PFNonwovens

PF's price/earnings (P/E) rose 3,172% yoy to 333 in 4Q2019

By Helgi Analytics - August 16, 2020

PFNonwovens stock traded at CZK 700 per share at the end 4Q2019 translating into a market capitalization of USD 271 mil. Since th...

PF's employees rose 13.1% yoy to 684 in 4Q2019

By Helgi Analytics - August 16, 2020

PFNonwovens employed 684 employees in 4Q2019, up 13.1% compared to the previous year. Historically, between 4Q2003 and ...

PF's net profit fell 104% yoy to EUR -0.607 mil in 4Q2019

By Helgi Analytics - August 16, 2020

PFNonwovens made a net profit of EUR -0.607 mil with revenues of EUR 67.4 mil in 4Q2019, down by 106% and up by 4.65%, ...

Profit Statement 2017 2018 2019
Sales 221 253 255
Gross Profit EUR mil 59.9 69.7 64.7
EBITDA 44.7 52.5 47.4
EBIT 27.3 34.3 26.8
Financing Cost EUR mil 7.31 6.94 4.56
Pre-Tax Profit EUR mil 12.5 28.1 27.5
Net Profit EUR mil 8.41 31.8 18.4
Dividends EUR mil 0 0 ...
Balance Sheet 2017 2018 2019
Total Assets EUR mil 455 422 456
Non-Current Assets EUR mil 290 299 336
Current Assets EUR mil 166 123 119
Working Capital EUR mil 75.0 67.7 65.5
Shareholders' Equity EUR mil 161 193 216
Liabilities EUR mil 294 229 240
Total Debt EUR mil 254 200 199
Net Debt EUR mil 195 184 191
Ratios 2017 2018 2019
ROE % 5.25 17.9 9.02
ROCE % 2.39 8.69 4.80
Gross Margin % 27.1 27.6 25.4
EBITDA Margin % 20.2 20.8 18.6
EBIT Margin % 12.4 13.6 10.5
Net Margin % 3.81 12.6 7.23
Net Debt/EBITDA 4.37 3.50 4.02
Net Debt/Equity % 121 95.3 88.4
Cost of Financing % 3.33 3.06 2.29
Valuation 2017 2018 2019
Market Capitalisation USD mil 337 314 271
Enterprise Value (EV) USD mil 571 525 485
Number Of Shares mil 8.76 8.76 8.76
Share Price CZK 818 806 700
EV/EBITDA 11.4 8.54 9.02
EV/Sales 2.30 1.77 1.68
Price/Earnings (P/E) 32.4 222 333
Price/Book Value (P/BV) 1.74 1.42 1.06
Dividend Yield % 0 4.17 ...

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overview Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                  
Sales                     199 231 229 206 221    
Gross Profit EUR mil                     48.5 60.7 59.1 59.5 59.9    
EBIT                     25.5 32.2 28.3 30.6 27.3    
Net Profit EUR mil                     1.41 27.1 25.0 14.1 8.41    
                                     
ROE % ...                   1.06 19.6 16.3 8.93 5.25    
EBIT Margin %                     12.8 14.0 12.3 14.8 12.4    
Net Margin %                     0.708 11.8 10.9 6.82 3.81    
Employees                     574 569 580 578 590    
balance sheet                                  
Total Assets EUR mil                     357 356 392 385 455    
Non-Current Assets EUR mil                     267 263 269 277 290    
Current Assets EUR mil                     90.0 93.1 122 108 166    
                                     
Shareholders' Equity EUR mil                     126 151 157 159 161    
Liabilities EUR mil                     231 205 235 226 294    
Non-Current Liabilities EUR mil                     159 140 202 205 174    
Current Liabilities EUR mil                     71.8 65.5 32.8 21.3 120    
                                     
