INSTITUTIONAL EQUITY RESEARCH Nalco IN Strong operational

Institutional Equity Research Nalco In Strong Operational-Free PDF

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NALCO QUARTERLY UPDATE,Financials,Income Statement Cash Flow. Y E Mar Rs mn FY17 FY18e FY19e FY20e Y E Mar Rs mn FY17 FY18e FY19e FY20e. Net sales 74 260 93 452 98 352 98 798 Pre tax profit 10 192 22 238 18 903 18 162. Growth 11 26 5 0 Depreciation 4 804 4 890 4 976 5 062. Other income 1 170 0 0 0 Chg in working capital 8 683 8 081 169 246. Total income 75 430 93 452 98 352 98 798 Total tax paid 1 948 6 671 5 104 4 904. Raw material expenses 10 852 14 873 15 853 15 866 Other operating activities 2 139 0 0 0. Employee expenses 15 374 19 218 19 218 19 698 Cash flow from operating activities 23 869 28 537 18 607 18 566. Other Operating expenses 37 863 43 880 42 784 43 309 Capital expenditure 10 607 10 000 15 000 15 000. EBITDA Core 11 341 15 481 20 496 19 925 Cash flow from investing activities 14 443 11 500 15 000 15 000. Growth 20 9 36 5 32 4 2 8 Free cash flow 9 427 17 037 3 607 3 566. Margin 15 3 16 6 20 8 20 2 Dividend incl tax 8 051 12 651 9 201 9 201. Depreciation 4 804 4 890 4 976 5 062 Cash flow from financing activities 35 889 12 651 9 201 9 201. EBIT 6 538 10 591 15 520 14 863 Net chg in cash 26 463 4 386 5 594 5 635. Growth 27 2 62 0 46 5 4 2,Margin 8 8 11 3 15 8 15 0. Interest paid 27 0 0 0 Valuation Ratios, Other Non Operating Income 4 083 3 470 3 384 3 299. FY17 FY18e FY19e FY20e,Non recurring Items 402 8 177 0 0. Per Share data,Pre tax profit 10 192 22 238 18 903 18 162.
EPS INR 3 9 3 5 6 7 6 4,Tax provided 2 962 7 374 6 049 5 812. Growth 50 2 12 4 92 2 3 9,Profit after tax 7 230 14 863 12 854 12 350. Book NAV share INR 52 8 53 9 55 8 57 5,Net Profit 7 230 14 863 12 854 12 350. FDEPS INR 3 9 3 5 6 7 6 4,Growth 12 6 12 4 92 2 3 9. CEPS INR 6 6 1 8 9 2 9 0,Net Profit adjusted 7 632 6 687 12 854 12 350.
CFPS INR 9 1 13 0 7 9 7 9,Unadj shares m 1 933 1 933 1 933 1 933. DPS INR 3 50 5 50 4 00 4 00,Wtdavg shares m 1 933 1 933 1 933 1 933. Return ratios,Return on assets 4 7 9 8 8 0 7 5,Return on equity 7 5 6 4 11 9 11 1. Balance Sheet Return on capital employed 5 5 12 3 10 3 9 6. Y E Mar Rs mn FY17 FY18e FY19e FY20e Turnover ratios. Cash bank 22 872 27 259 21 665 16 030 Asset turnover x 0 9 1 1 1 1 1 0. Debtors 1 843 2 319 2 440 2 451 Sales Total assets x 0 5 0 6 0 6 0 6. Inventory 11 559 13 590 13 533 13 698 Sales Net FA x 1 0 1 2 1 1 1 0. Loans advances 1 173 1 161 1 150 1 138 Working capital Sales x 0 1 0 0 0 0 0 0. Other current assets 17 517 17 692 17 869 18 048 Working capital days 32 2 5 5 4 2 4 7. Total current assets 54 964 62 021 56 657 51 365 Liquidity ratios. Investments 12 607 14 107 14 107 14 107 Current ratio x 2 2 1 7 1 6 1 4. Gross fixed assets 1 67 109 1 70 109 1 73 109 1 76 109 Quick ratio x 1 7 1 3 1 2 1 0. Less Depreciation 95 151 1 00 041 1 05 017 1 10 080 Interest cover x 243 0. Add Capital WIP 5 147 12 147 24 147 36 147 Dividend cover x 1 1 0 6 1 7 1 6. Net fixed assets 77 104 82 214 92 238 1 02 176 Net debt Equity 21 9 25 7 19 6 14 0. Total assets 1 44 675 1 58 343 1 63 002 1 67 648 Valuation. PER x 19 0 21 7 11 3 11 7, Current liabilities 25 540 36 181 36 127 36 599 Price Book x 1 4 1 4 1 3 1 3. Provisions 4 452 4 563 4 677 4 794 EV Net sales x 1 5 1 3 1 3 1 3. Total current liabilities 29 992 40 744 40 804 41 393 EV EBITDA x 9 7 7 6 6 0 6 5. Non current liabilities 12 626 13 329 14 274 15 182 EV EBIT x 16 9 11 2 8 0 8 7. Total liabilities 42 617 54 072 55 078 56 575,Paid up capital 9 665 9 665 9 665 9 665.
