DILIP BUILDCON LTD (DBL)
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- Giles Caldwell
- 6 years ago
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1 COMPANY UPDATE Teena Virmani Summary table (Rs mn) FY18E FY19E FY20E Sales 70,347 84,417 97,079 Growth (%) EBITDA 12,655 15,608 17,949 EBITDA margin (%) PBT 6,295 9,598 11,885 Net profit 5,666 7,678 8,320 EPS (Rs) Growth (%) 57% 36% 8% CEPS (Rs) BVPS (Rs) ROE (%) ROCE (%) Net debt (cash) 22,000 15,840 12,010 NW capital (Days) P/E (x) P/BV (x) EV/Sales (x) EV/EBITDA (x) Source: Company, Kotak Securities Private Client Research DILIP BUILDCON LTD (DBL) PRICE: RS.967 RECOMMENDATION: BUY TARGET PRICE: RS.1217 FY20E PE: 15.9X We met with the management of Dilip Buildcon and NHAI official during their investor meet to get an understanding of upcoming opportunities in road sector and how DBL is expected to benefit from the same. DBL has managed to bag orders worth Rs 139 bn in current fiscal till date and has mentioned that effective bidding is the key to win the projects and maintain margins. Company is confident of maintaining similar trend in order inflows for FY19 too with improved execution. We maintain our estimates and target price of Rs 1217 based on 20x FY20 earnings. Key highlights of the meeting: Mr Rajiv Agarwal, NHAI RO, UP and highlight below the key takeways- NHAI has floated tenders worth Rs 1.4 trn, out of which bidding has already happened for projects worth Rs 600 bn and bidding for another Rs 800 bn is likely to happen in next 6 months. The size of the orders has gone up almost 10x since and companies which are able to actively start the project by committing their equities are able to finish the projects on time. In UP, 2000 km of projects are under execution and every year nearly 400 km are getting completed. Uttar Pradesh has traditionally been a difficult state to complete projects but with the same government at the state and centre level, things have changed in UP. Project approvals are faster, utility shifting charges have reduced. Approvals for sand mining at the site have also become easier. However, with changes in land acquisition act, the land cost has moved up quite sharply and in some cases, it has moved up even more than the construction cost, so NHAI is also exploring options for Greenfield alignments. Every fortnightly, project performance is being reviewed which also helps in addressing the concerns affecting project execution. There is an opportunity worth Rs 300 bn for road projects in UP in next one year with projects expected to come near Faizabad, Varanasi ring road, Gaziabad to Balia, Lucknow ring road etc. So the players who are able to bring in their own equity to start the project on time are able to survive as they complete their projects faster. Project awarding activity from NHAI, which has jumped up sharply in last two months, is likely to remain strong going forward too as the awarding for Bharatmala projects is also likely to pick up pace. Issues such as demonetization, difficulties in land acquisition (as largely 80% or more is to be acquired before the award of the project) and GST have largely been addressed and current momentum is expected to be maintained going forward. Funding for the Bharatmala projects is not likely to pose a challenge as it is expected to be raised via external borrowings, LIC, EPFO as well as via masala bonds along with TOT asset monetization, InVIT. Recent TOT asset monetization of 9 projects by NHAI fetched 55% higher than NHAI s expected enterprise valuation. NHAI intends to raise USD 5.2 bn (Rs 340 bn) through monetization of 82 operating highways under ToT model. Kotak Securities Private Client Research Please see the Disclosure/Disclaimer on the last page For Private Circulation 2
2 Estimated investment in National and State highways (Rs bn) National highways State highways FY17E FY18E FY19E FY20E FY21E Source: Crisil Research, Company presentation Healthy order inflow in the current fiscal so far DBL has bagged healthy order inflow of Rs 139 bn so far in FY18 vs Rs 31.7 bn till Jan, 2018 (10MFY18). This is much ahead of our expectation of Rs 70 bn of order inflow for FY18. Following are the details of the new inflow for the company during Q4FY18 9th March - Company has been declared as L1 by NHAI for EPC project under NHDP-IVB for Dagamagpur-Lalganj in UP for Rs 7.7 bn 6th March - DBL has received Letter of Award by the National Highways Authority of India for a new Hybrid Annuity Project valued at Rs bn in the State of Jharkhand for Six Laning of Gorhar to Khairatunda Section of NH-2 