Net Debt/EBITDA                     3.82 3.01 3.70 3.45 4.37    
Net Debt/Equity %                     117 94.2 105 101 121    
Cost of Financing % ...                   4.15 5.00 4.68 3.91 3.33    
cash flow                                  
Total Cash From Operations EUR mil                     17.7 25.7 12.6 35.7 10.5    
Total Cash From Investing EUR mil                     -38.3 -9.96 -9.32 -21.1 -26.8    
Total Cash From Financing EUR mil                     8.03 -20.5 15.1 -18.5 51.7    
Net Change In Cash EUR mil                     -12.5 -4.10 19.1 -3.95 35.1    
valuation                                  
Market Capitalisation USD mil ... ...                 298 239 271 276 337    
Enterprise Value (EV) USD mil ... ...                 500 411 449 445 571    
Number Of Shares mil ... ...                 9.23 9.23 9.23 9.23 8.76    
Share Price CZK ... ...                 610 594 731 769 818    
Price/Earnings (P/E) ... ...                 146 7.53 9.87 18.6 32.4    
Price/Cash Earnings (P/CE) ... ...                 14.2 4.86 6.02 8.72 10.9    
EV/EBITDA ... ...                 9.78 6.75 8.84 8.89 11.4    
Price/Book Value (P/BV) ... ...                 1.72 1.31 1.59 1.65 1.74    
Dividend Yield % ... ...                 4.93 5.20 4.46 4.34 0   ...
income statement Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                  
Sales                     199 231 229 206 221    
Cost of Goods & Services EUR mil                     151 170 170 147 161    
Gross Profit EUR mil                     48.5 60.7 59.1 59.5 59.9    
Research & Development EUR mil ... ... ...             ... 2.22 1.99 2.28 2.92 -2.36    
Other Operating Expense EUR mil ... ... ... ... ... ...         159 182 183 157 179    
Staff Cost EUR mil                     10.2 10.7 13.6 12.6 14.8    
Other Operating Cost (Income) EUR mil ... ... ... ...           ... 0.078 0.801 0.676 0 0    
EBITDA                     38.6 47.2 44.3 46.7 44.7    
Depreciation EUR mil                     13.1 14.9 15.9 16.0 16.7    
EBIT                     25.5 32.2 28.3 30.6 27.3    
Net Financing Cost EUR mil                     6.47 7.77 7.98 7.27 7.28    
Financing Cost EUR mil                     6.47 7.79 8.02 7.37 7.31    
Financing Income EUR mil                     0.003 0.020 0.044 0.094 0.026    
FX (Gain) Loss EUR mil                     14.9 -8.53 -9.93 3.74 8.38    
(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                     4.14 31.2 29.0 20.1 12.5    
Tax EUR mil                     2.73 4.08 4.02 6.02 4.04    
Minorities EUR mil                     0 0 0 0 0    
Net Profit EUR mil                     1.41 27.1 25.0 14.1 8.41    
Net Profit Avail. to Common EUR mil                     1.41 27.1 25.0 14.1 8.41    
Dividends EUR mil                     10.2 10.6 11.0 11.4 0   ...
growth rates                                  
Total Revenue Growth % ...                   6.11 15.7 -0.584 -9.97 7.02    
Operating Cost Growth % ...                   7.82 14.6 1.23 -12.8 10.1    
Staff Cost Growth % ...                   21.9 5.50 26.8 -7.10 16.7    
EBITDA Growth % ...                   1.15 22.4 -6.12 5.32 -4.32    
EBIT Growth % ...                   -4.04 26.3 -12.2 8.17 -10.8    
Pre-Tax Profit Growth % ...                   -83.2 654 -6.98 -30.7 -38.1    
Net Profit Growth % ...                   -93.3 1,820 -7.82 -43.6 -40.3    
ratios                                  
ROE % ...                   1.06 19.6 16.3 8.93 5.25    
ROA % ...                   0.386 7.60 6.68 3.62 2.00    
ROCE % ...                   0.494 9.01 7.72 4.17 2.39    
Gross Margin %                     24.4 26.3 25.8 28.8 27.1    
EBITDA Margin %                     19.4 20.5 19.3 22.6 20.2    
EBIT Margin %                     12.8 14.0 12.3 14.8 12.4    
Net Margin %                     0.708 11.8 10.9 6.82 3.81    
Payout Ratio %                     720 39.2 44.0 81.0 0   ...
Cost of Financing % ...                   4.15 5.00 4.68 3.91 3.33    
Net Debt/EBITDA                     3.82 3.01 3.70 3.45 4.37    
balance sheet Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                                  
Cash & Cash Equivalents EUR mil                     13.1 8.96 28.1 24.2 59.3    
Receivables EUR mil                     35.7 34.7 42.4 32.0 47.5    
Unbilled Revenues EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Inventories EUR mil                     32.6 41.7 39.5 39.9 41.5    
Other ST Assets EUR mil                     8.62 7.75 12.3 11.7 17.2    
Current Assets EUR mil                     90.0 93.1 122 108 166    
Property, Plant & Equipment EUR mil                     182 179 181 187 193    
LT Investments & Receivables EUR mil                     0 0 0 0 0    
Intangible Assets EUR mil                     85.2 84.2 88.2 89.9 97.1    
Goodwill EUR mil                     84.6 83.7 85.9 85.9 90.9    
Non-Current Assets EUR mil                     267 263 269 277 290    
Total Assets EUR mil                     357 356 392 385 455    
                                     
