Snowman Logistics Limited (SNOWMAN) - Myirisbreport.myiris.com/ARSL/SNOLOGIS_20150327.pdf ·...

Anand Rathi Research

Time Horizon – 12 Months

March 27, 2015

Dec-14 Sep-14 Listing Mar-14

Promoters 40.4% 40.4% 40.4% -

FII 2.8% 1.6% 3.9% -

DII 4.0% 8.4% 15.0% -

Bodies Corporate 5.9% 4.9% 2.1% -

Others 47.0% 44.7% 38.6% -

Total 100.0% 100.0% 100.0% -

Snowman Logistics Limited (SNOWMAN)Initiating Coverage

Source: Company, Anand Rathi Research, Bloomberg

V

A

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U

E

P

I

C

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Key Data

RISK MEDIUM

Bloomberg Code SNLL IN

NSE Code SNOWMAN

Sector Logistics

Industry Cold Chain Logistics

Face Value (`) 10

BV per share (`) 18

Dividend Yield (%) N.A.

52 Week H/L(`) 75 / 135

Market Cap. (` mn.) 12,725

(In `mn) FY13 FY14 FY15E FY16E

Net Sales 1,534 1,974 2,625

EBITDA 255 380 488 685

EBITDA Margin 22.4% 24.8% 24.7% 26.1%

EPS (`) 1.8 1.8 1.1 1.9

EV/Sales 12.0 8.9 6.9 5.2

EV/EBITDA 53.5 35.9 27.9 19.9

P/E (x) 41.4 42.2 72.5 39.6

Price Performance CY12 CY13 CY14 YTD

Absolute - - 111% -22%

Relative - - 80% -25%

Analyst: Narendra [email protected]

Relative stock performance (Sep’14=100)

CMP: `76

Target: `116

Shareholding Pattern (as on Dec’14)

75

100

125

150

175

Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15

SNOWMAN NIFTY

2 Anand Rathi Research

Founded in 1993 and commenced operation in 1998, Snowman Logistics Limited (Snowman) is an integratedtemperature controlled logistics services provider with an ability to service customers on a pan-India basis.

Snowman is promoted by Gateway Distriparks Limited, a leading supply chain logistics company.

The company operates primarily in warehousing (both Temperature Controlled Services (TCS) & Ambient) andtransportation (both TCS & Ambient). Under TCS the company offers cold storage warehouses and reefertransportation services to its clients while Ambient services caters to non temperature controlled warehousing andtransportation.

During the latest financial year (FY-14), the company has reported a ~35% growth in sales at ~153.4 millions asagainst ~1137 million. Its EBITDA stood at ~380 million in FY-14 as against ~255 million.

On segment basis, the company’s revenue from warehousing business stood at ~766.3 million in FY-14 whiletransportation business contributed ~743.9 million.

Snowman has currently warehouses at 23 locations across 14 locations. It operates 370 reefer vehicles of which 63is owned and 307 leased for primary and secondary distribution.

The company is currently has approx. 85,000 pallets capacity at its warehouses comprising 82,000 under TCS andremaining as ambient. It is also expanding capacity at 6 locations comprising mixture of both extension of existingcapacities and new locations.

In warehousing, the company follow a three-pronged business model Dedicated chamber, Guaranteed space andPay and Park. According to the management, the current mix under these three models stood at approx. 25%, 25%and 50% respectively while overall utilization levels of warehouses ranges from 75% to 85% with some seasonality.

India’s largest integrated cold chain logistics company

Snowman Logistics Limited (SNOWMAN)


The company’s majority of business comes from clients operating into niche business areas including Dairyproducts, Meat & Poultry, Sea food, Ready to eat, Fruits & Vegetables, Healthcare & Pharmaceuticals and QuickService Restaurants (QSR).

Currently organized players like Snowman Logistics Limited have less than 10% share combined in cold chainindustry which is largely dominated by Government agencies and unorganized players.

With a rising demand for integrated niche offering across the country, regionally well spread players like Snowmanare expected to witness both increase volumes and gain market share.

Going ahead, we believe Snowman to maintain its growth of more than 30% for next few years as cold chainmarkets penetrates deeper into the hinterland owing to better infrastructure availability and shifting consumerpreferences.

We initiate our coverage on Snowman Logistics Limited with a BUY rating target and a target price of ₹116 pershare.

