Avgol Nonwovens

Profit Statement 2013 2014 2015
Sales USD mil 343 369 341
Gross Profit USD mil 99.7 98.3 115
EBITDA USD mil 56.3 51.6 66.0
EBIT USD mil 33.4 34.5 48.4
Financing Cost USD mil 9.51 7.59 11.4
Pre-Tax Profit USD mil 23.9 26.9 36.9
Net Profit USD mil 16.5 19.7 26.6
Dividends USD mil 10.0 11.0 ...
Balance Sheet 2013 2014 2015
Total Assets USD mil 442 445 401
Non-Current Assets USD mil 274 247 245
Current Assets USD mil 168 198 156
Working Capital USD mil 59.6 74.2 78.6
Shareholders' Equity USD mil 134 111 10.6
Liabilities USD mil 308 334 390
Total Debt USD mil 224 254 229
Net Debt USD mil 176 176 182
Ratios 2013 2014 2015
ROE % 12.0 16.1 43.7
ROCE % 5.01 6.02 8.26
Gross Margin % 29.1 26.6 33.8
EBITDA Margin % 16.4 14.0 19.4
EBIT Margin % 9.74 9.34 14.2
Net Margin % 4.80 5.34 7.81
Net Debt/EBITDA 3.13 3.42 2.76
Net Debt/Equity 1.32 1.59 17.1
Cost of Financing % 4.33 3.18 4.73
Valuation 2013 2014 2015
Market Capitalisation USD mil 29,965 25,018 2,637
Enterprise Value (EV) USD mil 30,141 25,195 2,820
Number Of Shares mil 300 300 29.6
Share Price ILS 99.9 83.4 89.0
EV/EBITDA 535 488 42.7
EV/Sales 88.0 68.2 8.27
Price/Earnings (P/E) 1,820 1,269 99.1
Price/Book Value (P/BV) 224 225 248
Dividend Yield % 0.033 0.044 ...

