jublife
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10
INCOME STATEMENT (in INR mn) 2000 2001
INCOME
Sales and operating income (Net of discs) 6066.59 8424.77Less: Excise duty (474.97) (622.56)
TOTAL SALES 5591.62 7802.21
EXPENDITURE
Material Cost (5035.27) (7198.58)
Employee Cost
SG&A costs
PROFIT BEFORE INT, DEP,TAX AND EXC ITEMS 556.35 603.63
Less : Interest (349.60) (413.33)
Less : Depreciation/Amortisation (175.72) (206.42)
Add: Other Income 74.35 145.91
PROFIT BEFORE TAX AND EXCEPTIONAL ITEMS 105.38 129.79
Add/(Less) : Exceptional Item
PROFIT BEFORE TAX AND PRIOR PERIOD ITEMS 105.38 129.79
(Less) : Prior period items (Net) 121.57 108.04
PROFIT BEFORE TAX 226.95 237.82
Less: Provision for Taxation:
Current Tax (0.40) (5.40)
Deferred Tax (Refer Note B - 8 in Schedule M) 0.00 0.00
Fringe Benefit Tax 0.00 0.00
Excess (Tax) Provision for earlier years (1.82) 9.23
PROFIT AFTER TAX 224.73 241.65Less: Minority Interest
NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS 224.73 241.65
Add : Balance brought forward from previous year
AMOUNT AVAILABLE FOR APPROPRIATION 224.73 241.65
APPROPRIATIONS
Dividend to shareholders of parent company:
Equity Shares - Interim dividend
Proposed Final dividend (35.33) (44.60)
Tax on Dividend (includes tax on proposed div) (6.37) (3.83)
Transfer to General Reserve (75.00) (100.00)
Balance carried to Balance Sheet 108.04 93.22
Per share data
EPS (Rs.) Basic and Diluted - before exc item
EPS (Rs.) Basic and Diluted - after exc item
DPS (Rs)
No of shares - eop
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Key Figures
Gross Profit 556.35 603.63
EBITDA 556.35 603.63
Operating Profit (EBIT) 380.63 397.21
PBT 226.95 237.82
Net Income 224.73 241.65
Margins
Gross Profit 9.95% 7.74%
EBITDA 9.95% 7.74%
Operating Profit (EBIT) 6.81% 5.09%
PBT 4.06% 3.05%
Net Income 4.02% 3.10%
Purchases
Assumptions
Sales (Growth - YoY) 0.08
Material Cost (as a % of Sales) 0.92
Overheads
Employee Cost (as a % of sales)
SG&A costs (as a % of sales)
Other income (Growth - YoY) 96.26%
Other income (as a % of sales) 1.33% 1.87%
Effective Tax Rate -0.98% 1.61%
Dividend Payout Ratio
Divident Tax RateMinority Interest as % of PAT
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2002 2003 2004 2005 2006 2007 2008
8,648.18 9,686.07 9,456.65 12,736.96 16,178.90 19,434.40 26,287.66(864.64) (1,034.31) (1,189.35) (1,337.25) (1,398.89)
8,648.18 9,686.07 8,592.01 11,702.65 14,989.55 18,097.15 24,888.77
(7,797.17) (8,497.67) (7,009.31) (10,013.87) (13,013.18) (15,156.02) (20,536.11)
851.01 1,188.40 1,582.70 1,688.78 1,976.37 2,941.13 4,352.66
(411.05) (402.50) (357.64) (220.36) (172.66) (194.64) (336.68)
(255.80) (237.52) (326.18) (381.40) (513.35) (622.86) (1,039.14)
28.66 93.30 67.40 554.22 391.03 829.41 1,584.47
212.82 641.68 966.28 1,641.24 1,681.39 2,953.04 4,561.31
212.82 641.68 966.28 1,641.24 1,681.39 2,953.04 4,561.31
212.82 641.68 966.28 1,641.24 1,681.39 2,953.04 4,561.31
(2.21) (50.13) (89.27) (317.64) (231.20) (369.84) (702.47)
14.60 (110.45) (114.53) (116.08) (138.89) (318.61) 11.97
(22.35) (24.04) 117.66
7.00 24.80 2.13
232.21 481.10 787.28 1,209.65 1,288.95 2,240.55 3,988.47(4.91) (17.72) 7.80 39.45 16.47
232.21 481.10 782.37 1,191.93 1,296.75 2,280.00 4,004.94
101.54 104.73 461.09 1,048.35 1,702.69 2,390.69 3,960.05
333.75 585.83 1,243.46 2,240.28 2,999.44 4,670.69 7,964.99
(59.02) (74.44) (84.32) (161.96) (183.07) (180.07) (219.29)
(10.79) (22.79) (25.68) (30.57) (37.27)
(170.00) (50.00) (100.00) (352.84) (400.00) (500.00) (1,000.00)
