Download - Enam havells aug2012
11
Havells India
ENAM SecuritiesIndia Research
August 13 , 2012
Relative to Sector: Outperformer Midcaps
Financial Summary (Consolidated)
Source: Company, ENAM estimates; Note: CMP as on 10 August 2012Source: ENAM Research, Bloomberg
Relative Performance
Shareholding (%) Jun-12 QoQ chg
Promoters : 61.6 0.0 FIIs : 20.0 0.2 MFs / UTI : 0.9 (0.1)Banks / FIs : 0.0 0.0Others : 17.5 (0.0)
Stock Data
No. of shares : 125 mnMarket cap : Rs 67.8 bn52 week high/low : Rs 616/ Rs 313Avg. daily vol. (6mth) : 349,900 sharesBloomberg code : HAVL IBReuters code : HVEL.BO
50
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200
Jul-11 Jan-12 Jul-12
Sensex Havells India
Kashyap PujaraExecutive Director – [email protected] (+91 22 4325 1146)
Punit ChokhaniAsst VP – [email protected] (+91 22 4325 1130)
Y/E March
Net Sales (Rs mn)
Adj. PAT (Rs mn)
Consensus EPS* (Rs.)
EPS (Rs.)
Change ( Y oY %)
P/E ( x)
EV/EBITDA ( x)
RoE (%)
RoCE (%)
DPS ( Rs)
2011 56,126 3,071 - 25 341 - - 58 31 2.5
2012 65,182 3,700 - 30 20 - - 46 32 6.5
2013E 73,301 4,285 35 34 16 15.8 9.5 38 35 7.5
2014E 80,692 5,188 42 42 21 13.1 8.0 35 36 8.5
A closer look…calls for a re-rating
CMP: Rs 543Target Price: Rs 694
Potential Upside: 28%Absolute Rating: BUY
2
Investment argument…We believe valuation at 16x FY13E and 13x FY14E EPS does not fully reflect the benefits from unmatched distribution, premium branding, and scalability potential from Sylvania. We value India business at 18x FY14E EPS of Rs 35 and Sylvania at 10x FY14E EPS of Rs 7 to arrive at our SOTP-based TP of 694 (17x FY14E). Initiate coverage with BUY.
India business -- pillar of strength -- should be compared to companies like Page Ind, TTK Prestige, Exide and Whirlpool given similar (1) nature of business (dealer and brand-driven), (2) return ratios, and (3) consumption plays.
While Page trades at 23x FY14E (5-yr PAT CAGR of 40% with avg. RoCE of 30%), TTK trades at 22x FY14E despite higher RoCE and PAT CAGR - the street expects return ratios of TTK to moderate over the next 2 years
Exide and Whirlpool are both secular stories with high return ratios but they trade at lower valuations as they are prone to business cycles (whirlpool – vulnerable to mid cycle slowdowns and Exide - exposed to cyclical auto OEM market)
Given Havells standalone’s growth sustainability and return profile, we value it at 18x, which is higher than the valuation of Exide and Whirlpool but lower than that of Page and TTK Prestige
Source: Capitaline, ENAM Research. NOTE: Whirlpool RoCE and PAT numbers are 3-year CAGR
Earnings: Strong track record… …India business deserves 18x
TTK
Page
Havells Standalone
Exide
Whirlpool
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5-yr PAT CAGR
5-y
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E TTK
PageHavells Standalone
Exide
Whirlpool
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FY14E PE (x)
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Comfort factors:
Distribution and branding act as a key entry barrier for the business. It has 16,000+ dealers across the world (6,000 in India). India is adding 700-800 dealers a year. Annual ad spends are > Rs 1 bn (3% of sales)
40% profit CAGR over last 20 years on the back of product launches and acquisitions. We expect 11% revenue and 18% profit CAGR over FY12-14. India business has been growing at 3x GDP for the last five years
Channel financing helps to reduce working capital requirement and increase dealer loyalty in India. Note Havells is one of the few companies in its space having the ability to avail channel financing, which gives it a distinct competitive advantage
…Investment argumentSylvania -- a potential cash cow: Management strategy to replicate India success in new geographies (emerging
markets) would drive Sylvania’s earnings going forward. However, exposure to Europe would keep earnings muted in
the short term. We value Sylvania at 10x FY14E EPS of Rs 7 (in line with peer average).