from Km to Km under NHDP Phase-V on Hybrid Annuity Mode. 1st March - DBL has received Letter of Awards by the National Highways Authority of India for two new Hybrid Annuity Projects valued at Rs bn in the State of Karnataka. a) Six laning of Bangalore-Nidagatta Section km to km of NH-275 in the State of Karnataka DBL bid cost was Rs 21.9 bn vs NHAI cost of Rs bn. B) Six- Laning from Nidagatta-Mysore Section from km to km of NH-275 in the State of Karnataka with DBL project bid cost of Rs bn vs NHAI cost of Rs bn. 1st March - DBL has received Letter of Award on February 28, 2018 by the National Highways Authority of India for a new Hybrid Annuity Project valued at Rs bn in the State of Andhra Pradesh for Six laning of Anandapuram- Pendurthi-Anakapalli section of NH-5 (new NH-16) from Km (Existing Km J to Krn (Existing Km ) vs NHAI cost of Rs bn. 28th Feb - DBL has received Letter of Awards from the National Highways Authority of India for two new EPC Project valued at Rs. 6.7 bn and 3.8 bn in the State of Uttar Pradesh and Karnataka respectively. In both these projects, DBL s bid cost was 21-23% lesser than that of NHAI. 22nd Feb - DBL has received Letter of Award from Ircon International Limited, (Government of India Undertaking) for a new EPC Project valued at Rs bn in the State of Karnataka. 1st Feb - DBL has received Letter of Award from the National Highways Authority of India for a new EPC Project valued at Rs bn in the State of Maharashtra under NHDP Phase IV-B. Kotak Securities Private Client Research Please see the Disclosure/Disclaimer on the last page For Private Circulation 3
3 25th Jan - DBL has received Letter of Award from the National Highways Authority of India for a new Hybrid Annuity Project under NHDP Phase V valued at Rs bn in the State of Odisha - for Rehabilitation and Up-gradation to Six-Laning of Chandikhole-Bhadrak Section of NH-5 (New NH-16) from km to kn in the State of Odisha to be executed as Hybrid Annuity Proiect under NHDP Phase V. 19th Jan - DBL has received Letter of award from 'IRCON INTERNATIONAL LIMITED' for an EPC project valued at Rs. 3.6 bn in the State of Karnataka. 18th Jan - Company has received Letter of Award from the National Highways Authority of India (NHAI) for an EPC road project in the state of Madhya Pradesh for Rs 7.3 bn in MP. DBL future growth strategy Road to continue to remain the major focus area for the company Road segment is likely to remain key focus area for the company owing to its expertise as well as upcoming project bids where DBL is prequalified to bid. As at the end of Q3FY18, Road projects form 80% of the order book while mining contributes 16%. Urban development and irrigation contribute 3% and 1% respectively of the total order book. Diversification in other emerging segments Along with the road projects, company is also planning to diversify in other segments such as railways, urban infra (metros), tunneling as well as airport projects on EPC basis. It would continue to target higher margins while bidding for these projects but initially margins may not be as high as 18% since it is planning to enter these segments. O&M from road portfolio DBL believes that O&M is going to be a new growth option for the company and it expects to get revenues worth Rs 67 bn + from the existing projects over the entire concession period. It is also planning to bid for upcoming opportunities in O&M which may come either by tying up with players bidding for TOT projects or similar projects from NHAI. Early completion bonus to keep margins strong From the existing portfolio of 6 old HAM projects, company s execution is much ahead of its milestones. For few projects, even the execution is likely to get completed 1 year ahead of schedule. It expects to get nearly Rs bn of early completion bonus over next two years if these projects get completed ahead of time. Debt not likely to move up going forward DBL is confident that debt is not likely to move up sharply from current levels despite better than expected execution and order inflow. It expects debt equity to remain around 1.1x in FY18-19 while expects it to come down to 0.5x in next 2-3 years. This is likely to be achieved either with further asset monetization plan or reducing the debt related to gross block by hiving it off in a separate company. But these options are currently at very initial stages and may take time to materialize. Strong cash flows, reduction in receivables and proceeds from stake sale of BOT projects to fund equity requirements Funding for recently awarded projects is likely to be met via internal