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PIDILITE INDUSTRIES Adhesive Growth: Ties That Bind INITIATING COVERAGE PIDILITE INDUSTRIES Adhesive growth: Ties that bind India Equity Research| Consumer Goods Pidilite (PIDI ) is a high quality niche consumption play imbued with strong EDELWEISS 4D RATINGS brand equity in under penetrated and high growth categories. The Absolute Rating BUY company has sustained its dominant position (Fevicol, M-seal have ~70% Rating Relative to Sector Performer market share) by virtue of direct reach to influencers/end users, Risk Rating Relative to Sector Medium successful brand extensions, innovation spurred by robust R&D, out-of- Sector Relative to Market Overweight the-box and catchy ads, acquisitions (ROFF, Mseal, Sargent Art, Hobby Ideas), limited competition and widespread distribution. Key risk/concerns are performance of its international portfolio (especially MARKET DATA (R: PIDI.BO, B: PIDI IN) Brazil) and the Elastomer project. We expect 17% revenue CAGR with CMP : INR 294 Target Price : INR 357 robust 20% PAT CAGR over FY14-16E. We initiate coverage with ‘BUY’. 52-week range (INR) : 304 / 206 Share in issue (mn) : 509.8 Consumer business will continue to sizzle M cap (INR bn/USD mn) : 151 / 2,425 Robust growth across segments spurred PIDI’s consumer & bazaar products (CBP) and Avg. Daily Vol.BSE/NSE(‘000) : 280.0 industrial chemicals segments to post 19% and 14% CAGR, respectively, over FY08-13. Though we expect the CBP business to maintain growth momentum, the industrial SHARE HOLDING PATTER N (%) chemicals business may grow at a slower pace (11.5% CAGR) over FY14-16E due to the Current Q1FY14 Q4FY13 economic slowdown. Overseas business (has been a drag) margins are likely to improve Promoters * 70.1 70.1 70.1 riding sales pick up (Bangladesh, Thailand fastest growth engines), effective MF's, FI's & BK’s 5.3 5.4 5.6 management changes, price hikes and mix improvement. FII's 13.7 13.9 13.6 Others 10.9 10.6 10.7 Direct connect, distribution and innovation key strengths * Promoters pledged shares : Nil (% of share in issue) PIDI directly reaches out to influencers/end users (furniture makers, plumbers, architects) via Dr. Fixit Institute, Fevicol Furniture Book and workshops which also PRICE PERFORMANCE (% ) enables it to introduce new products imbibing their feedback. Successful brand Stock over Sensex Stock extensions (Marine Fevicol, Speedex), acquisitions (Suparshva) and low-priced SKUs Sensex amidst limited MNC competition provide it the bandwidth to outpace regional players. 1 month (1.9) 11.1 13.0 3 months 11.6 32.3 20.7 Outlook and valuations: Positive; initiate with ‘BUY’ 12 months 7.1 39.2 32.1 We are positive on PIDI and expect re-rating to sustain. We value PIDI at 25x FY16E EPS and arrive at TP of INR357. At CMP, the stock is trading at 24.5x FY15E and 20.6x FY16E. We initiate coverage with ‘ BUY/Sector Performer’ recommendation/ rating. Financials Abneesh Roy Year to March FY13 FY14E FY15E FY16E +91 22 6620 3141 [email protected] Revenues (INR mn) 36,781 42,997 50,600 58,960 Rev. growth (%) 17.6 16.9 17.7 16.5 Click on image to view video EBITDA (INR mn) 5,990 7,358 8,712 10,145 Pooja Lath Net profit (INR mn) 4,240 5,070 6,149 7,326 +91 22 6620 3075 [email protected] Shares outstanding (mn) 510 510 510 510 Diluted EPS (INR) 8.2 9.9 12.0 14.3 Tanmay Sharma EPS growth (%) 32.9 20.1 21.3 19.1 +91 22 4040 7586 Diluted P/E (x) 35.7 29.7 24.5 20.6 [email protected] EV/EBITDA (x) 24.4 19.6 16.3 13.7 ROAE (%) 28.3 27.8 28.1 27.8 November 28, 2013 Edelweiss Research is also available on www.edelresearch.com, Bloomberg EDEL <GO>, Thomson First Call, Reuters and Factset. Edelweiss Securities Limited Consumer Goods Investment Rationale Flagship brands to anchor growth PIDI’s presence in niche, under-penetrated and high growth categories with limited competition makes it a good play on Indian consumer goods spends. The niche presence yields high gross margins, high barriers to entry, strong brand equity, mass acceptance and superior growth opportunities. Chart 1: Consumer & Bazaar product sales expected to grow at 19% CAGR over 14-16E 48,500 “We keep our eyes and ears open to what customers want, 40,500 while our strong R&D gets us exactly the right products" 32,500 - M B Parekh, 24,500 Chairman & MD mn) (INR 16,500 8,500 FY08 FY09 FY10 FY11 FY12 FY13 FY14E FY15E FY16E Source: Company, Edelweiss research The adhesive & sealants segment, contributing 51% to total sales, houses strong brands like Fevicol, M-seal and Fevistik under its umbrella. The company has near monopoly in this segment with Fevicol and M-seal enjoying ~70% market share each in the adhesive and sealants product categories, respectively. The category grew 18% YoY in FY13. The second largest category, construction chemicals (contributing 20% to total sales), also