|
Quantamental
Equity Research on INFO EDGE (INDIA) LTD | Release: 29 Nov 2018 22:48:59
UTC+05:30 | Reporting Currency: INR | Trading Currency: INR |
Exchange:NSE/BSE NSE CODE:NAUKRI and BSE CODE:532777 |
| Last Close: |
INR 1489.35 |
| Fair Value: |
INR 293.15 |
| Est. Price by Mar 19: |
INR 1529.15 |
| Market Capitalization (INR
Crs): |
18187.37 |
| Industry: |
Internet & Catalogue Retail |
| Rating: |
NEUTRAL |
| Upside: |
3% |
| Company Profile |
|
|
| Info Edge (India) is engaged in providing online & offline
services through its online portal naukri.com jeevansathi.com 99 acres.com
shiksha.com education (coaching) services offline portal Quadrangle.com. |
| Growth Per Share |
|
|
| Particulars |
1-Year |
3-Year |
5-Year |
|
| Revenue % |
11% |
17% |
215% |
|
| EBIT % |
6426% |
832% |
344% |
|
| Earnings % |
-2264% |
2028% |
459% |
|
| Book Value
% |
28% |
45% |
236% |
|
| Stock Total
Return % |
47% |
48% |
243% |
|
|
| Share holding
pattern |
| Particulars |
%age |
|
| (A) Promoter
& Promoter Group |
41.36 |
|
| (B) FII/FPI |
32.94 |
|
| (C)
DII/Insurance Companies |
14.54 |
|
| (D) Public holding < 2 lakhs of cap. |
2.64 |
|
| (E) Others |
8.52 |
|
| Grand Total |
100.00 |
|
|
| Fundamentals
(Historical and Estimated) |
| Particulars |
Mar-10 |
Mar-11 |
Mar-12 |
Mar-13 |
Mar-14 |
Mar-15 |
Mar-16 |
Mar-17 |
Mar-18 |
Mar-19 E |
Mar-20 E |
Mar-21 E |
Mar-22 E |
Mar-23 E |
|
| Price |
229 |
351 |
373 |
355 |
584 |
828 |
783 |
829 |
1221 |
1529 |
1742 |
1924 |
2075 |
2194 |
|
| Return on
Equity |
14% |
15% |
20% |
15% |
13% |
2% |
9% |
-1% |
25% |
12% |
12% |
12% |
12% |
11% |
|
| Price to
Earning |
24.0 |
30.3 |
19.7 |
42.4 |
71.1 |
413.5 |
69.8 |
-424.2 |
29.0 |
71.2 |
71.2 |
71.2 |
71.2 |
71.2 |
|
| EVTI |
4.3 |
4.7 |
3.9 |
7.1 |
9.5 |
10.6 |
10.4 |
12.8 |
9.3 |
12.2 |
12.6 |
12.8 |
12.9 |
12.9 |
|
| EVTIFM |
24.0 |
30.3 |
19.7 |
42.4 |
71.1 |
413.5 |
69.8 |
-424.2 |
29.0 |
71.2 |
71.2 |
71.2 |
71.2 |
71.2 |
|
| Price to Book
Value |
3.4 |
4.4 |
3.9 |
6.4 |
9.5 |
7.0 |
6.1 |
6.3 |
7.3 |
8.3 |
8.5 |
8.5 |
8.3 |
8.0 |
|
| Debt to
Equity |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
| Dividend Yield |
0% |
0% |
0% |
0% |
0% |
0% |
0% |
1% |
0% |
0% |
0% |
0% |
0% |
0% |
|
| Cash Flow to
Firm |
24% |
11% |
6% |
0% |
6% |
0% |
-6% |
0% |
9% |
2% |
2% |
2% |
2% |
2% |
|
|
| Detailed Estimates |
| Title |
Mar-18 |
Mar-19 E |
Mar-20 E |
Mar-21 E |
Mar-22 E |
Mar-23 E |
|
| Sales |
988.24 |
1,096.12 |
1,199.56 |
1,295.02 |
1,378.93 |
1,447.88 |
|
| EBITDA |
620.22 |
426.66 |
466.92 |
504.08 |
536.74 |
563.58 |
|
| EBIT |
590.59 |
393.79 |
442.76 |
488.96 |
527.27 |
557.65 |
|
| PBT |
585.45 |
388.65 |
442.76 |
488.96 |
527.27 |
557.65 |
|
| NPAT |
511.98 |
262.20 |
298.70 |
329.87 |
355.72 |
376.21 |
|
| Price to
Earning |
28.99 |
71.22 |
71.22 |
71.22 |
71.22 |
71.22 |
|
| Price to Book
Value |
7.26 |
8.27 |
8.51 |
8.50 |
8.30 |
7.98 |
|
| Debt to
Equity |
0.00 |
- |
- |
- |
- |
- |
|
| Return on
Equity |
0.25 |
0.12 |
0.12 |
0.12 |
0.12 |
0.11 |
|
| Enterprise Value to Total Income (EVTI) |
9.32 |
12.20 |
12.64 |
12.84 |
12.92 |
12.92 |
|
| Enterprise Value to Total Income to Firm Margin(EVTIFM) |
165.25 |
-673.37 |
-682.98 |
-681.79 |
-679.12 |
-675.20 |
|
| Price or Est.
