1 P a g e. Report By: Surbhi Bagaria Page 1

Transcription

1 1 P a g e Report By: Surbhi Bagaria surbhi@dynamiclevels.com Page 1

2 Piramal Enterprises Ltd - Transforming Consistently. Delivering value Company Overview and Stock Price 3 Business Segments 4 FY 2016 Highlights 6 Evolution of Business Segments 7 Company Financials 9 Peer Comparison 13 Shareholding Pattern 14 Brands of PEL 15 Investment Rationale 16 Page 2

3 Company s Overview and Stock Price Piramal Enterprises Ltd(PEL) is a leading Indian business conglomerate, with its presence in Healthcare, Financial Services and Information Management Sectors, across 100 countries and manufacturing bases in India, US, Europe and Canada. PEL is among top 10 integrated global CDMO s offering both APIs and Formulations. Among the top providers of financing to real estate developers in India. Among top 3 players in Inhalation Anesthesia globally. Among top 7 OTC players in India. COMPANY PROFILE OF JUBILANT Date of Incorporation 26-Apr-1947 Date of Listing 03-Nov-1994 Management Name Designation Ajay Piramal Chairman Nandini Piramal Executive Director Vijay Shah Executive Director Raghunath Independent Director Mashelkar Siddharth (Bobby) Independent Director Mehta S Ramadorai Independent Director N Vaghul Independent Director Keki Dadiseth Independent Director Gautam Banerjee Independent Director Deepak M Independent Director Satwalekar Goverdhan Mehta Independent Director Swati Piramal Vice Chairperson Registered Office Address Piramal Tower,Ganpatrao Kadam Marg,Lower Parel,400013,Mumbai, Maharashtra,India Website Chart Hypothesis: Above is the weekly price chart of PEL for last 1 yr, in which we can see that it made a recent high of 2097 and has given correction of 10% from there and taken support of 1800 levels. BROAD INDUSTRY Diversified PE ratio 33 INDUSTRY Pharma, IT & Financial Services MARKET CAP (RS. CR.) % Pledge 0 FV/ML GROUP Piramal Ajay Group NSE CODE PEL 52 WEEK HIGH/LOW (RS.) 2097/832 LTP (RS.) 1910 INST.INVESTORS (%) 30.8 PROMOTERS (%) Page 3

4 Business Segments: Healthcare: Pharma Solutions (PPS): Among the top integrated global Contract Development and Manufacturing Organisations (CDMOs) offering both APIs and Formulations 10 manufacturing facilities across the eastern and western parts of the world All key sites are periodically approved by USFDA Address customers needs across the drug life cycle Serve most of the top 7 global pharma companies World s leader in Antibody Drug Conjugates (ADCs) Critical Care (PCC): Among top three players in Inhalation Anesthesia segment globally Only global company with all four generations of inhalation anesthetic products Rapidly grew its global market share from 3% in FY2009 to 12% currently Consumer Products (OTC): Strong brand portfolio - include key brands such as Saridon, i- pill and Lacto Calamine Most brands are among the top two in their respective markets In India s OTC market, the business has moved up from the 40th position in 2007 to 7th position currently Reaching to 3,50,000 outlets across 1,500 towns with 20,000+ population JV with Allergan is the India leader in ophthalmology Page 4

5 Financial Services: PEL s Financial Services segment offers a complete suite of financial products to meet the diverse needs of its customers. The Company has created its unique positioning in the financial services space through its strong presence in the following subsegments: Wholesale Lending: Lending to real estate developers and under special situation opportunities (in various sectors including renewables, cement, transportation, infrastructure, etc.) Largely invested in Mumbai, Pune, Bengaluru, Chennai, NCR and Hyderabad Entered 145 transactions with 81 leading developers Entered into Construction Finance during FY2015 Managed by highly talented and experienced teams of 140 professionals, with a healthy mix of investing and operating experience Strategic alliances with large reputed partners like APG and CPPIB 60% of the team is engaged in monitoring of assets Alternative Asset Management: Currently manages 7 funds, 3 third party mandates and 2 managed accounts Invested in 57 projects across 7 cities with 25 leading developers Information Management: PEL s Information Management business is a global, market leading, decision support platform in the healthcare information services sector. Decision Resources Group: PEL's Information Management business provides indispensable insights and business oriented analytics, enabling customers to make informed investment and cost containment decisions in each phase of the product life cycle. Portfolio is structured into three product categories - Data and Analytics, Research Products and Consulting Services. Headquartered in the US, with presence in Canada, Europe, Hong Kong, Japan, China and India Provider of gold standard solutions for healthcare customers, for more than two decades Clients include most of the top 50 pharma companies Strong revenue visibility 75% of revenue is recurring in nature 97% revenue retention by value across entire customer base Page 5

