|
Quantamental
Equity Research on FILATEX INDIA LTD | Release: 03 Feb 2019 21:19:10
UTC+05:30 | Reporting Currency: INR | Trading Currency: INR |
Exchange:NSE/BSE NSE CODE:FILATEX and BSE CODE:526227 |
| Last Close: |
INR 52.45 |
| Fair Value: |
INR 140.5 |
| Est. Price by Mar 19: |
INR 75.9 |
| Market Capitalization (INR
Crs): |
1140.79 |
| Industry: |
Textiles |
| Rating: |
STRONG BUY |
| Upside: |
168% |
| Company Profile |
|
|
| Filatex India Limited is engaged in manufacture and trading of
synthetic yarn and textiles. The Company manufactures polyester and
polypropylene multifilament yarn, and polyester chips. |
| Growth Per Share |
|
|
| Particulars |
1-Year |
3-Year |
5-Year |
|
| Revenue % |
25% |
105% |
100% |
|
| EBIT % |
21% |
101% |
417% |
|
| Earnings % |
47% |
523% |
2433% |
|
| Book Value
% |
19% |
126% |
157% |
|
| Stock Total
Return % |
36% |
504% |
729% |
|
|
| Share holding
pattern |
| Particulars |
%age |
|
| (A) Promoter
& Promoter Group |
57.99 |
|
| (B) FII/FPI |
4.78 |
|
| (C)
DII/Insurance Companies |
0.75 |
|
| (D) Public holding < 2 lakhs of cap. |
6.27 |
|
| (E) Others |
30.21 |
|
| 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 |
8 |
8 |
8 |
4 |
3 |
6 |
9 |
27 |
37 |
76 |
104 |
128 |
142 |
139 |
|
| Return on
Equity |
20% |
18% |
9% |
2% |
-5% |
6% |
13% |
12% |
16% |
21% |
22% |
21% |
19% |
16% |
|
| Price to
Earning |
4.0 |
3.6 |
6.7 |
22.5 |
-4.6 |
10.1 |
5.4 |
14.5 |
13.4 |
16.6 |
16.6 |
16.6 |
16.6 |
16.6 |
|
| EVTI |
0.3 |
0.3 |
0.7 |
0.4 |
0.3 |
0.3 |
0.5 |
0.7 |
0.8 |
0.9 |
0.9 |
0.8 |
0.8 |
0.7 |
|
| EVTIFM |
4.0 |
3.6 |
6.7 |
22.5 |
-4.6 |
10.1 |
5.4 |
14.5 |
13.4 |
16.6 |
16.6 |
16.6 |
16.6 |
16.6 |
|
| Price to Book
Value |
0.8 |
0.7 |
0.6 |
0.4 |
0.2 |
0.6 |
0.7 |
1.8 |
2.1 |
3.4 |
3.6 |
3.5 |
3.2 |
2.6 |
|
| Debt to
Equity |
0.4 |
0.8 |
1.8 |
2.7 |
2.8 |
2.5 |
2.5 |
1.6 |
1.8 |
2.5 |
2.9 |
3.0 |
2.7 |
2.0 |
|
| Dividend
Yield |
3% |
3% |
3% |
0% |
0% |
0% |
0% |
0% |
0% |
0% |
0% |
0% |
0% |
0% |
|
| Cash Flow to
Firm |
50% |
-29% |
-70% |
-25% |
7% |
17% |
0% |
-6% |
-6% |
-14% |
-10% |
-5% |
1% |
12% |
|
|
| Detailed
Estimates |
| Title |
Mar-18 |
Mar-19 E |
Mar-20 E |
Mar-21 E |
Mar-22 E |
Mar-23 E |
|
| Sales |
1,933.82 |
3,108.93 |
4,564.68 |
6,065.69 |
7,214.62 |
7,575.35 |
|
| EBITDA |
167.64 |
244.16 |
358.49 |
476.37 |
566.61 |
594.94 |
|
| EBIT |
136.82 |
194.61 |
281.42 |
367.22 |
427.25 |
436.44 |
|
| PBT |
92.72 |
150.51 |
205.28 |
254.57 |
282.13 |
274.76 |
|
| NPAT |
59.78 |
99.34 |
135.48 |
168.01 |
186.20 |
181.34 |
|
| Price to
Earning |
13.36 |
16.62 |
16.62 |
16.62 |
16.62 |
16.62 |
|
| Price to Book
Value |
2.08 |
3.41 |
3.63 |
3.54 |
3.18 |
2.61 |
|
| Debt to
Equity |
1.85 |
2.54 |
2.93 |
2.97 |
2.68 |
1.99 |
|
| Return on
Equity |
0.16 |
0.21 |
0.22 |
0.21 |
0.19 |
0.16 |
|
| Enterprise Value to Total Income (EVTI) |
0.78 |
0.92 |
0.89 |
0.84 |
0.79 |
0.70 |
|
| Enterprise Value to Total Income to Firm Margin(EVTIFM) |
19.42 |
25.34 |
24.77 |
23.95 |
22.87 |
20.84 |
|
| Price or Est.
