CMP: INR1,952 TP: INR2,246(+15%)

Transcription

1 6 February QFY17 Results Update Sector: Cement Dalmia Bharat BSE SENSEX S&P CNX 28,439 8,801 Bloomberg DBEL IN Equity Shares (m) 88.8 M.Cap.(INRb)/(USDb) / Week Range (INR) 2090 / 605 1, 6, 12 Rel. Per (%) 21/35/154 Avg Val, INRm 104 Free float (%) 42.7 Financials & Valuations (INR b) Y/E Mar E 2018E Sales EBITDA NP Adj EPS (INR) EPS Gr. (%) 1, BV/Sh. (INR) RoE (%) RoCE (%) P/E (x) P/BV (x) Estimate change TP change Rating change CMP: INR1,952 TP: INR2,246(+15%) Buy Strong performance by subsidiary OCL drives profitability Strong volume growth: Cement volumes grew 20% YoY to 3.56mt (est. of 3.43mt), led by ramp-up of new capacity in Belgaum and strong volume growth in south due to increased construction activity in AP/Telangana. Realizations declined 3% YoY to INR 4845 (-1% QoQ; in-line) due to weak realization in east. Revenues thus increased 17% YoY to INR17.25b (vs est of 16.5b). Cost efficiencies continue to drive profits: EBITDA stood at INR4.1b (vs est of INR3.42b), translating into margin of 24% (v/s 23% in 3QFY16, in-line). EBITDA/ton was flat YoY at INR1,141 (vs est of INR997), as cost/ton declined 4% YoY to INR3,703 due to (1) lower power consumption cost, and slag and gypsum cost (-8% YoY), (2) average cement to clinker ratio of 1.75x for blended cement and (3) positive operating leverage. PAT of INR357m missed our estimate of INR451mn due to a higher tax rate on account of unabsorbed losses for north-east operations. Other key takeaways: (a) Gross debt down by INR9b in 9MFY17 to INR82b. (b) Premium brands constituted ~8% of overall sales. (c) South market volumes increased 15% YoY in 3QFY17; demand from east market was flat. (d) Kiln productivity increased 13% YoY. Valuation and view: We believe that concerns about high gearing (net debt/ebitda of 4x) should abate with steady asset sweating and disciplined capital allocation. Given moderating capex, we expect net debt/ebitda to improve to less than 3x by FY18. With strong profitability and growth, DBEL has seen the first round of re-rating. At EV of 10.7x FY19E and USD154/ton for the fourth largest group, the stock trades at a discount to peers. With conclusion of sale of most large assets in India, the potential risk of higher debt by way of asset acquisition has mitigated. Deployment of incremental free cash generation toward debt reduction would lead the next phase of re-rating. We value DBEL at EV/EBITDA of 11x FY19E or INR2,246/share. Abhishek Ghosh (Abhishek.Ghosh@motilaloswal.com); Varun Gadia (Varun.Gadia@motilaloswal.com); Investors are advised to refer through important disclosures made at the last page of the Research Report. Motilal Oswal research is available on Bloomberg, Thomson Reuters, Factset and S&P Capital.

2 Exhibit 1: Volume growth strong across regions Volume (MT) Growth (%) Exhibit 2: Realizations witnessed marginal decline Realization (INR/ton) 4,242 4,319 4,432 4,411 4,422 4,422 4,259 4,350 4,445 4,110 4,400 4,857 4,651 5,497 5,176 4,979 4,998 4,847 4,695 4,897 4,845 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 Exhibit 3: Improved margins lead by better costing EBITDA (INR m) EBITDA margin (%) ,359 1,364 1,638 1,735 1,272 1,300 1, ,279 3,858 3,116 3,395 4,491 4,963 3,902 4,065 Exhibit 4: Trend in EBITDA/ton EBITDA/ton (INR) 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 1, ,178 1, ,249 1,093 1,147 1,158 1,320 1,141 1,142 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 Exhibit 5: DBEL: Key operating indicators (incl Management Services) INR/Ton 3QFY17 3QFY16 YoY (%) 2QFY17 QoQ (%) Net realization 4,845 4, , RM Cost Employee Expenses Power, Oil & Fuel Freight and Handling Outward Other Expenses Total Expenses 3,703 3, , EBITDA 1,142 1, , February

