Ultramarine & Pigments Ltd. February 2017 [Free Stock Idea]
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1 Ultramarine & Pigments Ltd February 2017 [Free Stock Idea]
2 Snapshot Price 168 Market Capital 492 crores Yearly Profits [FY 2017 Expected] 33 Price to Earnings 15.0 Return on Equity 25% Approximately Debt Almost Nil Return on Equity 25%
3 Products Pigments & Surfactants The company is majorly into two kinds of products: Inorganic Pigments Surfactants. Own detergent brand named OOB Inorganic Pigments: Those Pigments that are made up of mineral compounds are known as to be Inorganic Pigments. These minerals are mainly oxides, sulphides of one or more than one metals. To impart colors in different compounds, inorganic pigments are applied. Inorganic pigments are considered better over their organic counterparts. Few of the pigments which company manufactures and its usages: Pigment Name Ultramarine Blue Ultramarine Violet Ultramarine Bismuth Vanadate Yellow Ultramarine Mixed Metal Oxides Usages Extensively used in Plastic Industry Plastics, Paints, Stationary, Personal Care and other tinting purposes Paints, Coatings and high temperature plastics and nylons Coatings, Cool coatings, ceramics, glazes, plastics, etc.
4 Surfactants: Surfactants are one of many different compounds that make up a detergent. They are added to remove dirt from skin, clothes and household articles particularly in kitchens and bathrooms. They are also used extensively in industry. The term surfactant comes from the words surface active agent. Surfactants function by breaking down the interface between water and oils and/or dirt. They also hold these oils and dirt in suspension, and so allow their removal. Few of the surfactants which company manufactures and its usages: Linear Alkyl Benzene Sulphonic Acid [LABSA]: This is used in Laundry industry. As the company manufactures with high quality many of the FMCG players source their requirement from UPL. Alpha Olefin Sulphonate [AOS]: This is used in Laundry industry mostly suitable for detergents for hard water. Sodium Lauryl Ether Sulphates [SLES]: It is used in shampoos, hand washes and body washes. This is also used in textiles, printing and leather industries as lubricant, dying agent, cleansing agent or a degreasing agent. Own detergent brand named OOB In addition to pigments and surfactants they sell detergents and dishwashing liquids under the brand named OOB mainly in south India. IT Services The company has other small IT services division which is small in size and it can be ignored:
5 Demand Drivers Pigments 1. These inorganic pigments are mainly used in the automotive industry due to its durable properties. The market for automotive in developing countries along with the plastic, paint and coatings industry is growing at a rapid pace especially in emerging economies like India and China and hence the demand for inorganic pigments is anticipated to be high in these countries. 2. Due to their fastness properties and their tolerance to adverse conditions, they are the most preferred pigments used in constructions. Inorganic pigments are the most stable class of pigments that have been manufactured as of today. 3. The adverse environmental effects inorganic pigments cause can be a restrain for its market especially in Europe. However due to the lack of stringent regulations in Asia Pacific countries especially in countries like India and China, inorganic pigments are used produced and used on a large scale.
6 Demand Drivers Surfactants 1. Growing consumerism is spurring demand for personal care products, which in turn is driving related surfactants market in India. The average Indian consumer has a wider product and price bracket to choose from, which augurs well for the surfactants market for personal care. 2. Surfactant-based face washes, hair creams and gels are increasingly replacing traditional products because of ease in using the product, its cleansing ability, and ease in customizing the product. 3. With fast moving consumer goods (FMCG) companies riding on these innovations to penetrate the potentially enormous personal care market in India with approximately 750 million and growing users, new avenues for the use of surfactants are expected to open up.
7 Debt Levels The company has always been prudent with the level of long term borrowings and therefore interest cost is always on the lower side. The annual interest expense is almost zero.
8 Sales Growth/Operating Margins 1. The company was able to grow its sales at the rate of 12% CAGR over a period of 10+ years. 2. The true picture of operating margins can be seen only from FY 2008 till now. The operating margins is in a range between 16% and 21%. The current margin is enough to produce net profit margin of 10%+ and return on equity of 25%. We believe that 17-19% Operating margin is sustainable going forward. 3. The company has been consistently paying out taxes at the rate of 25%.
9 Dividend 1. The company is consistently giving out 40%+ of the net profit as dividend. This shows that the company does not need the cash for maintaining its growth. The company seems to be shareholder friendly and ready to share the profits with minority shareholders. 2. The consistent outgo of cash in the form of dividend is boosting the return on equity.
10 Management Compensation The compensation of the top executive is 1.4 crores which is very reasonable [below 5%] considering the net profits of the company. For FY 2017 the expected net profit of the company is 33 crores.
11 Shareholding Pattern The promoter holding in the company is 52.74% which is good enough.
12 Valuations 1. The market cap of the company at the current price of 168 is roughly 492 crores which gives price earnings multiple of 14.9 for FY 2017 expected net profit figure of 33 crores. 2. The stock is not over valued considering the fact that it has zero debt on books.
13 Check List Sustainability Competitive Advantage Scalability Quality Numbers Quality Management Quality - Product Quality Promoter Holding Valuations X The company gets tick mark on all parameters except the competitive advantage. We were not able to establish any concrete reason indicating competitive advantage. But the fact that the return on equity is 25% shows the presence of some kind of advantage.
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