Co Name Country Co. product (Rs bn) FY13e FY14e FY13e FY14e FY12 FY13e FY14e FY12 FY13e FY14e FY12 FY13e FY14e
Koninklijke Phil Holland lighting, appliances 1,310 1,658 1,729 78 95 18 7 6 (14) 15 12 (9) 9 11
Foshan Elec-B China Lighting 54 23 26 3 3 14 na na 15 9 8 10 na na
Zumtobel Ag Austria lighting, appliances 26 88 91 2 3 6 6 5 25 17 9 4 6 11
Average 13 6 5 8 14 10
EV/EB ( x) P/E ( x) RoE ( %)Mkt Cap Sales (Rs bn) PAT ( Rs bn)
SOTP valuation FY14E
Havells Standalone
FY14E EPS (Rs) 35
P/E Multiple 18
Value Per Share (Rs) 625
Sylvania
FY14E EPS (Rs) 7
P/E Multiple 10
Value Per Share (Rs) 69
Total Value (Rs) 694
Source: Bloomberg, ENAM Research
4
Company overview
B2CB2CB2B
Havells India – FY12
Revenue : Rs 36.2 bn
EBITDA : Rs 4.6 bn
PAT : Rs 3.0 bn
Havells consolidated – FY12
Revenue : Rs 65.2 bnEBITDA : Rs 6.7 bn PAT : Rs 3.7 bnCapital employed : Rs 20.0 bnRoCE : 30%
4-year value CAGR – 14%
Contribution margin – 8%
4-year value CAGR – 15%
Contribution margin – 35%
Electrical cables –44% of sales
Domestic switchgears –25% of sales
4-year value CAGR – 20%
Contribution margin – 23%
Lighting fixtures & lamps -15% of sales
4-year value CAGR – 26%
Contribution margin – 27%
Consumer appliances –16% of sales
Europe – 62% of sales
Latin America & Asia -38% of sales
Sylvania – FY12
Revenue : Rs 29.0 bn
EBITDA : Rs 2.1 bn
PAT : Rs 0.7 bn
Source: Company, ENAM Research Refer Appendix for product details
Lighting fixtures & lamps -
5
Table of contentsSlide No.
India business 6
Sylvania 12
Risk factors 15
Company financials 16
Appendix 19
6
India Business
Growth in its DNA
7
Key strategy and strengths
Havells strategy is to cater to all electrical
product requirements of its customers,
leveraging on the same channel/ brand
Larger product basket
Focus on channel management
Brand positioning to equal quality supremacy
Transition from B2B to B2C segment
DEALERS
Multiple Products, Universal Branding, One Distribution Channel
Source: ENAM Research
8
Distribution to PUSH…Dealer network ↑ 6x in 8 yearsHavells has built one of the largest distribution network in the industry
Distribution network of 6,000 dealers reaching out to 1,00,000 retailers
Successfully expanding product portfolio through the established network,
while simultaneously expanding the network itself
Adding 700-800 dealers every year to its existing network
Impetus on dealer growth to grow core business
Entire business is through dealers. Personal attention and incentive
programs are high on agenda to motivate dealers and enhance loyalty.
Channel financing
Havells is one of the few companies in the space to offer channel financing to
its dealers through banks
Dealers get working capital loans from banks. Interest payable on these loans
is passed on as a cash discount to the dealers by Havells
Loans have a 5% recourse on Havells but are completely insured
Channel financing not only increases dealer loyalty, but also strengthens
Havells’ balance sheet
Benefits of channel financing
Havells
Bank
Insured 5% recourse
Cash discount
Reduces working capital
Enhances purchasing power of dealer
InterestDealer
Channel Financing has reduced working capital requirement of Havells
Source: Company, ENAM Research
Year Product launches
1976 Switchgears
1980 Electric meters
1996 Cables and wires
2003 Fans, lighting fittings and CFL
2006 Modular switches
2007 Power capacitors and motors
2010 Water heaters
2011 Small consumer appliances
Rs mn FY07 FY08 FY09 FY10 FY11 FY12
Debtors reported 310 661 867 795 1,121 1,597
Debtors ( incl. factoring) 2 ,307 3 ,046 2,752 3 ,606 4 ,956 6,740
Debtor cycle (Days)
Reported 7 12 14 12 14 16
Incl. factoring 55 54 46 56 63 68
2003 2011 Increase (x)
Dealers 1,000 5,600 5.6
Retailers 25,000 100,000 4.0
9
…Branding to PULLThe company has created a strong umbrella brand – HAVELLS -- all products are sold under this single brand.
