ICICIdirect Money Manager – July 2019

ICICIdirect Money Manager June 2019

STOCK IDEAS

7

Key Financials

Valuations Summary

Stock Data

(` Crore) FY18 FY19 FY20E FY21E

Net Sales 2,445 3,069 3,535 4021

EBITDA 536 660 760 870

EBITDA Margins (%) 21.9 21.5 21.5 21.

Net Profit 443.6 513.4 562.3 643.

EPS (`) 47.0 54.4 59.6 68.

(x) FY18 FY19 FY20E FY21E

P/E (x) 37.2 32.2 29.4 25.

Target P/E 43.6 37.7 34.4 30.

EV/EBITDA (x) 28.5 22.9 19.9 17.

P/BV 5.5 4.7 4.3 3.

RoE (%) 14.7 14.6 14.7 15.

RoCE (%) 18.4 18.9 19.9 20.

RoIC (%) 28.4 29.0 29.6 29.

Particular Amount

Market Capitalisation ` 16175 crore

Cash and Investments ` 1356 crore

EV ` 14943 crore

52 week H/L 2026 / 1423

Equity Capital ` 18.9 crore

Face Value ` 2

Key risks include:

1) The average realization

could get impacted by

unfavourable currency

movement, as majority of the

re v e n u e c o m e s f r o m

international markets.

2) Any slowdown in mining

segment, specifically gold,

copper to significantly affect

mining volumes.

3) Any delay in capex and

capacity addition could have

adverse impact on cash flows.

4) Stretch in working capital

and delayed payment from

international customers could

adversely affect cash flows and

return ratios.