Trade Payables EUR mil                     43.8 29.4 14.4 10.3 14.0    
Short-Term Debt EUR mil                     14.2 26.5 7.11 0 101    
Other ST Liabilities EUR mil                     12.6 9.37 9.44 9.45 3.11    
Current Liabilities EUR mil                     71.8 65.5 32.8 21.3 120    
Long-Term Debt EUR mil                     146 124 185 185 154    
Other LT Liabilities EUR mil                     13.1 15.6 17.4 20.1 20.2    
Non-Current Liabilities EUR mil                     159 140 202 205 174    
Liabilities EUR mil                     231 205 235 226 294    
Preferred Equity and Hybrid Capital EUR mil                     0 0 0 0 0    
Share Capital EUR mil                     11.4 11.4 11.4 11.4 10.9    
Treasury Stock EUR mil                     0 0 12.8 13.7 0    
Equity Before Minority Interest EUR mil                     126 151 157 159 161    
Minority Interest EUR mil                     0 0 0 0 0    
Equity EUR mil                     126 151 157 159 161    
growth rates                                  
Total Asset Growth % ...                   -4.67 -0.153 9.99 -1.70 18.2    
Shareholders' Equity Growth % ...                   -11.2 20.0 3.99 1.29 1.62    
Net Debt Growth % ...                   17.0 -3.64 15.4 -1.84 21.3    
Total Debt Growth % ...                   5.73 -5.90 27.1 -3.59 37.4    
ratios                                  
Total Debt EUR mil                     160 151 192 185 254    
Net Debt EUR mil                     147 142 164 161 195    
Working Capital EUR mil                     24.5 47.0 67.5 61.7 75.0    
Capital Employed EUR mil                     291 310 337 339 365    
Net Debt/Equity %                     117 94.2 105 101 121    
Current Ratio                     1.25 1.42 3.73 5.07 1.38    
Quick Ratio                     0.679 0.667 2.15 2.64 0.889    
cash flow Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
cash flow                                  
Net Profit EUR mil                     1.41 27.1 25.0 14.1 8.41    
Depreciation EUR mil                     13.1 14.9 15.9 16.0 16.7    
Non-Cash Items EUR mil                     -5.67 -3.03 -12.9 7.20 10.5    
Change in Working Capital EUR mil                     8.91 -13.4 -15.5 -1.71 -25.7    
Total Cash From Operations EUR mil                     17.7 25.7 12.6 35.7 10.5    
                                     
