COASTAL CORPORATION LTD - Quantamental Equity Research

Quantamental Equity Research on COASTAL CORPORATION LTD | Release: 19 Feb 2019 16:38:01 UTC+05:30 | Reporting Currency: INR | Trading Currency: INR | Exchange:NSE/BSE NSE CODE:Not Listed and BSE CODE:501831
Last Close:  INR 361.6
Fair Value:  INR 377.35
Est. Price by Mar 19:  INR 472.95
Market Capitalization (INR Crs):  367.70
Industry:  Packaged Foods
Rating:  STRONG BUY
Upside:  31%
Company Profile
Coastal Corporation Ltd. ventures as a seafood processing and exporting company. The company exports a range of shrimp, fish and other seafoods to its global markets.
Growth Per Share
Particulars 1-Year 3-Year 5-Year  
Revenue % 7% 61% 274%  
EBIT % 59% 88% 322%  
Earnings % 87% 146% 357%  
Book Value %  42% 127% 435%  
Stock Total Return %  134%      
Share holding pattern
Particulars %age   
(A) Promoter & Promoter Group 32.72  
(B) FII/FPI 0.00  
(C) DII/Insurance Companies 0.02  
(D) Public holding < 2 lakhs of cap. 16.34  
(E) Others 50.92  
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               9 22 473 491 504 515 543  
Return on Equity 20% 36% 46% 36% 41% 28% 18% 23% 30% 37% 28% 22% 19% 16%  
Price to Earning                0.2 0.2 10.0 10.0 10.0 10.0 10.0  
EVTI               0.2 0.1 1.0 1.0 0.9 0.8 0.7  
EVTIFM               0.2 0.2 10.0 10.0 10.0 10.0 10.0  
Price to Book Value               0.0 0.1 3.7 2.8 2.2 1.9 1.6  
Debt to Equity  2.1 2.2 2.3 2.0 1.9 2.1 1.5 1.3 1.0 0.2 0.0 0.0 0.0 0.0  
Dividend Yield               16% 7% 0% 0% 0% 0% 0%  
Cash Flow to Firm 34% -39% -25% -2% -16% -11% 48% 13% 34% 18% 17% 18% 19% 21%  
Detailed Estimates
Title Mar-18 Mar-19 E Mar-20 E Mar-21 E Mar-22 E Mar-23 E  
Sales          506.96          468.54          447.77          442.00          450.20          472.71  
EBITDA            51.24            84.92            81.16            80.11            81.60            85.68  
EBIT            48.25            82.16            78.57            77.68            79.32            83.55  
PBT            38.94            72.85            75.62            77.68            79.32            83.55  
NPAT            25.07            48.09            49.92            51.28            52.36            55.15  
Price to Earning               0.22            10.00            10.00            10.00            10.00            10.00  
Price to Book Value              0.07              3.71              2.79              2.24              1.87              1.65  
Debt to Equity               1.03              0.21                 -                   -                   -                   -    
Return on Equity              0.30              0.37              0.28              0.22              0.19              0.16  
Enterprise Value to Total Income (EVTI)              0.14              1.04              1.00              0.92              0.82              0.73  
Enterprise Value to Total Income to Firm Margin(EVTIFM)              2.63            10.00              9.67              8.91              7.87              7.00  
Price or Est. Share Prices            22.08          472.95          491.00          504.40          515.05          542.50  
DISCOUNTED CASH FLOW
Title Mar-19 E Mar-20 E Mar-21 E Mar-22 E Mar-23 E  
PBT            72.85            75.62            77.68            79.32            83.55  
Interest              9.31              2.94                 -                   -                   -    
Depreciation              2.76              2.59              2.43              2.28              2.13  
Cash Flow Before Tax            84.92            81.16            80.11            81.60            85.68  
Tax Rate            33.99            33.99            33.99            33.99            33.99  
Cash Flow After Tax            56.06            53.57            52.88            53.86            56.56  
Terminal Cash Flow                                                                                    -            344.21  
Total Cash Flow            56.06            53.57            52.88            53.86          400.77  
Present Value of Cash Flow          383.71  
Debt                 -    
Value of Equity          383.71  
Fair Value Per Share          377.35  
Equity               368
Debt                 85
Beta Take from Reuters 0.9
Risk Free Rate Prevailing Yield in India 7%
Market Risk Premium Assuming 8.82% premium for Equity Investments 7%
Interest Paid                   9
Tax Benefit                   3
Interest Net of Tax                   6
Debt                 85
Cost of Debt 7%
Cost of Equity 14%
Debt Weight 19%
Equity Weight 81%
WACC 13%
Cash Flow of Mar-23 E            56.56
Growth 0.2%
Present Value of Terminal Cashflow          344.21
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  Apex Frozen           278.95               872          103.82            17.79            39.93              1.01            29.95              2.69            12.47              0.28              0.72            16.38            17.30               884            72.49               137          -15.48          -17.83          -42.76          -39.76          215.55
   2  Coastal Corporat           361.60               368          107.55            30.97            31.79              0.67            41.14              3.36              8.71              1.03              0.10            30.50            32.19               625            32.72               438            45.59            -6.66          -61.98          -20.79          338.68
   3  Waterbase           134.05               555            40.71              9.22            28.79              2.23            49.55              3.29            17.41              0.19              1.12              7.31            10.34               259            66.15               221          -32.91              7.17          -66.36            -9.79            83.98
   4  Zeal Aqua           105.00               132            32.47                 -              14.08                 -                   -                3.23            31.59              2.18                 -                   -                   -                   -              68.42                 -                   -                   -                   -                   -              49.25
   5  Avanti Feeds           319.20            4,349            78.15            35.00            83.09              1.11            15.43              4.08            15.21              0.01              1.25            30.73            88.62            3,398            43.76                 73            10.71            18.25            58.56          -26.83          192.98
   6  Uniroyal Marine               6.93                   4              6.03              9.47              8.71              0.34            10.20              1.15            11.51              4.16                 -                9.47              6.13                 58            32.09                 64            34.52            26.92          -69.57            40.00              9.02

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