Pg Foils revenue dropped on 17.5%

31-05-2016 • About Pg Foils ($PGFOILQ) • By InTwits

Pg Foils reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is declining: in FY2016 vs. in FY2015 vs. 3.7% in FY2012.

Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.

Revenue and profitability

Pg Foils's Revenue dropped on 17.5%.

Net Income margin increased on 2.8 pp from 2.0% to 4.8% in FY2016.

Financial and operational results

Pg Foils ($PGFOILQ) key annual financial indicators

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	1,923	1,841	1,888	2,302	1,898	-17.5%
EBITDA	72	13	7
Net Income	60	39	60	46	91	96.7%
Balance Sheet
Cash	1	424
Short Term Debt	528	488
Long Term Debt	30	23
Cash flow
Capex	16
Ratios
Revenue growth	36.1%	-4.3%	2.6%	21.9%	-17.5%
EBITDA growth	-42.0%	-82.5%	-43.6%
EBITDA Margin	3.7%	0.7%	0.4%
Net Income Margin	3.1%	2.1%	3.2%	2.0%	4.8%	2.8%
CAPEX, % of revenue	0.8%
ROIC	2.6%	-1.3%
ROE	7.5%	4.6%
Net Debt/EBITDA	7.8x	6.9x	0.0x

Peers in Aluminium

Below you can find Pg Foils benchmarking vs. other companies in Aluminium 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
Alicon Castalloy ($ALICON)	-	11.9%	1.5%	34.0%	5.0%
Hindalco Industries ($HINDALCO)	-	-1.0%	9.0%	18.4%	-3.9%
Gujarat Foils ($GUJFOIL)	-	31.4%	25.2%	13.2%	-7.3%
Bothra Metals & Alloys ($BMAL)	-	57.0%	27.3%	15.3%	-33.1%
Median (4 companies)	-	21.7%	17.1%	16.8%	-5.6%
Pg Foils ($PGFOILQ)	-	-4.3%	2.6%	21.9%	-17.5%

Top companies by EBITDA margin, %

Top	FY2012	FY2013	FY2014	FY2015	FY2016
Alicon Castalloy ($ALICON)	9.8%	8.8%	10.0%	9.9%	10.4%
Tentiwal Wire Products ($TWPL)	-	-	-	9.7%	-
Hindalco Industries ($HINDALCO)	10.9%	10.3%	9.3%	8.7%	8.7%
Bothra Metals & Alloys ($BMAL)	6.5%	5.1%	3.6%	4.3%	-5.6%
Median (4 companies)	9.8%	9.6%	9.7%	9.2%	8.7%

Top companies by CAPEX/Revenue, %

Top	FY2012	FY2013	FY2014	FY2015	FY2016
Alicon Castalloy ($ALICON)	8.4%	3.7%	5.2%	12.0%	7.8%
Hindalco Industries ($HINDALCO)	15.5%	14.8%	10.8%	5.8%	4.0%
Median (2 companies)	8.4%	9.3%	8.0%	8.9%	5.9%

Top companies by ROIC, %

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Alicon Castalloy ($ALICON)	16.4%	13.0%	14.8%	16.7%	16.3%
Hindalco Industries ($HINDALCO)	8.6%	6.2%	4.6%	4.9%	4.1%
Tentiwal Wire Products ($TWPL)	12.5%	12.6%	-	-	-
Sacheta Metals ($SACHEMT)	-3.1%	-	-	-	-
Bothra Metals & Alloys ($BMAL)	15.2%	13.8%	-	-	-
Median (6 companies)	12.5%	12.8%	9.7%	10.8%	10.2%
Pg Foils ($PGFOILQ)	2.6%	-1.3%	-	-	-

Top companies by Net Debt / EBITDA

Top	FY2012	FY2013	FY2014	FY2015	FY2016
Hindalco Industries ($HINDALCO)	4.3x	6.6x	7.5x	7.2x	7.3x
Alicon Castalloy ($ALICON)	2.3x	2.1x	2.0x	2.3x	2.0x
Tentiwal Wire Products ($TWPL)	4.9x	5.2x	0.0x	0.0x	0.0x
Sacheta Metals ($SACHEMT)	14.3x	0.0x	0.0x	-	0.0x
Median (4 companies)	4.3x	3.4x	0.0x	1.1x	1.0x

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