PFNonwovens

PF's P/FCF fell 183% yoy to -87.4 in 3Q2019

By Helgi Analytics - April 2, 2020

PFNonwovens stock traded at CZK 688 per share at the end 3Q2019 translating into a market capitalization of USD 277 mil. Since...

PF's Sales rose 0.917% yoy to EUR 64.4 mil in 3Q2019

By Helgi Analytics - April 2, 2020

PFNonwovens generated sales of EUR 64.4 mil in 3Q2019, up 0.917% compared to the previous year. Historically, between 1...

PF's Total Cash From Operations rose 271% yoy to EUR 39.0 mil in 2018

By Helgi Analytics - April 2, 2020

PFNonwovens's operating cash flow stood at EUR 39.0 mil in 2018, up 271% when compared to the previous year. Historicall...

Profit Statement 2016 2017 2018
Sales EUR mil 206 221 253
Gross Profit EUR mil 59.5 59.9 69.7
EBITDA EUR mil 46.7 44.7 52.5
EBIT EUR mil 30.6 27.3 34.3
Financing Cost EUR mil 7.37 7.31 6.94
Pre-Tax Profit EUR mil 20.1 12.5 28.1
Net Profit EUR mil 14.1 8.41 31.8
Dividends EUR mil 11.4 0 0
Balance Sheet 2016 2017 2018
Total Assets EUR mil 385 455 422
Non-Current Assets EUR mil 277 290 299
Current Assets EUR mil 108 166 123
Working Capital EUR mil 61.7 75.0 67.7
Shareholders' Equity EUR mil 159 161 193
Liabilities EUR mil 226 294 229
Total Debt EUR mil 185 254 200
Net Debt EUR mil 161 195 184
Ratios 2016 2017 2018
ROE % 8.93 5.25 17.9
ROCE % 4.17 2.39 8.69
Gross Margin % 28.8 27.1 27.6
EBITDA Margin % 22.6 20.2 20.8
EBIT Margin % 14.8 12.4 13.6
Net Margin % 6.82 3.81 12.6
Net Debt/EBITDA 3.45 4.37 3.51
Net Debt/Equity % 101 121 95.3
Cost of Financing % 3.91 3.33 3.06
Valuation 2016 2017 2018
Market Capitalisation USD mil 276 337 315
Enterprise Value (EV) USD mil 445 571 526
Number Of Shares mil 9.23 8.76 8.76
Share Price CZK 769 818 806
EV/EBITDA 8.89 11.4 8.55
EV/Sales 2.01 2.30 1.78
Price/Earnings (P/E) 18.6 32.4 8.67
Price/Book Value (P/BV) 1.65 1.74 1.42
Dividend Yield % 4.34 0 0

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overview Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                
Sales EUR mil                   188 199 231 229 206    
Gross Profit EUR mil                   46.8 48.5 60.7 59.1 59.5    
EBIT EUR mil                   26.5 25.5 32.2 28.3 30.6    
Net Profit EUR mil                   20.9 1.41 27.1 25.0 14.1    
                                   
ROE % ...                 15.4 1.06 19.6 16.3 8.93    
EBIT Margin %                   14.1 12.8 14.0 12.3 14.8    
Net Margin %                   11.1 0.708 11.8 10.9 6.82    
Employees                   446 574 569 580 578    
balance sheet                                
Total Assets EUR mil                   374 357 356 392 385    
Non-Current Assets EUR mil                   284 267 263 269 277    
Current Assets EUR mil                   90.0 90.0 93.1 122 108    
                                   
Shareholders' Equity EUR mil                   141 126 151 157 159    
Liabilities EUR mil                   233 231 205 235 226    
Non-Current Liabilities EUR mil                   164 159 140 202 205    
Current Liabilities EUR mil                   68.4 71.8 65.5 32.8 21.3    
                                   