Share Prices |
36.73 |
75.90 |
103.55 |
128.45 |
142.40 |
138.70 |
|
|
| DISCOUNTED CASH
FLOW |
| Title |
Mar-19 E |
Mar-20 E |
Mar-21 E |
Mar-22 E |
Mar-23 E |
|
| PBT |
150.51 |
205.28 |
254.57 |
282.13 |
274.76 |
|
| Interest |
44.10 |
76.13 |
112.65 |
145.12 |
161.68 |
|
| Depreciation |
49.55 |
77.08 |
109.15 |
139.36 |
158.50 |
|
| Cash Flow
Before Tax |
244.16 |
358.49 |
476.37 |
566.61 |
594.94 |
|
| Tax Rate |
33.99 |
33.99 |
33.99 |
33.99 |
33.99 |
|
| Cash Flow
After Tax |
161.17 |
236.64 |
314.45 |
374.02 |
392.72 |
|
| Terminal Cash
Flow |
- |
7,512.39 |
|
| Total Cash
Flow |
161.17 |
236.64 |
314.45 |
374.02 |
7,905.11 |
|
| Present Value of
Cash Flow |
5,351.30 |
|
| Debt |
2,296.36 |
|
| Value of Equity |
3,054.94 |
|
| Fair Value Per
Share |
140.50 |
|
|
| Equity |
|
|
|
|
1,141 |
|
| Debt |
|
|
|
|
712 |
|
|
| Beta |
Take from Reuters |
|
|
1.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Risk Free Rate |
Prevailing Yield in India |
|
|
7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Market Risk Premium |
Assuming 8.82% premium
for Equity Investments |
7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Paid |
|
|
|
|
44 |
|
| Tax Benefit |
|
|
|
|
16 |
|
| Interest Net of Tax |
|
|
|
|
28 |
|
| Debt |
|
|
|
|
712 |
|
| Cost of Debt |
|
|
|
|
4% |
|
| Cost of Equity |
|
|
|
|
16% |
|
| Debt Weight |
|
|
|
|
38% |
|
| Equity Weight |
|
|
|
|
62% |
|
| WACC |
|
|
|
|
12% |
|
|
| Cash Flow of Mar-23 E |
|
|
|
|
392.72 |
|
| Growth |
|
|
|
|
5.8% |
|
| Present Value of Terminal
Cashflow |
|
|
|
|
7,512.39 |
|
|
| 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 |
Grasim Inds |
718.95 |
47,278 |
850.66 |
-11.70 |
11.63 |
0.79 |
5.35 |
0.85 |
16.47 |
1.17 |
0.86 |
-9.92 |
-11.71 |
59,279 |
40.16 |
89 |
1.05 |
23.76 |
-229.57 |
-49.86 |
521.33 |
| 2 |
SRF |
1,966.45 |
11,303 |
655.24 |
21.48 |
11.48 |
1.84 |
20.04 |
3.00 |
20.93 |
0.88 |
0.62 |
18.22 |
15.03 |
7,720 |
52.32 |
83 |
10.00 |
48.89 |
12.97 |
47.14 |
1,177.53 |
| 3 |
Kama Hold. |
4,808.45 |
3,101 |
3,042.20 |
- |
14.66 |
- |
- |
1.58 |
13.54 |
1.60 |
0.31 |
- |
- |
- |
75.00 |
- |
- |
- |
- |
- |
5,061.89 |
| 4 |
Century Enka |
244.20 |
534 |
412.31 |
11.23 |
8.81 |
0.25 |
7.12 |
0.59 |
6.20 |
0.05 |
2.87 |
8.78 |
7.80 |
1,906 |
25.25 |
34 |
-1.51 |
30.13 |
-12.35 |
-19.12 |
594.36 |
| 5 |
Filatex India |
52.45 |
1,141 |
19.61 |
20.94 |
14.01 |
0.61 |
26.81 |
2.67 |
15.71 |
1.85 |
- |
20.94 |
18.32 |
2,996 |
32.34 |
87 |
3.82 |
47.95 |
-19.41 |
12.71 |
38.79 |
| 6 |
JBF Inds. |
17.95 |
148 |
117.17 |
-84.56 |
4.24 |
1.87 |
8.80 |
0.15 |
2.29 |
1.59 |
- |
-84.56 |
-57.95 |
1,092 |
0.77 |
1 |
-0.75 |
10.62 |
772.20 |
1,099.59 |
- |
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