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stock update
Stock Update
Mar-16
Absolute -22.1 -30.9 -19.0 -23.9 Y-o-Y growth (%) (11.7) 17.0 40.1 (36.4) 10.9
PER (x) 21 18 13 20 18
Relative
-18.7 -24.0 -12.6 -7.4 RoCE (%) 25.4 23.3 18.5 12.9 14.3
to Sensex
RoNW (%) 14.6 15.5 18.2 10.4 10.4
# stand-alone valuation includes domestic business and demerged consumer business, which will be listed separately soon
(Rs cr)
Valuation - Stand-alone power & industrials FY14 FY15 FY16E FY17E
Sales 4,643 4,604 4,373 4,534
PBIT 413.27 336 227 287
Depreciation 77 84 88 97
EBITDA (estimated) 491 420 316 383
EV/EBITDA multiple 10
Estimated EV 3,832
Net debt post repayment from the proceeds of deal 100
Estimated equity value 3,732
Value per share (Rs) 60
(Rs cr)
Valuation - Consumer business FY14 FY15 FY16E FY17E
Sales 2,847 3,233 3,686 4,202
PBIT 337 407 405 483
Depreciation 12 12 12 12
EBITDA (estimated) 349 419 417 495
EV/EBITDA multiple 15
Estimated EV 7,279
Net debt 700
Estimated equity value 6,579
Value per share (Rs) 105
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