Net Debt/EBITDA                   3.30 3.82 3.01 3.70 3.45    
Net Debt/Equity %                   89.0 117 94.2 105 101    
Cost of Financing % ...                 3.33 4.15 5.00 4.68 3.91    
cash flow                                
Total Cash From Operations EUR mil                   45.4 17.7 25.7 12.6 35.7    
Total Cash From Investing EUR mil                   -37.3 -38.3 -9.96 -9.32 -21.1    
Total Cash From Financing EUR mil                   11.5 8.03 -20.5 15.1 -18.5    
Net Change In Cash EUR mil                   19.5 -12.5 -4.10 19.1 -3.95    
valuation                                
Market Capitalisation USD mil ... ...               239 298 239 271 276    
Enterprise Value (EV) USD mil ... ...               405 500 411 449 445    
Number Of Shares mil ... ...               9.23 9.23 9.23 9.23 9.23    
Share Price CZK ... ...               492 610 594 731 769    
Price/Earnings (P/E) ... ...               8.63 146 7.53 9.87 18.6    
Price/Cash Earnings (P/CE) ... ...               5.56 14.2 4.86 6.02 8.72    
EV/EBITDA ... ...               8.27 9.78 6.75 8.84 8.89    
Price/Book Value (P/BV) ... ...               1.28 1.72 1.31 1.59 1.65    
Dividend Yield % ... ...               5.36 4.93 5.20 4.46 4.34    
income statement Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                
Sales EUR mil                   188 199 231 229 206    
Cost of Goods & Services EUR mil                   141 151 170 170 147    
Gross Profit EUR mil                   46.8 48.5 60.7 59.1 59.5    
Research & Development EUR mil ... ... ...             ... 2.22 1.99 2.28 2.92    
Other Operating Expense EUR mil ... ... ... ... ... ...       150 159 182 183 157    
Staff Cost EUR mil                   8.35 10.2 10.7 13.6 12.6    
Other Operating Cost (Income) EUR mil ... ... ... ...           ... 0.078 0.801 0.676 0    
EBITDA EUR mil                   38.1 38.6 47.2 44.3 46.7    
Depreciation EUR mil                   11.6 13.1 14.9 15.9 16.0    
EBIT EUR mil                   26.5 25.5 32.2 28.3 30.6    
Net Financing Cost EUR mil                   4.61 6.47 7.77 7.98 7.27    
Financing Cost EUR mil                   4.61 6.47 7.79 8.02 7.37    
Financing Income EUR mil                   0.003 0.003 0.020 0.044 0.094    
FX (Gain) Loss EUR mil                   -2.64 14.9 -8.53 -9.93 3.74    
(Income) / Loss from Affiliates EUR mil                   0 0 0 0 0    
Extraordinary Cost EUR mil ... ... ...   ...         0 0 0 0 0    
Pre-Tax Profit EUR mil                   24.6 4.14 31.2 29.0 20.1    
Tax EUR mil                   3.64 2.73 4.08 4.02 6.02    
Minorities EUR mil                   0 0 0 0 0    
Net Profit EUR mil                   20.9 1.41 27.1 25.0 14.1    
Net Profit Avail. to Common EUR mil                   20.9 1.41 27.1 25.0 14.1    
Dividends EUR mil                   9.69 10.2 10.6 11.0 11.4    
growth rates                                
Total Revenue Growth % ...                 13.2 6.11 15.7 -0.584 -9.97    
Operating Cost Growth % ...                 15.5 7.82 14.6 1.23 -12.8    
Staff Cost Growth % ...                 0.252 21.9 5.50 26.8 -7.10    
EBITDA Growth % ...                 5.67 1.15 22.4 -6.12 5.32    
EBIT Growth % ...                 -1.16 -4.04 26.3 -12.2 8.17    
Pre-Tax Profit Growth % ...                 34.4 -83.2 654 -6.98 -30.7    
Net Profit Growth % ...                 49.8 -93.3 1,820 -7.82 -43.6    
ratios                                
ROE % ...                 15.4 1.06 19.6 16.3 8.93    
ROA % ...                 6.18 0.386 7.60 6.68 3.62    
ROCE % ...                 7.75 0.494 9.01 7.72 4.17    
Gross Margin %                   24.9 24.4 26.3 25.8 28.8    
EBITDA Margin %                   20.3 19.4 20.5 19.3 22.6    
EBIT Margin %                   14.1 12.8 14.0 12.3 14.8    
Net Margin %                   11.1 0.708 11.8 10.9 6.82    
Payout Ratio %                   46.3 720 39.2 44.0 81.0    
Cost of Financing % ...                 3.33 4.15 5.00 4.68 3.91    
Net Debt/EBITDA                   3.30 3.82 3.01 3.70 3.45    
balance sheet Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                
Cash & Cash Equivalents EUR mil                   25.8 13.1 8.96 28.1 24.2    
Receivables EUR mil                   43.8 35.7 34.7 42.4 32.0    
Unbilled Revenues EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Inventories EUR mil                   20.4 32.6 41.7 39.5 39.9    
Other ST Assets EUR mil                   0 8.62 7.75 12.3 11.7    
Current Assets EUR mil                   90.0 90.0 93.1 122 108    
Property, Plant & Equipment EUR mil                   191 182 179 181 187    
LT Investments & Receivables EUR mil                   0 0 0 0 0    
Intangible Assets EUR mil                   93.0 85.2 84.2 88.2 89.9    
Goodwill EUR mil                   92.3 84.6 83.7 85.9 85.9    
Non-Current Assets EUR mil                   284 267 263 269 277    
Total Assets EUR mil                   374 357 356 392 385    
                                   
