Kansai Nerolac Paints18Jun20images.moneycontrol.com/static-mcnews/2020/06/Kansai...Kansai Lanka...
Transcript of Kansai Nerolac Paints18Jun20images.moneycontrol.com/static-mcnews/2020/06/Kansai...Kansai Lanka...
June 18, 2020 1
Rating: BUY | CMP: Rs389 | TP: Rs487
Product diversification is new mantra
Quick Pointers:
FY20 Auto volumes declined, Decorative paint volumes increased despite
pressure in J&K
KNPL is increasing presence in Coil coatings, Rebar, Railways and Infra
coatings and entry into Wood coatings, Adhesives and Construction chemicals
to reduce dependence on auto paints
KNPL Annual report highlights intent of the company to achieve broad based
growth and reduce cyclicality by increasing presence in emerging coating
segments of coil coatings, rebar, pipe coatings, floor and Infra coatings. It
has also formed JV/tie ups and entered segments like Adhesives,
Construction chemicals and Wood coatings mostly on the liens of what
Pidilite has been doing. Capex plans have been on track and decorative unit
in Goindwal (Punjab) has started while Gujarat plant has started getting
orders from auto OEMs. Nerolac continues to achieve above market growth
in decorative paints and success of soldier will enable it to get more share in
the economy segment. Capex has declined to Rs2.3bn while lower
inventories have resulted in higher OCF at Rs5.6bn. FCF has increased strong
free cash flow with cash/investments of Rs4.7bn. Although KNPL has passed
on input costs benefits in auto and industrials, we expect improved gross
margins due to sharp decline in input costs.
We believe structural drivers like shift towards organized sector, housing
push in Tier2/3 cities and shorter painting cycle will continue to power
demand for decorative paints although 1H21 demand will be impacted due to
Covid 19 impact. We estimate flattish profits in FY21 and 31% growth in FY22
which would provide 15.5% PAT CAGR over FY20-22. The stock trades at
30.2xFY22 EPS which is at 29% discount to Asian paints. We value the stock
at 38xFY22 EPS and retain BUY with a target price of Rs487, a 26% upside
Monsoons, J&K and Auto demand impact volumes: Prolonged monsoons,
floods in many key states, and changed policy in Kashmir (market leader)
impacted Decorative paints. This coupled with the credit crisis impacted
demand for Automotive Paints. The slowdown extended to other Original
Equipment Manufacturers (OEM) industries impacting demand there as well.
Capacity expansion on Track: Kansai is on track for capacity expansion and
has increased capacity from 452mn liter in Fy19 to 518 mn liter in FY20. It
commissioned a new decorative facility at Goindwal Sahib in Punjab and is
setting up another unit at Vishakhapatnam in AP. It also commissioned a
dedicated coil coating line at Sayakha (Gujarat) and got client approvals for
supply of paints to auto OEM’s from this facility.
