Download - Fundamental Equity Analysis & Recommendations - BSE100 Index - A broad-based index, the S&P BSE-100
&riSQeaioQd !iQdtncn & !iQdtno FaRleeaiSQoclinMEN 7asenlmn AibuBkabu 8N9 -,,8N9-,, Bkabu & 7 QmlPa&QPnba ekabu! odb N&I 8N9&-,, tPn clmjbmiv hkltk Pn odb 8N9 FPoelkPi ekabu' Bo dPn -650&51 Pn odb QPnb vbPm Pka tPn iPrkSdba ek -656'
October 2013
A . M !SscnlmnA . M !Sscnlmn | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
efo h!pbnf!g albo ilp Tliopfprpb fisbophbip !asfTb !ia oelrga ilp .b sfbtba !o ! Trnnbip ln m!op nbTlhhbia!pfli ln ! olgfTfp!pfli lc !i lccbn pl .ru ln obgg !iu obTrnfpfbo ln pl !almp !iu fisbophbip opn!pbdu.
Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 15439500 2063.628 1118 1118 203 219 219 104.27 110.09 110.09 16.13 16.13 15.27 15.27 18.47
Euro Stoxx 50 Pr EUR 2965996 6102.334 4723 4723 775 796 796 235.03 303.10 303.10 22.78 20.43 17.67 17.67 21.65
NIKKEI 225 JPY 2838405 199.5747 197 197 19 22 22 6.14 8.10 8.10 0.25 0.24 0.19 0.19 0.12
FTSE 100 INDEX GBP 2909103 12791.87 10098 10098 1536 1670 1670 543.36 812.04 812.04 31.26 24.36 20.92 20.92 23.16
SWISS MARKET INDEX CHF 1126878 11568.39 4219 4219 977 864 864 458.21 571.55 571.55 21.56 18.37 17.29 17.29 24.73
S&P/TSX COMPOSITE INDEX CAD 1689705 17647.02 7386 7386 1850 1964 1964 731.18 803.05 803.05 16.47 16.48 15.00 15.00 24.05
S&P/ASX 200 INDEX AUD 1359491 6456.327 2699 2699 549 686 686 217.71 323.09 323.09 21.24 17.03 14.31 14.31 20.05
HANG SENG INDEX HKD 1767307 3537.043 1667 1667 375 392 392 278.24 268.98 268.98 1.37 1.45 1.41 1.41 2.97
MSCI EM USD 7417180 1371.527 981 981 191 179 179 85.06 87.95 87.95 11.61 11.93 11.23 11.23 19.56
ITC LTD INR 43580 123 7902 0 0 0 1 42.21 5025 5025 5817 6810 1791 1791 - - 0.15 0.16 0.18 0.21 0.57 0.58 0.49 0.41 0.32 0.26 0.32 0.31 0.57 - - - -
INFOSYS LTD INR 27757 26 571 0 0 0 4 24.51 6473 6738 7628 8520 1852 1993 513 513 2.65 2.67 2.86 3.21 0.29 0.29 0.27 0.24 0.31 0.27 0.12 0.27 0.47 BBB+ 07.05.2010 - -
RELIANCE INDUSTRIES LTD INR 42706 188 2936 17 0 0 11 49.45 63698 63698 63154 65274 5355 5355 - - 1.14 1.14 1.15 1.29 0.19 0.19 0.18 0.16 0.17 0.39 -0.08 0.14 0.13 BBB+ 29.05.2013 Baa2 07.02.2006
HOUSING DEVELOPMENT FINANCE INR 19371 45 1546 26 0 0 0 45.55 5772 5772 4182 5005 3506 3506 - - 0.70 0.70 0.58 0.69 0.28 0.28 0.35 0.29 0.30 0.59 0.36 0.35 0.97 - - - -
HDFC BANK LIMITED INR 23285 142 2379 8 0 0 4 6897 6897 - - - - - 0.47 0.57 0.72 0.33 - 0.27 0.22 0.41 0.47 - - - BBB- 17.01.2008 Baa2 30.04.2012
TATA CONSULTANCY SVCS LTD INR 61029 24 1957 0 0 0 1 58.99 10105 10605 12706 14588 2894 3033 937 937 1.14 1.18 1.43 1.64 0.42 0.42 0.35 0.30 0.46 0.37 0.40 0.41 0.46 BBB+ 07.05.2010 - -
ICICI BANK LTD INR 16797 297 1154 31 0 8 11899 11899 - - - - - 1.34 1.36 0.17 - 0.17 0.18 0.07 - - - NR 27.10.2003 Baa2 25.05.2006
HINDUSTAN UNILEVER LTD INR 21409 181 2162 0 0 0 1 20.82 4332 4332 4777 5427 678 678 - - 0.25 0.28 0.27 0.29 0.56 0.64 0.60 0.55 0.24 - 0.33 - 0.25 - - - -
LARSEN & TOUBRO LTD INR 11860 198 923 10 0 0 2 20.54 11951 11951 13035 14900 1644 1644 - - 0.85 0.91 0.86 0.99 0.23 0.24 0.24 0.21 0.25 0.34 0.14 0.38 0.22 - - - -
TATA MOTORS LTD INR 15754 452 3190 9 0 0 3 21.16 30291 30291 35070 39741 3937 3937 1008 1008 0.50 0.50 0.62 0.73 0.17 0.17 0.14 0.12 0.22 0.70 0.16 0.72 0.21 BB 09.07.2012 WR 15.07.2007
OIL & NATURAL GAS CORP LTD INR 35960 266 8555 3 0 0 3 36.44 26053 26053 27946 30111 7162 7162 - - 0.45 0.45 0.51 0.62 0.15 0.15 0.13 0.11 0.16 0.18 -0.17 0.07 0.44 BBB- 23.04.2013 WR 04.12.2000
SUN PHARMACEUTICAL INDUS INR 19606 38 2071 0 0 0 1 19.37 1813 1813 2297 2651 799 799 248 248 0.27 0.23 0.34 0.39 0.66 0.57 0.45 0.38 0.66 0.47 0.83 0.45 0.71 - - - -
STATE BANK OF INDIA INR 18003 210 684 43 0 1 29 32181 32181 16764 19015 - - - - - 4.28 3.81 4.54 0.10 - 0.11 0.09 0.21 0.28 - - - BBB- 30.01.2007 Baa3 23.09.2013
BHARTI AIRTEL LTD INR 20572 159 3798 12 0 1 1 30.78 12884 12611 13816 15171 4003 3901 1085 1085 0.10 0.09 0.18 0.27 0.89 0.93 0.47 0.31 0.20 0.31 0.08 0.27 0.50 BB+ 09.06.2010 - -
MAHINDRA & MAHINDRA LTD INR 8225 86 590 5 0 1 1 12.65 10049 10049 11667 13195 800 800 - - 0.99 1.12 1.17 1.39 0.19 0.22 0.18 0.15 0.23 0.49 0.19 0.09 0.13 - - - -
WIPRO LTD INR 18667 90 2463 1 0 0 2 17.08 6004 6565 6853 7595 1225 1323 376 376 0.40 0.43 0.47 0.52 0.28 0.29 0.26 0.23 0.28 0.17 0.30 0.21 0.32 BBB+ 02.04.2012 - -
AXIS BANK LTD INR 7775 175 468 11 0 0 3 5461 5461 3137 3836 - - - - - 1.94 2.19 2.63 0.14 - 0.12 0.10 0.38 0.51 - - - BBB- 30.01.2007 Baa2 24.04.2007
DR. REDDY'S LABORATORIES INR 6565 29 170 1 0 0 7.07 1865 1865 2132 2395 - - 123 123 1.58 1.59 1.73 2.01 0.39 0.39 0.36 0.31 0.33 0.31 - - - - - - -
HCL TECHNOLOGIES LTD INR 12033 21 697 0 0 0 1 11.45 4128 4128 5035 5753 936 936 280 280 0.93 0.95 1.16 1.29 0.29 0.29 0.24 0.21 0.38 0.42 0.71 0.45 0.36 - - - -
NTPC LTD INR 19140 41 8245 11 0 0 3 27.29 11130 11130 12440 13819 2939 2939 - - 0.22 0.24 0.21 0.23 0.15 0.17 0.17 0.16 0.08 0.19 0.32 0.12 0.42 BBB- 30.01.2007 - -
BAJAJ AUTO LTD INR 9275 12 289 0 0 0 1 8.77 3134 3134 3456 3952 586 586 - - 1.74 1.74 1.96 2.27 0.30 0.30 0.26 0.23 0.05 0.30 -0.04 - 0.30 - - - -
KOTAK MAHINDRA BANK LTD INR 8356 20 747 6 0 0 1 2559 2559 1939 2263 - - - - - 0.47 0.54 0.65 0.37 - 0.32 0.27 0.36 0.27 - - - - - - -
UNITED SPIRITS LTD INR 5772 180 131 1 0 0 0 7.06 1700 1700 1912 2194 215 215 - - -0.15 -0.13 0.72 1.09 - - 0.89 0.58 0.25 0.29 0.19 0.04 0.20 - - - -
SESA GOA LTD INR 8425 1059 869 1 0 0 0 9.12 410 410 11620 13705 83 83 -6 -6 0.41 0.42 0.46 0.55 0.11 0.11 0.10 0.08 -1.11 0.09 -1.37 -0.41 0.33 - - - -
CIPLA LTD INR 5569 21 803 0 0 0 0 5.36 1328 1328 1550 1793 355 355 92 92 0.31 0.31 0.32 0.37 0.36 0.36 0.35 0.30 0.30 0.25 0.37 0.34 0.43 - - - -
ASIAN PAINTS LTD INR 7013 49 959 0 0 0 0 6.95 1750 1750 2009 2335 280 280 74 74 0.19 0.19 0.21 0.26 0.63 0.63 0.55 0.46 0.22 0.32 0.21 0.34 0.26 - - - -
CAIRN INDIA LTD INR 9714 39 1910 0 0 0 2 7.76 2811 2811 3002 3075 2097 2097 531 531 1.00 1.01 0.92 0.89 0.08 0.08 0.09 0.09 0.77 - 0.65 - 1.20 - - - -
LUPIN LTD INR 6128 28 448 0 0 0 0 6.27 1547 1547 1791 2085 373 373 105 105 0.47 0.47 0.58 0.69 0.47 0.47 0.38 0.32 0.59 0.47 0.95 0.47 0.39 - - - -
NESTLE INDIA LTD INR 8012 7 96 0 0 0 0 8.03 1332 1332 307 307 - - 1.78 1.78 0.75 0.75 0.17 0.30 0.22 0.40 0.37 - - - -
TECH MAHINDRA LTD INR 4926 31 128 0 0 0 0 5.05 1103 1103 2871 3176 233 233 181 181 1.55 1.62 1.95 2.07 0.21 0.22 0.17 0.16 0.40 0.21 0.88 0.18 0.34 - - - -
HERO MOTOCORP LTD INR 6378 19 200 0 0 0 1 5.87 3783 3783 530 530 - - 1.70 1.70 0.30 0.30 0.01 0.29 -0.16 0.31 0.22 - - - -
ULTRATECH CEMENT LTD INR 7949 12 274 1 0 0 1 8.46 3394 3394 3723 4266 772 772 - - 1.57 1.57 1.64 1.90 0.30 0.30 0.28 0.24 0.17 0.54 0.25 0.36 0.36 - - - -
MARUTI SUZUKI INDIA LTD INR 6679 96 302 0 0 0 1 6.01 6933 6933 7513 8581 717 717 - - 1.31 1.31 1.53 1.83 0.27 0.27 0.23 0.19 0.37 0.32 1.07 0.18 0.17 - - - -
COAL INDIA LTD INR 30004 163 6316 0 0 0 10 20.08 10957 10957 11606 12430 3182 3182 557 557 0.44 0.44 0.44 0.48 0.17 0.17 0.17 0.16 0.15 0.26 0.24 0.35 0.47 - - - -
TATA STEEL LTD INR 4278 970 971 11 0 0 2 13.51 21611 21243 22600 23529 1977 2022 539 539 -0.86 -1.09 0.45 0.58 - - 0.16 0.12 0.02 -0.03 -0.01 -0.13 0.15 BB 09.08.2011 - -
GRASIM INDUSTRIES LTD INR 3886 2 92 2 0 1 1 5.61 4477 4477 4748 5432 954 954 - - 4.48 4.74 4.61 5.39 0.14 0.15 0.15 0.13 0.17 0.17 0.10 0.06 0.34 - - - -
INDUSIND BANK LTD INR 3181 323 523 2 0 0 1 1338 1407 - - - - - 0.37 0.26 - 0.50 - - - - - - - -
GAIL INDIA LTD INR 6618 9 1268 3 0 0 1 8.96 8164 8164 8706 10253 1209 1209 - - 0.55 0.55 0.56 0.59 0.15 0.15 0.15 0.14 0.25 0.38 0.10 0.17 0.24 - - - -
POWER GRID CORP OF INDIA LTD INR 7301 22 4630 11 0 0 0 17.95 2104 2104 2546 2927 1820 1820 - - 0.15 0.15 0.16 0.19 0.17 0.17 0.16 0.13 0.44 - 0.45 - 1.39 BBB- 03.01.2013 - -
HINDALCO INDUSTRIES LTD INR 3392 592 1915 9 0 0 2 11.11 12865 12865 14011 15446 1237 1237 - - 0.25 0.25 0.21 0.23 0.11 0.11 0.14 0.12 -0.01 0.10 0.01 0.06 0.15 - - - -
IDEA CELLULAR LTD INR 9158 257 3314 2 0 0 0 11.02 3595 3595 4272 4860 956 956 303 303 0.05 0.05 0.09 0.13 0.90 0.91 0.50 0.35 0.24 0.45 0.29 0.34 0.43 - - - -
AMBUJA CEMENTS LTD INR 4477 69 1542 0 0 0 1 3.88 1562 1562 1673 2138 446 446 74 74 0.16 0.13 0.16 0.19 0.34 0.28 0.29 0.25 0.23 0.18 0.60 0.10 0.46 - - - -
ZEE ENTERTAINMENT ENTERPRISE INR 3562 436 954 0 0 0 0 3.40 594 594 684 788 154 154 52 52 0.12 0.12 0.14 0.17 0.49 0.49 0.42 0.35 0.35 0.25 0.45 0.19 0.42 - - - -
TATA POWER CO LTD INR 2987 272 2373 6 0 0 0 9.01 5298 5298 5919 6190 1089 1089 - - 0.00 -0.01 0.07 0.09 - - 0.31 0.23 0.43 0.43 0.43 0.43 0.33 B+ 06.09.2013 B2 05.10.2012
BHARAT HEAVY ELECTRICALS INR 5572 690 2448 0 0 0 1 4.76 7717 7717 6572 6031 1763 1763 - - 0.44 0.44 0.29 0.26 0.08 0.08 0.12 0.14 0.02 - -0.04 - 0.37 - - - -
IDFC LTD INR 2183 554 1515 9 0 0 0 10.87 1307 1307 610 686 1163 1163 - - 0.19 0.19 0.21 0.24 0.12 0.12 0.11 0.10 0.43 0.38 0.35 0.39 1.43 BBB- 27.12.2011 - -
GODREJ CONSUMER PRODUCTS LTD INR 4532 2 340 0 0 0 0 4.82 1028 1028 1246 1479 163 163 52 52 0.33 0.38 0.39 0.48 0.57 0.66 0.55 0.44 0.51 0.70 0.26 0.56 0.26 - - - -
RELIANCE COMMUNICATIONS LTD INR 4927 1223 2064 7 0 0 0 11.22 3095 3154 3673 3875 948 955 234 234 0.05 0.05 0.09 0.10 0.80 0.80 0.45 0.38 0.05 0.00 -0.26 -0.10 0.49 - - - -
ACC LTD INR 3315 9 188 0 0 0 0 2.94 1786 1786 1895 2128 352 352 59 59 1.19 0.91 1.06 1.25 0.31 0.24 0.27 0.23 0.18 0.16 0.23 0.03 0.32 - - - -
TITAN INDUSTRIES LTD INR 3316 59 888 0 0 0 0 3.14 1624 1624 1951 2330 164 164 - - 0.13 0.13 0.15 0.18 0.46 0.46 0.39 0.33 0.23 0.45 0.35 0.52 0.16 - - - -
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 15439500 2063.628 1118 1118 203 219 219 104.27 110.09 110.09 16.13 16.13 15.27 15.27 18.47
Euro Stoxx 50 Pr EUR 2965996 6102.334 4723 4723 775 796 796 235.03 303.10 303.10 22.78 20.43 17.67 17.67 21.65
NIKKEI 225 JPY 2838405 199.5747 197 197 19 22 22 6.14 8.10 8.10 0.25 0.24 0.19 0.19 0.12
FTSE 100 INDEX GBP 2909103 12791.87 10098 10098 1536 1670 1670 543.36 812.04 812.04 31.26 24.36 20.92 20.92 23.16
SWISS MARKET INDEX CHF 1126878 11568.39 4219 4219 977 864 864 458.21 571.55 571.55 21.56 18.37 17.29 17.29 24.73
S&P/TSX COMPOSITE INDEX CAD 1689705 17647.02 7386 7386 1850 1964 1964 731.18 803.05 803.05 16.47 16.48 15.00 15.00 24.05
S&P/ASX 200 INDEX AUD 1359491 6456.327 2699 2699 549 686 686 217.71 323.09 323.09 21.24 17.03 14.31 14.31 20.05
HANG SENG INDEX HKD 1767307 3537.043 1667 1667 375 392 392 278.24 268.98 268.98 1.37 1.45 1.41 1.41 2.97
MSCI EM USD 7417180 1371.527 981 981 191 179 179 85.06 87.95 87.95 11.61 11.93 11.23 11.23 19.56
DABUR INDIA LTD INR 4710 32 1743 0 0 0 0 4.79 991 991 1140 1315 163 163 51 51 0.07 0.07 0.09 0.10 0.62 0.62 0.51 0.43 0.26 0.34 0.24 0.31 0.26 - - - -
SHRIRAM TRANSPORT FINANCE INR 2093 3 227 5 0 0 1 6.82 1126 1126 713 831 953 953 - - 1.04 1.04 1.14 1.34 0.14 0.14 0.13 0.11 0.22 - 0.26 - 1.36 - - - -
JINDAL STEEL & POWER LTD INR 3476 113 935 4 0 0 0 7.48 3177 3177 3445 4266 982 982 269 269 0.50 0.50 0.53 0.61 0.12 0.12 0.11 0.10 0.14 0.53 -0.22 0.33 0.50 - - - -
BANK OF BARODA INR 3345 73 421 16 0 0 14 6570 6570 - - - - - 1.87 0.07 - 0.30 0.38 - - - NR 30.12.2011 - -
NMDC LTD INR 7518 165 3965 0 0 0 2 5.96 1213 1213 936 936 - - - 0.18 0.17 - 0.52 - 0.56 - 1.24 - - - -
BHARAT PETROLEUM CORP LTD INR 3746 85 723 5 0 0 1 7.94 38829 38829 42159 43158 1282 1282 - - 0.42 0.42 0.46 0.52 0.20 0.20 0.18 0.16 0.23 0.29 0.38 0.27 0.05 - - (P)Baa3 12.10.2012
JSW STEEL LTD INR 2864 164 223 3 0 0 0 6.13 6130 6130 6992 7487 1046 1046 277 277 0.70 0.67 1.09 1.36 0.28 0.27 0.17 0.14 0.18 0.41 0.11 0.21 0.27 - - - -
COLGATE PALMOLIVE (INDIA) INR 2747 19 136 0 0 0 0 2.69 315 315 79 79 - - 0.51 0.51 0.63 0.63 0.25 0.24 0.67 0.37 0.40 - - - -
GLENMARK PHARMACEUTICALS LTD INR 2337 12 271 0 0 0 0 2.69 804 804 960 1129 162 162 48 48 0.36 0.36 0.45 0.55 0.38 0.38 0.31 0.25 0.40 0.33 0.66 0.07 0.32 - - - -
YES BANK LTD INR 1699 2354 359 4 0 0 1 1532 1532 685 851 - - - - - 0.59 0.66 0.82 0.13 - 0.11 0.09 - - - - - - - - -
PUNJAB NATIONAL BANK INR 2606 135 353 10 0 0 5 7600 7600 - - - - - 2.34 0.05 - 0.22 0.38 - - - NR 17.07.2006 - -
MAHINDRA & MAHINDRA FIN SECS INR 2345 91 569 3 0 0 0 5.52 660 660 605 704 496 496 - - 0.27 0.28 0.30 0.38 0.24 0.24 0.22 0.18 0.66 0.45 0.76 0.47 1.21 - - - -
ADANI PORTS AND SPECIAL ECON INR 4636 20 2003 2 0 0 0 6.37 574 574 722 856 436 436 - - 0.12 0.12 0.14 0.18 0.29 0.29 0.25 0.20 0.52 0.55 0.67 0.65 1.22 - - - -
UNITED BREWERIES LTD INR 3668 57 264 0 0 0 0 3.85 625 625 746 891 77 77 - - 0.10 0.10 0.16 0.22 2.10 2.10 1.35 0.99 0.15 0.33 0.25 0.32 0.20 - - - -
DIVI'S LABORATORIES LTD INR 2095 2 133 0 0 0 0 2.03 343 343 400 483 131 131 - - 0.73 0.73 0.86 1.04 0.35 0.35 0.30 0.24 0.24 0.29 0.29 0.22 0.61 - - - -
RURAL ELECTRIFICATION CORP INR 2987 180 987 17 0 0 0 20.03 2178 2178 1069 2120 2120 - - 0.62 0.62 0.67 0.68 0.08 0.08 0.07 0.07 0.47 0.50 0.47 0.50 1.56 - - (P)Baa3 12.01.2011
EXIDE INDUSTRIES LTD INR 1827 98 850 0 0 0 0 1.75 1021 1021 1114 1290 138 138 - - 0.10 0.10 0.12 0.14 0.33 0.33 0.28 0.24 0.32 0.26 0.21 0.19 0.22 - - - -
DLF LTD INR 3871 1584 1699 4 0 0 0 7.88 1247 1247 1414 1638 433 433 126 126 0.07 0.07 0.08 0.14 0.52 0.50 0.43 0.25 -0.31 -0.15 -0.53 -0.36 0.56 - - - -
TATA GLOBAL BEVERAGES LTD INR 1456 256 618 0 0 0 0 1.77 1166 1166 1291 1433 124 124 - - 0.10 0.10 0.13 0.15 0.39 0.37 0.30 0.26 0.17 0.18 0.38 0.03 0.17 - - - -
RANBAXY LABORATORIES LTD INR 2372 824 423 1 0 0 1 3.04 1966 1966 1835 2208 274 274 73 73 0.44 0.35 0.25 0.58 0.26 0.21 0.36 0.16 0.37 0.19 0.53 0.21 0.22 - - - -
LIC HOUSING FINANCE LTD INR 1550 165 505 11 0 0 0 12.66 1241 1241 366 396 1177 1177 - - 0.33 0.33 0.41 0.47 0.15 0.15 0.12 0.11 0.38 0.47 0.41 0.48 1.52 - - - -
RELIANCE POWER LTD INR 3051 1255 2805 4 0 0 1 6.48 790 790 945 1394 275 275 89 89 0.06 0.06 0.06 0.07 0.30 0.30 0.31 0.25 2.31 - 2.79 - 0.56 - - - -
CUMMINS INDIA LTD INR 1827 14 277 0 0 0 0 1.78 566 566 89 89 - - 0.26 0.27 0.42 0.50 0.39 0.41 0.25 0.21 0.53 0.40 0.63 0.56 0.25 - - - -
HINDUSTAN ZINC LTD INR 8900 42 4225 0 0 0 3 5.45 2037 2037 1044 1044 - - 0.26 0.26 0.13 0.13 0.18 0.20 0.11 0.06 0.82 - - - -
RELIANCE INFRASTRUCTURE LTD INR 1576 333 263 4 0 0 0 4.66 2488 2488 3485 3711 480 480 165 165 1.16 1.37 1.02 1.08 0.07 0.08 0.09 0.09 -0.17 0.36 0.15 0.62 0.31 - - - -
POWER FINANCE CORPORATION INR 2751 239 1320 22 0 0 0 25.12 2773 2773 1205 1302 2710 2710 - - 0.54 0.54 0.58 0.63 0.06 0.06 0.06 0.05 0.52 - 0.55 - 1.57 BBB- 30.01.2007 Baa3 05.02.2004
INDIAN OIL CORPORATION LTD INR 8012 43 2428 14 0 0 2 20.21 74080 74080 84105 86945 2616 2616 - - 0.29 0.29 0.39 0.48 0.18 0.18 0.14 0.11 0.21 0.29 -0.44 0.07 0.06 NR 29.12.2009 Baa3 25.01.2010
FEDERAL BANK LTD INR 786 43 171 1 0 0 1 1109 1109 - - - - - 0.80 0.09 - 0.21 0.31 - - - - - - -
UNITED PHOSPHORUS LTD INR 1014 70 443 1 0 0 0 1.43 1475 1475 1653 1828 270 270 68 68 0.28 0.27 0.33 0.38 0.13 0.13 0.11 0.10 0.32 0.35 0.32 0.35 0.29 - - - -
SIEMENS LTD INR 2788 29 340 0 0 0 0 2.58 1910 1910 1859 2104 203 203 - - 0.41 0.41 0.17 0.30 0.31 0.31 0.73 0.42 0.39 0.27 -0.08 0.23 0.17 - - - -
JAIPRAKASH ASSOCIATES LTD INR 1244 2042 2219 10 0 1 0 11.69 3019 3019 3533 4155 1095 1095 - - 0.03 0.03 0.05 0.09 0.26 0.27 0.20 0.10 0.44 0.60 0.38 0.49 0.58 - - - -
TATA CHEMICALS LTD INR 977 8 255 1 0 0 0 2.28 2384 2384 2508 2643 377 377 - - 0.53 0.25 0.49 0.55 0.24 0.12 0.13 0.11 0.12 0.44 -0.02 0.32 0.25 - - - -
STEEL AUTHORITY OF INDIA INR 3306 258 4131 4 0 0 1 6.24 7233 7233 7584 8691 816 816 - - 0.09 0.09 0.09 0.11 0.14 0.14 0.15 0.11 -0.05 0.05 -0.33 -0.25 0.18 BBB- 29.04.2010 - -
RELIANCE CAPITAL LTD INR 1264 356 246 4 0 0 0 4.85 1202 1202 955 1066 581 581 111 111 0.53 0.53 0.40 0.48 0.16 0.16 0.21 0.17 0.22 0.15 0.34 0.27 0.78 - - - -
ADANI ENTERPRISES LTD INR 2524 151 1100 11 0 1 0 13.77 7454 7454 9168 10858 1043 1043 464 464 0.16 0.24 0.29 0.44 0.16 0.24 0.13 0.08 0.29 0.37 0.36 0.85 0.22 - - - -
BANK OF INDIA INR 1547 198 596 12 0 0 14 5756 5756 - - - - - 0.79 0.05 - 0.20 0.33 - - - BBB- 30.01.2007 (P)Baa3 15.03.2013
NHPC LTD INR 3809 294 12301 3 0 0 1 6.17 1027 1027 1109 1236 691 691 - - 0.03 0.03 0.03 0.03 0.15 0.16 0.16 0.14 -0.18 0.31 -0.26 0.20 1.08 BBB- 25.09.2009 - -
CANARA BANK INR 1604 102 443 5 0 0 6 5995 5995 - - - - - 1.08 0.05 - 0.16 0.29 - - - NR 30.12.2011 - -
BHARAT FORGE LTD INR 933 11 233 0 0 0 0 1.26 915 915 984 1096 127 127 150 150 0.17 0.18 0.23 0.31 0.35 0.38 0.28 0.21 -0.15 0.13 -0.43 -0.03 0.22 - - - -
CROMPTON GREAVES LTD INR 900 103 641 0 0 0 0 1.06 1940 1940 2131 2364 61 61 24 24 -0.03 -0.01 0.10 0.14 - - 0.23 0.16 0.12 0.20 -0.84 -0.20 0.05 - - - -
HINDUSTAN PETROLEUM CORP INR 1035 86 339 7 0 0 1 7.86 34643 34643 34710 35726 673 673 - - 0.16 0.24 0.46 0.56 0.21 0.30 0.11 0.09 0.27 0.28 -0.03 0.23 0.03 - - - -
UNION BANK OF INDIA INR 1063 605 597 6 0 0 4 4498 4498 1858 2117 - - - - - 0.63 0.77 0.90 0.05 - 0.04 0.03 0.31 - - - - BBB- 17.06.2008 Baa3 19.03.2012
ABB INDIA LTD INR 1877 13 212 0 0 0 0 1.92 1221 1221 1251 1359 62 62 - - 0.11 0.11 0.19 0.27 1.33 1.33 0.74 0.52 0.03 - 0.23 - 0.08 - - - -
GMR INFRASTRUCTURE LTD INR 1364 456 3892 7 0 0 1 8.07 1584 1584 1584 2005 407 407 - - -0.01 0.00 -0.02 -0.01 1.55 - 0.30 0.56 0.55 0.51 0.41 - - - -
IDBI BANK LTD INR 1269 121 1333 15 0 0 3 4558 4558 - - - - - 0.24 0.06 - 0.18 0.38 - - - - - Baa3 21.10.2009
ADANI POWER LTD INR 1477 212 2393 6 0 0 0 7.86 1087 1087 2079 2832 176 176 - - -0.16 -0.15 -0.02 0.04 - - 0.23 1.05 - -0.42 - 0.26 - - - -
UNITECH LTD INR 665 1466 2616 1 0 0 0 1.60 392 392 478 553 58 58 14 14 0.02 0.01 0.02 0.03 0.32 0.25 0.18 0.15 0.01 -0.13 0.16 -0.49 0.24 - - - -
ASHOK LEYLAND LTD INR 642 445 2661 1 0 0 0 1.34 2002 2002 142 142 - - 0.01 0.03 0.15 0.38 -0.05 0.21 -0.47 0.02 0.11 - - - -
HOUSING DEVELOPMENT & INFRAS INR 247 491 419 1 0 0 0 0.86 164 164 296 356 66 66 - - 0.16 0.03 0.19 0.23 0.34 0.06 0.05 0.04 -0.79 -0.19 -1.17 -0.40 0.64 - - - -
SUZLON ENERGY LTD INR 226 366 1777 2 0 0 0 2.36 3007 3007 3817 4077 -153 -153 136 136 -0.39 -0.43 -0.08 -0.03 - - -0.18 0.20 - - -0.08 - - - -
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.36 2.36 2.19 2.02 2.36 1.50 1.50 1.44 1.38 1.50 10.94 10.94 10.56 10.43 10.94 9.43 9.43 8.69 8.14 9.43 15.27 15.27 13.77 12.45 15.27 2.09 2.09 2.27 2.44 2.09 1853.2 10.2%
Euro Stoxx 50 Pr 1.31 1.31 1.25 1.17 1.31 0.84 0.84 0.81 0.79 0.84 6.56 6.56 6.03 5.46 6.56 7.67 7.67 7.26 6.87 7.67 13.03 13.03 11.64 10.46 13.03 3.92 3.92 4.12 4.46 3.92 3038.5 4.4%
NIKKEI 225 1.56 1.56 1.46 1.36 1.56 0.75 0.75 0.72 0.70 0.75 9.09 9.09 8.42 7.22 9.09 8.91 8.91 8.14 7.65 8.91 18.24 18.24 16.16 14.56 18.24 1.61 1.61 1.76 1.90 1.61 15398.4 6.3%
FTSE 100 INDEX 1.78 1.78 1.66 1.36 1.78 1.04 1.04 1.01 0.98 1.04 8.69 8.69 7.88 7.16 8.69 7.66 7.66 7.02 6.60 7.66 12.89 12.89 11.73 10.77 12.89 3.77 3.77 4.10 4.47 3.77 7099.4 10.1%
SWISS MARKET INDEX 2.50 2.50 2.32 2.17 2.50 2.11 2.11 2.02 1.93 2.11 13.16 13.16 11.84 10.57 13.16 13.38 13.38 12.41 11.59 13.38 15.59 15.59 14.12 12.82 15.59 3.17 3.17 3.54 3.99 3.17 8703.6 8.3%
S&P/TSX COMPOSITE INDEX 1.75 1.75 1.63 1.51 1.75 1.68 1.68 1.55 1.49 1.68 8.84 8.84 8.02 6.74 8.84 8.99 8.99 7.98 7.38 8.99 15.45 15.45 13.65 12.38 15.45 3.13 3.13 3.25 3.38 3.13 14291.9 11.8%
S&P/ASX 200 INDEX 1.93 1.93 1.83 1.74 1.93 1.82 1.82 1.71 1.64 1.82 11.03 11.03 10.10 9.46 11.03 9.41 9.41 8.58 8.02 9.41 15.19 15.19 13.80 12.80 15.19 4.52 4.52 4.82 5.17 4.52 5387.5 3.5%
HANG SENG INDEX 1.36 1.36 1.26 1.16 1.36 1.77 1.77 1.64 1.52 1.77 8.03 8.03 7.60 7.10 8.03 9.01 9.01 8.24 7.55 9.01 10.96 10.96 10.17 9.23 10.96 3.54 3.54 3.80 4.18 3.54 25158.2 10.1%
MSCI EM 1.45 1.45 1.33 1.21 1.45 1.01 1.01 0.94 0.88 1.01 7.28 7.28 6.63 6.09 7.28 7.65 7.65 6.95 6.43 7.65 11.23 11.23 10.05 9.20 11.23 2.80 2.80 3.08 3.37 2.80 1120.8 13.5%
ITC LTD 12.19 10.27 9.14 8.82 8.87 7.49 6.40 5.50 33.14 28.20 23.81 22.67 23.95 20.07 16.89 14.19 36.06 30.42 25.64 22.04 1.68 1.95 2.35 2.94 377.49 10.1%
INFOSYS LTD 4.47 3.75 3.22 2.73 4.26 3.64 3.26 2.83 2.32 16.63 15.61 14.07 12.98 12.97 11.94 10.68 9.41 18.43 16.90 15.04 13.06 1.60 1.68 1.88 2.18 3113.33 3.3%
RELIANCE INDUSTRIES LTD 1.41 1.28 1.16 1.08 0.72 0.68 0.65 0.60 7.98 7.70 6.73 5.62 9.27 8.62 7.46 6.20 12.52 11.49 10.21 8.67 6.20 1.09 1.18 1.28 1.52 979.93 18.9%
HOUSING DEVELOPMENT FINANCE 4.31 3.70 3.29 4.63 3.87 3.49 21.56 18.02 15.35 1.59 1.83 2.13 2.48 873.19 12.7%
HDFC BANK LIMITED 3.39 2.81 17.05 13.56 0.90 1.10 1.35 1.65 722.46 19.0%
TATA CONSULTANCY SVCS LTD 9.55 7.54 6.03 4.81 6.04 4.80 4.18 3.59 3.06 26.25 21.08 18.19 16.34 20.26 15.75 13.80 11.95 27.34 21.86 18.96 16.32 1.17 1.43 1.64 1.90 1971.63 1.4%
ICICI BANK LTD 1.57 1.44 1.33 1.22 11.53 10.68 2.20 2.45 2.73 2.93 1160.80 28.0%
HINDUSTAN UNILEVER LTD 33.18 37.39 30.89 29.29 4.98 4.48 3.95 3.43 43.02 36.85 33.59 35.19 31.66 28.53 25.17 21.40 40.81 37.23 34.01 29.06 2.18 1.88 2.09 2.56 560.87 -9.1%
LARSEN & TOUBRO LTD 2.15 2.01 1.75 1.54 0.99 0.91 0.80 0.68 0.72 7.01 12.66 10.73 8.09 12.81 12.36 10.79 8.87 14.11 14.96 12.93 10.87 1.47 1.79 1.97 1.96 999.00 25.0%
TATA MOTORS LTD 2.61 2.18 1.72 1.33 0.53 0.45 0.40 0.34 6.02 4.51 3.72 3.07 5.51 4.25 3.69 3.07 10.77 8.66 7.37 6.38 1.18 0.80 0.93 0.95 352.32 5.1%
OIL & NATURAL GAS CORP LTD 1.48 1.33 1.18 1.11 0.93 1.42 1.29 1.19 1.22 1.38 4.88 4.38 3.84 4.04 4.51 4.11 3.73 3.21 3.21 2.87 8.69 8.23 6.78 6.87 7.04 3.76 3.87 4.46 4.77 4.24 353.65 35.0%
SUN PHARMACEUTICAL INDUS 8.26 7.00 5.75 3.98 11.04 8.53 7.40 6.32 33.32 27.44 20.70 21.39 24.64 19.54 17.30 14.77 37.48 28.14 23.98 20.11 0.46 0.52 0.65 0.80 587.78 -0.4%
STATE BANK OF INDIA 0.93 0.89 0.79 0.67 1.16 1.07 0.95 0.84 5.43 5.98 5.61 5.97 6.92 5.80 5.16 2.50 2.50 2.80 3.03 1721.05 4.9%
BHARTI AIRTEL LTD 2.27 2.11 1.92 1.70 1.59 1.49 1.36 1.26 1.16 6.62 6.08 5.16 4.45 7.74 6.93 6.10 5.51 5.02 46.80 29.32 19.18 14.71 11.08 0.31 0.36 0.58 0.90 389.69 21.5%
MAHINDRA & MAHINDRA LTD 2.45 2.16 1.84 1.23 0.72 0.71 0.62 0.54 8.87 7.87 6.84 5.46 9.20 8.60 7.41 5.92 13.05 11.46 9.65 7.85 1.60 1.73 1.86 2.01 991.59 19.1%
WIPRO LTD 3.53 3.48 2.99 2.51 2.70 2.72 2.46 2.13 15.31 15.10 13.25 11.95 12.52 11.87 10.63 9.08 17.66 16.20 14.57 12.38 1.48 1.67 1.84 2.27 466.36 -1.2%
AXIS BANK LTD 1.63 1.26 1.08 0.92 2.48 2.03 1.67 8.68 7.56 6.30 5.05 2.03 2.61 2.61 1381.85 33.8%
DR. REDDY'S LABORATORIES 5.93 4.72 3.91 3.15 3.62 3.08 2.74 2.36 19.53 18.00 15.36 15.77 18.23 15.67 13.78 12.00 25.90 22.26 19.20 16.32 0.66 0.69 0.79 0.89 2477.05 2.9%
HCL TECHNOLOGIES LTD 5.59 4.28 3.40 2.65 2.95 2.39 2.09 1.81 1.90 16.98 12.73 11.64 10.03 12.59 9.98 9.04 7.74 19.21 14.93 13.35 11.31 1.17 1.29 1.42 1.77 1109.97 3.3%
NTPC LTD 1.48 1.36 1.28 1.19 1.66 1.54 1.39 1.30 8.92 8.03 7.21 7.27 9.69 8.75 7.83 7.31 11.57 10.82 10.15 9.22 3.05 3.32 3.53 3.84 169.21 16.9%
BAJAJ AUTO LTD 7.63 5.13 4.24 4.14 2.87 2.68 2.35 2.21 17.58 15.81 14.12 13.05 14.24 12.63 10.75 9.91 18.72 16.34 14.14 13.05 2.56 2.70 3.06 3.28 2092.45 4.7%
KOTAK MAHINDRA BANK LTD 3.36 2.84 2.45 2.06 5.72 4.31 3.69 3.41 23.72 20.25 16.79 13.89 0.13 0.14 0.16 0.21 705.17 4.0%
UNITED SPIRITS LTD 5.47 4.34 3.93 3.48 3.40 3.02 2.63 2.28 2.06 60.30 40.04 30.97 24.05 30.72 28.33 22.94 17.83 14.69 87.93 55.44 36.29 25.72 0.12 0.14 0.16 0.32 2677.53 8.2%
SESA GOA LTD 0.91 0.74 0.66 0.59 19.33 0.73 0.61 0.58 7.13 5.97 5.20 4.61 68.30 2.14 1.95 1.80 6.25 6.19 5.16 4.82 1.92 1.04 1.43 1.86 166.59 -6.0%
CIPLA LTD 3.90 3.34 2.89 2.50 4.19 3.59 3.11 2.64 20.43 17.96 15.45 16.14 15.28 14.10 12.27 10.48 22.59 21.54 18.60 16.12 0.70 0.63 0.72 0.78 464.70 7.5%
ASIAN PAINTS LTD 12.86 10.82 9.07 7.75 3.90 3.49 3.00 2.61 32.93 29.61 25.41 23.08 23.96 21.39 18.21 15.65 37.40 34.25 28.64 24.70 1.08 1.28 1.56 1.88 458.32 0.6%
CAIRN INDIA LTD 1.07 1.08 0.95 0.85 3.29 3.24 3.16 3.14 2.43 4.69 4.72 4.84 5.73 3.58 3.68 3.73 3.94 5.33 5.24 5.53 5.73 6.37 8.95 3.75 3.59 3.49 3.33 378.28 19.4%
LUPIN LTD 7.60 5.79 4.63 3.75 4.13 3.42 2.94 2.58 26.20 19.83 16.91 16.98 18.94 14.79 12.53 11.05 31.83 23.66 19.87 17.10 0.50 0.60 0.69 0.77 901.50 5.7%
NESTLE INDIA LTD 31.66 41.45 1.11 1.27 1.64 2.02 4926.50 -4.9%
TECH MAHINDRA LTD 3.31 3.09 2.43 1.99 4.52 1.72 1.55 1.37 13.10 9.77 9.14 7.13 23.14 8.11 7.53 6.93 14.84 10.88 10.23 9.36 0.38 0.54 0.65 1.08 1522.05 15.2%
HERO MOTOCORP LTD 2.33 2.89 3.31 3.84 1929.31 -3.1%
ULTRATECH CEMENT LTD 3.22 2.85 2.44 2.04 2.30 2.13 1.86 1.67 13.11 13.03 10.84 9.23 10.84 10.63 8.85 7.78 17.80 17.63 15.23 13.48 0.48 0.52 0.62 0.75 1907.98 5.6%
MARUTI SUZUKI INDIA LTD 2.31 1.97 1.73 1.56 1.00 0.89 0.78 0.81 11.32 8.39 7.17 11.77 7.90 6.65 5.72 21.20 14.47 12.08 10.08 0.61 0.76 0.90 1.54 1585.19 15.0%
COAL INDIA LTD 3.78 3.35 2.93 2.58 2.73 2.59 2.41 2.20 9.56 9.36 8.75 7.00 6.60 6.53 6.01 5.19 11.11 10.73 9.90 8.55 3.55 4.94 5.18 5.88 340.08 14.9%
TATA STEEL LTD 0.66 0.74 0.68 0.63 0.54 0.20 0.19 0.18 0.17 0.17 4.50 2.78 2.47 2.40 2.18 7.19 5.71 5.17 4.51 4.40 27.98 9.88 7.60 6.04 4.35 3.62 3.31 3.52 3.67 4.60 308.83 12.5%
GRASIM INDUSTRIES LTD 1.23 1.10 0.98 0.88 0.90 0.82 0.72 0.63 5.13 5.57 4.64 4.05 5.92 5.86 4.86 4.26 9.08 9.19 7.85 7.15 0.94 0.89 0.97 1.03 3276.06 24.2%
INDUSIND BANK LTD 0.79 0.99 1.20 1.48 492.79 30.2%
GAIL INDIA LTD 1.44 1.31 1.19 1.07 0.84 0.76 0.65 0.59 6.80 6.85 6.34 5.35 7.12 6.97 6.56 5.34 8.93 9.31 8.88 6.59 2.81 2.90 2.97 3.42 361.25 11.1%
POWER GRID CORP OF INDIA LTD 1.75 3.55 2.87 2.49 10.40 8.28 7.18 11.11 9.70 8.21 2.39 122.75 24.9%
HINDALCO INDUSTRIES LTD 0.62 0.58 0.54 0.50 0.26 0.24 0.22 0.20 3.86 3.93 3.30 2.88 8.83 8.08 6.74 5.67 4.27 7.86 8.61 7.69 6.21 1.41 1.31 1.35 1.59 107.04 -3.1%
IDEA CELLULAR LTD 4.07 3.54 3.07 2.58 2.57 2.14 1.88 1.69 1.54 12.54 8.80 7.71 6.60 11.68 8.42 7.26 6.28 5.48 56.76 31.02 21.93 16.86 11.45 0.02 0.21 0.31 0.47 178.00 3.4%
AMBUJA CEMENTS LTD 3.20 2.87 2.21 2.02 2.76 2.68 2.09 2.21 12.81 13.23 11.09 9.29 9.88 7.08 7.99 16.68 17.96 15.47 15.87 1.93 2.04 2.23 2.45 168.50 -6.7%
ZEE ENTERTAINMENT ENTERPRISE 5.72 4.95 4.29 3.65 6.05 5.21 4.52 3.92 3.37 31.34 25.74 21.81 20.79 22.79 18.44 15.11 12.25 30.88 26.47 21.76 17.62 13.39 0.92 1.05 1.23 1.66 264.86 14.5%
TATA POWER CO LTD 1.46 1.50 1.40 1.48 0.61 0.50 0.48 0.44 6.14 5.15 4.52 4.43 9.03 7.88 7.46 7.04 16.75 19.10 14.58 11.45 1.42 1.49 1.61 1.46 86.89 10.8%
BHARAT HEAVY ELECTRICALS 1.15 1.23 1.12 0.74 0.85 0.92 0.79 5.02 6.01 6.76 3.42 4.61 5.40 5.35 5.64 7.74 8.66 10.00 4.67 3.73 3.38 3.13 134.35 -5.3%
IDFC LTD 1.00 0.90 0.81 0.73 4.04 3.58 3.18 2.86 6.65 25.59 23.52 20.99 20.47 7.61 6.82 6.06 5.35 2.94 3.29 3.73 4.05 127.28 41.8%
GODREJ CONSUMER PRODUCTS LTD 8.52 7.34 6.21 5.32 4.42 3.64 3.06 2.64 36.20 30.41 25.07 22.63 28.29 24.66 20.16 16.89 40.15 34.06 27.61 22.71 0.69 0.81 1.00 1.30 838.53 1.0%
RELIANCE COMMUNICATIONS LTD 0.87 0.94 0.91 0.84 1.45 1.34 1.27 1.19 1.13 6.01 5.67 5.22 4.08 10.48 9.16 8.82 8.03 7.55 55.64 27.84 23.62 15.96 11.10 0.24 0.28 0.32 0.41 110.00 -26.1%
ACC LTD 2.69 2.57 2.34 2.11 1.79 1.75 1.56 1.45 9.76 11.55 9.79 8.90 8.33 9.24 7.83 7.66 14.82 16.69 14.11 13.30 2.61 2.73 2.98 3.20 1216.52 10.5%
TITAN INDUSTRIES LTD 10.67 8.10 6.38 5.15 2.00 1.70 1.42 1.18 31.14 22.85 19.09 15.11 19.17 16.31 13.36 10.89 28.36 24.61 20.59 17.13 1.01 1.10 1.30 1.62 266.00 14.3%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.36 2.36 2.19 2.02 2.36 1.50 1.50 1.44 1.38 1.50 10.94 10.94 10.56 10.43 10.94 9.43 9.43 8.69 8.14 9.43 15.27 15.27 13.77 12.45 15.27 2.09 2.09 2.27 2.44 2.09 1853.2 10.2%
Euro Stoxx 50 Pr 1.31 1.31 1.25 1.17 1.31 0.84 0.84 0.81 0.79 0.84 6.56 6.56 6.03 5.46 6.56 7.67 7.67 7.26 6.87 7.67 13.03 13.03 11.64 10.46 13.03 3.92 3.92 4.12 4.46 3.92 3038.5 4.4%
NIKKEI 225 1.56 1.56 1.46 1.36 1.56 0.75 0.75 0.72 0.70 0.75 9.09 9.09 8.42 7.22 9.09 8.91 8.91 8.14 7.65 8.91 18.24 18.24 16.16 14.56 18.24 1.61 1.61 1.76 1.90 1.61 15398.4 6.3%
FTSE 100 INDEX 1.78 1.78 1.66 1.36 1.78 1.04 1.04 1.01 0.98 1.04 8.69 8.69 7.88 7.16 8.69 7.66 7.66 7.02 6.60 7.66 12.89 12.89 11.73 10.77 12.89 3.77 3.77 4.10 4.47 3.77 7099.4 10.1%
SWISS MARKET INDEX 2.50 2.50 2.32 2.17 2.50 2.11 2.11 2.02 1.93 2.11 13.16 13.16 11.84 10.57 13.16 13.38 13.38 12.41 11.59 13.38 15.59 15.59 14.12 12.82 15.59 3.17 3.17 3.54 3.99 3.17 8703.6 8.3%
S&P/TSX COMPOSITE INDEX 1.75 1.75 1.63 1.51 1.75 1.68 1.68 1.55 1.49 1.68 8.84 8.84 8.02 6.74 8.84 8.99 8.99 7.98 7.38 8.99 15.45 15.45 13.65 12.38 15.45 3.13 3.13 3.25 3.38 3.13 14291.9 11.8%
S&P/ASX 200 INDEX 1.93 1.93 1.83 1.74 1.93 1.82 1.82 1.71 1.64 1.82 11.03 11.03 10.10 9.46 11.03 9.41 9.41 8.58 8.02 9.41 15.19 15.19 13.80 12.80 15.19 4.52 4.52 4.82 5.17 4.52 5387.5 3.5%
HANG SENG INDEX 1.36 1.36 1.26 1.16 1.36 1.77 1.77 1.64 1.52 1.77 8.03 8.03 7.60 7.10 8.03 9.01 9.01 8.24 7.55 9.01 10.96 10.96 10.17 9.23 10.96 3.54 3.54 3.80 4.18 3.54 25158.2 10.1%
MSCI EM 1.45 1.45 1.33 1.21 1.45 1.01 1.01 0.94 0.88 1.01 7.28 7.28 6.63 6.09 7.28 7.65 7.65 6.95 6.43 7.65 11.23 11.23 10.05 9.20 11.23 2.80 2.80 3.08 3.37 2.80 1120.8 13.5%
DABUR INDIA LTD 13.59 11.01 8.91 7.38 4.73 4.13 3.58 3.12 34.89 29.32 24.82 23.07 29.04 24.52 20.93 18.19 38.23 31.63 26.67 22.80 0.96 1.15 1.39 1.71 176.81 5.0%
SHRIRAM TRANSPORT FINANCE 1.81 1.51 1.27 1.06 3.37 2.93 2.52 2.19 8.83 7.79 6.42 5.84 9.09 8.09 6.90 5.99 1.31 1.45 1.68 2.05 721.61 25.5%
JINDAL STEEL & POWER LTD 1.02 0.92 0.80 0.68 1.10 1.01 0.81 0.72 4.23 3.52 2.83 3.91 6.63 6.92 5.52 5.01 5.73 7.07 6.14 5.23 0.74 0.69 0.72 0.67 269.83 16.4%
BANK OF BARODA 3.63 4.27 4.74 5.29 597.96 20.8%
NMDC LTD 3.89 5.76 6.03 6.06 141.18 19.4%
BHARAT PETROLEUM CORP LTD 1.35 1.28 1.19 1.15 0.09 0.09 0.09 0.09 4.47 4.96 4.22 3.92 8.36 7.68 7.20 6.84 13.45 11.35 9.91 9.95 2.31 2.64 2.76 3.26 423.03 31.0%
JSW STEEL LTD 0.93 0.89 0.83 0.80 0.47 0.41 0.38 0.34 4.57 3.34 2.91 2.96 5.91 5.23 4.77 4.34 11.11 10.85 8.73 7.87 1.28 1.39 1.45 1.51 637.56 -13.7%
COLGATE PALMOLIVE (INDIA) 2.28 2.51 2.83 3.14 1327.09 5.4%
GLENMARK PHARMACEUTICALS LTD 4.87 4.23 3.40 2.70 2.97 2.43 2.07 1.80 19.43 16.90 13.97 11.31 16.29 13.59 11.42 10.00 24.25 19.21 15.66 13.26 0.37 0.42 0.47 0.50 630.79 17.4%
YES BANK LTD 1.80 1.45 1.16 1.01 3.05 2.48 2.00 1.63 8.03 7.12 5.72 5.33 1.66 2.25 2.69 2.93 429.76 46.3%
PUNJAB NATIONAL BANK 5.20 5.79 6.47 7.38 637.33 38.7%
MAHINDRA & MAHINDRA FIN SECS 3.24 2.69 2.28 1.92 6.08 3.88 3.33 2.79 16.91 13.64 10.98 9.07 1.26 1.60 1.91 2.43 256.69 -0.1%
ADANI PORTS AND SPECIAL ECON 4.63 3.29 2.65 2.15 6.48 6.42 5.42 4.56 19.00 11.01 9.46 7.85 13.47 12.78 10.68 9.23 21.79 15.51 12.36 10.23 0.79 0.85 1.11 1.13 170.61 22.2%
UNITED BREWERIES LTD 14.97 13.87 11.72 9.99 5.58 4.92 4.12 3.46 55.71 45.41 36.41 27.24 45.28 36.26 29.64 23.73 101.75 83.85 61.58 42.93 0.10 0.16 0.24 0.54 529.67 -36.8%
DIVI'S LABORATORIES LTD 5.08 4.44 3.72 3.09 5.73 5.23 4.34 3.85 18.65 16.35 13.68 14.76 14.75 13.41 10.98 9.84 20.03 18.39 15.21 13.56 1.46 1.80 2.06 1.93 1170.86 19.0%
RURAL ELECTRIFICATION CORP 1.09 0.89 0.75 3.36 2.80 4.82 5.18 4.51 4.46 207.00 9.8%
EXIDE INDUSTRIES LTD 4.01 3.28 2.87 2.51 1.79 1.64 1.42 1.18 17.18 14.89 13.40 12.07 12.48 10.82 9.16 8.23 21.46 17.74 15.13 13.94 1.11 1.32 1.49 1.90 146.50 9.3%
DLF LTD 0.85 0.84 0.81 0.77 2.98 2.74 2.36 2.03 12.98 15.05 11.35 7.89 16.07 14.23 11.81 9.53 23.68 26.93 15.36 11.03 1.59 1.66 1.85 1.88 213.41 57.5%
TATA GLOBAL BEVERAGES LTD 1.90 1.79 1.69 1.61 1.22 1.13 1.02 0.89 17.91 15.45 13.20 10.58 14.84 12.41 10.94 8.88 22.51 18.72 15.94 12.83 1.89 1.68 1.93 3.50 168.70 15.0%
RANBAXY LABORATORIES LTD 3.13 3.30 2.46 2.17 1.22 1.29 1.07 1.08 7.90 16.06 8.02 7.51 8.32 13.87 7.58 8.92 10.32 22.42 9.74 11.34 1.01 0.61 1.02 1.88 367.34 5.1%
LIC HOUSING FINANCE LTD 1.47 1.26 1.09 0.99 5.18 4.24 3.91 3.61 9.52 7.56 6.59 6.25 2.08 2.37 2.76 3.28 227.38 18.8%
RELIANCE POWER LTD 1.02 0.98 0.92 0.84 3.92 3.23 2.19 1.57 24.65 10.89 7.05 5.36 22.67 17.27 10.10 6.58 19.14 19.06 15.48 10.44 0.00 0.00 0.25 0.97 81.00 19.5%
CUMMINS INDIA LTD 15.63 13.30 3.15 2.98 3.23 3.75 423.87 3.1%
HINDUSTAN ZINC LTD 2.16 2.54 2.69 4.08 145.76 11.0%
RELIANCE INFRASTRUCTURE LTD 0.38 0.36 0.33 0.32 0.46 0.45 0.42 0.41 64.21 4.26 3.94 4.12 10.13 8.89 7.93 9.73 5.89 5.89 5.52 4.57 2.07 1.93 1.97 1.95 551.60 47.6%
POWER FINANCE CORPORATION 0.79 0.63 0.56 0.49 2.72 2.28 2.11 1.96 3.98 3.62 3.29 2.93 5.63 6.40 6.88 7.40 161.81 24.6%
INDIAN OIL CORPORATION LTD 0.77 0.75 0.70 0.67 0.10 0.10 0.09 0.09 4.62 3.03 3.27 4.08 7.52 7.60 6.68 6.23 7.60 8.44 6.91 6.10 3.54 3.59 4.18 4.76 261.27 27.0%
FEDERAL BANK LTD 0.80 3.36 3.37 3.79 4.33 442.40 54.4%
UNITED PHOSPHORUS LTD 1.39 1.18 1.00 0.86 0.73 0.61 0.55 0.51 6.36 5.15 4.40 4.86 5.80 4.78 4.28 3.95 9.01 7.04 6.02 5.46 1.97 2.04 2.26 3.08 188.67 32.1%
SIEMENS LTD 4.06 4.26 4.00 3.27 1.37 1.50 1.33 1.27 1.19 23.49 25.73 19.39 17.08 23.86 15.68 12.95 10.50 28.48 45.24 26.30 23.29 19.38 1.32 1.10 1.23 1.32 1.43 399.64 -18.1%
JAIPRAKASH ASSOCIATES LTD 0.59 0.55 0.51 0.53 0.44 0.35 0.30 0.29 3.59 3.16 2.10 1.07 11.36 9.21 7.31 6.38 8.91 12.41 6.31 3.72 1.75 1.73 1.98 2.29 60.79 73.9%
TATA CHEMICALS LTD 0.88 0.87 0.80 0.80 0.41 0.39 0.37 0.36 4.16 4.01 4.03 3.68 6.32 6.42 6.01 6.21 7.45 7.85 7.00 6.59 4.28 4.56 4.84 4.59 299.72 25.4%
STEEL AUTHORITY OF INDIA 0.49 0.47 0.45 0.41 0.34 0.46 0.44 0.38 0.32 0.27 4.64 2.47 2.28 3.60 2.34 7.00 6.95 5.30 4.27 2.15 7.25 9.22 7.04 8.18 2.59 3.95 3.92 4.06 4.11 9.20 46.09 -7.6%
RELIANCE CAPITAL LTD 0.70 0.66 0.63 0.60 1.44 1.32 1.19 1.12 40.10 43.86 38.29 34.20 12.12 13.01 10.74 8.44 2.91 2.69 2.65 3.12 491.00 53.1%
ADANI ENTERPRISES LTD 0.74 0.68 0.61 0.50 0.34 0.28 0.23 0.22 4.11 3.17 2.46 1.68 12.87 8.60 6.66 5.68 11.65 7.86 5.21 3.11 0.78 1.00 1.22 0.81 278.38 94.6%
BANK OF INDIA 4.89 6.08 6.72 7.06 205.70 27.1%
NHPC LTD 0.79 0.74 0.71 0.66 3.69 3.43 3.08 2.89 6.66 6.37 6.15 5.35 8.97 8.35 7.42 6.93 10.13 9.95 8.87 8.02 3.89 3.65 4.08 4.04 21.00 8.8%
CANARA BANK 4.93 5.36 6.18 6.34 258.48 14.5%
BHARAT FORGE LTD 2.44 2.32 2.06 1.82 1.00 0.95 0.85 0.78 9.51 8.18 6.82 6.58 9.26 8.39 7.33 6.85 21.29 17.22 12.97 11.43 1.62 1.51 1.77 2.31 254.48 1.9%
CROMPTON GREAVES LTD 1.55 1.46 1.31 1.16 0.46 0.42 0.38 0.35 0.32 14.11 9.19 7.44 5.59 12.19 8.35 6.46 5.42 4.72 31.45 14.33 10.03 8.19 1.38 1.58 1.93 1.99 96.23 10.0%
HINDUSTAN PETROLEUM CORP 0.48 0.46 0.44 0.40 0.03 0.03 0.03 0.03 1.45 1.22 1.80 1.36 10.80 9.60 9.33 7.61 8.78 6.70 5.50 3.48 3.72 4.44 5.09 6.80 263.81 38.5%
UNION BANK OF INDIA 0.37 0.32 0.57 0.50 2.30 1.98 7.48 7.27 8.08 8.34 154.19 38.8%
ABB INDIA LTD 4.12 3.69 3.00 1.50 1.38 1.36 38.33 22.17 23.27 18.35 14.52 45.84 32.29 26.93 0.44 0.51 0.57 0.54 430.57 -22.0%
GMR INFRASTRUCTURE LTD 0.96 0.95 0.98 0.68 1.03 0.86 0.68 0.51 17.54 8.58 5.48 3.32 19.46 13.64 10.85 8.67 7.15 11.36 0.00 0.51 0.57 0.00 21.98 0.6%
IDBI BANK LTD 5.33 5.64 6.96 4.72 73.30 23.5%
ADANI POWER LTD 1.53 1.61 1.53 1.35 1.11 1.35 0.71 0.52 0.51 0.51 11.42 2.90 2.30 33.75 11.71 7.73 7.60 7.55 14.18 7.97 8.66 0.00 0.00 0.00 1.45 32.98 2.9%
UNITECH LTD 0.34 0.34 0.33 0.33 1.68 1.39 1.20 1.06 13.25 14.01 7.80 6.29 21.67 18.61 15.25 13.18 13.07 11.28 9.24 8.61 0.72 0.48 0.59 0.31 20.92 32.0%
ASHOK LEYLAND LTD 5.31 2.90 4.29 4.97 16.20 7.6%
HOUSING DEVELOPMENT & INFRAS 0.14 0.14 0.13 0.12 0.95 0.83 0.69 0.64 2.92 4.27 2.96 1.43 5.04 6.21 5.06 4.55 2.68 3.13 2.59 2.20 1.02 0.54 1.12 1.33 40.33 9.8%
SUZLON ENERGY LTD 0.32 6.84 1.19 0.07 0.06 0.06 0.05 4.36 1.92 17.34 7.58 4.94 3.27 1.53 0.00 0.00 7.03 7.7%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Currency
Price to
Book
Ratio
Positive
Net
Income
Positive
Operati
ng Cash
Flow
Increasi
ng ROA
Quality
of
Earning
s
Long
Term
Debt
vs.
