|
Quantamental
Equity Research on TYROON TEA COMPANY LTD | Release: 30 Nov 2018 14:42:21
UTC+05:30 | Reporting Currency: INR | Trading Currency: INR |
Exchange:NSE/BSE NSE CODE:PRAKASH and BSE CODE:506022 |
| Last Close: |
INR 38.85 |
| Fair Value: |
INR -963.75 |
| Est. Price by Mar 19: |
INR 148.4 |
| Market Capitalization (INR
Crs): |
13.21 |
| Industry: |
Iron & Steel/Interm.Products |
| Rating: |
STRONG BUY |
| Upside: |
282% |
| Company Profile |
|
|
| Tyroon Tea Company Limited is an India-based company, which is
engaged in growing and manufacturing tea. |
| Growth Per Share |
|
|
| Particulars |
1-Year |
3-Year |
5-Year |
|
| Revenue % |
3% |
20% |
32% |
|
| EBIT % |
10% |
220% |
-90% |
|
| Earnings % |
380% |
60% |
-109% |
|
| Book Value
% |
0% |
10% |
28% |
|
| Stock Total
Return % |
-13% |
3% |
-16% |
|
|
| Share holding
pattern |
| Particulars |
%age |
|
| (A) Promoter
& Promoter Group |
67.22 |
|
| (B) FII/FPI |
0.70 |
|
| (C)
DII/Insurance Companies |
0.20 |
|
| (D) Public holding < 2 lakhs of cap. |
20.14 |
|
| (E) Others |
11.74 |
|
| 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 |
29 |
33 |
29 |
58 |
34 |
48 |
57 |
57 |
49 |
148 |
192 |
225 |
251 |
264 |
|
| Return on
Equity |
21% |
17% |
12% |
16% |
17% |
-1% |
12% |
0% |
-1% |
19% |
20% |
19% |
17% |
15% |
|
| Price to
Earning |
4.6 |
5.2 |
5.6 |
7.6 |
3.5 |
-108.0 |
7.7 |
-385.2 |
-69.6 |
10.3 |
10.3 |
10.3 |
10.3 |
10.3 |
|
| EVTI |
0.5 |
0.3 |
0.2 |
0.5 |
0.0 |
0.3 |
0.3 |
0.3 |
0.3 |
0.6 |
0.6 |
0.6 |
0.6 |
0.5 |
|
| EVTIFM |
4.6 |
5.2 |
5.6 |
7.6 |
3.5 |
-108.0 |
7.7 |
-385.2 |
-69.6 |
10.3 |
10.3 |
10.3 |
10.3 |
10.3 |
|
| Price to Book
Value |
1.0 |
0.9 |
0.7 |
1.2 |
0.6 |
0.9 |
0.9 |
0.9 |
0.8 |
2.0 |
2.0 |
1.9 |
1.8 |
1.6 |
|
| Debt to
Equity |
0.2 |
0.2 |
0.1 |
0.1 |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
| Dividend Yield |
0% |
3% |
4% |
2% |
3% |
0% |
0% |
0% |
0% |
0% |
0% |
0% |
0% |
0% |
|
| Cash Flow to
Firm |
21% |
71% |
62% |
27% |
-1334% |
81% |
23% |
-10% |
186% |
11% |
12% |
14% |
17% |
25% |
|
|
| Detailed Estimates |
| Title |
Mar-18 |
Mar-19 E |
Mar-20 E |
Mar-21 E |
Mar-22 E |
Mar-23 E |
|
| Sales |
25.15 |
32.66 |
40.39 |
47.43 |
52.75 |
55.38 |
|
| EBITDA |
0.89 |
8.46 |
10.46 |
12.28 |
13.66 |
14.34 |
|
| EBIT |
0.32 |
7.72 |
9.56 |
11.24 |
12.53 |
13.18 |
|
| PBT |
0.01 |
7.41 |
9.56 |
11.24 |
12.53 |
13.18 |
|
| NPAT |
-0.24 |
4.89 |
6.31 |
7.42 |
8.27 |
8.70 |
|
| Price to
Earning |
-69.56 |
10.32 |
10.32 |
10.32 |
10.32 |
10.32 |
|
| Price to Book
Value |
0.80 |
1.96 |
2.03 |
1.94 |
1.78 |
1.59 |
|
| Debt to
Equity |
0.02 |
- |
- |
- |
- |
- |
|
| Return on
Equity |
-0.01 |
0.19 |
0.20 |
0.19 |
0.17 |
0.15 |
|
| Enterprise Value to Total Income (EVTI) |
0.29 |
0.61 |
0.63 |
0.60 |
0.55 |
0.48 |
|
| Enterprise Value to Total Income to Firm Margin(EVTIFM) |
-0.87 |
-1.44 |
-1.48 |
-1.42 |
-1.31 |
-1.13 |
|
| Price or Est.
