Wim Plast (WIMPLA) : Expansion in New Geographies To Drive Volume

Company Update
November 14, 2013

Rating matrix
Wim Plast (WIMPLA)
Rating
Buy
Target
| 430
Target Period
12 months
Potential Upside
19%
PRICE TARGET....................................................................................................Unchanged
Key Financials (Standalone)

| Crore
Net Sales
EBITDA
Net Profit
FY12
200.8
35.9
22.7
FY13
247.6
43.9
28.3
FY14E
305.4
55.0
34.3
FY15E
372.9
67.8
44.2
FY14E
57.1
6.3
3.9
1.4
29.3
22.3
FY15E
73.7
4.9
3.1
1.1
30.8
23.2
Valuation summary(Standalone)
FY12
37.9
9.5
6.0
2.1
29.7
22.3
EPS (|)
PE (x)
EV/EBITDA (x)
P/BV
RoCE (%)
RoNW (%)
FY13
47.1
7.6
4.9
1.7
29.3
22.7
Stock data
Market capitalisation
Debt (FY13)
Cash and Cash Equi (FY13)
Enterprise Value
52 week H/L
Equity Capital
Face Value
MF Holdings (%)
FII Holdings (%)
| 222.1 crore
| 0.1 crore
| 2.7 crore
| 219.5 crore
| 427/251
| 6 crore
| 10
0.0
0.0
Price movement
450
400
350
300
250
200
150
100
50
0
6,400
6,200
6,000
5,800
5,600
5,400
5,200
5,000
4,800
4,600
Nov-12
Feb-13
| 360
WHATS CHANGED
May-13
Price (R.H.S)
Aug-13
Nov-13
Nifty (L.H.S)
Analysts name
Sanjay Manyal
sanjay.manyal@icicisecurities.com
Hitesh Taunk
hitesh.taunk@icicisecurities.com
EPS (FY14E)......................................................................... Changed from | 59.9 to | 57.1

EPS (FY15E)......................................................................... Changed from | 74.6 to | 73.7
RATING...............................................................................................................Unchanged
Expansion in new geographies to drive volume

Wim Plast Ltd (WPL) recorded sales growth of 16.5% YoY to | 68 crore,
slightly below our estimate due to lower volume growth of 14% YoY (Idirect estimate: 20% YoY). Slow volume growth is attributed to low pre
festive demand and stabilisation of its new Kolkata plant commissioned in
February 2013. WPL commissioned four new/expansion units in Chennai,
Haridwar, Daman and Kolkata in the last year to expand market reach
across regions in India. In-spite of expansion in new geographies with a
total capex of | 40 crore, WPL maintained its debt-free status with
improved EBITDA margin. EBITDA margin during Q2FY14 increased 110
bps YoY largely due to saving in other expenses. We have modelled
volume CAGR of 19.5% for FY13-15E considering stabilisation of new
plants, dealers addition in new geographies and gradual shift towards
branded product categories. We continue to like WPL, considering its
strong volume growth, margin expansion and lighter balance sheet.
Stabilisation of new plants to add-in volumes
WPL has increased its capacity in the last year by setting up new plants in
Chennai, Daman, Haridwar and Kolkata. This expansion has helped the
company to improve its market share from 12% in FY11 to ~17% in
FY13. The strong brand recall (Cello) helped the company to garner
substantial market share in Tier II and Tier III cities. With the stabilisation
of new plant in Kolkata and addition on new dealers in Eastern region we
believe market share to increase further.
Attractive balance sheet with debt free status
The company has incurred capex of | 40 crore due to a series of
expansions. Despite the series of expansions, WPL remained debt free by
implementing the entire capex through its internal accruals. It has
maintained its EBITDA margin ~18% in a challenging environment (last
two year) with RoE ~20%.
Volume growth, strong return ratios make valuations attractive
We believe strong volume growth (19.5% CAGR FY13-15E), EPS CAGR of
25% in FY13-15E with strong return ratios (RoE 22-23%) make WPL an
attractive player in the plastic furniture industry. We value it at 7.5x
multiple on FY14E EPS to arrive at a target price of | 430. BUY.
Exhibit 1: Financial Performance
(| Crore)
Total Operating Income
EBITDA
EBITDA Margin (%)
Depreciation
Interest
Other Income
Reported PAT
EPS (|)
Q2FY14
68.1
12.2
17.9
2.2
0.1
0.2
7.4
12.3
Q2FY14E
72.7
11.0
15.1
2.2
0.0
1.6
7.6
12.7
Source: Company, ICICIdirect.com Research
ICICI Securities Ltd | Retail Equity Research
Q2FY13
58.4
9.8
16.7
1.8
0.0
1.4
6.9
11.5
Q1FY14
74.5
12.3
16.5
2.2
0.0
0.2
7.6
12.7
QoQ (Chg %)
-8.7
-1.4
132 bps
1.9
283.3
11.2
-3.3
-3.3
YoY (Chg %)
16.5
24.3
111 bps
22.6
397.7
-83.4
7.0
7.0
Exhibit 2: Assumptions
FY11
8204590
Volume
Growth (%)
Realisation
Growth (%)
FY12
10009600
22
201.7
5
192.1
FY13E
12512000
25
207.3
2.8
FY14E
14889280
19
211.4
2
FY15E
17867136
20
216.7
2.5
Exhibit 3: Net sales growth trend