Reserves surplus 92 393 94 606 98 259 1 01 409, Shareholders equity 1 02 058 1 04 270 1 07 924 1 11 073. Total equity liabilities 1 44 675 1 58 343 1 63 002 1 67 648. Source Company PhillipCapital India Research Estimates. Page 2 PHILLIPCAPITAL INDIA RESEARCH,NALCO QUARTERLY UPDATE. Stock Price Price Target and Rating History,400 B TP 500. B TP 523 B TP 500,B TP 454 B TP 400,300 B TPB385,200 N TP 212. J 15 F 15 A 15 J 15 J 15 A 15 O 15 D 15 J 16, A 16 J 16 J 16 S 16 N 16 D 16 F 17 M 17M 17 J 17 A 17 S 17 N 17 D 17.
Rating Methodology, We rate stock on absolute return basis Our target price for the stocks has an investment horizon of one. Rating Criteria Definition, BUY 15 Target price is equal to or more than 15 of current market price. NEUTRAL 15 to 15 Target price is less than 15 but more than 15. SELL 15 Target price is less than or equal to 15,Page 3 PHILLIPCAPITAL INDIA RESEARCH. NALCO QUARTERLY UPDATE,Management, Vineet Bhatnagar Managing Director 91 22 2483 1919. Kinshuk Bharti Tiwari Head Institutional Equity 91 22 6246 4101. Jignesh Shah Head Equity Derivatives 91 22 6667 9735. Automobiles Engineering Capital Goods Pharma Specialty Chem. Dhawal Doshi 9122 6246 4128 Jonas Bhutta 9122 6246 4119 Surya Patra 9122 6246 4121. Nitesh Sharma CFA 9122 6246 4126 Vikram Rawat 9122 6246 4120 Mehul Sheth 9122 6246 4123. Agro Chemicals IT Services Infrastructure Raag Haria 9122 6667 9943. Varun Vijayan 9122 6246 4117 Vibhor Singhal 9122 6246 4109 Strategy. Banking NBFCs Shyamal Dhruve 9122 6246 4110 Naveen Kulkarni CFA FRM 9122 6246 4122. Manish Agarwalla 9122 6246 4125 Logistics Transportation Midcap Neeraj Chadawar 9122 6246 4116. Pradeep Agrawal 9122 6246 4113 Vikram Suryavanshi 9122 6246 4111 Telecom. Paresh Jain 9122 6246 4114 Media Naveen Kulkarni CFA FRM 9122 6246 4122. Consumer Retail Naveen Kulkarni CFA FRM 9122 6246 4122 Technicals. Naveen Kulkarni CFA FRM 9122 6246 4122 Vishal Gutka 9122 6246 4118 Subodh Gupta CMT 9122 6246 4136. Preeyam Tolia 9122 6246 4129 Metals Production Manager. Vishal Gutka 9122 6246 4118 Dhawal Doshi 9122 6246 4128 Ganesh Deorukhkar 9122 6667 9966. Akshay Mokashe 9122 6246 4130 Vipul Agrawal 9122 6246 4127 Editor. Cement Mid Caps Roshan Sony 98199 72726, Vaibhav Agarwal 9122 6246 4124 Deepak Agarwal 9122 6246 4112 Sr Manager Equities Support.
