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You are here : IndiaNotes >> Research & Analysis >> Companies >> Minda Industries Ltd. >> Research

Minda Industries Q4FY17: Why are Firstcall overweight on the stock?

Firstcall India Equity | 18 May, 2017  | Follow Author | Add to my Favourites 
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SYNOPSIS

  • Minda Industries Ltd (MIL) is part of UNO MINDA Group, India’s largest player in 2W 3W Switches among Top 3 players in Automotive Lighting World’s 2nd largest player in Horns.
  • During Q4 FY17, consolidated revenue jumps to Rs. 9480.50 mn from Rs. 7173.20 mn in Q4 FY16, an increase of 32.17%.
  • Consolidated Net Profit for the quarter stood at Rs. 577.80 mn as against Rs. 425.50 mn, when compared with the prior year period, up by 35.79%.
  • During Q4 FY17, consolidated EBIDTA is Rs. 1142.50 mn as against Rs. 833.50 mn in Q4 FY16, grew by 37.07%.
  • During Q4 FY17, consolidated PBT increased by 36.25% to Rs. 712.30 mn from Rs. 522.80 mn in Q4 FY16.
  • EPS of the company stood at Rs. 7.28 a share during the quarter, as against Rs. 26.82 per share over previous year period.
  • Minda Industries Ltd has recommended a final dividend of Rs. 1 per equity share of Rs. 2 each i.e. 50% to the equity shareholders for the year ended on March 31, 2017.
  • Net Sales & PAT of the company are expected to grow at a CAGR of 21% and 40% over 2016 to 2019E respectively.


OUTLOOK AND CONCLUSION

  • At the current market price of Rs. 546.25, the stock P/E ratio is at 20.61 x FY18E and 17.75 x FY19E respectively.
  • Earning per share (EPS) of the company for the earnings for FY18E and FY19E is seen at Rs. 26.50 and Rs. 30.77 respectively.
  • Net Sales and Operating Profit of the company are expected to grow at a CAGR of 21% and 40% over 2016 to 2019E respectively.
  • On the basis of EV/EBITDA, the stock trades at 8.97 x for FY18E and 7.40 x for FY19E.
  • Price to Book Value of the stock is expected to be at 5.19 x and 4.02 x for FY18E and FY19E respectively.

 


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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.


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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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