Trade Payables EUR mil                   68.3 43.8 29.4 14.4 10.3    
Short-Term Debt EUR mil                   0 14.2 26.5 7.11 0    
Other ST Liabilities EUR mil                   0.002 12.6 9.37 9.44 9.45    
Current Liabilities EUR mil                   68.4 71.8 65.5 32.8 21.3    
Long-Term Debt EUR mil                   152 146 124 185 185    
Other LT Liabilities EUR mil                   12.7 13.1 15.6 17.4 20.1    
Non-Current Liabilities EUR mil                   164 159 140 202 205    
Liabilities EUR mil                   233 231 205 235 226    
Preferred Equity and Hybrid Capital EUR mil                   0 0 0 0 0    
Share Capital EUR mil                   11.4 11.4 11.4 11.4 11.4    
Treasury Stock EUR mil                   0 0 0 12.8 13.7    
Equity Before Minority Interest EUR mil                   141 126 151 157 159    
Minority Interest EUR mil                   0 0 0 0 0    
Equity EUR mil                   141 126 151 157 159    
growth rates                                
Total Asset Growth % ...                 23.5 -4.67 -0.153 9.99 -1.70    
Shareholders' Equity Growth % ...                 8.21 -11.2 20.0 3.99 1.29    
Net Debt Growth % ...                 5.40 17.0 -3.64 15.4 -1.84    
Total Debt Growth % ...                 20.7 5.73 -5.90 27.1 -3.59    
ratios                                
Total Debt EUR mil                   152 160 151 192 185    
Net Debt EUR mil                   126 147 142 164 161    
Working Capital EUR mil                   -4.01 24.5 47.0 67.5 61.7    
Capital Employed EUR mil                   280 291 310 337 339    
Net Debt/Equity %                   89.0 117 94.2 105 101    
Current Ratio                   1.32 1.25 1.42 3.73 5.07    
Quick Ratio                   1.02 0.679 0.667 2.15 2.64    
cash flow Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
cash flow                                
Net Profit EUR mil                   20.9 1.41 27.1 25.0 14.1    
Depreciation EUR mil                   11.6 13.1 14.9 15.9 16.0    
Non-Cash Items EUR mil                   2.57 -5.67 -3.03 -12.9 7.20    
Change in Working Capital EUR mil                   10.3 8.91 -13.4 -15.5 -1.71    
Total Cash From Operations EUR mil                   45.4 17.7 25.7 12.6 35.7    
                                   
Capital Expenditures EUR mil                   -37.3 -38.3 -9.96 -9.32 -21.1    
Net Change in LT Investment EUR mil                   0 0 0 0 0    
Net Cash From Acquisitions EUR mil                   0 0 0 0 0    
Other Investing Activities EUR mil                   0 0 0 0 0    
Total Cash From Investing EUR mil                   -37.3 -38.3 -9.96 -9.32 -21.1    
                                   
Dividends Paid EUR mil                   -9.69 -9.69 -10.2 -10.4 -11.0    
Issuance Of Shares EUR mil                   0 0 0 0 -0.875    
Issuance Of Debt EUR mil                   22.2 22.5 -8.80 39.3 -7.11    
Other Financing Activities EUR mil                   -1.09 -4.82 -1.59 -13.8 0.480    
Total Cash From Financing EUR mil                   11.5 8.03 -20.5 15.1 -18.5    
                                   
Effect of FX Rates EUR mil                   0 0 0.667 0.718 -0.083    
Net Change In Cash EUR mil                   19.5 -12.5 -4.10 19.1 -3.95    
ratios                                
Days Sales Outstanding days                   85.2 65.4 54.9 67.5 56.6    
Days Sales Of Inventory days                   52.9 79.0 89.5 84.8 99.2    
Days Payable Outstanding days                   177 106 63.1 31.0 25.5    
Cash Conversion Cycle days                   -38.7 38.3 81.4 121 130    
Cash Earnings EUR mil                   32.5 14.5 42.0 40.9 30.1    
Free Cash Flow EUR mil                   8.06 -20.6 15.8 3.28 14.6    
Capital Expenditures (As % of Sales) %                   19.9 19.2 4.32 4.07 10.2    
other ratios Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
                                 