Assets
Current
ratio
Shares
Out -
Same
or Dec.
Inc.
Gross
Margin
Inc.
Asset
Turnov
er
Pitroski
F Score
Tangiable
Assets
Working
Captial
Retained
Earnings
Trailing
12M
Operating
Inc (Loss)
Market CapTotal
Liabilities
Net Sales
(T12M)
Total
Shareholder
s Equity
Altman Z
Score
Altman Z
Score
Bankruptcy
flag
PE PE < 40Price to
Sales
Price To
Sales <
10
Price to
Book
Price to
Book <
10
Price to
Cash
Flow
Price to
Cash
Flow <
10
Dividen
d Yield
Div
Yield >
7%
Final
Score
PEG <
0.75PE < 20
EPS
Growth >
15%
Relative
Strength
> 0
ROCE >
12%
Market
Cap >
20m
Market <
1000m
FINAL
SCORE
ITC LTD INR 10.6 1 1 1 0 1 1 0 - 1 6 349157 84500 189203 103071 2445222 120156 313235 233378 15.13 1.00 31.9 1 8 1 11 0 32 0 1.6966 0 2 0 0 1 1 1 1 1 5
INFOSYS LTD INR 4.3 1 1 0 0 0 0 0 0 0 2 439990 272440 346380 104450 1650982 83370 403520 379940 14.60 1.00 17.5 1 4 1 4 1 18 0 1.4536 0 3 0 1 0 1 1 1 1 5
RELIANCE INDUSTRIES LTD INR 1.2 1 1 0 1 1 0 1 - 1 6 2628590 464510 1368930 221510 2269473 1793530 3970620 1830040 3.49 1.00 10.9 1 1 1 1 1 6 1 1.1644 0 4 0 1 0 1 1 1 1 5
HOUSING DEVELOPMENT FINANCE INR 4.0 1 0 1 0 0 - 0 - 0 2 2517087 - 219771 77217 1277669 2188164 359790 331318 - - 18.9 1 3 1 4 1 - - 1.5129 0 3 - 1 1 1 - 1 1 5
HDFC BANK LIMITED INR 4.1 1 1 1 1 0 - 0 - 1 5 4077230 - 155763 100057 1487970 3708589 429950 368641 - - 21.5 1 3 1 4 1 17 0 0.8795 0 3 - 0 1 1 - 1 1 4
TATA CONSULTANCY SVCS LTD INR 8.0 1 1 1 0 1 1 1 - 1 7 484309 197338 364315 169600 3084091 129262 629895 393410 15.97 1.00 22.2 1 5 1 8 1 25 0 1.3962 0 3 0 0 1 1 1 1 1 5
ICICI BANK LTD INR 1.8 1 1 1 1 1 - 0 - 0 5 6748217 - 250859 135828 1205724 6043535 741705 704682 - - 12.5 1 2 1 2 1 6 1 1.9135 0 4 - 1 1 1 - 1 1 5
HINDUSTAN UNILEVER LTD INR 35.2 1 1 1 1 0 0 0 - 1 5 120454 1101 25928 39738 1009766 92062 270040 28856 10.22 1.00 26.4 1 4 1 35 0 26 0 2.2486 0 2 0 0 1 1 1 1 1 5
LARSEN & TOUBRO LTD INR 2.5 1 0 0 0 0 1 0 - 0 2 1263288 218180 262245 86084 840740 1065925 744980 365126 1.79 1.00 16.1 1 1 1 2 1 - - 1.3541 0 3 - 1 0 1 1 1 1 5
TATA MOTORS LTD INR 2.3 1 1 0 1 1 0 0 - 0 4 1472439 -191753 256707 169780 858620 1320187 1888176 380078 2.14 1.00 8.7 1 0 1 2 1 5 1 0.7431 0 4 1 1 0 1 1 1 1 6
OIL & NATURAL GAS CORP LTD INR 1.7 1 1 0 1 0 0 1 - 0 4 2533532 73746 1482358 325504 2664180 989827 1624032 1544747 3.53 1.00 11.0 1 2 1 2 1 6 1 3.0507 0 4 1 1 0 1 1 1 1 6
SUN PHARMACEUTICAL INDUS INR 5.7 1 1 0 1 1 0 1 - 1 6 183942 67346 133763 46440 848090 42564 112999 166248 14.86 1.00 28.4 1 8 1 6 1 24 0 0.6105 0 3 0 0 0 1 1 1 1 4
STATE BANK OF INDIA INR 1.1 1 1 1 1 0 - 0 - 0 4 21324298 - 440263 259224 1417831 20038715 2006004 1292869 - - 7.8 1 1 1 1 1 2 1 2.0022 0 4 1 1 0 1 - 1 1 5
BHARTI AIRTEL LTD INR 2.2 1 1 0 1 0 1 1 - 1 6 992424 -247517 427730 94130 1107930 1129129 803112 544103 2.03 1.00 48.6 1 1 1 2 1 6 1 0.3428 0 4 0 0 0 1 0 1 1 3
MAHINDRA & MAHINDRA LTD INR 2.5 1 0 1 0 0 0 0 - 0 2 730581 79168 173912 29020 508445 512121 626435 252577 2.05 1.00 12.4 1 1 1 3 1 - - 1.4513 0 3 0 1 1 1 1 1 1 6
WIPRO LTD INR 3.8 1 1 1 1 1 0 0 1 1 7 383260 162663 267126 65516 1076672 154747 374256 284983 6.50 1.00 17.5 1 3 1 4 1 14 0 1.6013 0 3 0 1 1 1 1 1 1 6
AXIS BANK LTD INR 1.8 1 1 1 1 0 - 0 - 1 5 3405577 - 117812 76294 608668 3073868 340392 331709 - - 10.8 1 2 1 2 1 7 1 1.3839 0 4 - 1 1 1 - 1 1 5
DR. REDDY'S LABORATORIES INR 4.1 1 - 1 - 1 1 0 - 0 4 128348 32068 51022 21112 300016 69264 116266 73105 4.90 1.00 17.9 1 3 1 4 1 - - 0.8491 0 3 0 1 1 1 1 1 1 6
HCL TECHNOLOGIES LTD INR 3.8 1 - 1 - 1 1 0 - 0 4 180897 50076 141551 52104 540756 87534 257337 142945 7.19 1.00 13.2 1 2 1 4 1 - - 1.5464 0 3 1 1 1 1 - 1 1 6
NTPC LTD INR 1.4 1 1 1 1 0 0 1 - 0 5 1784562 181163 707674 144948 1170444 968248 693768 818858 2.06 1.00 9.3 1 2 1 1 1 8 1 3.1701 0 4 - 1 1 1 0 1 1 5
BAJAJ AUTO LTD INR 6.5 1 1 0 0 1 1 1 - 0 5 120572 20158 77759 34901 520730 46104 195335 80653 10.46 1.00 16.6 1 3 1 6 1 21 0 2.5006 0 3 0 1 0 1 1 1 1 5
KOTAK MAHINDRA BANK LTD INR 3.2 1 1 0 1 0 - 0 - 0 3 1158312 - 91494 31426 487536 1003586 159487 154760 - - 22.2 1 3 1 3 1 16 0 0.1072 0 3 0 0 1 1 - 1 1 4
UNITED SPIRITS LTD INR 5.2 0 1 0 1 1 0 1 - 1 5 105463 -5433 21437 11628 248399 115865 105980 47984 2.88 1.00 - - 2 1 5 1 212 0 0.1316 0 2 - - - 1 0 1 1 3
SESA GOA LTD INR 0.8 1 0 0 0 1 0 1 - 0 3 206325 -25472 155191 3224 135145 54138 25544 174754 2.58 1.00 5.9 1 5 1 1 1 - - 0.0643 0 3 0 1 0 1 - 1 1 4
CIPLA LTD INR 3.4 1 1 1 0 1 0 1 - 1 6 116474 46138 74291 18843 304909 26391 82793 90187 9.55 1.00 19.7 1 4 1 3 1 21 0 0.5267 0 3 0 1 1 1 1 1 1 6
ASIAN PAINTS LTD INR 13.9 1 1 0 1 1 1 1 - 0 6 67137 10751 32884 15928 471662 32439 109060 35451 12.01 1.00 42.3 1 4 1 14 0 40 0 0.9355 0 2 0 0 0 1 1 1 1 4
CAIRN INDIA LTD INR 1.1 1 1 1 0 0 1 0 - 1 5 388123 125286 256016 111872 520434 63018 175195 476994 7.67 1.00 4.3 1 3 1 1 1 5 1 4.221 0 4 - 1 1 1 1 1 1 6
LUPIN LTD INR 5.4 1 1 1 0 1 1 0 - 1 6 82704 20575 45769 19936 281295 36502 96413 52636 7.66 1.00 21.4 1 3 1 5 1 23 0 0.6364 0 3 0 0 1 1 1 1 1 5
NESTLE INDIA LTD INR 26.8 1 1 0 1 0 1 1 - 0 5 - 3617 17020 16374 481336 33655 83023 17984 10.53 1.00 45.1 1 6 1 27 0 28 0 0.9715 0 2 - 0 0 1 1 1 1 4
TECH MAHINDRA LTD INR 2.5 1 1 0 0 1 0 0 - 1 4 86230 3731 50144 12528 135742 34499 68731 55345 4.50 1.00 10.5 1 2 1 3 1 18 0 0.4719 0 3 1 1 1 1 1 1 1 7
HERO MOTOCORP LTD INR 6.2 1 1 0 0 0 1 1 - 1 5 84624 9069 49663 21629 307918 46354 235827 50062 8.57 1.00 14.5 1 1 1 6 1 16 0 3.8911 0 3 - 1 0 1 1 1 1 5
ULTRATECH CEMENT LTD INR 3.4 1 1 0 1 1 0 0 - 0 4 287941 2685 149412 37884 512429 142821 211561 153077 4.06 1.00 19.1 1 2 1 3 1 15 0 0.4816 0 3 0 1 0 1 1 1 1 5
MARUTI SUZUKI INDIA LTD INR 2.0 1 1 1 1 0 1 0 - 1 6 272468 38322 184522 25791 387025 84324 432159 190384 5.77 1.00 15.7 1 1 1 2 1 9 1 0.6244 0 4 - 1 1 1 1 1 1 6
COAL INDIA LTD INR 4.0 1 1 0 0 1 1 1 - 0 5 1195733 620224 421556 179952 1952388 730292 683027 485356 - - 11.2 1 3 1 4 1 13 0 4.5293 0 3 0 1 1 1 1 1 1 6
TATA STEEL LTD INR 0.9 0 1 0 1 0 0 0 - 0 2 1293679 19651 153639 67459 303845 1110436 1347115 358628 1.56 1.00 - - 0 1 1 1 3 1 2.5571 0 3 - - - 1 - 1 1 3
GRASIM INDUSTRIES LTD INR 1.3 1 1 0 1 1 0 0 - 0 4 409286 36343 194687 46965 258195 181961 279043 258775 2.68 1.00 9.5 1 1 1 1 1 6 1 0.7998 0 4 1 1 0 1 1 1 1 6
INDUSIND BANK LTD INR 2.8 1 1 1 1 1 - 0 - 1 6 733065 - 21557 15709 211528 656763 83407 76303 - - 18.5 1 2 1 3 1 12 0 0.7413 0 3 - 1 1 1 - 1 1 5
GAIL INDIA LTD INR 1.4 1 1 0 1 0 1 1 - 0 5 590511 -16434 275115 61641 403693 295353 508927 302513 2.65 1.00 9.2 1 1 1 1 1 6 1 3.0165 0 4 0 1 0 1 1 1 1 5
POWER GRID CORP OF INDIA LTD INR 1.9 1 1 1 1 0 0 1 - 1 6 1128470 -82699 168982 78900 489825 869810 131155 264031 0.81 0.00 11.4 1 4 1 2 1 5 1 2.5992 0 4 - 1 1 1 0 1 1 5
HINDALCO INDUSTRIES LTD INR 0.5 1 0 0 0 0 1 0 - 0 2 1041544 159568 312451 48901 175426 835001 801928 370895 1.65 1.00 5.8 1 0 1 0 1 - - 1.5284 0 3 - 1 0 1 0 1 1 4
IDEA CELLULAR LTD INR 2.6 1 1 1 1 0 1 0 0 1 6 281128 -47522 20279 24819 377501 220728 224074 143053 2.01 1.00 37.3 1 2 1 3 1 7 1 0.2634 0 4 0 0 1 1 0 1 1 4
AMBUJA CEMENTS LTD INR 3.5 1 1 0 1 1 1 0 - 1 6 124102 22476 71066 19349 309825 36589 97395 87983 7.40 1.00 23.9 1 3 1 4 1 15 0 1.7919 0 3 0 0 0 1 1 1 1 4
ZEE ENTERTAINMENT ENTERPRISE INR 5.1 1 1 1 0 0 0 1 1 1 6 43369 23611 29915 9222 200760 11410 36996 39148 13.73 1.00 27.9 1 5 1 5 1 43 0 0.9503 0 3 0 0 1 1 1 1 1 5
TATA POWER CO LTD INR 2.0 0 1 1 1 1 0 1 0 1 6 611847 -44925 74492 47396 229001 538741 330254 134073 1.13 1.00 - - 1 1 2 1 47 0 1.1917 0 2 - - 1 1 0 1 1 4
BHARAT HEAVY ELECTRICALS INR 1.4 1 1 0 0 0 1 1 0 0 4 713835 232025 300432 100342 433225 412153 481063 305374 2.75 1.00 6.5 1 1 1 1 1 20 0 3.0565 0 3 - 1 0 1 1 1 1 5
IDFC LTD INR 1.6 1 0 0 0 0 - 0 - 1 2 700983 - 69235 26526 217515 573510 81464 137080 - - 11.8 1 3 1 2 1 - - 1.8106 0 3 1 1 1 1 - 1 1 6
GODREJ CONSUMER PRODUCTS LTD INR 8.0 1 1 0 1 1 0 0 - 1 5 26290 5693 17954 9417 264774 41785 64074 35226 8.64 1.00 33.3 1 4 1 8 1 33 0 0.6427 0 3 0 0 0 1 1 1 1 4
RELIANCE COMMUNICATIONS LTD INR 0.3 1 1 0 1 1 0 1 0 1 6 640080 -111780 247710 20640 114141 556070 192940 345750 0.96 0.00 17.0 1 1 1 0 1 8 1 0.4521 0 4 0 1 0 1 0 1 1 4
ACC LTD INR 3.6 1 1 0 1 1 1 1 - 1 7 118867 14417 63396 16278 268889 45532 111306 73750 5.82 1.00 25.4 1 2 1 4 1 16 0 2.0947 0 3 0 0 0 1 1 1 1 4
TITAN INDUSTRIES LTD INR 11.6 1 1 0 0 1 1 1 - 0 5 58660 13328 17422 9643 227628 39134 101233 19699 6.45 1.00 31.4 1 2 1 12 0 43 0 0.819 0 2 0 0 1 1 1 1 1 5
Altman Z Score GROWTH & VALUE CHECKLISTRatio Analysis
FUNDAMENTAL SCORING
Pitroski F Score
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Currency
Price to
Book
Ratio
Positive
Net
Income
Positive
Operati
ng Cash
Flow
Increasi
ng ROA
Quality
of
Earning
s
Long
Term
Debt
vs.
Assets
Current
ratio
Shares
Out -
Same
or Dec.
Inc.
Gross
Margin
Inc.
Asset
Turnov
er
Pitroski
F Score
Tangiable
Assets
Working
Captial
Retained
Earnings
Trailing
12M
Operating
Inc (Loss)
Market CapTotal
Liabilities
Net Sales
(T12M)
Total
Shareholder
s Equity
Altman Z
Score
Altman Z
Score
Bankruptcy
flag
PE PE < 40Price to
Sales
Price To
Sales <
10
Price to
Book
Price to
Book <
10
Price to
Cash
Flow
Price to
Cash
Flow <
10
Dividen
d Yield
Div
Yield >
7%
Final
Score
PEG <
0.75PE < 20
EPS
Growth >
15%
Relative
Strength
> 0
ROCE >
12%
Market
Cap >
20m
Market <
1000m
FINAL
SCORE
DABUR INDIA LTD INR 11.2 1 1 1 1 1 0 0 - 1 6 41002 3631 19199 9300 238695 26000 61761 21364 8.53 1.00 31.3 1 4 1 11 0 27 0 1.0953 0 2 0 0 1 1 1 1 1 5
SHRIRAM TRANSPORT FINANCE INR 2.1 1 0 0 0 0 - 0 - 0 1 476466 - 53566 23922 157546 403117 70160 73379 - - 10.8 1 2 1 2 1 - - 1.008 0 3 - 1 0 1 - 1 1 4
JINDAL STEEL & POWER LTD INR 1.5 1 1 0 0 0 0 1 - 0 3 570525 -27492 210316 45825 325088 352631 198068 218095 1.62 1.00 11.2 1 2 1 2 1 16 0 0.4601 0 3 1 1 0 1 0 1 1 5
BANK OF BARODA INR 0.9 1 1 0 1 0 - 0 - 0 3 5593883 - 185195 51958 284517 5259965 409539 333918 - - 5.8 1 1 1 1 1 2 1 3.1833 0 4 - 1 0 1 - 1 1 4
NMDC LTD INR 5.3 1 1 0 0 0 0 1 - 0 3 128480 105985 112313 57635 617703 12196 75640 116284 34.67 1.00 14.2 1 8 1 5 1 17 0 1.4185 0 3 - 1 1 1 1 1 1 6
BHARAT PETROLEUM CORP LTD INR 1.6 1 1 1 1 0 1 1 - 1 7 788047 -36476 158281 55305 273109 617135 2420434 178521 3.79 1.00 14.5 1 0 1 2 1 7 1 2.9124 0 4 0 1 1 1 0 1 1 5
JSW STEEL LTD INR 0.9 1 1 1 1 0 1 1 - 0 6 563590 -67351 113639 42772 150013 401871 382097 175409 1.29 1.00 16.0 1 0 1 1 1 3 1 1.4873 0 4 0 1 1 1 0 1 1 5
COLGATE PALMOLIVE (INDIA) INR 27.8 1 1 1 0 1 1 1 1 1 8 8847 369 3038 4624 91836 5545 19625 3302 14.41 1.00 21.2 1 5 1 28 0 22 0 2.9616 0 2 - 0 1 1 1 1 1 5
GLENMARK PHARMACEUTICALS LTD INR 4.5 1 1 1 0 0 1 0 - 1 5 58971 15688 19539 8830 125378 43836 50123 27874 3.84 1.00 20.4 1 2 1 5 1 25 0 0.4321 0 3 0 0 1 1 1 1 1 5
YES BANK LTD INR 2.6 1 1 - 0 - - - - - 2 991041 - 25225 19262 153813 932964 95519 58077 - - 11.7 1 2 1 3 1 30 0 1.3989 0 3 1 1 - 1 - 1 1 5
PUNJAB NATIONAL BANK INR 0.7 1 1 0 1 1 - 0 - 1 5 4965138 - 201096 67838 253759 4617418 473775 348353 - - 4.9 1 1 1 1 1 2 1 3.761 0 4 - 1 0 1 - 1 1 4
MAHINDRA & MAHINDRA FIN SECS INR 2.4 1 0 1 0 1 - 0 - 1 4 270692 - 24525 13401 110909 224676 41124 46032 - - 11.2 1 3 1 2 1 - - 1.8462 0 3 1 1 1 1 - 1 1 6
ADANI PORTS AND SPECIAL ECON INR 4.3 1 1 1 0 1 1 1 - 1 7 209456 20544 41724 19928 277871 145210 35766 65386 2.03 1.00 18.1 1 8 1 4 1 34 0 0.721 0 3 1 1 1 1 0 1 1 6
UNITED BREWERIES LTD INR 12.9 1 1 1 0 0 1 1 - 0 5 36957 4543 7813 3088 184978 22273 38987 15128 6.76 1.00 109.1 1 5 1 13 0 126 0 0.1001 0 2 - 0 1 1 0 1 1 4
DIVI'S LABORATORIES LTD INR 5.2 1 1 0 0 1 1 1 - 0 5 31388 13097 23676 7396 131075 6382 21399 25006 15.34 1.00 21.8 1 6 1 5 1 26 0 1.519 0 3 0 0 0 1 1 1 1 4
RURAL ELECTRIFICATION CORP INR 1.2 1 0 1 0 1 - 1 - 1 5 1305633 - 133199 53625 205836 1130373 135778 175298 0.56 0.00 5.4 1 2 1 1 1 - - 3.9578 0 3 - 1 1 1 - 1 1 5
EXIDE INDUSTRIES LTD INR 3.6 1 1 0 0 1 0 1 - 0 4 106959 15699 22568 7363 110033 82179 63659 30909 2.10 1.00 20.0 1 2 1 4 1 24 0 1.236 0 3 0 0 1 1 1 1 1 5
DLF LTD INR 1.5 1 0 0 0 1 0 0 0 0 2 627507 123770 158877 18682 398689 366971 77728 279297 1.47 1.00 56.0 1 5 1 2 1 - - 0.8522 0 3 0 0 0 1 0 1 1 3
TATA GLOBAL BEVERAGES LTD INR 1.6 1 1 0 0 1 0 1 - 1 5 49648 10336 41471 6651 79062 31699 72703 56240 4.82 1.00 21.2 1 1 1 2 1 45 0 1.6817 0 3 0 0 0 1 1 1 1 4
RANBAXY LABORATORIES LTD INR 5.2 1 1 1 1 0 1 0 - 1 6 142998 10469 3714 13655 212726 122919 122529 41733 2.33 1.00 23.0 1 2 1 5 1 13 0 0 0 3 - 0 - 1 1 1 1 4
LIC HOUSING FINANCE LTD INR 1.7 1 0 0 0 1 - 1 - 1 4 806386 - 47113 14462 113499 741146 77348 65341 - - 10.8 1 1 1 2 1 - - 1.6896 0 3 - 1 0 1 - 1 1 4
RELIANCE POWER LTD INR 0.9 1 0 0 0 0 0 1 - 1 3 518730 26558 47277 14278 172515 333513 49266 185826 0.69 0.00 17.1 1 4 1 1 1 - - 0 0 3 - 1 1 1 0 1 1 5
CUMMINS INDIA LTD INR 2.5 1 1 1 0 1 1 1 - 1 7 22917 10398 14456 5075 36630 8265 35285 14852 6.36 1.00 7.9 1 1 1 2 1 14 0 3.5676 0 3 - 1 1 1 1 1 1 6
HINDUSTAN ZINC LTD INR 1.6 1 1 1 0 0 0 1 - 0 4 354554 218781 314307 58589 512531 31897 126998 322757 12.53 1.00 7.4 1 4 1 2 1 10 1 2.5556 0 4 - 1 1 1 1 1 1 6
RELIANCE INFRASTRUCTURE LTD INR 0.3 1 1 1 0 1 0 1 - 0 5 581768 2247 170329 24395 85327 401437 155101 263522 0.95 0.00 3.8 1 1 1 0 1 5 1 2.2808 0 4 - 1 1 1 1 1 1 6
POWER FINANCE CORPORATION INR 1.0 1 0 1 0 0 - 0 - 1 3 1699218 - 187432 63064 238527 1457679 172851 241577 0.82 0.00 5.4 1 1 1 1 1 - - 3.8738 0 3 - 1 1 1 - 1 1 5
INDIAN OIL CORPORATION LTD INR 1.1 1 1 0 0 0 1 1 - 0 4 2368050 40304 604795 105795 683711 1734020 4617797 642989 2.71 1.00 15.4 1 0 1 1 1 19 0 2.2017 0 3 0 1 0 1 0 1 1 4
FEDERAL BANK LTD INR 1.3 1 1 0 1 0 - 0 - 0 3 709930 - 23390 12097 82220 647278 69108 62651 - - 9.6 1 1 1 1 1 7 1 1.8725 0 4 - 1 0 1 - 1 1 4
UNITED PHOSPHORUS LTD INR 1.1 1 1 1 1 1 0 1 - 0 6 101530 32339 34926 13309 51962 75736 91945 48795 2.61 1.00 6.9 1 1 1 1 1 4 1 2.1295 0 4 1 1 1 1 1 1 1 7
SIEMENS LTD INR 7.5 1 1 1 0 1 1 0 0 1 6 101334 22090 37481 11130 285082 63415 119063 38162 5.01 1.00 32.7 1 2 1 7 1 309 0 0.7162 0 3 - 0 0 1 1 1 1 4
JAIPRAKASH ASSOCIATES LTD INR 1.2 1 1 0 1 0 1 0 - 1 5 850077 -13552 75257 53933 145239 781351 188164 164131 0.65 0.00 30.4 1 1 1 1 1 24 0 0.7639 0 3 0 0 0 1 0 1 1 3
TATA CHEMICALS LTD INR 1.3 1 0 0 0 1 1 1 - 0 4 68523 3464 48999 18155 81930 132859 148588 69497 4.47 1.00 20.5 1 1 1 1 1 - - 3.1095 0 3 - 0 0 1 1 1 1 4
STEEL AUTHORITY OF INDIA INR 0.6 1 1 0 1 0 0 1 - 0 4 849672 52331 372789 35506 258364 448721 450872 416474 1.70 1.00 11.1 1 1 1 1 1 9 1 3.1974 0 4 - 1 0 1 0 1 1 4
RELIANCE CAPITAL LTD INR 0.6 1 0 1 0 1 - 1 - 1 5 403310 - 81260 12490 76809 281010 74920 124870 - - 9.5 1 1 1 1 1 - - 2.5584 0 3 - 1 1 1 - 1 1 5
ADANI ENTERPRISES LTD INR 1.0 1 1 0 1 1 0 1 - 0 5 1090219 -60289 108669 42020 222382 875659 464624 246926 0.78 0.00 13.8 1 0 1 1 1 5 1 0.6924 0 4 1 1 0 1 0 1 1 5
BANK OF INDIA INR 0.7 1 1 0 1 1 - 0 - 0 4 4564068 - 132046 30168 180469 4318624 358802 245444 - - 6.2 1 0 1 1 1 3 1 3.302 0 4 - 1 0 1 - 1 1 4
NHPC LTD INR 0.8 1 1 0 0 0 1 1 - 0 4 590277 73000 152055 30836 244170 296509 64021 326852 1.28 1.00 9.3 1 4 1 1 1 11 0 3.0227 0 3 1 1 0 1 0 1 1 5
CANARA BANK INR 0.7 1 0 0 0 0 - 1 - 0 2 4193243 - 156712 37665 170134 3939157 373726 254086 - - 5.7 1 0 1 1 1 - - 3.385 0 3 - 1 0 1 - 1 1 4
BHARAT FORGE LTD INR 2.1 1 1 0 1 1 0 1 - 0 5 73645 6363 15002 4581 48212 50188 57022 24206 1.94 1.00 18.2 1 1 1 2 1 8 1 1.6417 0 4 1 1 0 1 0 1 1 5
CROMPTON GREAVES LTD INR 1.7 0 1 0 1 0 0 1 - 0 3 86136 17915 32814 1802 60172 65818 120944 35710 2.80 1.00 - - 0 1 2 1 16 0 1.2793 0 2 - - - 1 0 1 1 3
HINDUSTAN PETROLEUM CORP INR 0.7 1 1 1 1 0 1 1 - 1 7 920737 -63836 119363 18781 96576 786816 2159502 135942 2.58 1.00 19.3 1 0 1 1 1 15 0 2.9804 0 3 0 1 1 1 0 1 1 5
UNION BANK OF INDIA INR 0.8 1 1 1 1 0 - 0 - 1 5 3128805 - 87535 30392 130101 2954519 280383 174600 - - 5.6 1 0 1 1 1 5 1 3.6697 0 4 - 1 1 1 - 1 1 5
ABB INDIA LTD INR 5.7 1 0 - 0 0 0 1 - - 2 63490 9887 24999 2950 148495 39028 76105 26016 4.37 1.00 105.4 1 2 1 6 1 - - 0.4281 0 3 - 0 0 1 0 1 1 3
GMR INFRASTRUCTURE LTD INR 1.2 1 1 1 1 0 0 1 - 0 5 531552 -84761 -379 14225 84076 528477 98719 109693 0.18 0.00 95.4 1 1 1 1 1 6 1 0.463 0 4 - 0 - 1 0 1 1 3
IDBI BANK LTD INR 0.5 1 1 0 1 0 - 0 - 0 3 3226662 - 91996 19068 106953 3014278 284101 212384 - - 5.4 1 0 1 1 1 2 1 4.3614 0 4 - 1 0 1 - 1 1 4
ADANI POWER LTD INR 2.3 0 1 0 1 0 0 0 - 1 3 549561 -109170 -15508 -1927 97287 506711 67748 42934 -0.05 0.00 - - 1 1 2 1 117 0 0 0 2 - - 0 1 - 1 1 3
UNITECH LTD INR 0.5 1 0 0 0 0 0 1 - 0 2 238807 95370 51093 3206 61614 124357 24405 114499 1.22 1.00 29.4 1 3 1 1 1 - - 0 0 3 - 0 0 1 0 1 1 3
ASHOK LEYLAND LTD INR 1.3 1 1 0 0 0 0 1 - 0 3 126069 -9996 34343 4957 58136 86416 124812 44551 1.81 1.00 13.4 1 0 1 1 1 15 0 2.746 0 3 - 1 0 1 1 1 1 5
HOUSING DEVELOPMENT & INFRAS INR 0.2 1 1 0 0 1 1 1 - 0 5 172387 112091 50524 3267 19358 69257 10252 103900 1.48 1.00 26.4 1 2 1 0 1 29 0 0 0 3 - 0 0 1 0 1 1 3
SUZLON ENERGY LTD INR 2.7 0 0 0 1 0 0 1 - 0 2 203623 -15597 -43045 -16925 24172 280208 187431 9861 0.31 0.00 - - 0 1 3 1 - - 0 0 2 - - 0 1 - 1 1 3
Altman Z Score GROWTH & VALUE CHECKLISTRatio Analysis
FUNDAMENTAL SCORING
Pitroski F Score
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
ITC Limited, a member of BAT Group of UK, is a holding company, which has a
diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers,
Packaging, Agri Business, Packaged Foods & Confectionery, Branded Apparel,
Greeting Cards and other FMCG products.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (24.07.2013) 380.00
52-Week Low (03.10.2012) 267.70
Daily Volume
343
52-Week High % Change -9.71% Dividend Yield 1.53
52-Week Low % Change 28.13% Beta 0.84
% 52 Week Price Range High/Low 64.65% Equity Float 4'826.42
Shares Out 25.09.2013 7'920.0 Short Int -
2'716'552.75 1 Yr Total Return 27.37%
Total Debt 1'023.80 YTD Return 21.44%
Preferred Stock 0.0 Adjusted BETA 0.838
Minority Interest 1'798.9 Analyst Recs 49
Cash and Equivalents 88'084.70 Consensus Rating 4.306
Enterprise Value 2'631'290.76
Average Volume 5 Day 521'965
ITC IB EQUITY YTD Change - Average Volume 30 Day 753'458
ITC IB EQUITY YTD % CHANGE - Average Volume 3 Month 635'611
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
165'561.4 191'358.7 222'791.1 261'795.2 313'234.5 - - 362'622 424'519 - -
4.03x 4.97x 6.05x 6.51x 7.53x - - 7.31x 6.21x - -
51'170.1 63'787.9 77'161.0 92'983.7 111'661.9 - - 131'058.6 155'726.4 - -
13.05x 14.91x 17.46x 18.33x 21.13x - - 20.07x 16.89x - -
33'245.9 41'681.8 50'179.3 62'581.4 76'080.7 - - 89'489.1 106'580.2 - -
20.96x 23.89x 27.87x 28.18x 31.94x - - 30.42x 25.64x - -
EBITDA 111'661.90 Long-Term Rating Date -
EBIT 103'070.80 Long-Term Rating -
Operating Margin 32.91% Long-Term Outlook -
Pretax Margin 35.49% Short-Term Rating Date -
Return on Assets 23.25% Short-Term Rating -
Return on Common Equity 35.70%
Return on Capital 35.90% EBITDA/Interest Exp. 167.51
Asset Turnover 0.96% (EBITDA-Capex)/Interest Exp. 127.84
Net Debt/EBITDA -0.78
Gross Margin - Total Debt/EBITDA 0.01
EBITDA Margin 35.6%
EBIT Margin 32.9% Total Debt/Equity 0.4%
Net Income Margin 24.3% Total Debt/Capital 0.4%
Asset Turnover 0.96
Current Ratio 1.80 Net Fixed Asset Turnover 2.44
Quick Ratio 0.97 Accounts receivable turnover-days 15.12
Debt to Assets 0.29% Inventory Days -
Tot Debt to Common Equity 0.44% Accounts Payable Turnover Day -
Accounts Receivable Turnover 24.13 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
ITC LtdPrice/Volume
Valuation Analysis
123'021.00
Current Price (10/dd/yy) Market Data
,
2,
-,,
-2,
.,,
.2,
0,,
02,
1,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'2 E
-', E
-'2 E
.', E
.'2 E
0', E
0'2 E
1', E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
02',,
1,',,
12',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TOBACCO MANUFACTURER n/a Co File 1'985'564'880 25.07 - 30.06.2013 Unclassified
LIFE INSURANCE CORP n/a Co File 997'795'083 12.6 - 30.06.2013 Government
UNIT TRUST OF INDIA n/a Co File 896'724'540 11.32 - 30.06.2013 Investment Advisor
MYDDLETON INVEST COY n/a Co File 324'207'960 4.09 - 30.06.2013 Holding Company
NEW INDIA ASSURANCE n/a Co File 159'074'568 2.01 - 30.06.2013 Government
GENERAL INSURANCE CO n/a Co File 143'750'540 1.82 - 30.06.2013 Government
ORIENTAL INSURANCE C n/a Co File 128'050'513 1.62 - 30.06.2013 Insurance Company
NATIONAL INSURANCE C n/a Co File 119'307'220 1.51 - 30.06.2013 Insurance Company
ABERDEEN n/a ULT-AGG 105'961'190 1.34 3'592'777 31.07.2013 Investment Advisor
ROTHMANS INTL ENTERP n/a Co File 103'303'260 1.3 - 30.06.2013 Private Equity
ICICI PRUDENTIAL LIF n/a Co File 80'430'119 1.02 - 30.06.2013 Insurance Company
HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 74'735'253 0.94 1'699'600 28.06.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 72'346'350 0.91 (1'680'960) 30.06.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 60'624'162 0.77 (687'826) 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 57'052'937 0.72 396'408 30.06.2013 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 56'685'405 0.72 685'802 30.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 45'134'180 0.57 (377'063) 27.09.2013 Investment Advisor
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 40'633'313 0.51 1'329'090 31.08.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 36'652'159 0.46 166'975 31.08.2013 Investment Advisor
FMR LLC n/a ULT-AGG 35'651'464 0.45 1'715'613 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered SANJAY SINGH outperform 5 M 354 12 month 27.09.2013
CIMB VARUN LOHCHAB neutral 3 M 360 12 month 27.09.2013
BNP Paribas Equity Research VIJAY CHUGH buy 5 M 380 12 month 27.09.2013
Nomura MANISH JAIN buy 5 M 392 Not Provided 27.09.2013
IIFL PERCY PANTHAKI buy 5 M 370 12 month 26.09.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 18.09.2013
Kotak Securities ROHIT CHORDIA add 4 M 375 Not Provided 17.09.2013
ICICI Securities ANAND MOUR add 4 M 372 12 month 13.09.2013
Goldman Sachs PUNEET JAIN Buy/Neutral 5 M 357 12 month 11.09.2013
Sharekhan Ltd TEAM COVERAGE buy 5 U 379 Not Provided 05.09.2013
Credit Suisse ARNAB MITRA outperform 5 M 385 Not Provided 29.08.2013
Prabhudas Lilladher Pvt Ltd AMNISH AGGARWAL buy 5 M 366 12 month 28.08.2013
Antique Stock Broking Limited ABHIJEET KUNDU buy 5 U 356 Not Provided 27.08.2013
JPMorgan LATIKA CHOPRA overweight 5 M 390 12 month 26.08.2013
Dolat Capital Market Ltd. AMIT PUROHIT accumulate 4 M 318 Not Provided 23.08.2013
Fortune Equity Brokers (India) Ltd KRISHNAN SAMBAMOORTHY buy 5 U 371 Not Provided 21.08.2013
Motilal Oswal Securities Ltd GAUTAM DUGGAD neutral 3 M 385 Not Provided 19.08.2013
HSBC AMIT SACHDEVA overweight 5 U 400 Not Provided 09.08.2013
Deutsche Bank MANOJ MENON buy 5 M 385 12 month 07.08.2013
Batlivala & Karani Securities ASHIT DESAI outperform 5 M 355 Not Provided 05.08.2013
Shah Investor's Home Limited AMEYA HARDAS hold 3 D 382 12 month 30.07.2013
Morgan Stanley NILLAI SHAH Overwt/In-Line 5 M 425 12 month 29.07.2013
Angel Broking Limited SRINIVASAN VISWANATHAN neutral 3 M #N/A N/A Not Provided 29.07.2013
Edelweiss Capital ABNEESH ROY buy 5 M 388 12 month 29.07.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 396 Not Provided 29.07.2013
Macquarie AMIT MISHRA outperform 5 M 421 12 month 26.07.2013
SBI Capital Markets SAGARIKA MUKHERJEE buy 5 M 400 12 month 26.07.2013
Anand Rathi Securities Pvt. Ltd. ANIRUDDHA JOSHI buy 5 M 380 Not Provided 26.07.2013
Espirito Santo Investment Bank ResearchNITIN MATHUR neutral 3 M 325 Not Provided 26.07.2013
Phillip Securities NAVEEN KULKARNI sell 1 M 300 Not Provided 26.07.2013
HDFC Securities HARSH MEHTA buy 5 M 382 12 month 26.07.2013
India Infoline VANMALA NAGWEKAR buy 5 M 398 12 month 26.07.2013
KR Choksey Shares & Sec Pvt Ltd KUNAL DALAL accumulate 4 M 400 12 month 26.07.2013
ICICIdirect.com SANJAY MANYAL hold 3 M 328 12 month 26.07.2013
Jefferies RAJASA KAKULAVARAPU buy 5 M 413 12 month 25.07.2013
IDFC Securities Ltd NIKHIL K VORA underperform 1 M 346 12 month 25.07.2013
Tata Securities Limited SAMEER DESHMUKH buy 5 M 394 12 month 25.07.2013
Religare Capital Markets GAURANG KAKKAD hold 3 M 350 12 month 25.07.2013
VCK Share & Stock Broking Services TEAM COVERAGE accumulate 4 M 396 12 month 25.07.2013
Elara Securities India Pvt Ltd AASHISH UPGANLAWAR accumulate 4 M 399 12 month 25.07.2013
Ventura Securities Ltd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 22.05.2013
Nirmal Bang Securities Private Ltd RUCHITA MAHESHWARI hold 3 M 370 Not Provided 21.05.2013
UBS SUNITA SACHDEV buy 5 M 400 12 month 17.05.2013
Holdings By:
ITC Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Infosys Limited provides IT consulting and software services, including
e-business, program management and supply chain solutions. The Group's services
include application development, product co-development, and system
implementation and system engineering. Infosys targets businesses specializing
in the insurance, banking, telecommunication and manufacturing sectors.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (11.09.2013) 3'172.70
52-Week Low (29.04.2013) 2'190.00
Daily Volume
3013.1
52-Week High % Change -4.94% Dividend Yield -
52-Week Low % Change 37.58% Beta 0.79
% 52 Week Price Range High/Low 84.00% Equity Float 442.03
Shares Out 25.09.2013 574.2 Short Int -
1'730'231.13 1 Yr Total Return 17.55%
Total Debt 0.00 YTD Return 31.46%
Preferred Stock 0.0 Adjusted BETA 0.787
Minority Interest 0.0 Analyst Recs 70
Cash and Equivalents 235'710.00 Consensus Rating 3.600
Enterprise Value 1'528'141.10
Average Volume 5 Day 60'624
INFO IB EQUITY YTD Change - Average Volume 30 Day 74'076
INFO IB EQUITY YTD % CHANGE - Average Volume 3 Month 94'756
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
216'930.0 227'744.8 275'010.0 337'340.0 403'520.0 358'650.0 420'030.0 475'478.3 531'124.6 120'242.6 118'190.3
3.05x 6.30x 6.13x 4.25x 3.51x 14.81x 11.82x 3.06x 2.63x 14.40x 14.65x
72'190.0 78'648.8 89'750.0 107'490.0 115'440.0 121'860.0 124'220.0 128'008.9 143'171.2 31'980.8 31'603.0
9.16x 18.24x 18.79x 13.33x 12.26x 10.08x 9.87x 11.94x 10.68x 11.74x 11.48x
59'880.0 62'245.8 68'350.0 83'320.0 94'290.0 88'830.0 95'060.0 100'722.8 113'055.8 24'360.2 24'776.3
12.66x 25.29x 27.09x 19.66x 17.51x 16.14x 15.02x 16.90x 15.04x 16.83x 16.40x
EBITDA 115'440.00 Long-Term Rating Date 07.05.2010
EBIT 104'450.00 Long-Term Rating BBB+
Operating Margin 25.88% Long-Term Outlook NEG
Pretax Margin 31.72% Short-Term Rating Date -
Return on Assets 21.64% Short-Term Rating -
Return on Common Equity 25.60%
Return on Capital 25.60% EBITDA/Interest Exp. -
Asset Turnover 0.96% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -1.63
Gross Margin 40.1% Total Debt/EBITDA 0.00
EBITDA Margin 29.6%
EBIT Margin 24.8% Total Debt/Equity 0.0%
Net Income Margin 23.4% Total Debt/Capital 0.0%
Asset Turnover 0.96
Current Ratio 4.36 Net Fixed Asset Turnover 6.83
Quick Ratio 3.78 Accounts receivable turnover-days 65.46
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 1.08
Accounts Receivable Turnover 5.58 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Infosys LtdPrice/Volume
Valuation Analysis
26'016.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
2,,
-,,,
-2,,
.,,,
.2,,
0,,,
02,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'2 E
-', E
-'2 E
.', E
.'2 E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
400'000.0
450'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ABERDEEN n/a ULT-AGG 30'472'192 5.31 (2'803'199) 31.07.2013 Investment Advisor
LIFE INSURANCE CORP n/a EXCH 28'751'207 5.01 - 25.09.2013 Government
GOPALAKRISHNAN SENAP n/a Co File 18'951'351 3.3 - 30.06.2013 n/a
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 15'148'155 2.64 (6'790) 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 13'519'071 2.35 702'687 30.06.2013 Investment Advisor
ABU DHABI INVESTMENT n/a Co File 13'497'161 2.35 - 30.06.2013 Government
FRANKLIN RESOURCES n/a ULT-AGG 11'760'827 2.05 (197'344) 30.06.2013 Investment Advisor
GIC PRIVATE LIMITED n/a ULT-AGG 9'804'709 1.71 - 30.06.2013 Government
HDFC ASSET MANAGEMEN n/a Co File 9'253'433 1.61 - 30.06.2013 Investment Advisor
NILEKANI NANDAN M n/a Co File 8'345'870 1.45 - 30.06.2013 n/a
MURTHY AKSHATA n/a Co File 8'106'412 1.41 - 30.06.2013 n/a
MURTHY ROHAN n/a Co File 7'949'782 1.38 - 30.06.2013 n/a
BLACKROCK n/a ULT-AGG 7'914'353 1.38 50'543 27.09.2013 Investment Advisor
NILEKANI ROHINI n/a EXCH 7'501'174 1.31 (577'000) 19.07.2013 n/a
MURTHY SUDHA N n/a Co File 7'314'660 1.27 - 30.06.2013 n/a
JP MORGAN n/a ULT-AGG 7'064'938 1.23 (1'153'629) 31.07.2013 Investment Advisor
DINESH ASHA n/a Co File 7'047'482 1.23 - 30.06.2013 n/a
ICICI PRUDENTIAL LIF n/a Co File 6'995'658 1.22 - 30.06.2013 Insurance Company
NORGES BANK Multiple Portfolios MF-AGG 5'512'977 0.96 - 31.12.2012 Government
COMMONWEALTH BANK OF n/a ULT-AGG 5'230'309 0.91 (1'819'086) 31.05.2013 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura ASHWIN MEHTA buy 5 M 3'530 Not Provided 30.09.2013
CIMB SANDEEP R SHAH outperform 5 U 3'450 12 month 27.09.2013
JM Financial Institutional Securities P GOVIND AGARWAL buy 5 M 3'150 Not Provided 27.09.2013
Axis Capital Limited PRIYA ROHIRA buy 5 M 3'859 Not Provided 27.09.2013
Credit Suisse ANANTHA NARAYAN neutral 3 M 3'300 Not Provided 26.09.2013
Emkay Share & Stock Brokers MANIK TANEJA buy 5 M 3'650 Not Provided 26.09.2013
Standard Chartered PANKAJ KAPOOR in-line 3 M 3'100 12 month 23.09.2013
Societe Generale MUKUL GARG hold 3 M 2'615 12 month 23.09.2013
Morgan Stanley VIPIN KHARE Overwt/Attractive 5 M 3'695 12 month 23.09.2013
Jefferies VISHAL AGARWAL buy 5 M 3'675 12 month 23.09.2013
SBI Capital Markets DIPESH N MEHTA hold 3 M 3'340 12 month 23.09.2013
ICICI Securities KULDEEP KOUL buy 5 M 3'417 12 month 17.09.2013
Phillip Securities VIBHOR SINGHAL neutral 3 M 2'800 Not Provided 17.09.2013
KR Choksey Shares & Sec Pvt Ltd HARDIK R SHAH accumulate 4 M 3'290 12 month 16.09.2013
Equirus Securities Pvt Ltd BHAVIN SHAH buy 5 M 3'550 Not Provided 14.09.2013
Espirito Santo Investment Bank ResearchNITIN PADMANABHAN buy 5 M 3'600 Not Provided 10.09.2013
Ambit Capital Pvt Ltd ANKUR RUDRA sell 1 M 2'581 12 month 10.09.2013
Kotak Securities KAWALJEET SALUJA add 4 M 3'400 Not Provided 06.09.2013
Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN buy 5 M 3'700 12 month 04.09.2013
IIFL SANDEEP MUTHANGI add 4 M 3'426 12 month 03.09.2013
JPMorgan VIJU K GEORGE overweight 5 M 3'000 6 month 02.09.2013
Religare Capital Markets RUMIT DUGAR buy 5 M 3'700 12 month 31.08.2013
Barclays BHUVNESH SINGH overweight 5 M 3'310 Not Provided 30.08.2013
Quant Broking Pvt Ltd BASUDEB BANERJEE reduce 2 M 2'786 Not Provided 30.08.2013
Nirmal Bang Institutional Equities HARIT SHAH sell 1 D 2'860 12 month 30.08.2013
Macquarie NITIN MOHTA outperform 5 U 3'550 12 month 29.08.2013
Batlivala & Karani Securities DEEPAN S KAPADIA outperform 5 M 3'300 Not Provided 29.08.2013
Edelweiss Capital SANDIP KUMAR AGARWAL buy 5 M 3'228 12 month 29.08.2013
Deutsche Bank ANIRUDDHA BHOSALE hold 3 M 3'200 12 month 28.08.2013
HSBC YOGESH AGGARWAL neutral 3 M 3'200 Not Provided 28.08.2013
BNP Paribas Equity Research ABHIRAM ELESWARAPU hold 3 M 2'450 12 month 26.08.2013
Motilal Oswal Securities Ltd ASHISH CHOPRA buy 5 M 3'318 Not Provided 19.08.2013
Tata Securities Limited ASHISH AGGARWAL hold 3 M 3'329 12 month 19.08.2013
UBS DIVIYA NAGARAJAN buy 5 M 3'550 12 month 13.08.2013
SPA Securities Ltd AMIT AGGARWAL hold 3 M 2'914 Not Provided 26.07.2013
Spark Capital Advisors SRIVATHSAN RAMACHANDRAN reduce 2 M 2'700 12 month 25.07.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 19.07.2013
Goldman Sachs RISHI JHUNJHUNWALA neutral/neutral 3 M 2'750 12 month 17.07.2013
Techno Shares & Stocks DEBASHISH MAZUMDAR hold 3 M 2'850 12 month 16.07.2013
Maybank Kim Eng URMIL SHAH sell 1 M 2'300 12 month 15.07.2013
India Infoline ANIRUDDHA MEHTA market perform 3 M 2'730 12 month 15.07.2013
Antique Stock Broking Limited PRATISH KRISHNAN hold 3 M 2'700 Not Provided 15.07.2013
BP Equities Private Limited AMIT CHANDRA hold 3 M 2'790 Not Provided 15.07.2013
Holdings By:
Infosys Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber
intermediates, textiles, blended yarn and polyester staple fiber. The Company
also owns a petroleum refinery cum petrochemicals complex in Jamnagar, India
that produces a wide range of products such as gasoline, superior kerosene oil
and liquefied petroleum gas.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (21.01.2013) 954.80
52-Week Low (21.11.2012) 761.00
Daily Volume
824
52-Week High % Change -13.56% Dividend Yield 1.09
52-Week Low % Change 8.28% Beta 1.13
% 52 Week Price Range High/Low 31.66% Equity Float 1'519.34
Shares Out 25.09.2013 3'230.6 Short Int -
2'662'051.00 1 Yr Total Return -0.17%
Total Debt 1'072'190.00 YTD Return -0.71%
Preferred Stock 0.0 Adjusted BETA 1.127
Minority Interest 9'490.0 Analyst Recs 56
Cash and Equivalents 661'360.00 Consensus Rating 3.893
Enterprise Value 3'082'370.93
Average Volume 5 Day 391'782
RIL IB EQUITY YTD Change - Average Volume 30 Day 478'787
RIL IB EQUITY YTD % CHANGE - Average Volume 3 Month 440'068
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
1'512'240.1 2'037'397.2 2'658'106.0 3'585'010.0 3'970'620.0 - - ######### ######### - -
1.99x 1.78x 1.35x 0.69x 0.68x - - 0.75x 0.73x - -
242'169.1 303'332.8 380'722.6 351'080.0 333'830.0 - - 357'359.2 412'960.6 - -
12.44x 11.96x 9.40x 7.09x 8.06x - - 8.62x 7.46x - -
149'687.2 245'031.4 192'936.8 197'240.0 208'790.0 - - 224'997.2 253'973.1 - -
14.09x 13.05x 16.20x 11.35x 10.91x - - 11.49x 10.21x - -
EBITDA 333'830.00 Long-Term Rating Date 29.05.2013
EBIT 221'510.00 Long-Term Rating BBB+
Operating Margin 5.58% Long-Term Outlook NEG
Pretax Margin 6.60% Short-Term Rating Date -
Return on Assets 6.06% Short-Term Rating -
Return on Common Equity 11.88%
Return on Capital 8.30% EBITDA/Interest Exp. 12.97
Asset Turnover 1.15% (EBITDA-Capex)/Interest Exp. 1.03
Net Debt/EBITDA 1.23
Gross Margin - Total Debt/EBITDA 3.21
EBITDA Margin 8.4%
EBIT Margin 5.6% Total Debt/Equity 58.9%
Net Income Margin 5.3% Total Debt/Capital 36.9%
Asset Turnover 1.15
Current Ratio 1.48 Net Fixed Asset Turnover 3.25
Quick Ratio 0.79 Accounts receivable turnover-days 12.27
Debt to Assets 29.59% Inventory Days -
Tot Debt to Common Equity 58.89% Accounts Payable Turnover Day -
Accounts Receivable Turnover 29.75 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Reliance Industries LtdPrice/Volume
Valuation Analysis
187'876.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,-,,.,,0,,1,,2,,3,,4,,5,,6,,
-,,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'. E
'1 E
'3 E
'5 E
-', E
-'. E
-'1 E
-'3 E
0.0
500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
3'000'000.0
3'500'000.0
4'000'000.0
4'500'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
-3',,
-5',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LIFE INSURANCE CORP n/a Co File 271'114'032 8.39 - 30.06.2013 Government
KANKHAL INVES & TRAD n/a Co File 148'490'952 4.6 - 30.06.2013 Investment Advisor
BHUVANESH ENTERPRISE n/a Co File 134'616'811 4.17 - 30.06.2013 Corporation
AJITESH ENTERPRISES n/a Co File 127'041'799 3.93 - 30.06.2013 Other
BADRI COMMERCIALS LL n/a Co File 127'041'799 3.93 - 30.06.2013 Other
ABHAYAPRADA ENTERPRI n/a Co File 124'514'168 3.85 - 30.06.2013 Other
TRILOKESH COMMERCIAL n/a Co File 124'513'168 3.85 - 30.06.2013 Other
PETROLEUM TRUST n/a Co File 120'471'003 3.73 - 30.06.2013 n/a
FARM ENTERPRISES LTD n/a Co File 118'978'113 3.68 - 30.06.2013 Other
TARAN ENTERPRISES LL n/a Co File 106'373'069 3.29 - 30.06.2013 Other
PITAMBAR ENTERPRISES n/a Co File 104'900'070 3.25 - 30.06.2013 Other
ADISESH ENTERPRISES n/a Co File 81'099'093 2.51 - 30.06.2013 Other
RELIANCE CHEMICALS P n/a Co File 62'239'998 1.93 - 30.06.2013 Other
RELIANCE POLYOLEFINS n/a Co File 61'194'924 1.89 - 30.06.2013 Other
RISHIKESH ENTERPRISE n/a Co File 60'409'418 1.87 - 30.06.2013 Other
FRANKLIN RESOURCES n/a ULT-AGG 56'069'320 1.74 (902'436) 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 51'122'841 1.58 2'610'243 30.06.2013 Investment Advisor
PAVANA ENTERPRISES L n/a Co File 35'673'400 1.1 - 30.06.2013 Other
JANUS CAPITAL MANAGE n/a ULT-AGG 28'542'670 0.88 (2'650'149) 30.06.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 24'926'757 0.77 451'800 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura ANIL SHARMA buy 5 M 1'075 Not Provided 30.09.2013
Axis Capital Limited AMIT MISHRA buy 5 M 1'160 Not Provided 27.09.2013
IIFL BHASKAR CHAKRABORTY reduce 2 M 840 12 month 24.09.2013
Ambit Capital Pvt Ltd DAYANAND MITTAL sell 1 M 856 12 month 19.09.2013
Quant Broking Pvt Ltd GAGAN DIXIT buy 5 M 1'117 Not Provided 19.09.2013
Motilal Oswal Securities Ltd HARSHAD BORAWAKE neutral 3 M 943 Not Provided 12.09.2013
Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 960 12 month 11.09.2013
Tata Securities Limited SWARNENDU BHUSHAN hold 3 U 868 12 month 11.09.2013
IDFC Securities Ltd PRAKASH JOSHI outperform 5 U 1'013 12 month 10.09.2013
Morgan Stanley VINAY JAISING Overwt/Attractive 5 M 1'156 12 month 05.09.2013
Credit Suisse SANJAY MOOKIM outperform 5 M 1'031 Not Provided 03.09.2013
JPMorgan SAMUEL SW LEE neutral 3 M 800 6 month 30.08.2013
Antique Stock Broking Limited AMIT RUSTAGI buy 5 M 974 Not Provided 30.08.2013
Sharekhan Ltd TEAM COVERAGE buy 5 M 1'010 Not Provided 30.08.2013
India Nivesh Ltd ABHISHEK JAIN buy 5 M 1'053 Not Provided 30.08.2013
Deutsche Bank HARSHAD KATKAR buy 5 M 1'040 12 month 29.08.2013
Goldman Sachs NILESH BANERJEE Buy/Neutral 5 M 1'140 12 month 28.08.2013
Equirus Securities Pvt Ltd MAULIK PATEL neutral 3 M 872 12 month 28.08.2013
Jefferies ARYA SEN hold 3 M 890 12 month 27.08.2013
BNP Paribas Equity Research AMIT SHAH hold 3 M 847 12 month 26.08.2013
ICICI Securities ROHIT AHUJA buy 5 M 1'122 12 month 26.08.2013
Kotak Securities SANJEEV PRASAD buy 5 U 980 Not Provided 23.08.2013
Barclays SOMSHANKAR SINHA equalweight 3 M 900 Not Provided 23.08.2013
Ajcon Global Services Ltd. AKASH AJAY JAIN buy 5 U 1'110 Not Provided 16.08.2013
Brics Securities NILESH RAMESH GHUGE reduce 2 M 914 Not Provided 01.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 944 Not Provided 27.07.2013
Batlivala & Karani Securities BHAVIN GANDHI outperform 5 M 996 Not Provided 26.07.2013
Standard Chartered RAHUL SINGH in-line 3 M 908 12 month 24.07.2013
Emkay Share & Stock Brokers DHAVAL JOSHI accumulate 4 U 982 Not Provided 24.07.2013
Karvy Stock Broking Ltd VINAY V NAIR hold 3 M 861 12 month 24.07.2013
Sunidhi Consultancy Services ROHIT NAGRAJ hold 3 N 974 12 month 23.07.2013
KR Choksey Shares & Sec Pvt Ltd NISHA SHARMA accumulate 4 D 990 12 month 23.07.2013
Macquarie ABHISHEK AGARWAL outperform 5 M 1'100 12 month 22.07.2013
Daiwa Securities Co. Ltd. NIRMAL RAGHAVAN hold 3 M 945 Not Provided 22.07.2013
JM Financial Institutional Securities P MEHUL THANAWALA buy 5 M 943 12 month 22.07.2013
HDFC Securities AISHWARYA DEEPAK neutral 3 M 960 12 month 22.07.2013
LKP Shares and Securities Ltd CHIRAG DHAIFULE neutral 3 M 939 12 month 22.07.2013
India Infoline PRAYESH JAIN market perform 3 M 950 12 month 22.07.2013
NVS Brokerage Limited TEAM COVERAGE buy 5 M 945 12 month 22.07.2013
BOB Capital Markets NEELABH SHARMA hold 3 D 1'012 12 month 22.07.2013
IDBI Capital Market Services Ltd SUDEEP ANAND accumulate 4 D 1'000 Not Provided 20.07.2013
Religare Capital Markets NITIN TIWARI hold 3 M 910 12 month 20.07.2013
Angel Broking Limited BHAVESH CHAUHAN neutral 3 M #N/A N/A Not Provided 19.07.2013
Holdings By:
Reliance Industries Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Housing Development Finance Corporation Ltd. HDFC provides housing finance in
India. The Company provides long-term housing loans to low and middle income
individuals, as well as to corporations. HDFC also provides construction finance
to real estate developers, besides providing lease financing facilities to
companies and development authorities for infrastructure and other assets.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (30.05.2013) 931.00
52-Week Low (28.08.2013) 632.20
Daily Volume
774.95
52-Week High % Change -16.33% Dividend Yield 1.61
52-Week Low % Change 22.58% Beta 0.99
% 52 Week Price Range High/Low 43.96% Equity Float 1'465.08
Shares Out 26.09.2013 1'558.2 Short Int -
1'207'488.00 1 Yr Total Return 2.29%
Total Debt 1'636'626.90 YTD Return -5.02%
Preferred Stock 0.0 Adjusted BETA 0.986
Minority Interest 10'714.7 Analyst Recs 49
Cash and Equivalents 15'168.60 Consensus Rating 3.755
Enterprise Value 2'839'661.06
Average Volume 5 Day 113'159
HDFC IB EQUITY YTD Change - Average Volume 30 Day 257'415
HDFC IB EQUITY YTD % CHANGE - Average Volume 3 Month 251'260
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
117'064.2 123'566.6 257'695.6 302'853.4 359'789.7 72'765.1 401'271.8 260'660.5 312'002.5 - -
10.70x 14.26x 8.57x 7.97x 8.09x 0.00x 12.87x - - - -
105'974.0 113'182.5 132'096.2 178'473.4 218'561.7 0.0 118'874.3 - - - -
11.82x 15.57x 16.71x 13.52x 13.31x 0.00x 0.00x - - - -
23'105.0 32'409.8 45'284.1 54'625.1 66'397.2 12'758.6 70'709.5 70'360.5 86'104.5 - -
17.38x 23.91x 22.56x 18.14x 18.91x 0.00x 19.10x 21.56x 18.02x - -
EBITDA 218'561.70 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 35.19% Long-Term Outlook -
Pretax Margin 24.97% Short-Term Rating Date -
Return on Assets 2.86% Short-Term Rating -
Return on Common Equity 23.60%
Return on Capital 3.83% EBITDA/Interest Exp. -
Asset Turnover 0.15% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 7.42
Gross Margin - Total Debt/EBITDA 7.49
EBITDA Margin 60.7%
EBIT Margin - Total Debt/Equity 510.5%
Net Income Margin 18.5% Total Debt/Capital 83.2%
Asset Turnover 0.15
Current Ratio - Net Fixed Asset Turnover 57.03
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 64.96% Inventory Days -
Tot Debt to Common Equity 510.48% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Housing Development Finance CorpPrice/Volume
Valuation Analysis
45'229.00
Current Price (10/dd/yy) Market Data
,-,,.,,0,,1,,2,,3,,4,,5,,6,,
-,,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
2', E
-,', E
-2', E
.,', E
.2', E
0,', E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
400'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
.,',,
1,',,
3,',,
5,',,
-,,',,
-.,',,
-1,',,
-3,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ABERDEEN n/a ULT-AGG 103'603'973 6.65 301'906 28.06.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 80'569'086 5.17 (7'822'000) 30.06.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 54'367'799 3.49 (2'441'050) 31.08.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 47'397'757 3.04 2'807'656 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 42'813'648 2.75 (391'731) 30.06.2013 Investment Advisor
LIFE INSURANCE CORP n/a Co File 32'479'221 2.08 - 30.06.2013 Government
ICICI PRUDENTIAL LIF n/a Co File 29'206'831 1.87 - 30.06.2013 Insurance Company
VIRTUS EMERGING MARK n/a Co File 25'829'164 1.66 - 30.06.2013 n/a
HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 25'829'164 1.66 922'600 28.06.2013 Unclassified
BLACKROCK n/a ULT-AGG 25'461'239 1.63 36'751 27.09.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 24'065'643 1.54 5'809'780 30.06.2013 Investment Advisor
CARMIGNAC GESTION n/a Co File 23'989'660 1.54 - 30.06.2013 Investment Advisor
GIC PRIVATE LIMITED n/a ULT-AGG 23'673'678 1.52 - 30.06.2013 Government
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 20'440'461 1.31 220'200 30.04.2013 Investment Advisor
ABU DHABI INVESTMENT n/a Co File 18'754'783 1.2 - 30.06.2013 Government
FMR LLC n/a ULT-AGG 18'615'948 1.19 (6'328'866) 31.08.2013 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 13'681'787 0.88 - 28.06.2013 Investment Advisor
CARNEGIE FUND MANAGE Multiple Portfolios MF-AGG 9'230'860 0.59 - 30.08.2013 Investment Advisor
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 8'161'968 0.52 (278) 31.08.2013 Investment Advisor
SBI LIFE INSURANCE C Multiple Portfolios MF-AGG 8'148'436 0.52 - 31.08.2013 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited PRAVEEN AGRAWAL buy 5 M 840 Not Provided 27.09.2013
Macquarie SURESH GANAPATHY underperform 1 M 730 12 month 24.09.2013
ICICI Securities SANTANU CHAKRABARTI add 4 M 900 12 month 24.09.2013
Nomura ABHISHEK BHATTACHARYA neutral 3 M 860 Not Provided 20.09.2013
Ambit Capital Pvt Ltd PANKAJ AGARWAL sell 1 M 621 12 month 19.09.2013
CIMB JATINDER AGARWAL neutral 3 M 827 12 month 12.09.2013
JM Financial Institutional Securities P PUNEET GULATI buy 5 M 1'000 12 month 12.09.2013
IIFL SAMPATH S K KUMAR add 4 M 950 12 month 12.09.2013
Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA accumulate 4 M 800 12 month 11.09.2013
Antique Stock Broking Limited ALOK KAPADIA hold 3 M 840 Not Provided 11.09.2013
JPMorgan SESHADRI K SEN overweight 5 M 890 12 month 09.09.2013
Goldman Sachs RAHUL JAIN Sell/Neutral 1 M 630 12 month 05.09.2013
BNP Paribas Equity Research AVNEESH SUKHIJA buy 5 M 823 12 month 03.09.2013
Espirito Santo Investment Bank ResearchSANTOSH SINGH buy 5 U 865 Not Provided 30.08.2013
Motilal Oswal Securities Ltd ALPESH MEHTA buy 5 M 889 Not Provided 29.08.2013
Barclays ANISH TAWAKLEY overweight 5 M 876 Not Provided 29.08.2013
Jefferies NILANJAN KARFA hold 3 M 850 12 month 27.08.2013
Kotak Securities NISCHINT CHAWATHE add 4 U 800 Not Provided 27.08.2013
IDFC Securities Ltd MANISH CHOWDHARY neutral 3 M 865 Not Provided 22.08.2013
Standard Chartered MAHRUKH ADAJANIA in-line 3 M 820 12 month 21.08.2013
ICICIdirect.com KAJAL GANDHI hold 3 M 750 Not Provided 21.08.2013
Avendus Capital Private Ltd JAYNEE SHAH buy 5 U 925 Not Provided 12.08.2013
UBS VISHAL GOYAL buy 5 M 950 12 month 09.08.2013
Deutsche Bank MANISH SHUKLA buy 5 M 950 12 month 08.08.2013
Morgan Stanley ANIL AGARWAL Overwt/Cautious 5 M 910 12 month 07.08.2013
EVA Dimensions DOUG WALTERS underweight 1 U #N/A N/A Not Provided 29.07.2013
Batlivala & Karani Securities VISHAL SHETH outperform 5 M 925 Not Provided 26.07.2013
Spark Capital Advisors JYOTHI KUMAR VARMA sell 1 M 707 12 month 26.07.2013
SBI Capital Markets RAVIKANT BHAT hold 3 D 890 12 month 22.07.2013
Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES buy 5 M 873 12 month 22.07.2013
KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL buy 5 U 959 12 month 22.07.2013
Quant Broking Pvt Ltd NITIN KUMAR accumulate 4 M 950 12 month 22.07.2013
Tata Securities Limited BIJOY SHAH hold 3 M 871 12 month 20.07.2013
Religare Capital Markets SIDDHARTH TELI buy 5 M 1'000 12 month 20.07.2013
Credit Suisse ASHISH GUPTA outperform 5 M 1'045 Not Provided 19.07.2013
HSBC SACHIN SHETH overweight 5 M 1'007 Not Provided 19.07.2013
Phillip Securities MANISH AGARWALLA neutral 3 M 825 Not Provided 19.07.2013
Emkay Share & Stock Brokers KASHYAP JHAVERI reduce 2 M 760 Not Provided 19.07.2013
Angel Broking Limited VAIBHAV AGRAWAL accumulate 4 U 867 12 month 19.07.2013
Edelweiss Capital KUNAL SHAH hold 3 M 917 12 month 19.07.2013
Sharekhan Ltd TEAM COVERAGE hold 3 M 865 Not Provided 19.07.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 924 Not Provided 08.06.2013
Almondz Global Securities Ltd SHIVRAJ GUPTA hold 3 M 904 Not Provided 13.05.2013
Holdings By:
Housing Development Finance Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
HDFC Bank Ltd. offers a wide range of services to the global corporate sector.
