Company Overview. Financial Performance
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- Alison Stanley
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1 Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 Jan/16 Eastern Treads Ltd CMP: February 11, 2016 Stock Details BSE code BSE ID EASTRED Face value ( ) 10 No of shares (m) week H/L 116.5/35.0 Market cap ( m) days avg vol (No) 6,716 Free float ( m) Stock performance (%) 1M 3M 12M Absolute -13.0% 23.3% 122.2% Rel. to Sensex 6.2% 34.4% 142.4% Shareholding Pattern* (%) Promoters FIIs DIIs Others 65.5% 0.0% 0.0% 34.4% *As of December 2015 Relative Chart Company Overview Eastern Treads Ltd is engaged in the business of manufacturing pre-cured tire treads, cushion compounds, gum and black vulcanizing cement. Industry Overview Tyre retreading industry in India is witnessing rapid growth due to increased demand from the tyre replacement market. Retreading industry offers monetary and environmental advantages; hence it is gaining popularity in tyre replacement markets over the world and became an economically viable option for fleet owners. Financial Performance Eastern Treads Ltd revenues from operations for FY 15 fell 1.8% to million compared to million in the previous year. The company has reported a net profit of 15.8 million in FY 15, representing a 4.0% fall compared to the profit of 16.4 million in FY 14. On Q-o-Q basis Eastern Treads revenues have declined 2.2% to million in Q2 16 from million in Q2 15. Table1: Key Financials 120 Eastern Treads Limited Sensex 30,000 (Y/e March) 2Q FY15 2Q FY ,000 28,000 27,000 26,000 25,000 24,000 23,000 Sales ( m) YoY Growth (%) -23.6% 37.3% -1.8% 8.1% -2.2% EBITDA ( m) EBITDA Margin 4.1% 4.6% 5.6% 5.7% 8.1% PAT ( m) EPS ( ) NA ,000 YoY Growth (%) 172.7% 52.0% -2.0% NM NM Source: Company, Karvy Investment Advisory Source: Bloomberg 1
2 Background and Business Description Eastern Treads Ltd was founded by Mr. (Late) M.E.Meeran on July 2, 1993 as a private limited company under the Companies Act, 1956 and it was later converted into a public limited company on February 17, The company engaged in the business of manufacturing pre-cured tire treads, cushion compounds, gum and black vulcanizing cement. Key Strengths Diverse product portfolio Strong brand image Risks & Concerns Heavy reliance on tyre replacement market Economic slowdown Board of s Table 2: Composition of Board Name Mr. Navas M Meeran Mr. M.E. Mohamed Mr. M.S. Sebastian Mr. M.S. Ranganathan Mr. Naiju Joseph Mr. K.S. NeelacantaIyer Mr. K.V. Rajagopalan Nair Source: Company Relation with Company 2
3 Industry Overview Tyre retreading industry in India is an unorganized and fragmented market which is witnessing rapid growth due to increased demand from the tyre replacement market. The industry offers monetary and environmental advantages; hence it is gaining popularity in tyre replacement markets over the world and became an economically viable option for fleet owners. Tyre retreading in India is done extensively for commercial vehicles such as trucks and busses. The primary reason for retreading tyres is to save operational costs as applying a new tread can be done at less than half the cost of a new tyre. Tyre manufacturers invest heavily in research and development of treads and their designs for improved functionality and competitiveness. When a tyre is manufactured, about 20 to 25% of the cost of the tyre is down to the tread. As the tread wears off with use, a new tread can be used over the tyre to increase its life span. Retreading helps keep costs down by recycling tyres. There are thousands of small and mid-segment tyres retreading companies thriving in India and it is expected that an average retreader will get 200 to 300 tyres per month or 2,500 to 3,500 tyres per year. Retreading for the commercial vehicle segment is poised for growth in India, fuelled by the increase in the number of vehicles, rising tyre costs, the advent of radial tyres, better roads and the introduction of multi-axle heavy duty vehicles. Competition analysis Company CMP ( ) Mcap ( m) Rev ( m) OPM (%) EPS ( ) PE (x) Eastern Treads Ltd % Rubfila International Ltd , , % Vamshi Rubber Ltd % Source: BSE 3
