Wim Plast EBITDA jumped on 20.9% and EBITDA Margin increased on 3.9 pp from 17.0% to 20.9%
27-05-2016 • About Wim Plast (
$WIMPLAST) • By InTwits
Wim Plast reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Wim Plast has medium CAPEX intensity: 5 year average CAPEX/Revenue was 7.5%. At the same time it's a lot of higher than industry average of 5.5%.
- CAPEX is quite volatile: ₹119m in FY2016, ₹290m in FY2015, ₹109m in FY2014, ₹200m in FY2013, ₹288m in FY2012
- The company has highly profitable business model: ROIC is 31.6%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Wim Plast's Revenue decreased slightly on 1.9%. Despite revenue decline the EBITDA margin expanded. EBITDA Margin increased on 3.9 pp from 17.0% to 20.9% in FY2016.
Net Income margin increased on 2.1 pp from 10.5% to 12.6% in FY2016.
Investments (CAPEX, working capital and M&A)
Wim Plast's CAPEX/Revenue was 3.3% in FY2016. CAPEX/Revenue decreased on 4.7 pp from 8.1% in FY2013 to 3.3% in FY2016. It's average CAPEX/Revenue for the last three years was 5.0%.
Return on investment
The company operates at high and attractive ROIC (31.6%) and ROE (23.1%). ROIC showed almost no change in FY2016. ROE showed almost no change in FY2016. During FY2012-FY2016 ROIC bottomed in FY2014 at 31.0% and was growing since that time. ROE followed a declining trend at -0.45 pp per annum in the last 5 years.
Leverage (Debt)
The company has no debt. Cash surged on 80.0%.
Valuation and dividends
Wim Plast's trades at EV/EBITDA 16.5x and P/E 27.9x while industy averages are 17.8x and 21.9x. Wim Plast's EV/(EBITDA-CAPEX) is 19.6x with the industry average at 22.8x.
Financial and operational results
Wim Plast ($WIMPLAST) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 2,015 | 2,481 | 2,964 | 3,660 | 3,591 | -1.9% |
| EBITDA | 366 | 444 | 536 | 621 | 750 | 20.9% |
| Net Income | 227 | 283 | 325 | 384 | 451 | 17.7% |
Balance Sheet
|
|---|
| Cash | 18 | 27 | 37 | 134 | 241 | 80.0% |
| Short Term Debt | 0 | 0 | 0 | 0 | 0 | |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 288 | 200 | 109 | 290 | 119 | -59.0% |
Ratios
|
|---|
| Revenue growth | 27.5% | 23.1% | 19.5% | 23.5% | -1.9% | |
| EBITDA growth | 24.9% | 21.4% | 20.7% | 15.8% | 20.9% | |
|
|---|
| EBITDA Margin | 18.1% | 17.9% | 18.1% | 17.0% | 20.9% | 3.9% |
| Net Income Margin | 11.3% | 11.4% | 11.0% | 10.5% | 12.6% | 2.1% |
| CAPEX, % of revenue | 14.3% | 8.1% | 3.7% | 7.9% | 3.3% | -4.6% |
|
|---|
| ROIC | 31.8% | 31.2% | 31.0% | 31.2% | 31.6% | 0.4% |
| ROE | 24.5% | 24.9% | 23.6% | 23.4% | 23.1% | -0.3% |
| Net Debt/EBITDA | -0.1x | -0.1x | -0.1x | -0.2x | -0.3x | -0.1x |
Peers in Plastic Products
