Pearl Polymers reports 10.9% revenue decline in FY2016
16-06-2016 • About Pearl Polymers (
$PEARLPOLY) • By InTwits
Pearl Polymers reported FY2016 financial results today. Here are the key drivers of the company's long term financial model: It operates with high leverage: Net Debt/EBITDA is 2.9x while industry average is 1.1x.
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Pearl Polymers's Revenue dropped on 10.9%. Revenue decline was accelerating on average at -6.2 pp per annum in FY2012-FY2016.
Net Income margin increased slightly on 1.5 pp from -1.3% to 0.26% in FY2016.
Financial and operational results
Pearl Polymers ($PEARLPOLY) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 2,145 | 2,176 | 2,247 | 1,980 | 1,763 | -10.9% |
| EBITDA | 148 | 67 | | 98 | | |
| Net Income | -4 | 142 | 5 | -25 | 5 | |
Balance Sheet
|
|---|
| Cash | 13 | 57 | | | | |
| Short Term Debt | 377 | 359 | | | | |
| Long Term Debt | 106 | 52 | | | | |
Cash flow
|
|---|
| Capex | 75 | | | | | |
Ratios
|
|---|
| Revenue growth | 13.3% | 1.5% | 3.3% | -11.9% | -10.9% | |
| EBITDA growth | -7.3% | -54.3% | | | | |
|
|---|
| EBITDA Margin | 6.9% | 3.1% | | 4.9% | |
| Net Income Margin | -0.2% | 6.5% | 0.2% | -1.3% | 0.3% | 1.5% |
| CAPEX, % of revenue | 3.5% | | | | | |
|
|---|
| ROIC | 5.3% | -1.9% | | | | |
| ROE | -0.8% | 26.1% | | | | |
| Net Debt/EBITDA | 3.2x | 5.2x | | 0.0x | |
Peers in Containers & Packaging
Below we provide Pearl Polymers benchmarking against other companies in Containers & Packaging 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 |
|---|
| Control Print ($CONTROLPR) | - | 20.0% | 14.1% | 23.9% | 17.9% |
| Emmbi Industries ($EMMBI) | - | 36.6% | 13.9% | 14.8% | 13.3% |
| Shri Jagdamba Polymers ($SHRJAGP) | - | 38.3% | 21.7% | 22.7% | 8.8% |
| Gopala Polyplast ($GOPALA) | - | 17.0% | 29.6% | -0.8% | 7.8% |
| Orient Press ($ORIENTLTD) | - | 5.4% | 4.6% | 8.6% | 3.1% |
| |
|---|
| Median (16 companies) | 16.1% | 16.9% | 14.1% | 8.5% | -1.6% |
|---|
| Pearl Polymers ($PEARLPOLY) | - | 1.5% | 3.3% | -11.9% | -10.9% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Control Print ($CONTROLPR) | 13.9% | 19.2% | 22.5% | 25.2% | 27.3% |
| Manaksia ($MANAKSIA) | 14.4% | 17.4% | 20.3% | 18.6% | 16.6% |
| Essel Propack ($ESSELPRO) | 17.0% | 17.4% | 16.9% | 17.2% | 19.4% |
| Time Technoplast ($TIMETECHNO) | 15.9% | 16.2% | 14.1% | 13.7% | 14.1% |
| Piramal Glass ($PIRAMGLAS) | 23.7% | 18.9% | 15.5% | 13.5% | - |
| |
|---|
| Median (22 companies) | 12.9% | 11.3% | 12.2% | 9.4% | 14.1% |
|---|
| Pearl Polymers ($PEARLPOLY) | 6.9% | 3.1% | - | 4.9% | - |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Control Print ($CONTROLPR) | 3.0% | 5.0% | 7.5% | 11.9% | 8.9% |
| Essel Propack ($ESSELPRO) | 10.0% | 6.7% | 8.5% | 9.4% | 8.9% |
| Manaksia ($MANAKSIA) | 9.0% | 4.8% | 4.7% | 6.5% | 8.5% |
| Uflex ($UFLEX) | 23.0% | 11.8% | 3.5% | 3.6% | 8.4% |
| Time Technoplast ($TIMETECHNO) | 17.9% | 11.1% | 6.2% | 4.2% | 6.9% |
| |
|---|
| Median (6 companies) | 8.9% | 6.7% | 6.7% | 4.6% | 8.4% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Control Print ($CONTROLPR) | - | 19.7% | 22.2% | 25.2% | 26.2% |
| Essel Propack ($ESSELPRO) | 8.6% | 9.9% | 12.5% | 14.7% | 16.6% |
| Time Technoplast ($TIMETECHNO) | 12.8% | 13.4% | 12.0% | 12.9% | 12.4% |
| Manaksia ($MANAKSIA) | 12.9% | 15.5% | 16.0% | 11.4% | 9.2% |
| Uflex ($UFLEX) | 12.5% | 9.9% | 8.1% | 8.4% | 9.0% |
| |
|---|
| Median (29 companies) | 9.4% | 9.9% | 11.6% | 11.4% | 10.8% |
|---|
| Pearl Polymers ($PEARLPOLY) | 5.3% | -1.9% | - | - | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Hindusthan National Glass & Industries ($HINDNATGLS) | 7.4x | 15.8x | 11.2x | 10.6x | 8.1x |
| Emmbi Industries ($EMMBI) | 4.6x | 4.4x | 0.0x | - | 2.3x |
| Uflex ($UFLEX) | 2.7x | 3.0x | 3.2x | 2.8x | 2.2x |
| Time Technoplast ($TIMETECHNO) | 2.6x | 2.6x | 2.6x | 2.2x | 1.9x |
| Essel Propack ($ESSELPRO) | 3.2x | 2.9x | 2.6x | 2.2x | 1.6x |
| |
|---|
| Median (17 companies) | 3.2x | 3.3x | 1.5x | 0.0x | 0.0x |
|---|