6 FY 2016 Highlights: Healthcare: Pharma Solutions: Critical Care: Recognised multiple times at world-class forums for good performance in quality, reliability and compliance Successfully integrated Coldstream acquisition - currently investing in its capability & capacity expansion Capacity expansion at Discovery Services and Grangemouth completed Significantly improved Sevoflurane market share in UK (42%) and Japan (56%) Launched co-promotion of two of Cumberland s branded hospital products in the United States Consumer Products: Acquired Little s - a baby care brand portfolio Acquired five brands from Organon India & MSD - Include leading brands like Naturolax, Lactobacil & Farizym Entered an agreement to acquire four brands from Pfizer Ltd in May 2016 Expanded distribution network to 1,500 towns from 481 towns till last year Financial Services Loan Book grew by 174% to 13,048 Crores as on 31 Mar 2016 vs. 4,766 Crores as on 31 Mar 2015 Entry into Construction Finance enabled significant scale up in the loan book - Now 42% of the Real Estate loan book Entered construction finance for commercial projects as well Special Situations loan book grew to 1,515 Crores as on 31 Mar 2016 vs. 425 Crores as on 31 Mar 2015 Among best-in-class NPA performance. Information Management Entry in payer market through acquisition of Adaptive Software Entry in provider market through acquisition of HBI Opened two offices in India - On target with 160+ positions on boarded Page 6

7 Evolution of Pharma Solutions Business The Company has aggressively grown its Pharma Solutions business since With a series of acquisitions and organic growth initiatives, PEL created one of the top integrated CDMOs offering services both in APIs and Formulations. Now, its services comprise the entire druglifecycle, right from discovery to development and commercial manufacturing, to off-patent supplies of APIs and Formulations. Over the years, it has also added niche products including antibody drug conjugates and sterile injectables, among others. Evolution of Information Management Business In June 2012, PEL entered into Information Management business through the acquisition of DRG. In 2008, DRG had 10 offices across 5 countries. The business has expanded significantly over years and now has 17 offices across 6 countries. Post the acquisition of DRG, the business was further strengthened through various organic and inorganic initiatives. Growth through acquisition is fundamental to such businesses and has been an essential component of DRG s evolution. The Company has made few acquisitions over last few years that enabled it to expand its offerings and addressable market size. From providing services to the Lifesciences industry earlier, the Company now also caters to the provider and payer markets. PEL s Information Management business, Decision Resources Group (DRG), is a market-leading decision-support platform in the healthcare information services space. DRG provides indispensable insights to life sciences companies as well as healthcare providers and payers through a variety of high value-added data and analytics, research reports, and knowledge-based services. These offerings enable customers to make informed investment, cost containment and strategic business decisions in their chosen markets. DRG s products and services are built around proprietary data, algorithms, primary research and domain expertise. Most of its branded product lines have a leading market share in their respective niches. Evolution of Financial Services Business Over the years, PEL has created a robust Financial Services portfolio. The total amount invested under financial services (includes onbalance sheet & off-balance sheet) has grown from `4,207 Crores in FY2012 to `26,348 Crores. The Company has correspondingly delivered a strong trend of income growth over last few years. The Company has also demonstrated a solid exit track record, with cumulative exits and repayments of `8,532 Crores. Every year, it has been consistently expanding its product portfolio to boost its growth and optimise the overall risk-return profile of its loan book. The total investments made by PEL under its Financial Services segment also include `4,583 Crores invested in various companies of Shriram Group. Page 7