The Bank provides corporate banking and custodial services and is active in the
treasury and capital markets. HDFC also markets project advisory services and
capital market products such as Global Deposit Receipts, Euro currency loans,
and Euro currency bonds.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (30.05.2013) 727.00
52-Week Low (28.08.2013) 528.00
Daily Volume
607
52-Week High % Change -16.16% Dividend Yield 0.91
52-Week Low % Change 14.96% Beta 1.02
% 52 Week Price Range High/Low 33.02% Equity Float 1'815.33
Shares Out 26.09.2013 2'391.2 Short Int -
1'451'487.63 1 Yr Total Return -1.78%
Total Debt 474'417.82 YTD Return -9.83%
Preferred Stock 0.0 Adjusted BETA 1.019
Minority Interest 2'213.4 Analyst Recs 66
Cash and Equivalents 276'228.64 Consensus Rating 4.015
Enterprise Value -
Average Volume 5 Day 374'258
HDFCB IB EQUITY YTD Change - Average Volume 30 Day 380'674
HDFCB IB EQUITY YTD % CHANGE - Average Volume 3 Month 277'095
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
197'464.0 204'385.1 246'291.8 341'844.8 429'950.2 - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
22'489.9 30'036.5 39'924.9 52'740.2 68'696.4 - - 84'520.0 106'000.0 - -
18.38x 28.09x 27.13x 23.03x 21.49x - - 17.05x 13.56x - -
EBITDA - Long-Term Rating Date 17.01.2008
EBIT - Long-Term Rating BBB-
Operating Margin 42.94% Long-Term Outlook NEG
Pretax Margin 42.95% Short-Term Rating Date 17.01.2008
Return on Assets 1.83% Short-Term Rating A-3
Return on Common Equity 20.55%
Return on Capital 9.28% EBITDA/Interest Exp. -
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 129.5%
Net Income Margin 29.5% Total Debt/Capital 56.3%
Asset Turnover 0.11
Current Ratio - Net Fixed Asset Turnover 16.69
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 11.64% Inventory Days -
Tot Debt to Common Equity 129.47% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
HDFC Bank LtdPrice/Volume
Valuation Analysis
142'313.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
-,,
.,,
0,,
1,,
2,,
3,,
4,,
5,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'. E
'1 E
'3 E
'5 E
-', E
-'. E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
400'000.0
450'000.0
500'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HOUSING DEVELOPMENT n/a Co File 393'211'100 16.44 - 30.06.2013 Corporation
HDFC INVESTMENTS LTD n/a Co File 150'000'000 6.27 - 30.06.2013 Corporation
LIFE INSURANCE CORP n/a Co File 106'873'198 4.47 - 30.06.2013 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 69'752'797 2.92 1'664'675 30.06.2013 Investment Advisor
ABU DHABI INVESTMENT n/a Co File 48'208'892 2.02 - 30.06.2013 Government
ICICI PRUDENTIAL LIF n/a Co File 46'278'212 1.94 - 30.06.2013 Insurance Company
GIC PRIVATE LIMITED n/a ULT-AGG 30'987'727 1.3 - 30.06.2013 Government
DB INTERNATIONAL ASI n/a Co File 30'375'784 1.27 - 30.06.2013 Bank
BLACKROCK n/a ULT-AGG 27'883'431 1.17 (74'421) 27.09.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 27'104'780 1.13 (1'920'559) 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 25'513'949 1.07 694'511 30.06.2013 Investment Advisor
HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 17'695'279 0.74 - 28.06.2013 Unclassified
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 17'057'317 0.71 887'400 30.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 15'936'391 0.67 58'907 31.08.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 15'882'689 0.66 153'839 31.08.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 15'425'914 0.65 671'143 30.08.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 14'836'189 0.62 861 31.07.2013 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 12'343'001 0.52 1'695'763 31.08.2013 Other
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 11'815'312 0.49 495'128 31.08.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 11'773'110 0.49 437'878 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited PRAVEEN AGRAWAL buy 5 M 710 Not Provided 27.09.2013
Standard Chartered MAHRUKH ADAJANIA outperform 5 M 740 12 month 26.09.2013
India Infoline RAJIV MEHTA buy 5 M 730 12 month 26.09.2013
Phillip Securities MANISH AGARWALLA neutral 3 M 654 12 month 25.09.2013
Religare Capital Markets SIDDHARTH TELI buy 5 U 760 12 month 23.09.2013
Nomura ABHISHEK BHATTACHARYA buy 5 M 780 Not Provided 20.09.2013
Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES hold 3 M 725 Not Provided 19.09.2013
Jefferies NILANJAN KARFA buy 5 M 785 12 month 18.09.2013
Macquarie SURESH GANAPATHY outperform 5 M 750 12 month 16.09.2013
Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA buy 5 M 725 12 month 11.09.2013
JM Financial Institutional Securities P PUNEET GULATI buy 5 M 825 12 month 11.09.2013
Avendus Capital Private Ltd CHANDANA JHA add 4 M 761 Not Provided 11.09.2013
EVA Dimensions DOUG WALTERS sell 1 D #N/A N/A Not Provided 10.09.2013
JPMorgan SESHADRI K SEN overweight 5 M 750 12 month 09.09.2013
Goldman Sachs TABASSUM INAMDAR Sell/Neutral 1 M 470 12 month 05.09.2013
Batlivala & Karani Securities ANAND DAMA outperform 5 M 700 Not Provided 05.09.2013
Emkay Share & Stock Brokers KASHYAP JHAVERI hold 3 D 760 Not Provided 05.09.2013
BNP Paribas Equity Research ABHIJIT MAJUMDER hold 3 M 595 12 month 04.09.2013
CIMB JATINDER AGARWAL outperform 5 U 700 12 month 29.08.2013
Barclays ANISH TAWAKLEY overweight 5 M 712 Not Provided 29.08.2013
Almondz Global Securities Ltd SHIVRAJ GUPTA buy 5 M 697 12 month 28.08.2013
IIFL SAMPATH S K KUMAR add 4 M 670 12 month 27.08.2013
Fortune Equity Brokers (India) Ltd VIJAY NARA buy 5 M 740 Not Provided 26.08.2013
Sunidhi Consultancy Services AMIT JAIN underperform 1 M 615 12 month 23.08.2013
IDBI Capital Market Services Ltd JIGNESH SHIAL hold 3 M 644 Not Provided 23.08.2013
Dolat Capital Market Ltd. RAJIV PATHAK accumulate 4 M 685 Not Provided 23.08.2013
IDFC Securities Ltd MANISH CHOWDHARY outperform 5 M 745 Not Provided 22.08.2013
Kotak Securities MB MAHESH reduce 2 M 625 Not Provided 21.08.2013
Ambit Capital Pvt Ltd A SV KRISHNAN sell 1 M 555 12 month 21.08.2013
ICICIdirect.com KAJAL GANDHI hold 3 M 570 Not Provided 21.08.2013
Nirmal Bang Institutional Equities HEMINDRA HAZARI hold 3 M 760 Not Provided 21.08.2013
Motilal Oswal Securities Ltd ALPESH MEHTA neutral 3 M 754 Not Provided 19.08.2013
UBS VISHAL GOYAL buy 5 M 770 12 month 09.08.2013
Morgan Stanley ANIL AGARWAL Overwt/Cautious 5 M 725 12 month 07.08.2013
Sharekhan Ltd TEAM COVERAGE hold 3 M 712 Not Provided 02.08.2013
Karvy Stock Broking Ltd HATIM K BROACHWALA hold 3 M 745 Not Provided 25.07.2013
Spark Capital Advisors JYOTHI KUMAR VARMA buy 5 M 790 12 month 22.07.2013
MSFL - Institutional Business Group LAXMI AHUJA accumulate 4 M 738 12 month 22.07.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 762 Not Provided 20.07.2013
Aditya Birla Money Limited SUMIT JATIA accumulate 4 M 758 Not Provided 19.07.2013
Khambatta Securities Ltd RAJ KUMAR JHA market perform 3 M 723 12 month 19.07.2013
Ajcon Global Services Ltd. TEAM COVERAGE buy 5 M 740 12 month 18.07.2013
HSBC SACHIN SHETH overweight 5 M 836 Not Provided 18.07.2013
Holdings By:
HDFC Bank Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Tata Consultancy Services, a division of Tata Sons Limited, is a global IT
services organization that provides a comprehensive range of IT services to its
clients in diverse industries. The Company, caters to finance and banking,
insurance, telecommunication, transportation, retail, manufacturing,
pharmaceutical, and utility industries.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (04.09.2013) 2'075.85
52-Week Low (18.12.2012) 1'197.60
Daily Volume
1943.7
52-Week High % Change -6.25% Dividend Yield -
52-Week Low % Change 62.30% Beta 0.72
% 52 Week Price Range High/Low 83.02% Equity Float 455.43
Shares Out 25.09.2013 1'957.2 Short Int -
3'804'250.25 1 Yr Total Return 51.56%
Total Debt 2'322.70 YTD Return 56.51%
Preferred Stock 1'000.0 Adjusted BETA 0.716
Minority Interest 6'953.1 Analyst Recs 70
Cash and Equivalents 76'806.60 Consensus Rating 3.857
Enterprise Value 3'676'884.56
Average Volume 5 Day 80'087
TCS IB EQUITY YTD Change - Average Volume 30 Day 144'620
TCS IB EQUITY YTD % CHANGE - Average Volume 3 Month 145'197
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
278'128.8 300'289.2 373'245.1 488'938.3 629'894.8 529'655.2 661'078.4 792'039.7 909'364.8 197'917.1 199'669.0
1.77x 4.87x 6.08x 4.56x 4.79x 16.54x 16.06x 4.67x 3.99x 19.29x 19.12x
71'698.0 86'945.5 111'790.7 144'564.9 180'399.1 43'327.7 189'076.4 233'871.9 266'825.4 58'435.6 58'101.8
6.88x 16.81x 20.31x 15.42x 16.73x 0.00x 15.04x 15.75x 13.80x 15.56x 15.17x
52'564.2 70'006.4 90'570.4 104'134.9 139'173.1 115'384.6 144'570.0 174'045.7 200'490.8 42'532.5 44'225.8
10.04x 21.88x 25.58x 22.01x 22.19x 21.67x 20.55x 21.86x 18.96x 21.08x 20.27x
EBITDA 180'399.10 Long-Term Rating Date 07.05.2010
EBIT 169'599.90 Long-Term Rating BBB+
Operating Margin 26.93% Long-Term Outlook NEG
Pretax Margin 28.72% Short-Term Rating Date -
Return on Assets 27.88% Short-Term Rating -
Return on Common Equity 38.86%
Return on Capital 38.51% EBITDA/Interest Exp. 372.03
Asset Turnover 1.27% (EBITDA-Capex)/Interest Exp. 317.63
Net Debt/EBITDA -0.71
Gross Margin - Total Debt/EBITDA 0.02
EBITDA Margin 28.6%
EBIT Margin 26.9% Total Debt/Equity 0.6%
Net Income Margin 22.1% Total Debt/Capital 0.6%
Asset Turnover 1.27
Current Ratio 2.67 Net Fixed Asset Turnover 8.56
Quick Ratio 1.84 Accounts receivable turnover-days 80.46
Debt to Assets 0.44% Inventory Days -
Tot Debt to Common Equity 0.60% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.54 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Tata Consultancy Services LtdPrice/Volume
Valuation Analysis
23'982.00
Current Price (10/dd/yy) Market Data
,
2,,
-,,,
-2,,
.,,,
.2,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'- E'. E'0 E'1 E'2 E'3 E'4 E'5 E'6 E
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
02',,
1,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TATA SONS LTD n/a Co File 1'443'451'698 73.75 - 30.06.2013 Holding Company
LIFE INSURANCE CORP n/a Co File 55'568'386 2.84 - 30.06.2013 Government
FRANKLIN RESOURCES n/a ULT-AGG 42'352'621 2.16 (1'322'172) 30.06.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 14'708'202 0.75 (1'016'124) 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 13'963'462 0.71 421'233 30.06.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 11'339'199 0.58 (909'097) 31.08.2013 Investment Advisor
COMMONWEALTH BANK OF n/a ULT-AGG 11'305'539 0.58 3'206'477 31.05.2013 Bank
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 11'139'798 0.57 - 31.07.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 10'485'880 0.54 - 31.08.2013 Unclassified
BLACKROCK n/a ULT-AGG 8'047'387 0.41 (120'724) 27.09.2013 Investment Advisor
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 6'424'218 0.33 (269'869) 31.08.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 5'587'530 0.29 103'577 31.08.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 5'089'069 0.26 (2'098'694) 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 3'625'866 0.19 - 31.12.2012 Government
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'137'774 0.16 (586'517) 30.08.2013 Investment Advisor
BLACKSTONE ASIA ADVI Multiple Portfolios MF-AGG 2'770'000 0.14 (100'000) 28.06.2013 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 2'527'878 0.13 (16'200) 30.04.2013 Investment Advisor
SBI LIFE INSURANCE C Multiple Portfolios MF-AGG 2'382'478 0.12 - 31.08.2013 Insurance Company
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 2'287'234 0.12 (115'389) 31.08.2013 Investment Advisor
TATA AIG LIFE INS CO n/a EXCH 2'090'735 0.11 - 29.03.2012 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse ANANTHA NARAYAN outperform 5 M 2'250 Not Provided 27.09.2013
CIMB SANDEEP R SHAH neutral 3 M 1'985 12 month 27.09.2013
JM Financial Institutional Securities P GOVIND AGARWAL buy 5 M 1'900 Not Provided 27.09.2013
Axis Capital Limited PRIYA ROHIRA hold 3 M 2'166 Not Provided 27.09.2013
Standard Chartered PANKAJ KAPOOR outperform 5 M 2'200 12 month 23.09.2013
Societe Generale MUKUL GARG sell 1 M 1'390 12 month 23.09.2013
Morgan Stanley VIPIN KHARE Overwt/Attractive 5 M 2'285 12 month 23.09.2013
SBI Capital Markets DIPESH N MEHTA hold 3 M 2'090 12 month 23.09.2013
Nomura ASHWIN MEHTA neutral 3 M 1'970 Not Provided 17.09.2013
Phillip Securities VIBHOR SINGHAL buy 5 M 2'223 Not Provided 17.09.2013
Emkay Share & Stock Brokers MANIK TANEJA hold 3 M 2'060 Not Provided 17.09.2013
Batlivala & Karani Securities DEEPAN S KAPADIA outperform 5 M 2'100 Not Provided 13.09.2013
ICICI Securities KULDEEP KOUL add 4 M 2'114 12 month 10.09.2013
Espirito Santo Investment Bank ResearchNITIN PADMANABHAN neutral 3 M 2'175 Not Provided 10.09.2013
IDBI Capital Market Services Ltd PRATIK GANDHI hold 3 M 1'918 12 month 10.09.2013
HDFC Securities MADHU BABU neutral 3 M 1'994 12 month 10.09.2013
Angel Broking Limited ANKITA SOMANI neutral 3 D 2'065 Not Provided 10.09.2013
Antique Stock Broking Limited PRATISH KRISHNAN buy 5 M 2'200 Not Provided 10.09.2013
Sharekhan Ltd TEAM COVERAGE buy 5 M 2'160 Not Provided 10.09.2013
Ambit Capital Pvt Ltd ANKUR RUDRA buy 5 M 1'986 12 month 10.09.2013
ICICIdirect.com ABHISHEK SHINDADKAR buy 5 M 2'200 12 month 10.09.2013
Equirus Securities Pvt Ltd BHAVIN SHAH buy 5 M 2'270 12 month 10.09.2013
Nirmal Bang Institutional Equities HARIT SHAH sell 1 D 1'770 Not Provided 10.09.2013
Jefferies VISHAL AGARWAL buy 5 M 2'215 12 month 09.09.2013
Deutsche Bank ANIRUDDHA BHOSALE buy 5 M 2'150 12 month 08.09.2013
Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN accumulate 4 M 2'300 12 month 07.09.2013
KR Choksey Shares & Sec Pvt Ltd HARDIK R SHAH accumulate 4 M 2'082 12 month 07.09.2013
Kotak Securities KAWALJEET SALUJA add 4 M 2'100 Not Provided 06.09.2013
IDFC Securities Ltd HITESH SHAH outperform 5 M 2'230 12 month 06.09.2013
Religare Capital Markets RUMIT DUGAR buy 5 M 2'200 12 month 06.09.2013
Edelweiss Capital SANDIP KUMAR AGARWAL hold 3 M 1'697 Not Provided 06.09.2013
JPMorgan VIJU K GEORGE neutral 3 M 1'800 6 month 02.09.2013
Barclays BHUVNESH SINGH equalweight 3 M 1'965 Not Provided 30.08.2013
Quant Broking Pvt Ltd BASUDEB BANERJEE accumulate 4 M 2'061 Not Provided 30.08.2013
Macquarie NITIN MOHTA outperform 5 U 2'200 12 month 29.08.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 29.08.2013
HSBC YOGESH AGGARWAL overweight 5 M 2'120 Not Provided 28.08.2013
BNP Paribas Equity Research ABHIRAM ELESWARAPU hold 3 M 1'600 12 month 26.08.2013
IIFL SANDEEP MUTHANGI reduce 2 M 1'578 12 month 22.08.2013
Motilal Oswal Securities Ltd ASHISH CHOPRA neutral 3 M 1'929 Not Provided 19.08.2013
UBS DIVIYA NAGARAJAN buy 5 M 2'100 12 month 29.07.2013
SPA Securities Ltd AMIT AGGARWAL hold 3 M 1'652 Not Provided 25.07.2013
Spark Capital Advisors SRIVATHSAN RAMACHANDRAN add 4 M 1'890 12 month 25.07.2013
Holdings By:
Tata Consultancy Services Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
ICICI Bank Limited operates a network of bank's located throughout India. The
Group specializes in retail and corporate banking, in addition to Forex and
treasury operations. ICICI Bank also provides a wide variety of investment
banking, insurance and financial services to its clients.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (28.05.2013) 1'236.90
52-Week Low (28.08.2013) 758.80
Daily Volume
907
52-Week High % Change -26.37% Dividend Yield 2.21
52-Week Low % Change 19.53% Beta 1.39
% 52 Week Price Range High/Low 26.39% Equity Float 707.11
Shares Out 01.10.2013 1'154.4 Short Int -
1'047'035.56 1 Yr Total Return -12.21%
Total Debt 1'910'174.23 YTD Return -18.90%
Preferred Stock - Adjusted BETA 1.388
Minority Interest 17'057.6 Analyst Recs 65
Cash and Equivalents 511'388.86 Consensus Rating 4.600
Enterprise Value -
Average Volume 5 Day 432'337
ICICIBC IB EQUITY YTD Change - Average Volume 30 Day 587'537
ICICIBC IB EQUITY YTD % CHANGE - Average Volume 3 Month 502'142
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
641'516.2 595'176.1 615'647.1 666'619.9 741'704.7 193'005.3 202'398.7 - - - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
35'769.5 46'702.9 60'932.7 76'429.4 96'036.1 80'527.5 102'744.2 108'321.0 123'499.0 - -
10.36x 22.71x 20.85x 13.42x 12.55x 12.87x 12.02x 10.68x - - -
EBITDA - Long-Term Rating Date 30.01.2007
EBIT - Long-Term Rating NR
Operating Margin 29.60% Long-Term Outlook NEG
Pretax Margin 29.68% Short-Term Rating Date 30.01.2007
Return on Assets 1.48% Short-Term Rating A-3
Return on Common Equity 14.77%
Return on Capital 4.04% EBITDA/Interest Exp. -
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 277.8%
Net Income Margin 20.9% Total Debt/Capital 73.1%
Asset Turnover 0.11
Current Ratio - Net Fixed Asset Turnover 13.60
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 28.31% Inventory Days -
Tot Debt to Common Equity 277.79% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
ICICI Bank LtdPrice/Volume
Valuation Analysis
297'134.00
Current Price (10/dd/yy) Market Data
,
.,,
1,,
3,,
5,,
-,,,
-.,,
-1,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'. E
'1 E
'3 E
'5 E
-', E
-'. E
-'1 E
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
800'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
-',,
.',,
0',,
1',,
2',,
3',,
4',,
5',,
6',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DEUTSCHE BANK TRUST n/a Co File 336'587'762 29.16 - 30.06.2013 Investment Advisor
LIFE INSURANCE CORP n/a Co File 86'471'155 7.49 - 30.06.2013 Government
ABERDEEN n/a ULT-AGG 40'993'567 3.55 122'029 31.07.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 27'896'069 2.42 101'396 31.07.2013 Investment Advisor
GIC PRIVATE LIMITED n/a ULT-AGG 23'748'462 2.06 - 30.06.2013 Government
CARMIGNAC GESTION n/a Co File 22'725'555 1.97 - 30.06.2013 Investment Advisor
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 22'310'738 1.93 (929'221) 31.08.2013 Investment Advisor
EUROPACIFIC GROWTH F n/a 20F 17'266'326 1.5 - 30.06.2012 n/a
VANGUARD GROUP INC n/a ULT-AGG 15'257'790 1.32 1'287'456 30.06.2013 Investment Advisor
SBI LIFE INSURANCE C n/a Co File 12'222'394 1.06 - 30.06.2013 Insurance Company
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 10'558'191 0.91 (625'135) 31.08.2013 Other
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 10'449'276 0.91 5'466'922 30.06.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 10'404'484 0.9 4'589'005 30.06.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 9'632'692 0.83 4'353'748 30.06.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 9'589'762 0.83 (268'314) 31.08.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 9'090'346 0.79 372'105 31.08.2013 Investment Advisor
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 8'097'137 0.7 206'534 31.08.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 7'715'157 0.67 (211'023) 27.09.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 7'571'332 0.66 175'653 31.07.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 6'732'163 0.58 (1'344'159) 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited PRAVEEN AGRAWAL buy 5 M 1'026 Not Provided 27.09.2013
Standard Chartered MAHRUKH ADAJANIA outperform 5 M 1'105 12 month 26.09.2013
Macquarie SURESH GANAPATHY outperform 5 M 1'115 12 month 25.09.2013
Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES buy 5 M 1'209 Not Provided 25.09.2013
India Nivesh Ltd DALJEET SINGH KOHLI buy 5 M 1'226 Not Provided 24.09.2013
Religare Capital Markets SIDDHARTH TELI hold 3 M 1'075 12 month 23.09.2013
Nomura ABHISHEK BHATTACHARYA buy 5 M 1'390 Not Provided 22.09.2013
JPMorgan SESHADRI K SEN overweight 5 M 1'100 12 month 20.09.2013
IDBI Capital Market Services Ltd JIGNESH SHIAL accumulate 4 M 1'053 12 month 16.09.2013
Angel Broking Limited VAIBHAV AGRAWAL buy 5 M 1'126 Not Provided 13.09.2013
CIMB JATINDER AGARWAL outperform 5 M 1'383 12 month 12.09.2013
UBS VISHAL GOYAL buy 5 M 1'150 12 month 11.09.2013
Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA buy 5 M 1'150 12 month 11.09.2013
Avendus Capital Private Ltd CHANDANA JHA buy 5 M 1'200 Not Provided 11.09.2013
EVA Dimensions DOUG WALTERS underweight 1 D #N/A N/A Not Provided 10.09.2013
Batlivala & Karani Securities ANAND DAMA buy 5 M 1'350 Not Provided 06.09.2013
Goldman Sachs TABASSUM INAMDAR Buy/Neutral 5 M 1'010 12 month 05.09.2013
BNP Paribas Equity Research ABHIJIT MAJUMDER buy 5 M 952 12 month 04.09.2013
Sharekhan Ltd TEAM COVERAGE buy 5 M 1'195 Not Provided 30.08.2013
Barclays ANISH TAWAKLEY overweight 5 M 1'018 Not Provided 29.08.2013
Almondz Global Securities Ltd SHIVRAJ GUPTA buy 5 M 1'055 12 month 28.08.2013
Jefferies NILANJAN KARFA hold 3 M 1'040 12 month 27.08.2013
IIFL SAMPATH S K KUMAR reduce 2 M 620 12 month 27.08.2013
Daiwa Securities Co. Ltd. PUNIT SRIVASTAVA buy 5 M 1'195 Not Provided 26.08.2013
Fortune Equity Brokers (India) Ltd VIJAY NARA buy 5 M 1'260 Not Provided 26.08.2013
Sunidhi Consultancy Services AMIT JAIN outperform 5 M 1'176 12 month 23.08.2013
Dolat Capital Market Ltd. RAJIV PATHAK buy 5 M 1'086 Not Provided 23.08.2013
IDFC Securities Ltd MANISH CHOWDHARY outperform 5 M 1'175 Not Provided 22.08.2013
Kotak Securities MB MAHESH buy 5 M 1'110 Not Provided 21.08.2013
Nirmal Bang Institutional Equities HEMINDRA HAZARI buy 5 M 1'200 Not Provided 21.08.2013
Motilal Oswal Securities Ltd ALPESH MEHTA buy 5 M 1'279 Not Provided 19.08.2013
Ventura Securities Ltd TEAM COVERAGE hold 3 M 1'270 18 month 12.08.2013
Deutsche Bank MANISH KARWA buy 5 M 1'225 12 month 08.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 946 Not Provided 08.08.2013
Morgan Stanley ANIL AGARWAL Overwt/Cautious 5 M 990 12 month 07.08.2013
Ajcon Global Services Ltd. AKASH AJAY JAIN buy 5 M 1'050 Not Provided 06.08.2013
BOB Capital Markets JISHA NAIR buy 5 M 1'178 Not Provided 05.08.2013
KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL buy 5 M 1'198 12 month 02.08.2013
Centrum Broking Pvt Ltd BHAVESH KANANI buy 5 M 1'300 12 month 02.08.2013
HSBC SACHIN SHETH overweight 5 M 1'207 Not Provided 01.08.2013
HDFC Securities DARPIN SHAH buy 5 M 1'174 12 month 01.08.2013
Karvy Stock Broking Ltd HATIM K BROACHWALA buy 5 M 1'190 12 month 01.08.2013
India Infoline RAJIV MEHTA buy 5 M 1'212 9 month 01.08.2013
Holdings By:
ICICI Bank Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Hindustan Unilever Limited manufactures branded and packaged consumer products
including soap, detergent, personal care products and processed food. The
Company also manufactures ice creams, cooking oils, fertilizers and hybrid
seeds.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (24.07.2013) 725.00
52-Week Low (07.03.2013) 432.25
Daily Volume
617.1
52-Week High % Change -14.72% Dividend Yield 1.70
52-Week Low % Change 42.76% Beta 0.58
% 52 Week Price Range High/Low 66.66% Equity Float 575.58
Shares Out 25.09.2013 2'162.6 Short Int -
1'334'521.25 1 Yr Total Return 17.54%
Total Debt 247.40 YTD Return 18.80%
Preferred Stock 0.0 Adjusted BETA 0.577
Minority Interest 208.6 Analyst Recs 50
Cash and Equivalents 36'868.00 Consensus Rating 1.900
Enterprise Value 1'298'109.24
Average Volume 5 Day 180'410
HUVR IB EQUITY YTD Change - Average Volume 30 Day 154'714
HUVR IB EQUITY YTD % CHANGE - Average Volume 3 Month 323'795
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
- 177'642.7 200'225.5 234'363.3 270'039.9 - - 297'757.2 338'294.8 - -
- 2.83x 3.01x 3.64x 3.60x - - 4.36x 3.81x - -
- 28'498.6 27'443.4 35'044.4 42'250.9 - - 45'521.5 51'600.3 - -
- 17.67x 21.96x 24.34x 23.04x - - 28.53x 25.17x - -
- 21'566.3 22'960.5 27'906.6 38'289.8 - - 36'075.6 39'471.9 - -
- 24.22x 27.26x 31.75x 26.36x - - 37.23x 34.01x - -
EBITDA 42'250.90 Long-Term Rating Date -
EBIT 39'737.70 Long-Term Rating -
Operating Margin 14.72% Long-Term Outlook -
Pretax Margin 18.76% Short-Term Rating Date -
Return on Assets 32.59% Short-Term Rating -
Return on Common Equity 116.99%
Return on Capital 103.59% EBITDA/Interest Exp. 164.27
Asset Turnover 2.30% (EBITDA-Capex)/Interest Exp. 147.11
Net Debt/EBITDA -0.87
Gross Margin - Total Debt/EBITDA 0.01
EBITDA Margin 15.6%
EBIT Margin 14.7% Total Debt/Equity 0.9%
Net Income Margin 14.2% Total Debt/Capital 0.9%
Asset Turnover 2.30
Current Ratio 1.01 Net Fixed Asset Turnover 10.68
Quick Ratio 0.59 Accounts receivable turnover-days 12.52
Debt to Assets 0.20% Inventory Days -
Tot Debt to Common Equity 0.86% Accounts Payable Turnover Day -
Accounts Receivable Turnover 29.14 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Hindustan Unilever LtdPrice/Volume
Valuation Analysis
180'965.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
-,,
.,,
0,,
1,,
2,,
3,,
4,,
5,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'2 E
-', E
-'2 E
.', E
.'2 E
0', E
0'2 E
1', E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
02',,
1,',,
12',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
UNILEVER PLC n/a EXCH 1'114'370'148 51.53 319'563'398 18.07.2013 Corporation
BROOKE BOND GROUP LT n/a Co File 106'739'460 4.94 - 30.06.2013 Holding Company
UNILEVER OVERSEAS HO n/a Co File 87'649'320 4.05 - 30.06.2013 Unclassified
ABERDEEN n/a ULT-AGG 65'896'844 3.05 (6'858'365) 31.07.2013 Investment Advisor
LIFE INSURANCE CORP n/a Co File 62'490'245 2.89 - 30.06.2013 Government
UNILEVER UK & CN HOL n/a Co File 60'086'250 2.78 - 30.06.2013 Other
BROOKE BOND SOUTH IN n/a Co File 52'747'200 2.44 - 30.06.2013 Holding Company
KCPL ESCROW ACCOUNT n/a Co File 39'449'393 1.82 - 30.06.2013 Other
BROOKE BOND ASSAM ES n/a Co File 32'820'480 1.52 - 30.06.2013 n/a
VIRTUS EMERGING MARK n/a Co File 30'302'840 1.4 - 30.06.2013 n/a
HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 30'302'840 1.4 (891'083) 28.06.2013 Unclassified
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 23'074'948 1.07 (147'000) 30.04.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 19'602'359 0.91 (15'315'281) 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 15'902'153 0.74 (2'237'051) 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 7'171'652 0.33 (519'214) 27.09.2013 Investment Advisor
COMMONWEALTH BANK OF n/a ULT-AGG 6'587'164 0.3 (271'687) 30.06.2013 Bank
BLACKSTONE ASIA ADVI Multiple Portfolios MF-AGG 4'139'000 0.19 - 28.06.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 3'946'567 0.18 228'648 31.07.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 3'838'403 0.18 - 31.12.2012 Government
DANSKE INVEST A/S Multiple Portfolios MF-AGG 3'759'703 0.17 533'219 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Ambit Capital Pvt Ltd RAKSHIT RANJAN sell 1 M 487 12 month 30.09.2013
Standard Chartered SANJAY SINGH in-line 3 M 570 12 month 27.09.2013
BNP Paribas Equity Research VIJAY CHUGH reduce 2 M 540 12 month 27.09.2013
Axis Capital Limited HEMANT B PATEL sell 1 M 535 Not Provided 27.09.2013
IIFL PERCY PANTHAKI reduce 2 M 540 12 month 26.09.2013
Kotak Securities ROHIT CHORDIA sell 1 M 530 Not Provided 25.09.2013
IDFC Securities Ltd NIKHIL K VORA neutral 3 M 600 12 month 25.09.2013
JPMorgan LATIKA CHOPRA underweight 1 M 545 6 month 24.09.2013
Nomura MANISH JAIN reduce 2 M 495 Not Provided 22.09.2013
Deutsche Bank MANOJ MENON hold 3 M 600 12 month 18.09.2013
Edelweiss Capital ABNEESH ROY hold 3 M 633 Not Provided 18.09.2013
ICICI Securities ANAND MOUR sell 1 M 464 12 month 13.09.2013
Credit Suisse ARNAB MITRA neutral 3 M 595 Not Provided 10.09.2013
Prabhudas Lilladher Pvt Ltd AMNISH AGGARWAL reduce 2 M 562 12 month 28.08.2013
Fortune Equity Brokers (India) Ltd KRISHNAN SAMBAMOORTHY sell 1 M 468 Not Provided 21.08.2013
Motilal Oswal Securities Ltd GAUTAM DUGGAD sell 1 M 600 Not Provided 19.08.2013
Riedel Research Group Inc DAVID R RIEDEL hold 3 N 560 Not Provided 09.08.2013
UBS SUNITA SACHDEV buy 5 M 700 12 month 07.08.2013
Angel Broking Limited SRINIVASAN VISWANATHAN neutral 3 M #N/A N/A Not Provided 31.07.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 M 690 Not Provided 30.07.2013
Morgan Stanley NILLAI SHAH Underwt/In-Line 1 M 600 12 month 29.07.2013
Jefferies RAJASA KAKULAVARAPU hold 3 M 594 12 month 29.07.2013
Macquarie AMIT MISHRA neutral 3 D 650 12 month 29.07.2013
Anand Rathi Securities Pvt. Ltd. ANIRUDDHA JOSHI sell 1 M 510 Not Provided 29.07.2013
Phillip Securities NAVEEN KULKARNI sell 1 M 580 Not Provided 29.07.2013
Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA sell 1 M 525 Not Provided 29.07.2013
HDFC Securities HARSH MEHTA sell 1 M 530 12 month 29.07.2013
India Infoline VANMALA NAGWEKAR market perform 3 M 597 12 month 29.07.2013
Antique Stock Broking Limited ABHIJEET KUNDU sell 1 M 577 Not Provided 29.07.2013
KR Choksey Shares & Sec Pvt Ltd KUNAL DALAL hold 3 M 668 Not Provided 29.07.2013
Sharekhan Ltd TEAM COVERAGE reduce 2 D 540 Not Provided 29.07.2013
Goldman Sachs PUNEET JAIN Sell/Neutral 1 M 507 12 month 28.07.2013
Elara Securities India Pvt Ltd AASHISH UPGANLAWAR sell 1 M 537 12 month 28.07.2013
CIMB VARUN LOHCHAB underperform 1 M 550 12 month 27.07.2013
Batlivala & Karani Securities ASHIT DESAI underperform 1 D 570 Not Provided 27.07.2013
Tata Securities Limited SAMEER DESHMUKH sell 1 M 482 12 month 27.07.2013
Religare Capital Markets GAURANG KAKKAD sell 1 D 560 12 month 27.07.2013
ICICIdirect.com SANJAY MANYAL sell 1 D 590 15 month 27.07.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 06.06.2013
Ventura Securities Ltd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 02.05.2013
Brics Securities SACHIN B BOBADE reduce 2 M 552 Not Provided 30.04.2013
Karvy Stock Broking Ltd NAVEEN TRIVEDI sell 1 M 471 Not Provided 10.04.2013
HSBC AMIT SACHDEVA restricted #N/A N/A M #N/A N/A Not Provided 04.04.2013
Holdings By:
Hindustan Unilever Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Larsen & Toubro Ltd manufactures engineering equipment, undertakes large scale
engineering projects, and acts as the Indian representative for a number of
overseas manufacturers of heavy machinery. The Company's products include
bulldozers, road rollers, dairy machinery, chemical and pharmaceutical plants,
switchgears, food processing machinery and feed milling plants.