KNPL enters new categories in Industrial coatings: Kansai drives ~40%
sales from industrial paints and coatings and 70% of which is cyclical auto
paints business. Kansai is diversifying industrial paints and entered niche
segments like coil coatings, bridges and pipe coatings, rebar coatings and floor
Kansai Nerolac Paints (KNPL IN)
June 18, 2020
Annual Report Analysis
☑ Change in Estimates | ☑ Target | Reco
Change in Estimates
Current Previous
FY21E FY22E FY21E FY22E
Rating BUY BUY
Target Price 487 486
Sales (Rs. m) 47,971 57,874 48,653 58,566
% Chng. (1.4) (1.2)
EBITDA (Rs. m) 8,167 10,420 8,188 10,462
% Chng. (0.3) (0.4)
EPS (Rs.) 9.8 12.8 9.8 12.8
% Chng. 0.3 0.1
Key Financials - Standalone
Y/e Mar FY19 FY20 FY21E FY22E
Sales (Rs. m) 51,736 49,432 47,971 57,874
EBITDA (Rs. m) 7,420 7,816 8,167 10,420
Margin (%) 14.3 15.8 17.0 18.0
PAT (Rs. m) 4,673 5,354 5,279 6,903
EPS (Rs.) 8.7 9.9 9.8 12.8
Gr. (%) (14.7) 14.6 (1.4) 30.8
DPS (Rs.) 2.6 2.6 3.3 3.8
Yield (%) 0.7 0.7 0.8 1.0
RoE (%) 14.3 14.8 13.4 16.0
RoCE (%) 19.8 18.3 17.3 20.8
EV/Sales (x) 4.0 4.1 4.2 3.4
EV/EBITDA (x) 27.9 26.2 24.7 19.0
PE (x) 44.8 39.1 39.7 30.4
P/BV (x) 6.1 5.5 5.1 4.6
Key Data KANE.BO | KNPL IN
52-W High / Low Rs.573 / Rs.294
Sensex / Nifty 34,208 / 10,092
Market Cap Rs.210bn/ $ 2,752m
Shares Outstanding 539m
3M Avg. Daily Value Rs.253.35m
Shareholding Pattern (%)
Promoter’s 74.99
Foreign 3.93
Domestic Institution 12.01
Public & Others 9.07
Promoter Pledge (Rs bn) -
Stock Performance (%)
1M 6M 12M
Absolute 13.8 (28.7) (13.1)
Relative (0.1) (13.3) (0.8)
Amnish Aggarwal
[email protected] | 91-22-66322233
Charmi Mehta
[email protected] | 91-22-66322256
Heet Vora
[email protected] | 91-22-66322381
Kansai Nerolac Paints
June 18, 2020 2
coatings. Kansai started supply of Anti Carbonation coatings, Polysiloxane
Coatings and C5 Fluoro Polymer coatings for Metro Projects and Railways.
Kansai also launched Weather-proof Polyurethane Coating, Water-based
Black Coating for Engines, Matt Coating System for Helmets, Anti-Corrosive
Primers and Fusion-Bonded Epoxy (FBE) Valves and Fittings. KNPL
strengthened presence in auto refinish paints and gained market share in Auto
coatings, powder coatings and performance coatings in FY20.
Kansai looking at new segments/geographies to drive growth: Kansai, is
entering adjacent categories to broad base its product portfolio and use its
brand and distribution network. As SE Asia is allocated by parent company to
KNPL, it has entered markets of Bangladesh, Nepal and Sri lanka.
Neroflix JV with Polygel: KNPL has set up a 60% JV, Neroflix (Rs120mn)
with Polygel for entry in B2B and B2C adhesives market to capitalize on
supply chain and ‘go to market’ capabilities. Nerofix started operations in
December 2019 and achieved sales of Rs229mn.
Perma Constructions: KNPL acquired Prema constructions to boost
construction chemicals business and launched a new range of
construction chemicals product under the Nerolac Perma Brand. Perma
achieved net sales Rs352mn and EBDITA of 9.5% with PAT of Rs22.8mn.
ICRO tie up for wood coatings: KNPL entered into a tie up with Icro
Coatings, Italy for launch of premium wood coatings, a high growth
segment which has seen entry of Pidilite (ICA JV) and Sirca (JV) paints.
KNPL is looking at wood coatings as a future growth area and is already
setting up a production line at its Jainpur facility
Sri lanka: Kansai Paints Lanka (Private) Limited (60% stake) sales were
Rs122mn (Rs121mn in FY19) with a loss of Rs100mn (Rs108.8mn in
FY19). Weak economy due to terrorist attacks and prolonged heavy rains
in island impacted industry demand. Kansai changed its strategy from
dealers to distributors in 4Q and received reasonable success.
RAK Paints, Bangladesh (68% stake): RAK launched Nerolac
Decorative paints with sales of Rs1.35bn (Rs0.94bn in 9m19) with EBIDTA
breakeven. Loss is Rs92.7mn (Rs96.5mn) due to interest cost.
