) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,702 | 1,683 | 1,435 | 1,854 | 2,066 | 11.5% |
| EBITDA | 230 | 270 | 147 | 292 | 358 | 22.5% |
| Net Income | 154 | 137 | 39 | 135 | 241 | 78.0% |
Balance Sheet
|
|---|
| Cash | 14 | 33 | | | 39 | |
| Short Term Debt | 64 | 51 | | | 145 | |
| Long Term Debt | 77 | 47 | | | 143 | |
Cash flow
|
|---|
| Capex | 193 | | | | | |
Ratios
|
|---|
| Revenue growth | 2.2% | -1.1% | -14.7% | 29.2% | 11.5% | |
| EBITDA growth | -7.2% | 17.8% | -45.8% | 99.2% | 22.5% | |
|
|---|
| EBITDA Margin | 13.5% | 16.1% | 10.2% | 15.8% | 17.3% | 1.6% |
| Net Income Margin | 9.0% | 8.1% | 2.7% | 7.3% | 11.7% | 4.4% |
| CAPEX, % of revenue | 11.3% | | | | | |
|
|---|
| ROIC | 15.0% | 16.9% | | | | |
| ROE | 18.5% | 14.6% | | | | |
| Net Debt/EBITDA | 0.6x | 0.2x | 0.0x | 0.0x | 0.7x |
Peers in Paper & Paper Products
Below you can find South India Paper Mills benchmarking vs. other companies in Paper & Paper Products 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 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| N.R.Agarwal Industries ($NRAGRINDQ) | - | 4.0% | 5.5% | 34.1% | 21.8% |
| Pudumjee Pulp & Paper Mills ($PDUMJEPULP) | 2.1% | 8.4% | 4.9% | 26.5% | - |
| Tcpl Packaging ($TCPLPACK) | 17.8% | 33.7% | 5.8% | 26.1% | - |
| Jk Paper ($JKPAPER) | - | 9.4% | 18.5% | 24.3% | 13.5% |
| Yash Papers ($YASHPPR) | - | -3.6% | 39.5% | 17.3% | 0.6% |
| |
|---|
| Median (14 companies) | 10.0% | 6.6% | 8.4% | -0.3% | 6.0% |
|---|
| South India Paper Mills ($STHINPA) | - | -1.1% | -14.7% | 29.2% | 11.5% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Tamil Nadu Newsprint & Papers ($TNPL) | 21.0% | 22.2% | 22.5% | 24.0% | - |
| Tcpl Packaging ($TCPLPACK) | 16.1% | 14.9% | 15.7% | 16.5% | - |
| Yash Papers ($YASHPPR) | 15.7% | 16.8% | 16.0% | 15.7% | - |
| Kuantum Papers ($KUANTUM) | 11.2% | 14.2% | 15.9% | 12.7% | 29.6% |
| Emami Paper Mills ($EMAMIPAP) | 13.3% | 15.0% | 14.5% | 11.4% | 10.0% |
| |
|---|
| Median (15 companies) | 11.6% | 11.8% | 14.9% | 9.8% | 11.5% |
|---|
| South India Paper Mills ($STHINPA) | 13.5% | 16.1% | 10.2% | 15.8% | 17.3% |
Top companies by CAPEX/Revenue, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Emami Paper Mills ($EMAMIPAP) | 24.4% | 7.3% | 19.2% | 89.3% | 21.7% |
| Tamil Nadu Newsprint & Papers ($TNPL) | 18.9% | 10.4% | 5.5% | 35.2% | - |
| Tcpl Packaging ($TCPLPACK) | 18.3% | 8.6% | 11.1% | 12.1% | - |
| Jk Paper ($JKPAPER) | 47.6% | 59.5% | 15.9% | 4.2% | 1.6% |
| |
|---|
| Median (4 companies) | 13.2% | 9.5% | 13.5% | 23.6% | 11.7% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Tcpl Packaging ($TCPLPACK) | 15.4% | 17.4% | 16.9% | 23.1% | - |
| Tamil Nadu Newsprint & Papers ($TNPL) | 5.3% | 8.2% | 11.1% | 12.7% | - |
| Jk Paper ($JKPAPER) | 5.2% | 2.7% | 1.1% | 4.3% | 10.5% |
| Emami Paper Mills ($EMAMIPAP) | 5.8% | 5.9% | 5.4% | 3.0% | 2.0% |
| Rama Pulp & Papers ($RAMAPULP) | - | 10.8% | - | - | - |
| |
|---|
| Median (21 companies) | 7.9% | 8.2% | 11.1% | 8.5% | 6.2% |
|---|
| South India Paper Mills ($STHINPA) | 15.0% | 16.9% | - | - | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Emami Paper Mills ($EMAMIPAP) | 7.4x | 5.3x | 5.0x | 11.2x | 16.7x |
| Jk Paper ($JKPAPER) | 6.8x | 12.7x | 14.1x | 8.6x | 4.0x |
| Tamil Nadu Newsprint & Papers ($TNPL) | 5.4x | 3.6x | 2.8x | 4.0x | - |
| Tcpl Packaging ($TCPLPACK) | 2.6x | 2.3x | 2.2x | 1.9x | - |
| Yash Papers ($YASHPPR) | 5.2x | 5.5x | 4.5x | 0.0x | - |
| |
|---|
| Median (13 companies) | 3.6x | 3.3x | 0.0x | 0.0x | 0.0x |
|---|
| South India Paper Mills ($STHINPA) | 0.6x | 0.2x | 0.0x | 0.0x | 0.7x |