Latest Fiscal Year: 03/2013
LTM as of: 12/yy
52-Week High (29.10.2012) 1'146.33
52-Week Low (28.08.2013) 678.10
Daily Volume
799
52-Week High % Change -30.21% Dividend Yield 1.54
52-Week Low % Change 17.83% Beta 1.31
% 52 Week Price Range High/Low 23.60% Equity Float 648.34
Shares Out 12.08.2013 925.3 Short Int -
739'279.81 1 Yr Total Return -24.17%
Total Debt 624'662.50 YTD Return -24.22%
Preferred Stock 0.0 Adjusted BETA 1.311
Minority Interest 26'528.7 Analyst Recs 57
Cash and Equivalents 110'322.10 Consensus Rating 4.246
Enterprise Value 1'280'148.92
Average Volume 5 Day 253'461
LT IB EQUITY YTD Change - Average Volume 30 Day 393'677
LT IB EQUITY YTD % CHANGE - Average Volume 3 Month 374'993
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 12/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
401'870.0 435'135.8 520'437.8 643'131.1 744'980.0 0.0 0.0 812'512.3 928'801.7 132'398.0 164'690.0
1.30x 2.53x 2.37x 1.85x 1.85x #DIV/0! #DIV/0! 1.69x 1.56x - -
49'086.8 68'009.8 78'609.8 94'106.9 102'455.0 0.0 0.0 103'551.9 118'670.5 - -
10.63x 16.19x 15.67x 12.64x 13.49x 0.00x 0.00x 12.36x 10.79x - -
37'894.6 54'507.4 44'561.7 46'936.9 52'056.7 0.0 0.0 49'395.2 57'165.7 - -
13.02x 18.20x 23.02x 17.04x 16.11x 0.00x 0.00x 14.96x 12.93x - -
EBITDA 102'455.00 Long-Term Rating Date 12.12.2002
EBIT 86'084.30 Long-Term Rating -
Operating Margin 11.56% Long-Term Outlook -
Pretax Margin 10.30% Short-Term Rating Date -
Return on Assets 3.97% Short-Term Rating -
Return on Common Equity 16.46%
Return on Capital 7.46% EBITDA/Interest Exp. 5.20
Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. 1.22
Net Debt/EBITDA 5.02
Gross Margin - Total Debt/EBITDA 6.10
EBITDA Margin 13.8%
EBIT Margin 11.6% Total Debt/Equity 184.5%
Net Income Margin 7.0% Total Debt/Capital 63.1%
Asset Turnover 0.57
Current Ratio 1.40 Net Fixed Asset Turnover 3.17
Quick Ratio 0.63 Accounts receivable turnover-days 106.97
Debt to Assets 43.65% Inventory Days -
Tot Debt to Common Equity 184.49% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.41 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Larsen & Toubro LtdPrice/Volume
Valuation Analysis
197'880.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
.,,
1,,
3,,
5,,
-,,,
-.,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'. E'1 E'3 E'5 E-', E-'. E-'1 E-'3 E-'5 E.', E
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
800'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
-,',,
.,',,
0,',,
1,',,
2,',,
3,',,
4,',,
5,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LIFE INSURANCE CORP n/a EXCH 158'218'286 17.1 - 15.07.2013 Government
L&T EMPLOY WELFARE F n/a Co File 111'606'174 12.06 - 30.06.2013 Other
UNIT TRUST OF INDIA n/a Co File 75'925'962 8.21 - 30.06.2013 Investment Advisor
GENERAL INSURANCE CO n/a Co File 18'903'479 2.04 - 30.06.2013 Government
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 15'521'075 1.68 2'075'433 31.08.2013 Investment Advisor
NEW INDIA ASSURANCE n/a Co File 10'081'091 1.09 - 30.06.2013 Government
JP MORGAN n/a ULT-AGG 9'844'359 1.06 1'759'487 31.07.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 7'338'183 0.79 (12'959) 31.08.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 6'895'010 0.75 (27'266) 27.09.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 6'781'694 0.73 (156'124) 30.06.2013 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 6'050'221 0.65 (86'941) 31.08.2013 Other
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 4'233'270 0.46 (196'448) 31.08.2013 Investment Advisor
SBI LIFE INSURANCE C Multiple Portfolios MF-AGG 3'767'429 0.41 - 31.08.2013 Insurance Company
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 3'752'561 0.41 (510'588) 31.08.2013 Investment Advisor
FMR LLC n/a ULT-AGG 3'461'968 0.37 459'138 31.08.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 3'039'396 0.33 (132'677) 30.06.2013 Investment Advisor
ICICI PRUDENTIAL LIF Multiple Portfolios MF-AGG 2'774'453 0.3 - 31.08.2013 Insurance Company
NAIK ANILKUMAR M n/a EXCH 2'467'500 0.27 (30'000) 29.10.2012 n/a
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 2'014'877 0.22 275'463 31.08.2013 Investment Advisor
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 1'958'717 0.21 365'634 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered SATISH KUMAR outperform 5 U 965 12 month 28.09.2013
Prabhudas Lilladher Pvt Ltd KUNAL SHETH accumulate 4 M 1'081 12 month 27.09.2013
Axis Capital Limited BHAVIN VITHLANI buy 5 M 955 Not Provided 27.09.2013
Anand Rathi Securities Pvt. Ltd. AMOL RAO buy 5 M 977 Not Provided 26.09.2013
JPMorgan SUMIT KISHORE overweight 5 M 955 6 month 25.09.2013
HDFC Securities ABHINAV SHARMA buy 5 M 970 12 month 25.09.2013
Antique Stock Broking Limited DHIRENDRA TIWARI buy 5 M 1'025 Not Provided 25.09.2013
Sharekhan Ltd TEAM COVERAGE buy 5 M 1'030 Not Provided 25.09.2013
Jefferies LAVINA QUADROS buy 5 M 970 12 month 24.09.2013
Macquarie INDERJEET SINGH BHATIA outperform 5 M 1'163 12 month 24.09.2013
Daiwa Securities Co. Ltd. SAURABH MEHTA buy 5 M 1'150 Not Provided 24.09.2013
BNP Paribas Equity Research VISHAL SHARMA buy 5 M 900 12 month 24.09.2013
Phillip Securities ANKUR SHARMA neutral 3 M 1'000 Not Provided 24.09.2013
Edelweiss Capital AMIT MAHAWAR buy 5 M 1'023 12 month 24.09.2013
Barclays VENUGOPAL GARRE overweight 5 M 900 Not Provided 24.09.2013
Morgan Stanley AKSHAY SONI Equalwt/In-Line 3 M 993 12 month 23.09.2013
CIMB HARISH BIHANI outperform 5 M 890 12 month 23.09.2013
Kotak Securities LOKESH GARG add 4 M 910 Not Provided 23.09.2013
Motilal Oswal Securities Ltd SATYAM AGARWAL buy 5 M 1'000 Not Provided 23.09.2013
Nomura AMAR KEDIA neutral 3 M 921 Not Provided 23.09.2013
IDFC Securities Ltd SHIRISH RANE neutral 3 M 1'009 12 month 23.09.2013
Religare Capital Markets MISAL SINGH buy 5 M 1'000 12 month 23.09.2013
HSBC ASHUTOSH NARKAR overweight 5 U 947 Not Provided 11.09.2013
KR Choksey Shares & Sec Pvt Ltd CHINMAY S GANDRE buy 5 M 1'030 Not Provided 11.09.2013
Ashika Stock Broking Limited TEAM COVERAGE buy 5 M 810 12 month 10.09.2013
Goldman Sachs PULKIT PATNI Buy/Neutral 5 M 906 12 month 09.09.2013
Espirito Santo Investment Bank ResearchADITYA BHARTIA buy 5 M 880 Not Provided 02.09.2013
Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA accumulate 4 M 1'133 Not Provided 30.08.2013
Deutsche Bank MANISH SAXENA buy 5 M 965 12 month 22.08.2013
UBS SANDIP BANSAL buy 5 M 1'100 12 month 20.08.2013
Sushil Finance Consultants Ltd DHANANJAY MISHRA buy 5 U 1'172 Not Provided 31.07.2013
JM Financial Institutional Securities P NAVEEN JAIN buy 5 M 1'140 12 month 29.07.2013
Batlivala & Karani Securities RENU BAID outperform 5 M 1'169 Not Provided 26.07.2013
EVA Dimensions TIMOTHY STANISH hold 3 U #N/A N/A Not Provided 26.07.2013
Ajcon Global Services Ltd. AKASH AJAY JAIN sell 1 M 720 3 month 23.07.2013
Maybank Kim Eng ANUBHAV GUPTA sell 1 M 807 12 month 23.07.2013
India Infoline TARANG BHANUSHALI market perform 3 M 970 Not Provided 23.07.2013
IFCI Financial Services RAJEEV DESAI buy 5 M 1'009 12 month 23.07.2013
Asian Markets Securities Pvt. Ltd KAMLESH KOTAK buy 5 M 1'101 12 month 23.07.2013
Ambit Capital Pvt Ltd NITIN BHASIN buy 5 M 1'113 Not Provided 23.07.2013
ICICIdirect.com CHIRAG J SHAH hold 3 M 969 9 month 23.07.2013
IIFL GOPAL RITOLIA sell 1 M 842 12 month 23.07.2013
Quant Broking Pvt Ltd ABHINEET ANAND buy 5 M 1'115 12 month 23.07.2013
Holdings By:
Larsen & Toubro Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Tata Motors Limited manufactures cars and commercial automotive vehicles in
India. The Company designs, manufactures and sells heavy commercial, medium
commercial and small commercial vehicles including trucks, tankers, vans,
buses, ambulances and minibuses. Tata also manufactures small cars and sports
utility vehicles.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (20.09.2013) 354.90
52-Week Low (30.10.2012) 245.35
Daily Volume
335.15
52-Week High % Change -5.49% Dividend Yield 0.60
52-Week Low % Change 36.60% Beta 1.34
% 52 Week Price Range High/Low 79.42% Equity Float 1'481.86
Shares Out 25.09.2013 2'694.1 Short Int -
982'012.00 1 Yr Total Return 22.93%
Total Debt 535'913.80 YTD Return 8.04%
Preferred Stock 0.0 Adjusted BETA 1.338
Minority Interest 3'704.8 Analyst Recs 61
Cash and Equivalents 202'453.30 Consensus Rating 4.410
Enterprise Value 1'319'177.29
Average Volume 5 Day 989'013
TTMT IB EQUITY YTD Change - Average Volume 30 Day 934'116
TTMT IB EQUITY YTD % CHANGE - Average Volume 3 Month 950'279
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
708'809.5 925'192.5 1'221'279.2 1'656'544.9 1'888'176.3 ######### ######### ######### ######### 486'044.0 542'138.8
0.64x 0.82x 0.83x 0.68x 0.63x 1.08x 1.17x 0.59x 0.51x - -
18'631.3 82'635.2 168'129.7 223'067.2 245'427.8 236'502.9 250'116.2 310'164.6 357'592.3 62'823.3 75'076.7
24.31x 9.17x 6.02x 5.03x 4.87x 0.00x 0.00x 4.25x 3.69x - -
(25'052.5) 29'151.3 92'736.2 135'165.0 98'926.1 142'007.4 93'737.7 123'337.5 144'073.9 19'574.5 28'642.3
- 13.72x 8.04x 6.46x 8.67x 5.60x 9.60x 8.66x 7.37x 7.59x 7.46x
EBITDA 245'427.80 Long-Term Rating Date 09.07.2012
EBIT 169'780.00 Long-Term Rating BB
Operating Margin 8.99% Long-Term Outlook STABLE
Pretax Margin 7.28% Short-Term Rating Date -
Return on Assets 6.28% Short-Term Rating -
Return on Common Equity 28.13%
Return on Capital 14.03% EBITDA/Interest Exp. 8.60
Asset Turnover 1.20% (EBITDA-Capex)/Interest Exp. 2.03
Net Debt/EBITDA 1.36
Gross Margin - Total Debt/EBITDA 2.18
EBITDA Margin 13.0%
EBIT Margin 9.0% Total Debt/Equity 142.4%
Net Income Margin 5.2% Total Debt/Capital 58.5%
Asset Turnover 1.20
Current Ratio 0.78 Net Fixed Asset Turnover 5.64
Quick Ratio 0.36 Accounts receivable turnover-days 18.54
Debt to Assets 31.52% Inventory Days -
Tot Debt to Common Equity 142.39% Accounts Payable Turnover Day -
Accounts Receivable Turnover 19.69 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Tata Motors LtdPrice/Volume
Valuation Analysis
452'389.00
Current Price (10/dd/yy) Market Data
,
2,
-,,
-2,
.,,
.2,
0,,
02,
1,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'2 E-', E-'2 E.', E.'2 E0', E0'2 E1', E1'2 E
0.0
200'000.0
400'000.0
600'000.0
800'000.0
1'000'000.0
1'200'000.0
1'400'000.0
1'600'000.0
1'800'000.0
2'000'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TATA SONS LTD n/a Co File 702'333'345 26.07 - 30.06.2013 Holding Company
CITIBANK NA n/a 20F 446'246'135 16.56 - 30.06.2012 Bank
LIFE INSURANCE CORP n/a Co File 288'482'810 10.71 - 30.06.2013 Government
TATA STEEL LTD n/a Co File 147'810'695 5.49 - 30.06.2013 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 98'567'782 3.66 (20'468'585) 30.06.2013 Investment Advisor
TATA INDUSTRIES LTD n/a Co File 68'436'485 2.54 - 30.06.2013 Corporation
VANGUARD GROUP INC n/a ULT-AGG 41'681'446 1.55 6'282'254 30.06.2013 Investment Advisor
ICICI PRUDENTIAL LIF n/a Co File 30'232'452 1.12 - 30.06.2013 Insurance Company
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 30'093'943 1.12 3'997'149 30.06.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 27'476'878 1.02 (893) 31.07.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 17'170'011 0.64 10'349'912 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 13'804'663 0.51 (2'684'682) 27.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 10'762'579 0.4 - 31.12.2012 Government
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 10'147'746 0.38 2'144'929 30.06.2013 Investment Advisor
TATA INVESTMENT CORP n/a EXCH 10'025'000 0.37 - 05.07.2013 Private Equity
ALLIANZ ASSET MANAGE n/a ULT-AGG 7'732'737 0.29 1'674'365 31.08.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 7'364'631 0.27 - 28.06.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 7'284'031 0.27 (6'000) 27.09.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 7'187'800 0.27 806'600 30.06.2013 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 6'550'761 0.24 104'176 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs SANDEEP PANDYA Buy/Neutral 5 M 411 12 month 30.09.2013
Sanford C. Bernstein & Co MAX WARBURTON outperform 5 M 425 12 month 27.09.2013
BNP Paribas Equity Research VIJAY CHUGH buy 5 M 340 12 month 27.09.2013
Axis Capital Limited CHIRAG SHAH buy 5 M 391 Not Provided 27.09.2013
Nomura KAPIL SINGH buy 5 M 391 Not Provided 27.09.2013
Jefferies GOVINDARAJAN CHELLAPPA hold 3 M 318 12 month 26.09.2013
Kotak Securities HITESH GOEL add 4 M 365 Not Provided 26.09.2013
Barclays SAHIL KEDIA overweight 5 M 368 Not Provided 21.09.2013
Daiwa Securities Co. Ltd. NAVIN MATTA buy 5 M 394 Not Provided 20.09.2013
Sunidhi Consultancy Services ABHISHEK GAOSHINDE outperform 5 M 359 12 month 18.09.2013
Credit Suisse JATIN CHAWLA outperform 5 M 400 Not Provided 13.09.2013
Angel Broking Limited YARESH KOTHARI accumulate 4 D 360 12 month 13.09.2013
Edelweiss Capital AASHIESH AGARWAAL buy 5 M 366 12 month 12.09.2013
Ambit Capital Pvt Ltd ASHVIN SHETTY buy 5 M 375 Not Provided 12.09.2013
Morgan Stanley BINAY SINGH Overwt/In-Line 5 M 341 12 month 11.09.2013
IDBI Capital Market Services Ltd BHAUMIK BHATIA accumulate 4 M 332 Not Provided 11.09.2013
Antique Stock Broking Limited ASHISH NIGAM buy 5 M 396 Not Provided 11.09.2013
Macquarie AMIT MISHRA outperform 5 M 380 12 month 05.09.2013
FinQuest Securities (P) Ltd. MAHANTESH MARILINGA buy 5 M 440 12 month 05.09.2013
India Infoline PRAYESH JAIN market perform 3 M 302 Not Provided 04.09.2013
Standard Chartered AMIT KASAT outperform 5 M 365 12 month 03.09.2013
HDFC Securities SORABH TALWAR neutral 3 M 317 12 month 03.09.2013
IIFL JOSEPH GEORGE reduce 2 M 325 12 month 03.09.2013
Deutsche Bank B SRINIVAS RAO hold 3 M 275 12 month 02.09.2013
JPMorgan ADITYA MAKHARIA overweight 5 M 325 6 month 02.09.2013
IDFC Securities Ltd PRAMOD KUMAR underperform 1 M 261 12 month 02.09.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 M 335 Not Provided 30.08.2013
Fortune Equity Brokers (India) Ltd MAHANTESH SABARAD hold 3 D 320 Not Provided 24.08.2013
Networth Stock Broking Ltd SURYA NARAYAN NAYAK buy 5 N 364 12 month 21.08.2013
ICICIdirect.com NISHANT VAAS buy 5 M 360 Not Provided 20.08.2013
Motilal Oswal Securities Ltd JINESH K GANDHI buy 5 M 355 Not Provided 19.08.2013
Maybank Kim Eng JIGAR A SHAH sell 1 M 245 12 month 13.08.2013
Anand Rathi Securities Pvt. Ltd. ROHAN KORDE buy 5 M 348 Not Provided 13.08.2013
UBS SONAL GUPTA buy 5 M 380 12 month 08.08.2013
CIMB PRAMOD AMTHE outperform 5 M 350 12 month 08.08.2013
JM Financial Institutional Securities P AMBRISH MISHRA buy 5 M 325 12 month 08.08.2013
ICICI Securities SANKET MAHESHWARI add 4 M 318 12 month 08.08.2013
Batlivala & Karani Securities ANNAMALAI JAYARAJ outperform 5 M 361 Not Provided 08.08.2013
LKP Shares and Securities Ltd ASHWIN PATIL buy 5 M 354 12 month 08.08.2013
Brics Securities UMESH KARNE buy 5 M 356 12 month 08.08.2013
Karvy Stock Broking Ltd MITUL SHAH buy 5 M 340 Not Provided 08.08.2013
KR Choksey Shares & Sec Pvt Ltd KUNAL DALAL buy 5 M 347 Not Provided 08.08.2013
Spark Capital Advisors MUKESH SARAF buy 5 M 357 12 month 08.08.2013
Holdings By:
Tata Motors Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Oil and Natural Gas Corporation Limited specializes in the exploration and
production of crude oil and gas. The Company has joint ventures in oil fields
in Vietnam, Norway, Egypt, Tunisia, Iran and Australia. The Group's other
activities include deep sea explorations on the east and west coasts of India,
and the exploration of coal bed methane.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (18.01.2013) 354.10
52-Week Low (28.08.2013) 234.40
Daily Volume
262
52-Week High % Change -25.71% Dividend Yield 3.63
52-Week Low % Change 11.77% Beta 1.06
% 52 Week Price Range High/Low 27.90% Equity Float 1'106.67
Shares Out 25.09.2013 8'555.5 Short Int -
2'241'538.25 1 Yr Total Return -2.46%
Total Debt 206'489.46 YTD Return -0.50%
Preferred Stock 0.0 Adjusted BETA 1.057
Minority Interest 19'466.5 Analyst Recs 57
Cash and Equivalents 195'843.61 Consensus Rating 4.614
Enterprise Value 2'271'650.68
Average Volume 5 Day 376'752
ONGC IB EQUITY YTD Change - Average Volume 30 Day 522'071
ONGC IB EQUITY YTD % CHANGE - Average Volume 3 Month 410'404
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
1'045'883.9 1'017'545.7 1'175'251.0 1'472'849.5 1'624'031.7 - - ######### ######### - -
1.52x 2.24x 2.02x 1.49x 1.66x - - 1.24x 1.11x - -
369'067.1 354'383.0 424'779.1 498'037.0 446'446.4 - - 609'231.8 708'976.9 - -
4.31x 6.43x 5.60x 4.40x 6.04x - - 3.73x 3.21x - -
197'953.4 194'035.3 224'559.3 281'436.2 242'196.4 - - 273'883.8 330'901.8 - -
8.46x 12.11x 11.10x 8.16x 11.00x - - 8.23x 6.78x - -
EBITDA 446'446.40 Long-Term Rating Date 23.04.2013
EBIT 325'504.08 Long-Term Rating BBB-
Operating Margin 20.04% Long-Term Outlook NEG
Pretax Margin 22.63% Short-Term Rating Date -
Return on Assets 9.97% Short-Term Rating -
Return on Common Equity 16.76%
Return on Capital 14.70% EBITDA/Interest Exp. 121.45
Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. 72.59
Net Debt/EBITDA 0.02
Gross Margin - Total Debt/EBITDA 0.46
EBITDA Margin 27.5%
EBIT Margin 20.0% Total Debt/Equity 13.5%
Net Income Margin 14.9% Total Debt/Capital 11.8%
Asset Turnover 0.67
Current Ratio 1.15 Net Fixed Asset Turnover 1.86
Quick Ratio 0.72 Accounts receivable turnover-days 30.47
Debt to Assets 8.15% Inventory Days -
Tot Debt to Common Equity 13.54% Accounts Payable Turnover Day -
Accounts Receivable Turnover 11.98 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Oil & Natural Gas Corp LtdPrice/Volume
Valuation Analysis
266'037.00
Current Price (10/dd/yy) Market Data
,
2,
-,,
-2,
.,,
.2,
0,,
02,
1,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'2 E
-', E
-'2 E
.', E
.'2 E
0', E
0.0
200'000.0
400'000.0
600'000.0
800'000.0
1'000'000.0
1'200'000.0
1'400'000.0
1'600'000.0
1'800'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
-',,
.',,
0',,
1',,
2',,
3',,
4',,
5',,
6',,
-,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 5'922'546'522 69.23 - 30.06.2013 Government
LIFE INSURANCE CORP n/a Co File 662'745'162 7.75 - 30.06.2013 Government
INDIAN OIL CORP LTD n/a Co File 657'923'428 7.69 - 30.06.2013 Government
GAIL INDIA LTD n/a Co File 205'601'068 2.4 - 30.06.2013 Government
FRANKLIN RESOURCES n/a ULT-AGG 104'620'574 1.22 (1'541'999) 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 58'326'875 0.68 7'617'385 30.06.2013 Investment Advisor
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 18'294'740 0.21 (199'242) 31.08.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 16'587'249 0.19 (399'360) 27.09.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 12'075'396 0.14 118'739 31.08.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 11'737'238 0.14 - 31.12.2012 Government
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 11'419'125 0.13 (187'398) 31.08.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 11'180'623 0.13 - 27.09.2013 Investment Advisor
ICICI PRUDENTIAL LIF Multiple Portfolios MF-AGG 11'151'092 0.13 - 31.08.2013 Insurance Company
INVESCO LTD n/a ULT-AGG 6'196'450 0.07 - 27.09.2013 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 5'994'037 0.07 84'118 31.05.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 5'736'033 0.07 1'960'129 31.08.2013 Investment Advisor
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 5'548'660 0.06 (462'043) 31.08.2013 Investment Advisor
SEB n/a ULT-AGG 5'262'148 0.06 (69'428) 31.03.2013 Unclassified
TATA ASSET MANAGEMEN Multiple Portfolios MF-AGG 4'831'630 0.06 (17'933) 31.08.2013 Investment Advisor
L&T INVESTMENT MANAG Multiple Portfolios MF-AGG 4'415'100 0.05 18'400 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JM Financial Institutional Securities P MEHUL THANAWALA buy 5 M 330 Not Provided 30.09.2013
Nomura ANIL SHARMA neutral 3 M 330 Not Provided 30.09.2013
Axis Capital Limited AMIT MISHRA buy 5 M 360 Not Provided 27.09.2013
Morgan Stanley VINAY JAISING Overwt/Attractive 5 M 362 12 month 24.09.2013
ICICI Securities ROHIT AHUJA buy 5 M 345 12 month 23.09.2013
Karvy Stock Broking Ltd VINAY V NAIR buy 5 M 345 Not Provided 20.09.2013
Deutsche Bank HARSHAD KATKAR buy 5 M 400 12 month 19.09.2013
Ambit Capital Pvt Ltd DAYANAND MITTAL buy 5 M 394 12 month 19.09.2013
Quant Broking Pvt Ltd GAGAN DIXIT buy 5 M 320 Not Provided 19.09.2013
HSBC KUMAR MANISH overweight 5 M 400 Not Provided 17.09.2013
BNP Paribas Equity Research AMIT SHAH buy 5 M 339 12 month 13.09.2013
Motilal Oswal Securities Ltd HARSHAD BORAWAKE buy 5 M 401 Not Provided 12.09.2013
Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 M 340 12 month 11.09.2013
Tata Securities Limited SWARNENDU BHUSHAN hold 3 D 317 12 month 11.09.2013
VTB Capital COLIN SMITH buy 5 U 300 12 month 10.09.2013
Batlivala & Karani Securities BHAVIN GANDHI buy 5 M 350 Not Provided 06.09.2013
Nirmal Bang Institutional Equities ASHUTOSH BHARDWAJ buy 5 M 342 Not Provided 28.08.2013
Barclays SOMSHANKAR SINHA overweight 5 M 350 Not Provided 27.08.2013
Credit Suisse SANJAY MOOKIM outperform 5 M 345 Not Provided 26.08.2013
Antique Stock Broking Limited AMIT RUSTAGI buy 5 M 327 Not Provided 26.08.2013
India Nivesh Ltd ABHISHEK JAIN buy 5 M 390 Not Provided 26.08.2013
EVA Dimensions DOUG WALTERS overweight 5 U #N/A N/A Not Provided 23.08.2013
Spark Capital Advisors MAYUR PATEL buy 5 M 344 12 month 14.08.2013
Macquarie ABHISHEK AGARWAL outperform 5 M 360 12 month 13.08.2013
Phillip Securities GAURI ANAND buy 5 M 400 Not Provided 13.08.2013
Sunidhi Consultancy Services ROHIT NAGRAJ outperform 5 N 334 12 month 13.08.2013
Emkay Share & Stock Brokers DHAVAL JOSHI buy 5 M 332 Not Provided 13.08.2013
HDFC Securities AISHWARYA DEEPAK buy 5 M 360 12 month 13.08.2013
LKP Shares and Securities Ltd CHIRAG DHAIFULE buy 5 U 372 12 month 13.08.2013
India Infoline PRAYESH JAIN buy 5 M 330 12 month 13.08.2013
Angel Broking Limited BHAVESH CHAUHAN buy 5 M 352 12 month 13.08.2013
KR Choksey Shares & Sec Pvt Ltd NISHA SHARMA buy 5 M 345 12 month 13.08.2013
ICICIdirect.com MAYUR MATANI buy 5 M 349 15 month 13.08.2013
IIFL BHASKAR CHAKRABORTY add 4 D 320 12 month 13.08.2013
BOB Capital Markets NEELABH SHARMA buy 5 M 350 12 month 13.08.2013
CIMB AVADHOOT SABNIS neutral 3 U 290 12 month 12.08.2013
Kotak Securities SANJEEV PRASAD buy 5 M 380 Not Provided 12.08.2013
IDFC Securities Ltd PRAKASH JOSHI neutral 3 M 318 12 month 12.08.2013
IDBI Capital Market Services Ltd SUDEEP ANAND hold 3 D 292 12 month 12.08.2013
Religare Capital Markets NITIN TIWARI buy 5 M 370 12 month 12.08.2013
Edelweiss Capital NIRAJ MANSINGKA buy 5 M 360 12 month 12.08.2013
Standard Chartered RAHUL SINGH outperform 5 M 430 12 month 01.08.2013
Brics Securities NILESH RAMESH GHUGE add 4 M 356 Not Provided 01.08.2013
Holdings By:
Oil & Natural Gas Corp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Sun Pharmaceutical Industries Limited manufactures and markets pharmaceuticals
for domestic and international distribution. The Company's pharmaceutical
portfolio includes drugs in the areas of diabetes, cardiology, neurology,
psychiatry and gastroenterology.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (30.09.2013) 601.25
52-Week Low (15.11.2012) 328.00
Daily Volume
590.1
52-Week High % Change -1.71% Dividend Yield 0.42
52-Week Low % Change 79.91% Beta 0.64
% 52 Week Price Range High/Low 96.82% Equity Float 1'140.10
Shares Out 25.09.2013 2'071.1 Short Int -
1'222'157.00 1 Yr Total Return 71.16%
Total Debt 2'597.10 YTD Return 61.18%
Preferred Stock 0.0 Adjusted BETA 0.640
Minority Interest 16'350.8 Analyst Recs 53
Cash and Equivalents 33'743.30 Consensus Rating 4.132
Enterprise Value 1'207'361.60
Average Volume 5 Day 179'243
SUNP IB EQUITY YTD Change - Average Volume 30 Day 168'752
SUNP IB EQUITY YTD % CHANGE - Average Volume 3 Month 164'138
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
42'723.0 38'086.3 57'279.0 80'194.9 112'998.6 90'278.0 120'629.2 143'196.6 165'227.3 37'502.3 34'699.7
4.89x 9.25x 7.75x 7.12x 7.37x 11.52x 6.91x 8.23x 6.92x - -
18'745.7 13'811.0 20'043.3 32'828.2 49'801.8 39'527.0 52'762.4 61'783.4 69'777.0 15'465.0 14'291.3
11.15x 25.51x 22.15x 17.40x 16.73x 0.00x 0.00x 19.54x 17.30x 19.99x -
18'118.8 13'510.8 18'160.6 26'566.9 29'830.6 28'818.0 9'364.0 42'861.1 51'631.5 11'192.7 9'337.7
12.71x 27.47x 25.19x 22.21x 28.37x 22.83x 111.77x 28.14x 23.98x - -
EBITDA 49'801.80 Long-Term Rating Date -
EBIT 46'440.10 Long-Term Rating -
Operating Margin 41.10% Long-Term Outlook -
Pretax Margin 38.24% Short-Term Rating Date -
Return on Assets 15.97% Short-Term Rating -
Return on Common Equity 21.91%
Return on Capital 22.87% EBITDA/Interest Exp. 135.00
Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 112.08
Net Debt/EBITDA -0.63
Gross Margin - Total Debt/EBITDA 0.05
EBITDA Margin 44.1%
EBIT Margin 41.1% Total Debt/Equity 1.7%
Net Income Margin 26.4% Total Debt/Capital 1.5%
Asset Turnover 0.60
Current Ratio 3.14 Net Fixed Asset Turnover 3.38
Quick Ratio 1.94 Accounts receivable turnover-days 77.35
Debt to Assets 1.24% Inventory Days -
Tot Debt to Common Equity 1.73% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.72 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Sun Pharmaceutical Industries LtdPrice/Volume
Valuation Analysis
38'232.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
-,,
.,,
0,,
1,,
2,,
3,,
4,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'. E
'1 E
'3 E
'5 E
-', E
-'. E
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
-,',,
.,',,
0,',,
1,',,
2,',,
3,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SHANGHVI DILIP SHANT n/a Co File 231'140'480 11.16 - 30.06.2013 n/a
VIDITI INVESTMENT PV n/a Co File 201'385'320 9.72 - 30.06.2013 Other
TEJASKIRAN PHARMACHE n/a Co File 195'343'760 9.43 - 30.06.2013 Other
FAMILY INVESTMENT PV n/a Co File 182'927'440 8.83 - 30.06.2013 Unclassified
QUALITY INVESTMENT P n/a Co File 182'868'640 8.83 - 30.06.2013 Corporation
VIRTUOUS FINANCE LTD n/a Co File 97'104'040 4.69 - 30.06.2013 Other
VIRTUOUS SHARE INV P n/a Co File 83'976'000 4.05 - 30.06.2013 Other
GENESIS INDIAN INV C n/a Co File 53'542'226 2.59 - 30.06.2013 Investment Advisor
ADITYA MEDISALES LTD n/a Co File 40'203'960 1.94 - 30.06.2013 Private Equity
VALIA RAKSHA SUDHIR n/a Co File 34'772'000 1.68 - 30.06.2013 n/a
VANGUARD GROUP INC n/a ULT-AGG 22'358'960 1.08 1'294'380 30.06.2013 Investment Advisor
LAKSHDEEP INVEST & F n/a Co File 22'226'000 1.07 - 30.06.2013 Other
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 18'437'604 0.89 (39'666) 28.06.2013 Investment Advisor
HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 16'328'576 0.79 (31'600) 28.06.2013 Unclassified
SHOLAPUR ORGANICS PV n/a Co File 16'035'080 0.77 - 30.06.2013 Other
VALIA SUDHIR VRUNDAV n/a Co File 15'384'000 0.74 - 30.06.2013 n/a
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 12'903'121 0.62 7'106'690 31.07.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 12'844'936 0.62 (558'414) 31.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 11'678'890 0.56 (22'932) 27.09.2013 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 11'129'568 0.54 (46'200) 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited DEEPAK SHIVPRAKASH KHETAN buy 5 M 585 Not Provided 27.09.2013
HDFC Securities MEETA SHETTY buy 5 U 606 12 month 27.09.2013
Antique Stock Broking Limited ANMOL GANJOO buy 5 M 646 Not Provided 27.09.2013
Asian Markets Securities Pvt. Ltd ASHISH THAVKAR hold 3 M 600 12 month 27.09.2013
NVS Brokerage Limited TEAM COVERAGE buy 5 M 630 Not Provided 27.09.2013
Morgan Stanley SAMEER BAISIWALA Overwt/In-Line 5 M 724 12 month 26.09.2013
Batlivala & Karani Securities ROHIT V BHAT buy 5 M 630 Not Provided 26.09.2013
Sharekhan Ltd TEAM COVERAGE buy 5 M 613 Not Provided 26.09.2013
Barclays BALAJI V PRASAD overweight 5 M 600 Not Provided 26.09.2013
Elara Securities India Pvt Ltd AARTHISUNDARI JAYAKUMAR accumulate 4 M 622 Not Provided 26.09.2013
India Nivesh Ltd BHAGWAN SINGH CHAUDHARY buy 5 M 610 Not Provided 26.09.2013
Edelweiss Capital PERIN ALI hold 3 M 540 12 month 25.09.2013
Fortune Equity Brokers (India) Ltd HITESH MAHIDA hold 3 M 596 Not Provided 20.09.2013
Centrum Broking Pvt Ltd RANJIT KAPADIA buy 5 M 689 Not Provided 19.09.2013
EVA Dimensions TIMOTHY STANISH hold 3 U #N/A N/A Not Provided 18.09.2013
Karvy Stock Broking Ltd RAHUL SHARMA hold 3 M 555 Not Provided 17.09.2013
JPMorgan NEHA MANPURIA neutral 3 M 545 12 month 16.09.2013
Motilal Oswal Securities Ltd ALOK DALAL buy 5 M 600 Not Provided 12.09.2013
Religare Capital Markets ARVIND BOTHRA buy 5 N 635 12 month 12.09.2013
Credit Suisse ANUBHAV AGGARWAL outperform 5 M 585 Not Provided 11.09.2013
Nomura SAION MUKHERJEE neutral 3 M 593 Not Provided 10.09.2013
ICICIdirect.com SIDDHANT KHANDEKAR hold 3 M 533 Not Provided 10.09.2013
Dolat Capital Market Ltd. MILIND BHANGALE accumulate 4 N 603 Not Provided 04.09.2013
Jefferies PIYUSH NAHAR buy 5 M 610 12 month 29.08.2013
IDFC Securities Ltd NITIN AGARWAL outperform 5 M 580 Not Provided 29.08.2013
Anand Rathi Securities Pvt. Ltd. SRIRAM RATHI buy 5 M 586 Not Provided 26.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 535 Not Provided 24.08.2013
Quant Broking Pvt Ltd KIRIT GOGRI sell 1 M 429 Not Provided 22.08.2013
Macquarie ABHISHEK SINGHAL outperform 5 M 675 12 month 12.08.2013
CIMB PRAKASH AGARWAL neutral 3 M 560 12 month 12.08.2013
Prabhudas Lilladher Pvt Ltd SURAJIT PAL sell 1 N 470 12 month 12.08.2013
JM Financial Institutional Securities P RAHUL SOLANKI buy 5 M 540 12 month 12.08.2013
Sunidhi Consultancy Services RASHMI SANCHETI neutral 3 M 552 12 month 12.08.2013
Emkay Share & Stock Brokers ASHISH RATHI buy 5 M 583 Not Provided 12.08.2013
India Infoline BHAVIKA SHINDE buy 5 M 560 12 month 12.08.2013
Angel Broking Limited SARABJIT KOUR NANGRA neutral 3 M #N/A N/A Not Provided 12.08.2013
IIFL BINO PATHIPARAMPIL buy 5 M 596 12 month 12.08.2013
Avendus Capital Private Ltd MONICA JOSHI add 4 U 560 Not Provided 12.08.2013
Khambatta Securities Ltd FATHIMA KHAN strong buy 5 M 600 12 month 12.08.2013
Nirmal Bang Institutional Equities PRAFUL BOHRA buy 5 M 589 Not Provided 12.08.2013
ICICI Securities KARTIK A MEHTA buy 5 M 601 12 month 11.08.2013
UBS SONAL GUPTA neutral 3 M 540 12 month 09.08.2013
HSBC GIRISH BAKHRU overweight 5 M 612 Not Provided 09.08.2013
Holdings By:
Sun Pharmaceutical Industries Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
State Bank of India provides a wide range of banking and financial services to
corporate, institutional, commercial, agricultural, industrial and individual
customers throughout India. The Bank also provides international banking to its
Indian customers and has operations in other countries.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (10.01.2013) 2'550.00
52-Week Low (28.08.2013) 1'452.90
Daily Volume
1640.55
52-Week High % Change -35.51% Dividend Yield 2.53
52-Week Low % Change 12.92% Beta 1.23
% 52 Week Price Range High/Low 14.80% Equity Float 167.08
Shares Out 25.09.2013 684.0 Short Int -
1'122'192.00 1 Yr Total Return -26.30%
Total Debt 2'656'755.73 YTD Return -29.84%
Preferred Stock 0.0 Adjusted BETA 1.230
Minority Interest 42'538.6 Analyst Recs 63
Cash and Equivalents 1'790'927.24 Consensus Rating 3.127
Enterprise Value -
Average Volume 5 Day 443'779
SBIN IB EQUITY YTD Change - Average Volume 30 Day 499'588
SBIN IB EQUITY YTD % CHANGE - Average Volume 3 Month 480'669
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
1'131'245.9 1'338'617.8 1'478'646.7 1'769'359.8 2'006'003.7 ######### ######### ######### ######### - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
109'552.9 117'338.3 106'849.5 153'431.0 179'162.3 177'053.3 173'403.1 161'253.1 192'483.3 - -
6.18x 11.24x 16.43x 8.68x 7.77x 7.86x 7.63x 6.92x 5.80x - -
EBITDA - Long-Term Rating Date 30.01.2007
EBIT - Long-Term Rating BBB-
Operating Margin 27.64% Long-Term Outlook NEG
Pretax Margin 27.84% Short-Term Rating Date 30.01.2007
Return on Assets 0.90% Short-Term Rating A-3
Return on Common Equity 15.49%
Return on Capital 5.20% EBITDA/Interest Exp. -
Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 212.5%
Net Income Margin 19.1% Total Debt/Capital 67.3%
Asset Turnover 0.10
Current Ratio - Net Fixed Asset Turnover 23.91
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 12.45% Inventory Days -
Tot Debt to Common Equity 212.48% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
State Bank of IndiaPrice/Volume
Valuation Analysis
210'226.00
Current Price (10/dd/yy) Market Data
,
2,,
-,,,
-2,,
.,,,
.2,,
0,,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'. E
'1 E
'3 E
'5 E
-', E
-'. E
-'1 E
0.0
500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
-3',,
-5',,
.,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 426'241'140 62.31 - 30.06.2013 Government
LIFE INSURANCE CORP n/a EXCH 90'712'681 13.26 - 27.08.2013 Government
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 9'854'945 1.44 (1'222'629) 31.08.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 7'513'238 1.1 704'643 30.08.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 4'852'861 0.71 66'989 30.04.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 3'703'051 0.54 149'133 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 2'765'885 0.4 4'866 27.09.2013 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 2'755'638 0.4 (843'444) 31.08.2013 Other
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'688'153 0.39 (469'816) 31.08.2013 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 2'553'266 0.37 (24'421) 31.05.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 2'405'252 0.35 (1'934) 31.08.2013 Investment Advisor
WADDELL & REED FINAN n/a ULT-AGG 2'191'900 0.32 (1'673'960) 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 2'112'836 0.31 - 31.12.2012 Government
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 1'577'651 0.23 (174'667) 31.08.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 1'508'939 0.22 (598'525) 30.06.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'459'604 0.21 (1'100) 27.09.2013 Investment Advisor
ROBECO n/a ULT-AGG 1'206'773 0.18 (2'292) 30.04.2013 Unclassified
FMR LLC n/a ULT-AGG 1'009'125 0.15 (30'833) 31.08.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 654'690 0.1 32'000 30.06.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 466'230 0.07 (164'750) 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited PRAVEEN AGRAWAL sell 1 M 1'492 Not Provided 27.09.2013
Standard Chartered MAHRUKH ADAJANIA underperform 1 M 1'445 12 month 26.09.2013
NVS Brokerage Limited TEAM COVERAGE buy 5 M 1'735 Not Provided 26.09.2013
UBS VISHAL GOYAL sell 1 D 1'500 12 month 24.09.2013
India Nivesh Ltd DALJEET SINGH KOHLI buy 5 M 1'926 Not Provided 24.09.2013
Religare Capital Markets SIDDHARTH TELI buy 5 M 2'100 12 month 23.09.2013
Nirmal Bang Institutional Equities HEMINDRA HAZARI hold 3 D 2'000 12 month 20.09.2013
Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES sell 1 M 1'605 Not Provided 19.09.2013
Nomura ABHISHEK BHATTACHARYA reduce 2 M 1'400 Not Provided 13.09.2013
Macquarie SURESH GANAPATHY neutral 3 M 1'550 12 month 12.09.2013
CIMB JATINDER AGARWAL neutral 3 M 1'714 12 month 12.09.2013
Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA accumulate 4 M 1'700 12 month 11.09.2013
Avendus Capital Private Ltd CHANDANA JHA buy 5 M 2'080 Not Provided 11.09.2013
JPMorgan SESHADRI K SEN overweight 5 M 2'050 12 month 09.09.2013
Goldman Sachs TABASSUM INAMDAR Sell/Neutral 1 M 1'340 12 month 05.09.2013
Batlivala & Karani Securities ANAND DAMA underperform 1 M 1'610 Not Provided 05.09.2013
BNP Paribas Equity Research AVNEESH SUKHIJA reduce 2 D 1'226 12 month 04.09.2013
EVA Dimensions DOUG WALTERS buy 5 U #N/A N/A Not Provided 04.09.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 D 1'600 Not Provided 02.09.2013
Barclays ANISH TAWAKLEY equalweight 3 M 1'610 Not Provided 29.08.2013
Jefferies NILANJAN KARFA underperform 1 M 1'395 12 month 27.08.2013
IIFL SAMPATH S K KUMAR sell 1 M 1'300 12 month 27.08.2013
Elara Securities India Pvt Ltd RAKESH KUMAR reduce 2 M 1'565 12 month 27.08.2013
Fortune Equity Brokers (India) Ltd VIJAY NARA buy 5 U 1'720 Not Provided 26.08.2013
Sunidhi Consultancy Services AMIT JAIN neutral 3 M 1'787 12 month 23.08.2013
IDFC Securities Ltd MANISH CHOWDHARY underperform 1 M 1'545 Not Provided 22.08.2013
Kotak Securities MB MAHESH add 4 M 1'975 Not Provided 21.08.2013
ICICIdirect.com KAJAL GANDHI buy 5 M 1'800 Not Provided 21.08.2013
Deutsche Bank MANISH KARWA hold 3 M 1'625 12 month 20.08.2013
Almondz Global Securities Ltd SHIVRAJ GUPTA neutral 3 M 1'798 Not Provided 20.08.2013
Motilal Oswal Securities Ltd ALPESH MEHTA buy 5 M 2'059 Not Provided 19.08.2013
Spark Capital Advisors ABHINESH VIJAYARAJ sell 1 M 1'251 12 month 19.08.2013
Shah Investor's Home Limited BUNTY CHAWLA accumulate 4 M 1'954 Not Provided 16.08.2013
Dolat Capital Market Ltd. RAJIV PATHAK accumulate 4 M 1'794 Not Provided 14.08.2013
KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL hold 3 D 1'672 12 month 14.08.2013
Credit Suisse ASHISH GUPTA neutral 3 M 1'417 Not Provided 13.08.2013
HSBC TEJAS MEHTA underweight 1 M 1'339 Not Provided 13.08.2013
JM Financial Institutional Securities P PUNEET GULATI buy 5 M 1'750 12 month 13.08.2013
Phillip Securities MANISH AGARWALLA buy 5 M 1'856 Not Provided 13.08.2013
HDFC Securities DARPIN SHAH buy 5 M 1'782 12 month 13.08.2013
Karvy Stock Broking Ltd HATIM K BROACHWALA buy 5 M 2'100 12 month 13.08.2013
India Infoline RAJIV MEHTA market perform 3 M 1'717 12 month 13.08.2013
Angel Broking Limited VAIBHAV AGRAWAL neutral 3 D #N/A N/A Not Provided 13.08.2013
Holdings By:
State Bank of India ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications
services throughout India. The Company provides GSM Mobile Services, broadband,
fixed line telephone services, long distance services (international & national)
and enterprise services.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (25.01.2013) 370.40
52-Week Low (15.10.2012) 256.65
Daily Volume
320.8
52-Week High % Change -13.39% Dividend Yield -
52-Week Low % Change 25.00% Beta 0.92
% 52 Week Price Range High/Low 54.15% Equity Float 781.75
Shares Out 25.09.2013 3'997.4 Short Int -
1'282'365.88 1 Yr Total Return 21.35%
Total Debt 729'608.00 YTD Return 1.60%
Preferred Stock 0.0 Adjusted BETA 0.924
Minority Interest 40'886.0 Analyst Recs 56
Cash and Equivalents 84'746.00 Consensus Rating 4.286
Enterprise Value 1'918'805.87
Average Volume 5 Day 307'690
BHARTI IB EQUITY YTD Change - Average Volume 30 Day 336'998
BHARTI IB EQUITY YTD % CHANGE - Average Volume 3 Month 332'058
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
373'520.8 418'472.0 594'672.0 714'508.0 803'112.0 730'360.0 786'083.0 861'223.3 945'678.2 214'929.5 222'627.0
3.44x 2.95x 3.34x 2.75x 2.23x 10.90x 9.15x 2.18x 1.89x 8.94x 8.53x
154'623.6 169'127.0 201'225.0 238'314.0 249'497.0 235'429.0 243'171.0 276'918.0 314'307.9 67'622.8 70'212.8
8.31x 7.31x 9.87x 8.24x 7.19x 8.08x 7.41x 6.93x 6.10x - -
78'589.5 89'768.0 60'467.0 42'594.0 22'757.0 38'064.0 22'024.0 42'669.4 65'524.2 9'479.0 10'539.3
15.11x 13.21x 22.43x 30.11x 48.64x 30.42x 50.39x 29.32x 19.18x 28.35x 27.88x
EBITDA 249'497.00 Long-Term Rating Date 09.06.2010
EBIT 94'130.00 Long-Term Rating BB+
Operating Margin 11.72% Long-Term Outlook STABLE
Pretax Margin 6.20% Short-Term Rating Date -
Return on Assets 1.30% Short-Term Rating -
Return on Common Equity 4.11%
Return on Capital 3.61% EBITDA/Interest Exp. 6.07
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 2.83
Net Debt/EBITDA 2.44
Gross Margin - Total Debt/EBITDA 3.06
EBITDA Margin 30.9%
EBIT Margin 11.8% Total Debt/Equity 145.0%
Net Income Margin 2.8% Total Debt/Capital 57.3%
Asset Turnover 0.46
Current Ratio 0.45 Net Fixed Asset Turnover 1.25
Quick Ratio 0.34 Accounts receivable turnover-days 30.91
Debt to Assets 43.60% Inventory Days -
Tot Debt to Common Equity 144.99% Accounts Payable Turnover Day -
Accounts Receivable Turnover 11.81 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Bharti Airtel LtdPrice/Volume
Valuation Analysis
158'947.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
2,
-,,
-2,
.,,
.2,
0,,
02,
1,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'2 E-', E-'2 E.', E.'2 E0', E0'2 E1', E1'2 E
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
800'000.0
900'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
-',,
.',,
0',,
1',,
2',,
3',,
4',,
5',,
6',,
-,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BHARTI TELECOM LIMIT n/a Co File 1'741'830'892 43.57 - 30.06.2013 Unclassified
PASTEL LIMITED n/a Co File 591'319'300 14.79 - 30.06.2013 Corporation
THREE PILLARS PTE LT n/a Co File 399'740'012 10 - 30.06.2013 n/a
INDIAN CONTINENT INV n/a Co File 265'860'986 6.65 - 30.06.2013 Other
LIFE INSURANCE CORP n/a Co File 208'078'558 5.21 - 30.06.2013 Government
ICICI PRUDENTIAL LIF n/a Co File 58'923'815 1.47 - 30.06.2013 Insurance Company
COMMONWEALTH BANK OF n/a ULT-AGG 53'861'859 1.35 (3'190'324) 31.05.2013 Bank
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 52'380'272 1.31 4'755'377 30.06.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 34'574'394 0.86 15'265'923 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 34'384'740 0.86 3'753'750 30.06.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 31'681'489 0.79 - 30.08.2013 Investment Advisor
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 26'648'828 0.67 (82'551) 31.08.2013 Investment Advisor
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 21'327'882 0.53 4'488'043 31.08.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 18'402'162 0.46 1'038'079 31.08.2013 Investment Advisor
COMGEST S A Multiple Portfolios MF-AGG 18'000'000 0.45 - 31.12.2012 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 17'566'086 0.44 (303'932) 30.06.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 16'950'514 0.42 1'720'111 31.08.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 14'630'836 0.37 714'809 31.07.2013 Investment Advisor
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 13'966'484 0.35 6'348'299 31.08.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 13'941'322 0.35 (2'569'243) 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley VINAY JAISING Overwt/Attractive 5 M 402 12 month 30.09.2013
Batlivala & Karani Securities ROHIT DOKANIA outperform 5 M 370 Not Provided 27.09.2013
Axis Capital Limited PRIYA ROHIRA buy 5 M 407 Not Provided 27.09.2013
Anand Rathi Securities Pvt. Ltd. YOGESH KIRVE hold 3 M 370 Not Provided 23.09.2013
Edelweiss Capital SANDIP KUMAR AGARWAL buy 5 M 388 12 month 19.09.2013
BNP Paribas Equity Research KUNAL D VORA buy 5 M 410 12 month 18.09.2013
Ambit Capital Pvt Ltd ANKUR RUDRA buy 5 M 384 Not Provided 18.09.2013
Avendus Capital Private Ltd ABHAY MOGHE hold 3 M 328 Not Provided 12.09.2013
Emkay Share & Stock Brokers NAVAL SETH accumulate 4 M 400 Not Provided 11.09.2013
ICICIdirect.com KARAN MITTAL strong buy 5 M 385 Not Provided 11.09.2013
IIFL G V GIRI buy 5 M 381 12 month 11.09.2013
Nirmal Bang Institutional Equities HARIT SHAH hold 3 M 367 Not Provided 11.09.2013
Standard Chartered RAHUL SINGH outperform 5 M 389 12 month 10.09.2013
Daiwa Securities Co. Ltd. RAMAKRISHNA MARUVADA hold 3 U 336 Not Provided 10.09.2013
ICICI Securities VIKASH MANTRI buy 5 M 410 12 month 10.09.2013
Tata Securities Limited ASHISH AGGARWAL buy 5 M 376 12 month 10.09.2013
Elara Securities India Pvt Ltd ALIASGAR SHAKIR accumulate 4 M 370 Not Provided 10.09.2013
India Nivesh Ltd AMAR MOURYA buy 5 M 368 Not Provided 10.09.2013
Nomura SACHIN GUPTA buy 5 U 360 Not Provided 05.09.2013
Maybank Kim Eng URMIL SHAH buy 5 M 392 12 month 02.09.2013
India Infoline BHAVESH GANDHI buy 5 U 360 12 month 29.08.2013
Barclays BHUVNESH SINGH overweight 5 M 393 Not Provided 26.08.2013
IDFC Securities Ltd HITESH SHAH outperform 5 M 400 12 month 23.08.2013
Sharekhan Ltd TEAM COVERAGE hold 3 M 395 Not Provided 22.08.2013
CIMB PIYUSH CHOUDHARY outperform 5 U 382 12 month 20.08.2013
JM Financial Institutional Securities P SANJAY CHAWLA buy 5 M 395 Not Provided 20.08.2013
Motilal Oswal Securities Ltd SHOBHIT KHARE buy 5 M 450 Not Provided 19.08.2013
Kotak Securities ROHIT CHORDIA add 4 M 375 Not Provided 14.08.2013
Credit Suisse SUNIL TIRUMALAI outperform 5 M 410 Not Provided 12.08.2013
New Street Research CHRIS HOARE buy 5 M 540 Not Provided 06.08.2013
Angel Broking Limited ANKITA SOMANI neutral 3 D #N/A N/A Not Provided 05.08.2013
Goldman Sachs SACHIN SALGAONKAR Buy/Neutral 5 M 390 12 month 02.08.2013
Macquarie ABHISHEK SINGHAL outperform 5 M 425 12 month 01.08.2013
Phillip Securities NAVEEN KULKARNI buy 5 M 430 Not Provided 01.08.2013
HDFC Securities HIMANSHU SHAH buy 5 M 390 12 month 01.08.2013
LKP Shares and Securities Ltd ASHWIN PATIL buy 5 M 398 12 month 01.08.2013
KR Choksey Shares & Sec Pvt Ltd ARCHANA SHIVANE accumulate 4 M 381 12 month 01.08.2013
Deutsche Bank B SRINIVAS RAO buy 5 M 385 12 month 31.07.2013
Jefferies VISHAL AGARWAL hold 3 M 340 12 month 31.07.2013
HSBC RAJIV SHARMA overweight 5 M 385 Not Provided 31.07.2013
Religare Capital Markets RUMIT DUGAR hold 3 M 370 12 month 31.07.2013
Khambatta Securities Ltd DEVANG BHATT strong buy 5 M 397 Not Provided 31.07.2013
Microsec Capital NITIN PRAKASH DAGA strong buy 5 M 417 12 month 09.07.2013
Holdings By:
Bharti Airtel Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive
components. The Company's automobile products include light, medium and heavy
commercial vehicles, jeep type vehicles and passenger cars. Mahindra & Mahindra
also manufactures agricultural tractors, agricultural implements, internal
combustion engines, industrial petrol engines, spare parts and machine tools.
Latest Fiscal Year: 03/2013
LTM as of: 12/yy
52-Week High (20.05.2013) 1'025.87
52-Week Low (28.08.2013) 741.50
Daily Volume
832.5
52-Week High % Change -18.70% Dividend Yield 1.50
52-Week Low % Change 12.27% Beta 0.97
% 52 Week Price Range High/Low 30.35% Equity Float 439.15
Shares Out 25.09.2013 615.9 Short Int -
512'730.41 1 Yr Total Return -2.15%
Total Debt 287'110.50 YTD Return -9.16%
Preferred Stock 0.0 Adjusted BETA 0.968
Minority Interest 52'969.7 Analyst Recs 59
Cash and Equivalents 64'403.10 Consensus Rating 4.237
Enterprise Value 788'407.51
Average Volume 5 Day 101'895
MM IB EQUITY YTD Change - Average Volume 30 Day 149'874
MM IB EQUITY YTD % CHANGE - Average Volume 3 Month 177'310
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 12/yy 12/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
189'864.5 231'986.5 368'637.8 547'058.7 626'435.4 0.0 82'155.5 727'291.3 822'507.6 - -
1.12x 1.89x 1.47x 1.16x 1.25x #DIV/0! 0.00x 1.08x 0.95x - -
37'045.4 55'600.1 61'269.0 44'517.2 49'865.2 0.0 11'299.6 91'774.4 106'384.8 - -
5.76x 7.89x 8.87x 14.28x 15.72x 0.00x 0.00x 8.60x 7.41x - -
14'054.1 24'785.6 30'797.3 31'266.6 40'992.0 0.0 7'059.4 43'508.1 52'010.8 - -
7.44x 12.01x 13.10x 13.17x 12.39x 0.00x 0.00x 11.46x 9.65x - -
EBITDA 49'865.20 Long-Term Rating Date -
EBIT 29'019.70 Long-Term Rating -
Operating Margin 4.63% Long-Term Outlook -
Pretax Margin 9.68% Short-Term Rating Date -
Return on Assets 5.85% Short-Term Rating -
Return on Common Equity 22.36%
Return on Capital 11.43% EBITDA/Interest Exp. 2.28
Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 0.78
Net Debt/EBITDA 4.47
Gross Margin - Total Debt/EBITDA 5.76
EBITDA Margin 8.0%
EBIT Margin 4.6% Total Debt/Equity 143.8%
Net Income Margin 6.5% Total Debt/Capital 53.2%
Asset Turnover 0.89
Current Ratio 1.30 Net Fixed Asset Turnover 3.90
Quick Ratio 0.45 Accounts receivable turnover-days 30.65
Debt to Assets 37.55% Inventory Days -
Tot Debt to Common Equity 143.84% Accounts Payable Turnover Day -
Accounts Receivable Turnover 11.91 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Mahindra & Mahindra LtdPrice/Volume
Valuation Analysis
85'539.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
.,,
1,,
3,,
5,,
-,,,
-.,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'2 E
-', E
-'2 E
.', E
.'2 E
0', E
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
-3',,
-5',,
.,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PRUDENTIAL MGMT & SE n/a Co File 69'986'970 11.36 - 30.06.2013 Other
LIFE INSURANCE CORP n/a Co File 64'737'788 10.51 - 30.06.2013 Government
M & M BENEFIT TRUST n/a Co File 51'835'214 8.42 - 30.06.2013 n/a
M & M EMPLOYEES STK n/a EXCH 26'717'997 4.34 - 24.09.2013 n/a
COMMONWEALTH BANK OF n/a ULT-AGG 19'546'735 3.17 (53'370) 31.05.2013 Bank
GOLBOOT HOLDINGS LTD n/a Co File 18'791'948 3.05 - 30.06.2013 Other
JP MORGAN n/a ULT-AGG 16'470'764 2.67 213'023 31.07.2013 Investment Advisor
ICICI PRUDENTIAL LIF n/a Co File 12'646'434 2.05 - 30.06.2013 Insurance Company
CAPITAL GROUP COMPAN n/a ULT-AGG 12'477'143 2.03 1'637'143 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 8'930'309 1.45 246'686 30.06.2013 Investment Advisor
GENERAL INSURANCE CO n/a Co File 8'700'400 1.41 - 30.06.2013 Government
GIC PRIVATE LIMITED n/a ULT-AGG 8'453'499 1.37 - 30.06.2013 Government
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 6'254'205 1.02 1'656'693 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 4'960'764 0.81 (7'770) 27.09.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 4'427'681 0.72 - 30.06.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4'043'792 0.66 2'027'153 30.06.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 3'593'050 0.58 501'566 30.08.2013 Investment Advisor
ROBECO n/a ULT-AGG 2'828'755 0.46 (326'450) 30.04.2013 Unclassified
M & M EMPLOYEES WELF n/a Co File 1'946'070 0.32 - 30.06.2013 n/a
UBS AG n/a ULT-AGG 1'932'235 0.31 (124'116) 28.06.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BNP Paribas Equity Research VIJAY CHUGH hold 3 M 815 12 month 27.09.2013
Axis Capital Limited CHIRAG SHAH hold 3 M 800 Not Provided 27.09.2013
Nomura KAPIL SINGH buy 5 M 1'067 Not Provided 27.09.2013
Batlivala & Karani Securities ANNAMALAI JAYARAJ outperform 5 M 971 Not Provided 25.09.2013
JPMorgan ADITYA MAKHARIA overweight 5 M 1'000 6 month 22.09.2013
Barclays SAHIL KEDIA overweight 5 M 1'031 Not Provided 21.09.2013
Edelweiss Capital AASHIESH AGARWAAL buy 5 M 992 12 month 12.09.2013
HSBC YOGESH AGGARWAL neutral 3 M 825 Not Provided 09.09.2013
Macquarie AMIT MISHRA outperform 5 M 1'000 12 month 05.09.2013
India Infoline PRAYESH JAIN buy 5 M 946 Not Provided 04.09.2013
Standard Chartered AMIT KASAT in-line 3 M 954 12 month 03.09.2013
HDFC Securities SORABH TALWAR buy 5 M 1'115 12 month 03.09.2013
Angel Broking Limited YARESH KOTHARI buy 5 M 1'011 Not Provided 03.09.2013
Antique Stock Broking Limited ASHISH NIGAM hold 3 M 900 Not Provided 03.09.2013
IIFL JOSEPH GEORGE add 4 M 960 12 month 03.09.2013
Deutsche Bank B SRINIVAS RAO hold 3 M 890 12 month 02.09.2013
Jefferies GOVINDARAJAN CHELLAPPA hold 3 U 745 12 month 02.09.2013
IDFC Securities Ltd PRAMOD KUMAR neutral 3 M 913 12 month 02.09.2013
India Nivesh Ltd ABHISHEK JAIN buy 5 M 995 Not Provided 02.09.2013
Sharekhan Ltd TEAM COVERAGE buy 5 M 1'010 Not Provided 28.08.2013
Fortune Equity Brokers (India) Ltd MAHANTESH SABARAD buy 5 M 1'105 Not Provided 24.08.2013
SPA Securities Ltd PRASHANT BIYANI buy 5 M 1'079 12 month 23.08.2013
ICICIdirect.com NISHANT VAAS buy 5 M 1'150 Not Provided 20.08.2013
Daiwa Securities Co. Ltd. NAVIN MATTA hold 3 M 916 Not Provided 19.08.2013
Kotak Securities HITESH GOEL buy 5 M 1'000 Not Provided 19.08.2013
Motilal Oswal Securities Ltd JINESH K GANDHI buy 5 M 1'127 Not Provided 19.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 929 Not Provided 19.08.2013
Maybank Kim Eng JIGAR A SHAH buy 5 M 1'190 12 month 15.08.2013
Morgan Stanley BINAY SINGH Equalwt/In-Line 3 M 848 12 month 14.08.2013
Credit Suisse JATIN CHAWLA neutral 3 M 970 Not Provided 14.08.2013
UBS SONAL GUPTA buy 5 M 1'050 12 month 14.08.2013
CIMB PRAMOD AMTHE underperform 1 D 889 12 month 14.08.2013
Anand Rathi Securities Pvt. Ltd. ROHAN KORDE buy 5 U 1'015 Not Provided 14.08.2013
ICICI Securities SANKET MAHESHWARI add 4 M 964 12 month 14.08.2013
Phillip Securities DEEPAK JAIN buy 5 M 1'072 Not Provided 14.08.2013
LKP Shares and Securities Ltd ASHWIN PATIL buy 5 M 1'034 12 month 14.08.2013
Religare Capital Markets MIHIR JHAVERI buy 5 M 1'100 12 month 14.08.2013
Brics Securities UMESH KARNE buy 5 U 1'106 Not Provided 14.08.2013
Karvy Stock Broking Ltd MITUL SHAH buy 5 M 1'040 Not Provided 14.08.2013
Asian Markets Securities Pvt. Ltd N L RAGHUNANDHAN buy 5 M 1'061 12 month 14.08.2013
Spark Capital Advisors MUKESH SARAF add 4 M 983 12 month 14.08.2013
Quant Broking Pvt Ltd BASUDEB BANERJEE buy 5 M 1'134 12 month 14.08.2013
Centrum Broking Pvt Ltd AJAY SHETHIYA buy 5 M 1'009 12 month 14.08.2013
Holdings By:
Mahindra & Mahindra Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Wipro Limited specializes in IT and computer related technologies. The Group's
services encompass a number of areas, including software architecture, business
intelligence systems, e-commerce, data warehousing, Internet access devices,
network management, system administration, messaging systems, IT consulting and
design. Wipro also has a presence in niche markets of consumer products.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (03.09.2013) 501.00
52-Week Low (26.10.2012) 298.87
Daily Volume
472.05
52-Week High % Change -5.85% Dividend Yield -
52-Week Low % Change 57.94% Beta 0.63
% 52 Week Price Range High/Low 86.67% Equity Float 519.87
Shares Out 27.09.2013 2'465.0 Short Int -
1'163'605.63 1 Yr Total Return 40.70%
Total Debt 85'391.00 YTD Return 36.82%
Preferred Stock 0.0 Adjusted BETA 0.634
Minority Interest 1'171.0 Analyst Recs 64
Cash and Equivalents 154'009.00 Consensus Rating 3.516
Enterprise Value 1'064'982.62
Average Volume 5 Day 328'535
WPRO IB EQUITY YTD Change - Average Volume 30 Day 249'636
WPRO IB EQUITY YTD % CHANGE - Average Volume 3 Month 222'582
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
256'995.0 272'129.0 310'542.0 318'747.0 374'256.0 391'874.0 409'256.0 427'193.9 473'439.5 107'593.3 111'718.3
1.37x 3.69x 3.61x 3.21x 2.70x 9.40x 8.54x 2.48x 2.16x 10.85x 10.45x
53'606.0 60'811.0 65'434.0 64'279.0 76'351.0 74'013.0 82'468.0 89'932.8 100'456.1 23'449.3 23'977.7
6.56x 16.50x 17.14x 15.90x 13.22x 12.41x 9.23x 11.87x 10.63x 10.99x 10.75x
38'999.0 46'310.0 52'977.0 55'730.0 66'359.0 58'440.0 66'790.0 71'097.4 79'141.6 18'216.0 18'770.5
9.17x 22.25x 22.08x 20.61x 17.48x 16.75x 13.12x 16.20x 14.57x 15.07x 14.70x
EBITDA 76'351.00 Long-Term Rating Date 02.04.2012
EBIT 65'516.00 Long-Term Rating BBB+
Operating Margin 17.51% Long-Term Outlook NEG
Pretax Margin 21.00% Short-Term Rating Date -
Return on Assets 14.40% Short-Term Rating -
Return on Common Equity 22.10%
Return on Capital 18.71% EBITDA/Interest Exp. 88.47
Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 76.17
Net Debt/EBITDA -1.21
Gross Margin 30.4% Total Debt/EBITDA 0.65
EBITDA Margin 20.2%
EBIT Margin 17.6% Total Debt/Equity 30.1%
Net Income Margin 17.7% Total Debt/Capital 23.1%
Asset Turnover 0.88
Current Ratio 2.12 Net Fixed Asset Turnover 7.35
Quick Ratio 1.59 Accounts receivable turnover-days 71.71
Debt to Assets 19.42% Inventory Days 9.94
Tot Debt to Common Equity 30.09% Accounts Payable Turnover Day 66.18
Accounts Receivable Turnover 5.09 Cash Conversion Cycle 17.60
Inventory Turnover 36.73
Fiscal Year Ended
Wipro LtdPrice/Volume
Valuation Analysis
90'094.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
-,,
.,,
0,,
1,,
2,,
3,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'. E'1 E'3 E'5 E-', E-'. E-'1 E-'3 E-'5 E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
400'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PREMJI AZIM HASHAM n/a Co File 1'790'003'553 72.62 - 30.06.2013 n/a
LIFE INSURANCE CORP n/a Co File 81'652'915 3.31 - 30.06.2013 Government
L AND T INFRASTR FIN n/a Co File 61'000'000 2.47 - 30.06.2013 Bank
VIDYA INV TRADING CO n/a Co File 9'908'457 0.4 - 30.06.2013 Other
REGAL INV TRADING CO n/a Co File 9'908'456 0.4 - 30.06.2013 Other
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 9'508'774 0.39 753'918 31.08.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 9'378'259 0.38 860'470 27.09.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 8'094'353 0.33 785'511 30.06.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 8'042'712 0.33 1'910'730 31.08.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 6'995'373 0.28 (2'280'675) 31.07.2013 Investment Advisor
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 5'542'829 0.22 (710'700) 31.08.2013 Investment Advisor
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 3'409'467 0.14 456'641 31.08.2013 Investment Advisor
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 3'372'035 0.14 342'613 30.06.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'665'684 0.11 (9'000'431) 30.06.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 2'637'309 0.11 97'309 30.04.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'974'702 0.08 - 27.09.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 1'581'466 0.06 - 27.09.2013 Investment Advisor
TATA ASSET MANAGEMEN Multiple Portfolios MF-AGG 1'537'204 0.06 (702'064) 31.08.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 1'533'798 0.06 - 31.05.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 1'355'029 0.05 - 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
CIMB SANDEEP R SHAH outperform 5 M 530 12 month 27.09.2013
JM Financial Institutional Securities P GOVIND AGARWAL buy 5 M 450 Not Provided 27.09.2013
Axis Capital Limited PRIYA ROHIRA hold 3 M 493 Not Provided 27.09.2013
Credit Suisse ANANTHA NARAYAN outperform 5 M 540 Not Provided 26.09.2013
Societe Generale MUKUL GARG hold 3 M 475 12 month 24.09.2013
Standard Chartered PANKAJ KAPOOR outperform 5 M 540 12 month 23.09.2013
Morgan Stanley VIPIN KHARE Overwt/Attractive 5 M 550 12 month 23.09.2013
Jefferies VISHAL AGARWAL hold 3 M 505 12 month 23.09.2013
SBI Capital Markets DIPESH N MEHTA hold 3 M 495 12 month 23.09.2013
Nomura ASHWIN MEHTA buy 5 M 455 Not Provided 20.09.2013
IIFL SANDEEP MUTHANGI add 4 M 541 12 month 20.09.2013
Phillip Securities VIBHOR SINGHAL neutral 3 M 486 Not Provided 17.09.2013
Emkay Share & Stock Brokers MANIK TANEJA accumulate 4 M 530 Not Provided 17.09.2013
Espirito Santo Investment Bank ResearchNITIN PADMANABHAN buy 5 M 530 Not Provided 10.09.2013
Ambit Capital Pvt Ltd ANKUR RUDRA sell 1 M 430 12 month 10.09.2013
UBS DIVIYA NAGARAJAN buy 5 M 560 12 month 06.09.2013
Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN buy 5 M 600 12 month 04.09.2013
Kotak Securities KAWALJEET SALUJA reduce 2 M 470 Not Provided 03.09.2013
JPMorgan VIJU K GEORGE neutral 3 M 430 6 month 02.09.2013
Religare Capital Markets RUMIT DUGAR hold 3 M 530 12 month 31.08.2013
Barclays BHUVNESH SINGH underweight 1 M 425 Not Provided 30.08.2013
Quant Broking Pvt Ltd BASUDEB BANERJEE accumulate 4 M 489 Not Provided 30.08.2013
HSBC YOGESH AGGARWAL neutral 3 D 490 Not Provided 29.08.2013
Macquarie NITIN MOHTA neutral 3 U 480 12 month 29.08.2013
Batlivala & Karani Securities DEEPAN S KAPADIA underperform 1 M 450 Not Provided 29.08.2013
India Nivesh Ltd AMAR MOURYA hold 3 M 442 Not Provided 29.08.2013
Deutsche Bank ANIRUDDHA BHOSALE buy 5 M 520 12 month 26.08.2013
BNP Paribas Equity Research ABHIRAM ELESWARAPU buy 5 M 530 12 month 26.08.2013
Motilal Oswal Securities Ltd ASHISH CHOPRA buy 5 M 517 Not Provided 19.08.2013
Tata Securities Limited ASHISH AGGARWAL buy 5 M 540 12 month 19.08.2013
Equirus Securities Pvt Ltd BHAVIN SHAH neutral 3 D 500 15 month 12.08.2013
SPA Securities Ltd AMIT AGGARWAL buy 5 M 444 12 month 06.08.2013
KR Choksey Shares & Sec Pvt Ltd HARDIK R SHAH reduce 2 M 415 Not Provided 01.08.2013
Spark Capital Advisors SRIVATHSAN RAMACHANDRAN reduce 2 M 410 12 month 01.08.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 31.07.2013
Sunidhi Consultancy Services NAUSHIL SHAH neutral 3 U 390 12 month 29.07.2013
HDFC Securities MADHU BABU buy 5 U 438 12 month 29.07.2013
India Infoline ANIRUDDHA MEHTA buy 5 M 429 9 month 29.07.2013
Angel Broking Limited ANKITA SOMANI accumulate 4 M 435 12 month 29.07.2013
Edelweiss Capital SANDIP KUMAR AGARWAL buy 5 M 460 12 month 29.07.2013
Antique Stock Broking Limited PRATISH KRISHNAN buy 5 M 440 Not Provided 29.07.2013
ICICIdirect.com ABHISHEK SHINDADKAR hold 3 M 400 12 month 29.07.2013
Khambatta Securities Ltd DEVANG BHATT strong buy 5 U 440 Not Provided 29.07.2013
Holdings By:
Wipro Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Axis Bank Limited provides a full range of banking services throughout India.