Share Prices |
49.07 |
148.40 |
191.50 |
225.30 |
251.05 |
264.10 |
|
|
| DISCOUNTED CASH
FLOW |
| Title |
Mar-19 E |
Mar-20 E |
Mar-21 E |
Mar-22 E |
Mar-23 E |
|
| PBT |
7.41 |
9.56 |
11.24 |
12.53 |
13.18 |
|
| Interest |
0.31 |
- |
- |
- |
- |
|
| Depreciation |
0.74 |
0.90 |
1.04 |
1.13 |
1.17 |
|
| Cash Flow
Before Tax |
8.46 |
10.46 |
12.28 |
13.66 |
14.34 |
|
| Tax Rate |
33.99 |
33.99 |
33.99 |
33.99 |
33.99 |
|
| Cash Flow
After Tax |
5.58 |
6.90 |
8.11 |
9.02 |
9.47 |
|
| Terminal Cash
Flow |
- |
- 47.51 |
|
| Total Cash
Flow |
5.58 |
6.90 |
8.11 |
9.02 |
- 38.04 |
|
| Present Value of
Cash Flow |
-327.71 |
|
| Debt |
- |
|
| Value of Equity |
-327.71 |
|
| Fair Value Per
Share |
-963.75 |
|
|
| Equity |
|
|
|
|
13 |
|
| Debt |
|
|
|
|
0 |
|
|
| Beta |
Take from Reuters |
|
|
0.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Risk Free Rate |
Prevailing Yield in India |
|
|
8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Market Risk Premium |
Assuming 8.82% premium
for Equity Investments |
9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Paid |
|
|
|
|
0 |
|
| Tax Benefit |
|
|
|
|
8 |
|
| Interest Net of Tax |
|
|
|
|
-7 |
|
| Debt |
|
|
|
|
0 |
|
| Cost of Debt |
|
|
|
|
-2067% |
|
| Cost of Equity |
|
|
|
|
16% |
|
| Debt Weight |
|
|
|
|
3% |
|
| Equity Weight |
|
|
|
|
97% |
|
| WACC |
|
|
|
|
-39% |
|
|
| Cash Flow of Mar-23 E |
|
|
|
|
9.47 |
|
| Growth |
|
|
|
|
-19.6% |
|
| Present Value of Terminal
Cashflow |
|
|
|
|
- 47.51 |
|
|
| 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 |
Tata Global |
218.75 |
13,806 |
117.10 |
8.88 |
10.53 |
1.71 |
43.85 |
1.87 |
23.40 |
0.15 |
1.14 |
6.05 |
5.32 |
7,300 |
33.08 |
226 |
-2.31 |
4.06 |
-6.37 |
0.51 |
| 2 |
Goodricke Group |
262.55 |
567 |
162.88 |
117.95 |
16.49 |
0.64 |
2.83 |
1.61 |
38.66 |
0.06 |
1.71 |
81.81 |
65.36 |
897 |
74.00 |
12 |
52.67 |
9.24 |
641.14 |
-3.59 |
| 3 |
Tata Coffee |
94.55 |
1,766 |
62.72 |
15.82 |
11.15 |
1.38 |
26.98 |
1.51 |
9.87 |
0.88 |
1.59 |
11.67 |
9.08 |
1,905 |
57.48 |
112 |
8.00 |
19.29 |
15.47 |
-25.29 |
| 4 |
CCL Products |
268.45 |
3,571 |
61.04 |
32.27 |
23.02 |
3.28 |
19.81 |
4.40 |
20.49 |
0.42 |
0.93 |
25.02 |
26.42 |
1,168 |
45.17 |
78 |
-1.25 |
-1.89 |
19.56 |
41.13 |
| 5 |
Mcleod Russel |
123.35 |
1,350 |
167.06 |
- |
8.88 |
- |
- |
0.74 |
20.95 |
0.60 |
0.41 |
- |
- |
- |
25.91 |
- |
- |
- |
- |
- |
| 6 |
Tyroon Tea Co. |
38.85 |
13 |
73.26 |
123.05 |
0.56 |
0.08 |
0.28 |
0.53 |
14.84 |
0.02 |
- |
123.05 |
407.26 |
51 |
67.22 |
4 |
143.27 |
31.09 |
581.48 |
12.88 |
Comments
Post a Comment