…continued



Backed by well known companies throughout its past and present

Year Particulars

1993 Founded as Snowman Frozen Foods Ltd by Amalgam Foods Ltd.

1997 Brooke Bond (India) Limited acquires a 23% stake.

1998 Operations commence in 10 temperature controlled warehouses across India.

2001 Mitsubishi Corporation and Mitsubishi Logistics Corporation jointly acquire a majority stake.

2004 Nichirei Logistics Group Inc. (Japan), acquires a 15% stake.

2006Gateway Distriparks Ltd. (GDL) acquires majority stake by acquiring 6,861,000 equity shares fromAmalgam Foods Limited’s and by subscribing to fresh shares.

2008 Its temperature controlled warehouses get ISO 22000 (Food Safety Policy) certification.

2010 IFC acquires a 20% stake.

2011Expansion of operations in major cities such as Mumbai, Bengaluru and Chennai. Set up ofMevalurkuppam, (near Chennai) and Bengaluru warehouses.

2012 Set up of Taloja (near Mumbai) warehouse.

2013 NVP acquired 14.28% stake. GDL acquires 5,142,500 shares in our Company from IFC.

2014GDL acquires 7,400,000 shares in the Company from Nichirei Logistics Group Inc. toincrease its stake to 54.06%.

2014 Got listed on stock exchanges through an IPO and raised ₹1,974 million.

2015 Acquires two Bangalore based food processing start-ups.


Source: Company, Anand Rathi Research


Offering an end to end logistic solution to customers.

Snowman Logistics

Warehousing Transportation

Services• Distribution

centre• Port Facilities• Customer

Dedicated Facility

Infrastructure• Multi-facility• Blast Freezer (-

40°C)• Freezer (- 25°C to

425C)• Fully Palletized• 100% power

backup.

Distribution Services

Reefer Services• Point to point

service• Part cargo

consolidation & movement

• Chilled, Frozen & Ambient movement

• Real-time location update

Infrastructure• 370 plus fleet size• Real-time Vehicle

Tracking• Real-time

Temperature logging

• Plugin support at facility

Infrastructure• 370 plus fleet size• Real-time Vehicle

Tracking• Real-time

Temperature logging

• Plugin support at facility




Three pronged business strategy and catering to niche segments to help in maintaining high margins and utilization levels

Dedicated chamber: The entire chamber capacity is sold on a dedicated basis while charging the rentirrespective of client using capacity or not. This is usually for very large clients.

Guaranteed space: A certain number of pallets are guaranteed to the customer, which can be used wheneverrequired. In a case where customer fails to utilize its allotted capacity fully, Snowman can use this capacity forits pay-and-park customers.

Pay and park: Under this model, customers pay for the capacity and store their products. This is for shortterm and small clients.

Business Strategy

Dedicated Chamber

Pay & Park

Guaranteed Space

Segments of service offerings• Seafood• Confectionaries• Fruits & Vegetables• Dairy• QSR• Poultry• Ready to cook• Ice-Cream• Niche segments (Pharma,

X-ray, photo imaging)




Wide & expanding reach spread across the hinterland…

Snowman’s Major Warehouse Locations and Distribution reach

Temperature Controlled Major Warehouse

Location

Ahmedabad Changodar, Ahmedabad

Bengaluru Virgonagar, Bengaluru

Chandigarh Mubarakpur (near Chandigarh)

Chennai Mevalurkuppam, (near Chennai)

Cochin Ezhupunna (near Cochin)

Delhi Palwal (near Delhi)

Hyderabad Medak, (near Hyderabad)

Kolkata Serampore (near Kolkata)

Kolkata Howrah, Kolkata

Mumbai Taloja (near Mumbai)

Pune Mulshi (near Pune)

Surat Ichhapore, Surat

Visakhapatnam Autonagar, Visakhapatnam



Source: Company, Anand Rathi Research, Bing Maps


20%

22%

24%

26%

28%

0

400

800

1200

1600

FY-10 FY-11 FY-12 FY-13 FY-14

Revenue EBITDA Margin (RHS)

Snowman has reported a compounding growth of 45% from FY-10 to FY-14, its sales grew from ₹345.7 millionto ₹1534 million during the period.

The growth in sales during the period was mainly due to increase in number of warehouses whichsubsequently led to increase in capacity.