104.73 461.39 1,048.35 1,702.69 2,390.69 3,960.05 6,708.43
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851.01 1,188.40 1,582.70 1,688.78 1,976.37 2,941.13 4,352.66
851.01 1,188.40 1,582.70 1,688.78 1,976.37 2,941.13 4,352.66
595.21 950.88 1,256.52 1,307.38 1,463.02 2,318.27 3,313.52
212.82 641.68 966.28 1,641.24 1,681.39 2,953.04 4,561.31
232.21 481.10 787.28 1,209.65 1,288.95 2,240.55 3,988.47
9.84% 12.27% 18.42% 14.43% 13.18% 16.25% 17.49%
9.84% 12.27% 18.42% 14.43% 13.18% 16.25% 17.49%
6.88% 9.82% 14.62% 11.17% 9.76% 12.81% 13.31%
2.46% 6.62% 11.25% 14.02% 11.22% 16.32% 18.33%
2.69% 4.97% 9.16% 10.34% 8.60% 12.38% 16.03%
0.41 0.40 0.33 0.07 0.17 0.49 0.48
0.90 0.88 0.82 0.86 0.87 0.84 0.83
-80.36% 225.54% -27.76% 722.28% -29.44% 112.11% 91.04%
0.33% 0.96% 0.78% 4.74% 2.61% 4.58% 6.37%
9.11% -25.02% -18.52% -26.30% -23.34% -24.13% -12.56%
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2009 2010 2011 2012 2013 2014 2015
36,405.44 38,754.75 35,102.12(1,225.60) (843.43) (768.08)
35,179.84 37,911.32 34,334.04 - - - -
(31,308.22) (30,449.17) (29,682.45)
3,871.62 7,462.15 4,651.59 - - - -
(1,070.42) (1,505.20) (1,050.57)
(1,632.42) (1,246.84) (1,801.02)
1,796.98 468.86 605.91
2,965.76 5,178.97 2,405.91 - - - -
2,965.76 5,178.97 2,405.91 - - - -
2,965.76 5,178.97 2,405.91 - - - -
(668.37) (1,025.48) (876.21)
126.85 66.04 742.56
274.33
2,698.57 4,219.53 2,272.26 - - - -133.19 (4.92) 24.93
2,831.76 4,214.61 2,297.19 - - - -
6,697.99 7,768.46 8,440.71
9,529.75 11,983.07 10,737.90 - - - -
(223.34) (317.56) (318.56)
(37.95) (52.74) (51.68)
(2,120.50) (1,100.00)
9,268.46 9,492.27 9,267.66 - - - -
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3,871.62 7,462.15 4,651.59
3,871.62 7,462.15 4,651.59
2,239.20 6,215.31 2,850.57
2,965.76 5,178.97 2,405.91
2,698.57 4,219.53 2,272.26
11.01% 19.68% 13.55%
11.01% 19.68% 13.55%
6.37% 16.39% 8.30%
8.43% 13.66% 7.01%
7.67% 11.13% 6.62%
(0.11) 0.93 (0.38)
0.89 0.80 0.86
13.41% -73.91% 29.23%
5.11% 1.24% 1.76%
-9.01% -18.53% -5.56%
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2016 2017 2018 2019 2020
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10
BALANCE SHEET (in INR m) 2000 2001
FUNDS EMPLOYED
Shareholders' FundsShare Capital 112.59 112.59
Reserves and Surplus 1342.328 1415.236
Shareholders' equity 1454.92 1527.83
Loan Funds
Secured Loans 2699.061 2802.59
Unsecured Loans 551.432 712.089
Loans 3250.49 3514.68
Deferred Tax Liability (Net)
Minority Interest
Total 4705.41 5042.51
APPLICATION OF FUNDS
Fixed Assets
Gross Block 4307.223 5037.325
Less: Depreciation/Amortisation -1734.74 -1930.053
Net Block 2572.48 3107.27
Add : Capital Work in Progress 371.49 53.18
Net Fixed Assets
Foreign exchange monetary trans.. Difference
Deferred tax assets
Investments 234.919 235.358Total Long Term Assets 3178.89 3395.81
Current Assets, Loans and Advances
Cash and Bank Balances 117.895 70.544
Inventories 799.004 985.9
Sundry debtors (receivables) 888.145 844.374
Loans and Advances 407.181 376.253
Total Current Assets 2212.23 2277.07
Current Liabilities and Provisions
Current Liabilities 584.244 613.964
Provisions 127.809 81.696
Total Current Liabilities 712.05 695.66
Net Current Assets 1500.17 1581.41
Miscellaneous expenditure 26.347 65.284
Total 4705.41 5042.51
check 1 1
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Schedule G
Current Liabilities
1 Acceptances
2 Sundry Creditors
Trade (payables)
Others
3 Investor Education etc4 Other Liabilities
Assumptions:
Fixed Assets
B Net Fixed Assets - Opening