3 Management Conference Highlights All India Cement volume demand declined 1% YoY and DBEL Markets (South, East and North East) grew at 4% YoY in 3QFY17. DBEL grew at 20% YoY in 3QFY17. Future demand in South to be driven by affordable housing and infrastructure spending. DBEL market share at 11% in DBEL markets led by North East at 21% market share followed by East at 15% and South at 8% DBEL using alternative fuels such as e-fuels to offset higher coal and petcoke prices. Current petcoke prices at USD 78 to 80 but averaged USD 90 to 95 in 3QFY17. DBEL paid down INR 6b in debt in 9MFY17 with Net Debt outstanding at 57b. The company continues to focus on de-leveraging over the next few years. 4QFY17 maintenance capex at INR 450 to 500m and FY18 capex at INR 1b. Market share improvement can be attributed to increase in customer focus, provide best branded products to the customer (Dalmia DSP), timeliness with contractual agreements, and superior quality Exhibit 6: Market Share by Region Region Market Share North East 21% East 15% South 8% Valuation and view: Concerns of high gearing (net debt/ebitda of 4x) should abate, with steady asset sweating and disciplined capital allocation. On the back of moderating capex, we expect net debt/ebitda to improve to less than 3x by FY18. With strong profitability and growth show, DBEL has seen the first round of re-rating. At an EV of 10.7x FY19E and USD155/ton for the 4 th largest group, the stock is trading at discount. With the conclusion of most large asset sales in India, the potential risk of increase in debt by way of asset acquisition has mitigated. The deployment of incremental free cash generation towards debt reduction would lead the next phase of re-rating. We value DBEL at EV/EBITDA of 11X FY19E or INR2246/share 6 February

4 Story in charts Exhibit 1: Steady growth in capacity and utilization lever Capacity (mt) Volume (mt) Utilization (%) Exhibit 2: Diversification in market mix East North East South FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E FY19E FY FY17E Exhibit 3: Gradual uptick in FCFE OCF (INR b) Capex (INR b) Interest (INR b) FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E FY19E Exhibit 4: Stabilization operations to trigger de-leveraging Effective Net debt (INR b) Net DER (x) FY12 FY13 FY14 FY15 FY16 FY17E FY18E FY19E Exhibit 5: Uptrend in RoE and RoCE 25 RoE RoCE FY12 FY13 FY14 FY15 FY16 FY17E FY18E FY19E 6 February

5 Financials and Valuations Income Statement (INR Million) Y/E March E 2018E 2019E Net Sales 27,906 28,670 33,662 63,672 71,435 80,687 89,233 Change (%) Total Expenditure 21,564 25,407 29,116 48,593 53,864 60,449 67,036 % of Sales EBITDA 6,342 3,263 4,546 15,079 17,571 20,238 22,197 Margin (%) Depreciation 2,059 2,422 2,716 4,528 6,145 5,784 5,866 EBIT 4, ,830 10,551 11,426 14,453 16,331 Int. and Finance Charges 2,314 3,151 4,344 7,256 9,036 8,718 8,208 Other Income - Rec ,081 2,413 2,349 3,600 3,800 4,100 PBT bef. EO Exp. 2, ,644 5,990 9,535 12,223 EO Expense/(Income) PBT after EO Exp. 2, ,644 5,990 9,535 12,223 Current Tax 1, ,991 2,695 4,291 4,889 Tax Rate (%) Reported PAT 1, ,653 3,294 5,245 7,334 Minority and Associates PAT Adj for EO items 1, ,908 2,866 4,505 6,557 Change (%) , Margin (%) Balance Sheet (INR Million) Y/E March E 2018E 2019E Equity Share Capital Total Reserves 30,517 30,785 30,539 38,391 41,051 45,350 51,907 Net Worth 30,679 30,947 30,702 38,569 41,228 45,528 52,084 Deferred Liabilities 1,638 1,865 4,279 6,837 3,391 3,391 3,391 Minority Interest 5,181 4,464 7,477 3,576 4,004 4,743 5,520 Total Loans 35,744 42,760 84,797 90,970 87,970 82,970 77,970 Capital Employed 73,242 80, , , , , ,965 Gross Block 49,979 52,446 84, , , , ,736 Less: Accum. Deprn. 7,410 9,852 25,890 30,418 36,563 42,347 48,213 Net Fixed Assets 42,569 42,594 58,233 78,818 73,673 69,889 55,523 Capital WIP 5,503 12,379 19, ,000 1,000 12,000 Total Investments 11,804 12,336 16,905 25,752 25,752 25,752 25,752 Curr. Assets, Loans&Adv. 16,139 15,560 30,147 27,825 31,862 36,202 43,444 Inventory 3,520 3,311 7,293 7,083 7,828 8,179 8,557 Account Receivables 2,572 2,843 5,253 5,050 6,263 6,632 7,334 Cash and Bank Balance ,281 2,483 4,071 6,801 11,418 Loans and Advances 9,048 8,562 12,320 13,209 13,700 14,590 16,135 Curr. Liability & Prov. 6,899 7,523 16,816 19,627 22,876 23,393 24,936 Account Payables 6,241 6,874 15,833 17,118 21,528 22,106 23,958 Provisions ,509 1,348 1, Net Current Assets 9,240 8,037 13,331 8,198 8,986 12,808 18,508 Appl. of Funds 73,242 80, , , , , ,965 E: MOSL Estimates 6 February