has strong brands, Dr. Fixit (largely used as waterproofing and repair solution) and Roff (used as complete range of tile fixing solution) under its umbrella. This category grew 20% YoY in FY13. PIDI’s third largest category, art materials (contributing 10% to total sales), surged 35% YoY in FY13. In art materials, the company has a host of brands like Hobby Ideas, Ranipal, Motomax and Cyclo . Off late, the segment has seen significant growth on account of fresh look at products, new product introductions, better communication and improved distribution model. Industrial products account for 19% of the company’s revenue. This segment has lower margin vis-à-vis consumer and bazaar segment; it includes three sub-segments: (i) Industrial adhesives: Being market leader, PIDI provides an extensive range of products catering to packaging, cigarettes, stock labels, stickers, footwear, etc. (contributes 7% to company’s revenue); (ii) Industrial resins : The company produces polymers and co-polymers for industries like paints, non-woven and flocked fabrics and leather (contributes 6% to total revenue); and (iii) Organic pigments and preparation : Pioneer in manufacturing Pigment 2 Edelweiss Securities Limited Pidilite Violet 23 in India. Market leader in pigment dispersions for textile segment; the segment contributes around 6% to total revenue. Since the industrial segment caters to various industries (textiles, leather, footwear, ink, packaging, etc.) its growth pattern largely mirrors IIP growth figures. In the others category, PIDI manufactures a variety of special acetates. Currently, these products are under test marketing with special focus on niche segments targeted at import substitution. Chart 2: Robust growth across categories 30.0 “It is the efforts that we put in to create demand, which would 25.0 drive the sales growth for our products.” 20.0 - Sandeep Batra, (% YoY) (% 15.0 Director Finance 10.0 5.0 FY08 FY09 FY10 FY11 FY12 FY13 Consumer & Bazaar Speciality Industrial Chemical Source : Company, Edelweiss research Chart 3: EBIT margins strong in both categories especially in CBP 30.0 26.0 22.0 (%) 18.0 14.0 10.0 FY08 FY09 FY10 FY11 FY12 FY13 Consumer & Bazaar Speciality Industrial Chemical Source: Company, Edelweiss research 3 Edelweiss Securities Limited Consumer Goods Chart 4: Consumer & bazaar products’ sales split 100.0 80.0 60.0 (%) 40.0 20.0 0.0 FY08 FY09 FY10 FY11 FY12 FY13 Adhesives & Sealants Construction/Paint Chemical Art materials & others Source: Company, Edelweiss research Chart 5: Speciality industrial chemical sales split 100.0 80.0 60.0 (%) 40.0 20.0 0.0 FY08 FY09 FY10 FY11 FY12 FY13 Industrial resins Industrial adhesives Organic pigments and preparations Source: Company, Edelweiss research PIDI commands a premium over competitors riding strong brand—our channel checks indicate that Fevicol commands a premium of 10% over its nearest competitor Jivanjor (Jubilant Industries)—and it has created a huge entry barrier in the adhesive segment. The company’s recent launches in the premium end—Marine Fevicol (for furniture in constant touch with water), Speedex (fast adhesives) and fabric glue—are growing faster than base adhesives. Huge brand equity is a high entry barrier PIDI is not present in competitive consumer segments or well-penetrated segments; it focuses on only niche sub-segments. This has resulted in the company developing market- leading brands Fevicol, Dr Fixit and M-Seal. As there are no large competing products in these sub-segments, it has developed products that now enjoy indisputable market leadership. 4 Edelweiss Securities Limited Pidilite Table 1: Low competitive intensity creating a strong entry barrier Segment Pidilite brands Competition brands Use Adhesive & Sealant Fevicol, Fevistik, Fevikwik, Mseal, Jivanjor, Carpenter, Woodwork, Flooring, Upholstery, Steelgrip, Feviquick Araldite, Dendrite Footwear, Plumbing, electrical and decorative purposes Construction chemical ROFF, Dr. Fixit, Fevimate Sika, Fosroc Waterproofing, Admixture, Tile fixing, Floor hardening, Sealants, Heat reduction coating Art material & stationery Fevicryl, Hobby Idea, Fevicraft, Camlin, Faber Castle Education, Publication, Painting Sargent Art Fabric care Ranipal Ujala Cloth brightner, Stain removal Automotive Cyclo, Motomax Castrol Lubricant, Engine Oil, Maintenance, Polishing Decorative paints Wudfin, Piditint Asian Paints, Berger Wood finishing, Interior coating and wall finishing Industrial Adhesive Fevicol, Pidivyl, Tracol, Trisol, Henkel, Huntsman, Packaging and converting, cigarette, book Pidiprimer, Kondicryl Sika, 3M, HB fuller binding, stickers, lamination and labelling, Footwear Textile Chemical Texcron, Dopcron, Pidifinish, BASF, Jubiliant Pigment dispersion, Pigment printing Pidicryl Industrial
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