A Add: Capex
A Add: Acquisitions / (Disposals)/WIP addns
S Less: Depreciation
E Net Fixed Assets - Ending
Capex (as a % of sales)
Depreciation (as a % of sales)
Debt
Average Debt
Interest paid
Interest cost %
Cash and Bank Balances
Interest earnedInterest rate %
Ratio Analysis
Solvency Ratios
Current ratio 3.11 3.27
Quick ratio 1.98 1.86
Cash ratio 0.17 0.10
Turnover Ratios
Receivables turnover
Inventory turnover
Payables turnover
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Average receivables collection period
Average inventory processing period
Average payment period
Cash Conversion Cycle
Other ReceivablesLoans and Advances as % of Sales 0.07 0.05
Other Payables
Acceptances as % of COGS
Others Creditors as % of COGS
Investor Education etc as % of COGS
Other Liabilities as % of COGS
Operating Efficiency
Total asset turnover
Net fixed asset turnover
Equity turnover
Operating Profitability
Gross Profit Margin 0.10 0.08
Operating Profit Margin 0.07 0.05
Net Profit Margin 0.04 0.03
Return on total capital 0.05 0.05
Return on total equity 0.15 0.16
ROE DuPont Analysis
Profit Margin
Asset Turnover
Leverage
ROE
Financial Risk Ratios
Debt to equity ratio
Debt ratio
Interest coverage ratio
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2002 2003 2004 2005 2006 2007 2008
73.33 73.33 117.32 129.58 142.46 143.76 146.96
1033.54 1407.95 1996.38 4830.52 8114.74 8917.59 12415.01
1106.87 1481.28 2113.70 4960.10 8257.20 9061.35 12561.97
2584.89 3473.21 3857.66 2038.15 3344.89 4171.68 10585.88
777.08 575.15 352.34 1619.73 3875.44 12354.45 10498.65
3361.97 4048.36 4210.00 3657.88 7220.33 16526.13 21084.53
361.90 644.86 741.62 857.70 1042.04 1360.15 1302.30
150.89 174.12 213.91
4830.74 6174.50 7065.32 9475.68 16670.46 27121.75 35162.71
5416.41 6645.08 7161.53 8359.50 14020.47 16671.47 24959.09
(2308.62) (2513.76) (2825.21) (3083.57) (3778.96) (4392.48) (5834.90)
3107.79 4131.32 4336.32 5275.93 10241.51 12278.99 19124.19
165.36 113.10 405.99 929.70 1289.75 2356.85 4846.90
84.23 161.84 148.89 990.23 2.23 38.84 456.373357.38 4406.26 4891.20 7195.86 11533.49 14674.68 24427.46
101.47 106.27 208.35 159.62 1389.57 8749.11 5237.68
1030.18 1350.02 1282.80 1762.05 3116.89 3532.43 4257.80
768.83 815.15 1455.05 1784.38 2479.18 2948.11 4349.67
550.38 760.33 811.42 1249.01 1963.46 2424.69 3552.70
2450.86 3031.77 3757.62 4955.06 8949.10 17654.34 17397.85
879.97 1079.72 1379.93 2039.53 2692.65 2917.82 3717.83
97.53 184.97 225.48 691.29 1151.68 2330.30 2961.26
977.50 1264.69 1605.41 2730.82 3844.33 5248.12 6679.09
1473.36 1767.08 2152.21 2224.24 5104.77 12406.22 10718.76
1.16 21.91 55.58 32.20 40.85 16.49
4830.74 6174.50 7065.32 9475.68 16670.46 27121.75 35162.71
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2.51 2.40 2.34 1.81 2.33 3.36 2.60
1.45 1.33 1.54 1.17 1.52 2.69 1.97
0.10 0.08 0.13 0.06 0.36 1.67 0.78
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0.06 0.08 0.09 0.11 0.13 0.13 0.14
0.10 0.12 0.18 0.14 0.13 0.16 0.17
0.07 0.10 0.15 0.11 0.10 0.13 0.13
0.03 0.05 0.09 0.10 0.09 0.12 0.16
0.05 0.09 0.12 0.14 0.08 0.09 0.12
0.21 0.32 0.37 0.24 0.16 0.25 0.32
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2009 2010 2011 2012 2013 2014 2015
147.56 158.80 159.30
12527.90 21854.56 21563.36
12675.46 22013.36 21722.66 0.00 0.00 0.00 0.00
29026.16 21607.92 28900.48
9754.94 10119.41 10344.73
38781.10 31727.33 39245.21 0.00 0.00 0.00 0.00
1150.63 2349.48 2107.01
319.52 379.18 418.11
52926.71 56469.35 63492.99 0.00 0.00 0.00 0.00
46482.57 48452.64 51632.78
