Post on 05-Jul-2018
8/16/2019 Emami valuation analysis
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STATEMENT ANALYSIEMAMI LTD. AND
VALUATBY VIVITA RO
ADITI MOR
PRAVEEN
HITESH H
ARBEZ KHA
JIGAR S
DEBASHISH
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ABOUT EMAMI LTD.
• Established in eal! "#$s% E&a&i '()* has '(+n in India +ith *esen,e in &ase,t(s ( FM/G% eal estate% h(s*itals% etail% ne+s*int &an)a,t)in'% *ha&,hain% ,(nte&*(a! at %edible (il and bi(diesel . F()nded b! t+( iends M RA'a+al and M RS G(en0a% E&a&i t(da!% is a t)sted and l(1ed band ( the +ith (1e 25%### e&*l(!ees and a '()* t)n(1e ( ab()t Rs 3#%### ,.
•A'ainst all (dds +ith a 1isi(n ( ,(&binin' the a'e (ld +isd(& ( A!)1eda +i&(den &an)a,t)in' te,hni4)es ( ,eatin' +innin' bands the ,(&*an! s+ith a &e'e a&()nt ( Rs. 2#%###. A dea& ( ea,hin' ()t t( the Indian &i,lass a ta'et a)dien,e +h(& the! th()'ht +ill ha1e in,easin' *(tential (,(ns)&*ti(n% the ,(&*an! stated &an)a,t)in' ,(s&eti, *(d),ts as +ell aA!)1eda &edi,ines )nde the band na&e ( E&a&i (& a s&all (6,e 7stilletained8 in 9(l0ata$s b)siness disti,t ( Bada Ba:a. Thei ,(ns)&e insi'ht ise;e,ted t(da! in the &issi(n state&ent ( E&a&i Li&ited< "Making people
healthy and beautiful naturally".
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EMAMI$S OVER T>E LAST 5 YEARS
?2#@? ?3@ ?3? ?#@#.##
5.##
3#.##
35.##
2#.##
25.##
#.##
25.## 25.##
2#.## 2#.##
22."# 22."#
35.3 35.3
Share Capital
E4)it! C A)th(ised E4)it! Paid U*
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?2#@? ?3@ ?3? ?#@ ?#@##.##
#.#5
#.3#
#.35
#.2#
#.25
#.#
#.5
#.##.#?
#.35
#.22
#.2
Total Debt/Equity(x)
T(tal Debt E4)it!78 Linea 7T(tal Debt E4)it!788
EMAMI$S OVER T>E LAST 5 YEARS
?2#@? ?3@ ?3?#.##
3#.##
2#.##
#.##
?#.##
5#.##
@#.##
"#.##
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".?3 "3.5
5".3"
Shareholder!
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EMAMI$S OVER T>E LAST 5 YEARS
?2#@? ?3@ ?3? ?#@#.##
5.##
3#.##
35.##
2#.##
25.##
#.##
#ro$th %atio
Net Sales G(+th78 /(e EBITDA G(+th78
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EMAMI$S OVER T>E LAST 5 YEARS
?2#@? ?3@ ?3? ?#@#.##
2##.##?##.##
@##.##
##.##
3###.##
32##.##
3?##.##
3@##.##
3##.##3@"@.2
3#2.2 35.? 323.5#
Total &!!et!
T(tal Assets
'ear!
Total &!!et!
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EMAMI$S OVER T>E LAST 5 YEARS
?2#@? ?3@ ?3? ?#@ ?#@##.##
#.2#
#.?#
#.@#
#.#
3.##
3.2#
3.?#
3.@# 3.52
3.3.3
3.2#3.3#
&!!et Turnoer(x)
Asset T)n(1e78 Linea 7Asset T)n(1e788
'E&%S
&!!et Turnoer(x)
?2#@? ?3@ ?#.##
#.5#
3.##
3.5#
2.##
2.5#
.##
.5#
2.@
2.@5
Current %atio
/)ent Rati(78 Linea 7/
'ea
Current %atio(x)
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EMAMI$S OVER T>E LAST 5 YEARS
?2#@? ?3@ ?3? ?#@ ?#@##.##
3##.##
2##.##
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5##.##
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5#@.5" ?.2
?5.#?##.??
perating *ro+t
O*eatin' P(Ht Linea 7O*eatin' P(Ht8
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3##.##
2##.##
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5##.##
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?5.?5
?#2.?