Capital Expenditures EUR mil                     -38.3 -9.96 -9.32 -21.1 -26.8    
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                     -38.3 -9.96 -9.32 -21.1 -26.8    
                                     
Dividends Paid EUR mil                     -9.69 -10.2 -10.4 -11.0 -11.4    
Issuance Of Shares EUR mil                     0 0 0 -0.875 -0.008    
Issuance Of Debt EUR mil                     22.5 -8.80 39.3 -7.11 60.6    
Other Financing Activities EUR mil                     -4.82 -1.59 -13.8 0.480 2.52    
Total Cash From Financing EUR mil                     8.03 -20.5 15.1 -18.5 51.7    
                                     
Effect of FX Rates EUR mil                     0 0.667 0.718 -0.083 -0.305    
Net Change In Cash EUR mil                     -12.5 -4.10 19.1 -3.95 35.1    
ratios                                  
Days Sales Outstanding days                     65.4 54.9 67.5 56.6 78.6    
Days Sales Of Inventory days                     79.0 89.5 84.8 99.2 94.2    
Days Payable Outstanding days                     106 63.1 31.0 25.5 31.9    
Cash Conversion Cycle days                     38.3 81.4 121 130 141    
Cash Earnings EUR mil                     14.5 42.0 40.9 30.1 25.1    
Free Cash Flow EUR mil                     -20.6 15.8 3.28 14.6 -16.3    
Capital Expenditures (As % of Sales) %                     19.2 4.32 4.07 10.2 12.1    
other ratios Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                   
Employees                     574 569 580 578 590    
Cost Per Employee USD per month                     1,962 2,027 2,242 1,955 2,342    
Cost Per Employee (Local Currency) EUR per month                     1,478 1,573 1,956 1,823 2,085    
Operating Cost (As % of Sales) %                     87.3 86.4 88.0 85.2 87.6    
Research & Development (As % of Sales) % ... ... ...             ... 1.12 0.861 0.996 1.41 -1.07    
Staff Cost (As % of Sales) %                     5.11 4.66 5.94 6.13 6.69    
Effective Tax Rate %                     65.9 13.1 13.9 30.0 32.5    
Revenues From Abroad EUR mil                     151 180 177 155 ... ... ...
Domestic Revenues EUR mil                     48.6 50.6 52.7 51.4 ... ... ...
Revenues From Abroad (As % Of Total) %                     75.6 78.1 77.0 75.1 ... ... ...
Total Revenue Growth (5-year average) % ... ... ... ... ...           6.89 13.3 9.12 4.47 3.30    
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ... 11.5 12.2 7.67 5.49 6.12    
valuation Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                   
Market Capitalisation USD mil ... ...                 298 239 271 276 337    
Enterprise Value (EV) USD mil ... ...                 500 411 449 445 571    
Number Of Shares mil ... ...                 9.23 9.23 9.23 9.23 8.76    
Share Price CZK ... ...                 610 594 731 769 818    
EV/EBITDA ... ...                 9.78 6.75 8.84 8.89 11.4    
Price/Earnings (P/E) ... ...                 146 7.53 9.87 18.6 32.4    
