Religare Investment Call
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- Camilla Chapman
- 5 years ago
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1 BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty % 31,159 9,625 Future looks promising Wonderla Holidays Ltd's Q4FY17 result was a mixed bag as the company reported healthy growth on sales front; however, margins were under pressure, much on expected lines. Net sales increased by 37.6% yoy while EBITDA and PAT declined by 1% and 54.4% respectively over Q4FY16. The management has guided steady growth in footfalls and realisation. We expect Chennai Park to be operational in H2FY19E, which will further aid revenue growth. Maintain BUY. Key Stock data BSE Code NSE Code Bloomberg Shares o/s, Cr (FV 5) Market Cap (Rs Cr) 3M Avg Volume 52 week H/L WONDERLA WONH :IN 5.6 2,116 40, /316 Shareholding Pattern (%) Sep16 Dec16 Mar17 Promoter FII DII Year relative price performance 140 Q4FY17 Result Update: The company reported net sales at Rs 61.2crs, a growth of 37.6% yoy led by 26% yoy increase in footfalls and 9% yoy increase in realisation. Banglore reported marginal revenue decline of 2% while Kochi Park reported 12% increase in sales. Higher occupancy at Banglore resort helped sales to inch up by 3% yoy. Hyderabad Park continued to show traction in terms of both footfalls and ticket pricing. Land acquisition for Chennai park is complete and work will commence in 1HFY18. EBITDA for the quarter stood at Rs 9.9crs. Increase in direct operating expenses, employee expenses and advertising & marketing expenses primarily on account of Hyderabad Park dented EBITDA margins by 860bps yoy to %. The company reported net profit of Rs 3.5crs, down by 54.4% yoy as depreciation and finance cost increased while other income declined by 44% yoy. Net profitability was lower by 1140bps yoy to 5.7%. Outlook & Valuation: has well planned expansion plans to expand footprints in tier II cities. The company has strong management, healthy balance sheet, superior margins and inhouse ride manufacturing plant at Kochi. Hyderabad Park has achieved breakeven at operating level within 1 year of operation and further growth in footfalls and ticket price will aid net profitability of the company. We estimate revenue, EBITDA and PAT to grow at a CAGR of 20.9%, 54.5% and 64.8% respectively over FY1719E. We maintain BUY on the stock with a price target of Rs May16 Jul16 Aug16 Oct16 Nov16 Jan17 Feb17 Apr17 May17 Financial Summary Particulars, Rs cr Net sales EBITDA EBITDAM (%) PAT FY15 FY16 FY17 FY18E FY19E Wonderla Ni y PATM (%) EPS, (Rs) PE, (x) Research Analyst RoE (%) Archana Gude archana.gude@religare.com May 31, 2017
2 P&L Account Quarterly Particulars, Rs cr Q4FY17 Q4FY16 YoY % Q3FY17 QoQ % Net sales Direct operating expenses Purchase of stock in trade Changes in inventories of stock in trade Employee cost Advertising and marketing expenses Other expenses Total expenditure EBITDA EBITDAM (%) Other income Depreciation and amortisation expenses EBIT Finance cost PBT Tax Net profit NPM (%) EPS, Rs 0.8
3 P&L Account Particulars, Rs cr FY15 FY16 FY17 FY18E FY19E Net sales Expenditure Raw material consumed Changes in inventories Employee cost Other expenses Total expenditure EBITDA Other income Depreciation PBIT Interest expenses PBT Tax PAT
4 Balance sheet Particulars, Rs cr FY15 FY16 FY17 FY18E Share Capital Reserves & Surplus Total Shareholder's Fund FY19E NonCurrent Liabilities Long term borrowings Other long term liabilities Long term provision Deferred tax liability Current Liabilities Trade payables Short term provisions Other current liabilities Short term borrowing Total liabilities Fixed assets Current work in progress Non current investment Long term loans & advances Other noncurrent assets Deffered Tax assets (Net) Current Assets Current investments Inventories Trade receivables Cash & cash equivalents Short term loans and advances Other current assets 1.8 Total assets
5 Cash Flow Particulars, Rs cr FY15 FY16 FY17 FY18E Profit before tax Add: Depreciation Add: Interest cost Opt. profit before working capital changes Changes in working capital Direct taxes Cash flow from operating activities FY19E Net cash used in Investing Activities Purchase of fixed assets Sale of fixed assets sale of Investment Cash flow from investing activities Cash flow from Financing Activities Proceeds from issuance of shares 17 Net proceeds from borrowings Dividend (incl dividend tax) Interest cost Cash flow from Financing Activities Net cash inflow/out flow Opening Cash & Cash Equivalents Closing Cash & Cash Equivalents