The Group's activities include retail banking, investment management, merchant
banking, treasury and NRI services, cash and credit management services, and
ATM facilities.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (20.05.2013) 1'549.00
52-Week Low (04.09.2013) 764.00
Daily Volume
1033
52-Week High % Change -33.22% Dividend Yield 1.74
52-Week Low % Change 35.21% Beta 1.27
% 52 Week Price Range High/Low 30.99% Equity Float 418.01
Shares Out 25.09.2013 469.2 Short Int -
484'658.47 1 Yr Total Return -7.36%
Total Debt 656'813.65 YTD Return -22.78%
Preferred Stock 0.0 Adjusted BETA 1.267
Minority Interest 125.3 Analyst Recs 71
Cash and Equivalents 215'820.70 Consensus Rating 4.254
Enterprise Value -
Average Volume 5 Day 349'613
AXSB IB EQUITY YTD Change - Average Volume 30 Day 653'503
AXSB IB EQUITY YTD % CHANGE - Average Volume 3 Month 409'991
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
137'177.0 156'077.5 198'334.5 274'629.8 340'392.1 - - 195'544.0 239'101.0 - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
18'129.3 24'781.4 33'399.1 42'197.8 52'347.6 - - 63'955.0 76'778.0 - -
8.21x 18.02x 17.17x 11.19x 10.75x - - 7.56x 6.30x - -
EBITDA - Long-Term Rating Date 30.01.2007
EBIT - Long-Term Rating BBB-
Operating Margin 46.17% Long-Term Outlook NEG
Pretax Margin 46.15% Short-Term Rating Date 30.01.2007
Return on Assets 1.67% Short-Term Rating A-3
Return on Common Equity 18.75%
Return on Capital 6.13% EBITDA/Interest Exp. -
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 198.1%
Net Income Margin 31.7% Total Debt/Capital 66.4%
Asset Turnover 0.11
Current Ratio - Net Fixed Asset Turnover 14.57
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 19.29% Inventory Days -
Tot Debt to Common Equity 198.08% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Axis Bank LtdPrice/Volume
Valuation Analysis
175'014.00
Current Price (10/dd/yy) Market Data
,
.,,
1,,
3,,
5,,
-,,,
-.,,
-1,,
-3,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'. E'1 E'3 E'5 E-', E-'. E-'1 E-'3 E-'5 E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
400'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
-3',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
UNIT TRUST OF INDIA n/a Co File 97'224'373 20.72 - 30.06.2013 Investment Advisor
LIFE INSURANCE CORP n/a EXCH 43'822'657 9.34 45'000 30.08.2013 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 21'312'514 4.54 - 30.06.2013 Investment Advisor
ICICI PRUDENTIAL LIF n/a Co File 9'310'477 1.98 - 30.06.2013 Insurance Company
HSBC BANK MAURITIUS n/a Co File 8'754'655 1.87 - 30.06.2013 Unclassified
GENESIS INDIAN INV C n/a Co File 8'716'992 1.86 - 30.06.2013 Investment Advisor
GENERAL INSURANCE CO n/a Co File 7'878'099 1.68 - 30.06.2013 Government
VANGUARD GROUP INC n/a ULT-AGG 6'943'594 1.48 333'921 30.06.2013 Investment Advisor
CENTAURA INVEST MAUR n/a Co File 6'868'915 1.46 - 30.06.2013 Other
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 5'588'920 1.19 867'091 30.06.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 5'508'253 1.17 1'845'197 31.08.2013 Unclassified
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 5'441'953 1.16 10'422 31.08.2013 Investment Advisor
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 5'241'037 1.12 2'994'922 31.08.2013 Investment Advisor
NEW INDIA ASSURANCE n/a Co File 4'139'180 0.88 - 30.06.2013 Government
NATIONAL INSURANCE C n/a EXCH 3'490'057 0.74 - 24.07.2013 Insurance Company
FMR LLC n/a ULT-AGG 3'400'593 0.72 1'005'727 31.08.2013 Investment Advisor
HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 3'228'067 0.69 14'667 28.06.2013 Unclassified
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 2'549'400 0.54 19'800 30.04.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 2'375'136 0.51 2'093'718 31.08.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'662'414 0.35 428'982 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited PRAVEEN AGRAWAL not rated #N/A N/A M #N/A N/A Not Provided 27.09.2013
Standard Chartered MAHRUKH ADAJANIA in-line 3 M 990 12 month 26.09.2013
HDFC Securities VISHAL MODI buy 5 M 1'248 12 month 25.09.2013
UBS VISHAL GOYAL sell 1 D 900 12 month 24.09.2013
Nomura ABHISHEK BHATTACHARYA buy 5 M 1'620 Not Provided 24.09.2013
Kotak Securities MB MAHESH add 4 M 1'200 Not Provided 23.09.2013
IDBI Capital Market Services Ltd JIGNESH SHIAL accumulate 4 D 1'244 12 month 23.09.2013
Religare Capital Markets SIDDHARTH TELI hold 3 M 1'175 12 month 23.09.2013
Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES buy 5 M 1'250 Not Provided 19.09.2013
Ambit Capital Pvt Ltd A SV KRISHNAN sell 1 M 1'020 12 month 19.09.2013
Macquarie SURESH GANAPATHY outperform 5 M 1'215 12 month 16.09.2013
Motilal Oswal Securities Ltd ALPESH MEHTA buy 5 M 1'300 Not Provided 13.09.2013
Angel Broking Limited VAIBHAV AGRAWAL buy 5 M 1'190 Not Provided 13.09.2013
Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA buy 5 M 1'300 12 month 11.09.2013
Avendus Capital Private Ltd CHANDANA JHA buy 5 M 1'530 Not Provided 11.09.2013
Spark Capital Advisors JYOTHI KUMAR VARMA sell 1 M 796 12 month 10.09.2013
JPMorgan SESHADRI K SEN overweight 5 M 1'100 12 month 09.09.2013
Goldman Sachs TABASSUM INAMDAR Buy/Neutral 5 U 1'110 12 month 05.09.2013
Batlivala & Karani Securities ANAND DAMA buy 5 M 1'650 Not Provided 05.09.2013
Morgan Stanley ANIL AGARWAL Equalwt/Cautious 3 U 900 12 month 30.08.2013
Barclays ANISH TAWAKLEY overweight 5 M 1'144 Not Provided 29.08.2013
Almondz Global Securities Ltd SHIVRAJ GUPTA buy 5 M 1'238 12 month 28.08.2013
Jefferies NILANJAN KARFA hold 3 M 1'255 12 month 27.08.2013
IIFL SAMPATH S K KUMAR reduce 2 M 760 12 month 27.08.2013
Fortune Equity Brokers (India) Ltd VIJAY NARA buy 5 M 1'630 Not Provided 26.08.2013
Sunidhi Consultancy Services KANIKA THACKER neutral 3 M 1'418 12 month 23.08.2013
IDFC Securities Ltd MANISH CHOWDHARY outperform 5 M 1'580 Not Provided 22.08.2013
ICICIdirect.com KAJAL GANDHI buy 5 M 1'170 Not Provided 21.08.2013
Nirmal Bang Institutional Equities HEMINDRA HAZARI buy 5 M 1'570 Not Provided 21.08.2013
Deutsche Bank MANISH KARWA buy 5 M 1'390 12 month 20.08.2013
Dolat Capital Market Ltd. RAJIV PATHAK accumulate 4 M 1'270 Not Provided 14.08.2013
Karvy Stock Broking Ltd HATIM K BROACHWALA buy 5 M 1'630 Not Provided 25.07.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 1'296 Not Provided 24.07.2013
KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL buy 5 M 1'562 12 month 23.07.2013
Microsec Capital SANJEEV JAIN buy 5 N 1'458 15 month 22.07.2013
NVS Brokerage Limited TEAM COVERAGE strong buy 5 M 1'240 12 month 22.07.2013
Quantum Securities Pvt Ltd RATI PANDIT buy 5 M 1'515 Not Provided 22.07.2013
Ajcon Global Services Ltd. TEAM COVERAGE buy 5 M 1'380 Not Provided 19.07.2013
CIMB JATINDER AGARWAL outperform 5 M 1'600 12 month 19.07.2013
India Infoline RAJIV MEHTA buy 5 M 1'551 9 month 19.07.2013
Antique Stock Broking Limited ALOK KAPADIA hold 3 D 1'327 Not Provided 19.07.2013
Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA accumulate 4 M 1'325 12 month 19.07.2013
ULJK Securities Pvt. Ltd. India SIDDHARTH PUROHIT buy 5 M 1'660 Not Provided 19.07.2013
Holdings By:
Axis Bank Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Dr. Reddy's Laboratories Limited provides a complete range of pharmaceutical
services. The Company manufactures bulk drugs and formulations including
verapamil and cephalexin. The Company also manufactures and exports molecules
such as norfloxacin, ciprofloxacin, and varieties of semi-synthetic penicillin.
The Company markets its products in India and around the world.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (26.09.2013) 2'471.70
52-Week Low (01.10.2012) 1'639.80
Daily Volume
2406.75
52-Week High % Change -2.50% Dividend Yield 0.62
52-Week Low % Change 46.77% Beta 0.65
% 52 Week Price Range High/Low 89.42% Equity Float 120.40
Shares Out 25.09.2013 170.0 Short Int -
409'214.00 1 Yr Total Return 47.21%
Total Debt 36'760.00 YTD Return 32.46%
Preferred Stock - Adjusted BETA 0.650
Minority Interest 20.0 Analyst Recs 51
Cash and Equivalents 5'136.00 Consensus Rating 4.373
Enterprise Value 440'858.02
Average Volume 5 Day 19'616
DRRD IB EQUITY YTD Change - Average Volume 30 Day 20'970
DRRD IB EQUITY YTD % CHANGE - Average Volume 3 Month 22'556
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
67'904.0 70'175.0 74'109.0 96'665.0 116'266.0 102'360.4 119'308.7 132'900.4 149'308.5 33'192.2 33'136.8
1.42x 3.13x 3.99x 3.24x 2.85x 5.73x 5.10x 3.14x 2.71x 12.34x 12.35x
14'295.0 14'642.0 15'441.0 24'528.0 - 0.0 5'288.5 28'146.4 31'997.0 7'645.0 6'737.0
6.75x 15.02x 19.13x 12.78x - 0.00x 0.00x 15.67x 13.78x 14.70x -
(9'172.0) 3'515.0 9'989.0 13'009.0 16'777.0 14'994.4 17'027.5 18'445.8 21'415.0 4'654.8 4'398.6
- 61.19x 27.75x 22.99x 17.88x 18.64x 22.13x 22.26x 19.20x - -
EBITDA - Long-Term Rating Date -
EBIT 21'112.00 Long-Term Rating -
Operating Margin 18.16% Long-Term Outlook -
Pretax Margin 18.64% Short-Term Rating Date -
Return on Assets 13.13% Short-Term Rating -
Return on Common Equity 27.29%
Return on Capital 18.29% EBITDA/Interest Exp. -
Asset Turnover 0.91% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin 52.1% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 18.2% Total Debt/Equity 50.3%
Net Income Margin 14.4% Total Debt/Capital 33.5%
Asset Turnover 0.91
Current Ratio 1.60 Net Fixed Asset Turnover 3.29
Quick Ratio 0.69 Accounts receivable turnover-days 90.01
Debt to Assets 25.82% Inventory Days 134.48
Tot Debt to Common Equity 50.30% Accounts Payable Turnover Day 61.29
Accounts Receivable Turnover 4.06 Cash Conversion Cycle 163.20
Inventory Turnover 2.71
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Dr Reddy's Laboratories LtdPrice/Volume
Valuation Analysis
29'175.00
Current Price (10/dd/yy) Market Data
,
2,,
-,,,
-2,,
.,,,
.2,,
0,,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'- E'- E'. E'. E'0 E'0 E'1 E'1 E'2 E
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
02',,
1,',,
12',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DR REDDYS HOLDINGS L n/a Co File 39'729'284 23.37 - 30.09.2012 Corporation
COMMONWEALTH BANK OF n/a ULT-AGG 9'389'131 5.52 996'642 30.06.2013 Bank
LIFE INSURANCE CORP n/a EXCH 7'099'227 4.18 (3'620'088) 10.05.2013 Government
ICICI PRUDENTIAL LIF n/a Co File 4'843'983 2.85 - 30.09.2012 Insurance Company
ABU DHABI INVESTMENT n/a Co File 3'022'372 1.78 - 30.09.2012 Government
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 2'344'171 1.38 (14'844) 31.08.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 2'228'296 1.31 (191'645) 31.07.2013 Investment Advisor
FID FUNDS MAURITIUS n/a Co File 2'200'175 1.29 - 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'141'270 1.26 (11'393) 27.09.2013 Investment Advisor
SBI LIFE INSURANCE C n/a Co File 1'944'083 1.14 - 30.09.2012 Insurance Company
JP MORGAN n/a ULT-AGG 1'881'134 1.11 571 31.07.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 1'456'986 0.86 410'122 31.08.2013 Investment Advisor
PRASAD G V n/a Co File 1'365'840 0.8 - 30.09.2012 n/a
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 1'310'469 0.77 (231'142) 31.07.2013 Investment Advisor
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 1'289'275 0.76 168'250 31.08.2013 Investment Advisor
REDDY KALLAM SATISH n/a Co File 1'205'832 0.71 - 30.09.2012 n/a
FRANKLIN RESOURCES n/a ULT-AGG 1'174'569 0.69 (4'038) 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 1'148'311 0.68 148'674 30.06.2013 Investment Advisor
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 826'744 0.49 (50'018) 31.08.2013 Investment Advisor
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 801'470 0.47 102'553 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura SAION MUKHERJEE buy 5 M 2'518 Not Provided 29.09.2013
Axis Capital Limited DEEPAK SHIVPRAKASH KHETAN buy 5 M 2'537 Not Provided 27.09.2013
India Nivesh Ltd BHAGWAN SINGH CHAUDHARY hold 3 M 2'406 Not Provided 27.09.2013
Batlivala & Karani Securities ROHIT V BHAT buy 5 M 2'550 Not Provided 26.09.2013
Edelweiss Capital PERIN ALI buy 5 M 2'295 12 month 25.09.2013
Antique Stock Broking Limited ANMOL GANJOO buy 5 M 2'660 Not Provided 25.09.2013
Kotak Securities KRISHNA PRASAD buy 5 M 2'700 Not Provided 20.09.2013
Fortune Equity Brokers (India) Ltd HITESH MAHIDA hold 3 M 2'167 Not Provided 20.09.2013
Centrum Broking Pvt Ltd RANJIT KAPADIA buy 5 M 2'896 Not Provided 19.09.2013
UBS SONAL GUPTA buy 5 M 2'750 12 month 18.09.2013
Morgan Stanley SAMEER BAISIWALA Overwt/In-Line 5 M 2'478 12 month 17.09.2013
HSBC GIRISH BAKHRU overweight 5 M 2'660 Not Provided 17.09.2013
Religare Capital Markets ARVIND BOTHRA buy 5 M 2'600 12 month 17.09.2013
Karvy Stock Broking Ltd RAHUL SHARMA buy 5 M 2'630 Not Provided 17.09.2013
Elara Securities India Pvt Ltd AARTHISUNDARI JAYAKUMAR buy 5 M 2'786 12 month 17.09.2013
Dolat Capital Market Ltd. MILIND BHANGALE accumulate 4 N 2'382 Not Provided 04.09.2013
IIFL BINO PATHIPARAMPIL buy 5 M 2'993 12 month 03.09.2013
IDFC Securities Ltd NITIN AGARWAL outperform 5 M 2'451 Not Provided 29.08.2013
JPMorgan NEHA MANPURIA overweight 5 M 2'500 6 month 28.08.2013
Credit Suisse ANUBHAV AGGARWAL outperform 5 M 2'420 Not Provided 27.08.2013
Motilal Oswal Securities Ltd ALOK DALAL buy 5 M 2'649 Not Provided 19.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 2'404 Not Provided 07.08.2013
Angel Broking Limited SARABJIT KOUR NANGRA accumulate 4 D 2'532 12 month 01.08.2013
Systematix Shares & Stocks Ltd SURYA NARAYAN PATRA accumulate 4 M 2'500 12 month 01.08.2013
Jefferies PIYUSH NAHAR hold 3 M 2'100 12 month 31.07.2013
Macquarie ABHISHEK SINGHAL outperform 5 M 2'600 12 month 31.07.2013
CIMB PRAKASH AGARWAL neutral 3 M 2'200 12 month 31.07.2013
Prabhudas Lilladher Pvt Ltd SURAJIT PAL accumulate 4 M 2'414 12 month 31.07.2013
JM Financial Institutional Securities P RAHUL SOLANKI buy 5 M 2'405 12 month 31.07.2013
Anand Rathi Securities Pvt. Ltd. SRIRAM RATHI buy 5 M 2'440 Not Provided 31.07.2013
Sunidhi Consultancy Services RASHMI SANCHETI neutral 3 M 2'170 12 month 31.07.2013
Emkay Share & Stock Brokers ASHISH RATHI buy 5 M 2'589 Not Provided 31.07.2013
HDFC Securities MEETA SHETTY neutral 3 M 2'277 12 month 31.07.2013
India Infoline BHAVIKA SHINDE buy 5 M 2'600 12 month 31.07.2013
Asian Markets Securities Pvt. Ltd ASHISH THAVKAR accumulate 4 M 2'315 Not Provided 31.07.2013
Barclays BALAJI V PRASAD equalweight 3 M 2'040 Not Provided 31.07.2013
Quant Broking Pvt Ltd KIRIT GOGRI accumulate 4 M 2'261 12 month 31.07.2013
Avendus Capital Private Ltd MONICA JOSHI hold 3 M 2'325 Not Provided 31.07.2013
Khambatta Securities Ltd FATHIMA KHAN strong buy 5 M 2'508 12 month 31.07.2013
SBI Capital Markets VIVEK KUMAR buy 5 M 2'578 12 month 30.07.2013
ICICI Securities KARTIK A MEHTA add 4 M 2'295 12 month 30.07.2013
Tata Securities Limited VIHARI PURUSHOTHAMAN hold 3 M 2'064 12 month 30.07.2013
EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013
Holdings By:
Dr Reddy's Laboratories Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
HCL Technologies Limited provides software development and related engineering
services. The Group's technologies utilize a variety of technologies, including
Internet and e-commerce, networking, internet telephony, embedded software,
ASIC/VLSI design and testing, satellite and wireless communications, and
component based object technologies, including COM, DCOM and COBRA.
Latest Fiscal Year: 06/2013
LTM as of: 06/yy
52-Week High (24.09.2013) 1'104.30
52-Week Low (09.10.2012) 556.70
Daily Volume
1074.9
52-Week High % Change -2.82% Dividend Yield -
52-Week Low % Change 93.08% Beta 0.81
% 52 Week Price Range High/Low 97.08% Equity Float 213.52
Shares Out 25.09.2013 697.8 Short Int -
750'060.38 1 Yr Total Return 87.60%
Total Debt 6'960.00 YTD Return 74.55%
Preferred Stock 0.0 Adjusted BETA 0.814
Minority Interest 0.0 Analyst Recs 68
Cash and Equivalents 43'473.00 Consensus Rating 4.426
Enterprise Value 713'547.36
Average Volume 5 Day 53'988
HCLT IB EQUITY YTD Change - Average Volume 30 Day 79'554
HCLT IB EQUITY YTD % CHANGE - Average Volume 3 Month 80'947
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 06/yy 06/yy 06/14 Y 06/15 Y 09/13 Q1 12/13 Q2
102'294.1 121'362.9 157'304.3 208'305.5 257'337.0 210'312.0 257'336.0 313'867.9 358'617.1 72'531.6 73'017.3
1.33x 2.07x 2.16x 1.57x 1.96x 5.95x 7.24x 2.18x 1.80x 10.34x 10.27x
21'250.5 19'924.2 27'151.5 40'507.5 58'357.0 40'250.0 58'357.0 71'496.2 78'905.0 17'423.0 17'228.7
6.39x 12.59x 12.53x 8.08x 8.64x 8.13x 8.64x 9.98x 9.04x 9.99x 9.81x
13'196.3 12'591.9 16'465.1 24'227.0 40'989.0 25'260.0 40'990.0 50'160.8 56'272.9 11'566.7 10'679.0
9.43x 19.48x 20.54x 13.59x 13.15x 13.04x 13.16x 14.93x 13.35x 15.61x 15.10x
EBITDA 58'357.00 Long-Term Rating Date -
EBIT 52'104.00 Long-Term Rating -
Operating Margin 20.25% Long-Term Outlook -
Pretax Margin 20.68% Short-Term Rating Date -
Return on Assets 19.83% Short-Term Rating -
Return on Common Equity 33.97%
Return on Capital - EBITDA/Interest Exp. 34.74
Asset Turnover 1.24% (EBITDA-Capex)/Interest Exp. 26.94
Net Debt/EBITDA -0.63
Gross Margin 36.0% Total Debt/EBITDA 0.12
EBITDA Margin 22.7%
EBIT Margin 20.1% Total Debt/Equity 4.9%
Net Income Margin 15.9% Total Debt/Capital 4.6%
Asset Turnover 1.24
Current Ratio 1.62 Net Fixed Asset Turnover 9.85
Quick Ratio 1.09 Accounts receivable turnover-days 59.14
Debt to Assets 3.02% Inventory Days -
Tot Debt to Common Equity 4.87% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.17 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
HCL Technologies LtdPrice/Volume
Valuation Analysis
21'002.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
.,,
1,,
3,,
5,,
-,,,
-.,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'- E'. E'0 E'1 E'2 E'3 E'4 E'5 E'6 E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013,',,
,'.,
,'1,
,'3,
,'5,
-',,
-'.,
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VAMA SUNDARI INVESTM n/a Co File 311'964'982 44.71 - 30.06.2013 Private Equity
HCL HOLDINGS PVT LTD n/a Co File 119'548'908 17.13 - 30.06.2013 Corporation
LIFE INSURANCE CORP n/a Co File 26'674'836 3.82 - 30.06.2013 Government
WARHOL LTD n/a Co File 16'645'599 2.39 - 30.06.2013 Holding Company
DALI LTD n/a Co File 8'322'800 1.19 - 30.06.2013 Other
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 8'191'380 1.17 1'275'516 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 6'221'858 0.89 192'098 30.06.2013 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 5'461'803 0.78 511'057 31.08.2013 Other
ROBECO n/a ULT-AGG 4'567'779 0.65 1'531'430 30.04.2013 Unclassified
BLACKROCK n/a ULT-AGG 3'661'783 0.52 (12'701) 27.09.2013 Investment Advisor
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 3'392'538 0.49 108'146 31.08.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'628'730 0.38 623'223 31.08.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 1'869'679 0.27 (21'200) 31.08.2013 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 1'730'131 0.25 1'523'906 31.05.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'722'640 0.25 2'856 27.09.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 1'700'000 0.24 - 31.05.2013 Bank
BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 1'560'456 0.22 3'134 31.08.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 1'475'447 0.21 (148'256) 30.06.2013 Investment Advisor
JYSKE INVEST Multiple Portfolios MF-AGG 1'435'119 0.21 (34'292) 31.07.2013 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 1'379'821 0.2 (13'490) 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura ASHWIN MEHTA buy 5 M 1'120 Not Provided 30.09.2013
CIMB SANDEEP R SHAH outperform 5 M 1'270 12 month 27.09.2013
JM Financial Institutional Securities P GOVIND AGARWAL buy 5 M 1'140 Not Provided 27.09.2013
Axis Capital Limited PRIYA ROHIRA buy 5 M 1'203 Not Provided 27.09.2013
Credit Suisse ANANTHA NARAYAN outperform 5 M 1'275 Not Provided 26.09.2013
Societe Generale MUKUL GARG buy 5 M 1'210 12 month 24.09.2013
JPMorgan VIJU K GEORGE overweight 5 M 1'100 6 month 24.09.2013
Standard Chartered PANKAJ KAPOOR outperform 5 M 1'300 12 month 23.09.2013
Morgan Stanley VIPIN KHARE Overwt/Attractive 5 M 1'200 12 month 23.09.2013
SBI Capital Markets DIPESH N MEHTA buy 5 M 1'190 12 month 23.09.2013
BNP Paribas Equity Research ABHIRAM ELESWARAPU buy 5 M 1'150 12 month 18.09.2013
Phillip Securities VIBHOR SINGHAL buy 5 M 1'256 Not Provided 17.09.2013
IDBI Capital Market Services Ltd PRATIK GANDHI buy 5 M 1'174 12 month 17.09.2013
Emkay Share & Stock Brokers MANIK TANEJA accumulate 4 M 1'200 Not Provided 17.09.2013
Jefferies VISHAL AGARWAL buy 5 M 1'260 12 month 16.09.2013
Espirito Santo Investment Bank ResearchSOUMITRA CHATTERJEE neutral 3 M 1'120 Not Provided 10.09.2013
Ambit Capital Pvt Ltd ANKUR RUDRA buy 5 M 1'207 12 month 10.09.2013
Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN accumulate 4 M 1'180 12 month 04.09.2013
Religare Capital Markets RUMIT DUGAR buy 5 U 1'200 12 month 31.08.2013
Sharekhan Ltd TEAM COVERAGE buy 5 M 1'187 Not Provided 30.08.2013
Barclays BHUVNESH SINGH overweight 5 M 1'130 Not Provided 30.08.2013
Quant Broking Pvt Ltd BASUDEB BANERJEE buy 5 M 1'282 Not Provided 30.08.2013
HSBC YOGESH AGGARWAL overweight 5 U 1'200 Not Provided 29.08.2013
Macquarie NITIN MOHTA outperform 5 M 1'300 12 month 29.08.2013
Batlivala & Karani Securities DEEPAN S KAPADIA outperform 5 M 1'100 Not Provided 29.08.2013
Deutsche Bank ANIRUDDHA BHOSALE hold 3 M 1'050 12 month 26.08.2013
IIFL SANDEEP MUTHANGI buy 5 M 1'116 12 month 22.08.2013
Kotak Securities KAWALJEET SALUJA reduce 2 M 960 Not Provided 19.08.2013
Motilal Oswal Securities Ltd ASHISH CHOPRA buy 5 M 1'108 Not Provided 19.08.2013
Tata Securities Limited ASHISH AGGARWAL buy 5 M 1'192 12 month 19.08.2013
Equirus Securities Pvt Ltd BHAVIN SHAH neutral 3 M 973 15 month 12.08.2013
SPA Securities Ltd AMIT AGGARWAL hold 3 M 1'000 Not Provided 06.08.2013
Techno Shares & Stocks DEBASHISH MAZUMDAR accumulate 4 M 1'050 12 month 06.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 1'047 Not Provided 05.08.2013
BP Equities Private Limited AMIT CHANDRA buy 5 M 1'083 12 month 05.08.2013
Aditya Birla Money Limited DINESH KUMAR K reduce 2 D 847 Not Provided 02.08.2013
KR Choksey Shares & Sec Pvt Ltd HARDIK R SHAH accumulate 4 M 1'001 12 month 02.08.2013
Maybank Kim Eng URMIL SHAH buy 5 M 1'082 12 month 01.08.2013
Sunidhi Consultancy Services NAUSHIL SHAH outperform 5 M 1'030 12 month 01.08.2013
India Infoline ANIRUDDHA MEHTA buy 5 M 1'110 12 month 01.08.2013
Angel Broking Limited ANKITA SOMANI accumulate 4 D 1'012 12 month 01.08.2013
Antique Stock Broking Limited PRATISH KRISHNAN hold 3 M 910 Not Provided 01.08.2013
Spark Capital Advisors SRIVATHSAN RAMACHANDRAN add 4 M 1'000 12 month 01.08.2013
Holdings By:
HCL Technologies Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
NTPC Ltd. owns and operates power generation plants that supply power to state
electricity boards throughout India. The Company is a public sector undertaking
of the Government of India and it also undertakes turnkey consulting projects to
set up power plants.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (08.10.2012) 172.03
52-Week Low (28.08.2013) 121.47
Daily Volume
144.7
52-Week High % Change -16.09% Dividend Yield 3.11
52-Week Low % Change 19.12% Beta 0.96
% 52 Week Price Range High/Low 52.87% Equity Float 1'429.92
Shares Out 25.09.2013 8'245.5 Short Int -
1'193'118.63 1 Yr Total Return -11.36%
Total Debt 704'184.90 YTD Return -3.74%
Preferred Stock 0.0 Adjusted BETA 0.960
Minority Interest 6'448.1 Analyst Recs 53
Cash and Equivalents 202'884.60 Consensus Rating 4.566
Enterprise Value 1'700'867.02
Average Volume 5 Day 204'076
NTPC IB EQUITY YTD Change - Average Volume 30 Day 264'289
NTPC IB EQUITY YTD % CHANGE - Average Volume 3 Month 268'769
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
426'614.0 482'564.0 574'831.7 658'932.5 693'768.2 - - 775'456.7 861'403.1 - -
3.99x 4.09x 3.32x 2.66x 2.42x - - 2.25x 2.14x - -
113'936.0 136'798.0 128'580.8 153'048.6 183'180.5 - - 194'188.5 216'960.0 - -
14.93x 14.43x 14.84x 11.43x 9.16x - - 8.75x 7.83x - -
83'615.0 88'378.0 93'482.3 98'127.9 125'907.8 - - 110'528.9 118'312.2 - -
17.74x 19.34x 17.03x 13.68x 9.30x - - 10.82x 10.15x - -
EBITDA 183'180.50 Long-Term Rating Date 30.01.2007
EBIT 144'948.30 Long-Term Rating BBB-
Operating Margin 20.89% Long-Term Outlook NEG
Pretax Margin 23.94% Short-Term Rating Date -
Return on Assets 7.54% Short-Term Rating -
Return on Common Equity 16.19%
Return on Capital 10.22% EBITDA/Interest Exp. 6.69
Asset Turnover 0.42% (EBITDA-Capex)/Interest Exp. -0.76
Net Debt/EBITDA 2.74
Gross Margin - Total Debt/EBITDA 3.84
EBITDA Margin 26.4%
EBIT Margin 20.9% Total Debt/Equity 86.7%
Net Income Margin 18.1% Total Debt/Capital 46.2%
Asset Turnover 0.42
Current Ratio 1.68 Net Fixed Asset Turnover 0.63
Quick Ratio 0.99 Accounts receivable turnover-days 33.61
Debt to Assets 39.40% Inventory Days -
Tot Debt to Common Equity 86.68% Accounts Payable Turnover Day -
Accounts Receivable Turnover 10.86 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
NTPC LtdPrice/Volume
Valuation Analysis
40'627.00
Current Price (10/dd/yy) Market Data
,.,1,3,5,
-,,-.,-1,-3,-5,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'2 E-', E-'2 E.', E.'2 E0', E0'2 E1', E1'2 E2', E
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
800'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
-3',,
-5',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 6'184'098'300 75 - 30.06.2013 Government
LIFE INSURANCE CORP n/a Co File 631'437'284 7.66 - 30.06.2013 Government
VANGUARD GROUP INC n/a ULT-AGG 56'610'458 0.69 5'902'724 30.06.2013 Investment Advisor
COMMONWEALTH BANK OF n/a ULT-AGG 34'820'622 0.42 4'716'005 31.05.2013 Bank
COMGEST S A Multiple Portfolios MF-AGG 26'931'967 0.33 - 31.12.2012 Unclassified
BLACKROCK n/a ULT-AGG 26'058'113 0.32 (175'540) 27.09.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 25'436'570 0.31 25'057'787 30.06.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 23'718'164 0.29 664'945 31.08.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 19'231'131 0.23 - 31.07.2013 Investment Advisor
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 18'362'080 0.22 (1'906'685) 31.08.2013 Investment Advisor
ST JAMES' PLACE UNIT Multiple Portfolios MF-AGG 15'223'268 0.18 - 31.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 14'373'332 0.17 2'000'831 31.08.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 14'059'635 0.17 - 31.12.2012 Government
FRANKLIN RESOURCES n/a ULT-AGG 10'465'924 0.13 4'443'451 30.06.2013 Investment Advisor
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 10'023'376 0.12 879'116 31.08.2013 Investment Advisor
ICICI PRUDENTIAL LIF Multiple Portfolios MF-AGG 9'850'890 0.12 - 31.08.2013 Insurance Company
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 9'566'416 0.12 4'885'777 31.08.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8'866'371 0.11 81'198 27.09.2013 Investment Advisor
BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 8'817'174 0.11 (61'888) 31.08.2013 Investment Advisor
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 7'484'343 0.09 (300'395) 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC ARUN KUMAR SINGH overweight 5 M 176 Not Provided 30.09.2013
Axis Capital Limited BHAVIN VITHLANI buy 5 M 171 Not Provided 27.09.2013
Standard Chartered PANKAJ KAPOOR outperform 5 M 200 12 month 24.09.2013
Elara Securities India Pvt Ltd DEEPAK AGRAWALA accumulate 4 M 156 Not Provided 24.09.2013
Jefferies LAVINA QUADROS hold 3 M 126 12 month 23.09.2013
Nomura ANIRUDH GANGAHAR buy 5 M 193 Not Provided 20.09.2013
Credit Suisse AMISH SHAH outperform 5 M 170 Not Provided 17.09.2013
JPMorgan SUMIT KISHORE overweight 5 M 175 6 month 16.09.2013
Motilal Oswal Securities Ltd NALIN BHATT buy 5 M 172 12 month 16.09.2013
Deutsche Bank ABHISHEK PURI buy 5 M 175 12 month 06.09.2013
EVA Dimensions DOUG WALTERS underweight 1 D #N/A N/A Not Provided 06.09.2013
SBI Capital Markets RABINDRA NATH NAYAK buy 5 M 181 12 month 30.08.2013
Kotak Securities MURTUZA ARSIWALLA buy 5 U 160 Not Provided 28.08.2013
Emkay Share & Stock Brokers AMIT GOLCHHA hold 3 M 150 Not Provided 28.08.2013
Antique Stock Broking Limited AMIT RUSTAGI buy 5 M 185 Not Provided 26.08.2013
IIFL HARSHAWARDHAN S DOLE add 4 M 170 12 month 26.08.2013
Batlivala & Karani Securities VISHAL BIRAIA outperform 5 M 172 Not Provided 21.08.2013
UBS PANKAJ SHARMA buy 5 M 190 12 month 19.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 M 155 Not Provided 12.08.2013
BNP Paribas Equity Research GIRISH NAIR buy 5 M 187 12 month 07.08.2013
Angel Broking Limited AMIT PATIL buy 5 U 163 12 month 03.08.2013
Macquarie INDERJEET SINGH BHATIA outperform 5 M 187 12 month 02.08.2013
CIMB HARISH BIHANI outperform 5 M 160 12 month 02.08.2013
Prabhudas Lilladher Pvt Ltd RUPA SHAH accumulate 4 M 167 12 month 02.08.2013
IDBI Capital Market Services Ltd HANSRAJ SINGH accumulate 4 N 140 12 month 02.08.2013
India Infoline BHAVIKA SHINDE buy 5 M 160 Not Provided 02.08.2013
Edelweiss Capital SHANKAR K buy 5 M 174 12 month 02.08.2013
ICICIdirect.com CHIRAG J SHAH buy 5 M 178 12 month 02.08.2013
Quant Broking Pvt Ltd ABHINEET ANAND buy 5 U 157 12 month 02.08.2013
Morgan Stanley PARAG GUPTA Overwt/In-Line 5 M 170 12 month 01.08.2013
JM Financial Institutional Securities P SUBHADIP MITRA hold 3 M 150 12 month 01.08.2013
ICICI Securities PRAKASH GAURAV GOEL buy 5 M 168 12 month 01.08.2013
Tata Securities Limited RAVIKIRAN SURANA buy 5 M 164 12 month 01.08.2013
Religare Capital Markets MISAL SINGH buy 5 M 170 12 month 01.08.2013
Centrum Broking Pvt Ltd SACHIN MEHTA buy 5 M 169 12 month 31.07.2013
IDFC Securities Ltd SHIRISH RANE neutral 3 M 164 12 month 30.07.2013
India Nivesh Ltd ABHISHEK JAIN buy 5 M 194 Not Provided 30.07.2013
Karvy Stock Broking Ltd RUPESH D SANKHE buy 5 M 183 Not Provided 11.07.2013
HDFC Securities ABHINAV SHARMA buy 5 M 185 12 month 05.07.2013
Daiwa Securities Co. Ltd. SAURABH MEHTA buy 5 M 178 Not Provided 04.07.2013
Barclays VENUGOPAL GARRE overweight 5 M 174 Not Provided 04.07.2013
Avendus Capital Private Ltd ABHAY MOGHE buy 5 M 202 Not Provided 26.06.2013
FinQuest Securities (P) Ltd. DARYL PHILIP buy 5 M 210 12 month 15.05.2013
Holdings By:
NTPC Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Bajaj Auto Limited manufactures and distributes motorized two-wheeled and
three-wheeled scooters, motorcycles and mopeds.
Latest Fiscal Year: 03/2013
LTM as of: 03/yy
52-Week High (03.01.2013) 2'228.95
52-Week Low (04.04.2013) 1'657.50
Daily Volume
1998.1
52-Week High % Change -10.05% Dividend Yield 2.25
52-Week Low % Change 20.55% Beta 0.83
% 52 Week Price Range High/Low 57.87% Equity Float 121.10
Shares Out 25.09.2013 289.4 Short Int -
578'184.25 1 Yr Total Return 12.90%
Total Debt 1'155.80 YTD Return -3.99%
Preferred Stock 0.0 Adjusted BETA 0.833
Minority Interest 0.0 Analyst Recs 70
Cash and Equivalents 32'692.70 Consensus Rating 3.629
Enterprise Value 546'647.33
Average Volume 5 Day 17'929
BJAUT IB EQUITY YTD Change - Average Volume 30 Day 24'167
BJAUT IB EQUITY YTD % CHANGE - Average Volume 3 Month 26'919
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 09/yy 03/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
84'460.3 115'431.6 159'274.0 189'455.2 195'334.5 100'753.0 88'415.4 215'444.8 246'322.8 - -
2.62x 2.43x 2.50x 0.00x 0.00x 2.47x 2.08x - -
10'213.2 24'713.5 32'225.8 37'475.8 36'551.2 0.0 2'607.9 43'274.9 50'834.8 - -
12.96x 12.27x 13.38x 0.00x 0.00x 12.63x 10.75x - -
5'357.9 15'946.0 34'548.9 30'454.0 31'326.9 12'733.5 6'365.1 35'267.7 40'681.6 - -
12.26x 15.96x 16.62x 0.00x 0.00x 16.34x 14.14x - -
EBITDA 36'551.20 Long-Term Rating Date -
EBIT 34'901.10 Long-Term Rating -
Operating Margin 17.87% Long-Term Outlook -
Pretax Margin 22.33% Short-Term Rating Date -
Return on Assets 26.28% Short-Term Rating -
Return on Common Equity 44.29%
Return on Capital 43.48% EBITDA/Interest Exp. 3071.53
Asset Turnover 1.64% (EBITDA-Capex)/Interest Exp. 2644.39
Net Debt/EBITDA -0.86
Gross Margin - Total Debt/EBITDA 0.03
EBITDA Margin 18.7%
EBIT Margin 17.9% Total Debt/Equity 1.4%
Net Income Margin 16.0% Total Debt/Capital 1.4%
Asset Turnover 1.64
Current Ratio 1.48 Net Fixed Asset Turnover 11.08
Quick Ratio 0.96 Accounts receivable turnover-days 10.62
Debt to Assets 0.91% Inventory Days -
Tot Debt to Common Equity 1.43% Accounts Payable Turnover Day -
Accounts Receivable Turnover 34.38 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Bajaj Auto LtdPrice/Volume
Valuation Analysis
12'210.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
2,,
-,,,
-2,,
.,,,
.2,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'- E
'- E
'. E
'. E
'0 E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BAJAJ HOLDINGS AND I n/a Co File 91'119'000 31.49 - 30.06.2013 Corporation
JAMNALAL SONS PVT LT n/a Co File 25'949'400 8.97 - 30.06.2013 Investment Advisor
LIFE INSURANCE CORP n/a Co File 12'429'007 4.3 - 30.06.2013 Government
JAYA HIND INVEST PVT n/a Co File 10'243'928 3.54 - 30.06.2013 Other
MAHARASHTRA SCOOTERS n/a Co File 6'774'072 2.34 - 30.06.2013 Corporation
BAJAJ SEVASHRAM LIMI n/a Co File 4'502'720 1.56 - 30.06.2013 Corporation
BACHHRAJ & CO LTD n/a Co File 3'727'756 1.29 - 30.06.2013 Holding Company
SIKKIM JANSEVA PRATI n/a Co File 3'659'916 1.26 - 30.06.2013 n/a
NORGES BANK Multiple Portfolios MF-AGG 2'726'261 0.94 - 31.12.2012 Government
BAJAJ RAHUL KUMAR n/a Co File 2'442'464 0.84 - 30.06.2013 n/a
HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 2'196'533 0.76 (28'464) 28.06.2013 Unclassified
BAJAJ NIRAJ RAMKRISH n/a Co File 2'189'476 0.76 - 30.06.2013 n/a
VANGUARD GROUP INC n/a ULT-AGG 2'149'584 0.74 71'393 30.06.2013 Investment Advisor
BACHHRAJ FACTORIES L n/a Co File 1'945'174 0.67 - 30.06.2013 Corporation
BAJAJ AUTO EMP WELFA n/a Co File 1'829'130 0.63 - 30.06.2013 n/a
JP MORGAN n/a ULT-AGG 1'761'081 0.61 (78'029) 31.05.2013 Investment Advisor
BARODA INDUSTRIES PV n/a Co File 1'670'802 0.58 - 30.06.2013 Corporation
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 1'602'408 0.55 43'825 30.04.2013 Investment Advisor
UBS AG n/a ULT-AGG 1'551'146 0.54 (67'349) 30.06.2013 Unclassified
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 1'529'241 0.53 - 15.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BNP Paribas Equity Research VIJAY CHUGH buy 5 M 2'225 12 month 27.09.2013
Axis Capital Limited CHIRAG SHAH buy 5 M 2'112 Not Provided 27.09.2013
Nomura KAPIL SINGH neutral 3 M 2'174 Not Provided 27.09.2013
Espirito Santo Investment Bank ResearchADITYA JHAWAR buy 5 N 2'355 Not Provided 25.09.2013
Barclays SAHIL KEDIA equalweight 3 M 1'912 Not Provided 21.09.2013
Credit Suisse JATIN CHAWLA outperform 5 M 2'210 Not Provided 20.09.2013
Phillip Securities DEEPAK JAIN neutral 3 M 2'030 12 month 18.09.2013
Sunidhi Consultancy Services ABHISHEK GAOSHINDE underperform 1 M 1'829 12 month 18.09.2013
Sharekhan Ltd TEAM COVERAGE hold 3 M 2'243 Not Provided 17.09.2013
UBS SONAL GUPTA sell 1 D 2'050 12 month 16.09.2013
Prabhudas Lilladher Pvt Ltd SURJIT SINGH ARORA accumulate 4 M 2'083 12 month 13.09.2013
Edelweiss Capital AASHIESH AGARWAAL hold 3 M 2'061 12 month 12.09.2013
Ambit Capital Pvt Ltd ASHVIN SHETTY buy 5 M 2'100 Not Provided 12.09.2013
IIFL JOSEPH GEORGE add 4 M 2'200 12 month 12.09.2013
Macquarie AMIT MISHRA underperform 1 M 1'620 12 month 05.09.2013
Standard Chartered AMIT KASAT in-line 3 M 1'952 12 month 03.09.2013
Anand Rathi Securities Pvt. Ltd. ROHAN KORDE sell 1 M 1'721 Not Provided 03.09.2013
HDFC Securities SORABH TALWAR buy 5 U 2'004 12 month 03.09.2013
Angel Broking Limited YARESH KOTHARI accumulate 4 M 2'115 Not Provided 03.09.2013
Antique Stock Broking Limited ASHISH NIGAM hold 3 M 2'132 Not Provided 03.09.2013
IDFC Securities Ltd PRAMOD KUMAR outperform 5 M 2'256 12 month 02.09.2013
India Nivesh Ltd ABHISHEK JAIN accumulate 4 U 2'085 Not Provided 02.09.2013
Deutsche Bank AMYN PIRANI buy 5 M 2'000 12 month 30.08.2013
Kotak Securities HITESH GOEL buy 5 U 2'100 Not Provided 27.08.2013
Quant Broking Pvt Ltd BASUDEB BANERJEE buy 5 U 2'066 Not Provided 26.08.2013
Fortune Equity Brokers (India) Ltd MAHANTESH SABARAD hold 3 M 1'880 Not Provided 24.08.2013
Daiwa Securities Co. Ltd. NAVIN MATTA hold 3 M 1'914 Not Provided 20.08.2013
FinQuest Securities (P) Ltd. MAHANTESH MARILINGA buy 5 M 2'385 Not Provided 20.08.2013
ICICIdirect.com NISHANT VAAS buy 5 M 2'217 Not Provided 20.08.2013
Motilal Oswal Securities Ltd JINESH K GANDHI buy 5 M 2'229 Not Provided 19.08.2013
Morgan Stanley BINAY SINGH Overwt/In-Line 5 U 2'185 12 month 06.08.2013
Brics Securities UMESH KARNE add 4 M 2'123 Not Provided 06.08.2013
IDBI Capital Market Services Ltd BHAUMIK BHATIA hold 3 M 1'983 Not Provided 31.07.2013
Goldman Sachs SANDEEP PANDYA Buy/Neutral 5 M 2'390 12 month 28.07.2013
Batlivala & Karani Securities ANNAMALAI JAYARAJ outperform 5 M 2'067 Not Provided 26.07.2013
Maybank Kim Eng JIGAR A SHAH buy 5 M 2'227 12 month 24.07.2013
JHP Securities Private Limited ROHAN J ADMANE hold 3 M 2'091 12 month 24.07.2013
Jefferies GOVINDARAJAN CHELLAPPA hold 3 M 2'199 12 month 23.07.2013
Karvy Stock Broking Ltd MITUL SHAH buy 5 M 2'150 Not Provided 23.07.2013
KR Choksey Shares & Sec Pvt Ltd KUNAL DALAL accumulate 4 M 2'099 Not Provided 23.07.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 M 2'171 Not Provided 23.07.2013
Asian Markets Securities Pvt. Ltd N L RAGHUNANDHAN reduce 2 M 1'978 12 month 23.07.2013
Spark Capital Advisors MUKESH SARAF reduce 2 D 1'961 12 month 23.07.2013
Holdings By:
Bajaj Auto Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Kotak Mahindra Bank Limited is a full service commercial bank. The Bank offers
a wide range of products and services including personal, commercial, and
corporate banking services, including deposit accounts, loans, and investments.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (30.05.2013) 804.00
52-Week Low (28.08.2013) 588.00
Daily Volume
678
52-Week High % Change -14.99% Dividend Yield 0.10
52-Week Low % Change 15.31% Beta 1.08
% 52 Week Price Range High/Low 41.39% Equity Float 347.67
Shares Out 25.09.2013 768.2 Short Int -
520'868.81 1 Yr Total Return 5.20%
Total Debt 378'726.96 YTD Return 4.48%
Preferred Stock 0.0 Adjusted BETA 1.078
Minority Interest 2'087.2 Analyst Recs 26
Cash and Equivalents 45'182.46 Consensus Rating 2.885
Enterprise Value -
Average Volume 5 Day 108'147
KMB IB EQUITY YTD Change - Average Volume 30 Day 74'185
KMB IB EQUITY YTD % CHANGE - Average Volume 3 Month 69'980
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
72'885.2 101'089.3 110'294.0 130'143.1 159'486.7 135'593.8 169'144.4 120'891.8 141'035.0 38'204.0 30'780.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
6'523.9 13'070.0 15'667.4 18'322.4 21'884.6 18'596.1 23'724.8 25'171.8 30'452.3 6'257.7 6'988.0
14.93x 19.86x 21.07x 21.98x 22.18x 23.57x 22.75x 20.25x 16.79x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 31.67% Long-Term Outlook -
Pretax Margin 32.02% Short-Term Rating Date -
Return on Assets 2.10% Short-Term Rating -
Return on Common Equity 15.52%
Return on Capital 4.63% EBITDA/Interest Exp. -
Asset Turnover 0.15% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 248.1%
Net Income Margin 22.1% Total Debt/Capital 71.0%
Asset Turnover 0.15
Current Ratio - Net Fixed Asset Turnover 25.97
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 32.70% Inventory Days -
Tot Debt to Common Equity 248.06% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Kotak Mahindra Bank LtdPrice/Volume
Valuation Analysis
19'869.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,-,,.,,0,,1,,2,,3,,4,,5,,6,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'- E'. E'0 E'1 E'2 E'3 E'4 E'5 E'6 E
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
180'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
02',,
1,',,
12',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KOTAK UDAY SURESH n/a Co File 306'263'550 39.87 - 30.06.2013 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 49'254'529 6.41 1'600 31.07.2013 Investment Advisor
SUMITOMO MITSUI FINA n/a ULT-AGG 32'800'000 4.27 - 30.06.2013 Bank
EUROPACIFIC GROWTH F n/a Co File 31'467'137 4.1 - 30.06.2013 n/a
KOTAK TRUSTEE CO PVT n/a Co File 26'897'060 3.5 - 30.06.2013 Investment Advisor
HELICONIA PTE LTD n/a Co File 20'000'000 2.6 - 30.06.2013 Corporation
MAHINDRA ANURADHA A n/a Co File 14'120'702 1.84 - 30.06.2013 n/a
JP MORGAN n/a ULT-AGG 13'602'192 1.77 (70'262) 31.07.2013 Investment Advisor
MELANY HOLDINGS LTD n/a EXCH 13'267'095 1.73 (8'750'000) 01.02.2012 Holding Company
MADISON HOLDING LTD n/a EXCH 13'267'095 1.73 (8'750'000) 01.02.2012 Other
COMMONWEALTH BANK OF n/a ULT-AGG 12'658'576 1.65 4'705 30.06.2013 Bank
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 11'317'491 1.47 450'000 28.06.2013 Investment Advisor
ASHMORE EMM LLC n/a Co File 9'443'783 1.23 - 30.06.2013 Investment Advisor
GENESIS ASSET MANAGE n/a Co File 9'047'880 1.18 - 30.06.2013 Investment Advisor
GENESIS GR TRUST EMP n/a Co File 8'250'448 1.07 - 30.06.2013 n/a
VANGUARD GROUP INC n/a ULT-AGG 7'856'248 1.02 109'748 30.06.2013 Investment Advisor
VIRTUS EMERGING MARK n/a Co File 7'666'353 1 - 30.06.2013 n/a
HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 7'666'353 1 73'058 28.06.2013 Unclassified
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 4'721'600 0.61 - 30.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 4'711'671 0.61 (7'087) 27.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays ANISH TAWAKLEY overweight 5 M 733 Not Provided 29.09.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 786 Not Provided 25.09.2013
Macquarie SURESH GANAPATHY outperform 5 M 785 12 month 23.09.2013
EVA Dimensions DOUG WALTERS sell 1 D #N/A N/A Not Provided 20.09.2013
Axis Capital Limited PUNIT SRIVASTAVA not rated #N/A N/A M #N/A N/A Not Provided 13.09.2013
Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA reduce 2 M 700 12 month 11.09.2013
JPMorgan SESHADRI K SEN overweight 5 M 830 12 month 09.09.2013
Goldman Sachs RAHUL JAIN Sell/Neutral 1 M 520 12 month 05.09.2013
IIFL SAMPATH S K KUMAR add 4 M 720 12 month 27.08.2013
IDFC Securities Ltd MANISH CHOWDHARY neutral 3 M 750 Not Provided 22.08.2013
ICICIdirect.com KAJAL GANDHI hold 3 M 600 Not Provided 21.08.2013
Motilal Oswal Securities Ltd ALPESH MEHTA neutral 3 M 723 Not Provided 19.08.2013
Deutsche Bank MANISH KARWA hold 3 M 655 12 month 08.08.2013
Morgan Stanley ANIL AGARWAL Underwt/Cautious 1 M 530 12 month 07.08.2013
Khambatta Securities Ltd RAJ KUMAR JHA market perform 3 M 770 Not Provided 23.07.2013
KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL hold 3 M 720 Not Provided 22.07.2013
Spark Capital Advisors JYOTHI KUMAR VARMA sell 1 M 622 12 month 22.07.2013
Ajcon Global Services Ltd. AKASH AJAY JAIN sell 1 M 640 Not Provided 19.07.2013
Ambit Capital Pvt Ltd PANKAJ AGARWAL sell 1 M 704 12 month 19.07.2013
BOB Capital Markets JISHA NAIR sell 1 D 703 Not Provided 19.07.2013
Credit Suisse ASHISH GUPTA underperform 1 M 618 Not Provided 18.07.2013
BNP Paribas Equity Research ABHIJIT MAJUMDER buy 5 M 802 12 month 18.07.2013
Edelweiss Capital KUNAL SHAH reduce 2 M 667 12 month 18.07.2013
India Nivesh Ltd DALJEET SINGH KOHLI not rated #N/A N/A M #N/A N/A Not Provided 11.07.2013
Antique Stock Broking Limited REETU GANDHI buy 5 M 806 Not Provided 09.07.2013
Ventura Securities Ltd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 06.05.2013
Jaypee Capital Services VINAY CHHODA neutral 3 M 490 12 month 31.10.2011
Holdings By:
Kotak Mahindra Bank Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
United Spirits Ltd. manufactures and distributes a variety of alcohols and
spirits, including whiskey, brandy and rum. The Company's well known brands
include "McDowell's No. 1 Whiskey," "McDowell's No. 1 Brandy," "McDowell's
Diplomat Whiskey" and "McDowell's Signature Whiskey." United Spirits also
manufactures Indian-made foreign liquor brands.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (18.07.2013) 2'815.00
52-Week Low (29.10.2012) 990.00
Daily Volume
2475.7
52-Week High % Change -11.15% Dividend Yield 0.10
52-Week Low % Change 150.07% Beta 1.01
% 52 Week Price Range High/Low 84.83% Equity Float 91.31
Shares Out 25.09.2013 145.3 Short Int -
359'787.91 1 Yr Total Return 99.93%
Total Debt 82'459.03 YTD Return 30.47%
Preferred Stock 0.0 Adjusted BETA 1.011
Minority Interest 110.6 Analyst Recs 24
Cash and Equivalents 2'430.43 Consensus Rating 4.167
Enterprise Value 439'927.09
Average Volume 5 Day 166'373
UNSP IB EQUITY YTD Change - Average Volume 30 Day 179'094
UNSP IB EQUITY YTD % CHANGE - Average Volume 3 Month 203'582
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
54'680.6 63'623.1 73'761.9 91'864.9 105'979.9 - - 119'209.8 136'748.8 - -
2.47x 3.37x 2.64x 1.71x 3.10x - - 3.40x 2.94x - -
7'703.6 10'538.3 11'778.0 12'007.1 13'411.8 - - 15'519.7 19'165.4 - -
17.56x 20.36x 16.54x 13.10x 24.50x - - 28.33x 22.94x - -
(4'084.1) (227.1) 5'695.2 1'879.2 (1'012.1) - - 6'428.4 9'883.6 1'829.0 1'220.0
- - 22.65x 40.59x - - - 55.44x 36.29x - -
EBITDA 13'411.85 Long-Term Rating Date -
EBIT 11'627.82 Long-Term Rating -
Operating Margin 10.97% Long-Term Outlook -
Pretax Margin 0.69% Short-Term Rating Date -
Return on Assets -0.63% Short-Term Rating -
Return on Common Equity -2.14%
Return on Capital -11.76% EBITDA/Interest Exp. 1.36
Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 1.13
Net Debt/EBITDA 5.97
Gross Margin - Total Debt/EBITDA 6.15
EBITDA Margin 12.7%
EBIT Margin 11.0% Total Debt/Equity 172.2%
Net Income Margin -1.0% Total Debt/Capital 63.2%
Asset Turnover 0.66
Current Ratio 0.92 Net Fixed Asset Turnover 4.94
Quick Ratio 0.41 Accounts receivable turnover-days 72.17
Debt to Assets 50.33% Inventory Days -
Tot Debt to Common Equity 172.25% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.06 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
United Spirits LtdPrice/Volume
Valuation Analysis
180'025.00
Current Price (10/dd/yy) Market Data
,
2,,
-,,,
-2,,
.,,,
.2,,
0,,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
-', E
.', E
0', E
1', E
2', E
3', E
4', E
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2,',,
-,,',,
-2,',,
.,,',,
.2,',,
0,,',,
02,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
RELAY B V n/a EXCH 36'359'192 25.02 - 04.07.2013 n/a
UNITED BREWERIES HOL n/a EXCH 10'167'733 7 - 04.07.2013 Holding Company
KINGFISHER FINVEST I n/a EXCH 5'940'590 4.09 - 04.07.2013 Corporation
MORGAN STANLEY n/a ULT-AGG 4'866'711 3.35 - 30.06.2013 Investment Advisor
PALMER INVESTMENT GR n/a Co File 4'376'771 3.01 - 30.06.2013 Other
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3'728'261 2.57 1'838'466 31.07.2013 Investment Advisor
USL BENEFIT TRUST n/a Co File 3'459'090 2.38 - 30.06.2013 n/a