Economics Rosie Ferns 9122 6667 9971,Anjali Verma 9122 6246 4115. Sales Distribution Corporate Communications, Ashvin Patil 9122 6246 4105 Asia Sales Zarine Damania 9122 6667 9976. Kishor Binwal 9122 6246 4106 Dhawal Shah 8522 277 6747. Bhavin Shah 9122 6246 4102 Sales Trader, Ashka Mehta Gulati 9122 6246 4108 Dilesh Doshi 9122 6667 9747 Execution. Archan Vyas 9122 6246 4107 Suniil Pandit 9122 6667 9745 Mayur Shah 9122 6667 9945. Contact Information Regional Member Companies, SINGAPORE Phillip Securities Pte Ltd MALAYSIA Phillip Capital Management Sdn Bhd HONG KONG Phillip Securities HK Ltd. 250 North Bridge Road 06 00 RafflesCityTower B 3 6 Block B Level 3 Megan Avenue II 11 F United Centre 95 Queensway Hong Kong. Singapore 179101 No 12 Jalan Yap Kwan Seng 50450 Kuala Lumpur Tel 852 2277 6600 Fax 852 2868 5307. Tel 65 6533 6001 Fax 65 6535 3834 Tel 60 3 2162 8841 Fax 60 3 2166 5099 www phillip com hk. www phillip com sg www poems com my, JAPAN Phillip Securities Japan Ltd INDONESIA PT Phillip Securities Indonesia CHINA Phillip Financial Advisory Shanghai Co Ltd.
4 2 Nihonbashi Kabutocho Chuo ku ANZTower Level 23B Jl Jend Sudirman Kav 33A No 550 Yan An East Road OceanTower Unit 2318. Tokyo 103 0026 Jakarta 10220 Indonesia Shanghai 200 001. Tel 81 3 3666 2101 Fax 81 3 3664 0141 Tel 62 21 5790 0800 Fax 62 21 5790 0809 Tel 86 21 5169 9200 Fax 86 21 6351 2940. www phillip co jp www phillip co id www phillip com cn. THAILAND Phillip Securities Thailand Public Co Ltd FRANCE King Shaxson Capital Ltd UNITED KINGDOM King Shaxson Ltd. 15th Floor VorawatBuilding 849 Silom Road 3rd Floor 35 Rue de la Bienfaisance 6th Floor Candlewick House 120 Cannon Street. Silom Bangrak Bangkok 10500 Thailand 75008 Paris France London EC4N 6AS. Tel 66 2 2268 0999 Fax 66 2 2268 0921 Tel 33 1 4563 3100 Fax 33 1 4563 6017 Tel 44 20 7929 5300 Fax 44 20 7283 6835. www phillip co th www kingandshaxson com www kingandshaxson com. UNITED STATES Phillip Futures Inc AUSTRALIA PhillipCapital Australia SRI LANKA Asha Phillip Securities Limited. 141 W Jackson Blvd Ste 3050 Level 10 330 Collins Street Level 4 Millennium House 46 58 Navam Mawatha. The Chicago Board of TradeBuilding Melbourne VIC 3000 Australia Colombo 2 Sri Lanka. Chicago IL 60604 USA Tel 61 3 8633 9800 Fax 61 3 8633 9899 Tel 94 11 2429 100 Fax 94 11 2429 199. Tel 1 312 356 9000 Fax 1 312 356 9005 www phillipcapital com au www ashaphillip net home htm. PhillipCapital India Private Limited, No 1 18th Floor Urmi Estate 95 Ganpatrao Kadam Marg Lower Parel West Mumbai 400013 Tel 9122 2483 1919 Fax 9122 6667 9955 www phillipcapital in. Page 4 PHILLIPCAPITAL INDIA RESEARCH,NALCO QUARTERLY UPDATE. Disclosures and Disclaimers, PhillipCapital India Pvt Ltd has three independent equity research groups Institutional Equities Institutional Equity Derivatives and Private Client Group. This report has been prepared by Institutional Equities Group The views and opinions expressed in this document may may not match or may be contrary at. times with the views estimates rating and target price of the other equity research groups of PhillipCapital India Pvt Ltd. This report is issued by PhillipCapital India Pvt Ltd which is regulated by the SEBI PhillipCapital India Pvt Ltd is a subsidiary of Phillip Mauritius Pvt Ltd. References to PCIPL in this report shall mean PhillipCapital India Pvt Ltd unless otherwise stated This report is prepared and distributed by PCIPL for. information purposes only and neither the information contained herein nor any opinion expressed should be construed or deemed to be construed as. solicitation or as offering advice for the purposes of the purchase or sale of any security investment or derivatives The information and opinions contained in. the report were considered by PCIPL to be valid when published The report also contains information provided to PCIPL by third parties The source of such. information will usually be disclosed in the report Whilst PCIPL has taken all reasonable steps to ensure that this information is correct PCIPL does not offer. any warranty as to the accuracy or completeness of such