Employees                   446 574 569 580 578    
Cost Per Employee USD per month                   2,005 1,962 2,027 2,242 1,955    
Cost Per Employee (Local Currency) EUR per month                   1,560 1,478 1,573 1,956 1,823    
Operating Cost (As % of Sales) %                   85.9 87.3 86.4 88.0 85.2    
Research & Development (As % of Sales) % ... ... ...             ... 1.12 0.861 0.996 1.41    
Staff Cost (As % of Sales) %                   4.45 5.11 4.66 5.94 6.13    
Effective Tax Rate %                   14.8 65.9 13.1 13.9 30.0    
Revenues From Abroad EUR mil                   149 151 180 177 155 ... ...
Domestic Revenues EUR mil                   39.1 48.6 50.6 52.7 51.4 ... ...
Revenues From Abroad (As % Of Total) %                   79.2 75.6 78.1 77.0 75.1 ... ...
Total Revenue Growth (5-year average) % ... ... ... ... ...         9.01 6.89 13.3 9.12 4.47    
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ... 11.5 12.2 7.67 5.49    
valuation Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
                                 
Market Capitalisation USD mil ... ...               239 298 239 271 276    
Enterprise Value (EV) USD mil ... ...               405 500 411 449 445    
Number Of Shares mil ... ...               9.23 9.23 9.23 9.23 9.23    
Share Price CZK ... ...               492 610 594 731 769    
EV/EBITDA ... ...               8.27 9.78 6.75 8.84 8.89    
Price/Earnings (P/E) ... ...               8.63 146 7.53 9.87 18.6    
Price/Cash Earnings (P/CE) ... ...               5.56 14.2 4.86 6.02 8.72    
P/FCF ... ...               22.4 -10.0 12.9 75.3 18.0    
Price/Book Value (P/BV) ... ...               1.28 1.72 1.31 1.59 1.65    
Dividend Yield % ... ...               5.36 4.93 5.20 4.46 4.34    
Free Cash Flow Yield % ... ...               4.34 -9.17 8.50 1.39 5.68    
Earnings Per Share (EPS) CZK ... ...               57.0 4.18 78.8 74.1 41.3    
Cash Earnings Per Share CZK ... ...               88.5 43.0 122 121 88.2    
Free Cash Flow Per Share CZK ... ...               21.9 -60.9 45.9 9.71 42.8    
Book Value Per Share CZK ... ...               385 354 453 459 466    
Dividend Per Share CZK ... ...               26.4 30.1 30.9 32.6 33.4    
EV/Sales ... ...               1.68 1.89 1.38 1.71 2.01    
EV/EBIT ... ...               11.9 14.8 9.91 13.9 13.6    
EV/Free Cash Flow ... ...               39.1 -18.3 20.2 120 28.4    
EV/Capital Employed ... ...               1.10 1.25 1.10 1.23 1.25    
Earnings Per Share Growth % ... ... ...             53.2 -92.7 1,786 -6.02 -44.3    
Cash Earnings Per Share Growth % ... ... ...             43.6 -51.4 184 -0.673 -27.3    
Book Value Per Share Growth % ... ... ...             6.60 -8.07 28.0 1.37 1.47    
nonwovens sales Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
                                 
Production tonnes ...                 86,056 90,961 100,570 101,665 102,691    
Capacity tonnes ...                 90,000 100,000 110,000 110,000 110,000    
Capacity Utilization % ...                 95.6 91.0 91.4 92.4 93.4    
Implied Price Of PF's Products EUR per tonne ...                 2,182 2,190 2,292 2,254 2,009    
Price Of Polyprophylene EUR per tonne ... ... ... ...           1,404 1,377 1,380 1,324 1,165    
EBITDA per tonne EUR ...                 443 424 469 436 454    
Sales Of Hygiene Products EUR mil                   165 177 210 197 177    
Sales Of Hi-Tech Hygiene Products EUR mil                   37.2 22.0 27.6 32.5 28.9    
Hygiene Products (As % of Sales) %                   87.6 89.0 91.1 85.8 86.0    
Hi-Tech Hygiene Products (As % of Sales) %                   19.8 11.0 12.0 14.2 14.0    
Sales To Western Europe EUR mil                   86.8 72.6 76.0 81.4 80.5    
Western Europe (As % of Sales) %                   46.2 36.5 33.0 35.5 39.0    
Sales To Central & Eastern Europe EUR mil                   86.2 93.3 96.0 94.3 88.2    
Central & Eastern Europe (As % of Sales) %                   45.9 46.8 41.6 41.1 42.7    
Sales to Other Countries EUR mil                   14.8 33.2 58.5 53.5 37.6    
Other Countries (As % of Sales) %                   7.89 16.7 25.4 23.3 18.2    
sales geography Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
                                 