CLSA MAURITIUS LTD n/a Co File 2'995'281 2.06 - 30.06.2013 Investment Advisor
MERRILL LYNCH CAPITA n/a Co File 2'982'167 2.05 - 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 2'507'566 1.73 250'802 30.06.2013 Investment Advisor
BANK OF NOVA SCOTIA n/a Co File 2'450'000 1.69 - 30.06.2013 Bank
FMR LLC n/a ULT-AGG 2'294'982 1.58 (212'532) 31.08.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 2'191'843 1.51 (900'136) 30.06.2013 Investment Advisor
NEW WORLD FUND INC n/a Co File 2'102'363 1.45 - 30.06.2013 n/a
GOLDMAN SACHS INV MA n/a Co File 1'544'351 1.06 - 30.06.2013 Investment Advisor
PLATINUM INVESTMENT n/a Co File 1'515'307 1.04 - 30.06.2013 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 1'513'066 1.04 75'750 31.08.2013 Other
MANKEKAR SHIVANAND S n/a Co File 1'500'000 1.03 - 30.06.2013 n/a
BLACKROCK n/a ULT-AGG 1'436'385 0.99 (244'567) 27.09.2013 Investment Advisor
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 1'287'000 0.89 100'000 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura MANISH JAIN buy 5 M 3'000 Not Provided 22.09.2013
India Infoline BHAVESH GANDHI market perform 3 M 2'350 12 month 18.09.2013
Morgan Stanley NILLAI SHAH Overwt/In-Line 5 M 3'225 12 month 16.09.2013
Deutsche Bank MANOJ MENON buy 5 M 2'700 12 month 09.09.2013
IIFL AVI MEHTA buy 5 M 2'540 12 month 05.09.2013
Credit Suisse ARNAB MITRA outperform 5 M 2'550 Not Provided 03.09.2013
Kotak Securities JASDEEP WALIA buy 5 M 2'800 Not Provided 30.08.2013
Motilal Oswal Securities Ltd GAUTAM DUGGAD buy 5 M 2'750 Not Provided 19.08.2013
Angel Broking Limited SRINIVASAN VISWANATHAN neutral 3 M #N/A N/A Not Provided 14.08.2013
Edelweiss Capital ABNEESH ROY buy 5 M 3'075 12 month 02.08.2013
Antique Stock Broking Limited ABHIJEET KUNDU hold 3 M 2'193 Not Provided 02.08.2013
JPMorgan LATIKA CHOPRA overweight 5 M 2'460 9 month 01.08.2013
CIMB VARUN LOHCHAB outperform 5 M 2'850 12 month 01.08.2013
Batlivala & Karani Securities ASHIT DESAI buy 5 M 2'530 Not Provided 01.08.2013
Religare Capital Markets GAURANG KAKKAD buy 5 M 2'500 12 month 01.08.2013
IDFC Securities Ltd NIKHIL K VORA outperform 5 M 3'000 12 month 05.07.2013
Dani Shares and Stocks Pvt Ltd NAMITA LOHIA buy 5 M 2'870 12 month 17.06.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 06.06.2013
Maybank Kim Eng JIGAR A SHAH buy 5 M 2'933 12 month 28.05.2013
UBS SUNITA SACHDEV neutral 3 M 2'580 12 month 23.05.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 2'732 Not Provided 23.05.2013
Macquarie AMIT MISHRA underperform 1 M 1'500 12 month 17.05.2013
First Global Stockbroking DEVINA MEHRA outperform 5 M #N/A N/A Not Provided 21.02.2013
HDFC Securities SAMEER NARANG buy 5 M 700 Not Provided 29.03.2012
Holdings By:
United Spirits Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Sesa Goa Limited is involved in iron ore mining, aluminium and copper
production, and exports. The Company is also active in shipbuilding and repair,
as well as the manufacturing of pig iron and metallurgical coke. Sesa Goa has
developed an energy recovery technology to manufacture coke, compliant with
advanced global emission norms.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (07.01.2013) 205.40
52-Week Low (31.07.2013) 119.45
Daily Volume
177.15
52-Week High % Change -13.95% Dividend Yield 0.06
52-Week Low % Change 48.30% Beta 1.20
% 52 Week Price Range High/Low 71.26% Equity Float 2'485.19
Shares Out 25.09.2013 2'964.7 Short Int -
525'192.06 1 Yr Total Return 2.25%
Total Debt 45'091.50 YTD Return -9.21%
Preferred Stock 0.0 Adjusted BETA 1.199
Minority Interest 0.0 Analyst Recs 34
Cash and Equivalents 2'031.60 Consensus Rating 3.353
Enterprise Value 568'251.95
Average Volume 5 Day 2'074'351
SESA IB EQUITY YTD Change - Average Volume 30 Day 2'207'349
SESA IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'168'002
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
49'179.4 57'978.0 91'933.3 83'100.6 25'544.2 79'047.3 11'615.1 724'354.8 854'290.0 4'695.0 4'832.0
0.96x 5.89x 1.81x 2.42x 6.98x 5.29x 31.19x 1.05x 0.84x - -
27'117.1 31'547.0 52'094.3 35'053.5 5'198.7 30'183.2 (2'382.8) 264'751.4 290'676.0 (364.0) 151.0
1.75x 10.82x 3.19x 5.73x 34.28x 0.00x 0.00x 2.14x 1.95x - -
19'881.3 26'291.3 42'224.5 26'955.0 22'802.5 28'188.8 17'305.8 100'164.5 114'064.7 3'919.0 4'263.0
3.94x 14.51x 5.93x 6.28x 5.93x 5.91x 7.17x 6.19x 5.16x - -
EBITDA 5'198.70 Long-Term Rating Date -
EBIT 3'224.10 Long-Term Rating -
Operating Margin 12.62% Long-Term Outlook -
Pretax Margin 87.59% Short-Term Rating Date -
Return on Assets 10.53% Short-Term Rating -
Return on Common Equity 13.99%
Return on Capital - EBITDA/Interest Exp. 1.86
Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -0.38
Net Debt/EBITDA 8.28
Gross Margin - Total Debt/EBITDA 8.67
EBITDA Margin 20.4%
EBIT Margin 12.6% Total Debt/Equity 25.8%
Net Income Margin 89.3% Total Debt/Capital 20.5%
Asset Turnover 0.12
Current Ratio 0.39 Net Fixed Asset Turnover 1.06
Quick Ratio 0.08 Accounts receivable turnover-days 49.43
Debt to Assets 19.70% Inventory Days -
Tot Debt to Common Equity 25.80% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.38 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Sesa Goa LtdPrice/Volume
Valuation Analysis
1'059'338.00
Current Price (10/dd/yy) Market Data
,
2,
-,,
-2,
.,,
.2,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
-', E
.', E
0', E
1', E
2', E
3', E
4', E
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
-3',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FINSIDER INTERNATION n/a Co File 401'496'480 13.54 - 30.06.2013 Holding Company
FRANKLIN RESOURCES n/a ULT-AGG 107'165'556 3.61 (700'160) 30.06.2013 Investment Advisor
WESTGLOBE LTD n/a Co File 44'343'139 1.5 - 30.06.2013 Corporation
TWINSTAR HOLDINGS LT n/a Co File 33'274'000 1.12 - 30.06.2013 Corporation
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 22'491'972 0.76 22'479'245 31.08.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 18'077'106 0.61 17'744'621 31.08.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 17'865'839 0.6 (8'310) 27.09.2013 Investment Advisor
STICHTING PENSIOEN F n/a Co File 15'907'716 0.54 - 30.06.2013 Pension Fund (ERISA)
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 11'562'554 0.39 8'046'890 27.09.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 11'089'912 0.37 404'660 30.06.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 8'843'785 0.3 227'805 30.04.2013 Investment Advisor
BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 6'417'533 0.22 6'417'533 31.08.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 6'304'748 0.21 - 31.05.2013 Investment Advisor
ROBECO n/a ULT-AGG 6'087'489 0.21 (15'691) 30.04.2013 Unclassified
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 5'678'423 0.19 5'644'961 31.08.2013 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 3'547'668 0.12 3'546'481 31.08.2013 Other
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 3'474'083 0.12 3'474'083 31.08.2013 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 3'028'495 0.1 2'160'453 30.08.2013 Investment Advisor
BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 2'330'009 0.08 2'325'864 31.08.2013 Investment Advisor
L&T INVESTMENT MANAG Multiple Portfolios MF-AGG 1'735'800 0.06 1'735'800 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Motilal Oswal Securities Ltd SANJAY JAIN buy 5 M 214 Not Provided 30.09.2013
Axis Capital Limited JAGDISHWAR TOPPO hold 3 M 159 Not Provided 27.09.2013
Deutsche Bank ANUJ SINGLA hold 3 M 167 12 month 26.09.2013
JM Financial Institutional Securities P ASHUTOSH SOMANI buy 5 M 164 12 month 26.09.2013
Batlivala & Karani Securities PARIN TANNA outperform 5 M 200 Not Provided 26.09.2013
Kotak Securities KAWALJEET SALUJA add 4 M 200 Not Provided 20.09.2013
Nomura AMAR KEDIA neutral 3 M 190 Not Provided 20.09.2013
Emkay Share & Stock Brokers GOUTAM CHAKRABORTY accumulate 4 M 147 Not Provided 17.09.2013
Daiwa Securities Co. Ltd. DEEPAK PODDAR outperform 5 M 201 Not Provided 13.09.2013
Angel Broking Limited BHAVESH CHAUHAN neutral 3 D #N/A N/A Not Provided 13.09.2013
JPMorgan PINAKIN M PAREKH overweight 5 M 225 9 month 11.09.2013
Morgan Stanley VIPUL PRASAD Overwt/In-Line 5 U 240 12 month 06.09.2013
HSBC JIGAR MISTRY neutral 3 M 193 Not Provided 05.09.2013
EVA Dimensions TIMOTHY STANISH sell 1 D #N/A N/A Not Provided 04.09.2013
Barclays CHIRAG SHAH underweight 1 M 165 Not Provided 31.08.2013
Espirito Santo Investment Bank ResearchRITESH SHAH buy 5 U 180 Not Provided 22.08.2013
IIFL BIJAL SHAH reduce 2 M 141 12 month 21.08.2013
Edelweiss Capital PRASAD BAJI buy 5 M 171 12 month 20.08.2013
ICICIdirect.com DEWANG SANGHAVI hold 3 M 130 Not Provided 19.08.2013
Quant Broking Pvt Ltd KALPESH MAKWANA Under Review #N/A N/A M #N/A N/A Not Provided 06.08.2013
Maybank Kim Eng ANUBHAV GUPTA sell 1 M 112 12 month 31.07.2013
India Infoline TARANG BHANUSHALI buy 5 U 153 12 month 30.07.2013
Dolat Capital Market Ltd. RAM MODI accumulate 4 M 139 12 month 30.07.2013
Centrum Broking Pvt Ltd ABHISAR JAIN buy 5 M 157 Not Provided 30.07.2013
Elara Securities India Pvt Ltd ASHISH KEJRIWAL accumulate 4 M 147 12 month 30.07.2013
Nirmal Bang Institutional Equities GIRIRAJ DAGA buy 5 M 165 Not Provided 30.07.2013
ICICI Securities ABHIJIT MITRA reduce 2 M 127 12 month 29.07.2013
Anand Rathi Securities Pvt. Ltd. RAJESH ZAWAR hold 3 M 163 Not Provided 01.07.2013
MSFL - Institutional Business Group TANUJ RASTOGI buy 5 M 208 12 month 02.05.2013
Ventura Securities Ltd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 02.05.2013
IDFC Securities Ltd PRAKASH JOSHI underperform 1 M 153 18 month 26.02.2013
CIMB RAHUL JAIN underperform 1 M 142 12 month 25.01.2013
Systematix Shares & Stocks Ltd ERIC MARTINS Under Review #N/A N/A M #N/A N/A Not Provided 11.07.2012
Khambatta Securities Ltd RONAK JHAVERI strong buy 5 M 236 Not Provided 25.04.2012
Holdings By:
Sesa Goa Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Cipla Ltd. manufactures fine chemicals and pharmaceutical preparations.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (16.09.2013) 450.00
52-Week Low (26.10.2012) 353.10
Daily Volume
432.35
52-Week High % Change -3.93% Dividend Yield 0.46
52-Week Low % Change 22.44% Beta 0.48
% 52 Week Price Range High/Low 81.42% Equity Float 442.33
Shares Out 25.09.2013 802.9 Short Int -
347'143.03 1 Yr Total Return 14.30%
Total Debt 9'670.70 YTD Return 4.94%
Preferred Stock 0.0 Adjusted BETA 0.479
Minority Interest 0.0 Analyst Recs 51
Cash and Equivalents 22'440.60 Consensus Rating 4.196
Enterprise Value 334'373.15
Average Volume 5 Day 98'093
CIPLA IB EQUITY YTD Change - Average Volume 30 Day 142'748
CIPLA IB EQUITY YTD % CHANGE - Average Volume 3 Month 130'104
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
49'606.0 53'595.2 62'601.4 69'843.9 82'793.3 0.0 23'077.1 96'638.0 111'777.6 23'908.0 -
3.61x 5.01x 4.17x 3.37x 3.53x #DIV/0! 0.00x 3.52x 2.97x - -
12'646.9 14'350.7 14'416.1 17'952.8 22'147.6 0.0 6'923.4 23'688.4 27'213.9 5'764.0 -
14.16x 18.72x 18.11x 13.10x 13.19x 0.00x 0.00x 14.10x 12.27x - -
7'710.2 10'825.9 9'895.7 11'442.4 15'448.5 0.0 4'853.5 16'217.6 18'772.4 3'947.0 3'763.0
22.18x 24.69x 26.10x 21.41x 19.74x 0.00x 0.00x 21.54x 18.60x - -
EBITDA 22'147.60 Long-Term Rating Date -
EBIT 18'842.80 Long-Term Rating -
Operating Margin 22.76% Long-Term Outlook -
Pretax Margin 25.23% Short-Term Rating Date -
Return on Assets 14.71% Short-Term Rating -
Return on Common Equity 18.55%
Return on Capital 17.73% EBITDA/Interest Exp. 80.33
Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. 52.88
Net Debt/EBITDA -0.58
Gross Margin - Total Debt/EBITDA 0.44
EBITDA Margin 26.8%
EBIT Margin 22.8% Total Debt/Equity 10.7%
Net Income Margin 18.7% Total Debt/Capital 9.7%
Asset Turnover 0.79
Current Ratio 3.03 Net Fixed Asset Turnover 2.19
Quick Ratio 1.72 Accounts receivable turnover-days 71.03
Debt to Assets 8.30% Inventory Days -
Tot Debt to Common Equity 10.72% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.14 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Cipla Ltd/IndiaPrice/Volume
Valuation Analysis
20'896.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,2,
-,,-2,.,,.2,0,,02,1,,12,2,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'. E
'1 E
'3 E
'5 E
-', E
-'. E
-'1 E
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HAMIED YUSUF K n/a Co File 124'827'750 15.55 - 30.06.2013 n/a
LIFE INSURANCE CORP n/a Co File 51'487'267 6.41 - 30.06.2013 Government
AHMED SOPHIE n/a Co File 45'982'000 5.73 - 30.06.2013 n/a
HAMIED FARIDA n/a Co File 41'914'937 5.22 - 30.06.2013 n/a
HAMIED MUSTAFA KAMIL n/a Co File 39'690'000 4.94 - 30.06.2013 n/a
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 29'951'131 3.73 1'518'133 31.07.2013 Investment Advisor
VIRTUS EMERGING MARK n/a Co File 13'619'612 1.7 - 30.06.2013 n/a
HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 13'619'612 1.7 - 28.06.2013 Unclassified
HAMIED MUSTAFA KAMIL n/a Co File 10'939'500 1.36 - 30.06.2013 n/a
HAMIED RUMANA n/a Co File 9'886'500 1.23 - 30.06.2013 n/a
HAMIED SAMINA n/a Co File 9'859'500 1.23 - 30.06.2013 n/a
VANGUARD GROUP INC n/a ULT-AGG 9'634'100 1.2 (25'057) 30.06.2013 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 9'464'825 1.18 (48'600) 30.04.2013 Investment Advisor
ICICI PRUDENTIAL LIF n/a Co File 8'587'455 1.07 - 30.06.2013 Insurance Company
IIFL VONTOBEL INDIA n/a Co File 8'459'997 1.05 - 30.06.2013 n/a
BLACKROCK n/a ULT-AGG 7'839'568 0.98 (9'392) 27.09.2013 Investment Advisor
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 7'750'865 0.97 (1'000'056) 31.08.2013 Investment Advisor
HAMIED SHIRIN n/a Co File 6'363'000 0.79 - 30.06.2013 n/a
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 6'231'477 0.78 (344'110) 31.08.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 6'132'494 0.76 (305'034) 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited DEEPAK SHIVPRAKASH KHETAN buy 5 M 480 Not Provided 27.09.2013
Batlivala & Karani Securities ROHIT V BHAT outperform 5 M 450 Not Provided 26.09.2013
India Nivesh Ltd BHAGWAN SINGH CHAUDHARY Under Review #N/A N/A M #N/A N/A Not Provided 26.09.2013
Edelweiss Capital PERIN ALI hold 3 M 450 12 month 25.09.2013
ICICIdirect.com SIDDHANT KHANDEKAR hold 3 N 470 12 month 24.09.2013
Fortune Equity Brokers (India) Ltd HITESH MAHIDA buy 5 M 523 Not Provided 20.09.2013
Centrum Broking Pvt Ltd RANJIT KAPADIA buy 5 M 585 Not Provided 19.09.2013
EVA Dimensions TIMOTHY STANISH overweight 5 U #N/A N/A Not Provided 19.09.2013
Karvy Stock Broking Ltd RAHUL SHARMA buy 5 M 475 Not Provided 17.09.2013
Angel Broking Limited SARABJIT KOUR NANGRA buy 5 M 504 Not Provided 13.09.2013
Morgan Stanley SAMEER BAISIWALA Underwt/In-Line 1 M 386 12 month 12.09.2013
Religare Capital Markets ARVIND BOTHRA hold 3 N 435 12 month 12.09.2013
Antique Stock Broking Limited ANMOL GANJOO hold 3 M 404 Not Provided 12.09.2013
Sharekhan Ltd TEAM COVERAGE buy 5 M 490 Not Provided 11.09.2013
IIFL BINO PATHIPARAMPIL buy 5 M 504 12 month 11.09.2013
Dolat Capital Market Ltd. MILIND BHANGALE accumulate 4 N 480 Not Provided 04.09.2013
Nomura SAION MUKHERJEE neutral 3 M 450 Not Provided 03.09.2013
CIMB PRAKASH AGARWAL outperform 5 M 500 12 month 02.09.2013
Jefferies PIYUSH NAHAR buy 5 M 460 12 month 29.08.2013
IDFC Securities Ltd NITIN AGARWAL outperform 5 M 480 Not Provided 29.08.2013
UBS SONAL GUPTA buy 5 M 470 12 month 27.08.2013
Anand Rathi Securities Pvt. Ltd. SRIRAM RATHI buy 5 M 472 Not Provided 26.08.2013
Elara Securities India Pvt Ltd AARTHISUNDARI JAYAKUMAR accumulate 4 M 467 12 month 23.08.2013
Motilal Oswal Securities Ltd ALOK DALAL neutral 3 M 425 Not Provided 19.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 453 Not Provided 14.08.2013
Khambatta Securities Ltd FATHIMA KHAN strong buy 5 U 478 Not Provided 13.08.2013
Prabhudas Lilladher Pvt Ltd SURAJIT PAL hold 3 M 410 12 month 12.08.2013
JM Financial Institutional Securities P RAHUL SOLANKI buy 5 M 460 12 month 12.08.2013
Sunidhi Consultancy Services RASHMI SANCHETI neutral 3 M 454 12 month 12.08.2013
Emkay Share & Stock Brokers ASHISH RATHI buy 5 U 484 Not Provided 12.08.2013
HDFC Securities MEETA SHETTY buy 5 M 460 12 month 12.08.2013
India Infoline BHAVIKA SHINDE buy 5 M 463 12 month 12.08.2013
Asian Markets Securities Pvt. Ltd ASHISH THAVKAR buy 5 M 460 12 month 12.08.2013
Quant Broking Pvt Ltd KIRIT GOGRI reduce 2 D 427 Not Provided 12.08.2013
Avendus Capital Private Ltd MONICA JOSHI hold 3 M 450 Not Provided 12.08.2013
Nirmal Bang Institutional Equities PRAFUL BOHRA buy 5 U 482 Not Provided 12.08.2013
Credit Suisse ANUBHAV AGGARWAL neutral 3 M 415 Not Provided 11.08.2013
HSBC GIRISH BAKHRU overweight 5 U 485 Not Provided 11.08.2013
ICICI Securities KARTIK A MEHTA buy 5 M 472 12 month 11.08.2013
Macquarie ABHISHEK SINGHAL outperform 5 U 480 12 month 10.08.2013
SBI Capital Markets VIVEK KUMAR buy 5 M 464 12 month 10.08.2013
Kotak Securities KRISHNA PRASAD add 4 M 450 Not Provided 08.08.2013
Ventura Securities Ltd TEAM COVERAGE hold 3 D 423 Not Provided 31.05.2013
Holdings By:
Cipla Ltd/India ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Asian Paints Limited manufactures a wide range of decorative paints, varnishes,
enamels, and black & synthetic resins. The Company, through its subsidiaries,
also manufactures specialty industrial chemicals and vinyl pyridine latex
products which are used in the manufacture of rubber tires.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (30.07.2013) 524.70
52-Week Low (28.08.2013) 376.35
Daily Volume
455.75
52-Week High % Change -13.22% Dividend Yield 1.01
52-Week Low % Change 21.10% Beta 0.70
% 52 Week Price Range High/Low 55.95% Equity Float 598.65
Shares Out 25.09.2013 959.2 Short Int -
437'154.38 1 Yr Total Return 16.88%
Total Debt 3'085.30 YTD Return 3.92%
Preferred Stock 0.0 Adjusted BETA 0.699
Minority Interest 1'607.7 Analyst Recs 41
Cash and Equivalents 8'509.80 Consensus Rating 2.732
Enterprise Value 433'337.58
Average Volume 5 Day 120'701
APNT IB EQUITY YTD Change - Average Volume 30 Day 165'638
APNT IB EQUITY YTD % CHANGE - Average Volume 3 Month 147'270
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
54'639.0 66'809.4 77'223.0 95'983.3 109'060.1 98'892.2 111'850.2 125'216.5 145'539.9 29'329.5 34'496.7
1.45x 2.93x 3.06x 3.20x 4.29x 6.18x 4.18x 3.42x 2.91x - -
6'984.4 12'334.5 13'358.6 15'425.4 17'474.3 15'494.7 17'497.4 20'217.2 23'791.6 4'624.0 5'920.0
11.31x 15.84x 17.68x 19.90x 26.77x 0.00x 0.00x 21.39x 18.21x 20.53x 19.72x
3'978.4 8'356.4 8'432.4 9'887.3 11'138.8 10'134.5 11'007.0 12'735.6 15'235.4 2'800.7 3'776.5
18.96x 23.40x 28.73x 31.45x 42.34x 36.81x 40.41x 34.25x 28.64x 32.73x 31.34x
EBITDA 17'474.30 Long-Term Rating Date -
EBIT 15'928.30 Long-Term Rating -
Operating Margin 14.61% Long-Term Outlook -
Pretax Margin 15.18% Short-Term Rating Date -
Return on Assets 17.82% Short-Term Rating -
Return on Common Equity 36.33%
Return on Capital 33.35% EBITDA/Interest Exp. 48.49
Asset Turnover 1.74% (EBITDA-Capex)/Interest Exp. 30.62
Net Debt/EBITDA -0.31
Gross Margin - Total Debt/EBITDA 0.18
EBITDA Margin 16.0%
EBIT Margin 14.6% Total Debt/Equity 9.1%
Net Income Margin 10.2% Total Debt/Capital 8.0%
Asset Turnover 1.74
Current Ratio 1.37 Net Fixed Asset Turnover 5.10
Quick Ratio 0.62 Accounts receivable turnover-days 29.49
Debt to Assets 4.54% Inventory Days -
Tot Debt to Common Equity 9.12% Accounts Payable Turnover Day -
Accounts Receivable Turnover 12.38 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Asian Paints LtdPrice/Volume
Valuation Analysis
48'673.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
-,,
.,,
0,,
1,,
2,,
3,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'. E
'1 E
'3 E
'5 E
-', E
-'. E
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
-,',,
.,',,
0,',,
1,',,
2,',,
3,',,
4,',,
5,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SMITI HOLDING & TRAD n/a EXCH 54'084'120 5.64 14'000 23.08.2013 Other
ISIS HOLDING & TRADI n/a EXCH 52'884'120 5.51 14'000 23.08.2013 Other
GEETANJALI TRADING & n/a n/a 49'267'440 5.14 - 30.06.2013 Investment Advisor
OJASVI TRADING PVT L n/a n/a 46'987'850 4.9 - 30.06.2013 Other
LIFE INSURANCE CORP n/a n/a 44'414'820 4.63 - 30.06.2013 Government
VAKIL ABHAY ARVIND n/a n/a 28'450'310 2.97 - 30.06.2013 n/a
ELCID INVESTMENTS LI n/a n/a 28'313'860 2.95 - 30.06.2013 Investment Advisor
GUJARAT ORGANICS LTD n/a n/a 22'810'730 2.38 - 30.06.2013 Corporation
SUDHANAVA INV & TRAD n/a n/a 19'225'260 2 - 30.06.2013 Other
RUPEN INVESTMENT & I n/a n/a 18'742'800 1.95 - 30.06.2013 Other
SATYADHARMA INVST & n/a n/a 18'334'280 1.91 - 30.06.2013 Other
OPPENHEIMERFUNDS INC n/a n/a 17'588'100 1.83 - 30.06.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 15'600'000 1.63 - 30.06.2013 Investment Advisor
CASTLE INVESTMENT & n/a n/a 15'457'470 1.61 - 30.06.2013 Other
LYON INVEST & INDUST n/a n/a 14'342'060 1.5 - 30.06.2013 Other
VAKIL AMAR ARVIND n/a n/a 13'031'170 1.36 - 30.06.2013 n/a
JALDHAR INV & TRADIN n/a n/a 12'428'250 1.3 - 30.06.2013 Other
TRU TRADING & INVEST n/a n/a 12'176'500 1.27 - 30.06.2013 Other
NEHAL TRADING & INVE n/a n/a 11'102'530 1.16 - 30.06.2013 Other
ASTEROIDS TRADING & n/a n/a 10'818'530 1.13 - 30.06.2013 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Ambit Capital Pvt Ltd RAKSHIT RANJAN buy 5 M 493 12 month 30.09.2013
Standard Chartered SANJAY SINGH in-line 3 M 411 12 month 27.09.2013
HSBC AMIT SACHDEVA overweight 5 N 600 Not Provided 27.09.2013
Axis Capital Limited HEMANT B PATEL hold 3 M 393 Not Provided 27.09.2013
Nomura MANISH JAIN neutral 3 M 435 Not Provided 22.09.2013
Edelweiss Capital ABNEESH ROY buy 5 M 513 Not Provided 18.09.2013
Antique Stock Broking Limited ABHIJEET KUNDU hold 3 M 467 Not Provided 18.09.2013
Goldman Sachs PUNEET JAIN Sell/Neutral 1 D 341 12 month 11.09.2013
Equirus Securities Pvt Ltd ANKIT JAIN neutral 3 U 433 Not Provided 03.09.2013
UBS SUNITA SACHDEV neutral 3 M 475 12 month 30.08.2013
Prabhudas Lilladher Pvt Ltd AMNISH AGGARWAL reduce 2 M 415 12 month 28.08.2013
IIFL AVI MEHTA add 4 M 475 12 month 27.08.2013
Dolat Capital Market Ltd. AMIT PUROHIT accumulate 4 M 440 Not Provided 23.08.2013
Kotak Securities ROHIT CHORDIA sell 1 M 380 Not Provided 22.08.2013
Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA buy 5 M 500 Not Provided 22.08.2013
Motilal Oswal Securities Ltd GAUTAM DUGGAD neutral 3 M 470 Not Provided 19.08.2013
Deutsche Bank MANOJ MENON sell 1 M 435 12 month 14.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 M 552 Not Provided 03.08.2013
Morgan Stanley GIRISH ACHHIPALIA Equalwt/In-Line 3 M 505 12 month 31.07.2013
Spark Capital Advisors TEJASH SHAH reduce 2 M 459 12 month 30.07.2013
Batlivala & Karani Securities RANJIT CIRUMALLA outperform 5 M 525 Not Provided 26.07.2013
CIMB VARUN LOHCHAB underperform 1 N 440 12 month 25.07.2013
Jefferies RAJASA KAKULAVARAPU underperform 1 M 414 12 month 23.07.2013
Anand Rathi Securities Pvt. Ltd. ANIRUDDHA JOSHI hold 3 M 453 Not Provided 23.07.2013
Phillip Securities NAVEEN KULKARNI sell 1 M 400 Not Provided 23.07.2013
Sunidhi Consultancy Services ROHIT GALA neutral 3 M 514 12 month 23.07.2013
HDFC Securities HARSH MEHTA neutral 3 D 475 12 month 23.07.2013
SPA Securities Ltd SUMIT DUSEJA sell 1 M 369 12 month 23.07.2013
ICICIdirect.com SANJAY MANYAL hold 3 M 470 Not Provided 23.07.2013
Tata Securities Limited SAMEER DESHMUKH sell 1 M 406 12 month 22.07.2013
Religare Capital Markets GAURANG KAKKAD sell 1 M 400 12 month 22.07.2013
Angel Broking Limited SRINIVASAN VISWANATHAN neutral 3 M #N/A N/A Not Provided 22.07.2013
VCK Share & Stock Broking Services TEAM COVERAGE buy 5 M 581 12 month 17.07.2013
Daiwa Securities Co. Ltd. MIHIR P SHAH hold 3 M 501 Not Provided 10.06.2013
EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013
Brics Securities SACHIN B BOBADE add 4 M 493 Not Provided 10.05.2013
Ventura Securities Ltd TEAM COVERAGE sell 1 M #N/A N/A Not Provided 10.05.2013
FRR Shares & Securities Ltd POOJA JAIN hold 3 M 459 Not Provided 23.01.2013
Dalmia Securities Pvt Ltd SUBRATA SARKAR accumulate 4 M 312 Not Provided 25.01.2012
JM Financial Institutional Securities P RICHARD LIU hold 3 M 296 12 month 22.01.2012
Jaypee Capital Services PULKESHIN SHAH neutral 3 M 322 Not Provided 02.11.2011
Holdings By:
Asian Paints Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Cairn India Ltd. together with its subsidiaries is involved in surveying,
prospecting, drilling, exploring, acquiring, developing, producing,
maintaining, refining, storing, trading, supplying, transporting, marketing,
distributing, importing, and exporting minerals, oil, petroleum, gas and
related by-products in India.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (22.01.2013) 349.90
52-Week Low (28.03.2013) 267.90
Daily Volume
316.95
52-Week High % Change -9.26% Dividend Yield 3.63
52-Week Low % Change 18.31% Beta 0.77
% 52 Week Price Range High/Low 61.59% Equity Float 418.77
Shares Out 25.09.2013 1'910.5 Short Int -
605'544.06 1 Yr Total Return -0.02%
Total Debt 0.00 YTD Return 1.61%
Preferred Stock 0.0 Adjusted BETA 0.772
Minority Interest 0.0 Analyst Recs 60
Cash and Equivalents 121'874.90 Consensus Rating 4.683
Enterprise Value 483'669.18
Average Volume 5 Day 123'785
CAIR IB EQUITY YTD Change - Average Volume 30 Day 233'920
CAIR IB EQUITY YTD % CHANGE - Average Volume 3 Month 179'020
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
- 16'230.3 102'779.3 118'171.4 175'194.7 138'403.3 171'470.4 187'142.6 191'691.9 43'771.5 45'033.0
- 36.19x 6.23x 4.78x 2.27x 4.08x 5.25x 2.54x 2.21x - -
- 8'227.1 85'465.9 92'850.5 130'745.5 108'075.6 124'860.6 131'511.6 129'538.7 33'129.0 33'609.0
- 71.40x 7.49x 6.08x 3.05x 0.00x 0.00x 3.68x 3.73x - -
- 10'511.1 63'344.0 79'377.4 120'563.9 90'369.3 113'579.0 108'716.2 104'950.0 27'185.0 26'324.0
- 55.15x 10.52x 8.00x 4.31x 6.48x 4.88x 5.53x 5.73x - -
EBITDA 130'745.50 Long-Term Rating Date -
EBIT 111'872.40 Long-Term Rating -
Operating Margin 63.86% Long-Term Outlook -
Pretax Margin 70.16% Short-Term Rating Date -
Return on Assets 22.44% Short-Term Rating -
Return on Common Equity 25.12%
Return on Capital 24.93% EBITDA/Interest Exp. 191.65
Asset Turnover 0.33% (EBITDA-Capex)/Interest Exp. 167.74
Net Debt/EBITDA -0.93
Gross Margin - Total Debt/EBITDA 0.00
EBITDA Margin 74.6%
EBIT Margin 63.9% Total Debt/Equity 0.0%
Net Income Margin 68.8% Total Debt/Capital 0.0%
Asset Turnover 0.33
Current Ratio 4.65 Net Fixed Asset Turnover 1.68
Quick Ratio 4.21 Accounts receivable turnover-days 39.40
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.26 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Cairn India LtdPrice/Volume
Valuation Analysis
39'419.00
Current Price (10/dd/yy) Market Data
,
2,
-,,
-2,
.,,
.2,
0,,
02,
1,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E-', E.', E0', E1', E2', E3', E4', E5', E6', E
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
180'000.0
200'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2,',,
-,,',,
-2,',,
.,,',,
.2,',,
0,,',,
02,',,
1,,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLOOM FOUNTAIN LTD n/a EXCH 738'873'586 38.67 - 26.08.2013 n/a
SESA GOA LTD n/a Co File 351'140'413 18.38 - 30.06.2013 Corporation
CAIRN UK HOLDINGS LI n/a Co File 196'174'600 10.27 - 30.06.2013 Holding Company
LIFE INSURANCE CORP n/a Co File 172'838'526 9.05 - 30.06.2013 Government
SESA RESOURCE LTD n/a Co File 32'700'000 1.71 - 30.06.2013 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 21'500'000 1.13 (1'645'000) 30.06.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 20'961'745 1.1 (2'781'366) 31.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 13'887'809 0.73 370'284 30.06.2013 Investment Advisor
ROBECO n/a ULT-AGG 9'990'251 0.52 - 30.04.2013 Unclassified
BLACKROCK n/a ULT-AGG 8'392'202 0.44 (31'778) 27.09.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 7'386'378 0.39 191'257 31.08.2013 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 6'439'194 0.34 (415'170) 31.07.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 6'036'377 0.32 27'366 30.04.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'843'793 0.25 88'000 27.09.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 4'709'622 0.25 (127'680) 31.05.2013 Investment Advisor
JYSKE INVEST Multiple Portfolios MF-AGG 3'634'029 0.19 (10'050) 31.07.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 2'558'975 0.13 - 31.05.2013 Investment Advisor
BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 2'471'348 0.13 (73'807) 31.08.2013 Investment Advisor
SUNDARAM ASSET MANAG Multiple Portfolios MF-AGG 2'433'708 0.13 18'174 31.08.2013 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 2'301'850 0.12 10'049 31.08.2013 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura ANIL SHARMA buy 5 M 375 Not Provided 30.09.2013
Axis Capital Limited AMIT MISHRA buy 5 M 385 Not Provided 27.09.2013
Morgan Stanley VINAY JAISING Equalwt/Attractive 3 M 350 12 month 24.09.2013
Karvy Stock Broking Ltd VINAY V NAIR hold 3 M 320 Not Provided 20.09.2013
Ambit Capital Pvt Ltd DAYANAND MITTAL sell 1 M 323 12 month 19.09.2013
Quant Broking Pvt Ltd GAGAN DIXIT buy 5 M 387 Not Provided 19.09.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 352 Not Provided 16.09.2013
Tata Securities Limited SWARNENDU BHUSHAN buy 5 M 429 12 month 11.09.2013
Macquarie ABHISHEK AGARWAL outperform 5 M 378 12 month 04.09.2013
Kotak Securities TARUN LAKHOTIA add 4 M 370 Not Provided 28.08.2013
Nirmal Bang Institutional Equities ASHUTOSH BHARDWAJ buy 5 M 370 Not Provided 28.08.2013
Maybank Kim Eng JIGAR A SHAH buy 5 M 443 12 month 26.08.2013
BNP Paribas Equity Research AMIT SHAH buy 5 M 365 12 month 26.08.2013
ICICI Securities ROHIT AHUJA buy 5 M 394 12 month 26.08.2013
Antique Stock Broking Limited AMIT RUSTAGI buy 5 M 353 Not Provided 26.08.2013
Barclays SOMSHANKAR SINHA overweight 5 M 390 Not Provided 23.08.2013
Motilal Oswal Securities Ltd HARSHAD BORAWAKE buy 5 M 373 Not Provided 19.08.2013
Daiwa Securities Co. Ltd. NIRMAL RAGHAVAN buy 5 M 352 Not Provided 16.08.2013
Ventura Securities Ltd TEAM COVERAGE buy 5 M 410 Not Provided 07.08.2013
Standard Chartered RAHUL SINGH outperform 5 M 355 12 month 01.08.2013
Brics Securities NILESH RAMESH GHUGE buy 5 M 365 Not Provided 01.08.2013
KR Choksey Shares & Sec Pvt Ltd NISHA SHARMA buy 5 M 350 12 month 29.07.2013
Batlivala & Karani Securities BHAVIN GANDHI buy 5 M 372 Not Provided 26.07.2013
Phillip Securities GAURI ANAND buy 5 M 375 Not Provided 26.07.2013
Angel Broking Limited BHAVESH CHAUHAN buy 5 M 364 12 month 26.07.2013
JM Financial Institutional Securities P MEHUL THANAWALA buy 5 M 395 12 month 25.07.2013
Sunidhi Consultancy Services ROHIT NAGRAJ outperform 5 N 356 12 month 25.07.2013
IDBI Capital Market Services Ltd SUDEEP ANAND buy 5 M 352 12 month 25.07.2013
HDFC Securities AISHWARYA DEEPAK buy 5 M 420 12 month 25.07.2013
LKP Shares and Securities Ltd CHIRAG DHAIFULE buy 5 M 366 12 month 25.07.2013
India Infoline PRAYESH JAIN buy 5 M 360 12 month 25.07.2013
Spark Capital Advisors MAYUR PATEL buy 5 M 383 12 month 25.07.2013
ICICIdirect.com MAYUR MATANI buy 5 M 379 15 month 25.07.2013
IIFL BHASKAR CHAKRABORTY add 4 M 370 12 month 25.07.2013
India Nivesh Ltd DALJEET SINGH KOHLI buy 5 M 404 Not Provided 25.07.2013
BOB Capital Markets NEELABH SHARMA hold 3 M 343 12 month 25.07.2013
Right Horizons Financial Services TUSHAR PENDHARKAR buy 5 M 450 Not Provided 25.07.2013
Deutsche Bank HARSHAD KATKAR hold 3 M 330 12 month 24.07.2013
Credit Suisse SANJAY MOOKIM outperform 5 M 365 Not Provided 24.07.2013
Jefferies ARYA SEN buy 5 M 370 12 month 24.07.2013
HSBC KUMAR MANISH overweight 5 M 400 Not Provided 24.07.2013
CIMB AVADHOOT SABNIS outperform 5 M 360 12 month 24.07.2013
IDFC Securities Ltd PRAKASH JOSHI outperform 5 M 350 12 month 24.07.2013
Holdings By:
Cairn India Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Lupin Limited manufactures bulk actives and formulations. The principal bulk
actives manufactured by it include Rifampicin, Pyrazinamide, Ethambutol
(anti-TB), Cephalosporins (anti-infectives) and cardiovasculars. The company
also possesses competencies in phytomedicines, in which medicines are made out
of plant and herbal resources supported by the discipline of modern medicine.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (19.07.2013) 908.00
52-Week Low (11.10.2012) 540.15
Daily Volume
852.55
52-Week High % Change -6.17% Dividend Yield 0.47
52-Week Low % Change 57.84% Beta 0.54
% 52 Week Price Range High/Low 85.51% Equity Float 277.73
Shares Out 27.09.2013 448.0 Short Int -
381'962.03 1 Yr Total Return 43.03%
Total Debt 11'644.90 YTD Return 39.66%
Preferred Stock 0.0 Adjusted BETA 0.540
Minority Interest 594.5 Analyst Recs 54
Cash and Equivalents 3'545.00 Consensus Rating 4.222
Enterprise Value 390'656.44
Average Volume 5 Day 97'999
LPC IB EQUITY YTD Change - Average Volume 30 Day 130'818
LPC IB EQUITY YTD % CHANGE - Average Volume 3 Month 121'362
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
37'758.8 47'736.3 57'925.9 70'649.7 96'413.0 76'356.7 96'631.4 111'626.6 129'995.4 26'793.8 27'722.0
1.84x 3.27x 3.33x 3.54x 3.01x 6.15x 5.86x 3.43x 2.90x - -
7'588.0 10'177.5 11'666.9 14'631.7 23'257.4 16'079.8 23'691.0 26'386.9 31'154.9 6'529.8 6'689.3
9.17x 15.34x 16.55x 17.11x 12.47x 0.00x 0.00x 14.79x 12.53x 14.41x 13.73x
5'015.4 6'816.3 8'625.5 8'676.5 13'141.6 9'379.6 14'348.3 16'141.6 19'189.6 4'035.4 4'185.5
11.25x 102.76x 21.52x 27.25x 21.39x 25.57x 24.37x 23.66x 19.87x 22.87x 21.63x
EBITDA 23'257.40 Long-Term Rating Date -
EBIT 19'935.50 Long-Term Rating -
Operating Margin 20.68% Long-Term Outlook -
Pretax Margin 19.96% Short-Term Rating Date -
Return on Assets 15.56% Short-Term Rating -
Return on Common Equity 28.52%
Return on Capital 22.34% EBITDA/Interest Exp. 96.78
Asset Turnover 1.14% (EBITDA-Capex)/Interest Exp. 73.85
Net Debt/EBITDA 0.35
Gross Margin - Total Debt/EBITDA 0.50
EBITDA Margin 24.1%
EBIT Margin 20.7% Total Debt/Equity 22.4%
Net Income Margin 13.6% Total Debt/Capital 18.1%
Asset Turnover 1.14
Current Ratio 1.68 Net Fixed Asset Turnover 3.77
Quick Ratio 0.85 Accounts receivable turnover-days 75.09
Debt to Assets 13.06% Inventory Days -
Tot Debt to Common Equity 22.38% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.86 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Lupin LtdPrice/Volume
Valuation Analysis
28'215.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,-,,.,,0,,1,,2,,3,,4,,5,,6,,
-,,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'- E
'. E
'0 E
'1 E
'2 E
'3 E
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
.,',,
1,',,
3,',,
5,',,
-,,',,
-.,',,
-1,',,
-3,',,
-5,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ZYMA LABORATORIES LT n/a Co File 54'960'490 12.27 - 30.06.2013 Corporation
RAHAS INVESTMENTS PV n/a Co File 45'699'510 10.2 - 30.06.2013 Other
VISIOMED INVESTMENTS n/a Co File 43'514'660 9.71 - 30.06.2013 n/a
LUPIN HOLDINGS PVT L n/a Co File 40'401'000 9.02 - 30.06.2013 n/a
GENESIS INDIAN INV C n/a Co File 15'921'889 3.55 - 30.06.2013 Investment Advisor
LUPIN INVESTMENTS PV n/a Co File 15'401'910 3.44 - 30.06.2013 Other
LIFE INSURANCE CORP n/a Co File 10'863'106 2.42 - 30.06.2013 Government
ICICI PRUDENTIAL LIF n/a Co File 10'582'734 2.36 - 30.06.2013 Insurance Company
JHUNJHUNWAL RAKESH R n/a Research 9'357'820 2.09 - 10.07.2013 n/a
HDFC ASSET MANAGEMEN n/a Co File 7'510'294 1.68 - 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 5'880'900 1.31 - 31.12.2012 Government
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 5'222'621 1.17 962'863 30.06.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 4'794'249 1.07 3'720'766 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 4'144'991 0.93 (12'183) 30.06.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 3'751'000 0.84 - 31.07.2013 Investment Advisor
GUPTA MANJU D n/a Co File 3'491'820 0.78 - 30.06.2013 n/a
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 3'122'807 0.7 114'434 31.08.2013 Other
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 2'970'084 0.66 409'211 31.08.2013 Investment Advisor
GUPTA DESH BANDHU n/a Co File 2'812'910 0.63 - 30.06.2013 n/a
LUPIN INTERNATIONAL n/a Co File 1'863'000 0.42 - 30.06.2013 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited DEEPAK SHIVPRAKASH KHETAN buy 5 M 884 Not Provided 27.09.2013
Nomura SAION MUKHERJEE buy 5 M 972 Not Provided 27.09.2013
Batlivala & Karani Securities ROHIT V BHAT buy 5 M 915 Not Provided 26.09.2013
India Nivesh Ltd BHAGWAN SINGH CHAUDHARY hold 3 M 837 Not Provided 26.09.2013
Edelweiss Capital PERIN ALI buy 5 M 895 12 month 25.09.2013
IIFL BINO PATHIPARAMPIL reduce 2 M 854 12 month 24.09.2013
Morgan Stanley SAMEER BAISIWALA Overwt/In-Line 5 M 973 12 month 23.09.2013
Fortune Equity Brokers (India) Ltd HITESH MAHIDA hold 3 M 847 Not Provided 20.09.2013
Centrum Broking Pvt Ltd RANJIT KAPADIA buy 5 M 1'003 Not Provided 19.09.2013
Karvy Stock Broking Ltd RAHUL SHARMA buy 5 M 936 Not Provided 17.09.2013
Sharekhan Ltd TEAM COVERAGE hold 3 D 907 Not Provided 13.09.2013
HDFC Securities MEETA SHETTY buy 5 M 941 12 month 12.09.2013
Religare Capital Markets ARVIND BOTHRA buy 5 N 1'025 12 month 12.09.2013
ICICIdirect.com SIDDHANT KHANDEKAR hold 3 M 833 Not Provided 10.09.2013
Dolat Capital Market Ltd. MILIND BHANGALE accumulate 4 M 965 Not Provided 04.09.2013
Equirus Securities Pvt Ltd NIMISH MEHTA buy 5 M 921 Not Provided 30.08.2013
IDFC Securities Ltd NITIN AGARWAL outperform 5 U 880 Not Provided 29.08.2013
Antique Stock Broking Limited ANMOL GANJOO buy 5 M 884 Not Provided 28.08.2013
Kotak Securities KRISHNA PRASAD add 4 M 850 Not Provided 27.08.2013
Anand Rathi Securities Pvt. Ltd. SRIRAM RATHI hold 3 M 856 Not Provided 26.08.2013
Quant Broking Pvt Ltd KIRIT GOGRI buy 5 M 888 Not Provided 22.08.2013
Motilal Oswal Securities Ltd ALOK DALAL buy 5 M 972 Not Provided 19.08.2013
Spark Capital Advisors HARITH AHAMED add 4 D 850 12 month 19.08.2013
GEPL Capital Pvt Ltd ADITYA ANAND BAPAT accumulate 4 N 951 12 month 14.08.2013
UBS SONAL GUPTA buy 5 M 950 12 month 12.08.2013
Jefferies PIYUSH NAHAR hold 3 M 750 12 month 12.08.2013
Khambatta Securities Ltd FATHIMA KHAN strong buy 5 U 920 Not Provided 12.08.2013
Nirmal Bang Institutional Equities PRAFUL BOHRA hold 3 M 879 Not Provided 12.08.2013
CIMB PRAKASH AGARWAL neutral 3 M 880 12 month 09.08.2013
JM Financial Institutional Securities P RAHUL SOLANKI buy 5 M 930 12 month 09.08.2013
ICICI Securities KARTIK A MEHTA add 4 M 852 12 month 09.08.2013
Credit Suisse ANUBHAV AGGARWAL neutral 3 M 830 Not Provided 08.08.2013
HSBC GIRISH BAKHRU overweight 5 M 935 Not Provided 08.08.2013
Macquarie ABHISHEK SINGHAL neutral 3 M 860 12 month 08.08.2013
Prabhudas Lilladher Pvt Ltd SURAJIT PAL accumulate 4 M 853 12 month 08.08.2013
SBI Capital Markets VIVEK KUMAR hold 3 M 861 12 month 08.08.2013
Sunidhi Consultancy Services RASHMI SANCHETI neutral 3 D 850 12 month 08.08.2013
Emkay Share & Stock Brokers ASHISH RATHI buy 5 M 942 Not Provided 08.08.2013
Tata Securities Limited VIHARI PURUSHOTHAMAN hold 3 M 771 12 month 08.08.2013
Angel Broking Limited SARABJIT KOUR NANGRA accumulate 4 D 904 12 month 08.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 876 Not Provided 08.08.2013
Asian Markets Securities Pvt. Ltd ASHISH THAVKAR buy 5 M 910 12 month 08.08.2013
Avendus Capital Private Ltd MONICA JOSHI hold 3 M 795 Not Provided 08.08.2013
Holdings By:
Lupin Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Nestle India Ltd. manufactures brand name milk products and other food products.
The Company's products include Everyday dairy whitener, milk powder and ghee,
Milkmaid sweetened condensed milk and Cerelac weaning foods. Nestle's beverages
include Nescafe and Sunrise coffee and Nesfit enriched glucose powder. Nestle
also manufactures Maggi noodles, soups and sauces.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (18.07.2013) 5'864.85
52-Week Low (01.10.2012) 4'407.00
Daily Volume
5180
52-Week High % Change -11.68% Dividend Yield 0.94
52-Week Low % Change 17.54% Beta 0.43
% 52 Week Price Range High/Low 54.30% Equity Float 32.18
Shares Out 25.09.2013 96.4 Short Int -
499'433.41 1 Yr Total Return 18.07%
Total Debt 10'501.90 YTD Return 4.43%
Preferred Stock 0.0 Adjusted BETA 0.427
Minority Interest 0.0 Analyst Recs 40
Cash and Equivalents 5'907.30 Consensus Rating 2.325
Enterprise Value 500'396.01
Average Volume 5 Day 3'675
NEST IB EQUITY YTD Change - Average Volume 30 Day 6'457
NEST IB EQUITY YTD % CHANGE - Average Volume 3 Month 5'440
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
43'242.5 51'293.8 62'547.4 74'908.2 83'022.6 79'518.1 87'295.2 - - - -
3.19x 4.72x 5.82x 5.35x 5.85x 10.66x 10.94x - - - -
8'671.4 10'373.9 12'637.9 16'791.1 19'145.3 17'325.1 19'915.0 - - - -
15.89x 23.34x 28.78x 23.88x 25.38x 25.77x 23.55x - - - -
5'340.8 6'550.0 8'186.6 9'615.5 10'679.3 10'137.1 10'967.1 - - - -
26.23x 37.51x 44.92x 41.06x 45.07x 43.17x 42.68x - - - -
EBITDA 19'145.30 Long-Term Rating Date -
EBIT 16'373.80 Long-Term Rating -
Operating Margin 19.72% Long-Term Outlook -
Pretax Margin 18.70% Short-Term Rating Date -
Return on Assets 22.33% Short-Term Rating -
Return on Common Equity 69.52%
Return on Capital 42.71% EBITDA/Interest Exp. 22.93
Asset Turnover 1.74% (EBITDA-Capex)/Interest Exp. 11.23
Net Debt/EBITDA 0.24
Gross Margin - Total Debt/EBITDA 0.55
EBITDA Margin 23.1%
EBIT Margin 19.7% Total Debt/Equity 58.4%
Net Income Margin 12.9% Total Debt/Capital 36.9%
Asset Turnover 1.74
Current Ratio 1.32 Net Fixed Asset Turnover 2.54
Quick Ratio 0.60 Accounts receivable turnover-days 4.47
Debt to Assets 20.34% Inventory Days -
Tot Debt to Common Equity 58.40% Accounts Payable Turnover Day -
Accounts Receivable Turnover 81.80 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Nestle India LtdPrice/Volume
Valuation Analysis
6'818.00
Current Price (10/dd/yy) Market Data
,
-,,,
.,,,
0,,,
1,,,
2,,,
3,,,
4,,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
', E
', E
', E
', E
'- E
'- E
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
02',,
1,',,
12',,
,0',-'.,-, ,0',4'.,-, ,0',-'.,-- ,0',4'.,-- ,0',-'.,-. ,0',4'.,-. ,0',-'.,-0 ,0',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NESTLE SA n/a Co File 33'051'399 34.28 - 30.06.2013 Corporation
MAGGI ENTERPRISES LT n/a Co File 27'463'680 28.48 - 30.06.2013 Corporation
LIFE INSURANCE CORP n/a Co File 2'400'443 2.49 - 30.06.2013 Government
ARISAIG PARTNERS ASI n/a Co File 1'833'651 1.9 - 30.06.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 1'682'800 1.75 - 31.07.2013 Investment Advisor
VIRTUS EMERGING MARK n/a Co File 1'317'473 1.37 - 30.06.2013 n/a
HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 1'317'473 1.37 18'247 28.06.2013 Unclassified
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 1'020'621 1.06 (4'622) 30.04.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 632'480 0.66 131'802 30.06.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 389'177 0.4 (4'662) 31.08.2013 Investment Advisor
BLACKSTONE ASIA ADVI Multiple Portfolios MF-AGG 320'118 0.33 - 28.06.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 275'798 0.29 8'752 31.08.2013 Investment Advisor
TATA AIA LIFE INSURA Multiple Portfolios MF-AGG 265'685 0.28 - 28.06.2013 Investment Advisor
COMMONWEALTH BANK OF n/a ULT-AGG 249'312 0.26 88'501 31.05.2013 Bank
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 229'856 0.24 4'183 30.06.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 216'500 0.22 (139'000) 30.04.2013 Investment Advisor
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 201'201 0.21 (5'000) 31.08.2013 Investment Advisor
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 136'000 0.14 21'975 31.05.2013 Investment Advisor
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 134'415 0.14 2'092 31.08.2013 Investment Advisor
IDFC MUTUAL FUND Multiple Portfolios MF-AGG 107'662 0.11 - 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Ambit Capital Pvt Ltd RAKSHIT RANJAN sell 1 M 4'389 12 month 30.09.2013
Standard Chartered SANJAY SINGH underperform 1 M 4'541 12 month 27.09.2013
BNP Paribas Equity Research VIJAY CHUGH reduce 2 M 4'400 12 month 27.09.2013
Axis Capital Limited HEMANT B PATEL hold 3 M 4'665 Not Provided 27.09.2013
IIFL PERCY PANTHAKI add 4 M 5'300 12 month 26.09.2013
Nomura MANISH JAIN neutral 3 M 4'810 Not Provided 22.09.2013
ICICI Securities ANAND MOUR reduce 2 M 5'178 12 month 13.09.2013
Goldman Sachs PUNEET JAIN Sell/Neutral 1 M 3'690 12 month 11.09.2013
Quant Broking Pvt Ltd HIMANSHU NAYYAR accumulate 4 N 5'461 12 month 02.09.2013
Anand Rathi Securities Pvt. Ltd. ANIRUDDHA JOSHI buy 5 M 5'582 Not Provided 23.08.2013
Motilal Oswal Securities Ltd GAUTAM DUGGAD neutral 3 M 5'300 Not Provided 19.08.2013
Angel Broking Limited SRINIVASAN VISWANATHAN neutral 3 M #N/A N/A Not Provided 08.08.2013
UBS SUNITA SACHDEV buy 5 M 6'000 12 month 06.08.2013
Espirito Santo Investment Bank ResearchNITIN MATHUR sell 1 M 4'800 Not Provided 05.08.2013
IDFC Securities Ltd NIKHIL K VORA outperform 5 M 5'643 12 month 02.08.2013
Antique Stock Broking Limited ABHIJEET KUNDU hold 3 M 4'845 Not Provided 01.08.2013
Deutsche Bank MANOJ MENON sell 1 M 4'500 12 month 31.07.2013
Credit Suisse ARNAB MITRA underperform 1 M 4'860 Not Provided 31.07.2013
HSBC AMIT SACHDEVA underweight 1 M 5'100 Not Provided 31.07.2013
CIMB VARUN LOHCHAB underperform 1 M 5'000 12 month 31.07.2013
Kotak Securities ROHIT CHORDIA sell 1 M 4'200 Not Provided 31.07.2013
Batlivala & Karani Securities ASHIT DESAI underperform 1 M 4'750 Not Provided 31.07.2013
Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA accumulate 4 M 5'000 Not Provided 31.07.2013
Edelweiss Capital ABNEESH ROY hold 3 M 5'278 12 month 31.07.2013
KR Choksey Shares & Sec Pvt Ltd KUNAL DALAL sell 1 M 4'842 Not Provided 31.07.2013
Morgan Stanley NILLAI SHAH Equalwt/In-Line 3 D 5'500 12 month 29.07.2013
Phillip Securities NAVEEN KULKARNI sell 1 M 4'800 Not Provided 29.07.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 6'278 Not Provided 29.07.2013
ICICIdirect.com SANJAY MANYAL hold 3 M 4'989 15 month 29.07.2013
HDFC Securities HARSH MEHTA sell 1 D 4'420 12 month 27.07.2013
Tata Securities Limited SAMEER DESHMUKH sell 1 M 3'977 12 month 27.07.2013
JPMorgan LATIKA CHOPRA neutral 3 M 4'825 6 month 26.07.2013
Religare Capital Markets GAURANG KAKKAD sell 1 D 4'800 12 month 26.07.2013
Centrum Broking Pvt Ltd ANKIT KEDIA sell 1 D 4'567 Not Provided 11.07.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 06.06.2013
India Infoline TEAM COVERAGE market perform 3 M 5'138 9 month 15.05.2013
Karvy Stock Broking Ltd NAVEEN TRIVEDI sell 1 M 4'692 Not Provided 10.04.2013
Holdings By:
Nestle India Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Tech Mahindra Ltd. develops and markets computer software. The Company markets
software for telecommunications equipment manufacturers, telecom service
providers, software vendors, and systems integrators.