Havells has positioned itself as a premium player in the electrical consumer segment to PULL customers.
A strong balance sheet enables it to build brand equity --- ad spend of more than Rs 1 bn (~3% of sales), which is difficult to replicate by other players in this space.
Company-owned Havells World and dealer-run Havells Galaxy are brand initiatives of their own kindHavells World outlets are used by the company to showcase its product range, provide technical assistance to dealers, and improve visibility of its brands. Walk-in customers are diverted to dealers
The company plans to increase its exclusive retail outlets (Havells Galaxy) to 200 in FY13 from 140 currently
Havells’ ad spend :~3% of sales
Source: Company, ENAM Research
Exclusive outlets – a branding initiative
0
200
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600
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1,000
1,200
FY08 FY09 FY10 FY11 FY12
(Rs mn)
0
1
2
3
4(%)
Havells (LHS) Bajaj Electricals (LHS)
Havells (RHS) Bajaj Electricals (RHS)
10
Sustainable growth…
Since its listing in 1993, revenue has grown at
average multiple of 6x GDP growth.
Despite higher revenue base and sluggish
economy, domestic revenue has grown at 3x GDP
growth in the last 5 years.
0
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15M
ar-9
4M
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5M
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Havells Sales growth as a multiple to GDP
Real GDP (RHS)
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(20)
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FY0
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FY0
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FY0
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EBITDA margin CopperAluminium Steel
EBIDTA margin has been in 10-13% band over the last decade, despite volatile raw material prices.
Consistent growth Stable margin
Given its strengths and strategy, we believe Havells’ domestic revenue will continue to post 15-20% CAGR with sustainable EBIDTA margin of 12-13% over next few years
Source: Company, Business Beacon, Bloomberg
11
…with strong cash flows
Strong cash generation
Revenue to post 19% CAGR (FY12-14E) with stable margin
Channel financing-Shrinking working capital requirement
Source: Company, ENAM Research
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FY11 FY12 FY13E FY14E
(Rs bn)
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12.6
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Revenue EBITDA margin (RHS)
(4)
(2)
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(Days)
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Wcap (days) Core RoCE (RHS)
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FY11 FY12 FY13E FY14E
(Rs bn)
Cash Flow from operations
12
Sylvania
To replicate Havells India success story
13
India not enough; eyeing the globeExpansion in other geographies to address
scalability ceiling. Acquisition of Sylvania in 2007 –
1st major step in that direction.
Sylvania business in line with domestic strategy
Distribution network of over 10,000 dealers -
presence across Europe, LatAm and Asia
Sylvania is a 100-year old brand - well entrenched in
the market place. This has transformed Havells into a
global player competing with the likes of Philips, GE
and Osram
Successfully executed turnaround
Immediately after the acquisition, Lehman and Euro
zone crisis (Europe- 61 % of sale) caused Sylvania to slip
into losses, thus breaching covenants
Havells restructured operations at Sylvania by
shutting plants
retrenching staff across Europe
outsourcing manufacturing to low cost countries
Havells took a restructuring charge of ~Rs 5 bn over
FY09-10
Havells managed to turnaround Sylvania in FY10
Funding (mn €) Comments
EV 235
Pension Liabilities 35
Recourse Loan on Havells India 80 Repayed € 50 mn by timely equity infusion from Warbug Pincus
Repaid € 23 mn in 7 tranches of € 3.3 mn
Non Recourse Loan 120 Term loan of € 80 mn - Repayed € 17 mn
Refinanced the remaining. Current Loan of € 117 mn
A well-structured bet
Source: Company
(3) (3)
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889 9
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FY1
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FY1
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(%)
Europe America
Post acquisition, Sylvania slipped into losses due to Euro
zone issues
Restructured operations enabled turnaround.