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summary Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                  
Sales USD mil ...   211 278 330 315 343    
Gross Profit USD mil ...   76.0 90.9 103 100.0 99.7    
EBIT USD mil ...   29.2 35.5 42.0 37.3 33.4    
Net Profit USD mil ...   15.5 20.3 24.7 21.9 16.5    
ROE % ... ... 15.9 19.7 21.0 16.5 12.0    
EBIT Margin % ...   13.8 12.8 12.7 11.8 9.74    
Net Margin % ...   7.32 7.30 7.49 6.96 4.80    
Employees ...   520 566 551 596 650    
balance sheet                  
Total Assets USD mil ... ... 295 346 373 422 442    
Non-Current Assets USD mil ... ... 206 236 251 265 274    
Current Assets USD mil ... ... 89.2 110 122 157 168    
Shareholders' Equity USD mil ... ... 97.1 109 127 140 134    
Liabilities USD mil ... ... 198 237 246 283 308    
Non-Current Liabilities USD mil ... ... 136 146 144 195 217    
Current Liabilities USD mil ... ... 61.6 90.6 102 87.5 91.0    
Net Debt/EBITDA ... ... 3.26 3.02 2.81 2.80 3.13    
Net Debt/Equity ... ... 1.40 1.41 1.30 1.14 1.32    
Cost of Financing % ... ... ... 4.81 5.17 3.78 4.33    
cash flow                  
Total Cash From Operations USD mil ...   33.6 35.9 37.7 45.5 34.2    
Total Cash From Investing USD mil ...   -34.2 -36.6 -44.3 -25.0 -29.6    
Total Cash From Financing USD mil ...   8.11 4.86 8.98 14.8 -11.0    
Net Change In Cash USD mil ...   7.57 4.12 2.45 35.3 -6.42    
valuation                  
Market Capitalisation USD mil ... ... 15,849 22,692 22,325 27,894 29,965    
Number Of Shares mil ...   298 298 298 299 300    
Share Price ILS ... ... 53.2 76.2 74.9 93.3 99.9    
Earnings Per Share (EPS) ILS ...   0.052 0.068 0.083 0.073 0.055    
Book Value Per Share ILS ... ... 0.326 0.366 0.424 0.468 0.446    
Dividend Per Share ILS ...   0.027 0.034 0.040 0.041 0.033   ...
Price/Earnings (P/E) ... ... 1,025 1,120 904 1,272 1,820    
Price/Book Value (P/BV) ... ... 163 208 176 199 224    
Dividend Yield % ... ... 0.050 0.044 0.054 0.044 0.033   ...
Earnings Per Share Growth % ... ... 54.3 31.0 21.7 -11.4 -25.2    
Book Value Per Share Growth % ... ... ... 12.3 16.0 10.2 -4.56    
income statement Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                  
Sales USD mil ...   211 278 330 315 343    
Cost of Goods & Services USD mil ...   135 187 227 215 243    
Gross Profit USD mil ...   76.0 90.9 103 100.0 99.7    
Staff Cost USD mil ...   14.2 15.5 17.1 17.1 19.2    
Other Cost USD mil ...   19.9 24.7 27.1 25.9 24.1    
EBITDA USD mil ...   41.8 50.7 58.8 57.0 56.3    
Depreciation USD mil ...   12.7 15.2 16.9 19.8 22.9    
EBIT USD mil ...   29.2 35.5 42.0 37.3 33.4    
Financing Cost USD mil ...   7.26 7.70 9.17 7.55 9.51    
Extraordinary Cost USD mil ...   0 0 0 0 0    
Pre-Tax Profit USD mil ...   21.9 27.8 32.8 29.7 23.9    
Tax USD mil ...   6.34 6.85 8.12 7.80 7.23    
Minorities USD mil ...   0.086 0.726 2.00 1.73 0.190    
Net Profit USD mil ...   15.5 20.3 24.7 21.9 16.5    
Dividends USD mil     8.00 10.0 12.0 12.2 10.0   ...
growth rates                  
Total Revenue Growth % ... ... -16.9 31.4 18.8 -4.40 8.73    
Operating Cost Growth % ... ... -4.18 17.7 9.93 -2.75 0.971    
EBITDA Growth % ... ... 13.5 21.2 16.0 -3.10 -1.24    
EBIT Growth % ... ... 12.5 21.9 18.1 -11.2 -10.4    
Pre-Tax Profit Growth % ... ... 57.6 27.1 17.8 -9.40 -19.7    
Net Profit Growth % ... ... 54.3 31.0 21.8 -11.2 -24.9    
ratios                  
ROE % ... ... 15.9 19.7 21.0 16.5 12.0    
ROCE % ... ... ... 7.87 8.55 6.99 5.01    
Gross Margin % ...   36.0 32.8 31.3 31.7 29.1    
EBITDA Margin % ...   19.8 18.3 17.9 18.1 16.4    
EBIT Margin % ...   13.8 12.8 12.7 11.8 9.74    
Net Margin % ...   7.32 7.30 7.49 6.96 4.80    
Payout Ratio % ...   51.7 49.4 48.6 55.6 60.8   ...
Cost of Financing % ... ... ... 4.81 5.17 3.78 4.33    
Net Debt/EBITDA ... ... 3.26 3.02 2.81 2.80 3.13    
balance sheet Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                  
Non-Current Assets USD mil ... ... 206 236 251 265 274    
Property, Plant & Equipment USD mil ... ... 190 214 240 251 257    
Intangible Assets USD mil ... ... 0 1.47 2.11 2.20 1.57    
Goodwill USD mil ... ... 0 0 0 0 0    
Current Assets USD mil ... ... 89.2 110 122 157 168    
Inventories USD mil ... ... 27.8 35.3 40.2 38.9 46.6    
Receivables USD mil ... ... 30.6 40.7 43.7 51.3 55.7    
Cash & Cash Equivalents USD mil ... ... 13.2 17.0 19.1 54.7 48.1    
Total Assets USD mil ... ... 295 346 373 422 442    
Shareholders' Equity USD mil ... ... 97.1 109 127 140 134    
Of Which Minority Interest USD mil ... ... 7.37 6.17 8.83 10.1 1.50    
Liabilities USD mil ... ... 198 237 246 283 308    
Non-Current Liabilities USD mil ... ... 136 146 144 195 217    
Long-Term Debt USD mil ... ... 118 127 122 169 189    
Deferred Tax Liabilities USD mil ... ... 17.5 19.2 21.8 25.0 27.8    
Current Liabilities USD mil ... ... 61.6 90.6 102 87.5 91.0    
Short-Term Debt USD mil ... ... 31.3 43.6 62.1 45.3 35.6    
Trade Payables USD mil ... ... 23.5 37.5 31.2 31.4 42.8    
Equity And Liabilities USD mil ... ... 295 346 373 422 442    
growth rates                  
Total Asset Growth % ... ... ... 17.3 7.81 13.3 4.61    
Shareholders' Equity Growth % ... ... ... 12.3 16.1 10.5 -4.24    
Net Debt Growth % ... ... ... 12.5 7.66 -3.19 10.3    
Total Debt Growth % ... ... ... 13.9 8.11 16.5 4.59    
ratios                  
Total Debt USD mil ... ... 150 170 184 215 224    
Net Debt USD mil ... ... 136 153 165 160 176    
Working Capital USD mil ... ... 34.9 38.5 52.7 58.9 59.6    
Capital Employed USD mil ... ... 241 274 304 324 334    
Net Debt/Equity ... ... 1.40 1.41 1.30 1.14 1.32    
Cost of Financing % ... ... ... 4.81 5.17 3.78 4.33    
cash flow Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                  
Net Profit USD mil ...   15.5 20.3 24.7 21.9 16.5    
Depreciation USD mil ...   12.7 15.2 16.9 19.8 22.9    
Non-Cash Items USD mil ... ... ... 3.97 10.4 9.99 -4.55    
Change in Working Capital USD mil ... ... ... -3.55 -14.3 -6.21 -0.658    
Total Cash From Operations USD mil ...   33.6 35.9 37.7 45.5 34.2    
Capital Expenditures USD mil ...   -34.4 -35.1 -40.9 -27.7 -30.7    
Other Investments USD mil ...   0.200 -1.47 -3.35 2.68 1.09    
Total Cash From Investing USD mil ...   -34.2 -36.6 -44.3 -25.0 -29.6    
Dividends Paid USD mil     -8.00 -10.0 -12.0 -12.2 -10.0   ...
Issuance Of Debt USD mil ... ... ... 20.8 13.8 30.3 9.85    
Total Cash From Financing USD mil ...   8.11 4.86 8.98 14.8 -11.0    
Net Change In Cash USD mil ...   7.57 4.12 2.45 35.3 -6.42    
ratios                  
Days Sales Outstanding days ... ... 52.9 53.5 48.4 59.5 59.4    
Days Sales Of Inventory days ... ... 75.1 69.1 64.8 66.1 70.0    
Days Payable Outstanding days ... ... 63.5 73.4 50.2 53.2 64.3    
Cash Conversion Cycle days ... ... 64.5 49.2 62.9 72.3 65.2    
Cash Earnings USD mil ...   28.2 35.5 41.6 41.7 39.4    
Cash Earnings Per Share ILS ...   0.095 0.119 0.139 0.139 0.131    
Price/Cash Earnings (P/CE) ... ... 563 640 537 669 761    
Free Cash Flow USD mil ...   -0.545 -0.740 -6.53 20.5 4.57    
Free Cash Flow Yield % ... ... -0.003 -0.003 -0.029 0.073 0.015    
other data Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                  
ROA % ... ... 5.25 6.33 6.87 5.52 3.81    
Gross Margin % ...   36.0 32.8 31.3 31.7 29.1    
Employees ...   520 566 551 596 650    
Cost Per Employee USD per month ...   2,273 2,276 2,587 2,389 2,467    
Cost Per Employee (Local Currency) USD per month ...   2,273 2,276 2,587 2,389 2,467    
Staff Cost (As % Of Total Cost) % ...   7.79 6.39 5.95 6.15 6.22    
Effective Tax Rate % ...   29.0 24.6 24.8 26.2 30.3    
Enterprise Value (EV) USD mil ... ... 15,985 22,845 22,490 28,054 30,141    
EV/EBITDA ... ... 382 450 382 492 535    
EV/Capital Employed ... ... 66.5 83.4 74.0 86.6 90.4    
EV/Sales ... ... 75.7 82.3 68.2 89.0 88.0    
EV/EBIT ... ... 548 643 536 753 903    
Capital Expenditures (As % of Sales) % ...   16.3 12.7 12.4 8.78 8.96    
Sales to Procter & Gamble USD mil ... ... ... 119 155 131 134 ... ...
Sales to Kimberly-Clark USD mil ... ... ... 53.9 73.6 87.3 96.1 ... ...
Sales to Others USD mil ... ... ... 105 101 96.4 112 ... ...
Sales to Procter & Gamble (As % of Total) % ... ... ... 42.9 46.9 41.7 39.2 ... ...
Sales to Kimberly-Clark (As % of Total) % ... ... ... 19.4 22.3 27.7 28.1 ... ...

