WIM PLAST LTD - Quantamental Equity Research

Quantamental Equity Research on WIM PLAST LTD | Release: 06 Jan 2019 18:17:20 UTC+05:30 | Reporting Currency: INR | Trading Currency: INR | Exchange:NSE/BSE NSE CODE:Not Listed and BSE CODE:526586
Last Close:  INR 685.55
Fair Value:  INR 521.9
Est. Price by Mar 19:  INR 620.7
Market Capitalization (INR Crs):  822.89
Industry:  Plastic Products
Rating:  NOT RATED
Downside:  -9%
Company Profile
Wim Plast Limited is engaged in the manufacture of plastic molded and extruded articles.
Growth Per Share
Particulars 1-Year 3-Year 5-Year  
Revenue % 9% 55% 118%  
EBIT % -7% 25% 74%  
Earnings % -8% 16% 58%  
Book Value %  13% 67% 138%  
Stock Total Return %  -21% 59% 579%  
Share holding pattern
Particulars %age   
(A) Promoter & Promoter Group 69.90  
(B) FII/FPI 5.50  
(C) DII/Insurance Companies 4.42  
(D) Public holding < 2 lakhs of cap. 11.91  
(E) Others 8.27  
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 91 99 102 165 307 704 899 1422 1119 621 657 702 756 821  
Return on Equity 25% 22% 22% 23% 22% 22% 21% 19% 15% 13% 12% 12% 12% 11%  
Price to Earning  3.2 3.3 2.7 3.5 5.7 11.0 11.9 35.1 30.1 17.3 17.3 17.3 17.3 17.3  
EVTI 0.4 0.4 0.3 0.4 0.6 1.2 1.5 4.8 3.4 1.8 1.7 1.7 1.7 1.7  
EVTIFM 3.2 3.3 2.7 3.5 5.7 11.0 11.9 35.1 30.1 17.3 17.3 17.3 17.3 17.3  
Price to Book Value 0.8 0.7 0.6 0.8 1.2 2.4 2.5 6.5 4.5 2.2 2.1 2.1 2.0 2.0  
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 4% 5% 6% 5% 3% 1% 1% 0% 1% 1% 1% 1% 1% 1%  
Cash Flow to Firm 13% 14% 21% 15% 10% 6% 5% 3% 2% 11% 11% 11% 11% 11%  
Detailed Estimates
Title Mar-18 Mar-19 E Mar-20 E Mar-21 E Mar-22 E Mar-23 E  
Sales          384.21          384.21          389.01          398.74          413.69          434.38  
EBITDA            82.65            80.36            82.34            85.40            89.63            95.20  
EBIT            67.39            65.10            68.95            73.64            79.32            86.15  
PBT            67.24            65.10            68.95            73.64            79.32            86.15  
NPAT            44.66            43.00            45.53            48.63            52.38            56.89  
Price to Earning             30.08            17.33            17.33            17.33            17.33            17.33  
Price to Book Value              4.52              2.24              2.14              2.06              2.01              1.98  
Debt to Equity                   -                    -                    -                    -                    -                    -    
Return on Equity              0.15              0.13              0.12              0.12              0.12              0.11  
Enterprise Value to Total Income (EVTI)              3.43              1.75              1.72              1.69              1.67              1.66  
Enterprise Value to Total Income to Firm Margin(EVTIFM)            30.64            16.29            15.27            14.43            13.75            13.21  
Price or Est. Share Prices       1,119.11          620.70          657.35          702.15          756.30          821.45  
DISCOUNTED CASH FLOW
Title Mar-19 E Mar-20 E Mar-21 E Mar-22 E Mar-23 E  
PBT            65.10            68.95            73.64            79.32            86.15  
Interest                  -                    -                    -                    -                    -    
Depreciation            15.26            13.39            11.75            10.32              9.05  
Cash Flow Before Tax            80.36            82.34            85.40            89.63            95.20  
Tax Rate            33.99            33.99            33.99            33.99            33.99  
Cash Flow After Tax            53.05            54.35            56.37            59.17            62.84  
Terminal Cash Flow                                                                                      -            700.33  
Total Cash Flow            53.05            54.35            56.37            59.17          763.17  
Present Value of Cash Flow          626.40  
Debt                  -    
Value of Equity          626.40  
Fair Value Per Share          521.90  
Equity               823
Debt                   0
Beta Take from Reuters 0.49
Risk Free Rate Prevailing Yield in India 7%
Market Risk Premium Assuming 8.82% premium for Equity Investments 7%
Interest Paid                   0
Tax Benefit                   0
Interest Net of Tax                   0
Debt                   0
Cost of Debt 0%
Cost of Equity 11%
Debt Weight 0%
Equity Weight 100%
WACC 11%
Cash Flow of Mar-23 E            62.84
Growth 3.4%
Present Value of Terminal Cashflow          700.33
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  Wim Plast           685.55               823          253.90            13.11            23.70              2.63            25.93              2.70            19.04                  -                1.02            10.64            12.79               303            69.90               108           -18.33           -22.08           -19.98           -20.30          453.62

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