Price/Cash Earnings (P/CE) ... ...                 14.2 4.86 6.02 8.72 10.9    
P/FCF ... ...                 -10.0 12.9 75.3 18.0 -16.7    
Price/Book Value (P/BV) ... ...                 1.72 1.31 1.59 1.65 1.74    
Dividend Yield % ... ...                 4.93 5.20 4.46 4.34 0   ...
Free Cash Flow Yield % ... ...                 -9.17 8.50 1.39 5.68 -5.44    
Earnings Per Share (EPS) CZK ... ...                 4.18 78.8 74.1 41.3 25.2    
Cash Earnings Per Share CZK ... ...                 43.0 122 121 88.2 75.4    
Free Cash Flow Per Share CZK ... ...                 -60.9 45.9 9.71 42.8 -49.0    
Book Value Per Share CZK ... ...                 354 453 459 466 470    
Dividend Per Share CZK ... ...                 30.1 30.9 32.6 33.4 0   ...
EV/Sales ... ...                 1.89 1.38 1.71 2.01 2.30    
EV/EBIT ... ...                 14.8 9.91 13.9 13.6 18.7    
EV/Free Cash Flow ... ...                 -18.3 20.2 120 28.4 -31.2    
EV/Capital Employed ... ...                 1.25 1.10 1.23 1.25 1.31    
Earnings Per Share Growth % ... ... ...               -92.7 1,786 -6.02 -44.3 -38.9    
Cash Earnings Per Share Growth % ... ... ...               -51.4 184 -0.673 -27.3 -14.6    
Book Value Per Share Growth % ... ... ...               -8.07 28.0 1.37 1.47 0.877    
nonwovens sales Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                   
Production tonnes ...                   90,961 100,570 101,665 102,691 109,157    
Capacity tonnes ...                   100,000 110,000 110,000 110,000 120,300    
Capacity Utilization % ...                   91.0 91.4 92.4 93.4 90.7    
Implied Price Of PF's Products EUR per tonne ...                   2,190 2,292 2,254 2,009 2,023    
Price Of Polyprophylene EUR per tonne ... ... ... ...             1,377 1,380 1,324 1,165 1,300   ...
EBITDA per tonne EUR ...                   424 469 436 454 409    
Sales Of Hygiene Products EUR mil                     177 210 197 177 192   ...
Sales Of Hi-Tech Hygiene Products EUR mil                     22.0 27.6 32.5 28.9 28.6   ...
Hygiene Products (As % of Sales) %                     89.0 91.1 85.8 86.0 87.1   ...
Hi-Tech Hygiene Products (As % of Sales) %                     11.0 12.0 14.2 14.0 12.9   ...
Sales To Western Europe EUR mil                     72.6 76.0 81.4 80.5 80.1   ...
Western Europe (As % of Sales) %                     36.5 33.0 35.5 39.0 36.3   ...
Sales To Central & Eastern Europe EUR mil                     93.3 96.0 94.3 88.2 91.9   ...
Central & Eastern Europe (As % of Sales) %                     46.8 41.6 41.1 42.7 41.6   ...
Sales to Other Countries EUR mil                     33.2 58.5 53.5 37.6 48.9   ...
Other Countries (As % of Sales) %                     16.7 25.4 23.3 18.2 22.1   ...
sales geography Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                   
Sales in Czechia EUR mil                     48.6 50.6 52.7 51.4 ... ... ...
Sales in Czechia (As % of Total) %                     24.4 21.9 23.0 24.9 ... ... ...