KNP Japan, Nepal: KNP Japan (55% stake) reported sales of Rs851mn
(Rs845mn in FY19) with EBIDTA margin of 16.1% (17.1%). It achieved
PAT of Rs103.4mn (Rs115.2mn). It started plant upgradation at Birgunj.
Revenues and Profit of subsidiaries
Subsidiaries/JV % holding Place of incorporation Revenue (Rs m) Profit/(loss) Rs m
FY20 FY19 FY20 FY19
KNP Japan Pvt Ltd 68% Nepal 854.3 845.1 103.4 115.2
Kansai Lanka Paints Pvt Ltd 60% Srilanka 121.9 121.1 (100.1) (108.8)
Marpol Pvt Ltd 100% India 590.3 688.8 29.0 16.9
RAK Paints 55% Bangladesh 1,357.8 930.4 (92.7) (96.5)
Perma Const Aids Pvt Ltd 100% India 345.5 - 22.8 -
Nerofix Pvt Ltd 60% Inda 229.1 - (8.6) -
Source: Company, PL
Kansai Nerolac Paints
June 18, 2020 3
Other Highlights
Kansai implemented RPA (Robotic Process Automation) in Supply chain to
bring further efficiency in Supply Chain processes. It also undertook utilization
of advanced digital tools, such as Machine Learning, Robotic Process
Automation, Internet of Things (IoT) and Catboats, to secure increased
business benefits
Financials: The company was able to reduce and control other expenses at
Rs 8.3bn during FY20, as compared to Rs 8.7bn in the previous year. Improved
Operating cash flow from Rs 3.6bn to Rs 5.6bn in FY20. Incurred capex of Rs
3.8bn. Net working capital increased by 22 days to 100. Dividend payout at
36% resulting into DPS of Rs 2.6.RoE at 14.8% and RoCE at 19.1%.KNPL
does not have any debt as on March-20.
Steadfastly focuses on water management where it has achieved zero liquid
discharge at all its manufacturing plants, reduction in hazardous waste,
reduction in carbon footprint, energy management
Pan-India presence through 104 sales locations and 27500+ customers
4QFY20 Results: FY20 Auto Paints (58% market share) de-grew 17% in value
and 19% in volumes. Decorative segment grew volume and sales value by 6%
and 4% respectively. A shift towards low end emulsions, distempers and putty
was witnessed in decorative segment. Jan and Feb witnessed double digit
volume growth while Lockdown impacted sales in March. KNPL increased
presence in non- auto industrials with new segments like coil coatings, rebar
coatings and increasing presence in auto refinish (6% share) and powder
coatings (35% share).
4QFY20 Concall Takeaways: 1) Bangladesh subsidiary witnessed highest
growth of 20% while Nepal grew 2% and Srilanka grew 3.5%. While
Bangladesh subsidiary turned EBITDA positive this quarter, Nepal clocked in
margins of 16.4%. Srilanka is expected to break-even in 3 years, 2) KNPL’s
Soldier branded low cost emulsion has been a success and accounts for 4%
of sales 3) No sales during the lockdown period will hurt as April accounts for
13% sales. Although, 90 depots (total 106) are now operational, visibility on
volume growth remains poor 4) 5 out of 6 plants have resumed production,
however demand will recovery in Industrial paint will take some-time. 5) KNPL
added 3000 net dealers in FY20 taking the total to 25000 6) KNPL has not
extended any additional credit to the distributors and do not expect dealers to
face liquidity issues however it will provide addition support if necessary, 7)
Only 30% labour in industry are migrants hence the company does not see
availability of labour as an issue, 7) Lower crude oil prices are passed onto
customers, 8) Ad spend at 5% of sales during FY20 and the company intends
to incur ad spends in line with sales growth going forward, 9) FY21 Capex has
been estimated at Rs1.9bn including maintenance capex of Rs700mn 10)
KPNL has huge margin of safety as only 50% costs are fixed.