6 Financials and Valuations Ratios Y/E March E 2018E 2019E Basic (INR) * EPS Cash EPS BV/Share DPS Payout (%) 9.6 NM NM Valuation (x) * P/E 1, Cash P/E P/BV EV/Sales EV/EBITDA EV/Ton (US$) Dividend Yield (%) Return Ratios (%) RoIC RoE RoCE Working Capital Ratios Asset Turnover (x) Inventory (Days) Debtor (Days) Leverage Ratio (x) Current Ratio Debt/Equity Cash Flow Statement (INR Million) Y/E March E 2018E 2019E Oper. Profit/(Loss) before Tax 5,118 1,185 4,546 15,079 17,571 20,238 22,197 Interest/Dividends Recd ,413 2,349 3,600 3,800 4,100 Depreciation 1,847 1,946 2,716 4,528 6,145 5,784 5,866 Direct Taxes Paid ,991 2,695 4,291 4,889 (Inc)/Dec in WC -3,452 3, , ,093-1,082 CF from Operations 10,102-1,899 7,347 12,103 17,676 20,839 22,490 CF from Operating incl EO 3,457 5,462 13,356 10,329 19,936 20,433 19,309 (inc)/dec in FA -16,330-9,343-41,767-13,509-2,000-2,000-2,500 Free Cash Flow -12,872-3,881-28,411-3,181 17,936 18,433 16,809 (Pur)/Sale of Investments ,569-8, CF from investments -16,198-9,876-46,335-22,357-2,000-2,000-2,500 Issue of Shares -1, , (Inc)/Dec in Debt 16,617 7,016 42,037 6,173-3,000-5,000-5,000 Interest Paid -2,263-2,355-4,344-7,256-9,036-8,718-8,208 Dividend Paid CF from Fin. Activity 13,077 4,258 37,416 4,876-12,243-13,924-13,208 Inc/Dec of Cash ,437-7,152 5,693 4,509 3,601 Add: Beginning Balance ,281 2,483 4,071 6,801 Closing Balance 1, ,281-1,871 8,176 8,580 10,402 E: MOSL Estimates 6 February

7 Corporate profile Company description DBEL is India s 4 th largest cement manufacturer with operations in South, East and North East India. The company has capacity of 25mt out of which 14.2mt is in South, 8.9mt capacity in East and 1.5mt in North East Exhibit 1: Sensex rebased Source: MOSL/Bloomberg Exhibit 2: Shareholding pattern (%) Sep-16 Jun-16 Sep-15 Promoter DII FII Others Note: FII Includes depository receipts Source: Capitaline Exhibit 3: Top holders Holder Name % Holding KKR Mauritius Cement Investments Limited 8.5 Birla Sun Life Trustee Company Private Limited A/c Birla Sun Life Advantage Fund 1.9 Morgan Stanley Asia (Singapore) Pte. 1.6 Valiant Mauritius Partners Offshore Limited 1.1 Viral Amal Parikh 1.1 Source: Capitaline Exhibit 4: Top management Name Designation Exhibit 5: Directors Name Name P K Khaitan Chairman Gautam Dalmia N Gopalaswamy Jai Hari Dalmia Managing Director Puneet Yadu Dalmia Sudha Pillai Yadu Hari Dalmia Managing Director V S Jain Jayesh Doshi Director & CFO Nidhi Bisaria Company Secretary Source: Capitaline *Independent Exhibit 6: Auditors Name S S Kothari Mehta & Co Type Statutory Source: Capitaline Exhibit 7: MOSL forecast v/s consensus EPS MOSL Consensus (INR) forecast forecast Variation (%) FY FY FY Source: Bloomberg 6 February

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