Share Prices |
1,220.86 |
1,529.15 |
1,742.05 |
1,923.85 |
2,074.65 |
2,194.20 |
|
|
| DISCOUNTED CASH
FLOW |
| Title |
Mar-19 E |
Mar-20 E |
Mar-21 E |
Mar-22 E |
Mar-23 E |
|
| PBT |
388.65 |
442.76 |
488.96 |
527.27 |
557.65 |
|
| Interest |
5.14 |
- |
- |
- |
- |
|
| Depreciation |
32.86 |
24.16 |
15.13 |
9.47 |
5.93 |
|
| Cash Flow
Before Tax |
426.66 |
466.92 |
504.08 |
536.74 |
563.58 |
|
| Tax Rate |
33.99 |
33.99 |
33.99 |
33.99 |
33.99 |
|
| Cash Flow
After Tax |
281.64 |
308.22 |
332.74 |
354.30 |
372.02 |
|
| Terminal Cash
Flow |
- |
4,971.66 |
|
| Total Cash
Flow |
281.64 |
308.22 |
332.74 |
354.30 |
5,343.68 |
|
| Present Value of
Cash Flow |
3,579.65 |
|
| Debt |
- |
|
| Value of Equity |
3,579.65 |
|
| Fair Value Per
Share |
293.15 |
|
|
| Equity |
|
|
|
|
18,187 |
|
| Debt |
|
|
|
|
1 |
|
|
| Beta |
Take from Reuters |
|
|
0.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Risk Free Rate |
Prevailing Yield in India |
|
|
8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Market Risk Premium |
Assuming 8.82% premium
for Equity Investments |
9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Paid |
|
|
|
|
5 |
|
| Tax Benefit |
|
|
|
|
1 |
|
| Interest Net of Tax |
|
|
|
|
4 |
|
| Debt |
|
|
|
|
1 |
|
| Cost of Debt |
|
|
|
|
0% |
|
| Cost of Equity |
|
|
|
|
15% |
|
| Debt Weight |
|
|
|
|
0% |
|
| Equity Weight |
|
|
|
|
100% |
|
| WACC |
|
|
|
|
15% |
|
|
| Cash Flow of Mar-23 E |
|
|
|
|
372.02 |
|
| Growth |
|
|
|
|
5.6% |
|
| Present Value of Terminal
Cashflow |
|
|
|
|
4,971.66 |
|
|
| Peer Comparision |
| # |
Name |
CMP
Rs. |
Mar
Cap Rs.Cr. |
B.V.
Rs. |
Annualized
ROE % |
ROCE
% |
Latest
EVTI |
Latest
EVTIFM |
CMP
/ BV |
P/E |
Debt
/ Eq |
Div
Yld % |
Growth
Rate R % |
SGR
% |
Ann
Total Income |
PQEIOI |
QoQ
Sales % |
Qtr
Sales Var % |
QoQ
Profits % |
Qtr
Profit Var % |
Graham's
Number Rs. |
| 1 |
Gujarat Gas |
635.95 |
8,756 |
140.39 |
10.69 |
16.55 |
1.38 |
47.16 |
4.53 |
30.36 |
1.26 |
0.63 |
8.67 |
7.53 |
7,933 |
60.89 |
393 |
11.29 |
41.18 |
-66.17 |
-32.76 |
| 2 |
Info Edg.(India) |
1,489.35 |
18,187 |
167.47 |
- |
15.04 |
- |
- |
8.89 |
72.11 |
- |
0.37 |
- |
- |
- |
41.35 |
- |
- |
- |
- |
- |
| 3 |
Kaveri Seed Co. |
522.80 |
3,300 |
163.75 |
5.39 |
21.02 |
7.53 |
-512.29 |
3.19 |
15.75 |
- |
0.60 |
4.89 |
39.39 |
353 |
55.09 |
-2,947 |
-87.08 |
8.03 |
-94.33 |
-42.90 |
| 4 |
Venky's (India) |
2,332.05 |
3,285 |
557.20 |
3.34 |
36.17 |
1.34 |
143.54 |
4.19 |
16.66 |
0.49 |
0.34 |
3.15 |
3.77 |
2,604 |
56.11 |
4,563 |
-14.55 |
9.92 |
-92.29 |
-79.81 |
| 5 |
NESCO |
438.40 |
3,089 |
152.54 |
24.65 |
25.97 |
6.14 |
13.58 |
2.87 |
17.93 |
- |
0.52 |
22.39 |
44.21 |
421 |
68.18 |
70 |
32.57 |
21.17 |
35.77 |
1.90 |
| 6 |
Security & Intel |
812.10 |
5,954 |
155.51 |
21.16 |
19.51 |
0.87 |
25.70 |
5.22 |
35.87 |
0.54 |
0.43 |
17.81 |
14.69 |
6,781 |
75.36 |
154 |
4.89 |
15.77 |
10.89 |
-25.68 |
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