Latest Fiscal Year: 03/2013
LTM as of: 03/yy
52-Week High (03.09.2013) 1'434.30
52-Week Low (07.12.2012) 865.25
Daily Volume
1321.45
52-Week High % Change -7.62% Dividend Yield 0.38
52-Week Low % Change 52.72% Beta 0.69
% 52 Week Price Range High/Low 82.05% Equity Float 156.23
Shares Out 25.09.2013 232.4 Short Int -
307'093.13 1 Yr Total Return 30.11%
Total Debt 13'804.00 YTD Return 42.43%
Preferred Stock 0.0 Adjusted BETA 0.685
Minority Interest 1'089.0 Analyst Recs 51
Cash and Equivalents 7'097.00 Consensus Rating 4.294
Enterprise Value 314'889.13
Average Volume 5 Day 104'885
TECHM IB EQUITY YTD Change - Average Volume 30 Day 181'000
TECHM IB EQUITY YTD % CHANGE - Average Volume 3 Month 162'320
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
44'647.0 46'254.0 51'402.0 54'897.0 68'731.0 54'897.2 68'730.9 178'938.3 197'993.0 44'971.6 45'059.3
0.60x 2.50x 1.83x 1.81x 2.09x 3.35x 3.98x 1.61x 1.33x - -
13'110.0 11'639.0 10'384.0 9'384.0 14'528.0 9'195.6 14'242.9 38'860.4 41'853.6 11'272.0 9'952.0
2.06x 9.93x 9.06x 10.56x 9.88x 10.78x 10.08x 8.11x 7.53x 8.25x 8.60x
10'145.0 7'005.0 6'442.0 10'955.0 12'878.0 10'954.9 12'877.7 26'698.0 28'518.9 7'264.0 6'794.0
3.18x 14.86x 13.10x 8.36x 10.50x 8.35x 10.50x 10.88x 10.23x 11.42x 11.93x
EBITDA 14'528.00 Long-Term Rating Date -
EBIT 12'528.00 Long-Term Rating -
Operating Margin 18.23% Long-Term Outlook -
Pretax Margin 22.45% Short-Term Rating Date -
Return on Assets 16.18% Short-Term Rating -
Return on Common Equity 27.18%
Return on Capital 22.85% EBITDA/Interest Exp. 16.64
Asset Turnover 0.86% (EBITDA-Capex)/Interest Exp. 14.59
Net Debt/EBITDA 0.46
Gross Margin - Total Debt/EBITDA 0.95
EBITDA Margin 21.1%
EBIT Margin 18.2% Total Debt/Equity 25.4%
Net Income Margin 18.7% Total Debt/Capital 20.0%
Asset Turnover 0.86
Current Ratio 1.14 Net Fixed Asset Turnover 7.82
Quick Ratio 0.89 Accounts receivable turnover-days 80.21
Debt to Assets 15.36% Inventory Days -
Tot Debt to Common Equity 25.44% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.55 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Tech Mahindra LtdPrice/Volume
Valuation Analysis
30'558.00
Current Price (10/dd/yy) Market Data
,
.,,
1,,
3,,
5,,
-,,,
-.,,
-1,,
-3,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'2 E-', E-'2 E.', E.'2 E0', E0'2 E1', E1'2 E2', E
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MAHINDRA & MAHINDRA n/a Co File 60'676'252 26.11 - 30.06.2013 Corporation
LIFE INSURANCE CORP n/a Co File 13'033'249 5.61 - 30.06.2013 Government
HSBC GLOBAL INV MAUR n/a Co File 5'184'232 2.23 - 30.06.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 3'769'138 1.62 (382'182) 31.08.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 2'404'874 1.03 - 30.08.2013 Investment Advisor
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 2'286'850 0.98 277'940 31.08.2013 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 2'095'772 0.9 36'243 31.05.2013 Investment Advisor
SUNDARAM ASSET MANAG Multiple Portfolios MF-AGG 1'731'102 0.74 (133'135) 31.08.2013 Investment Advisor
MASTER TRUST BANK OF n/a Co File 1'366'172 0.59 - 30.06.2013 Bank
BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 1'331'717 0.57 28'903 31.08.2013 Investment Advisor
GOVT PENSION FUND GL n/a Co File 1'327'147 0.57 - 30.06.2013 n/a
COPTHALL MAURITIUS I n/a Co File 1'302'198 0.56 - 30.06.2013 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 1'272'977 0.55 (124'966) 31.08.2013 Other
PRINCIPAL FINANCIAL n/a ULT-AGG 1'227'335 0.53 545'106 31.08.2013 Investment Advisor
COMMONWEALTH BANK OF n/a ULT-AGG 1'144'957 0.49 (118'938) 31.05.2013 Bank
BLACKROCK n/a ULT-AGG 1'044'269 0.45 496'333 31.08.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 977'767 0.42 179'722 31.08.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 842'148 0.36 842'148 31.07.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 702'057 0.3 - 31.05.2013 Investment Advisor
DRIEHAUS CAPITAL MAN Multiple Portfolios MF-AGG 672'449 0.29 - 31.07.2013 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
UBS DIVIYA NAGARAJAN buy 5 U 1'650 12 month 27.09.2013
CIMB SANDEEP R SHAH outperform 5 M 1'665 12 month 27.09.2013
JM Financial Institutional Securities P GOVIND AGARWAL buy 5 M 1'600 Not Provided 27.09.2013
Axis Capital Limited PRIYA ROHIRA buy 5 M 1'688 Not Provided 27.09.2013
Credit Suisse ANANTHA NARAYAN outperform 5 M 1'550 Not Provided 26.09.2013
Ambit Capital Pvt Ltd ANKUR RUDRA sell 1 N 1'222 12 month 25.09.2013
Antique Stock Broking Limited PRATISH KRISHNAN buy 5 M 1'600 Not Provided 24.09.2013
Standard Chartered PANKAJ KAPOOR outperform 5 M 1'650 12 month 23.09.2013
Morgan Stanley VIPIN KHARE Overwt/Attractive 5 M 1'650 12 month 23.09.2013
Batlivala & Karani Securities DEEPAN S KAPADIA outperform 5 M 1'625 Not Provided 20.09.2013
Nomura ASHWIN MEHTA neutral 3 M 1'040 Not Provided 17.09.2013
Emkay Share & Stock Brokers MANIK TANEJA accumulate 4 M 1'500 Not Provided 17.09.2013
Angel Broking Limited ANKITA SOMANI buy 5 M 1'531 Not Provided 13.09.2013
Quant Broking Pvt Ltd BASUDEB BANERJEE buy 5 M 1'637 12 month 13.09.2013
Kotak Securities KAWALJEET SALUJA add 4 M 1'500 Not Provided 12.09.2013
Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN buy 5 M 1'650 12 month 12.09.2013
IDBI Capital Market Services Ltd PRATIK GANDHI buy 5 U 1'520 12 month 12.09.2013
HDFC Securities MADHU BABU buy 5 M 1'484 12 month 12.09.2013
Religare Capital Markets RUMIT DUGAR buy 5 M 1'700 12 month 12.09.2013
Edelweiss Capital SANDIP KUMAR AGARWAL buy 5 M 1'500 Not Provided 12.09.2013
Spark Capital Advisors SRIVATHSAN RAMACHANDRAN buy 5 M 1'580 12 month 12.09.2013
Barclays HITESH DAS underweight 1 M 1'250 Not Provided 12.09.2013
IIFL SANDEEP MUTHANGI buy 5 M 1'569 12 month 12.09.2013
India Nivesh Ltd DALJEET SINGH KOHLI buy 5 M 1'504 Not Provided 12.09.2013
IDFC Securities Ltd HITESH SHAH outperform 5 M 1'750 12 month 10.09.2013
Ashika Stock Broking Limited TEAM COVERAGE buy 5 M 1'495 12 month 10.09.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 10.09.2013
Jefferies VISHAL AGARWAL buy 5 U 1'710 12 month 29.08.2013
Deutsche Bank ANIRUDDHA BHOSALE buy 5 M 1'650 12 month 26.08.2013
BNP Paribas Equity Research ABHIRAM ELESWARAPU buy 5 M 1'450 12 month 26.08.2013
Dolat Capital Market Ltd. RAHUL JAIN accumulate 4 M 1'560 Not Provided 23.08.2013
Goldman Sachs RISHI JHUNJHUNWALA Buy/Neutral 5 M 1'500 12 month 22.08.2013
Motilal Oswal Securities Ltd ASHISH CHOPRA buy 5 M 1'580 Not Provided 22.08.2013
Tata Securities Limited ASHISH AGGARWAL buy 5 M 1'659 12 month 19.08.2013
ICICI Securities KULDEEP KOUL add 4 M 1'409 12 month 13.08.2013
Espirito Santo Investment Bank ResearchSOUMITRA CHATTERJEE buy 5 M 1'500 Not Provided 13.08.2013
Sunidhi Consultancy Services NAUSHIL SHAH outperform 5 M 1'410 12 month 13.08.2013
Dalal & Broacha APURVA SHAH hold 3 D 1'327 12 month 13.08.2013
India Infoline ANIRUDDHA MEHTA buy 5 M 1'450 9 month 13.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 1'445 Not Provided 13.08.2013
ICICIdirect.com ABHISHEK SHINDADKAR buy 5 M 1'400 12 month 13.08.2013
Right Horizons Financial Services TUSHAR PENDHARKAR buy 5 M 1'850 12 month 13.08.2013
Maybank Kim Eng URMIL SHAH hold 3 M 1'090 12 month 05.07.2013
Holdings By:
Tech Mahindra Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The
Company's products also include motorcycle parts and accessories.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (11.09.2013) 2'127.70
52-Week Low (15.04.2013) 1'434.05
Daily Volume
1991
52-Week High % Change -6.42% Dividend Yield 3.01
52-Week Low % Change 38.84% Beta 0.78
% 52 Week Price Range High/Low 82.86% Equity Float 102.05
Shares Out 25.09.2013 199.7 Short Int -
397'577.81 1 Yr Total Return 9.19%
Total Debt 0.00 YTD Return 8.20%
Preferred Stock 0.0 Adjusted BETA 0.781
Minority Interest 0.0 Analyst Recs 69
Cash and Equivalents 31'443.10 Consensus Rating 3.217
Enterprise Value 366'134.71
Average Volume 5 Day 24'263
HMCL IB EQUITY YTD Change - Average Volume 30 Day 33'576
HMCL IB EQUITY YTD % CHANGE - Average Volume 3 Month 49'681
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
123'191.2 157'581.8 192'450.3 233'680.5 235'827.4 239'381.9 235'018.0 - - - -
1.48x 2.24x 1.40x 1.61x 1.17x 3.19x 2.70x - - - -
17'362.5 27'363.5 26'003.3 36'657.0 33'046.3 37'238.1 32'628.4 - - - -
10.50x 12.88x 10.40x 10.29x 8.37x 0.00x 0.00x - - - -
12'817.6 22'318.3 19'279.0 23'781.3 21'181.6 24'357.0 20'512.8 - - - -
16.69x 17.40x 16.46x 17.26x 14.54x 17.62x 16.19x - - - -
EBITDA 33'046.30 Long-Term Rating Date -
EBIT 21'628.80 Long-Term Rating -
Operating Margin 9.17% Long-Term Outlook -
Pretax Margin 10.72% Short-Term Rating Date -
Return on Assets 21.69% Short-Term Rating -
Return on Common Equity 45.57%
Return on Capital 45.79% EBITDA/Interest Exp. 277.47
Asset Turnover 2.41% (EBITDA-Capex)/Interest Exp. 226.45
Net Debt/EBITDA -0.95
Gross Margin - Total Debt/EBITDA 0.00
EBITDA Margin 14.0%
EBIT Margin 9.2% Total Debt/Equity 0.0%
Net Income Margin 9.0% Total Debt/Capital 0.0%
Asset Turnover 2.41
Current Ratio 1.22 Net Fixed Asset Turnover 12.63
Quick Ratio 0.91 Accounts receivable turnover-days 7.13
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 51.17 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Hero MotoCorp LtdPrice/Volume
Valuation Analysis
19'322.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
2,,
-,,,
-2,,
.,,,
.2,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'. E
'1 E
'3 E
'5 E
-', E
-'. E
-'1 E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HERO INVESTMENTS PVT n/a Co File 86'531'210 43.33 - 30.06.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 19'505'281 9.77 725'296 31.07.2013 Investment Advisor
BAHADUR CHAND INVEST n/a Co File 17'306'250 8.67 - 30.06.2013 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 12'052'757 6.04 - 30.06.2013 Investment Advisor
LIFE INSURANCE CORP n/a Co File 10'681'698 5.35 - 30.06.2013 Government
VANGUARD GROUP INC n/a ULT-AGG 2'268'341 1.14 258'322 30.06.2013 Investment Advisor
BLACKSTONE ASIA ADVI Multiple Portfolios MF-AGG 1'252'500 0.63 - 28.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 1'148'959 0.58 (1'708) 27.09.2013 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 989'117 0.5 - 28.06.2013 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 915'534 0.46 (264'000) 31.05.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 780'127 0.39 (459'798) 31.08.2013 Investment Advisor
EDINBURGH FUND MANAG Multiple Portfolios MF-AGG 653'000 0.33 - 31.07.2013 Investment Advisor
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 572'480 0.29 282'106 31.08.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 513'410 0.26 (4'396) 30.06.2013 Investment Advisor
AIG GLOBAL INVESTMEN Multiple Portfolios MF-AGG 502'744 0.25 (16'262) 30.06.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 500'000 0.25 - 31.05.2013 Bank
L&T INVESTMENT MANAG Multiple Portfolios MF-AGG 373'411 0.19 260'961 31.08.2013 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 356'559 0.18 (50'000) 28.06.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 355'625 0.18 (13'299) 31.05.2013 Investment Advisor
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 260'114 0.13 239'100 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited CHIRAG SHAH hold 3 M 1'835 Not Provided 27.09.2013
Nomura KAPIL SINGH neutral 3 M 1'807 Not Provided 27.09.2013
NVS Brokerage Limited TEAM COVERAGE buy 5 M 2'070 Not Provided 27.09.2013
Espirito Santo Investment Bank ResearchADITYA JHAWAR sell 1 N 1'500 Not Provided 25.09.2013
Barclays SAHIL KEDIA underweight 1 M 1'726 Not Provided 21.09.2013
Sunidhi Consultancy Services ABHISHEK GAOSHINDE underperform 1 M 1'851 12 month 18.09.2013
UBS SONAL GUPTA sell 1 M 1'950 12 month 16.09.2013
Prabhudas Lilladher Pvt Ltd SURJIT SINGH ARORA accumulate 4 M 2'176 12 month 13.09.2013
Edelweiss Capital AASHIESH AGARWAAL hold 3 M 2'030 12 month 12.09.2013
Ambit Capital Pvt Ltd ASHVIN SHETTY sell 1 M 1'950 Not Provided 12.09.2013
Anand Rathi Securities Pvt. Ltd. ROHAN KORDE sell 1 M 1'854 Not Provided 11.09.2013
HDFC Securities SORABH TALWAR sell 1 D 1'775 12 month 11.09.2013
Batlivala & Karani Securities ANNAMALAI JAYARAJ outperform 5 M 1'873 Not Provided 06.09.2013
Macquarie AMIT MISHRA neutral 3 D 1'950 12 month 05.09.2013
Standard Chartered AMIT KASAT in-line 3 M 1'673 12 month 03.09.2013
Angel Broking Limited YARESH KOTHARI neutral 3 M #N/A N/A Not Provided 03.09.2013
Antique Stock Broking Limited ASHISH NIGAM buy 5 M 2'028 Not Provided 03.09.2013
IIFL JOSEPH GEORGE buy 5 M 2'250 12 month 03.09.2013
IDFC Securities Ltd PRAMOD KUMAR underperform 1 M 1'615 12 month 02.09.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 02.09.2013
India Nivesh Ltd ABHISHEK JAIN accumulate 4 M 2'176 Not Provided 02.09.2013
Deutsche Bank AMYN PIRANI sell 1 M 1'600 12 month 30.08.2013
Kotak Securities HITESH GOEL add 4 M 2'000 Not Provided 27.08.2013
Religare Capital Markets MIHIR JHAVERI buy 5 M 2'050 12 month 27.08.2013
Fortune Equity Brokers (India) Ltd MAHANTESH SABARAD hold 3 D 1'962 Not Provided 24.08.2013
Jefferies GOVINDARAJAN CHELLAPPA buy 5 M 2'400 12 month 22.08.2013
JM Financial Institutional Securities P AMBRISH MISHRA buy 5 M 1'951 Not Provided 22.08.2013
Daiwa Securities Co. Ltd. NAVIN MATTA hold 3 D 1'940 Not Provided 19.08.2013
Motilal Oswal Securities Ltd JINESH K GANDHI buy 5 M 2'149 12 month 19.08.2013
BNP Paribas Equity Research VIJAY CHUGH hold 3 M 1'925 12 month 07.08.2013
Morgan Stanley BINAY SINGH Equalwt/In-Line 3 U 1'747 12 month 06.08.2013
Brics Securities UMESH KARNE add 4 M 1'786 Not Provided 06.08.2013
IDBI Capital Market Services Ltd BHAUMIK BHATIA hold 3 M 1'783 Not Provided 31.07.2013
Goldman Sachs SANDEEP PANDYA Buy/Neutral 5 M 2'099 12 month 28.07.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 D 2'040 Not Provided 26.07.2013
Shah Investor's Home Limited HARSH MEHTA hold 3 D 1'953 12 month 26.07.2013
JHP Securities Private Limited ROHAN J ADMANE hold 3 M 1'841 12 month 26.07.2013
HSBC YOGESH AGGARWAL overweight 5 U 2'100 Not Provided 25.07.2013
Phillip Securities DEEPAK JAIN sell 1 M 1'680 Not Provided 25.07.2013
LKP Shares and Securities Ltd ASHWIN PATIL buy 5 U 2'090 12 month 25.07.2013
Karvy Stock Broking Ltd MITUL SHAH hold 3 M 1'875 Not Provided 25.07.2013
India Infoline PRAYESH JAIN market perform 3 D 1'910 9 month 25.07.2013
KR Choksey Shares & Sec Pvt Ltd KUNAL DALAL buy 5 M 2'032 12 month 25.07.2013
Holdings By:
Hero MotoCorp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Ultra Tech Cement Ltd. produces a wide range of cement products. This Company
represents the cement operations of Larsen & Toubro which were spun-off into a
separate entity in which Grasim Industries holds a majority interest.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (12.10.2012) 2'074.80
52-Week Low (29.08.2013) 1'404.95
Daily Volume
1807
52-Week High % Change -12.43% Dividend Yield 0.50
52-Week Low % Change 28.62% Beta 0.84
% 52 Week Price Range High/Low 60.40% Equity Float 100.19
Shares Out 25.09.2013 274.2 Short Int -
495'498.38 1 Yr Total Return -10.11%
Total Debt 63'964.10 YTD Return -8.41%
Preferred Stock 0.0 Adjusted BETA 0.843
Minority Interest 781.2 Analyst Recs 58
Cash and Equivalents 33'065.30 Consensus Rating 3.534
Enterprise Value 527'178.37
Average Volume 5 Day 6'160
UTCEM IB EQUITY YTD Change - Average Volume 30 Day 58'214
UTCEM IB EQUITY YTD % CHANGE - Average Volume 3 Month 30'063
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
65'636.4 71'750.7 136'874.0 190'774.6 211'561.2 - - 232'092.4 265'918.9 - -
1.21x 1.99x 2.30x 2.32x 2.57x - - 2.25x 1.97x - -
17'383.2 19'806.5 26'906.5 41'621.5 48'118.1 - - 49'626.1 59'533.3 - -
4.56x 7.20x 11.68x 10.64x 11.31x - - 10.63x 8.85x - -
9'780.6 10'952.0 13'673.5 24'032.6 26'777.3 - - 28'209.9 32'950.6 - -
7.02x 13.13x 22.68x 17.27x 19.13x - - 17.63x 15.23x - -
EBITDA 48'118.10 Long-Term Rating Date -
EBIT 37'884.40 Long-Term Rating -
Operating Margin 17.91% Long-Term Outlook -
Pretax Margin 18.28% Short-Term Rating Date -
Return on Assets 9.83% Short-Term Rating -
Return on Common Equity 19.09%
Return on Capital 14.21% EBITDA/Interest Exp. 12.91
Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. 3.83
Net Debt/EBITDA 0.64
Gross Margin - Total Debt/EBITDA 1.33
EBITDA Margin 22.7%
EBIT Margin 17.9% Total Debt/Equity 42.0%
Net Income Margin 12.7% Total Debt/Capital 29.5%
Asset Turnover 0.78
Current Ratio 1.03 Net Fixed Asset Turnover 1.30
Quick Ratio 0.58 Accounts receivable turnover-days 21.26
Debt to Assets 21.62% Inventory Days -
Tot Debt to Common Equity 42.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 17.16 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Ultratech Cement LtdPrice/Volume
Valuation Analysis
11'622.00
Current Price (10/dd/yy) Market Data
,
2,,
-,,,
-2,,
.,,,
.2,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'. E
'1 E
'3 E
'5 E
-', E
-'. E
-'1 E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GRASIM INDUSTRIES LT n/a Co File 165'335'150 60.29 - 30.06.2013 Corporation
ABERDEEN n/a ULT-AGG 19'046'608 6.95 7'074'575 31.07.2013 Investment Advisor
LIFE INSURANCE CORP n/a Co File 7'281'150 2.66 - 30.06.2013 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 6'775'152 2.47 (4'268'526) 30.06.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 5'962'555 2.17 220'140 31.07.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'925'570 0.7 33'340 31.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 1'884'712 0.69 143'281 30.06.2013 Investment Advisor
TURQUOISE INVESTMENT n/a Co File 1'778'626 0.65 - 30.06.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'526'187 0.56 218'594 30.06.2013 Investment Advisor
TRAPTI TRADING AND I n/a Co File 1'382'528 0.5 - 30.06.2013 Corporation
HINDALCO INDUSTRIES n/a Co File 1'313'748 0.48 - 30.06.2013 Corporation
BLACKSTONE ASIA ADVI Multiple Portfolios MF-AGG 948'000 0.35 - 28.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 890'763 0.32 (1'529) 27.09.2013 Investment Advisor
FMR LLC n/a ULT-AGG 531'867 0.19 56'544 31.08.2013 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 435'187 0.16 (42'000) 31.05.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 401'430 0.15 (7'000) 28.06.2013 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 372'000 0.14 (71'770) 28.06.2013 Investment Advisor
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 322'297 0.12 163'490 31.03.2013 Investment Advisor
MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 286'000 0.1 - 31.07.2013 Investment Advisor
L&T INVESTMENT MANAG Multiple Portfolios MF-AGG 263'300 0.1 - 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Ashika Stock Broking Limited TEAM COVERAGE buy 5 N 2'045 Not Provided 01.10.2013
IDFC Securities Ltd BHOOMIKA NAIR underperform 1 M 1'650 Not Provided 30.09.2013
ICICIdirect.com RASHESH SHAH buy 5 M 2'040 Not Provided 30.09.2013
Anand Rathi Securities Pvt. Ltd. JASPREET SINGH ARORA buy 5 M 2'170 Not Provided 27.09.2013
Quant Broking Pvt Ltd MANGESH BHADANG accumulate 4 M 1'823 Not Provided 27.09.2013
IIFL J RADHAKRISHNAN buy 5 M 2'048 12 month 26.09.2013
HSBC JIGAR MISTRY neutral 3 M 1'864 Not Provided 23.09.2013
Espirito Santo Investment Bank ResearchRITESH SHAH buy 5 N 2'221 Not Provided 20.09.2013
Centrum Broking Pvt Ltd SANJEEV KUMAR SINGH buy 5 M 1'968 Not Provided 18.09.2013
Spark Capital Advisors VIJAYARAGHAVAN SWAMINATHAN add 4 M 1'860 12 month 17.09.2013
Ambit Capital Pvt Ltd NITIN BHASIN sell 1 M 1'640 12 month 16.09.2013
Maybank Kim Eng JIGAR A SHAH buy 5 M 1'995 12 month 13.09.2013
SBI Capital Markets MILIND RAGINWAR hold 3 M 1'691 12 month 13.09.2013
Emkay Share & Stock Brokers AJIT MOTWANI accumulate 4 U 1'900 Not Provided 13.09.2013
JPMorgan PINAKIN M PAREKH underweight 1 M 1'550 6 month 12.09.2013
Jefferies ANAND AGARWAL hold 3 M 2'130 12 month 12.09.2013
CIMB RAHUL JAIN outperform 5 M 2'097 12 month 12.09.2013
Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR reduce 2 M 1'592 12 month 12.09.2013
JM Financial Institutional Securities P NAVEEN JAIN buy 5 M 2'000 Not Provided 12.09.2013
Motilal Oswal Securities Ltd JINESH K GANDHI buy 5 M 2'076 12 month 12.09.2013
HDFC Securities ANKUR KULSHRESTHA neutral 3 M 1'765 12 month 12.09.2013
Tata Securities Limited NIRAJ AGARWALLA hold 3 M 1'780 12 month 12.09.2013
Religare Capital Markets MIHIR JHAVERI buy 5 M 2'000 12 month 12.09.2013
Edelweiss Capital NAVIN SAHADEO hold 3 M 1'846 12 month 12.09.2013
Antique Stock Broking Limited NIRAV SHAH buy 5 M 1'835 Not Provided 12.09.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 1'960 Not Provided 12.09.2013
Avendus Capital Private Ltd JIMESH SANGHVI hold 3 D 1'891 Not Provided 12.09.2013
Elara Securities India Pvt Ltd RAVI SODAH accumulate 4 M 2'055 Not Provided 12.09.2013
India Nivesh Ltd DALJEET SINGH KOHLI not rated #N/A N/A M #N/A N/A Not Provided 12.09.2013
Nirmal Bang Institutional Equities AMIT K SRIVASTAVA buy 5 M 2'025 Not Provided 12.09.2013
Morgan Stanley ASHISH G JAIN Equalwt/In-Line 3 M 2'050 12 month 11.09.2013
ICICI Securities KRUPAL MANIAR buy 5 M 2'100 12 month 11.09.2013
Goldman Sachs NAVIN GUPTA neutral/neutral 3 M 1'300 12 month 09.09.2013
Deutsche Bank CHOCKALINGAM NARAYANAN hold 3 M 1'860 12 month 06.09.2013
Kotak Securities MURTUZA ARSIWALLA reduce 2 U 1'650 Not Provided 06.09.2013
Axis Capital Limited JAGDISHWAR TOPPO sell 1 M 1'751 Not Provided 06.09.2013
Sharekhan Ltd TEAM COVERAGE hold 3 M 2'100 Not Provided 28.08.2013
FinQuest Securities (P) Ltd. DARYL PHILIP sell 1 M 1'505 12 month 07.08.2013
Angel Broking Limited SRINIVASAN VISWANATHAN neutral 3 M #N/A N/A Not Provided 06.08.2013
Batlivala & Karani Securities PRITAM LALA outperform 5 M 2'020 Not Provided 30.07.2013
IDBI Capital Market Services Ltd SUDEEP ANAND hold 3 U 1'830 Not Provided 30.07.2013
Karvy Stock Broking Ltd RAJESH KUMAR RAVI buy 5 M 2'087 12 month 30.07.2013
India Infoline HEMANT NAHATA market perform 3 M 1'720 12 month 30.07.2013
Holdings By:
Ultratech Cement Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Maruti Suzuki India Limited manufactures and exports automobiles. Maruti
collaborated with Suzuki of Japan to produce affordable cars for the average
Indian.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (20.05.2013) 1'773.45
52-Week Low (28.08.2013) 1'217.00
Daily Volume
1378.3
52-Week High % Change -22.27% Dividend Yield 0.58
52-Week Low % Change 13.25% Beta 0.95
% 52 Week Price Range High/Low 25.33% Equity Float 98.20
Shares Out 25.09.2013 302.1 Short Int -
416'356.97 1 Yr Total Return 2.15%
Total Debt 15'688.00 YTD Return -6.90%
Preferred Stock 0.0 Adjusted BETA 0.953
Minority Interest 106.0 Analyst Recs 67
Cash and Equivalents 57'396.00 Consensus Rating 4.179
Enterprise Value 374'754.95
Average Volume 5 Day 49'791
MSIL IB EQUITY YTD Change - Average Volume 30 Day 68'650
MSIL IB EQUITY YTD % CHANGE - Average Volume 3 Month 66'145
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
206'622.0 295'915.0 363'330.0 351'972.0 432'159.0 - - 468'347.9 534'874.8 - -
0.98x 1.23x 0.84x 0.99x 0.80x - - 0.77x 0.63x - -
18'746.0 39'462.0 36'891.0 26'793.0 44'688.0 - - 47'474.3 56'411.6 - -
10.77x 9.25x 8.27x 13.04x 7.73x - - 7.90x 6.65x - -
12'274.0 26'247.0 23'824.0 16'812.0 24'692.0 - - 28'065.2 34'114.7 - -
18.36x 15.61x 15.31x 23.21x 15.67x - - 14.47x 12.08x - -
EBITDA 44'688.00 Long-Term Rating Date -
EBIT 25'791.00 Long-Term Rating -
Operating Margin 5.97% Long-Term Outlook -
Pretax Margin 7.15% Short-Term Rating Date -
Return on Assets 9.77% Short-Term Rating -
Return on Common Equity 14.23%
Return on Capital 13.80% EBITDA/Interest Exp. 27.18
Asset Turnover 1.71% (EBITDA-Capex)/Interest Exp. 5.44
Net Debt/EBITDA -0.93
Gross Margin - Total Debt/EBITDA 0.35
EBITDA Margin 10.3%
EBIT Margin 6.0% Total Debt/Equity 8.2%
Net Income Margin 5.7% Total Debt/Capital 7.6%
Asset Turnover 1.71
Current Ratio 1.55 Net Fixed Asset Turnover 4.27
Quick Ratio 1.04 Accounts receivable turnover-days 10.54
Debt to Assets 5.71% Inventory Days -
Tot Debt to Common Equity 8.24% Accounts Payable Turnover Day -
Accounts Receivable Turnover 34.63 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Maruti Suzuki India LtdPrice/Volume
Valuation Analysis
96'059.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,.,,1,,3,,5,,
-,,,-.,,-1,,-3,,-5,,.,,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'- E
'. E
'0 E
'1 E
'2 E
'3 E
'4 E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
400'000.0
450'000.0
500'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
-3',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SUZUKI MOTOR CORP n/a Co File 169'788'440 56.21 - 30.06.2013 Corporation
LIFE INSURANCE CORP n/a Co File 19'655'540 6.51 - 30.06.2013 Government
HSBC GLOBAL INVESTME n/a EXCH 14'433'936 4.78 - 29.06.2012 n/a
CREDIT SUISSE/SINGAP n/a Co File 6'090'230 2.02 - 30.06.2013 Bank
HSBC GLOBAL INV MAUR n/a Co File 5'281'055 1.75 - 30.06.2013 Investment Advisor
ICICI PRUDENTIAL LIF n/a Co File 4'700'762 1.56 - 30.06.2013 Insurance Company
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4'076'725 1.35 2'098'338 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 2'897'779 0.96 - 31.12.2012 Government
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 2'579'351 0.85 (609'572) 31.08.2013 Other
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 2'326'059 0.77 751'232 31.08.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'235'468 0.74 (33'682) 31.08.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'043'629 0.68 99'265 31.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 1'865'876 0.62 198'548 30.06.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 1'743'746 0.58 5'354 31.07.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 1'474'452 0.49 162'084 31.08.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'225'608 0.41 (253'125) 28.06.2013 Investment Advisor
CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 887'681 0.29 (129'354) 28.06.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 876'011 0.29 74'682 27.09.2013 Investment Advisor
HARDING LOEVNER LP Multiple Portfolios MF-AGG 782'800 0.26 - 30.04.2013 Investment Advisor
L&T INVESTMENT MANAG Multiple Portfolios MF-AGG 661'329 0.22 83'788 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan ADITYA MAKHARIA underweight 1 M 1'350 6 month 01.10.2013
BNP Paribas Equity Research VIJAY CHUGH reduce 2 M 1'100 12 month 27.09.2013
Axis Capital Limited CHIRAG SHAH buy 5 M 1'419 Not Provided 27.09.2013
Nomura KAPIL SINGH buy 5 M 1'805 Not Provided 27.09.2013
Antique Stock Broking Limited ASHISH NIGAM buy 5 M 1'720 Not Provided 26.09.2013
NVS Brokerage Limited TEAM COVERAGE buy 5 M 1'450 Not Provided 26.09.2013
India Nivesh Ltd ABHISHEK JAIN buy 5 M 1'610 Not Provided 26.09.2013
Sharekhan Ltd TEAM COVERAGE hold 3 M 1'589 Not Provided 24.09.2013
Barclays SAHIL KEDIA overweight 5 M 1'764 Not Provided 21.09.2013
Sunidhi Consultancy Services ABHISHEK GAOSHINDE underperform 1 M 1'267 12 month 18.09.2013
Spark Capital Advisors MUKESH SARAF reduce 2 D 1'325 12 month 18.09.2013
CIMB PRAMOD AMTHE outperform 5 M 1'702 12 month 16.09.2013
Kotak Securities HITESH GOEL reduce 2 U 1'330 Not Provided 13.09.2013
Edelweiss Capital AASHIESH AGARWAAL buy 5 M 1'637 12 month 12.09.2013
Ambit Capital Pvt Ltd ASHVIN SHETTY buy 5 M 1'630 Not Provided 12.09.2013
HSBC YOGESH AGGARWAL overweight 5 M 1'600 Not Provided 09.09.2013
Macquarie AMIT MISHRA neutral 3 M 1'350 12 month 05.09.2013
Morgan Stanley BINAY SINGH Overwt/In-Line 5 M 1'428 12 month 04.09.2013
JM Financial Institutional Securities P AMBRISH MISHRA buy 5 M 1'900 12 month 04.09.2013
India Infoline PRAYESH JAIN buy 5 M 1'528 Not Provided 04.09.2013
Standard Chartered AMIT KASAT outperform 5 M 1'886 12 month 03.09.2013
Credit Suisse JATIN CHAWLA outperform 5 M 1'540 Not Provided 03.09.2013
Anand Rathi Securities Pvt. Ltd. ROHAN KORDE sell 1 M 1'250 Not Provided 03.09.2013
HDFC Securities SORABH TALWAR buy 5 U 1'526 12 month 03.09.2013
Angel Broking Limited YARESH KOTHARI buy 5 M 1'571 Not Provided 03.09.2013
IIFL JOSEPH GEORGE buy 5 M 1'800 12 month 03.09.2013
Deutsche Bank B SRINIVAS RAO buy 5 M 1'450 12 month 02.09.2013
Jefferies GOVINDARAJAN CHELLAPPA buy 5 M 1'450 12 month 02.09.2013
IDFC Securities Ltd PRAMOD KUMAR outperform 5 M 1'765 12 month 02.09.2013
Centrum Broking Pvt Ltd AJAY SHETHIYA buy 5 M 1'641 Not Provided 02.09.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 1'330 Not Provided 29.08.2013
Quant Broking Pvt Ltd BASUDEB BANERJEE buy 5 M 1'602 Not Provided 26.08.2013
Fortune Equity Brokers (India) Ltd MAHANTESH SABARAD buy 5 U 1'450 Not Provided 24.08.2013
ICICIdirect.com NISHANT VAAS buy 5 M 1'663 Not Provided 20.08.2013
Daiwa Securities Co. Ltd. NAVIN MATTA buy 5 U 1'630 Not Provided 19.08.2013
Motilal Oswal Securities Ltd JINESH K GANDHI buy 5 M 1'736 Not Provided 19.08.2013
Brics Securities UMESH KARNE buy 5 M 1'615 Not Provided 06.08.2013
Prabhudas Lilladher Pvt Ltd SURJIT SINGH ARORA buy 5 M 1'620 12 month 05.08.2013
IDBI Capital Market Services Ltd BHAUMIK BHATIA reduce 2 M 1'487 Not Provided 31.07.2013
Maybank Kim Eng JIGAR A SHAH buy 5 M 2'160 12 month 29.07.2013
Sushil Finance Consultants Ltd BHARTI GUPTA hold 3 D 1'480 Not Provided 29.07.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 29.07.2013
Shah Investor's Home Limited HARSH MEHTA buy 5 U 1'525 12 month 29.07.2013
Holdings By:
Maruti Suzuki India Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Coal India Limited produces and markets coal and coal products, as well as
provides related consulting services.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (03.12.2012) 374.05
52-Week Low (30.08.2013) 238.35
Daily Volume
296.1
52-Week High % Change -20.63% Dividend Yield 4.73
52-Week Low % Change 24.23% Beta 0.78
% 52 Week Price Range High/Low 41.75% Equity Float 534.60
Shares Out 25.09.2013 6'316.4 Short Int -
1'870'275.50 1 Yr Total Return -13.28%
Total Debt 13'053.00 YTD Return -12.60%
Preferred Stock 0.0 Adjusted BETA 0.783
Minority Interest 636.0 Analyst Recs 60
Cash and Equivalents 632'147.90 Consensus Rating 4.400
Enterprise Value 1'251'816.65
Average Volume 5 Day 185'621
COAL IB EQUITY YTD Change - Average Volume 30 Day 241'033
COAL IB EQUITY YTD % CHANGE - Average Volume 3 Month 233'368
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
387'888.3 446'152.5 502'292.8 624'154.3 683'027.4 644'169.4 682'745.7 723'467.4 774'850.5 159'619.0 177'969.5
- - 3.59x 2.56x 1.95x 5.09x 4.34x 1.58x 1.34x - -
39'042.3 112'742.5 148'089.0 172'165.5 198'338.5 156'294.5 172'269.7 191'614.5 208'157.8 34'698.0 51'315.0
- - 12.18x 9.27x 6.73x 0.00x 0.00x 6.53x 6.01x 5.98x 5.91x
40'628.1 96'224.5 108'673.5 147'882.0 173'563.6 151'135.4 166'181.4 173'363.2 189'225.4 37'661.7 44'596.8
- - 20.16x 14.69x 11.25x 14.51x 11.50x 10.73x 9.90x 10.33x 10.15x
EBITDA 198'338.50 Long-Term Rating Date -
EBIT 179'951.80 Long-Term Rating -
Operating Margin 26.35% Long-Term Outlook -
Pretax Margin 36.57% Short-Term Rating Date -
Return on Assets 15.19% Short-Term Rating -
Return on Common Equity 39.04%
Return on Capital 37.83% EBITDA/Interest Exp. 634.28
Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 555.80
Net Debt/EBITDA -3.12
Gross Margin - Total Debt/EBITDA 0.07
EBITDA Margin 29.0%
EBIT Margin 26.3% Total Debt/Equity 2.7%
Net Income Margin 25.4% Total Debt/Capital 2.6%
Asset Turnover 0.60
Current Ratio 2.65 Net Fixed Asset Turnover 4.63
Quick Ratio 1.96 Accounts receivable turnover-days 43.13
Debt to Assets 1.07% Inventory Days -
Tot Debt to Common Equity 2.69% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.46 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Coal India LtdPrice/Volume
Valuation Analysis
163'087.00
Current Price (10/dd/yy) Market Data
,
2,
-,,
-2,
.,,
.2,
0,,
02,
1,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'. E
'1 E
'3 E
'5 E
-', E
-'. E
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
800'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 5'684'727'960 90 - 30.06.2013 Government
LIFE INSURANCE CORP n/a Co File 97'031'674 1.54 - 30.06.2013 Government
FRANKLIN RESOURCES n/a ULT-AGG 43'274'895 0.69 (196'184) 28.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 18'437'603 0.29 1'269'880 30.06.2013 Investment Advisor
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 13'609'780 0.22 (121) 31.08.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 11'661'344 0.18 868'640 31.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 11'101'420 0.18 (8'174) 27.09.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 10'050'000 0.16 2'250'000 30.06.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 6'990'891 0.11 208'532 31.03.2013 Investment Advisor
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 6'492'592 0.1 (63'527) 31.08.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 5'699'020 0.09 1'334 31.08.2013 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 5'241'093 0.08 82'415 31.05.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 3'945'675 0.06 1'950'363 31.08.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'298'160 0.05 - 27.09.2013 Investment Advisor
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 2'940'611 0.05 362'166 31.08.2013 Investment Advisor
TATA ASSET MANAGEMEN Multiple Portfolios MF-AGG 2'232'431 0.04 (330'999) 31.08.2013 Investment Advisor
DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 1'769'500 0.03 188'900 28.12.2012 Bank
SOMERSET CAPITAL MAN Multiple Portfolios MF-AGG 1'659'504 0.03 1'594'869 30.06.2013 Investment Advisor
CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 1'535'551 0.02 - 31.12.2012 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 1'511'416 0.02 - 28.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered SATISH KUMAR outperform 5 M 341 12 month 27.09.2013
Axis Capital Limited JAGDISHWAR TOPPO hold 3 M 317 Not Provided 27.09.2013
JM Financial Institutional Securities P ABHISHEK ANAND buy 5 M 330 Not Provided 25.09.2013
Macquarie RAKESH ARORA outperform 5 M 360 12 month 23.09.2013
Nomura ANIRUDH GANGAHAR buy 5 M 398 Not Provided 23.09.2013
Centrum Broking Pvt Ltd ABHISAR JAIN buy 5 M 339 Not Provided 16.09.2013
Angel Broking Limited BHAVESH CHAUHAN neutral 3 M #N/A N/A Not Provided 13.09.2013
Deutsche Bank MANISH SAXENA hold 3 M 285 12 month 05.09.2013
Morgan Stanley VIPUL PRASAD Overwt/In-Line 5 M 413 12 month 05.09.2013
Networth Stock Broking Ltd SUHANI PATEL buy 5 N 353 12 month 05.09.2013
Quant Broking Pvt Ltd KALPESH MAKWANA accumulate 4 M 301 Not Provided 05.09.2013
Religare Capital Markets MISAL SINGH buy 5 M 295 12 month 04.09.2013
HSBC ARUN KUMAR SINGH overweight 5 M 335 Not Provided 03.09.2013
Daiwa Securities Co. Ltd. SAURABH MEHTA buy 5 M 423 Not Provided 02.09.2013
Edelweiss Capital PRASAD BAJI buy 5 M 321 12 month 29.08.2013
Emkay Share & Stock Brokers AMIT GOLCHHA accumulate 4 M 313 Not Provided 28.08.2013
Batlivala & Karani Securities VISHAL BIRAIA buy 5 M 386 Not Provided 21.08.2013
JPMorgan PINAKIN M PAREKH neutral 3 M 310 9 month 20.08.2013
Kotak Securities MURTUZA ARSIWALLA buy 5 M 370 Not Provided 20.08.2013
Motilal Oswal Securities Ltd NALIN BHATT neutral 3 M 296 Not Provided 19.08.2013
Nirmal Bang Institutional Equities GIRIRAJ DAGA buy 5 M 341 Not Provided 19.08.2013
IIFL GOPAL RITOLIA add 4 M 315 12 month 11.08.2013
MSFL - Institutional Business Group TANUJ RASTOGI buy 5 M 352 12 month 08.08.2013
SBI Capital Markets JATIN Y DAMANIA hold 3 M 285 12 month 07.08.2013
SPA Securities Ltd PRASHANT BIYANI buy 5 M 461 12 month 07.08.2013
Ventura Securities Ltd TEAM COVERAGE buy 5 M 442 18 month 07.08.2013
UBS PANKAJ SHARMA buy 5 M 410 12 month 06.08.2013
Anand Rathi Securities Pvt. Ltd. RAJESH ZAWAR hold 3 M 298 Not Provided 06.08.2013
Sunidhi Consultancy Services CHINTAN J MEHTA outperform 5 M 342 12 month 06.08.2013
Aditya Birla Money Limited AKHIL JAIN buy 5 M 361 12 month 06.08.2013
Antique Stock Broking Limited RAHUL MODI buy 5 M 356 Not Provided 06.08.2013
KR Choksey Shares & Sec Pvt Ltd RAJNATH YADAV buy 5 M 318 Not Provided 06.08.2013
Equirus Securities Pvt Ltd ASHUTOSH TIWARI buy 5 M 340 15 month 06.08.2013
Fortune Equity Brokers (India) Ltd TEAM COVERAGE buy 5 M 375 12 month 06.08.2013
Credit Suisse NEELKANTH MISHRA outperform 5 M 425 Not Provided 05.08.2013
Jefferies ANAND AGARWAL hold 3 M 294 12 month 05.08.2013
CIMB RAHUL JAIN underperform 1 M 253 12 month 05.08.2013
Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR accumulate 4 M 305 12 month 05.08.2013
IDFC Securities Ltd PRAKASH JOSHI underperform 1 M 269 12 month 05.08.2013
IDBI Capital Market Services Ltd CHETAN KAPOOR buy 5 M 350 12 month 05.08.2013
HDFC Securities AISHWARYA DEEPAK neutral 3 D 290 12 month 05.08.2013
India Infoline TARANG BHANUSHALI buy 5 M 324 12 month 05.08.2013
Dolat Capital Market Ltd. RAM MODI buy 5 U 320 12 month 05.08.2013
Holdings By:
Coal India Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Tata Steel Ltd. is an integrated steel producer which manufactures a variety of
steel products. The Company's products include steel ball bearing rings, alloy
steel bearing rings, annular forgings, flanges, bearings, welded steel tubes,
cold rolled strips and seamless tubes. Tata Steel also manufactures
metallurgical machinery.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (07.01.2013) 448.10
52-Week Low (07.08.2013) 195.40
Daily Volume
274.55
52-Week High % Change -38.51% Dividend Yield -
52-Week Low % Change 40.51% Beta 1.23
% 52 Week Price Range High/Low 30.15% Equity Float 514.44
Shares Out 25.09.2013 971.2 Short Int -
266'647.13 1 Yr Total Return -29.02%
Total Debt 660'743.20 YTD Return -33.90%
Preferred Stock 212.1 Adjusted BETA 1.226
Minority Interest 16'693.6 Analyst Recs 55
Cash and Equivalents 102'201.20 Consensus Rating 3.618
Enterprise Value 842'094.83
Average Volume 5 Day 1'049'079
TATA IB EQUITY YTD Change - Average Volume 30 Day 1'477'601
TATA IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'270'406
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
1'473'292.6 1'023'931.2 1'187'531.2 1'328'997.0 1'347'115.4 ######### ######### ######### ######### 352'727.7 343'039.5
0.49x 0.99x 0.89x 0.71x 0.65x 1.39x 1.30x 0.64x 0.64x - -
187'616.9 84'118.7 167'466.7 124'167.9 123'212.1 110'494.4 126'059.7 147'512.9 162'896.0 33'599.0 35'424.0
3.83x 12.04x 6.30x 7.63x 7.14x 0.00x 0.00x 5.71x 5.17x 5.62x 5.53x
49'509.0 (20'092.2) 89'826.9 53'897.7 (70'576.2) 6'411.0 (65'164.9) 26'723.5 35'108.3 3'674.7 4'794.8
3.10x - 6.28x 8.41x - 72.37x 0.00x 9.88x 7.60x 12.03x 11.49x
EBITDA 123'212.10 Long-Term Rating Date 09.08.2011
EBIT 67'458.90 Long-Term Rating BB
Operating Margin 5.01% Long-Term Outlook NEG
Pretax Margin -3.00% Short-Term Rating Date -
Return on Assets - Short-Term Rating -
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. 3.29
Asset Turnover - (EBITDA-Capex)/Interest Exp. -0.84
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin 9.5%
EBIT Margin 5.2% Total Debt/Equity 193.4%
Net Income Margin -5.2% Total Debt/Capital 64.8%
Asset Turnover -
Current Ratio 1.04 Net Fixed Asset Turnover -
Quick Ratio 0.46 Accounts receivable turnover-days -
Debt to Assets 44.98% Inventory Days -
Tot Debt to Common Equity 193.36% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Tata Steel LtdPrice/Volume
Valuation Analysis
969'592.00
Current Price (10/dd/yy) Market Data
,2,
-,,-2,.,,.2,0,,02,1,,12,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'2 E
-', E
-'2 E
.', E
.'2 E
0', E
0'2 E
0.0
200'000.0
400'000.0
600'000.0
800'000.0
1'000'000.0
1'200'000.0
1'400'000.0
1'600'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013,',,
,'.,
,'1,
,'3,
,'5,
-',,
-'.,
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TATA SONS LTD n/a Co File 288'898'245 29.75 - 30.06.2013 Holding Company
LIFE INSURANCE CORP n/a Co File 144'806'458 14.91 - 30.06.2013 Government
HDFC ASSET MANAGEMEN n/a Co File 16'881'982 1.74 - 30.06.2013 Investment Advisor
GIC PRIVATE LIMITED n/a ULT-AGG 12'816'905 1.32 - 30.06.2013 Government
NATIONAL INSURANCE C n/a Co File 11'179'459 1.15 - 30.06.2013 Insurance Company
NEW INDIA ASSURANCE n/a Co File 10'784'993 1.11 - 30.06.2013 Government
BLACKROCK n/a ULT-AGG 10'089'988 1.04 - 27.09.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 7'536'672 0.78 200'098 30.04.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 7'212'822 0.74 123'963 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 5'969'914 0.61 - 31.12.2012 Government
FRANKLIN RESOURCES n/a ULT-AGG 5'814'609 0.6 (45'000) 31.03.2013 Investment Advisor
TATA MOTORS LTD n/a Co File 4'432'497 0.46 - 30.06.2013 Corporation
TATA INVESTMENT CORP n/a Co File 3'385'885 0.35 - 30.06.2013 Private Equity
MORGAN STANLEY n/a ULT-AGG 3'187'003 0.33 (453'609) 31.08.2013 Investment Advisor
TATA CHEMICALS LTD n/a Co File 2'491'977 0.26 - 30.06.2013 Corporation
TATA AIG LIFE INS CO n/a EXCH 2'225'377 0.23 75 27.03.2012 Insurance Company
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'010'923 0.21 451'395 31.08.2013 Investment Advisor
EWART INVESTMENTS LT n/a Co File 1'795'142 0.18 - 30.06.2013 Other
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 1'508'252 0.16 (79'421) 31.08.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'480'696 0.15 103'900 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Motilal Oswal Securities Ltd SANJAY JAIN sell 1 M 204 Not Provided 30.09.2013
IIFL BIJAL SHAH add 4 M 331 12 month 30.09.2013
Axis Capital Limited NITESH JAIN hold 3 M 312 Not Provided 27.09.2013
Macquarie RAKESH ARORA outperform 5 M 335 12 month 26.09.2013
BNP Paribas Equity Research KUNAL AGRAWAL hold 3 M 279 12 month 26.09.2013
Batlivala & Karani Securities PRITAM LALA outperform 5 M 340 Not Provided 26.09.2013
Standard Chartered SATISH KUMAR outperform 5 M 337 12 month 24.09.2013
JPMorgan PINAKIN M PAREKH overweight 5 M 500 9 month 20.09.2013
Kotak Securities KAWALJEET SALUJA add 4 M 325 Not Provided 20.09.2013
Nomura AMAR KEDIA buy 5 M 443 Not Provided 20.09.2013
Anand Rathi Securities Pvt. Ltd. RAJESH ZAWAR buy 5 M 380 Not Provided 17.09.2013
Emkay Share & Stock Brokers GOUTAM CHAKRABORTY accumulate 4 M 292 Not Provided 17.09.2013
Centrum Broking Pvt Ltd ABHISAR JAIN sell 1 D 255 Not Provided 16.09.2013
Sanford C. Bernstein & Co VANESSA LAU market perform 3 M 260 12 month 13.09.2013
Angel Broking Limited BHAVESH CHAUHAN buy 5 M 389 Not Provided 13.09.2013
Ambit Capital Pvt Ltd PARITA ASHAR buy 5 M 406 12 month 11.09.2013
ICICI Securities ABHIJIT MITRA buy 5 M 352 12 month 10.09.2013
Quant Broking Pvt Ltd KALPESH MAKWANA reduce 2 M 271 Not Provided 05.09.2013
HSBC JIGAR MISTRY neutral 3 M 300 Not Provided 04.09.2013
Deutsche Bank ABHAY LAIJAWALA buy 5 M 340 12 month 02.09.2013
Maybank Kim Eng ANUBHAV GUPTA buy 5 U 329 12 month 02.09.2013
UBS SANDIP BANSAL buy 5 M 340 12 month 22.08.2013
MSFL - Institutional Business Group TANUJ RASTOGI buy 5 M 296 12 month 16.08.2013
CIMB RAHUL JAIN underperform 1 M 237 12 month 14.08.2013
Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR reduce 2 M 225 12 month 14.08.2013
SBI Capital Markets JATIN Y DAMANIA hold 3 M 260 12 month 14.08.2013
JM Financial Institutional Securities P ASHUTOSH SOMANI buy 5 M 328 12 month 14.08.2013
Phillip Securities DHAWAL DOSHI buy 5 M 333 Not Provided 14.08.2013
Sunidhi Consultancy Services CHINTAN J MEHTA neutral 3 M 279 12 month 14.08.2013
India Infoline TARANG BHANUSHALI buy 5 M 316 12 month 14.08.2013
Edelweiss Capital PRASAD BAJI buy 5 M 365 12 month 14.08.2013
KR Choksey Shares & Sec Pvt Ltd UMESH PATEL buy 5 M 315 12 month 14.08.2013
ICICIdirect.com DEWANG SANGHAVI buy 5 M 285 15 month 14.08.2013
Elara Securities India Pvt Ltd ASHISH KEJRIWAL buy 5 M 405 12 month 14.08.2013
Nirmal Bang Institutional Equities GIRIRAJ DAGA sell 1 M 240 Not Provided 14.08.2013
Morgan Stanley VIPUL PRASAD Overwt/In-Line 5 M 363 12 month 13.08.2013
Credit Suisse NEELKANTH MISHRA underperform 1 M 210 Not Provided 13.08.2013
IDFC Securities Ltd PRAKASH JOSHI underperform 1 M 235 12 month 13.08.2013
Dolat Capital Market Ltd. RAM MODI reduce 2 M 245 Not Provided 13.08.2013
Ambit Capital Pvt Ltd JATIN KOTIAN buy 5 M 406 Not Provided 07.08.2013
VTB Capital WIKTOR BIELSKI buy 5 M 350 12 month 05.08.2013
Barclays CHIRAG SHAH equalweight 3 M 264 Not Provided 02.08.2013
EVA Dimensions TIMOTHY STANISH underweight 1 D #N/A N/A Not Provided 23.07.2013
Holdings By:
Tata Steel Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Grasim Industries Limited is a diversified operating company and part of the
Aditya Birla group. The group manufactures a wide range of products, including
Viscose Staple Fiber(VSF), cement, chemicals and textiles.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (17.10.2012) 3'511.00
52-Week Low (04.09.2013) 2'121.00
Daily Volume
2638.45
52-Week High % Change -24.95% Dividend Yield 0.85
52-Week Low % Change 24.40% Beta 1.04
% 52 Week Price Range High/Low 38.50% Equity Float 81.17
Shares Out 25.09.2013 91.8 Short Int -
242'229.00 1 Yr Total Return -21.66%
Total Debt 95'614.30 YTD Return -15.86%
Preferred Stock 0.0 Adjusted BETA 1.039
Minority Interest 62'209.8 Analyst Recs 37
Cash and Equivalents 50'554.50 Consensus Rating 4.649
Enterprise Value 349'498.60
Average Volume 5 Day 5'698
GRASIM IB EQUITY YTD Change - Average Volume 30 Day 9'448
GRASIM IB EQUITY YTD % CHANGE - Average Volume 3 Month 7'444
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
182'966.1 199'334.2 215'502.3 252'448.9 279'043.2 259'084.8 277'169.5 295'945.7 338'602.3 - 67'829.0
1.07x 1.47x 1.24x 1.23x 1.31x 2.46x 2.69x 1.23x 1.06x - -
45'613.0 59'312.9 50'115.0 55'950.2 59'485.5 56'820.0 56'062.3 59'561.5 71'812.2 - -
4.30x 4.96x 5.32x 5.55x 6.14x 0.00x 0.00x 5.86x 4.86x - -
21'866.6 30'955.3 22'790.1 26'478.1 27'088.1 26'137.9 25'964.0 26'063.8 30'610.9 - 5'471.0
6.63x 8.34x 9.89x 9.10x 9.53x 9.27x 9.75x 9.19x 7.85x - -
EBITDA 59'485.50 Long-Term Rating Date -
EBIT 46'964.90 Long-Term Rating -
Operating Margin 16.83% Long-Term Outlook -
Pretax Margin 18.81% Short-Term Rating Date -
Return on Assets 6.72% Short-Term Rating -
Return on Common Equity 14.75%
Return on Capital 12.39% EBITDA/Interest Exp. 12.47
Asset Turnover 0.69% (EBITDA-Capex)/Interest Exp. -0.15
Net Debt/EBITDA 0.76
Gross Margin - Total Debt/EBITDA 1.61
EBITDA Margin 21.3%
EBIT Margin 16.8% Total Debt/Equity 48.6%
Net Income Margin 9.7% Total Debt/Capital 27.0%
Asset Turnover 0.69
Current Ratio 1.40 Net Fixed Asset Turnover 1.36
Quick Ratio 0.80 Accounts receivable turnover-days 25.61
Debt to Assets 21.69% Inventory Days -
Tot Debt to Common Equity 48.64% Accounts Payable Turnover Day -
Accounts Receivable Turnover 14.25 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Grasim Industries LtdPrice/Volume
Valuation Analysis
1'850.00
Current Price (10/dd/yy) Market Data
,
2,,
-,,,
-2,,
.,,,
.2,,
0,,,
02,,
1,,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