400
350
300
We have modelled sales CAGR of 22.7% in FY13-15E (vs.
(| crore)
CAGR of 25.4% during FY11-13) supported by volume

CAGR of 19.5%.The volume growth will be largely driven
by stabilisation of new plants, dealers addition in new
geographies and a gradual shift towards branded product
305
CAGR 25.4%
248
250
200
373
CAGR 22.7%
201
158
150
100
categories
50
FY11
FY12
FY13
FY14E
FY15E
Exhibit 4: EBITDA margin trend

18.4
18.3
18.2
18.3
18.2
18.1
18.0
H1FY14 mainly to pass on the hike in raw material cost.
17.9
(%)
The company has taken a price hike of ~2-3% during

We believe margins will improve 50 bps over FY13
17.8
supported by higher volume growth (~19.5% CAGR
17.7
FY13-15E)
17.6
18.0
17.9
17.7
17.5
17.4
FY11
FY12
FY13
FY14E
FY15E
Exhibit 5: Attractive return ratios
Exhibit 6: Dividend per share
31
(%)
30
30
29
29
29
23
30
22
28
FY12
FY13
RoCE
FY14E
23
10
22
22
FY11
12
23
22
29
29
24
FY15E
10.0
8.0
8
(|)
31
23
(%)
31
6.0
6
4
22
21
4.5
FY11
FY12
RoE
Source: Company, ICICIdirect.com, Research
8.0
FY13
FY14E
FY15E
DPS
Source: Company, ICICIdirect.com, Research
Page 2
Outlook & Valuation

WPL is leveraging the brand Cello by creating value in the market where
Nilkamal and Supreme are already present. We believe the company has
the capacity to create further value with the brand by garnering further
market share of unorganised players who hold ~55% share in plastic
moulded products. The stock is currently available at attractive PE
multiples of 6.3x on FY14E and 4.9x on FY15E earnings. However, we
believe WPL will get premium valuations due to the expected growth
potential and coupled with a lighter balance sheet. Based on the above
reasoning, we are ascribing a P/E multiple of 7.5x FY14E EPS to reach fair
value of | 430.
On the financials front, we have revised our estimates for FY14E and
FY15E slightly downwards considering lower than expected growth in
volume during Q2FY14. However, volumes will grow further with
stabilisation of plants and addition of dealer network in new geographies.
We believe strong volume growth (19.5% CAGR in FY13-15E), EPS CAGR
of 25% in FY13-15E with strong return ratios (RoE 22-23%) make WPL an
attractive player in the plastic furniture industry. We value it at 7.5x
multiple on FY14E EPS to arrive at a target price of | 430. We maintain
BUY.
Exhibit 7: One-year rolling forward P/E
600.00
500.00
400.00
300.00
200.00
100.00
Price
4x
5x
6x
Dec-13
Aug-13
Apr-13
Dec-12
Aug-12
Apr-12
Dec-11
Aug-11
Apr-11
Dec-10
Aug-10
Apr-10
Dec-09
Aug-09
Apr-09
Dec-08
Aug-08
Apr-08
0.00
7x
Exhibit 8: Revised Financials