6 Key Financial ratios Particulars, Rs cr FY15 FY16 FY17 FY18E Dividend per share Rs Dividend Yield (%) Payout (%) EPS Rs Book Value per share Rs FY19E Profitability Ratios EBITDA/Total Income (%) PBT/ Total Income (%) NPM/Total Income (%) RoCE (%) RoE (%) Liquidity Ratios Gross Debt Equity ratio Interest Coverage ratio Current ratio Turnover Ratios Total Asset Ratio Fixed Asset Ratio Debtors Velocity (Days) Inventory (Days) Creditor Velocity (Days)
7 Before you use this research report, please ensure to go through thedisclosure interalia as required under Securities and Exchange Board of India (Research Analysts) Regulations, 2014 and Research Disclaimer at the following link : Specific analyst(s) specific disclosure(s) interalia as required under Securities and Exchange Board of India (Research Analysts) Regulations, 2014 is/are as under: Statements on ownership and material conflicts of interest, compensation Research Analyst (RA) [Please note that only in case of multiple RAs, if in the event answers differ interse between the RAs, then RA specific answer with respect to questions under F (a) to F(j) below, are given separately] S. No. Statement Answer Tick appropriate YES I/we or any of my/our relative has any financial interest in the subject company? [If answer is yes, nature of Interestis given below this table] I/we or any of my/our relatives, have actual/beneficial ownership of one per cent. or more securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance? I / we or any of my/our relative, has any other material conflict of interest at the time of publication of the research report or at the time of public appearance? I/we have received any compensation from the subject company in the past twelve months? I/we have managed or comanaged public offering of securities for the subject company in the past twelve months? I/we have received any compensation for brokerage services from the subject company in the past twelve months? I/we have received any compensation for products or services other than brokerage services from the subject company in the past twelve months? I/we have received any compensation or other benefits from the subject company or third party in connection with the research report? I/we have served as an officer, director or employee of the subject company? I/we have been engaged in market making activity for the subject company? Nature of Interest ( if answer to F (a) aboveis Yes :... Name(s)with Signature(s)of RA(s). [Please note that only in case of multiple RAs andif the answers differ interse between the RAs, then RA specific answer with respect to questions under F (a) to F(j) above, are given below] SS.No Name(s) of RA Signatures of RA Serial Question of question which the signing RA needs to make separate declaration / answer YES Copyright in this document vests exclusively with RSL. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose, without prior written permission from RSL. We do not guarantee the integrity of any s or attached files and are not responsible for any changes made to them by any other person. Disclaimer:
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3QFY2017 Result Update Ceramics January 25, 2017 Asian Granito Performance Highlights Quarterly Data (` cr) 3QFY17 3QFY16 % yoy 2QFY17 % qoq Revenue 247 236 4.3 265 (7.1) EBITDA 34 27 25.3 31 7.2 Margin
More informationBUY. State Bank of India (SBI) Banking RETAIL EQUITY RESEARCH. GEOJIT BNP PARIBAS Research. CMP Rs259 TARGET Rs284 RETURN 10% 22 nd August 2016
Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Q1FY17 RESULT UPDATE GEOJIT BNP PARIBAS Research RETAIL EQUITY RESEARCH State Bank of India (SBI) Banking BSE
More informationLIC Housing Finance Ltd
4 Recommendation BUY In line results; asset quality improves CMP (27/4/215) Rs. 421 Target Price Rs. 518 Sector Stock Details Housing Finance BSE Code 5253 NSE Code Bloomberg Code LICHSGFIN LICF IN Market
More informationGraphite India BUY. Performance Highlights. CMP Target Price `88 `109. 1QFY2012 Result Update Capital Goods
1QFY2012 Result Update Capital Goods July 25, 2011 Graphite India Performance Highlights Y/E March (` cr) 1QFY2012 4QFY2011 % chg (qoq) 1QFY2011 % chg (yoy) Net sales 319 303 5.1 258 23.3 EBITDA 61 59
More informationAxis Bank Ltd. For private circulation only. Volume No.. III Issue No October 08, 2018
Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Volume No.. III Issue No. 188. Axis Bank Ltd. October 08, 2018 BSE Code: 532215 NSE Code: AXISBANK Reuters Code:
More informationGreenply Industries BUY. The plywood maker for growing India. Target Price. Initiating Coverage Plywood. 3-year price chart.