4 Financial Analysis For the period ending 31 March, 2015, Eastern Treads Ltd reported revenues of million, representing 1.8% fall when compared to the revenues in FY 14. The company s EBITDA stood at 49.1 million in FY 15 and its EBITDA margin improved by 100 bps to 5.6% from being 4.6% in FY 14 due to operational efficiency. Year end March Income statement ( million) Revenue % growth -23.6% 37.3% -1.8% EBITDA % EBITDA margin 4.1% 4.6% 5.6% Depreciation and amortisation EBIT Interest PBT Tax (credit) expense Net profit % growth net profit 0.2% 54.1% -4.0% Balance sheet ( million) Shareholder fund Long term liabilities Current liabilities Fixed assets Current assets Cash & cash equivalents Cash flow statement Cash flow operations Cash flow from investing Cash flow from financing Per share data EPS ( ) CEPS ( ) DPS ( ) BVPS ( ) Financial Ratios % ROE 8.3% 11.6% 10.0% ROCE 11.7% 12.5% 15.8% Debt/Equity 33.7% 76.0% 52.7% Interest coverage ratio Current ratio Cash ratio Source: Company, Karvy Investment Advisory 4
5 Financial Snapshot Revenue growth (%) EBITDA margin (%) 1, % 40.0% 30.0% 20.0% 10.0% 0.0% -10.0% -20.0% -30.0% % 5.00% 4.00% 3.00% 2.00% 1.00% % Revenue ( m) % growth EBITDA ( m) % EBITDA margin Net Profit Margin (%) 1.90% 1.80% 1.70% 1.60% 1.50% BVS & EPS Net Profit ( m) % net profit margin Book value per share ( ) EPS diluted ( ) Liquidity ratios Profitability ratios % % 10.0% 5.0% 0.0% Current ratio Cash ratio ROE ROCE Source: Karvy Investment Advisory 5
6 DISCLAIMER Karvy Investment Advisory Services Ltd (KIASL), an entity of the Karvy Group, has taken utmost care to ensure accuracy and objectivity while writing this report based on publicly available information or from sources considered reliable. However, neither the accuracy nor completeness of information contained in this report is guaranteed. Opinions expressed herein are our current opinions as on the date of this report. Nothing in this report can be construed as either investment or any other advice or any solicitation, whatsoever. The subscriber/user assumes the entire risk of any use made of this report or data herein. KIASL specifically states that it or any of its entities or employees do not have any financial liabilities whatsoever to the subscribers / users of this report. This report is for personal information of the authorized recipient in India only. This report or any part of it should not be reproduced or redistributed or communicated directly or indirectly in any form to any other person or published or copied for any purpose. DISCLOSURE Associates of KIASL might have received compensation from the subject company mentioned in the report during the period preceding twelve months from the date of this report for investment banking or merchant banking or brokerage services from the subject company in the past twelve months or for services rendered as stock broker, Registrar and Share Transfer Agent, Commodity Broker, Currency and forex broker, merchant banker and underwriter, Investment Advisory services, insurance repository services, consultancy and advisory services, realty services, data processing, profiling and related services or in any other capacity. KIASL encourages independence in research report preparation and strives to minimize conflict in preparation of research report. Compensation of KIASL Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. KIASL generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. KIASL and/or its subsidiaries and /or its group companies collectively or Research Analysts do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report. KIASL or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report and have no financial interest in the subject company mentioned in this report. Accordingly, neither KIASL nor Research Analysts have any material conflict of interest at the time of publication of this report. It is confirmed that KIASL and Research Analysts primarily responsible for this report and whose name(s) is/ are mentioned therein of this report have not received any compensation from the subject company mentioned in the report in the preceding twelve months. PUBLISHED BY KIASL is a part of the Karvy Group, a premier integrated financial services provider. We offer a wide array of investment advisory services including Comprehensive Financial Planning, Wealth Review and Investment Strategy services, Equity Review and Investment Strategy, Mutual Fund Review and Investment Strategy, Wealth Advice Package, and Wealth Planning for Retired Individuals. Head Office: 46, Avenue 4, Street No.1, Banjara Hills, Hyderabad, , Telangana, India. Tel:
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Oct-17 v-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 BUY CMP (Rs) 190 Target Price (Rs) 247 Potential Upside 29.7% Sensex 33,349 Nifty 10,030 Key Stock data BSE Code
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