Particulars
FY14E
New
305.4
55.0
18.0
34.3
57.1
Old
308.6
56.2
18.2
35.9
59.9
Revenue
EBITDA
EBITDA Margin %
PAT
EPS
% Change
(1.0)
(2.1)
-19 bps
(4.6)
(4.7)
Old
375.0
68.8
18.3
44.8
74.6
FY15E
New
372.9
67.8
18.2
44.2
73.7
% Change
(0.6)
(1.4)
-15 bps
(1.3)
(1.2)
Exhibit 9: Valuation
FY12
FY13
FY14E
FY15E
Sales
(| cr)
200.8
247.6
305.4
372.9
Growth
(%)
23.3
23.4
22.1
EPS
(|)
37.9
47.1
57.1
73.7
Growth
(%)
24.2
21.2
29.1
PE
(x)
9.5
7.6
6.3
4.9
EV/EBITDA
(x)
6.0
4.9
3.9
3.1
RoNW
(%)
22.3
22.7
22.3
23.2
Page 3
RoCE
(%)
29.7
29.3
29.3
30.8
Financial summary
Profit and loss statement (Standalone)
Cash flow statement (Standalone)

(| Crore)
(| Crore)
(Year-end March)
FY12
FY13
FY14E
FY15E
(Year-end March)
FY12
FY13
Total operating Inc
200.8
247.6
305.4
372.9
Profit after Tax
27.5
23.3
23.4
22.1
120.9
157.2
179.1
217.1
Growth (%)
Raw Material Expenses
FY14E
FY15E
44.2
22.7
28.3
34.3
Add: Depreciation
5.6
7.3
10.0
9.0
(Inc)/dec in Current Assets
-1.5
-18.3
-29.6
-29.7
Employee Expenses
5.8
8.1
11.0
13.4
Inc/(dec) in CL and Provisions
3.2
9.1
4.9
-1.4
Purchase of goods
18.2
19.0
22.9
28.0
CF from operating activities
30.2
26.5
19.8
22.2
(Purchase)/Sale of Fixed Assets
Other expenses
-28.8
-20.0
-12.0
-12.0
Longterm loans and advances
2.5
-0.7
-0.4
-0.5
67.8
Others
0.9
0.7
0.0
0.0
25.3
23.3
CF from investing activities
-25.4
-19.9
-12.4
-12.5
10.0
9.0
Issue/(Buy back) of Equity
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-7.0
20.0
19.4
37.4
46.6
164.9
203.7
250.4
305.1
EBITDA
35.9
43.9
55.0
Growth (%)
24.8
22.3
Depreciation
5.6
7.3
Total Operating Exp
Interest
0.2
0.1
0.2
0.0
Inc/(dec) in loan funds
Other Income
1.9
2.1
2.4
3.4
Dividend paid & dividend tax
-4.2
-5.6
-5.6
32.0
38.6
47.2
62.2
Others
-0.2
-0.1
-0.2
0.0
9.3
10.3
13.0
18.0
CF from financing activities
-4.4
-5.7
-5.8
-7.0
PAT
22.7
28.3
34.3
44.2
Net Cash flow
0.5
0.9
1.6
2.7
Growth (%)
24.7
24.2
21.2
29.1
Opening Cash
1.3
1.8
2.7
4.3
EPS (|)
37.9
47.1
57.1
73.7
Closing Cash
1.8
2.7
4.3
7.0
FY12
FY13
FY14E
FY15E
PBT
Total Tax
Balance sheet (Standalone)

(Year-end March)
Key ratios (Standalone)