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PF's Sales rose 3.68% yoy to EUR 67.4 mil in 4Q2019

By Helgi Analytics - August 16, 2020

PFNonwovens generated sales of EUR 67.4 mil in 4Q2019, up 3.68% compared to the previous year. Historically, between 1Q2003 and 4Q2019, the company’s sales reached a high of EUR 67.4 mil in 4Q2019 and a low of EUR 16.6 mil in 1Q2003. Over the last...

PF's Net Debt/EBITDA rose 14.7% yoy to 4.02 in 4Q2019

By Helgi Analytics - August 16, 2020

PFNonwovens's net debt stood at EUR 191 mil and accounted for 88.4% of equity at the end of 4Q2019. The ratio is down 6.92 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 987% in 2Q2006 and a low of...

PF's Total Cash From Operations fell 99.3% yoy to EUR 0.064 mil in 4Q2019

By Helgi Analytics - August 16, 2020

PFNonwovens's operating cash flow stood at EUR 0.064 mil in 4Q2019, down 99.3% when compared to the previous year. Historically, between 1Q2003 - 4Q2019, the firm’s operating cash flow reached a high of EUR 24.4 mil in 1Q2019 and a low of EUR -12.1 mil...

PF's Net Margin fell 104% yoy to -0.900% in 4Q2019

By Helgi Analytics - August 16, 2020

PFNonwovens made a net profit of EUR -0.607 mil with revenues of EUR 67.4 mil in 4Q2019, down by 104% and up by 3.68%, respectively, compared to the previous year. This translates into a net margin of -0.900%. Historically, between 2003-03-31 and 4Q2019...

PF's Cash & Cash Equivalents remain unchanged yoy at EUR mil in 4Q2019

By Helgi Analytics - October 12, 2020

PFNonwovens's total assets reached EUR 456 mil at the end of 4Q2019, up 7.95% compared to the previous year. Current assets amounted to EUR 119 mil, or 26.2% of total assets while cash stood at EUR 7.97 mil at the end of 4Q2019. ...

PF's P/FCF fell 220% yoy to -40.9 in 4Q2019

By Helgi Analytics - August 16, 2020

PFNonwovens stock traded at CZK 700 per share at the end 4Q2019 translating into a market capitalization of USD 271 mil. Since the end of 4Q2014, the stock has appreciated by 10.5% representing an annual average growth of 2.02%. At the end of 4Q2019, the...

PF's Capital Expenditures rose 74.4% yoy to EUR 2.04 mil in 4Q2019

By Helgi Analytics - August 16, 2020

PFNonwovens invested a total of EUR 2.04 mil in 4Q2019, down 74.4% compared to the previous year. Historically, between 1Q2003 - 4Q2019, the company's investments stood at a high of EUR 33.3 mil in 3Q2019 and a low of EUR 0.068 mil in 1Q2009...

PF's ROCE fell 104% yoy to -0.607% in 4Q2019

By Helgi Analytics - August 16, 2020

PFNonwovens made a net profit of EUR -0.607 mil in 4Q2019, down 104% compared to the previous year. Historically, between 1Q2003 and 4Q2019, the company's net profit reached a high of EUR 14.6 mil in 4Q2018 and a low of EUR -8.61 mil in 4Q2008. The result...

PF's Share Price fell 13.2% yoy to CZK 700 in 4Q2019

By Helgi Analytics - August 16, 2020

PFNonwovens stock traded at CZK 700 per share at the end 4Q2019 implying a market capitalization of USD 271 mil. Since the end of 4Q2014, stock has appreciated by 10.5% implying an annual average growth of 2.02% In absolute terms, the value of the company ...

PF's price/earnings (P/E) rose 49.7% yoy to 333 in 2019

By Helgi Analytics - August 16, 2020

PFNonwovens stock traded at CZK 700 per share at the end 2019 translating into a market capitalization of USD 271 mil. Since the end of 2014, stock has appreciated by 17.9% representing an annual average growth of 3.35%. In absolute terms, the value of ...

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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.

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Finance

PFNonwovens has been growing its sales by 2.02% a year on average in the last 5 years. EBITDA has grown on average by 0.098% a year during that time to total of 47.4 in 2019, or 18.6% of sales. That’s compared to 20.3% average margin seen in last five years.

The company netted EUR 18.4 mil in 2019 implying ROE of 9.02% and ROCE of 4.80%. Again, the average figures were 11.5% and 5.55%, respectively when looking at the previous 5 years.

PFNonwovens’s net debt amounted to EUR 191 mil at the end of 2019, or 88.4% of equity. When compared to EBITDA, net debt was 4.02x, up when compared to average of 3.81x seen in the last 5 years.

Valuation

PFNonwovens stock traded at CZK 700 per share at the end of 2019 resulting in a market capitalization of USD 271 mil. Over the previous five years, stock price grew by 17.9% or 3.35% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 9.02x and price to earnings (PE) of 333x as of 2019.