8 Evolution of Consumer Products Business Post dissolution of JV with Boots, PEL independently started its Consumer Product Division in At that time, the business had only three brands in its portfolio, catering to just 24,000 outlets through a team of 80 people. It was ranked 40th among OTC companies in India. Since then, the business has grown significantly, both organically and inorganically. Growth of existing brands, launch of new products and acquisition of some of the top brands have boosted the Company s revenue and business positioning in the industry. The business has grown at a CAGR of 21% over FY as against 12% CAGR reported by the addressable market. The ranking of the business jumped from 40th position in 2007 to 7th position currently. The Company now has 11 brands in its portfolio with most of them being No. 1 or No.2 in their respective categories, and six of them being among the top 100 OTC brands in India. It services 3,50,000 outlets on a weekly basis through a strong field force of 2,000 people. To leverage its India-wide distribution network, PEL is in a mode of rapidly adding more products organically and inorganically. Apart from launching new brands, the Company has recently acquired 3 brand portfolios to scale up the business to achieve the target to be among the top 3 players by Evolution of Critical Care Business The acquisition of ICI Limited in 2002 enabled PEL to enter into the business of Inhalation Anaesthesia. Since then, the Company made a few more value-accretive acquisitions until These acquisitions were critical in shaping the Company s offerings, providing access to global markets and integrating state-of-the-art manufacturing capabilities. Since 2009, PCC has grown largely organically at a robust CAGR of 31% over FY2009-FY2016, taking its revenues from `132 Crores in FY2009 to `876 Crores in FY2016. The organic growth has resulted from entering into newer geographies, expanding into existing geographies, constantly achieving cost efficiencies and thereby improving market share. As a result, PCC s market share has grown from 3% in FY2009 to 12% in FY2016. Its market share in the US increased from 20% in FY2011 to 30% in FY2016. Page 8

9 Company Financials Jun-16 Mar-16 % Growth Quarterly Quarterly (QoQ) Net Sales/Income from operations 1, , % Other Operating Income % Total Income From Operations 1, , % Increase/Decrease in Stocks Consumption of Raw Materials % Purchase of Traded Goods % Employees Cost % R & D Expenses % Depreciation % Other Expenses % Total Expenditure 1, , % Operating Profit % Other Income % P/L Before Int., Excpt. Items & Tax % Interest % P/L Before Exceptional Items & Tax % Exceptional Item P/L Before Tax % Tax % PAT % Minority Interest Share Of P/L Of Associates % Net Profit/(Loss) For the Period % Equity Share Capital % EPS (Rs.) % Page 9

10 Balance Sheet FY-16 FY-15 % Growth EQUITIES AND LIABILITIES SHAREHOLDERS FUNDS Equity Share Capital Total Share Capital Reserves and Surplus 12, , % Total Reserves and Surplus 12, , % Total Share holders Funds 12, , % Minority Interest % Long Term Borrowings 7, , % Deferred Tax Liabilities [Net] % Other Long Term Liabilities % Long Term Provisions % Total Non-Current Liabilities 7, , % Short Term Borrowings 6, , % Trade Payables Other Current Liabilities 2, , % Short Term Provisions % Total Current Liabilities 10, , % Total Capital And Liabilities 30, , Tangible Assets 1, , % Intangible Assets % Capital Work-In-Progress % Intangible Assets Under Development % Fixed Assets 2, , % Non-Current Investments 14, , % Deferred Tax Assets [Net] % Long Term Loans And Advances 3, , % Other Non-Current Assets % Total Non-Current Assets 26, , % Current Investments % Inventories % Trade Receivables % Cash And Cash Equivalents % Short Term Loans And Advances 1, , % Other Current Assets % Total Current Assets 4, , % Total Assets 30, , % Page 10