Sales in Czechia EUR mil                   39.1 48.6 50.6 52.7 51.4 ... ...
Sales in Czechia (As % of Total) %                   20.8 24.4 21.9 23.0 24.9 ... ...

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PF's Sales To Central & Eastern Europe rose 5.97% yoy to EUR 97.3 mil in 2018

By Helgi Analytics - March 27, 2020

PFNonwovens reached total sales of EUR 253 mil in 2018, EUR 221 mil up 14.5% when compared to the previous year. Historically, company's revenues amounted to a high of EUR 253 mil in 2018 and a low of EUR 67.4 mil in EUR 67.4 mil during the 2003 - 2018 period. ...

PF's Production rose 0.630% yoy to 109,845 tonnes in 2018

By Helgi Analytics - March 27, 2020

PFNonwovens reached total sales of EUR 253 mil in 2018, up 14.5% when compared to the previous year. Historically, company's revenues amounted to a high of EUR 253 mil in 2018 and a low of EUR 67.4 mil in 2003 during the 2003 - 2018 period. The company pr...

PF's Capital Expenditures fell 8.78% yoy to EUR 29.2 mil in 2018

By Helgi Analytics - April 2, 2020

PFNonwovens invested a total of EUR 29.2 mil in 2018, up 8.78% compared to the previous year. Historically, between 2003 - 2018, the company's investments stood at a high of EUR 41.6 mil in 2011 and a low of EUR 1.21 mil in 2009. As a...

PF's Cash & Cash Equivalents fell 73.8% yoy to EUR 15.5 mil in 2018

By Helgi Analytics - April 2, 2020

PFNonwovens's total assets reached EUR 422 mil at the end of 2018, down 7.27% compared to the previous year. Current assets amounted to EUR 123 mil, or 29.1% of total assets while cash stood at EUR 15.5 mil at the end of 2018. By contrast, total deb...

PF's ROCE rose 264% yoy to 8.69% in 2018

By Helgi Analytics - April 2, 2020

PFNonwovens made a net profit of EUR 31.8 mil in 2018, up 278% compared to the previous year. Historically, between 2003 and 2018, the company's net profit reached a high of EUR 31.8 mil in 2018 and a low of EUR 1.41 mil in 2013. The result implies a retu...

PF's P/FCF rose 269% yoy to 28.2 in 2018

By Helgi Analytics - April 2, 2020

PFNonwovens stock traded at CZK 806 per share at the end 2018 translating into a market capitalization of USD 315 mil. Since the end of 2013, the stock has appreciated by 32.1% representing an annual average growth of 5.73%. At the end of 2018, the firm ...

PF's Net Debt/EBITDA fell 19.8% yoy to 3.51 in 2018

By Helgi Analytics - April 2, 2020

PFNonwovens's net debt stood at EUR 184 mil and accounted for 95.3% of equity at the end of 2018. The ratio is down 25.6 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 148% in 2006 and a low of ...

PF's EBITDA per tonne rose 16.9% yoy to EUR 478 in 2018

By Helgi Analytics - March 29, 2020

PFNonwovens reached total sales of EUR 253 mil in 2018, up 14.5% when compared to the previous year. Historically, company's revenues amounted to a high of EUR 253 mil in 2018 and a low of EUR 67.4 mil in 2003 during the 2003 - 2018 period. The company pr...

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PFNonwovens is Europe’s second largest producers of nonwoven fabric for hygiene application. Based in Znojmo in the Czech Republic, the Company produced over 100,000 tonnes of fabric in 2014. Pegas’ top five customers represented a 78% share of total revenues. Its customer mix reflects the situation in the hygiene market, which is divided among a small number of end producers, each having a substantial market share; essentially all of its sales are in Western and Central Europe.