Its EBITDA margins during the period grew from 22.5% in FY-10 to 26% in FY-15.

On operational basis, the contribution to revenue from its two key segments is almost equally distributedwith 5% variation on either side. Revenue from warehousing segment grew ~81% to ₹766 million while itstransportation segment grew ~51% to ₹744 million.

…has helped company grow at faster rates.

0

400

800

1200

1600

FY-13 FY-14

Warehousing Transportation


Revenue break up in segments (₹ Mn.)Snowman’s revenue (₹ Mn.) and EBITDA margins (RHS)




With fast growing warehousing industry…

0

6000

12000

18000

24000

2012 2017

Organised Unorganised

The potential growth for the organized and unorganized market:

Total Organized warehouse capacity (Mn. Tons)

The Indian warehousing capacity is largely concentrated with either government entities or unorganizedplayers. The unorganized players accounts for around 85% of the market while organized (modern) warehousesaccounts for the remaining 15%.

This 15% share includes almost all of the cold chain industry players which is still at a nascent stage in Indiadespite being one of the largest producer of perishables.

Due to lack of facilities available, India stores only two percent of its horticulture products in temperature-controlled conditions, while China stores 15 percent and Europe and North America stores 85 percent of theirproducts in such conditions.

0

10

20

30

40

CentralWarehousingCorporation

(CWC)

State CivilSupplies

CooperativeSector

PrivateSector

StateWarehousingCorporations

(SWCs)

FoodCorporationof India (FCI)


Source: Govt. of India, Company, Anand Rathi Research Source: Company, Anand Rathi Research


…and lack of cold storage availability in the countr.

Cold Storage availability in India

India has reported a production of about 280 million tons of horticulture produce in year 2013.

However, adequate cold storage facilities are available for just about 10% of its entire production whereas, ofthe total annual production, about 35% is wasted before it reaches for final consumption.

As per government estimates during the peak production period, gap between the demand and supply ofcold storage capacity is approx. 25-30 million tons.

While the existing cold storage capacity is concentrated in terms of both number and capacity in the northernregion of the country and primarily in Uttar Pradesh and West Bengal which contain around 65 percent of thecold storage units in the country and the rest are spread across India.

Central, 6.0%

East/ North East, 27.3%

North, 52.1%

South, 6.8%

West, 7.8%

Region wise cold storage capacity in India


Source: CrossTree, Anand Rathi Research Source: Govt. of India, Company, Anand Rathi Research

0

7500

15000

22500

30000

0

1750

3500

5250

7000

No. of Cold Storage Installed Capacity ('000 Tons) (RHS)


Presents a high growth opportunity for cold chain logistics industry.

0

15

30

45

60

0

175

350

525

700

2009 2010 2011 2012 2013F 2014F 2015F 2016F 2017F

Value ₹ Bn. Capacity (Mn. Tons)- RHS

Growth of Indian Cold Chain industry

Storage88%

Transport12%

Cold Chain Industry key segments

To improve the availability of perishables across the country, Government has introduced several policymeasures like capital subsidy, accelerated depreciation, exemption of taxes along with others.

India’s cold chain industry has started to show signs of turnaround as several private players have venturedinto the business after sustained government push and increase in urbanization.

The industry has added capacity at growth rate of ~14% per year since 2009 which currently stood at 30million ton and is expected to continue to grow at ~13% until 2017 achieving 50 million ton capacity.


Source: Company, Anand Rathi Research Source: Company, Anand Rathi Research


With growth driver present across various sectors

Gro

wth

dri

vers

fo

r C

old

Ch

ain

ser

vice

s

Drivers for increased

penetration in Cold Chain

Consumption of Perishable products

High growth of niche segments

Organized Retail

Food Processing

Food Joints / Outlets

Perishable exports/importsandincrease in consumption

Increasing population

Increase in per capita consumption

Reduction of wage

Retention of freshness & Quality

Wider spread of availability

Integration

Technology improvement

Incr

easi

ng

pla

y fo

r o

rgan

ised

pla

yers

wh

o c

an

inve

st in

bu

ildin

g sc

ale

in c

old

ch

ain

.

Drivers in the TCL industry




…ranging from both growing consumption of perishables, QSR…

0

40

80

120

160

0

500

1000

1500

2000

Standalone Leisure (RHS) Retail (RHS)

Food services outlets (‘000)

0

200

400

600

800

QSR industry size (₹ Bn.) Food Service Industry size (₹ Bn.)