Initiating Coverage Plywood March 03, 2018 Greenply Industries The plywood maker for growing India Greenply Industries Ltd (GIL) manufactures plywood & allied products and medium density fibreboards (MDF).
More informationGAIL India NEUTRAL. Performance Highlights CMP. `363 Target Price - 2QFY2013 Result Update Oil & Gas. Investment Period -
2QFY2013 Result Update Oil & Gas October 26, 2012 GAIL India Performance Highlights Quarterly highlights (Standalone) Y/E March (` cr) 2QFY2013 2QFY2012 % chg (yoy) 1QFY2013 % chg (qoq) Net sales 11,361
More informationCompany Overview. Financial Performance
Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 Jan/16 Feb/16 Mar/16 Monarch Networth Capital Limited CMP: 26.00 March 23, 2016 Stock Details BSE code 511551 BSE ID MONARCH Face value (
More informationCentury Plyboards Ltd
May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 4QFY2018 Result Update Plywood May 19, 2018 Century Plyboards Ltd Performance Update (Rs cr) 4QFY18 4QFY17 % yoy 3QFY17
More informationHero MotoCorp ACCUMULATE. Performance Highlights. CMP `3,226 Target Price `3,466. 3QFY2017 Result Update Automobile. 3-year price chart
3QFY2017 Result Update Automobile February 14, 2017 Hero MotoCorp Performance Highlights ACCUMULATE CMP `3,226 Target Price `3,466 Y/E March (` cr) 2QFY17 2QFY16 % chg (yoy) 1QFY17 % chg (qoq) Investment
More informationAhluwalia Contracts (India)
May-14 Jul-14 Aug-14 Sep-14 Oct-14 Dec-14 Jan-15 Feb-15 Apr-15 May-15 India Research Infrastructure May 22, 215 QUARTERLY REVIEW Bloomberg: AHLU IN Reuters: AHLU.BO BUY Better performance ahead ACIL posted
More informationSymphony Ltd. RESULT UPDATE 31st October 2017
. RESULT UPDATE 31st October 2017 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 India Equity Institutional Research II Result Update Q2FY18 II 31st October 2017. CMP INR 1,465 Target INR 1,700 Potential
More informationCapacity expansion to drive growth and profitability
STOCK POINTER Swaraj Engines Ltd. BUY Target Price `656 CMP `41 FY14 PE 6.9x Index Details Sensex 17,853 Nifty 5,39 BSE 1 5,367 Industry Auto parts Scrip Details Mkt Cap (` cr) 59 BVPS (`) 161 O/s Shares
More informationResult Analysis. Recommendation CMP (09/02/2010) Rs. 212
Recommendation BUY CMP (09/02/2010) Rs. 212 Sector Stock Details BSE Code NSE Code Bloomberg Market Cap (Rs. cr) Free Float (%) 52- wk HI/Lo Avg. volume BSE (Quarterly) Face Value Dividend (FY09) Shares
More informationCompany Overview. Financial Performance
Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 Jan/16 CMP: 32.30 February 11, 2016 Stock Details BSE code 526558 BSE ID JAMEHOT Face value ( ) 10 No of shares (m) 8.0 52 week
More informationSSG continues to disappoint
Shoppers Stop SSG continues to disappoint India Equity Research Retail February 2, 2018 Result Update Refer to important disclosures at the end of this report Emkay Your success is our success CMP Target
More informationBata India. Institutional Equities. Management Meet Update. On Right Track ACCUMULATE. Sector: Retail CMP: Rs692 Target Price: 696 Upside: 1%
Management Meet Update Bata India Reuters: BATA.BO; Bloomberg: BATA IN On Right Track We had a meeting recently with Mr. R. K. Gupta, Chief Financial Officer (CFO) of Bata India (BIL) to understand recent
More informationInox Wind BUY. Performance Highlights. CMP Target Price `390 `505. 2QFY2016 Result Update Capital Goods. 3 year price chart
2QFY2016 Result Update Capital Goods October 27, 2015 Inox Wind Performance Highlights Quarterly Data (Consolidated) ( ` cr) 2QFY16 2QFY15 % chg (yoy) 1QFY16 % chg (qoq) Revenues 1,008 543 85.6 636 58.6
More informationPhillips Carbon Black Ltd
4 Recommendation BOOK PROFITS Pain not yet over CMP (09/02/2015)* Rs. 131 Phillips Carbon Black (PCB) reported results in line with expectations; with EBITDA margins at 10.0% vs 9.3% in Q2FY15. The company
More informationHOLD. Deleveraging story playing out RAMCO CEMENTS. Target Price: Rs 503. Q4 performance
RAMCO S HOLD Target Price: Rs 503 Deleveraging story playing out Ramco Cements total debt reduced by a massive Rs 5 bn to Rs 22 bn in FY16. The company generated total EBITDA of Rs 11.5 bn in FY16 and
More informationCMP (Rs) 775 Upside/ (Downside) (%) (1.4) Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7
2QFY18 Result Update November 23, 2017 Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7 High Order Book Provides Revenue Visibility (PMPL) has delivered a healthy performance in 2QFY18.