Kansai Nerolac Paints
June 18, 2020 4
KNPL has forayed into emerging segments like Rebar Coatings, Pipe coatings, floor coatings etc.
Source: Company, PL
Nerolac Perma JV enabled entry in Adhesives and Construction aid
Source: Company, PL
Foray into new segments
Source: Company, PL
Kansai Nerolac Paints
June 18, 2020 5
Kansai to focus on Core but expanding horizons
Source: Company, PL
EBITDA margins to expand 220bps over next 2 years
36.6 34.6
37.2 34.5 33.1 32.0 32.6 33.4
37.2
41.4 39.5
36.2 38.1
40.7 39.9
22.4 23.1 21.7 21.0 20.1 20.2 21.1 20.8 21.7 23.1 22.3 21.8 22.3 23.7 21.9
14.1 11.5
15.5 13.6 13.0 11.8 11.4 12.5
15.5 18.3 17.2
14.3 15.8 17.0 18.0
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
FY
08
FY
09
FY
10
FY
11
FY
12
FY
13
FY
14
FY
15
FY
16
FY
17
FY
18
FY
19
FY
20E
FY
21E
FY
22E
Gross Margins Overheads EBITDA Margins
Source: Company, PL
Kansai Nerolac Paints
June 18, 2020 6
Systematic vendor development process
Source: Company, PL
Being digital is very crucial for any company in todays time, Kansai is connected digitally to various stakeholders
Source: Company, PL
Kansai Nerolac Paints
June 18, 2020 7
Volumes to bounce back from 2HFY21
4.1
22.9
20.2
10.0
8.5
5.5 8
.5 13.0
11.1
13.5
11.0
-1.5
2.0
17.0
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
FY
09
FY
10
FY
11
FY
12
FY
13
FY
14
FY
15
FY
16
FY
17
FY
18
FY
19
FY
20E
FY
21E
FY
22E
(%)
Source: Company, PL
COVID and Automotive paints drag sales
18
15
15
15
9 15
4 7 1
-3
-10-1.8 -1.1
2.51.8 1.7
2.9
0.0 -0.4
-4.8 -5.2-4.1
-6.0-5.0-4.0-3.0-2.0-1.00.01.02.03.04.0
-15
-10
-5
0
5
10
15
20
Sept-
17
Dec-
17
Mar-
18
Jun-1
8
Sep-1
8
Dec-
18
Mar-
19
Jun-1
9
Sep-1
9
Dec
-19
Mar-
20
Volume Growth (%) Realization Growth (%)
Source: Company, PL
Sales to grow at 8.2% CAGR from FY20-22E
13
.7
17
.1
21
.4
26
.0
28
.6
31
.6
35
.5
37
.4
40
.0
45
.9
51
.7
49
.4
48
.0
57
.9
4.1
24.1 25.5 21.5
9.8 10.8 12.2
5.3 7.0
14.7 12.8
(4.5)(3.0)
20.6
(10.0)
(5.0)
-
5.0
10.0
15.0
20.0
25.0
30.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
FY
09
FY
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FY
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FY
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FY
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FY
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FY
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FY
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FY
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FY
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FY
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FY
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FY
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Sales (Rs bn) Sales Growth (% - RHS)
Source: Company, PL
Ti02 prices down 8.8% YoY and 1.6% QOQ