information Any person placing reliance on the report to undertake trading does so entirely at his or. her own risk and PCIPL does not accept any liability as a result Securities and Derivatives markets may be subject to rapid and unexpected price movements. and past performance is not necessarily an indication of future performance. This report does not regard the specific investment objectives financial situation and the particular needs of any specific person who may receive this report. Investors must undertake independent analysis with their own legal tax and financial advisors and reach their own conclusions regarding the appropriateness. of investing in any securities or investment strategies discussed or recommended in this report and should understand that statements regarding future. prospects may not be realised Under no circumstances can it be used or considered as an offer to sell or as a solicitation of any offer to buy or sell the. securities mentioned within it The information contained in the research reports may have been taken from trade and statistical services and other sources. which PCIL believe is reliable PhillipCapital India Pvt Ltd or any of its group associate affiliate companies do not guarantee that such information is accurate. or complete and it should not be relied upon as such Any opinions expressed reflect judgments at this date and are subject to change without notice. Important These disclosures and disclaimers must be read in conjunction with the research report of which it forms part Receipt and use of the research. report is subject to all aspects of these disclosures and disclaimers Additional information about the issuers and securities discussed in this research report is. available on request, Certifications The research analyst s who prepared this research report hereby certifies that the views expressed in this research report accurately reflect the. research analyst s personal views about all of the subject issuers and or securities that the analyst s have no known conflict of interest and no part of the. research analyst s compensation was is or will be directly or indirectly related to the specific views or recommendations contained in this research report. Additional Disclosures of Interest,Unless specifically mentioned in Point No 9 below.
1 The Research Analyst s PCIL or its associates or relatives of the Research Analyst does not have any financial interest in the company ies covered in. this report, 2 The Research Analyst PCIL or its associates or relatives of the Research Analyst affiliates collectively do not hold more than 1 of the securities of the. company ies covered in this report as of the end of the month immediately preceding the distribution of the research report. 3 The Research Analyst his her associate his her relative and PCIL do not have any other material conflict of interest at the time of publication of this. research report, 4 The Research Analyst PCIL and its associates have not received compensation for investment banking or merchant banking or brokerage services or for. any other products or services from the company ies covered in this report in the past twelve months. 5 The Research Analyst PCIL or its associates have not managed or co managed in the previous twelve months a private or public offering of securities for. the company ies covered in this report, 6 PCIL or its associates have not received compensation or other benefits from the company ies covered in this report or from any third party in. connection with the research report, 7 The Research Analyst has not served as an Officer Director or employee of the company ies covered in the Research report. INSTITUTIONAL EQUITY RESEARCH Page 1 PHILLIPCAPITAL INDIA RESEARCH Nalco NACL IN Strong operational performance INDIA Raag Haria 9122 6667 9943 Varun Vijayan 9122 6246 4117 Vibhor Singhal 9122 6246 4109 Strategy Banking NBFCs Shyamal Dhruve 9122 6246 4110 Naveen Kulkarni CFA FRM 9122 6246 4122 Manish Agarwalla 9122 6246 4125 Logistics Transportation amp Midcap Neeraj

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