More informationApollo Tyres BUY. Performance Highlights. CMP Target Price `71 `82. 4QFY2011Result Update Tyre. Key financials (Consolidated)
4QFY211Result Update Tyre Apollo Tyres Performance Highlights Y/E March (Standalone) 4QFY11 4QFY1 % chg (yoy) Angel est. % diff. Net sales (` cr) 1,762 1,313 34.2 1,49 18.2 EBITDA (` cr) 146 185 (2.7)
More informationSIEMENS INDIA LIMITED RESEARCH
RESULTS REVIEW Siemens India Limited Hold Share Data Market Cap Rs. 196.1 bn Price Rs. 581.6 BSE Sensex 14,961.07 Reuters Bloomberg Avg. Volume (52 Week) SIEM.BO SIEM IN 0.2 mn 52-Week High/Low Rs. 1,142.5
More informationEicher Motors. Continues to ride high! Accumulate. Source: Company Data; PL Research
Continues to ride high! Accumulate November 14, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs30,083 Target
More informationCMP* (Rs) 208 Upside/ (Downside) (%) 18. Market Cap. (Rs bn) Free Float (%) 65.6 Shares O/S (mn) 630
1QFY18 Result Update July 28,2017 CMP* (Rs) 208 Bloomberg Ticker CROMPTON IN Market Cap. (Rs bn) 130.6 Free Float (%) 65.6 Shares O/S (mn) 630 Channel De-stocking Impairs Top-line; Recovery Ahead Crompton
More informationIndian Oil Corporation
3QFY18 Result Update Institutional Equities Indian Oil Corporation 1 February 2018 Reuters: IOC.BO; Bloomberg: IOCL IN Earnings Outperformance On Account Of Inventory Gains Indian Oil Corporation (IOCL)
More informationTVS Motor Company BUY. Performance Highlights. CMP Target Price `39 `45. 2QFY2013 Result Update Automobile. Quarterly highlights (Standalone)
2QFY2013 Result Update Automobile November 1, 2012 TVS Motor Company Performance Highlights Quarterly highlights (Standalone) Y/E March (` cr) 2QFY13 2QFY12 % chg (yoy) 1QFY13 % chg (qoq) Net Sales 1,691
More informationBata India. Institutional Equities. 1QFY19 Result Update BUY
1QFY19 Result Update Institutional Equities Bata India 23 July 2018 Reuters: BATA.BO; Bloomberg: BATA IN Strong Margin Improvement To Drive Consensus EPS Upgrade Bata India s (BIL) YoY net sales growth
More informationMold-Tek Packaging Limited
Plastic Packaging 1QFY17 Result Update Mold-Tek Packaging Limited BUY Sustained strong volume growth, robust margins Institutional Research CMP (Rs) 22 Target (Rs) 229 Earnings Revision - Nifty: 8,545
More informationTimken India. Institutional Equities. 4QFY16 Result Update BUY. Margin Expansion Leads To Huge Growth In Profit; Retain Buy
4QFY16 Result Update Institutional Equities Timken India 23 May 2016 Reuters: TMKN.BO; Bloomberg: TIMK IN Margin Expansion Leads To Huge Growth In Profit; Retain Buy Timken India (TIL), the leading manufacturer
More informationABB LTD (INDIA) RESEARCH
RESULTS REVIEW Share Data Market Cap Rs. 168.6 bn Price Rs. 795.80 BSE Sensex 16,741.30 Reuters Bloomberg Avg. Volume (52 Week) ABB.BO ABB IN 0.11 mn 52-Week High/Low Rs. 856.95 / 344 Shares Outstanding
More informationMatrimony.com Ltd BUY. Performance Update. Target Price `1,016. 4QFY2018 Result Update Cable. Historical share price chart.
4QFY2018 Result Update Cable May 7, 2018 Matrimony.com Ltd Performance Update Y/E March (` cr) 4QFY18 4QFY17 % yoy 3QFY18 % qoq Net sales 84 75 12 84 1 EBITDA 20 11 78 17 15 EBITDA margin (%) 23.6 14.8
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