2011 2015

Food Service and QSR industry (₹ Bn.)

With increasing urbanization and growth of organized retail, food servicing and food processing sector areboosting the growth of cold chain industry in India.

This has led the trend to shift towards establishing multipurpose cold storages and providing end to endservices to control parameters throughout the value chain.

Quick Service Restaurants (QSR) in India is expected to grow at 30% per year while food service industry togrow at 10% per annum. In value terms, QSR market is likely to be around ₹95 billion while food serviceindustry at ₹675 billion.


Source: Logistics Times, CrossTree, Anand Rathi Research Source: Logistics Times, CrossTree, Anand Rathi Research


…to high margins niche and specialized offerings.

0

600

1200

1800

2400

2007 2008 2009 2010 2011 2012 2013 2014 2015

Pharmaceutical Industry Production (₹ Bn.) Segment Growth outlook

Seafood 12.50%

Confectionaries 14%

Fruits & Vegetables High growth

Dairy 10%

QSR 30%

Poultry 14%

Ready to cook 10%

Ice-Cream 19%

Niche segments High growth

Pharmaceutical industry is one of the largest and niche users of temperature controlled industry. India, whichis world leader in export of bulk drugs and generic drugs coupled with large distribution requirements forinternal demand.

Over the years, change in lifestyle and increase in awareness has contributed to shifts in types of disease andpreventive care. This has led to increase in demand of temperature sensitive drugs which relies on companiesoffering end to end temperature controlled services.

Along with niche players, demand for TCS is expected to remain healthy in near future.


Source: Anand Rathi Research Source: Company, Anand Rathi Research


24%

25%

26%

27%

28%

0

950

1900

2850

3800

FY-14 FY-15E FY-16E FY-17ERevenue EBITDA Margin (RHS)

Snowman, being a leader in temperature controlled services is well poised to benefit from this opportuinity.

Currently organised players like Snowman Logistics Limited have less than 10% share in cold chain industry whichis still largely dominated by Government agencies and unorganized players.

With a rising demand for integrated niche offering across the country, regionally well spread players likeSnowman are expected to witness both increase volumes and gain market share.

Snowman has currently 85,000 pallets capacity which is expected to cross 1,00,000 pallets by FY-16 and fromthere on it plans to add 25,000 pallets per year capacity for few more years.

We have taken note of this and have included it into our forecast, we believe Snowman to continue to grow athigher rate and is well placed to lead cold chain logistics industry amongst its peers.

We believe the stock is currently trading at attractive valuation owing to the long term prospects.

Revenue (₹ Mn.) projection and EBITDA margins


Source: Anand Rathi Research


The private equity deals and its valuations of existing small private players too indicate the large growth opportunity.

Company NameDate of

AnnouncementInvestor / Fund

Amount Raised (Mn.)

Stake/Valuation Sales (Mn.)

Shree Shubham Logistics (Kalpataru Power) 20-Feb-15 IPO (DRHP Filed) ₹ 2,100 - ₹3,780 (FY-14)

IG Supply Chain 11-Feb-15 IG International ₹ 1,500 - -

VRL Logistics 22-Dec-14 IPO (DRHP Filed) ₹ 1,420 - -

Gati Kausar (Gati Limited) 27-Oct-14 Mandala Capital $ 24 Upto 30% ₹ 35.8 (FY-14)

Brattle Foods 27-Oct-14 Future Supply Chain $ 20 1

Allfresh Supply Management 01-Oct-14 Aspada Investment $ 2 - -

Schedulers Logistics 09-Jun-14 Aspada Investment $ 2 - -

Shree Shubham Logistics (Kalpataru Power) 15-Apr-14 Tano Capital ₹ 800 -₹ 3779.8 (FY-

14)