Source: Company, PL
PAT to bounce back post 1HFY21
98
6
1,6
55
1,8
06
2,1
59
2,1
52
2,0
66
2,7
17
3,6
35
5,0
60
5,1
64
4,6
73
5,3
54
5,2
79
6,9
03
-17.7
67.9
9.119.5
-0.3 -4.0
31.533.839.2
2.1
-9.5
14.6
-1.4
30.8
-40.0
-20.0
0.0
20.0
40.0
60.0
80.0
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
FY
9
FY
10
FY
11
FY
12
FY
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FY
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FY
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FY
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FY
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FY
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FY
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FY
20E
FY
21E
FY
22E
Adj PAT (Rs m) PAT Growth (% - RHS)
Source: Company, PL
Robust return ratios
23.221.4
21.818.3
15.316.017.319.1
17.414.314.8 13.4
16.0
29.828.4
28.9
24.2
20.922.9
25.228.2
26.3
21.719.118.1
21.5
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
FY
10
FY
11
FY
12
FY
13
FY
14
FY
15
FY
16
FY
17
FY
18
FY
19
FY
20E
FY
21E
FY
22E
(%)
ROE RoCE
Source: Company, PL
-15
-10
-5
0
5
10
15
20
25
30
35Ja
n-1
7
Mar-
17
May-
17
Jul-17
Sep-1
7
Nov-
17
Jan-1
8
Mar-
18
May-
18
Jul-18
Sep-1
8
Nov-
18
Jan-1
9
Mar-
19
May-
19
Jul-19
Sep-1
9
Nov-
19
Jan-2
0
Mar-
20
TiO2 - YoY Price Change (%)
Kansai Nerolac Paints
June 18, 2020 8
Financials
Income Statement (Rs m)
Y/e Mar FY19 FY20 FY21E FY22E
Net Revenues 51,736 49,432 47,971 57,874
YoY gr. (%) 12.8 (4.5) (3.0) 20.6
Cost of Goods Sold 33,025 30,576 28,459 34,779
Gross Profit 18,711 18,856 19,512 23,095
Margin (%) 36.2 38.1 40.7 39.9
Employee Cost 2,554 2,694 2,878 3,241
Other Expenses 4,879 8,346 4,701 5,151
EBITDA 7,420 7,816 8,167 10,420
YoY gr. (%) (9.6) 5.3 4.5 27.6
Margin (%) 14.3 15.8 17.0 18.0
Depreciation and Amortization 905 1,199 1,334 1,436
EBIT 6,515 6,617 6,833 8,984
Margin (%) 12.6 13.4 14.2 15.5
Net Interest - 50 90 79
Other Income 619 269 313 320
Profit Before Tax 7,134 6,836 7,055 9,225
Margin (%) 13.8 13.8 14.7 15.9
Total Tax 2,461 1,482 1,776 2,322
Effective tax rate (%) 34.5 21.7 25.2 25.2
Profit after tax 4,673 5,354 5,279 6,903
Minority interest - - - -
Share Profit from Associate - - - -
Adjusted PAT 4,673 5,354 5,279 6,903
YoY gr. (%) (14.7) 14.6 (1.4) 30.8
Margin (%) 9.0 10.8 11.0 11.9
Extra Ord. Income / (Exp) - - - -
Reported PAT 4,673 5,354 5,279 6,903
YoY gr. (%) (14.7) 14.6 (1.4) 30.8
Margin (%) 9.0 10.8 11.0 11.9
Other Comprehensive Income 9 (10) - -
Total Comprehensive Income 4,683 5,344 5,279 6,903
Equity Shares O/s (m) 539 539 539 539
EPS (Rs) 8.7 9.9 9.8 12.8
Source: Company Data, PL Research
Balance Sheet Abstract (Rs m)
Y/e Mar FY19 FY20 FY21E FY22E
Non-Current Assets
Gross Block 21,068 24,896 27,050 29,560
Tangibles 20,889 24,707 26,851 29,351