11 Ratios FY 2016 FY 2015 Growth % PROFITABILITY RATIOS PBDIT Margin (%) % PBIT Margin (%) PBT Margin (%) % Net Profit Margin (%) NP After MI And SOA Margin (%) % Return on Networth / Equity (%) % Return on Capital Employed (%) % Return On Assets (%) Long Term Debt / Equity (X) Total Debt / Equity (X) Asset Turnover Ratio (%) % LIQUIDITY RATIOS Current Ratio (X) % Quick Ratio (X) % Inventory Turnover Ratio (X) % Dividend Payout Ratio (NP) (%) % Dividend Payout Ratio (CP) (%) % Earning Retention Ratio (%) % Cash Earning Retention Ratio (%) % COVERAGE RATIOS Interest Coverage Ratio (%) Interest Coverage Ratio (Post Tax) (%) % VALUATION RATIOS Enterprise Value (Cr.) % EV / Net Operating Revenue (X) % EV / EBITDA (X) % MarketCap / Net Operating Revenue (X) % Retention Ratios (%) % Price / BV (X) % Price / Net Operating Revenue (X) % Earnings Yield % Page 11

12 Cash Flow Statement FY-16 FY-15 Net Profit/Loss Before Extraordinary Items And Tax Net CashFlow From Operating Activities Net Cash Used In Investing Activities Net Cash Used From Financing Activities Foreign Exchange Gains / Losses Adjustments On Amalgamation / Merger / Demerger And Others Net Inc/Dec In Cash And Cash Equivalents Cash And Cash Equivalents Begin of Year Cash And Cash Equivalents End Of Year Page 12

13 Peer Comparison: Comparative Ratio Analysis COMPANY NAME NPM(%) AVERAGE 3- YEARS RONW(%) AVERAGE 3- YEARS Piramal Enterprises Sun Pharma Dr. Reddy's Labs Lupin Ltd Aurobindo Pharma Valuation COMPANY NAME CURRENT P/E P/BV MCAP/REVENUES PRICE(RS.) Piramal Enterprises Sun Pharma Dr. Reddy's Labs Lupin Ltd Aurobindo Pharma Financial Comparision COMPANY NAME REVENUES 3- YEAR PBDIT (RS 3- YEAR CAGR(%) PAT (RS 3- YEAR (RS CR.) CAGR(%) CR.) CR.) CAGR(%) Piramal Enterprises 6, Sun Pharma. 28, , , Dr. Reddy's Labs 15, , , Lupin Ltd. 14, , , Aurobindo Pharma 13, , , Proportionate Distribution (%) Particulars Total Piramal (Rs Cr.) Enterprises Sun Pharma. Dr. Reddy's Labs Lupin Ltd. Aurobindo Pharma Revenue 78, % 35.93% 19.95% 18.06% 17.66% PBDIT 17, % 42.35% 17.83% 19.52% 15.48% PAT 12, % 39.07% 17.82% 18.81% 16.42% Page 13

14 Shareholding Pattern Shareholding Pattern Jun-16 Mar-16 Dec-16 Promoter and Promoter Group (%) Indian Foreign NIL NIL NIL Public Shareholding Institutions (%) Mutual Funds Foreign Portfolio Investors Financial Institutions/Banks (%) NIL NIL NIL Insurance Others NIL NIL Non Institutions (%) Overseas Depositories (holding DRs) (balancing figure) NIL NIL NIL Others NIL NIL NIL Total no. of shares (cr.) Promoter Holding Pledged (%) NIL NIL NIL Scheme Name Value (Rs. Cr) Holding % Aug-16 Jul-16 Jun-16 Birla Sun Life Equity Fund Birla Sun Life Manufacturing Equity Fund UTI Growth Sector Fund - Pharma and Healthcare Edelweiss Absolute Return Fund Edelweiss Diversified Growth Equity Top 100 (E.D Edelweiss ELSS Fund Taurus Tax Shield BOI AXA Mid Cap Equity & Debt Fund Taurus Discovery Fund Motilal Oswal MOSt Shares Midcap 100 ETF Taurus Bonanza Fund LIC MF Balanced Fund Shriram Equity and Debt Opportunities Fund R* Shares Dividend Opportunities ETF ICICI Prudential Midcap Select ETF Edelweiss Prudent Advantage Fund Taurus Infrastructure Fund BOI AXA Regular Return Fund Principal Index Fund - Midcap Page 14