accruals as well as proceeds from stake sale of earlier projects. For the new HAM projects, company expects incremental debt of Rs 30 bn and equity requirements of nearly Rs 7-8 bn. It is likely to receive Rs 9.5 bn in FY19 from the Annuity/BOT project portfolio sale, out of which Rs 6.5 bn is the equity freed from the operational projects. This amount is likely to be utilized for debt reduction and equity commitments along with the internal accruals. DBL is confident of maintaining the working capital cycle and is not expecting a sharp jump despite faster than expected execution going forward. Kotak Securities Private Client Research Please see the Disclosure/Disclaimer on the last page For Private Circulation 4
4 Financial outlook With a strong order inflow of Rs 139 bn so far in the current financial year, we expect company to focus on faster execution of the order book. We maintain our estimates and expect revenues to grow at a CAGR of 24% between FY With timely financial closure of new projects, the execution can also be faster than our expectation. Company is confident of achieving revenues of Rs 100 bn FY19 itself as against our estimate of Rs 84.4 bn. Operating margins of the company are likely to remain strong due to no hiring and sub-contracting charges. Along with this, company also owns a large fleet of equipment which would aid in maintaining the margins around % going forward. We maintain our estimates and expect margins of 18%/18.5%/18.5% for FY18/19/20 respectively. Borrowings are likely to move up on a consolidated basis post financial closure of the recently awarded projects. But with refinancing of interest rates as well as reduction in working capital, we expect net profit to grow at a CAGR of 32% between FY We maintain BUY on Dilip Buildcon Ltd with a price target of Rs.1217 Valuations and recommendation At current price of Rs 967, stock is trading at 17.2x/15.9x P/E and 9.5x/8.0x EV/EBITDA on FY19/20 respectively. We value the company at 20x FY20 earnings and maintain our target price of Rs 1217 on FY20 estimates. We maintain BUY on the stock. Kotak Securities Private Client Research Please see the Disclosure/Disclaimer on the last page For Private Circulation 5
5 RATING SCALE Definitions of ratings BUY We expect the stock to deliver more than 12% returns over the next 12 months ACCUMULATE We expect the stock to deliver 5% - 12% returns over the next 12 months REDUCE We expect the stock to deliver 0% - 5% returns over the next 12 months SELL We expect the stock to deliver negative returns over the next 12 months NR Not Rated. Kotak Securities is not assigning any rating or price target to the stock. The report has been prepared for information purposes only. RS Rating Suspended. Kotak Securities has suspended the investment rating and price target for this stock, either because there is not a Sufficient fundamental basis for determining, or there are legal, regulatory or policy constraints around publishing, an investment rating or target. The previous investment rating and price target, if any, are no longer in effect for this stock and should not be relied upon. NA Not Available or Not Applicable. The information is not available for display or is not applicable NM Not Meaningful. The information is not meaningful and is therefore excluded. NOTE Our target prices are with a 9-month perspective. Returns stated in the rating scale are our internal benchmark. FUNDAMENTAL RESEARCH TEAM Sanjeev Zarbade Ruchir Khare Amit Agarwal Nipun Gupta Capital Goods, Engineering Capital Goods, Engineering Logistics, Paints, Transportation Information Technology sanjeev.zarbade@kotak.com ruchir.khare@kotak.com agarwal.amit@kotak.com nipun.gupta@kotak.com Teena Virmani Ritwik Rai Jatin Damania Jayesh Kumar Construction, Cement, Building Mat FMCG, Media Metals & Mining Economy teena.virmani@kotak.com ritwik.rai@kotak.com jatin.damania@kotak.com kumar.jayesh@kotak.com Arun Agarwal Sumit Pokharna Pankaj Kumar K. Kathirvelu Auto & Auto Ancillary Oil and Gas Midcap Production arun.agarwal@kotak.com sumit.pokharna@kotak.com pankajr.kumar@kotak.com k.kathirvelu@kotak.com TECHNICAL RESEARCH TEAM Shrikant Chouhan Amol Athawale shrikant.chouhan@kotak.com amol.athawale@kotak.com DERIVATIVES RESEARCH TEAM Sahaj Agrawal Malay Gandhi Prashanth Lalu Prasenjit Biswas, CMT sahaj.agrawal@kotak.com malay.gandhi@kotak.com prashanth.lalu@kotak.com prasenjit.biswas@kotak.com Kotak Securities Private Client Research Please see the Disclosure/Disclaimer on the last page For Private Circulation 7
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