Below we provide Wim Plast benchmarking against other companies in Plastic Products 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 |
|---|
| Astral Poly Technik ($ASTRAL) | - | 41.6% | 30.8% | 32.4% | 20.2% |
| Max India ($MAX) | 28.0% | 23.7% | 10.1% | 27.4% | - |
| Acrysil ($ACRYSIL) | - | 29.6% | 33.8% | 19.4% | 31.6% |
| Shaily Engineering Plastics ($SHAILY) | - | -16.0% | 23.3% | 19.2% | 25.5% |
| Fenoplast ($FENOPLAS) | 11.4% | -1.1% | 12.6% | 8.5% | - |
| |
|---|
| Median (11 companies) | 18.2% | 24.4% | 12.6% | 8.4% | 15.9% |
|---|
| Wim Plast ($WIMPLAST) | - | 23.1% | 19.5% | 23.5% | -1.9% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Acrysil ($ACRYSIL) | 12.4% | 16.8% | 17.5% | 19.5% | 17.1% |
| Shaily Engineering Plastics ($SHAILY) | 14.3% | 13.9% | 16.0% | 14.8% | 17.3% |
| Jain Irrigation Systems ($JISLJALEQS) | 16.6% | 12.6% | 12.6% | 12.4% | - |
| Responsive Industries ($RESPONIND) | 13.4% | 11.5% | 10.3% | 12.2% | - |
| Bloom Dekor ($BLOOM) | - | - | - | 11.8% | - |
| |
|---|
| Median (15 companies) | 11.7% | 11.2% | 11.1% | 9.7% | 11.4% |
|---|
| Wim Plast ($WIMPLAST) | 18.1% | 17.9% | 18.1% | 17.0% | 20.9% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Shaily Engineering Plastics ($SHAILY) | 3.7% | - | 10.7% | 17.2% | 13.0% |
| Flexituff International ($FLEXITUFF) | 10.8% | 10.3% | 15.7% | 10.0% | 5.0% |
| Acrysil ($ACRYSIL) | 7.8% | 11.0% | 9.6% | 9.3% | 5.0% |
| Astral Poly Technik ($ASTRAL) | 11.9% | 8.4% | 8.6% | 6.0% | 8.0% |
| Responsive Industries ($RESPONIND) | 14.7% | 10.3% | 6.9% | 3.8% | - |
| |
|---|
| Median (7 companies) | 7.8% | 8.4% | 8.6% | 6.0% | 6.5% |
|---|
| Wim Plast ($WIMPLAST) | 14.3% | 8.1% | 3.7% | 7.9% | 3.3% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Acrysil ($ACRYSIL) | 7.7% | 16.2% | 20.2% | 21.0% | 16.9% |
| Astral Poly Technik ($ASTRAL) | 29.3% | 31.1% | 33.3% | 19.7% | 17.3% |
| Shaily Engineering Plastics ($SHAILY) | 19.5% | 15.0% | 19.3% | 15.2% | 18.2% |
| Max India ($MAX) | 8.9% | 24.3% | 7.0% | 12.7% | - |
| Jain Irrigation Systems ($JISLJALEQS) | 13.4% | 8.3% | 9.0% | 8.6% | - |
| |
|---|
| Median (22 companies) | 10.0% | 10.9% | 11.0% | 12.7% | 17.1% |
|---|
| Wim Plast ($WIMPLAST) | 31.8% | 31.2% | 31.0% | 31.2% | 31.6% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Flexituff International ($FLEXITUFF) | 2.2x | 3.1x | 4.3x | 5.3x | 4.5x |
| Jain Irrigation Systems ($JISLJALEQS) | 3.8x | 5.1x | 4.8x | 4.8x | - |
| Acrysil ($ACRYSIL) | 2.9x | 2.2x | 2.0x | 2.7x | 1.4x |
| Shaily Engineering Plastics ($SHAILY) | 1.9x | 1.8x | 1.9x | 2.6x | 1.5x |
| Responsive Industries ($RESPONIND) | 3.3x | 2.9x | 2.4x | 1.9x | - |
| |
|---|
| Median (15 companies) | 2.2x | 2.2x | 0.7x | 0.0x | 0.0x |
|---|
| Wim Plast ($WIMPLAST) | -0.1x | -0.1x | -0.1x | -0.2x | -0.3x |