15 Brands of PEL The business has a strong brand portfolio with most of its brands among the top two in their respective markets. PEL s six brands are among India s top 100 OTC brands. Positioning of the major brands are as follows: 1. Saridon India's largest-selling headache analgesic brand with over 14% of the market share and rated the largest oral analgesic brand by value. It is recognised as a Super Brand in the list of top 100 brands. Saridon is Piramal Consumer Product's first `100 Crore+ brand and is growing rapidly. 2. Lacto Calamine Recognised as a Super Brand, Lacto Calamine has strong footprints in the skincare market with its unique oil-control formulation. It is available in various formats, such as lotion, facewash, sunscreen and anti-aging cream. Being the oldest calamine brand in India, Lacto Calamine continues to be the largest brand among calamine skin lotions. 3. i-pill/i-know i-pill was acquired from Cipla. It is the second-largest brand in the emergency contraceptive market. i-know is India's first ovulation strip and extends i-pill equity to other adjacent markets. 4. Polycrol An antacid brand, which is a distinct leader in the Eastern region and among top three brands at an India level. Strong equity exists for the brand. It is going through a revamping exercise to target leadership beyond east. 5. Tetmosol India's number one doctor-prescribed soap for skinrelated disorders. It has experienced a healthy double-digit growth over last few years. Page 15

16 Investment Rationale: PEL plans to become a Top 3 player in the OTC market by 2020: PEL s Consumer Product business developed a strategy in 2012 and has grown substantially over the last few years as a result of successful execution of the same. Evolution of Consumer Products Business: The ranking of the business jumped from 40th position in 2007 to 7th position currently. The Company now has 11 brands in its portfolio with most of them being No. 1 or No.2 in their respective categories, and six of them being among the top 100 OTC brands in India. It services 3,50,000 outlets on a weekly basis through a strong field force of 2,000 people. To leverage its India-wide distribution network, PEL is in a mode of rapidly adding more products organically and inorganically. Apart from launching new brands, the Company has recently acquired 3 brand portfolios to scale up the business to achieve the target to be among the top 3 players by Strong Brand Presence: Saridon continues to maintain number one rank in headache category. Lacto Calamine and i-pill continue to sustain their demand in their respective categories by adapting a focused geographical approach strategy. Quikkool became a respected brand for mouth ulcer in less than a year of launch. Caladryl doubled its distribution during the year. Strong positioning in Wholesale Lending: PEL is one of the largest deployers of capital across all stages of the life-cycle of residential real estate projects. During FY2016, it announced its intention to initiate funding towards commercial spaces as well. PEL is also among the top providers of structured mezzanine funding in India. Its exposure is well diversified across geographies as well as product types in India. PEL is the only Indian company to have an integrated platform providing an exposure to the entire capital stack across real estate. Investments in Shriram Group: To strengthen its presence in the financial services industry, PEL aims at being in a well-diversified play. Wholesale lending is done in-house and exposure to retail is through its investments in the Shriram Group of Companies. PEL s long-term partnership with Shriram diversifies its exposure into the retail and SME customer segments through its lending business, life and general insurance, distribution, broking and retail asset management. Strong operating performance in Financial Services during the year: Income from Financial Services was 99% higher at 1,864 Crores for FY2016, from 937 Crores in FY2015. The growth was primarily driven by increase in the size of loan book. Loan book grew by 174% to 13,048 Crores from 4,766 Crores in FY2015, aided by entry into Construction Finance. Construction financing now constitutes 42% of the Real Estate loan book. Asset quality continued to remain robust with a GNPA ratio of just 0.91%. Gross Assets under Management grew to 8,717 Crores during the year. The Company exited almost 100% of corpus in all 3 vintage funds We recommend BUY in Piramal with the Target of 2400 as Piramal Enterprises is aiming at huge expansion. Piramal Enterprises has strong track record of generating superior shareholder returns over the last 3 decades which was higher than the benchmark indices. Page 16

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