(9032.56) (10263.78) (11722.26)
37450.01 38188.86 39910.52 0.00 0.00 0.00 0.00
5031.16 5056.34 6777.59
120.81
425.32 395.02
2713.56 2564.07 327.5245194.73 46355.40 47410.65 0.00 0.00 0.00 0.00
3816.64 5036.74 10456.94
5956.10 6909.51 6912.78
5044.12 5186.13 5204.47
4854.92 5182.70 5653.70
19671.78 22315.08 28227.89 0.00 0.00 0.00 0.00
7364.57 7535.25 7861.38
4578.52 4665.88 4284.17
11943.09 12201.13 12145.55 0.00 0.00 0.00 0.00
7728.69 10113.95 16082.34 0.00 0.00 0.00 0.00
3.29
52926.71 56469.35 63492.99 0.00 0.00 0.00 0.00
1 1 1 1 1 1 1
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1.65 1.83 2.32
1.15 1.26 1.75
0.32 0.41 0.86
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0.14 0.14 0.16
0.11 0.20 0.14
0.06 0.16 0.08
0.08 0.11 0.07
0.05 0.08 0.04
0.21 0.19 0.10
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2016 2017 2018 2019 2020
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
1 1 1 1 1
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10
CASH FLOW STATEMENT (in INR mn) 2000 2001
Cash Flow from Operating Activities:
Profit before tax and prior period items 105.38 129.79
Adjustment for:Depreciation/Impairment 175.72 206.42
Impairment of Goodwill - -
Provision for iminution in the value of investments
provision for doubtful debts
Prior period item (Net) - -
Profit/ (Loss) on sale of investments / Assets (0.69) -
Profit on disposal of subsidiaries - -
Gain/loss on disposal of assets - 19.01
Bad debt/ irrecoverable advance w/off
Interest Expense / income - -
Amortization- deferred Revenue Expenditure 9.38 21.46
Interest Income (Net) 349.60 413.33
Dividend Income (1.93) (1.74)
exceptional items
Exchange difference 14.25 15.55
Operating Profit before Working Capital changes 651.70 803.83
Adjustment for:
Changes in working capital
Trade Receivables (sundry debtors) (68.51) 59.62
Increse/(decrease) in Miscellaneous Expenditure (2.60) (60.40)Other Receivables (loans & advances) - -
Inventories (9.00) (186.90)
Trade and other payables 101.83 (26.51)
Changes in other current assets - -
Cash generated from Operations 673.43 589.64
Income tax paid (net of refund) (2.17) 18.77
Interest paid (336.57) (440.78)
Net cash generated from operating activities 334.70 167.63
Cash Flow from Investing Activities:
Purchase of Fixed Assets (712.62) (456.18)
Proceeds from sale of Fixed Assets 3.88 1.99
Purchase of Investment 2.03 (0.44)
Loan from/to Companies 45.45 6.70
Sale of Investment - -
Interest received 64.04 26.39
Dividend received 1.93 1.74
Cash outflow on additional stake in subsidiary - -
Cash inflow arising on disposal of subsidiary - -
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exceptional itms - -
Net cash used in investing activities (595.30) (419.80)
Cash Flow from Financing Activities
Proceeds from long term borrowings 320.27 264.19
Proceeds from short term borrowings - -
Repayment of long term borrowings - -
Repayment of short term borrowings - -EXCHANGE DIFFERENCE (14.25) (15.55)
Interest Paid - -
Dividend and Dividend tax paid and Provisions (35.82) (43.82)
Net cash used in financing activities 270.20 204.82
Net Inc/(Dec) in Cash and Cash Equivalents 9.60 (47.35)
Cash and Cash Equivalents - bop 104.04 117.90
Net effect of changes in exchange rate 4.25 -
Cash and Cash Equivalents - eop 117.90 70.54
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2002 2003 2004 2005 2006 2007 2008 2009
216.12 641.20 978.92 1,503.04 1,790.92
254.33 237.45 321.98 347.70 441.55
5.06 14.31 24.49 19.96
2.23 11.99
3.05 0.81 0.89 (10.53)
15.80
42.10 38.10 1.56 1.17
