JAY BHARAT MARUTI LTD - Quantamental Equity Research

Quantamental Equity Research on JAY BHARAT MARUTI LTD | Release: 12 Dec 2018 13:48:18 UTC+05:30 | Reporting Currency: INR | Trading Currency: INR | Exchange:NSE/BSE NSE CODE:JAYBARMARU and BSE CODE:520066
Last Close:  INR 292.85
Fair Value:  INR 394.45
Est. Price by Mar 19:  INR 379.65
Market Capitalization (INR Crs):  634.31
Industry:  Auto Parts & Equipment
Rating:  STRONG BUY
Upside:  35%
Company Profile
Jay Bharat Maruti is manufacturing of sheet metal components, rear axle, muffler assemblies, fuel neck and tools & dies for motor vehicles, components and spare parts.
Growth Per Share
Particulars 1-Year 3-Year 5-Year  
Revenue % 13% 70% 84%  
EBIT % 18% 48% 114%  
Earnings % 10% 47% 174%  
Book Value %  18% 74% 127%  
Stock Total Return %  -1% 228% 897%  
Share holding pattern
Particulars %age   
(A) Promoter & Promoter Group 59.45  
(B) FII/FPI 0.16  
(C) DII/Insurance Companies 0.10  
(D) Public holding < 2 lakhs of cap. 14.20  
(E) Others 26.09  
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 77 90 61 48 62 147 143 488 483 380 419 500 567 593  
Return on Equity 23% 31% 14% 14% 10% 19% 16% 18% 16% 15% 15% 15% 15% 14%  
Price to Earning  8.0 5.1 6.8 4.9 8.2 8.0 7.8 19.7 17.8 12.9 12.9 12.9 12.9 12.9  
EVTI 0.3 0.3 0.3 0.3 0.3 0.4 0.3 0.9 0.8 0.5 0.5 0.5 0.5 0.4  
EVTIFM 8.0 5.1 6.8 4.9 8.2 8.0 7.8 19.7 17.8 12.9 12.9 12.9 12.9 12.9  
Price to Book Value 1.8 1.6 0.9 0.7 0.8 1.5 1.2 3.5 2.9 2.0 1.9 1.9 1.9 1.8  
Debt to Equity  0.6 0.9 1.3 1.4 1.2 0.8 0.5 0.8 0.8 0.7 0.3 0.0 0.0 0.0  
Dividend Yield 2% 2% 2% 3% 2% 1% 1% 1% 1% 1% 1% 1% 1% 1%  
Cash Flow to Firm 28% 0% -8% 7% 18% 22% 18% -5% 2% 8% 20% 19% 18% 20%  
Detailed Estimates
Title Mar-18 Mar-19 E Mar-20 E Mar-21 E Mar-22 E Mar-23 E  
Sales       1,730.41       1,986.07       2,132.78       2,211.56       2,252.40       2,273.20  
EBITDA          159.26          172.78          185.54          192.40          195.95          197.76  
EBIT          110.16          116.43          125.24          136.78          144.66          150.46  
PBT            90.04            96.31          106.36          126.72          143.71          150.46  
NPAT            58.89            63.56            70.19            83.63            94.85            99.30  
Price to Earning             17.77            12.94            12.94            12.94            12.94            12.94  
Price to Book Value              2.90              1.97              1.89              1.94              1.91              1.75  
Debt to Equity               0.83              0.67              0.31              0.03                 -                   -    
Return on Equity              0.16              0.15              0.15              0.15              0.15              0.14  
Enterprise Value to Total Income (EVTI)              0.77              0.55              0.49              0.49              0.48              0.44  
Enterprise Value to Total Income to Firm Margin(EVTIFM)            19.43            14.89            13.27            12.60            11.98            10.67  
Price or Est. Share Prices          483.33          379.65          419.30          499.60          566.65          593.30  
DISCOUNTED CASH FLOW
Title Mar-19 E Mar-20 E Mar-21 E Mar-22 E Mar-23 E  
PBT            96.31          106.36          126.72          143.71          150.46  
Interest            20.12            18.89            10.07              0.95                 -    
Depreciation            56.35            60.30            55.61            51.29            47.30  
Cash Flow Before Tax          172.78          185.54          192.40          195.95          197.76  
Tax Rate            33.99            33.99            33.99            33.99            33.99  
Cash Flow After Tax          114.05          122.48          127.00          129.35          130.54  
Terminal Cash Flow                                                                                    -            822.03  
Total Cash Flow          114.05          122.48          127.00          129.35          952.57  
Present Value of Cash Flow          854.37  
Debt                 -    
Value of Equity          854.37  
Fair Value Per Share          394.45  
Equity               634
Debt               298
Beta Take from Reuters 1.51
Risk Free Rate Prevailing Yield in India 7%
Market Risk Premium Assuming 8.82% premium for Equity Investments 7%
Interest Paid                 20
Tax Benefit                   7
Interest Net of Tax                 13
Debt               298
Cost of Debt 4%
Cost of Equity 18%
Debt Weight 32%
Equity Weight 68%
WACC 14%
Cash Flow of Mar-23 E          130.54
Growth 0.0%
Present Value of Terminal Cashflow          822.03
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 Unpledged Prom Hold % PQEIOI QoQ Sales % Qtr Sales Var % QoQ Profits % Qtr Profit Var % Graham's Number Rs.
   1  Motherson Sumi           149.45          47,195            33.70            18.46            19.86              0.89            34.89              4.43            27.45              1.05              1.00            12.99            10.66          60,710            59.06               158              2.23            12.55          -16.25          -15.60            61.45
   2  Bosch      19,105.55          58,312       3,424.93            21.16            22.73              3.83            43.72              5.58            35.86                 -                0.52            16.45            34.69          13,362            70.49               208            -0.34            13.84            -2.55            18.86       6,287.47
   3  Exide Inds.           250.90          21,327            68.05            25.70            20.08              1.70            30.87              3.69            28.64                 -                0.96            17.86            27.15          11,361            45.99               144            -1.88            15.35            27.86            17.03          121.74
   4  Amara Raja Batt.           718.90          12,280          183.09            20.39            24.92              1.73            28.22              3.93            25.72              0.02              0.58            17.32            15.27            7,069            52.06               116            -1.44            22.81              6.37            -5.49          339.38
   5  Varroc Engineer           648.90            8,748          217.67            17.65            15.52              0.76            25.55              2.98            18.97              0.42              0.07            17.41            17.37          12,107            85.00               116              2.53            24.05              0.43              8.95                 -  
   6  Jay Bharat Mar.           292.85               634          176.68            22.80            17.77              0.42            10.66              1.66            10.23              0.83              0.85            20.70            18.25            2,202            59.45                 41              8.66            25.63            22.10            -1.26          337.42

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