TIME TECHNOPLAST LTD - Quantamental Equity Research

Quantamental Equity Research on TIME TECHNOPLAST LTD | Release: 06 Jan 2019 18:18:50 UTC+05:30 | Reporting Currency: INR | Trading Currency: INR | Exchange:NSE/BSE NSE CODE:TIMETECHNO and BSE CODE:532856
Last Close:  INR 103.35
Fair Value:  INR 141.7
Est. Price by Mar 19:  INR 103.95
Market Capitalization (INR Crs):  2337.23
Industry:  Plastic Products
Rating:  STRONG BUY
Upside:  37%
Company Profile
Time Technoplast is a multinational conglomerate involved in the manufacturing of technology and innovation driven polymer & Composite products.
Growth Per Share
Particulars 1-Year 3-Year 5-Year  
Revenue % 13% 24% 39%  
EBIT % 16% 33% 47%  
Earnings % 23% 65% 74%  
Book Value %  12% 44% 80%  
Stock Total Return %  44% 256% 325%  
Share holding pattern
Particulars %age   
(A) Promoter & Promoter Group 51.18  
(B) FII/FPI 21.17  
(C) DII/Insurance Companies 9.00  
(D) Public holding < 2 lakhs of cap. 5.90  
(E) Others 12.75  
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 50 55 54 41 40 48 50 120 173 104 126 151 188 223  
Return on Equity 17% 17% 12% 13% 10% 11% 12% 11% 12% 10% 11% 12% 13% 14%  
Price to Earning  11.4 10.3 12.7 8.2 8.8 9.3 7.6 18.4 21.6 14.1 14.1 14.1 14.1 14.1  
EVTI 1.5 1.4 1.2 0.9 0.8 0.7 0.7 1.2 1.5 0.9 0.9 0.9 0.9 1.0  
EVTIFM 11.4 10.3 12.7 8.2 8.8 9.3 7.6 18.4 21.6 14.1 14.1 14.1 14.1 14.1  
Price to Book Value 1.9 1.8 1.6 1.0 0.9 1.0 0.9 2.1 2.6 1.4 1.6 1.7 1.8 1.9  
Debt to Equity  0.8 0.9 1.0 1.0 0.9 0.8 0.6 0.5 0.5 0.5 0.4 0.2 0.1 0.0  
Dividend Yield 1% 1% 1% 1% 1% 1% 1% 1% 0% 1% 1% 1% 1% 1%  
Cash Flow to Firm -3% -3% -3% 7% 7% 13% 12% 6% 3% 7% 9% 14% 13% 12%  
Detailed Estimates
Title Mar-18 Mar-19 E Mar-20 E Mar-21 E Mar-22 E Mar-23 E  
Sales       3,102.74       3,552.30       3,982.72       4,370.82       4,693.04       4,927.70  
EBITDA          475.22          504.82          565.99          621.14          666.93          700.28  
EBIT          337.97          347.68          405.17          460.37          525.69          576.19  
PBT          250.43          260.14          315.59          376.46          470.96          556.88  
NPAT          180.36          167.17          202.80          241.91          302.64          357.85  
Price to Earning             21.63            14.06            14.06            14.06            14.06            14.06  
Price to Book Value              2.64              1.45              1.58              1.68              1.85              1.92  
Debt to Equity               0.53              0.49              0.41              0.24              0.07                  -    
Return on Equity              0.12              0.10              0.11              0.12              0.13              0.14  
Enterprise Value to Total Income (EVTI)              1.51              0.88              0.90              0.89              0.94              0.98  
Enterprise Value to Total Income to Firm Margin(EVTIFM)            19.39            14.22            13.95            13.27            13.23            13.17  
Price or Est. Share Prices          172.54          103.95          126.15          150.50          188.30          222.70  
DISCOUNTED CASH FLOW
Title Mar-19 E Mar-20 E Mar-21 E Mar-22 E Mar-23 E  
PBT          260.14          315.59          376.46          470.96          556.88  
Interest            87.54            89.58            83.91            54.72            19.31  
Depreciation          157.14          160.82          160.77          141.25          124.09  
Cash Flow Before Tax          504.82          565.99          621.14          666.93          700.28  
Tax Rate            33.99            33.99            33.99            33.99            33.99  
Cash Flow After Tax          333.23          373.61          410.01          440.24          462.25  
Terminal Cash Flow                                                                                      -         3,779.47  
Total Cash Flow          333.23          373.61          410.01          440.24       4,241.72  
Present Value of Cash Flow       3,204.26  
Debt                  -    
Value of Equity       3,204.26  
Fair Value Per Share          141.70  
Equity            2,337
Debt               777
Beta Take from Reuters 1.35
Risk Free Rate Prevailing Yield in India 7%
Market Risk Premium Assuming 8.82% premium for Equity Investments 7%
Interest Paid                 88
Tax Benefit                 23
Interest Net of Tax                 65
Debt               777
Cost of Debt 8%
Cost of Equity 17%
Debt Weight 25%
Equity Weight 75%
WACC 15%
Cash Flow of Mar-23 E          462.25
Growth 1.6%
Present Value of Terminal Cashflow       3,779.47
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  Supreme Inds.        1,085.55          13,789          157.60            27.71            30.41              2.61            31.65              6.89            28.19              0.13              1.11            17.93            20.32            5,287            49.70               135             -2.20            24.75           -21.33            51.48          383.24
   2  Finolex Inds.           533.50            6,621          216.56            13.76            16.88              2.32            19.04              2.46            17.06              0.04              1.87              8.04            25.90            2,220            52.46               103           -34.45            14.17           -26.02          170.23          381.25
   3  Jain Irrigation             66.35            3,385            85.28              2.38              9.32              0.95            21.09              0.78            12.67              1.02              1.52              1.82              1.75            7,686            20.87              -635             -8.05            20.35           -74.12            98.87            99.79
   4  Astral Poly        1,178.90          14,124            97.67            22.11            23.51              5.63            70.50            12.07            72.87              0.19              0.05            21.20            18.33            2,535            58.49               347            31.91            21.66            21.20            15.86          188.45
   5  Time Technoplast           103.35            2,337            68.16            10.48            15.72              0.92            15.43              1.52            13.21              0.53              0.77              9.43              8.26            3,311            44.35                 74              5.89            14.17           -27.02           -24.71          109.58
   6  Nilkamal Ltd        1,457.65            2,175          561.15            15.34            23.23              0.90            23.76              2.60            17.75              0.12              0.89            12.79            11.08            2,473            63.97               107              7.32            32.06           -18.95           -10.56       1,018.07

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