EBIDTA margin moved from -3% to 8%
14
Sylvania – Potential cash cowRoadmap
Europe – Focus on profitability
After successfully reducing costs, focus now is
to improve realizations to pass on costs
To increase outsourcing (45% of Europe sales
is outsourced from China)
LatAm and emerging markets to drive growth
Revenue mix shifting towards Latin America +
other markets. (Revenue growing at 10-12%
vs. flat growth in Europe)
Plans to enter other EMs - South Africa and
China
Opportunity to cross-sell
Havells has started exporting switchgears to
Europe to leverage on Sylvania’s distribution
network
Sylvania’s range of fixtures will be introduced in
India by a plant set up by Havells in Nirmana
(Rajasthan)
Sylvania is well poised to repay debt from its
own cash flows
Euro mn FY12 FY13E FY14E FY15E FY16EPAT 10 9 12 16 21(+) Depreciation 8 7 7 7 7(-) Chng wcap 8 3 1 0 1(-) Capex 4 4 4 4 4FCF 6 9 14 19 23Cash & Bank 13Debt Repayment 4 11 14 16
Sales Mix FY10 FY12 FY13E FY14EEurope 71% 61% 0% 0%Latin America + Others 29% 39% 0% 0%
A potential cash cow
Euro mn FY13 FY14 FY15 FY16 FY17 TotalBy Sylvania 4 11 14 16 32 77By Havells India 40 0 0 0 0 40Total 44 11 14 16 32 117
Refinanced debt – payment schedule
Source: Company, ENAM Research
Focus: To tilt sales to LatAM and Asia
15
Mitigant
Risks to call
Mitigant Mitigant
Sylvania’s exposure to Europe
Sylvania generates 62% of its
revenue from Europe. A slowdown in
Europe can significantly impact
Sylvania’s performance.
New acquisitions
Havells plans to enter new emerging
markets like Africa and China
through acquisitions. Failure to
integrate these new acquisitions
can impact future performance.
Risk of inventory
While working capital of the company
is negligible (largely due to channel
financing), Havells carries the risk of
inventory write-downs mainly in the
cables and wires business (45% of
domestic revenue). Key raw materials
are copper and aluminum.
The company has been shifting its revenue mix towards Latin America and Asia - up from 29% of sales in FY10 to 39% in FY12.
In the past 20 years, Havells has
acquired multiple companies and
managed to scale them well as
indicated by its 20-year PAT CAGR
of 40%.
Even though this could lead to
quarterly lumpiness, historically,
Havells has managed to maintain
standalone annual margin in the
10-13% range.
16
Company financials…
Source: Company, ENAM Research
Consolidated assumptionsHavells Standalone (Rs bn) FY11 FY12 FY13E FY14E
Switchgear ( A) 8 10 11 12
Value growth (YoY) 12% 23% 12% 12%
Contribution margin (%) 34% 34% 34% 34%
Cables (B) 14 18 21 25
Value growth (YoY) 28% 29% 18% 18%
Contribution margin (%) 7% 8% 8% 8%
Lighting & Fixtures ( C) 5 6 8 9
Value growth (YoY) 28% 27% 25% 25%
Contribution margin (%) 17% 23% 23% 23%
Consumer Durables (D) 5 6 8 10
Value growth (YoY) 40% 23% 25% 25%
Contribution margin (%) 26% 27% 27% 27%
(A)+( B)+( C)+( D) 32 40 47 56
Less ( Discounts, excise duty) 3 4 4 5
Net Revenue 29 36 43 51
Standalone Unallocable Exp 2 4 4 5
Standalone EBIT* 3 4 5 6
EBIT margin (%) 11% 12% 12% 11%
Note: EBIT = Segmental contribution - Unallocables
Sylvania (Euro mn) FY11 FY12 FY13E FY14E
Net Revenue 450 448 452 466
Value growth (YoY) 9% 0% 1% 3%
EBIT 18 31 28 32
EBIT margin (%) 4.0% 6.8% 6.2% 6.8%
Havells Consolidated (Rs bn) FY11 FY12 FY13E FY14E
Net Revenue 56 65 73 81
Value growth (YoY) 9% 16% 12% 10%
EBIT 5.0 6.0 6.8 7.9
EBIT margin (%) 8.9% 9.3% 9.3% 9.7%
17
…Company financials…
Source: Company, ENAM Research* Interest includes bank charges
Profit & Loss (Rs mn)
Y/E March 2011 2012 2013E 2014E
Net sales 56,126 65,182 73,301 80,692
Other operating income 198 64 218 219
Total income 56,324 65,246 73,519 80,911
Cost of goods sold 42,071 48,938 56,018 61,230
Contribution (%) 25 25 24 24 Advt/Sales/Distrn O/H 8,484 9,671 9,854 10,999
Operating Prof it 5,769 6,638 7,647 8,682
Other income 39 350 155 204