(46.70) (2.96) (47.02)
0.11 2.28 13.42 23.51
407.42 402.50 357.55 213.19 146.63
(1.26) (0.21) (3.19) (2.34)
(9.47) (75.70)
6.17 (22.57) (103.83) (61.49) 64.63
938.50 1,299.84 1,538.66 1,959.39 2,428.48 - - -
(120.51) (235.75) (621.87) (578.51) (1,085.39)
(1.27) (24.19) (47.09) (0.13)
(34.92) (321.07) 59.09 (479.25) (1,055.99)
235.03 180.00 283.77 591.48 253.71
1,018.10 921.75 1,235.46 1,446.02 540.68 - - -
9.96 (54.20) (11.27) (174.51) (261.74)
(453.92) (432.83) (395.75) (232.70) (110.45)
574.14 434.72 828.44 1,038.81 168.49 - - -
(390.82) (1,083.41) (823.77) (1,763.58) (2,393.30)
12.20 25.36 (831.05) (1,395.10)
(60.70) 14.57
(59.15) (19.50) (14.50) (1.20) (49.00)
41.10 15.74 11.39 6.38
1.26 0.21 3.19 2.34
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9.47 40.19
(385.94) (1,123.42) (782.39) (2,581.25) (3,828.68) - - -
(174.31) 745.66 199.21 19.30 1,578.50
102.75
(50.00) 1,508.86 3,169.11
(44.63) (54.10) (136.45) (34.45) (189.43)
(166.19) 691.56 62.76 1,493.71 4,558.18 - - -
22.01 2.86 108.81 (48.73) 897.99 - - -
70.54 92.55 99.54 208.35 159.62 1,082.28 1,082.28 1,082.28
4.13 24.67
92.55 99.54 208.35 159.62 1,082.28 1,082.28 1,082.28 1,082.28
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2010 2011 2012 2013 2014 2015 2016 2017
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- - - - - - - -
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- - - - - - - -
- - - - - - - -
- - - - - - - -
1,082.28 1,082.28 1,082.28 1,082.28 1,082.28 1,082.28 1,082.28 1,082.28
1,082.28 1,082.28 1,082.28 1,082.28 1,082.28 1,082.28 1,082.28 1,082.28
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2018 2019 2020
- - -
- - -
- - -
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- - -
- - -
- - -
1,082.28 1,082.28 1,082.28
1,082.28 1,082.28 1,082.28
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Valuation Sheet
FY 09
DCF Summary 2000
Net Income
Depreciation
Interest*(1-T)
Capex
Changes in working capital
Free Cash Flow to Firm
Date
FCFF (explicit forecast)
Terminal value
Present value of "explicit forecast period" - till 2015E
PV of Terminal Value
Valuation Assumptions
Terminal growth rate 5.0%
Cost of debt 10.0%
Beta 1.1Risk free rate (rf) 8.0%
Market Premium 5.0%
Cost of Equity
WACC Calculation
Total Debt
Shareholders' equity
Capitalization:Debt: Equity
Debt: Total Capital
Equity: Total Capital
Cost of Equity
WACC
Hist
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CB Research & Analytics Asian Paints Model
EV Computation
Present value of "explicit forecast period" - till 2015E
PV of Terminal Value
Total Valuation
Less: Debt
Less: Minority Interest
Add: Cash and bank deposits
Other adjustments:
Add: Investments
Add: Other non-operating assets
Intrinsic Value (in mn)
No of Shares (in mn)
Share Price (INR)
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FY 10 FY 11E FY 12E FY 13E FY 14E FY 15E
2001 2002 2003 2004 2005 2006 2007 2008 2009
2012 2011 1905 1905 1905 1905
rical Forecast
-
7/31/2019 JUBlife
32/37
-
7/31/2019 JUBlife
33/37
2010 2011 2012 2013 2014 2015 2016 2017 2018
-
7/31/2019 JUBlife
34/37
-
7/31/2019 JUBlife
35/37
-
7/31/2019 JUBlife
36/37
Peer Companies
Debt
CashMarket Price
Shares Outstanding
Equity Value
Enterprise Value
Capital Invested
(In Crores)
Sales
Excise
Net Sales
COGS
Total Expenses
Operating Expenses
EBITDA
GP Margins
EBITDA Margins
Net Profit
Net Profit Margins
Total Assets
Multiple Analysis
P/E
EV/Sales
EV/EBITDA
P/Sales
-
7/31/2019 JUBlife
37/37
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