(| Crore)
(Year-end March)
Per share data (|)
FY12
FY13
FY14E
FY15E
6.0
6.0
6.0
6.0
Liabilities
Equity Capital
EPS
37.9
47.1
57.1
73.7
Cash EPS
47.2
59.3
73.8
88.7
170.1
207.8
255.6
317.7
6.0
8.0
8.0
10.0
96.1
118.7
147.4
184.7
BV
102.1
124.7
153.4
190.7
DPS
Total Debt
0.1
0.1
0.1
0.1
Operating Ratios (%)
Def Tax Liability
4.8
5.5
5.5
5.5
EBITDA Margin
17.9
17.7
18.0
18.2
Others
0.1
0.1
0.1
0.2
PAT Margin
11.3
11.4
11.2
11.9
107.1
130.5
159.2
196.5
Asset Turnover
2.1
2.1
2.1
2.1
Inventory turnover
7.2
7.2
6.6
6.0
Reserve and Surplus

Total Shareholders funds
Total Liabilities
Debtor turnover
9.6
9.2
7.8
7.6
Gross Block
97.9
116.5
128.5
140.5
Creditor turnover
55.2
32.9
33.2
45.6
Less: Acc Depreciation
40.0
45.9
55.9
64.9
Return Ratios (%)
Total Fixed Assets
57.9
70.6
72.5
75.5
RoE
22.3
22.7
22.3
23.2
Inventory
30.0
39.1
53.6
70.5
RoCE
29.7
29.3
29.3
30.8
Debtors
20.9
26.8
39.3
49.0
RoIC
29.1
29.0
29.5
31.5
Loans and Advances
7.8
11.2
13.8
16.9
Valuation Ratios (x)
Other Current Assets
0.0
0.0
0.0
0.0
P/E
9.5
7.6
6.3
4.9
Cash
1.8
2.7
4.3
7.0
EV / EBITDA
6.0
4.9
3.9
3.1
60.5
79.7
111.0
143.4
EV / Net Sales
1.1
0.9
0.7
0.6
Assets
Total Current Assets

Total Current Liabilities
12.5
21.6
26.5
25.2
Market Cap / Sales
1.1
0.9
0.7
0.6
Net Current Assets
48.1
58.1
84.4
118.2
Price to Book Value
2.1
1.7
1.4
1.1
1.1
1.8
2.2
2.7
Debt / Equity
0.0
0.0
0.0
0.0
Current Ratio
4.8
3.7
4.2
5.7
Quick Ratio
2.4
1.9
2.2
2.9
Longterm loans and adv
Solvency Ratios
Page 4
Company Description
Wim Plast started its business in 1994 by setting up a manufacturing unit
of plastic moulded furniture at Daman. Growing demand for plastic
furniture coupled with a gradual shift towards the branded products
category, helped WPL to gain substantial market share (12% in FY11 to
~17% in FY12) along with other major brands like Nilkamal and Supreme.
During FY12, the company set up three new manufacturing units in
Chennai, Hardwar and Daman with a capex of ~| 29 crore. Also, WPL has
recently commissioned a new manufacturing unit in Kolkata. Further,
plants of the company are strategically located in their selling markets like
Mumbai, Ahmedabad, Delhi, Chennai and Kolkata. Also, WPL avails tax
benefits for the manufacturing units located in Haridwar (Uttarakhand)
and Baddi (Himachal Pradesh).
Price (R.H.S)
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
450
400
350
300
250
200
150
100
50
0
Nov-12
(|)
Exhibit 10: Recommendation History
TP
Page 5
ICICIdirect.com Coverage Universe (Consumables)

Sector / Company
Asian Paints (ASIPAI)
Havells India (HAVIND)
Kansai Nerolac (GOONER)
Pidilite Industries (PIDIND)
Symphony Ltd (SYMCOM)
V-Guard Ind (VGUARD)
EPS (|)
P/E (x)
EV/EBITDA (x)
CMP
M Cap
(|)
TP(|) Rating
(| Cr) FY13E FY14E FY15E FY13E FY14E FY15E FY13E FY14E FY15E
513
480
Hold 51,893 11.6 13.4 16.0 44.2 38.4 32.1 30.7 40.4 32.1
746
720
Hold
9,309 46.6 36.6 43.9 16.0 20.4 17.0 14.5 12.6 10.8
1,128 1,335
Buy
6,079 54.2 53.3 62.6 16.3 21.2 18.0 18.1 13.7 11.4
288
304
Hold 14,620
8.4 10.0 12.1 34.5 28.9 23.7 24.2 20.0 16.5
399
429
Buy
1,396 17.2 22.6 26.8 23.2 17.6 14.9 17.2 13.1 11.2
473
473
Hold
1,412 21.1 25.8 33.1 22.4 18.3 14.3 14.2 11.3
8.9
RoCE (%)
RoE (%)
FY13E FY14E FY15E FY13E FY14E
51.8 49.9 51.5 37.8 36.7
24.0 25.4 27.9 40.3 26.1
21.5 25.2 26.5 22.7 19.2
31.2 31.9 34.2 25.7 26.0
33.7 35.6 35.1 27.0 29.4
22.9 26.0 29.2 24.1 24.1
Page 6
FY15E
38.1
26.3
19.4
27.5
29.5
25.1
RATING RATIONALE
ICICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns

ratings to its stocks according to their notional target price vs. current market price and then categorises them
as Strong Buy, Buy, Hold and Sell. The performance horizon is two years unless specified and the notional
target price is defined as the analysts' valuation for a stock.
Strong Buy: >15%/20% for large caps/midcaps, respectively, with high conviction;
Buy: >10%/15% for large caps/midcaps, respectively;
Hold: Up to +/-10%;
Sell: -10% or more;
Pankaj Pandey
Head Research
pankaj.pandey@icicisecurities.com
ICICIdirect.com Research Desk,

ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No. 7, MIDC,
Andheri (East)
Mumbai 400 093
research@icicidirect.com
ANALYST CERTIFICATION
We /I, Sanjay Manyal (MBA Finance) Hitesh Taunk (MBA Finance) research analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report
accurately reflect our personal views about any and all of the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific
recommendation(s) or view(s) in this report. Analysts aren't registered as research analysts by FINRA and might not be an associated person of the ICICI Securities Inc.
Disclosures:
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companies covered by our Investment Research Department. Our research professionals provide important input into our investment banking and other business selection processes. ICICI Securities
generally prohibits its analysts, persons reporting to analysts and their dependent family members from maintaining a financial interest in the securities or derivatives of any companies that the analysts
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The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and
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Company Update

November 14, 2013

Wim Plast (WIMPLA)

Key Financials (Standalone)

EPS (FY14E)......................................................................... Changed from | 59.9 to | 57.1

Expansion in new geographies to drive volume

Source: Company, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Source: Company, ICICIdirect.com Research

Exhibit 3: Net sales growth trend

CAGR of 25.4% during FY11-13) supported by volume

Source: Company, ICICIdirect.com Research

Exhibit 4: EBITDA margin trend

H1FY14 mainly to pass on the hike in raw material cost.

The company has taken a price hike of ~2-3% during

supported by higher volume growth (~19.5% CAGR

Source: Company, ICICIdirect.com Research

Exhibit 5: Attractive return ratios

Exhibit 6: Dividend per share

Source: Company, ICICIdirect.com, Research

ICICI Securities Ltd | Retail Equity Research

Source: Company, ICICIdirect.com, Research

Outlook & Valuation

Source: Company, ICICIdirect.com Research

Exhibit 8: Revised Financials

Source: Company, ICICIdirect.com Research

Source: Company, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Cash flow statement (Standalone)

Total operating Inc

Profit after Tax

(Inc)/dec in Current Assets

Inc/(dec) in CL and Provisions

CF from operating activities

(Purchase)/Sale of Fixed Assets

Longterm loans and advances

CF from investing activities

Issue/(Buy back) of Equity

Total Operating Exp

Inc/(dec) in loan funds

Dividend paid & dividend tax

CF from financing activities

Net Cash flow

Source: Company, ICICIdirect.com Research

Source: Company, ICICIdirect.com Research

Balance sheet (Standalone)

Key ratios (Standalone)

Operating Ratios (%)

Def Tax Liability

Reserve and Surplus

Less: Acc Depreciation

Return Ratios (%)

Total Fixed Assets

Loans and Advances

Valuation Ratios (x)

Other Current Assets

Total Current Assets

Market Cap / Sales

Net Current Assets

Price to Book Value

Longterm loans and adv

Source: Company, ICICIdirect.com Research

Source: Company, ICICIdirect.com Research