Star Agriwarehousing 03-Apr-14 Temasek ₹ 2,500 ~26%-30% -

ThinkLink Supply Chain 07-Jan-14 Aspada Investment $ 1.6 - -

Lawrencedale Agri Processing 17-Apr-13 Aspada Investment - -

Star Agriwarehousing 23-Feb-12 IDFC Alternatives ₹ 1,500 ~26%-30% -

RR Enterprises 01-Jan-11 Kuehne+Nagel (K+N) ₹ 400-500 - -

Coldex (Swastik) 23-Dec-10 India Equity Partners $ 10 - -

Siesta Logistics 22-Dec-10 Ashmore Alchemy $ 10 - -

Sical Logistics 01-Dec-10 Coffee Day $ 35.4 ~53% -

Coldstar Logistics 18-May-10 Tuscan Ventures ₹ 1,500 100% ₹ 193.3 (FY-13)

Flyjac Logistics Pvt Ltd 01-May-10Hitachi Transport System

$ 56.1 1 -


Historical Private Equity (PE) deals

Source: Public websites, Anand Rathi Research


Currently organized players like Snowman Logistics

Limited have less than 10% share combined in cold

chain industry which is largely dominated by

Government agencies and unorganized players.

With a rising demand for integrated niche offering

across the country, regionally well spread players like

Snowman are expected to witness both increase

volumes and gain market share.

Going ahead, we believe Snowman to maintain its

growth of more than 30% for next few years as cold

chain markets penetrates deeper into the hinterland

owing to better infrastructure availability and shifting

consumer preferences

At CMP the stock is trading at 40x times FY-16E and

26x FY-17E earnings.

We initiate coverage on Snowman Logistics Limited

with a BUY rating and a target price of ₹116 per share.

Relative stock performance (Sep’14=100)

Valuation and Recommendation:

Source: Bloomberg, Anand Rathi Research



75

100

125

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175

Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15SNOWMAN NIFTY

(In ₹ mn) FY-13 FY-14 FY-15E FY-16E

EPS (₹) 1.8 1.8 1.1 1.9

P/E (x) 41.4 42.2 72.5 39.6

P/B (x) 6.1 4.3 3.0 2.8

ROE 15% 10% 4% 7%

ROCE 8% 8% 7% 9%

EV/EBIDTA (x) 53.5 35.9 27.9 19.9


Margins FY13 FY14 FY15E FY16E

Sales Growth % 85.2% 34.9% 28.7% 33.0%

Operating Margin % 22.4% 24.8% 24.7% 26.1%

Net Margin % 16.7% 14.7% 8.9% 12.2%

Consolidated Financials:


(In `mn) FY-13 FY-14 FY-15E FY-16E

Net Sales 1,137 1,534 1,974 2,625

Operating Expense 882 1,154 1,487 1,940

EBITDA 255 380 488 685

Other Income 4 18 8 52

Depreciation 91 150 171 236

EBIT 168 249 325 501

Interest 24 112 108 104

PBT 144 137 217 397

Tax (46) (88) 41 75

PAT 190 225 176 321

(In `mn) FY-13 FY-14 FY-15E FY-16E

Liabilities

Equity Share Capital 1,029 1,241 1,664 1,664

Reserves & Surplus 263 972 2,548 2,869

Long-Term Liabilities 909 904 904 904

Other Long-term Liabilities 4 2 2 2

Deferred Tax Liability (47) (164) (164) (164)

Short-term Liabilities 236 765 949 1,266

Total 2,394 3,721 5,904 6,542

Assets

Net Fixed Assets 1,895 2,924 3,241 4,665

Long-Term L&A 112 168 168 168

Other Non-Current Assets 1 1 1 1

Current Asset 386 627 2,493 1,707

Total 2,394 3,721 5,904 6,542



Sudden loss of key clients may impact company’s topline growth and our projections.

Extreme volatile crude prices may increase cost for the company and impact profitability.

Key Risks:




Rating and Target Price history:

Date Rating Target Price (`) Share Price (`)

27-Mar-15 BUY 116 76

SNOWMAN rating detailsSNOWMAN rating history & price chart

Source: Bloomberg, Anand Rathi Research Source: Bloomberg, Anand Rathi Research

NOTE: Prices are as on 26th March, 2015 close.

75

100

125

150

175

Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15

SNOWMAN NIFTY



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Continued…



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Contd.

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Statement

Answers to the Best of the knowledgeand belief of the ARSSBL/ itsAssociates/ Research Analyst who ispreparing this report

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2

ARSSBL/its Associates/ Research Analyst/ his Relative have actual/beneficial ownership of one per cent or more securities of the subject company, at theend of the month immediately preceding the date of publication of the research report or date of the public appearance?. NO

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NO

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