PBIDT 5,808 6,987 7,803 8,886
Depreciation 804 949 979 1,022
Interest* 902 1,281 1,339 1,225
Other pretax 0 0 0 0
Pre-tax prof it 4,102 4,758 5,485 6,638
Tax provision 1,031 1,058 1,200 1,450
(-) Minority Interests 0 0 0 0
Associates 0 0 0 0
Adjusted PAT 3,071 3,700 4,285 5,188
E/o income / (Expense) (30) 0 0 0
Reported PAT 3,041 3,700 4,285 5,188
Key ratios (%)
Y/E March 2011 2012 2013E 2014E
Sales growth 9 16 12 10
OPM 10 10 10 11
Oper. profit growth 70 15 15 14
COGS / Net sales 75 75 76 76
Overheads/Net sales 15 15 13 14
Depreciation / G. block 3 3 3 3
Effective interest rate* 8 12 16 19
Net sales/ Net working cap (x) 27 22 21 19
Net sales / Gr block (x) 2.0 2.2 2.4 2.6
Incremental RoCE 88 80 187 85
RoCE 31 32 35 36
Debt / equity (x) 1.7 1.0 0.5 0.4
Effective tax rate 25 22 22 22
RoE 58 46 38 35
Payout ratio (Div/NP) 10 22 22 20
EPS (Rs.)^ 25 30 34 42
EPS Growth 341 20 16 21
CEPS (Rs.) 31 37 42 50
DPS (Rs.) 3 7 8 9
18
…Company financials
Source: Company, ENAM Research
Balance sheet (Rs mn)
Y/E March 2011 2012 2013E 2014E
Total assets 18,275 20,010 20,419 23,851
Gross block 28,454 29,731 30,999 32,252
Net fixed assets 9,955 10,284 10,572 10,803
CWIP 249 663 250 250
Investments 0 0 0 0
Wkg. cap. (excl cash) 2,938 3,103 3,751 4,688
Cash / Bank balance 1,779 2,336 2,221 4,485
Goodwill 3,354 3,625 3,625 3,625
Capital employed 18,275 20,010 20,419 23,851
Equity capital 624 624 624 624
Reserves 5,920 8,930 12,282 16,410
Borrowings 11,173 9,900 6,957 6,261
Deferred Tax Liability 559 556 556 556
Cash flow (Rs mn)
Y/E March 2011 2012 2013E 2014E
Sources 625 2,133 95 2,373
Cash profit 3,013 3,717 4,080 5,189
(-) Dividends 207 811 936 1,061
Retained earnings 2,806 2,906 3,145 4,128
Issue of equity 0 0 0 0
Borrowings 454 (1,273) (2,943) (696)
Others (2,635) 500 (106) (1,059)
Applicat ions 625 2,133 95 2,373
Capital expenditure 2,029 1,277 1,268 1,253
Investments 310 0 0 0
Net current assets (2,013) (164) (649) (937)
Change in cash 299 1,020 (524) 2,057
19
Appendix
Havells: 20-year earnings CAGR of 40%
Product portfolio
New launches
Domestic business: Segmental performance
Sylvania – Product range
20
20-year earnings CAGR of 40%
New product launches and acquisitions led to robust performance
Source: Company, ENAM Research
2007 - 102003 - 07
Forayed into fans, lighting and CFLs in 2003, positioning its products in the premium category
As a result of its strong brand and distribution network, Havells garnered significant market share in a short span of time
2006 market share: ~6% in fans, 3% in lightings, ~10% in CFLs
In 2007, Havells acquired Sylvania – A 100-year old lighting major in Europe to gain global footprint
Acquisition was an LBO, wherein Havells acquired a global business for ~Rs 16 bn with an equity investment of Rs 1.6 bn
Restructured operations post the European crisis & turned around Sylvania
In 1958, started as a mere distributor of switches
Acquired brand “Havells” in 1971 and started manufacturing switchgears and meters
Post listing in 1993, it ventured into cable/wire manufacturing
1958 - 2003
Transformation phase:Distributor to manufacturer
Expansion of product portfolio
Transformation phase:Global foray
2010…
Leveraging on strengths:consumer appliances & cross selling of products
Leveraging on a well-established distribution network and brand, Havells successfully introduced a range of water heaters (2010) and small consumer appliances (2011) in the Indian market. This would drive volume in future
It is now bringing in lighting range from Sylvania into India
Rs mn 1993 2003 2007 2010 2013E 20 YR CAGRRevenue 109 2,525 15,472 51,626 73,301 38%EBITDA 14 255 1,458 3,222 7,647 37%Margin 13% 10% 9% 6% 10%PAT 5 90 1,021 696 4,285 41%
RoCE 20% 45% 16% 34%
Aberration: Sylvania slipped into losses due to
the European crisis
21
Havells India – Product portfolio
Source: Company