Intangibles 179 188 198 208
Acc: Dep / Amortization 7,909 8,920 10,034 11,249
Tangibles 7,765 8,759 9,866 11,073
Intangibles 144 161 168 176
Net fixed assets 13,159 15,976 17,015 18,310
Tangibles 13,124 15,948 16,985 18,278
Intangibles 35 28 30 32
Capital Work In Progress 3,147 1,644 2,000 2,000
Goodwill - - - -
Non-Current Investments 1,222 1,648 1,660 1,673
Net Deferred tax assets (1,051) (850) (892) (937)
Other Non-Current Assets 3,910 4,023 1,237 1,414
Current Assets
Investments 1,956 3,051 3,109 3,168
Inventories 10,528 9,301 11,246 11,246
Trade receivables 6,740 6,745 6,539 7,892
Cash & Bank Balance 814 1,663 4,720 7,953
Other Current Assets 1,539 1,831 1,439 1,736
Total Assets 43,059 45,924 49,014 55,450
Equity
Equity Share Capital 539 539 539 539
Other Equity 33,706 37,330 40,465 44,900
Total Networth 34,245 37,869 41,004 45,439
Non-Current Liabilities
Long Term borrowings 34 - 50 50
Provisions - - - -
Other non current liabilities - 490 - -
Current Liabilities
ST Debt / Current of LT Debt - - - -
Trade payables 6,319 5,195 6,261 7,999
Other current liabilities 1,411 1,521 1,317 1,536
Total Equity & Liabilities 43,059 45,925 49,525 55,961
Source: Company Data, PL Research
Kansai Nerolac Paints
June 18, 2020 9
Cash Flow (Rs m)
Y/e Mar FY19 FY20 FY21E FY22E Year
PBT 7,134 6,836 7,055 9,225
Add. Depreciation 905 1,199 1,334 1,436
Add. Interest - 50 90 79
Less Financial Other Income 619 269 313 320
Add. Other (2,255) 150 1,706 (145)
Op. profit before WC changes 5,783 8,235 10,185 10,595
Net Changes-WC 266 (1,177) (438) 238
Direct tax (2,461) (1,482) (1,776) (2,322)
Net cash from Op. activities 3,589 5,576 7,971 8,511
Capital expenditures (3,714) (2,513) (2,729) (2,731)
Interest / Dividend Income - - - -
Others (831) (441) - -
Net Cash from Invt. activities (4,545) (2,954) (2,729) (2,731)
Issue of share cap. / premium 0 0 - -
Debt changes (149) (34) 50 -
Dividend paid (1,689) (1,689) (2,144) (2,469)
Interest paid - (50) (90) (79)
Others - - - -
Net cash from Fin. activities (1,839) (1,773) (2,184) (2,548)
Net change in cash (2,795) 849 3,058 3,233
Free Cash Flow (125) 3,063 5,242 5,780
Source: Company Data, PL Research
Quarterly Financials (Rs m)
Y/e Mar Q1FY20 Q2FY20 Q3FY20 Q4FY20
Net Revenue 14,635 12,435 12,481 9,880
YoY gr. (%) 6.4 (3.9) (7.6) (14.3)
Raw Material Expenses 9,036 7,661 7,801 6,078
Gross Profit 5,598 4,774 4,681 3,802
Margin (%) 38.3 38.4 37.5 38.5
EBITDA 2,490 2,129 1,919 1,278
YoY gr. (%) 13.0 9.2 8.4 (14.6)
Margin (%) 17.0 17.1 15.4 12.9
Depreciation / Depletion 278 286 314 320
EBIT 2,212 1,843 1,605 958
Margin (%) 15.1 14.8 12.9 9.7
Net Interest 13 12 12 13
Other Income 65 39 124 40
Profit before Tax 2,265 1,870 1,717 985
Margin (%) 15.5 15.0 13.8 10.0
Total Tax 786 (64) 490 270
Effective tax rate (%) 34.7 (3.4) 28.6 27.4