3?.@
*ro+t &fter Ta
P(Ht Ate Ta Linea 7P(
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EMAMI$S OVER T>E LAST 5 YEARS
?2#@? ?3@ ?3? ?#@ ?#@##
3
2
?
5
@
2.
.52
?.5
5.55 5.?
,orking Capital/Sale!(x)
(0in' /a*italSales78
?2#@? ?3@AA ?3BB?#
5
3#
35
2#
25
B#
2?.G
3A.B@
3@.B
Debtor! Turnoe
Debt(s T)n(1e7E8 Linea 7Debt
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DUPONTJS ANALYSIS
?2#@? ?3@ ?3? ?#@ ?#@#
#.##
5.##
3#.##
35.##
2#.##
25.##
#.##
5.##
?#.##
?5.##
5#.##
23.53 23."3
3.35 3".53 3.#"
3.52 3. 3.3 3.2# 3.3#
3. 3.5@ 3." 3."" 3."5
??.?".#
?2.?3
".#"?."?
E-a-i td. Du *ont &naly!i! Con!olidated
PATM 78 Linea 7PATM 788 Sales T(tal Assets78
Assets t( E4)it! 78 ROE 78 Linea 7ROE 788
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FORE/ASTS FOR T>E FUTURE YEARS
• F/FF ( Ma,h 2#35 C ?.2 /.
• G(+th in F/FF in the *e1i()s !ea C 33.
• Ind)st! /AGR K 33
• >en,e +e ass)&e '(+th in ee ,ash ;(+s at thsa&e ateE!ti-ate for 'ear Mar01 Mar02 Mar03 Mar04
M
ree Ca!h lo$ for ir- 5?#. @#5.5 @""." "5.@5 ?
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/OST OF /APITAL FOR EMAMI
• A1ea'e et)ns ( E&a&i K 2.@
• Ris0 ee ate ( et)n In ,(&*ais(n t( Hed de*(sit a( 3 !ea de*(sits K
• Beta ( e&a&i sense K #.@#
• Beta ( E&a&i Nit! K #.55
• /(st ( ,a*ital ( E&a&i K 9e R 7R& K R8
• 9e #.@72.@ K 8
• 9e 3".@
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VALUATION BASED ON DIS/OUNTED /AFLOS
Esti&ate ( Yea MaC3@ MaC3" MaC3 MaC3Fee /ash Fl(+ ( Fi& 5?#. @#5.5 @""." "5.@Dis,()ntin' Fa,t( Q
3".@ #.523 #."2@ #.@3@ #.52"Dis,()nted F/FF Q
3".@ ?@#. ?.@2 ?3.2 ./)&ilati1e Dis,()nted
F/FF 23#3.2#
Te&inal Val)e as *eG(dan '(+th &(del
35.@?3"
Val)ati(n ( E&a&i 2#?5?.5"
Val)e *e shae #3.#
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/ON/LUSION
•E&a&i is tadin' in the &a0et at %!. 423
• e 1al)e E&a&i at %!. 460.63
• >en,e +e ,(n,l)de that E&a&i is (1e 1al)ed at&(&ent in the &a0et
• e s)''est that in1est&ent in E&a&i is n(tad1isable at this &(&ent as the &a0et &a! ,(itsel.
• e als( s)''est alead! in1ested in1est(s t(+ithda+ thei in1est&ent as the! ,an b((0 the
1al)ati(n *(Ht.