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You are here : IndiaNotes >> Research & Analysis >> Companies >> Great Eastern Shipping Company Ltd. >> Research

Firstcall are 'overweight' in this shipping and offshore business company

Firstcall India Equity | 13 Apr, 2016  | Follow Author | Add to my Favourites 
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SYNOPSIS


- The Great Eastern Shipping Company Ltd, through its subsidiaries, is engaged in shipping and offshore businesses in India and internationally.


- During Q3 FY16, consolidated net profit jumps to Rs. 2748.60 mn against Rs. 1817.00 mn in Q3 FY15, an increase of 51.27%.


- Consolidated revenue for the quarter rose by 7.97% to Rs. 9477.40 mn from Rs. 8778.10 mn, when compared with the prior year period.


- During the quarter, consolidated EBITDA is Rs. 5402.40 mn as against Rs. 4068.40 mn in the corresponding period of the previous year, grew by 32.79%.


- In Q3 FY16, consolidated PBT rises by 70.13% of Rs. 3019.30 mn against Rs. 1774.70 mn in Q3 FY15.


- EPS of the company stood at Rs. 18.23 a share during the quarter, registering 51.27% increased over previous year period.


- The company has declared an interim dividend of Rs. 7.5/- per share on face value of Rs. 10.00/- each for the financial year 2015-16.


- Net sales registered a growth of 14.64% of Rs. 29277.40 mn for nine months end of FY16 as compared to Rs. 25537.90 mn for nine months end of FY15.


- For the end of 9M FY16, Net Profit grew by 60.52% at Rs. 9812.00 mn compared to Rs. 6112.70 mn for the end of9M FY15.


- Net Sales and PAT of the company are expected to grow at a CAGR of 9% and 28% over 2014 to 2017E respectively.


OUTLOOK AND CONCLUSION


- At the current market price of Rs.328.40, the stock P/E ratio is at 4.04 x F Y16E and 3.40 X FY17E respectively.


- Earning per share (EPS) of the company for the earnings for F Y16E and FY17E is seen at Rs. 81.28 and Rs. 96.51 respectively.


- Net Sales and PAT of the company are expected to grow at a CAGR of 9% and 28% over 2014 to 2017E respectively.


- On the basis of EV/EBITDA, the stock trades at 2.98 x for F Y16E and 2.63 X for F Y17E.


- Price to Book Value of the stock is expected to be at 0.58 x and 0.52 x for F Y16E and F Y17E respectively.


- Hence, we say that, we are Overweight in this particular scrip for Medium to Long term investment.



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About Firstcall India Equity

Firstcall India Equity of Firstcall India Equity Advisors Pvt. Limited (FIEA), is a leading financial services provider in India and a SEBI Registered Category-I Merchant Banker. FIEA is a culmination of a credible Equity Research Capabilities, Long Standing Relationship with leading FIIs, DFIs, MFs, Overseas Pension Funds etc. The company’s research caters to the needs of the largest news wire and media houses of the world namely Reuters, Thomson, Capital IQ, Themarkets.com, Emerging Markets Euro money Publications-UK. The Company is among the major players in the Debt and Equity markets.


For more information please write in to [email protected]

 

Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.




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