Profit after Tax 1,479 1,934 1,227 715
Minority interest - - - -
Share Profit from Associates - - - -
Adjusted PAT 1,479 1,934 1,227 715
YoY gr. (%) 5.8 58.5 8.8 (23.0)
Margin (%) 10.1 15.6 9.8 7.2
Extra Ord. Income / (Exp) - - - -
Reported PAT 1,479 1,934 1,227 715
YoY gr. (%) 5.8 58.5 8.8 (23.0)
Margin (%) 10.1 15.6 9.8 7.2
Other Comprehensive Income (4) (5) (4) (4)
Total Comprehensive Income 1,475 1,929 1,222 711
Avg. Shares O/s (m) 539 539 539 539
EPS (Rs) 2.7 3.6 2.3 1.3
Source: Company Data, PL Research
Key Financial Metrics
Y/e Mar FY19 FY20 FY21E FY22E
Per Share(Rs)
EPS 8.7 9.9 9.8 12.8
CEPS 10.4 12.2 12.3 15.5
BVPS 63.5 70.3 76.1 84.3
FCF (0.2) 5.7 9.7 10.7
DPS 2.6 2.6 3.3 3.8
Return Ratio(%)
RoCE 19.8 18.3 17.3 20.8
ROIC 14.2 16.5 16.2 20.9
RoE 14.3 14.8 13.4 16.0
Balance Sheet
Net Debt : Equity (x) (0.1) (0.1) (0.2) (0.2)
Net Working Capital (Days) 77 80 88 70
Valuation(x)
PER 44.8 39.1 39.7 30.4
P/B 6.1 5.5 5.1 4.6
P/CEPS 10.4 12.2 12.3 15.5
EV/EBITDA 27.9 26.2 24.7 19.0
EV/Sales 4.0 4.1 4.2 3.4
Dividend Yield (%) 0.7 0.7 0.8 1.0
Source: Company Data, PL Research
Key Operating Metrics
Y/e Mar FY19 FY20 FY21E FY22E
Volume Gr % 11.0 (1.5) 2.0 17.0
Gross Margins % 36.2 38.1 40.7 39.9
Source: Company Data, PL Research
Kansai Nerolac Paints
June 18, 2020 10
Price Chart Recommendation History
No. Date Rating TP (Rs.) Share Price (Rs.)
1 08-May-20 BUY 486 360
2 13-Apr-20 BUY 486 379
3 31-Jan-20 Accumulate 545 499
4 03-Jan-20 Accumulate 546 513
5 01-Nov-19 Accumulate 548 539
6 03-Oct-19 Accumulate 507 496
7 29-Jul-19 Accumulate 479 434
8 04-Jul-19 Accumulate 464 442
Analyst Coverage Universe
Sr. No. Company Name Rating TP (Rs) Share Price (Rs)
1 Asian Paints Accumulate 1,687 1,651
2 Avenue Supermarts Reduce 1,658 2,398
3 Britannia Industries BUY 3,744 3,510
4 Colgate Palmolive Reduce 1,224 1,313
5 Crompton Greaves Consumer Electricals BUY 267 199
6 Dabur India Hold 422 431
7 Emami Hold 285 227
8 Future Retail Under Review - 332
9 GlaxoSmithKline Consumer Healthcare Hold 9,377 9,247
10 Havells India Reduce 485 511
11 Hindustan Unilever Hold 2,017 2,195
12 ITC BUY 250 189
13 Jubilant FoodWorks Hold 1,392 1,530
14 Kansai Nerolac Paints BUY 486 360
15 Marico Hold 318 284
16 Nestle India Reduce 13,127 17,462
17 Pidilite Industries Hold 1,327 1,349
18 Titan Company Hold 936 997
19 Voltas Accumulate 564 539
PL’s Recommendation Nomenclature (Absolute Performance)
Buy : > 15%
Accumulate : 5% to 15%
Hold : +5% to -5%
Reduce : -5% to -15%
Sell : < -15%
Not Rated (NR) : No specific call on the stock
Under Review (UR) : Rating likely to change shortly
299
368
437
506
575
Jun
- 1
7
Dec -
17
Jun
- 1
8
Dec -
18
Jun
- 1
9
Dec -
19
Jun
- 2
0
(Rs)
Kansai Nerolac Paints
June 18, 2020 11
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