WIM PLAST LTD - Quantamental Equity Research

Quantamental Equity Research on WIM PLAST LTD | Release: 20 Feb 2019 16:00:38 UTC+05:30 | Reporting Currency: INR | Trading Currency: INR | Exchange:NSE/BSE NSE CODE:Not Listed and BSE CODE:526586
Last Close:  INR 546.15
Fair Value:  INR 152.3
Est. Price by Mar 19:  INR 347.65
Market Capitalization (INR Crs):  655.56
Industry:  Plastic Products
Rating:  STRONG SELL
Downside:  -36%
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 3.99  
(C) DII/Insurance Companies 6.12  
(D) Public holding < 2 lakhs of cap. 12.07  
(E) Others 7.92  
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 91 99 102 165 307 704 899 1422 1119 348 334 334 348 374  
Return on Equity 25% 22% 22% 23% 22% 22% 21% 19% 15% 12% 10% 10% 9% 9%  
Price to Earning  3.2 3.3 2.7 3.5 5.7 11.0 11.9 35.1 30.1 10.8 10.8 10.8 10.8 10.8  
EVTI 0.4 0.4 0.3 0.4 0.6 1.2 1.5 4.8 3.4 1.0 0.8 0.7 0.6 0.6  
EVTIFM 3.2 3.3 2.7 3.5 5.7 11.0 11.9 35.1 30.1 10.8 10.8 10.8 10.8 10.8  
Price to Book Value 0.8 0.7 0.6 0.8 1.2 2.4 2.5 6.5 4.5 1.3 1.1 1.0 1.0 1.0  
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% 2% 2% 2% 2% 2%  
Cash Flow to Firm 13% 14% 21% 15% 10% 6% 5% 3% 2% 25% 27% 29% 31% 30%  
Detailed Estimates
Title Mar-18 Mar-19 E Mar-20 E Mar-21 E Mar-22 E Mar-23 E  
Sales          384.21          350.23          331.37          325.01          330.01          346.51  
EBITDA            82.65            72.21            68.32            67.01            68.04            71.44  
EBIT            67.39            58.30            55.96            56.03            58.28            62.77  
PBT            67.24            58.30            55.96            56.03            58.28            62.77  
NPAT            44.66            38.50            36.96            37.00            38.49            41.46  
Price to Earning             30.08            10.84            10.84            10.84            10.84            10.84  
Price to Book Value              4.52              1.27              1.12              1.03              0.99              0.99  
Debt to Equity                  -                   -                   -                   -                   -                   -    
Return on Equity              0.15              0.12              0.10              0.10              0.09              0.09  
Enterprise Value to Total Income (EVTI)              3.43              0.97              0.82              0.70              0.62              0.58  
Enterprise Value to Total Income to Firm Margin(EVTIFM)            30.64              9.13              7.63              6.39              5.52              5.04  
Price or Est. Share Prices       1,119.11          347.65          333.75          334.15          347.65          374.45  
DISCOUNTED CASH FLOW
Title Mar-19 E Mar-20 E Mar-21 E Mar-22 E Mar-23 E  
PBT            58.30            55.96            56.03            58.28            62.77  
Interest                 -                   -                   -                   -                   -    
Depreciation            13.91            12.36            10.98              9.76              8.67  
Cash Flow Before Tax            72.21            68.32            67.01            68.04            71.44  
Tax Rate            33.99            33.99            33.99            33.99            33.99  
Cash Flow After Tax            47.67            45.10            44.23            44.91            47.16  
Terminal Cash Flow                                                                                    -              92.29  
Total Cash Flow            47.67            45.10            44.23            44.91          139.45  
Present Value of Cash Flow          182.78  
Debt                 -    
Value of Equity          182.78  
Fair Value Per Share          152.30  
Equity               656
Debt                   0
Beta Take from Reuters 1.49
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 18%
Debt Weight 0%
Equity Weight 100%
WACC 18%
Cash Flow of Mar-23 E            47.16
Growth -0.2%
Present Value of Terminal Cashflow            92.29
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.        1,040.85          13,222          157.60            20.22            30.41              2.33            42.83              6.60            28.38              0.13              1.15            13.08            13.87            5,671            49.70               180              7.16            10.33          -24.52          -22.30          374.68
   2  Finolex Inds.           448.65            5,568          216.56            14.07            16.88              1.32            15.99              2.07            14.01              0.04              2.23              8.22            18.16            3,095            52.46                 91            39.43              4.69              2.97            13.14          385.95
   3  Jain Irrigation             54.55            2,780            85.36            10.62              9.32              0.79            13.88              0.64              9.53              1.02              1.85              8.13              7.53            8,519            15.81          -4,713              7.52              9.22          332.28            35.95          102.68
   4  Astral Poly        1,122.05          13,443            97.67            26.01            23.51              5.33            68.41            11.49            67.13              0.19              0.05            24.94            23.04            2,550            58.48               276              0.71            23.70            16.41            13.92          191.40
   5  Time Technoplast             84.45            1,910            68.16            18.56            15.72              0.75              8.96              1.24            10.36              0.53              0.95            16.70            14.74            3,492            42.62                 35              5.46            15.64            71.39            15.88          111.87
   6  Wim Plast           546.15               656          253.90            13.36            23.70              1.88            20.29              2.15            15.98                 -                1.28            10.85            11.44               336            69.90                 85            10.64            -5.80              1.51          -21.46          441.88

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