Domestic switchgear – MCBMkt size ~ INR 16 bn Market share ~ 28% (15% in 2006)
Peers Legrand (MDS & Indo Asian)Schneider
1
Modular Switches – CrabtreeMkt size ~ INR 14 bnMkt share ~ 15% (5% in 2006)2
Industrial switchgearMkt size ~ INR 30 bnMarket share ~ 6% (7% in 2006)5
Cable & WireMkt size ~ INR 170 bnMarket share ~ 9% (6% in 2006)2
Lighting – CFLMkt size ~ INR 20 bnMkt share ~ 11% (10% in 2006)3
Lighting - LuminairesMkt size ~ INR 25 bnMarket share ~ 11% (3% in 2006)4
Electrical Consumer Durable - FansMkt size ~ INR 35 bnMkt share ~ 15% (6% in 2006)3
Peers Matsushita/ AnchorRomaLegrand
Peers L&TSchneider, SiemensABB
Peers Cable Wire
Polycab FinolexKEI Polycab
Peers PhilipsSuryaOsram
PeersPhilipsBajajCromptonWipro
Peers CromptonUshaOrient
22
New launches
Small Domestic AppliancesMkt size ~ INR 50 bnNew
Peers R RecoldBajajRecold
Source: Company
23
Domestic business: Segmental performance
Electrical consumer durablesLighting
Cables & WiresSwitchgears
Source: Company, ENAM Research
0
2,000
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6,000
8,000
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12,000
FY07 FY08 FY09 FY10 FY11 FY12
(Rs mn)
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40(%)
Sales Contribution (RHS)
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20,000
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FY07 FY08 FY09 FY10 FY11 FY12
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Sales contribution %
0
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4,000
6,000
8,000
FY07 FY08 FY09 FY10 FY11 FY12
(Rs mn)
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20
25
30(%)
Sales contribution %
24
Sylvania – Product range
Architectural / accent
Industrial/commercial
Fluorescent Energy saving/ (CFL/ LED)
Incandescent Halogen High density discharge (HID)
Major peers
ZumtobelPhilips
PhilipsOsramGE
Source: Company
Fixtures (33% of revenue) Lamps (55% of revenue) Others (12% of revenue)
2525
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This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. Neither this document nor any copy of it may be taken or transmitted into the United State (to U.S.Persons), Canada, or Japan or distributed, directly or indirectly, in the United States or Canada or distributed or redistributed in Japan or to any resident thereof. The distribution of this document in other jurisdictions may be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions
Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information.
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CONFLICT OF INTEREST DISCLOSUREWe, at ENAM, are committed to providing the most honest and transparent advice to our clients. However, given the nature of the capital markets, from time to time we are faced with situations that could give rise to potential conflict of interest. In order to provide complete transparency to our clients, before we make any recommendations, we are committed to making a disclosure of our interest and any potential conflict IN ADVANCE so that the interests of our clients are safe- guarded at all times. In light of this policy, we have instituted what we believe to be the most comprehensive disclosure policy among leading investment banks/brokerages in the world so that our clients may make an informed judgment about our recommendations. The following disclosures are intended to keep you informed before you make any decision- in addition, we will be happy to provide information in response to specific queries that our clients may seek from us.
Disclosure of interest statement (As of August 8, 2012)1. Analyst ownership of the stock No2. Firm ownership of the stock No3. Directors ownership of the stock No4. Investment Banking mandate No5. Broking relationship No
We are committed to providing completely independent and transparent recommendations to help our clients reach a better decision.