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Avgol Nonwoven Industries (or Avgol Industries 1953 Ltd) is an Israel-based manufacturer and supplier of ultra lightweight and top quality nonwoven fabrics. The products are used primarily for manufacturers of baby diapers, adult incontinence and feminine hygiene products. Its products are also used in other industries, such as the medical field for protective disposable garments; and agricultural field for crop covers, fruit and vegetable protection, etc. The Company's production facilities include plants in the United States, Israel, China and the Russian Federation. The Company is based in Tel Aviv, Israel, but operates subsidiaries located in the United States, the Russian Federation, China, Cyprus and India

Finance

Avgol Nonwovens has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 5.42% a year during that time to total of USD 66.0 mil in 2015, or 19.4% of sales. That’s compared to 17.1% average margin seen in last five years.

The company netted USD 26.6 mil in 2015 implying ROE of 43.7% and ROCE of 8.26%. Again, the average figures were 21.8% and 6.96%, respectively when looking at the previous 5 years.

Avgol Nonwovens’s net debt amounted to USD 182 mil at the end of 2015, or 17.1 of equity. When compared to EBITDA, net debt was 2.76x, down when compared to average of 2.98x seen in the last 5 years.

Valuation

Avgol Nonwovens stock traded at ILS 89.0 per share at the end of 2015 resulting in a market capitalization of USD 2,637 mil. Over the previous five years, stock price grew by 16.8% or 3.16% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 42.7x and price to earnings (PE) of 99.1x as of 2015.