', E
', E
', E
', E
'- E
'- E
'- E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
-',,
.',,
0',,
1',,
2',,
3',,
4',,
5',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ABERDEEN n/a ULT-AGG 6'557'779 7.14 (560'091) 31.07.2013 Investment Advisor
TURQUOISE INVESTMENT n/a Co File 5'908'341 6.44 - 30.06.2013 Investment Advisor
LIFE INSURANCE CORP n/a Co File 5'847'872 6.37 - 30.06.2013 Government
TRAPTI TRADING AND I n/a Co File 5'477'863 5.97 - 30.06.2013 Corporation
PILANI INVESTMENT & n/a Co File 4'300'293 4.68 - 30.06.2013 Holding Company
ICICI PRUDENTIAL LIF n/a Co File 3'230'759 3.52 - 30.06.2013 Insurance Company
TGS INVESTMENT & TRA n/a Co File 2'775'104 3.02 - 30.06.2013 Private Equity
HINDALCO INDUSTRIES n/a Co File 2'299'059 2.5 - 30.06.2013 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 2'277'813 2.48 - 30.06.2013 Investment Advisor
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 1'850'140 2.02 7'199 31.08.2013 Investment Advisor
UNIT TRUST OF INDIA n/a Co File 1'735'437 1.89 - 30.06.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'679'385 1.83 10'311 31.08.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'514'510 1.65 (24'508) 30.04.2013 Investment Advisor
UMANG COMMERCIAL CO n/a Co File 1'396'024 1.52 - 30.06.2013 Corporation
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 982'188 1.07 302'550 31.08.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 804'363 0.88 96'669 31.08.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 652'127 0.71 (3'300) 31.07.2013 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 605'490 0.66 - 31.05.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 596'607 0.65 312'907 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 564'680 0.62 88'065 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
IDFC Securities Ltd BHOOMIKA NAIR neutral 3 M 2'745 Not Provided 30.09.2013
Axis Capital Limited JAGDISHWAR TOPPO buy 5 M 2'807 Not Provided 27.09.2013
Quant Broking Pvt Ltd MANGESH BHADANG buy 5 M 3'978 Not Provided 27.09.2013
IIFL J RADHAKRISHNAN buy 5 M 3'010 12 month 26.09.2013
Batlivala & Karani Securities RISHAB BOTHRA outperform 5 M 3'598 Not Provided 20.09.2013
EVA Dimensions TIMOTHY STANISH underweight 1 D #N/A N/A Not Provided 20.09.2013
Centrum Broking Pvt Ltd SANJEEV KUMAR SINGH buy 5 M 3'285 Not Provided 18.09.2013
Goldman Sachs NAVIN GUPTA Buy/Neutral 5 M 3'000 12 month 09.09.2013
Deutsche Bank CHOCKALINGAM NARAYANAN buy 5 M 3'335 12 month 06.09.2013
Nirmal Bang Institutional Equities AMIT K SRIVASTAVA buy 5 M 3'270 Not Provided 06.09.2013
JM Financial Institutional Securities P NAVEEN JAIN buy 5 M 3'200 Not Provided 05.09.2013
Motilal Oswal Securities Ltd JINESH K GANDHI buy 5 M 3'692 Not Provided 19.08.2013
Sharekhan Ltd TEAM COVERAGE hold 3 M 2'950 Not Provided 19.08.2013
Morgan Stanley ASHISH G JAIN Overwt/In-Line 5 M 3'735 12 month 14.08.2013
Khambatta Securities Ltd RAJ KUMAR JHA strong buy 5 M 2'873 Not Provided 08.08.2013
Anand Rathi Securities Pvt. Ltd. JASPREET SINGH ARORA buy 5 M 3'303 Not Provided 06.08.2013
Credit Suisse ANUBHAV AGGARWAL outperform 5 M 3'280 Not Provided 05.08.2013
JPMorgan PINAKIN M PAREKH overweight 5 M 3'610 9 month 05.08.2013
Jefferies ANAND AGARWAL buy 5 M 3'639 12 month 05.08.2013
CIMB RAHUL JAIN outperform 5 M 3'341 12 month 05.08.2013
ICICI Securities KRUPAL MANIAR buy 5 M 3'400 12 month 05.08.2013
IDBI Capital Market Services Ltd SUDEEP ANAND buy 5 U 3'300 12 month 05.08.2013
Emkay Share & Stock Brokers AJIT MOTWANI buy 5 M 3'400 Not Provided 05.08.2013
HDFC Securities ANKUR KULSHRESTHA buy 5 M 3'475 12 month 05.08.2013
Tata Securities Limited NIRAJ AGARWALLA buy 5 M 3'262 12 month 05.08.2013
Religare Capital Markets MIHIR JHAVERI buy 5 M 3'540 12 month 05.08.2013
Edelweiss Capital NAVIN SAHADEO buy 5 M 3'570 12 month 05.08.2013
Elara Securities India Pvt Ltd RAVI SODAH accumulate 4 M 3'026 12 month 05.08.2013
Kotak Securities MURTUZA ARSIWALLA add 4 M 3'000 Not Provided 02.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 3'313 Not Provided 24.07.2013
Macquarie RAKESH ARORA outperform 5 M 3'407 12 month 04.07.2013
Ventura Securities Ltd TEAM COVERAGE buy 5 M #N/A N/A Not Provided 09.05.2013
Brics Securities NOVONIL GUHA add 4 M 3'382 Not Provided 16.04.2013
Standard Chartered SATISH KUMAR outperform 5 M 3'638 12 month 08.03.2013
Proactive Universal PARUL PATEL buy 5 M 3'613 18 month 31.08.2012
Almondz Global Securities Ltd MANISH RAJ buy 5 M 2'936 Not Provided 03.02.2012
Holdings By:
Grasim Industries Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
IndusInd Bank Limited is a national bank. The Bank provides a range of banking
and financial services including wholesale banking, credit monitoring, risk
management, tele-banking, investment banking and commercial lending. IndusInd
Bank operates branches throughout India as well as an office in Dubai and
London.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (27.05.2013) 530.60
52-Week Low (28.08.2013) 318.00
Daily Volume
378.35
52-Week High % Change -28.38% Dividend Yield -
52-Week Low % Change 18.98% Beta 1.20
% 52 Week Price Range High/Low 23.94% Equity Float 424.43
Shares Out 25.09.2013 524.1 Short Int -
198'308.39 1 Yr Total Return 4.93%
Total Debt 118'920.09 YTD Return -8.68%
Preferred Stock 0.0 Adjusted BETA 1.197
Minority Interest 0.0 Analyst Recs 61
Cash and Equivalents 68'736.11 Consensus Rating 4.098
Enterprise Value -
Average Volume 5 Day 331'703
IIB IB EQUITY YTD Change - Average Volume 30 Day 427'713
IIB IB EQUITY YTD % CHANGE - Average Volume 3 Month 344'169
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
27'963.6 32'944.7 43'058.8 63'703.8 83'407.4 69'418.2 87'701.8 - - - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'483.4 3'503.1 5'773.3 8'026.1 10'611.8 8'586.9 11'597.6 - - - -
7.51x 18.88x 20.03x 18.70x 18.53x 18.51x 20.20x - - - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 43.75% Long-Term Outlook -
Pretax Margin 43.91% Short-Term Rating Date -
Return on Assets 1.73% Short-Term Rating -
Return on Common Equity 17.91%
Return on Capital 7.89% EBITDA/Interest Exp. -
Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 155.9%
Net Income Margin 29.6% Total Debt/Capital 60.9%
Asset Turnover 0.13
Current Ratio - Net Fixed Asset Turnover 12.28
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 16.22% Inventory Days -
Tot Debt to Common Equity 155.85% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
IndusInd Bank LtdPrice/Volume
Valuation Analysis
322'953.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
-,,
.,,
0,,
1,,
2,,
3,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
-', E
.', E
0', E
1', E
2', E
3', E
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013,',,
,'.,
,'1,
,'3,
,'5,
-',,
-'.,
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INDUSIND INTL HLDGS n/a Co File 60'399'984 11.52 - 30.06.2013 Corporation
GA GLOBAL INVSTS LTD n/a Co File 23'094'839 4.41 - 30.06.2013 Private Equity
CREDO INDIA THEMATIC n/a Co File 21'013'458 4.01 - 30.06.2013 n/a
INDUSIND LTD n/a Co File 19'500'000 3.72 - 30.06.2013 Other
DIA AFRIN n/a Co File 15'417'000 2.94 - 30.06.2013 n/a
JP MORGAN n/a ULT-AGG 13'317'859 2.54 - 31.07.2013 Investment Advisor
ASHOK LEYLAND LTD n/a Co File 13'013'923 2.48 - 30.06.2013 Corporation
LIFE INSURANCE CORP n/a Co File 12'260'841 2.34 - 30.06.2013 Government
IDL SPECIALITY CHEMI n/a Co File 11'355'000 2.17 - 30.06.2013 Corporation
ICICI PRUDENTIAL LIF n/a Co File 9'554'048 1.82 - 30.06.2013 Insurance Company
GOLDMAN SACHS INV MA n/a Co File 9'523'900 1.82 - 30.06.2013 Investment Advisor
CLSA MAURITIUS LTD n/a Co File 8'240'519 1.57 - 30.06.2013 Investment Advisor
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 7'732'636 1.48 (920'479) 31.08.2013 Investment Advisor
GIC PRIVATE LIMITED n/a ULT-AGG 7'082'338 1.35 - 30.06.2013 Government
MORGAN STANLEY n/a ULT-AGG 6'967'382 1.33 12'594 31.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 6'939'550 1.32 1'188'858 30.06.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 6'938'611 1.32 2'936'291 30.06.2013 Investment Advisor
NORWEST VENTURE PARN n/a Co File 6'718'087 1.28 - 30.06.2013 Venture Capital
HINDUJA VENTURES LTD n/a Co File 6'632'383 1.27 - 30.06.2013 Corporation
DB INTERNATIONAL ASI n/a Co File 5'525'774 1.05 - 30.06.2013 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited PRAVEEN AGRAWAL buy 5 M 420 Not Provided 27.09.2013
Standard Chartered MAHRUKH ADAJANIA in-line 3 M 380 12 month 26.09.2013
Macquarie SURESH GANAPATHY outperform 5 M 485 12 month 23.09.2013
HDFC Securities VISHAL MODI neutral 3 M 454 12 month 23.09.2013
Religare Capital Markets ISHANK KUMAR buy 5 M 520 12 month 23.09.2013
Antique Stock Broking Limited PARESH V JAIN buy 5 M 475 Not Provided 23.09.2013
Elara Securities India Pvt Ltd RAKESH KUMAR reduce 2 M 419 12 month 23.09.2013
Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES hold 3 M 452 Not Provided 19.09.2013
Quant Broking Pvt Ltd NITIN KUMAR accumulate 4 D 425 12 month 16.09.2013
Nomura ABHISHEK BHATTACHARYA buy 5 M 580 Not Provided 13.09.2013
Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA buy 5 M 460 12 month 11.09.2013
Avendus Capital Private Ltd CHANDANA JHA add 4 U 478 Not Provided 11.09.2013
Ashika Stock Broking Limited TEAM COVERAGE buy 5 M 470 12 month 10.09.2013
JPMorgan SESHADRI K SEN overweight 5 M 500 12 month 09.09.2013
Goldman Sachs TABASSUM INAMDAR Buy/Neutral 5 M 490 12 month 05.09.2013
Batlivala & Karani Securities ARUN SETHIA buy 5 M 600 Not Provided 05.09.2013
IDFC Securities Ltd MANISH CHOWDHARY outperform 5 U 440 Not Provided 04.09.2013
Kotak Securities MB MAHESH buy 5 U 430 Not Provided 30.08.2013
Barclays ANISH TAWAKLEY equalweight 3 M 379 Not Provided 29.08.2013
Almondz Global Securities Ltd SHIVRAJ GUPTA buy 5 M 459 12 month 28.08.2013
IIFL ABHISHEK MURARKA add 4 M 384 12 month 27.08.2013
Fortune Equity Brokers (India) Ltd VIJAY NARA buy 5 U 530 Not Provided 26.08.2013
Nirmal Bang Institutional Equities HEMINDRA HAZARI hold 3 M 510 Not Provided 21.08.2013
BNP Paribas Equity Research ABHIJIT MAJUMDER buy 5 M 530 12 month 19.08.2013
Motilal Oswal Securities Ltd ALPESH MEHTA buy 5 M 572 Not Provided 19.08.2013
UBS VISHAL GOYAL buy 5 M 500 12 month 09.08.2013
Morgan Stanley SUMEET KARIWALA Equalwt/Cautious 3 D 425 12 month 07.08.2013
Deutsche Bank MANISH KARWA buy 5 M 500 12 month 02.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 M 417 Not Provided 30.07.2013
Spark Capital Advisors JYOTHI KUMAR VARMA buy 5 M 525 12 month 22.07.2013
Credit Suisse ASHISH GUPTA underperform 1 D 416 Not Provided 17.07.2013
Espirito Santo Investment Bank ResearchSAIKIRAN PULAVARTHI buy 5 M 593 Not Provided 16.07.2013
Aditya Birla Money Limited SUMIT JATIA accumulate 4 U 547 Not Provided 15.07.2013
Shah Investor's Home Limited AMEYA HARDAS buy 5 M 573 12 month 15.07.2013
BOB Capital Markets JISHA NAIR buy 5 M 590 12 month 12.07.2013
Ajcon Global Services Ltd. AKASH AJAY JAIN sell 1 M 426 Not Provided 11.07.2013
India Infoline RAJIV MEHTA buy 5 M 560 9 month 11.07.2013
KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL accumulate 4 D 550 12 month 11.07.2013
Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA accumulate 4 D 542 12 month 11.07.2013
ULJK Securities Pvt. Ltd. India SIDDHARTH PUROHIT buy 5 M 575 12 month 11.07.2013
SMC Global Securities Ltd. VISHAL NARNOLIA market perform 3 M 533 Not Provided 11.07.2013
HSBC TEJAS MEHTA overweight 5 M 583 Not Provided 10.07.2013
CIMB VIVEK VERMA underperform 1 D 490 12 month 10.07.2013
Holdings By:
IndusInd Bank Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
GAIL India Limited processes and distributes natural gas and liquefied
petroleum gas. The Company is a Government of India undertaking.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (05.10.2012) 396.00
52-Week Low (28.08.2013) 273.00
Daily Volume
325.2
52-Week High % Change -17.93% Dividend Yield 2.95
52-Week Low % Change 19.12% Beta 0.88
% 52 Week Price Range High/Low 43.66% Equity Float 353.99
Shares Out 25.09.2013 1'268.5 Short Int -
412'508.88 1 Yr Total Return -12.44%
Total Debt 164'723.20 YTD Return -5.86%
Preferred Stock 0.0 Adjusted BETA 0.879
Minority Interest 14'566.2 Analyst Recs 54
Cash and Equivalents 33'147.40 Consensus Rating 3.704
Enterprise Value 558'650.88
Average Volume 5 Day 35'298
GAIL IB EQUITY YTD Change - Average Volume 30 Day 77'000
GAIL IB EQUITY YTD % CHANGE - Average Volume 3 Month 78'187
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
240'632.1 256'772.2 351'066.5 440'578.2 508'927.1 - - 542'657.9 639'102.8 - -
1.30x 2.07x 1.81x 1.33x 1.08x - - 1.03x 0.85x - -
44'633.0 54'792.5 65'293.3 71'043.4 75'346.5 - - 80'110.3 85'113.5 - -
7.00x 9.68x 9.73x 8.25x 7.30x - - 6.97x 6.56x - -
28'259.0 33'278.3 40'209.7 44'436.1 43'736.0 - - 44'851.9 47'350.0 - -
11.02x 15.65x 14.64x 10.74x 9.23x - - 9.31x 8.88x - -
EBITDA 75'346.50 Long-Term Rating Date -
EBIT 61'641.20 Long-Term Rating -
Operating Margin 12.11% Long-Term Outlook -
Pretax Margin 12.99% Short-Term Rating Date -
Return on Assets 8.12% Short-Term Rating -
Return on Common Equity 16.29%
Return on Capital 10.94% EBITDA/Interest Exp. 7.58
Asset Turnover 0.95% (EBITDA-Capex)/Interest Exp. -1.47
Net Debt/EBITDA 1.75
Gross Margin - Total Debt/EBITDA 2.19
EBITDA Margin 14.8%
EBIT Margin 12.1% Total Debt/Equity 57.2%
Net Income Margin 8.6% Total Debt/Capital 35.3%
Asset Turnover 0.95
Current Ratio 0.87 Net Fixed Asset Turnover 1.33
Quick Ratio 0.47 Accounts receivable turnover-days 18.06
Debt to Assets 27.55% Inventory Days -
Tot Debt to Common Equity 57.21% Accounts Payable Turnover Day -
Accounts Receivable Turnover 20.21 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
GAIL India LtdPrice/Volume
Valuation Analysis
9'188.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
2,
-,,
-2,
.,,
.2,
0,,
02,
1,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'- E
'. E
'0 E
'1 E
'2 E
'3 E
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 727'405'675 57.34 - 30.06.2013 Government
LIFE INSURANCE CORP n/a Co File 95'194'727 7.5 - 30.06.2013 Government
OIL & NATURAL GAS CO n/a Co File 61'259'323 4.83 - 30.06.2013 Government
INDIAN OIL CORP LTD n/a Co File 30'629'661 2.41 - 30.06.2013 Government
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 26'864'170 2.12 3'738'485 28.06.2013 Investment Advisor
ICICI PRUDENTIAL LIF n/a Co File 14'510'302 1.14 - 30.06.2013 Insurance Company
ABERDEEN n/a ULT-AGG 14'093'000 1.11 - 30.06.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 9'615'109 0.76 1'131'273 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 9'275'446 0.73 120'495 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 5'745'732 0.45 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 5'503'527 0.43 (8'232) 27.09.2013 Investment Advisor
BLACKSTONE ASIA ADVI Multiple Portfolios MF-AGG 3'960'000 0.31 - 28.06.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 3'493'000 0.28 98'415 30.04.2013 Investment Advisor
IDFC MUTUAL FUND Multiple Portfolios MF-AGG 3'274'359 0.26 441'093 31.08.2013 Investment Advisor
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 2'815'798 0.22 (104'768) 31.08.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'727'491 0.22 951 31.08.2013 Investment Advisor
SEB n/a ULT-AGG 2'314'733 0.18 1'397'735 31.03.2013 Unclassified
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 1'948'532 0.15 (1'726'039) 31.08.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 1'767'218 0.14 390 31.08.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'722'258 0.14 - 27.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JM Financial Institutional Securities P MEHUL THANAWALA buy 5 M 372 Not Provided 30.09.2013
BNP Paribas Equity Research AMIT SHAH buy 5 M 386 12 month 30.09.2013
Nomura ANIL SHARMA buy 5 M 400 Not Provided 30.09.2013
Axis Capital Limited AMIT MISHRA buy 5 M 390 Not Provided 27.09.2013
India Infoline PRAYESH JAIN market perform 3 M 340 12 month 27.09.2013
Ambit Capital Pvt Ltd DAYANAND MITTAL buy 5 M 415 12 month 19.09.2013
Quant Broking Pvt Ltd GAGAN DIXIT reduce 2 M 319 Not Provided 19.09.2013
Motilal Oswal Securities Ltd HARSHAD BORAWAKE neutral 3 M 344 12 month 17.09.2013
Tata Securities Limited SWARNENDU BHUSHAN buy 5 U 369 12 month 11.09.2013
HSBC KUMAR MANISH neutral 3 M 329 Not Provided 09.09.2013
ICICI Securities ROHIT AHUJA buy 5 M 393 12 month 26.08.2013
Antique Stock Broking Limited AMIT RUSTAGI hold 3 M 323 Not Provided 26.08.2013
Barclays SOMSHANKAR SINHA underweight 1 M 310 Not Provided 26.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 D 332 Not Provided 12.08.2013
Morgan Stanley VINAY JAISING Underwt/Attractive 1 D 283 12 month 07.08.2013
Brics Securities NILESH RAMESH GHUGE add 4 M 363 Not Provided 01.08.2013
KR Choksey Shares & Sec Pvt Ltd NISHA SHARMA accumulate 4 D 350 12 month 31.07.2013
Phillip Securities GAURI ANAND neutral 3 M 375 Not Provided 29.07.2013
Macquarie ABHISHEK AGARWAL outperform 5 M 390 12 month 26.07.2013
Batlivala & Karani Securities BHAVIN GANDHI outperform 5 M 386 Not Provided 26.07.2013
Sunidhi Consultancy Services ROHIT NAGRAJ neutral 3 N 333 12 month 26.07.2013
HDFC Securities AISHWARYA DEEPAK neutral 3 M 355 12 month 26.07.2013
LKP Shares and Securities Ltd CHIRAG DHAIFULE neutral 3 D 361 12 month 26.07.2013
Angel Broking Limited BHAVESH CHAUHAN neutral 3 M #N/A N/A Not Provided 26.07.2013
Spark Capital Advisors MAYUR PATEL add 4 M 367 12 month 26.07.2013
ICICIdirect.com MAYUR MATANI hold 3 M 349 15 month 26.07.2013
IIFL BHASKAR CHAKRABORTY reduce 2 M 320 12 month 26.07.2013
Centrum Broking Pvt Ltd SACHIN MEHTA hold 3 D 329 12 month 26.07.2013
Equirus Securities Pvt Ltd MAULIK PATEL buy 5 M 382 12 month 26.07.2013
India Nivesh Ltd ABHISHEK JAIN buy 5 M 390 Not Provided 26.07.2013
Nirmal Bang Institutional Equities ASHUTOSH BHARDWAJ sell 1 D 316 Not Provided 26.07.2013
BOB Capital Markets NEELABH SHARMA buy 5 M 366 12 month 26.07.2013
Deutsche Bank HARSHAD KATKAR buy 5 M 370 12 month 25.07.2013
Credit Suisse SANJAY MOOKIM outperform 5 M 400 Not Provided 25.07.2013
CIMB AVADHOOT SABNIS outperform 5 M 380 12 month 25.07.2013
Kotak Securities TARUN LAKHOTIA add 4 M 380 Not Provided 25.07.2013
IDFC Securities Ltd PROBAL SEN outperform 5 M 353 Not Provided 25.07.2013
IDBI Capital Market Services Ltd SUDEEP ANAND hold 3 D 340 12 month 25.07.2013
Emkay Share & Stock Brokers DHAVAL JOSHI accumulate 4 M 355 Not Provided 25.07.2013
Religare Capital Markets NITIN TIWARI buy 5 M 450 12 month 25.07.2013
Edelweiss Capital NIRAJ MANSINGKA hold 3 M 377 12 month 25.07.2013
Karvy Stock Broking Ltd VINAY V NAIR hold 3 M 329 Not Provided 11.07.2013
Jefferies ARYA SEN buy 5 M 420 12 month 04.07.2013
Holdings By:
GAIL India Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Power Grid Corporation of India Limited has been established by the Government
of India as the central transmission utility of India. The mandate for the
corporation is establishment and operation of EHV. AC & HVDC transmission
lines, sub-stations, load dispatch centers and communications facilities
throughout India.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (21.11.2012) 122.45
52-Week Low (02.08.2013) 86.70
Daily Volume
98.3
52-Week High % Change -19.68% Dividend Yield 2.80
52-Week Low % Change 13.38% Beta 0.80
% 52 Week Price Range High/Low 32.03% Equity Float 1'274.94
Shares Out 25.09.2013 4'629.7 Short Int -
455'102.03 1 Yr Total Return -15.92%
Total Debt 692'334.00 YTD Return -11.81%
Preferred Stock 0.0 Adjusted BETA 0.796
Minority Interest 0.0 Analyst Recs 46
Cash and Equivalents 28'661.70 Consensus Rating 4.696
Enterprise Value 1'118'774.32
Average Volume 5 Day 122'781
PWGR IB EQUITY YTD Change - Average Volume 30 Day 320'196
PWGR IB EQUITY YTD % CHANGE - Average Volume 3 Month 334'588
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
- - 86'117.6 103'115.2 131'155.0 - - 158'674.0 182'475.0 - -
- - 9.73x 9.81x 8.79x - - 7.70x 7.18x - -
- - 72'808.2 88'541.5 113'474.1 - - 135'169.0 155'991.0 - -
- - 11.51x 11.42x 10.17x - - 8.28x 7.18x - -
- - 26'719.1 33'029.9 43'126.1 - - 49'594.3 56'631.7 - -
- - 16.62x 15.16x 11.36x - - 9.70x 8.21x - -
EBITDA 113'474.10 Long-Term Rating Date 03.01.2013
EBIT 78'900.20 Long-Term Rating BBB-
Operating Margin 60.16% Long-Term Outlook NEG
Pretax Margin 44.04% Short-Term Rating Date -
Return on Assets 4.20% Short-Term Rating -
Return on Common Equity 17.26%
Return on Capital 7.00% EBITDA/Interest Exp. 4.80
Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. -4.67
Net Debt/EBITDA 5.85
Gross Margin - Total Debt/EBITDA 6.10
EBITDA Margin 86.5%
EBIT Margin 60.2% Total Debt/Equity 262.2%
Net Income Margin 32.9% Total Debt/Capital 72.4%
Asset Turnover 0.13
Current Ratio 0.47 Net Fixed Asset Turnover 0.15
Quick Ratio 0.28 Accounts receivable turnover-days 44.74
Debt to Assets 61.06% Inventory Days -
Tot Debt to Common Equity 262.22% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.16 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Power Grid Corp of India LtdPrice/Volume
Valuation Analysis
22'414.00
Current Price (10/dd/yy) Market Data
,
.,
1,
3,
5,
-,,
-.,
-1,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E-', E.', E0', E1', E2', E3', E4', E5', E6', E-,', E
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
-3',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 3'214'024'212 69.42 - 30.06.2013 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 260'348'976 5.62 8'812'337 30.06.2013 Investment Advisor
LIFE INSURANCE CORP n/a Co File 140'760'197 3.04 - 30.06.2013 Government
ICICI PRUDENTIAL LIF n/a Co File 85'508'922 1.85 - 30.06.2013 Insurance Company
VANGUARD GROUP INC n/a ULT-AGG 32'469'766 0.7 928'521 30.06.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 21'973'590 0.47 (9'787'976) 31.08.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 17'622'033 0.38 (38'216) 27.09.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 14'341'118 0.31 (1'668'882) 30.04.2013 Investment Advisor
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 12'879'937 0.28 (5'775'239) 31.08.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 9'630'156 0.21 1'533'710 27.09.2013 Investment Advisor
TATA ASSET MANAGEMEN Multiple Portfolios MF-AGG 9'421'110 0.2 65'483 31.08.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 9'150'195 0.2 (397'006) 31.08.2013 Investment Advisor
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 8'784'831 0.19 (16'472) 31.08.2013 Investment Advisor
MASON STREET ADVISOR Multiple Portfolios MF-AGG 8'352'110 0.18 8'352'110 30.06.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 5'791'349 0.13 113'200 31.07.2013 Investment Advisor
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 4'786'621 0.1 116'000 30.08.2013 Investment Advisor
SEB n/a ULT-AGG 4'252'106 0.09 3'196'224 31.03.2013 Unclassified
TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 4'136'400 0.09 132'227 30.06.2013 Investment Advisor
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 3'965'085 0.09 13'362 31.08.2013 Investment Advisor
CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 3'751'076 0.08 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited BHAVIN VITHLANI buy 5 M 113 Not Provided 27.09.2013
Antique Stock Broking Limited AMIT RUSTAGI buy 5 M 125 Not Provided 26.09.2013
Elara Securities India Pvt Ltd DEEPAK AGRAWALA buy 5 M 124 Not Provided 24.09.2013
Jefferies LAVINA QUADROS buy 5 M 120 12 month 23.09.2013
Nomura ANIRUDH GANGAHAR buy 5 M 142 Not Provided 20.09.2013
JPMorgan SUMIT KISHORE overweight 5 M 117 12 month 16.09.2013
Ambit Capital Pvt Ltd NITIN BHASIN buy 5 N 115 12 month 16.09.2013
BNP Paribas Equity Research GIRISH NAIR buy 5 M 120 12 month 10.09.2013
Deutsche Bank ABHISHEK PURI hold 3 M 110 12 month 05.09.2013
Kotak Securities MURTUZA ARSIWALLA buy 5 M 135 Not Provided 04.09.2013
IIFL HARSHAWARDHAN S DOLE buy 5 M 120 12 month 04.09.2013
SBI Capital Markets ALOK RAMACHANDRAN hold 3 M 104 12 month 30.08.2013
Emkay Share & Stock Brokers AMIT GOLCHHA buy 5 M 133 Not Provided 28.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 108 Not Provided 26.08.2013
Batlivala & Karani Securities VISHAL BIRAIA buy 5 M 150 Not Provided 21.08.2013
Motilal Oswal Securities Ltd NALIN BHATT buy 5 M 131 Not Provided 19.08.2013
UBS PANKAJ SHARMA buy 5 M 135 12 month 06.08.2013
IDBI Capital Market Services Ltd HANSRAJ SINGH buy 5 N 107 Not Provided 06.08.2013
HSBC ARUN KUMAR SINGH overweight 5 M 125 Not Provided 05.08.2013
Maybank Kim Eng ANUBHAV GUPTA buy 5 M 130 12 month 05.08.2013
India Infoline BHAVIKA SHINDE market perform 3 D 100 12 month 05.08.2013
Almondz Global Securities Ltd AMIT SHAH buy 5 M 115 12 month 05.08.2013
Spark Capital Advisors BHARANIDHAR VIJAYAKUMAR add 4 U 101 12 month 05.08.2013
ICICIdirect.com CHIRAG J SHAH buy 5 M 112 15 month 05.08.2013
Quant Broking Pvt Ltd ABHINEET ANAND buy 5 M 120 12 month 05.08.2013
Fortune Equity Brokers (India) Ltd TEAM COVERAGE buy 5 M 125 12 month 05.08.2013
Nirmal Bang Institutional Equities CHIRAG MUCHHALA buy 5 M 119 Not Provided 05.08.2013
Prabhudas Lilladher Pvt Ltd KUNAL SHETH buy 5 M 116 12 month 03.08.2013
HDFC Securities ABHINAV SHARMA buy 5 M 111 12 month 03.08.2013
Religare Capital Markets MISAL SINGH buy 5 M 125 12 month 03.08.2013
Morgan Stanley PARAG GUPTA Overwt/In-Line 5 M 139 12 month 02.08.2013
Macquarie INDERJEET SINGH BHATIA outperform 5 M 123 12 month 02.08.2013
CIMB HARISH BIHANI outperform 5 M 125 12 month 02.08.2013
JM Financial Institutional Securities P SUBHADIP MITRA buy 5 M 113 12 month 02.08.2013
ICICI Securities PRAKASH GAURAV GOEL buy 5 U 110 12 month 02.08.2013
Tata Securities Limited RAVIKIRAN SURANA buy 5 M 115 12 month 02.08.2013
Edelweiss Capital SHANKAR K buy 5 M 138 12 month 02.08.2013
Karvy Stock Broking Ltd RUPESH D SANKHE buy 5 M 134 Not Provided 11.07.2013
Standard Chartered PANKAJ KAPOOR outperform 5 M 150 12 month 09.07.2013
EVA Dimensions DOUG WALTERS underweight 1 M #N/A N/A Not Provided 06.06.2013
Ventura Securities Ltd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 03.06.2013
ITI Securities Ltd ABHISHEK B PATEL buy 5 M 136 12 month 30.05.2013
Barclays VENUGOPAL GARRE overweight 5 M 132 Not Provided 29.05.2013
Holdings By:
Power Grid Corp of India Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Hindalco Industries Limited is an integrated aluminum manufacturer. The Company
mines bauxite and refines it into alumina. The Company's other operations
include the smelting of alumina into aluminum, the manufacture of
semi-fabricated rolled and extruded products. The Company's products include
aluminum ingots, steel rods and rolled flat steel products.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (02.01.2013) 137.00
52-Week Low (07.08.2013) 83.05
Daily Volume
110.45
52-Week High % Change -19.12% Dividend Yield 1.27
52-Week Low % Change 32.99% Beta 1.36
% 52 Week Price Range High/Low 53.57% Equity Float 1'294.84
Shares Out 25.09.2013 1'914.6 Short Int -
211'465.69 1 Yr Total Return -8.78%
Total Debt 569'060.80 YTD Return -14.30%
Preferred Stock 0.0 Adjusted BETA 1.362
Minority Interest 17'592.7 Analyst Recs 49
Cash and Equivalents 105'636.40 Consensus Rating 3.082
Enterprise Value 692'482.79
Average Volume 5 Day 933'670
HNDL IB EQUITY YTD Change - Average Volume 30 Day 1'382'573
HNDL IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'106'437
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
657'524.1 607'079.2 722'022.7 808'213.7 801'928.0 - - 873'356.0 962'848.7 - -
0.49x 0.89x 0.88x 0.73x 0.82x - - 0.84x 0.76x - -
55'555.1 86'372.7 79'599.7 76'669.6 77'119.7 - - 85'716.6 102'728.8 - -
5.76x 6.26x 8.00x 7.74x 8.51x - - 8.08x 6.74x - -
4'838.9 39'254.7 24'563.7 33'969.5 30'268.9 - - 25'078.6 28'129.4 - -
16.19x 8.18x 16.30x 7.29x 5.79x - - 8.61x 7.69x - -
EBITDA 77'119.70 Long-Term Rating Date -
EBIT 48'900.50 Long-Term Rating -
Operating Margin 6.10% Long-Term Outlook -
Pretax Margin 4.85% Short-Term Rating Date -
Return on Assets 2.73% Short-Term Rating -
Return on Common Equity 9.00%
Return on Capital 5.35% EBITDA/Interest Exp. 1.87
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. -1.01
Net Debt/EBITDA 6.01
Gross Margin - Total Debt/EBITDA 7.38
EBITDA Margin 9.6%
EBIT Margin 6.1% Total Debt/Equity 161.1%
Net Income Margin 3.8% Total Debt/Capital 60.5%
Asset Turnover 0.72
Current Ratio 1.69 Net Fixed Asset Turnover 1.64
Quick Ratio 0.84 Accounts receivable turnover-days 38.62
Debt to Assets 47.19% Inventory Days -
Tot Debt to Common Equity 161.07% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.45 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Hindalco Industries LtdPrice/Volume
Valuation Analysis
592'403.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
.,
1,
3,
5,
-,,
-.,
-1,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E-', E.', E0', E1', E2', E3', E4', E5', E6', E-,', E
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
800'000.0
900'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
IGH HOLDINGS PVT LTD n/a Co File 228'963'487 11.96 - 30.06.2013 Holding Company
LIFE INSURANCE CORP n/a Co File 228'049'651 11.91 - 30.06.2013 Government
TURQUOISE INVESTMENT n/a EXCH 124'012'468 6.48 25'000'000 20.09.2013 Investment Advisor
TRAPTI TRADING AND I n/a Co File 93'063'124 4.86 - 30.06.2013 Corporation
FRANKLIN RESOURCES n/a ULT-AGG 70'135'253 3.66 (10'157'823) 30.06.2013 Investment Advisor
COMMONWEALTH BANK OF n/a ULT-AGG 63'855'913 3.34 62'741'930 31.05.2013 Bank
GRASIM INDUSTRIES LT n/a Co File 54'542'475 2.85 - 30.06.2013 Corporation
BAJAJ ALLIANZ LIFE I n/a Co File 49'202'104 2.57 - 30.06.2013 Investment Advisor
ADITYA BIRLA NUVO LT n/a Co File 33'506'337 1.75 - 30.06.2013 Corporation
PILANI INVESTMENT & n/a Co File 29'185'398 1.52 - 30.06.2013 Holding Company
UMANG COMMERCIAL CO n/a Co File 26'442'761 1.38 - 30.06.2013 Corporation
DIMENSIONAL FUND ADV n/a ULT-AGG 24'563'004 1.28 1'149'759 30.04.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 24'279'877 1.27 28'069 30.06.2013 Investment Advisor
BIRLA INSTITUTE OF T n/a Co File 21'583'090 1.13 - 30.06.2013 Other
BLACKROCK n/a ULT-AGG 18'183'931 0.95 (72'060) 27.09.2013 Investment Advisor
HINDALCO n/a Co File 16'316'130 0.85 - 30.06.2013 Corporation
BIRLA GROUP HOLDINGS n/a Co File 6'731'467 0.35 - 30.06.2013 Holding Company
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 6'538'540 0.34 - 27.09.2013 Investment Advisor
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 6'355'872 0.33 (81) 31.08.2013 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 5'408'737 0.28 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Motilal Oswal Securities Ltd SANJAY JAIN buy 5 M 165 Not Provided 30.09.2013
Axis Capital Limited JAGDISHWAR TOPPO hold 3 M 115 Not Provided 27.09.2013
Deutsche Bank ABHAY LAIJAWALA buy 5 M 131 12 month 26.09.2013
Macquarie RAKESH ARORA outperform 5 M 145 12 month 26.09.2013
Batlivala & Karani Securities PRITAM LALA outperform 5 M 125 Not Provided 26.09.2013
JPMorgan PINAKIN M PAREKH overweight 5 M 155 9 month 22.09.2013
Nomura AMAR KEDIA buy 5 M 133 Not Provided 20.09.2013
Emkay Share & Stock Brokers GOUTAM CHAKRABORTY accumulate 4 M 101 Not Provided 17.09.2013
Centrum Broking Pvt Ltd ABHISAR JAIN hold 3 D 108 Not Provided 16.09.2013
Sanford C. Bernstein & Co VANESSA LAU market perform 3 M 120 12 month 13.09.2013
Angel Broking Limited BHAVESH CHAUHAN neutral 3 M #N/A N/A Not Provided 13.09.2013
BNP Paribas Equity Research KUNAL AGRAWAL reduce 2 M 94 12 month 05.09.2013
Quant Broking Pvt Ltd KALPESH MAKWANA sell 1 M 97 Not Provided 05.09.2013
Standard Chartered SATISH KUMAR underperform 1 M 97 12 month 04.09.2013
HSBC JIGAR MISTRY overweight 5 M 123 Not Provided 04.09.2013
UBS SANDIP BANSAL buy 5 M 121 12 month 30.08.2013
Kotak Securities KAWALJEET SALUJA reduce 2 M 105 Not Provided 26.08.2013
ICICI Securities ABHIJIT MITRA sell 1 D 86 12 month 20.08.2013
Avendus Capital Private Ltd JIMESH SANGHVI hold 3 M 95 Not Provided 19.08.2013
Anand Rathi Securities Pvt. Ltd. RAJESH ZAWAR hold 3 M 99 12 month 16.08.2013
MSFL - Institutional Business Group TANUJ RASTOGI buy 5 M 109 12 month 16.08.2013
CIMB RAHUL JAIN neutral 3 M 100 12 month 14.08.2013
Dolat Capital Market Ltd. RAM MODI reduce 2 M 102 Not Provided 14.08.2013
Edelweiss Capital PRASAD BAJI buy 5 M 136 12 month 14.08.2013
Ambit Capital Pvt Ltd PARITA ASHAR sell 1 M 88 Not Provided 14.08.2013
Barclays CHIRAG SHAH overweight 5 M 128 Not Provided 14.08.2013
Elara Securities India Pvt Ltd ASHISH KEJRIWAL sell 1 M 74 12 month 14.08.2013
Nirmal Bang Institutional Equities GIRIRAJ DAGA sell 1 M 72 Not Provided 14.08.2013
Morgan Stanley VIPUL PRASAD Equalwt/In-Line 3 M 101 12 month 13.08.2013
SBI Capital Markets JATIN Y DAMANIA hold 3 M 100 12 month 13.08.2013
JM Financial Institutional Securities P ASHUTOSH SOMANI hold 3 M 105 12 month 13.08.2013
Phillip Securities DHAWAL DOSHI neutral 3 M 104 Not Provided 13.08.2013
IDFC Securities Ltd SAUMIL MEHTA underperform 1 M 85 12 month 13.08.2013
India Infoline TARANG BHANUSHALI buy 5 M 111 9 month 13.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 M 107 Not Provided 14.06.2013
Espirito Santo Investment Bank ResearchRITESH SHAH sell 1 M 90 Not Provided 06.06.2013
EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013
Daiwa Securities Co. Ltd. DEEPAK PODDAR buy 5 M 135 Not Provided 05.06.2013
Ventura Securities Ltd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 03.06.2013
Systematix Shares & Stocks Ltd ERIC MARTINS buy 5 M 170 12 month 28.05.2013
IIFL BIJAL SHAH reduce 2 M 94 12 month 15.05.2013
Maybank Kim Eng ANUBHAV GUPTA sell 1 M 80 12 month 26.03.2013
Right Horizons Financial Services JAGDISH BHANUSHALI accumulate 4 M 150 Not Provided 16.02.2013
Holdings By:
Hindalco Industries Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Idea Cellular Limited offers cellular services, SMS services, and mobile
communication devices.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (16.08.2013) 177.00
52-Week Low (11.10.2012) 78.60
Daily Volume
172.1
52-Week High % Change -2.46% Dividend Yield 0.17
52-Week Low % Change 118.96% Beta 0.61
% 52 Week Price Range High/Low 91.11% Equity Float 1'135.80
Shares Out 27.09.2013 3'317.0 Short Int -
570'851.94 1 Yr Total Return 104.55%
Total Debt 140'437.83 YTD Return 66.28%
Preferred Stock 19.3 Adjusted BETA 0.612
Minority Interest 0.0 Analyst Recs 51
Cash and Equivalents 11'658.10 Consensus Rating 3.824
Enterprise Value 686'880.96
Average Volume 5 Day 381'583
IDEA IB EQUITY YTD Change - Average Volume 30 Day 433'462
IDEA IB EQUITY YTD % CHANGE - Average Volume 3 Month 509'974
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
101'312.9 123'978.8 154'384.0 194'886.9 224'074.5 204'743.3 234'403.2 266'281.0 302'958.1 64'309.0 67'321.4
1.92x 2.27x 2.13x 2.35x 2.26x 2.24x 6.27x 2.53x 2.12x - -
28'274.1 33'714.1 37'583.9 50'484.3 59'596.6 53'238.7 66'453.4 81'553.4 94'559.8 18'900.8 20'098.0
6.88x 8.34x 8.75x 9.07x 8.50x 0.00x 8.81x 8.42x 7.26x 8.77x -
8'815.8 9'539.4 8'987.1 7'229.9 10'109.3 7'798.6 12'395.0 18'226.3 25'920.1 4'240.3 4'944.3
16.65x 21.34x 24.77x 45.17x 37.30x 32.12x 37.73x 31.02x 21.93x 27.45x 27.83x
EBITDA 59'596.56 Long-Term Rating Date -
EBIT 24'818.91 Long-Term Rating -
Operating Margin 11.08% Long-Term Outlook -
Pretax Margin 7.04% Short-Term Rating Date -
Return on Assets 2.93% Short-Term Rating -
Return on Common Equity 7.39%
Return on Capital 5.94% EBITDA/Interest Exp. 6.22
Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 2.57
Net Debt/EBITDA 2.16
Gross Margin 99.0% Total Debt/EBITDA 2.36
EBITDA Margin 26.6%
EBIT Margin 11.1% Total Debt/Equity 98.2%
Net Income Margin 4.5% Total Debt/Capital 49.5%
Asset Turnover 0.65
Current Ratio 0.41 Net Fixed Asset Turnover 1.05
Quick Ratio 0.26 Accounts receivable turnover-days 14.52
Debt to Assets 38.61% Inventory Days 130.05
Tot Debt to Common Equity 98.19% Accounts Payable Turnover Day 4195.06
Accounts Receivable Turnover 25.14 Cash Conversion Cycle -4050.49
Inventory Turnover 2.81
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Idea Cellular LtdPrice/Volume
Valuation Analysis
257'184.00
Current Price (10/dd/yy) Market Data
,.,1,3,5,
-,,-.,-1,-3,-5,.,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
-', E
.', E
0', E
1', E
2', E
3', E
4', E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
-3',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ADITYA BIRLA NUVO LT n/a Co File 837'526'221 25.25 - 30.06.2013 Corporation
TMI MAURITIUS LTD n/a Co File 464'734'670 14.01 - 30.06.2013 Holding Company
P5 ASIA INVEST MAURI n/a Co File 330'000'000 9.95 - 30.06.2013 Other
COMMONWEALTH BANK OF n/a ULT-AGG 317'195'826 9.56 46'638'017 30.06.2013 Bank
BIRLA TMT HOLDINGS P n/a Co File 283'565'373 8.55 - 30.06.2013 Holding Company
HINDALCO INDUSTRIES n/a Co File 228'340'226 6.88 - 30.06.2013 Corporation
AXIATA INVESTMENTS 2 n/a Co File 195'427'333 5.89 - 30.06.2013 Corporation
GRASIM INDUSTRIES LT n/a Co File 171'013'894 5.16 - 30.06.2013 Corporation
VANGUARD GROUP INC n/a ULT-AGG 67'446'421 2.03 (5'866'755) 30.06.2013 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 58'800'000 1.77 - 31.12.2012 Pension Fund (ERISA)
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 20'666'563 0.62 2'090'324 31.07.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 11'685'510 0.35 8'171'898 31.08.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 10'287'401 0.31 491'022 27.09.2013 Investment Advisor
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 10'234'633 0.31 (1'081'968) 31.08.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 9'785'216 0.3 - 30.04.2013 Investment Advisor
AMERICAN CENTURY COM Multiple Portfolios MF-AGG 7'993'484 0.24 7'993'484 30.06.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 7'800'000 0.24 (690'000) 30.04.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 7'450'000 0.22 (400'000) 30.04.2013 Investment Advisor
L&T INVESTMENT MANAG Multiple Portfolios MF-AGG 5'257'150 0.16 626'125 31.08.2013 Investment Advisor
TATA ASSET MANAGEMEN Multiple Portfolios MF-AGG 5'143'416 0.16 (82'700) 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley VINAY JAISING Overwt/Attractive 5 M 215 12 month 30.09.2013
Batlivala & Karani Securities ROHIT DOKANIA outperform 5 M 171 Not Provided 27.09.2013
Axis Capital Limited PRIYA ROHIRA hold 3 M 179 Not Provided 27.09.2013
New Street Research CHRIS HOARE buy 5 M 280 Not Provided 27.09.2013
Edelweiss Capital SANDIP KUMAR AGARWAL hold 3 M 156 12 month 19.09.2013
BNP Paribas Equity Research KUNAL D VORA buy 5 M 200 12 month 18.09.2013
Ambit Capital Pvt Ltd ANKUR RUDRA buy 5 M 181 Not Provided 18.09.2013
IDFC Securities Ltd HITESH SHAH outperform 5 M 190 12 month 16.09.2013
Avendus Capital Private Ltd ABHAY MOGHE add 4 M 187 Not Provided 12.09.2013
Emkay Share & Stock Brokers NAVAL SETH buy 5 M 190 Not Provided 11.09.2013
ICICIdirect.com KARAN MITTAL buy 5 M 185 Not Provided 11.09.2013
IIFL G V GIRI buy 5 M 188 12 month 11.09.2013
Nirmal Bang Institutional Equities HARIT SHAH buy 5 M 215 Not Provided 11.09.2013
Standard Chartered RAHUL SINGH outperform 5 M 196 12 month 10.09.2013
Daiwa Securities Co. Ltd. RAMAKRISHNA MARUVADA sell 1 M 136 Not Provided 10.09.2013
ICICI Securities VIKASH MANTRI add 4 M 167 12 month 10.09.2013
Tata Securities Limited ASHISH AGGARWAL buy 5 U 180 12 month 10.09.2013
India Infoline BHAVESH GANDHI buy 5 M 200 12 month 10.09.2013
Elara Securities India Pvt Ltd ALIASGAR SHAKIR accumulate 4 M 170 Not Provided 10.09.2013
India Nivesh Ltd AMAR MOURYA sell 1 M 125 Not Provided 10.09.2013
JM Financial Institutional Securities P SANJAY CHAWLA buy 5 M 190 12 month 04.09.2013
Nomura SACHIN GUPTA reduce 2 M 120 Not Provided 02.09.2013
Macquarie ABHISHEK SINGHAL outperform 5 M 215 12 month 28.08.2013
Barclays BHUVNESH SINGH equalweight 3 M 164 Not Provided 27.08.2013
Anand Rathi Securities Pvt. Ltd. YOGESH KIRVE buy 5 M 195 Not Provided 26.08.2013
Goldman Sachs SACHIN SALGAONKAR Buy/Neutral 5 M 200 12 month 21.08.2013
Motilal Oswal Securities Ltd SHOBHIT KHARE buy 5 M 200 Not Provided 19.08.2013
Angel Broking Limited ANKITA SOMANI neutral 3 M #N/A N/A Not Provided 06.08.2013
Credit Suisse SUNIL TIRUMALAI outperform 5 M 175 Not Provided 05.08.2013
UBS SURESH A MAHADEVAN buy 5 M 200 12 month 05.08.2013
HSBC RAJIV SHARMA neutral 3 D 175 Not Provided 05.08.2013
Maybank Kim Eng URMIL SHAH sell 1 M 124 12 month 05.08.2013
Phillip Securities NAVEEN KULKARNI buy 5 M 195 Not Provided 05.08.2013
KR Choksey Shares & Sec Pvt Ltd ARCHANA SHIVANE accumulate 4 U 168 12 month 05.08.2013
Khambatta Securities Ltd DEVANG BHATT strong buy 5 U 185 12 month 05.08.2013
CIMB PIYUSH CHOUDHARY underperform 1 M 150 12 month 04.08.2013
HDFC Securities HIMANSHU SHAH neutral 3 M 157 12 month 03.08.2013
JPMorgan VIJU K GEORGE overweight 5 M 185 6 month 02.08.2013
Jefferies VISHAL AGARWAL underperform 1 M 135 12 month 02.08.2013
Kotak Securities ROHIT CHORDIA buy 5 M 195 Not Provided 02.08.2013
Deutsche Bank B SRINIVAS RAO hold 3 M 145 12 month 01.08.2013
Religare Capital Markets RUMIT DUGAR sell 1 M 130 12 month 01.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 141 Not Provided 09.05.2013
Holdings By:
Idea Cellular Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Ambuja Cements Limited manufactures cement in India. The Company owns specially
designed ships and terminals for bulk transportation of its products. Ambuja
Cement sells most of its products domestically, but also has a subsidiary that
markets the Group's items in Sri Lanka.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (05.10.2012) 220.70
52-Week Low (28.08.2013) 147.55
Daily Volume
180.65
52-Week High % Change -18.01% Dividend Yield 1.99
52-Week Low % Change 22.43% Beta 0.94
% 52 Week Price Range High/Low 48.67% Equity Float 678.23
Shares Out 25.09.2013 1'544.9 Short Int -
279'088.25 1 Yr Total Return -11.90%
Total Debt 603.60 YTD Return -8.31%
Preferred Stock 0.0 Adjusted BETA 0.944
Minority Interest 8.4 Analyst Recs 58
Cash and Equivalents 38'034.70 Consensus Rating 2.552
Enterprise Value 241'665.56
Average Volume 5 Day 83'239
ACEM IB EQUITY YTD Change - Average Volume 30 Day 158'055
ACEM IB EQUITY YTD % CHANGE - Average Volume 3 Month 207'141
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
62'474.1 70'768.7 73'902.1 85'210.3 97'395.4 0.0 36'033.2 104'268.3 133'289.6 22'649.0 -
1.59x 2.06x 2.66x 2.47x 2.80x #DIV/0! 0.00x 2.32x 1.75x - -
18'079.6 20'163.0 18'914.3 20'228.2 27'827.2 0.0 3'465.5 24'431.7 34'105.2 4'640.0 -
5.49x 7.24x 10.39x 10.42x 9.79x 0.00x 0.00x 9.88x 7.08x - -
13'897.1 12'168.4 12'629.7 12'277.4 12'932.1 0.0 8'326.5 15'944.0 19'147.0 3'165.0 -
7.67x 13.05x 17.29x 19.38x 23.89x 0.00x 0.00x 17.96x 15.47x - -
EBITDA 27'827.20 Long-Term Rating Date -
EBIT 19'349.10 Long-Term Rating -
Operating Margin 19.87% Long-Term Outlook -
Pretax Margin 19.46% Short-Term Rating Date -
Return on Assets 10.76% Short-Term Rating -
Return on Common Equity 15.34%
Return on Capital 15.82% EBITDA/Interest Exp. 35.89
Asset Turnover 0.81% (EBITDA-Capex)/Interest Exp. 26.88
Net Debt/EBITDA -1.35
Gross Margin - Total Debt/EBITDA 0.02
EBITDA Margin 28.6%
EBIT Margin 19.9% Total Debt/Equity 0.7%
Net Income Margin 13.3% Total Debt/Capital 0.7%
Asset Turnover 0.81
Current Ratio 1.74 Net Fixed Asset Turnover 1.48
Quick Ratio 1.32 Accounts receivable turnover-days 8.80
Debt to Assets 0.48% Inventory Days -
Tot Debt to Common Equity 0.69% Accounts Payable Turnover Day -
Accounts Receivable Turnover 41.60 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Ambuja Cements LtdPrice/Volume
Valuation Analysis
68'835.00
Current Price (10/dd/yy) Market Data
,
2,
-,,
-2,
.,,
.2,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'2 E
-', E
-'2 E
.', E
.'2 E
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
2',,
-,',,
-2',,
.,',,
.2',,
,0',-'.,-, ,0',4'.,-, ,0',-'.,-- ,0',4'.,-- ,0',-'.,-. ,0',4'.,-. ,0',-'.,-0 ,0',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HOLDERIND INVSTS LTD n/a Co File 629'638'433 40.76 - 30.06.2013 Other
HOLCIM INDIA PVT LTD n/a Co File 150'670'120 9.75 - 30.06.2013 Corporation
LIFE INSURANCE CORP n/a Co File 85'929'991 5.56 - 30.06.2013 Government
JP MORGAN n/a ULT-AGG 55'166'929 3.57 (4'236'262) 31.07.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 53'995'298 3.5 4'139'312 31.07.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 48'036'000 3.11 - 31.07.2013 Investment Advisor
GENESIS INDIAN INV C n/a Co File 39'874'017 2.58 - 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 18'048'408 1.17 506'351 30.06.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 13'099'563 0.85 5'136'592 30.06.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 12'611'230 0.82 (19'801'770) 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 10'563'772 0.68 (13'919) 27.09.2013 Investment Advisor
HARDING LOEVNER LP Multiple Portfolios MF-AGG 10'300'800 0.67 385'000 30.04.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 9'227'057 0.6 (1'545'644) 31.08.2013 Investment Advisor
CHINA INTERNATIONAL Multiple Portfolios MF-AGG 8'567'315 0.55 4'652'338 31.12.2012 Investment Advisor
BLACKSTONE ASIA ADVI Multiple Portfolios MF-AGG 8'200'000 0.53 - 28.06.2013 Investment Advisor
JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 8'031'945 0.52 44'624 31.07.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 4'996'158 0.32 - 30.04.2013 Investment Advisor
JP MORGAN CHASE BANK Multiple Portfolios MF-AGG 4'538'852 0.29 - 31.05.2013 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 1'775'781 0.11 269'889 30.08.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'719'405 0.11 - 27.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
CIMB RAHUL JAIN outperform 5 M 217 12 month 30.09.2013
Motilal Oswal Securities Ltd JINESH K GANDHI neutral 3 M 188 12 month 30.09.2013
IDFC Securities Ltd BHOOMIKA NAIR underperform 1 M 165 Not Provided 30.09.2013
ICICIdirect.com RASHESH CHANDRAKANT SHAH hold 3 M 161 Not Provided 30.09.2013
Quant Broking Pvt Ltd MANGESH BHADANG sell 1 M 112 Not Provided 27.09.2013
IIFL J RADHAKRISHNAN sell 1 M 153 12 month 26.09.2013
Morgan Stanley ASHISH G JAIN Equalwt/In-Line 3 M 190 12 month 24.09.2013
HSBC JIGAR MISTRY underweight 1 M 160 Not Provided 23.09.2013
Espirito Santo Investment Bank ResearchRITESH SHAH buy 5 N 206 Not Provided 20.09.2013
Deutsche Bank CHOCKALINGAM NARAYANAN sell 1 M 145 12 month 19.09.2013
Centrum Broking Pvt Ltd SANJEEV KUMAR SINGH sell 1 M 153 Not Provided 18.09.2013
Spark Capital Advisors VIJAYARAGHAVAN SWAMINATHAN reduce 2 M 162 12 month 17.09.2013
Ambit Capital Pvt Ltd NITIN BHASIN sell 1 M 160 12 month 16.09.2013
Goldman Sachs NAVIN GUPTA Sell/Neutral 1 M 120 12 month 09.09.2013
Nirmal Bang Institutional Equities AMIT K SRIVASTAVA sell 1 M 136 Not Provided 06.09.2013
JM Financial Institutional Securities P NAVEEN JAIN buy 5 M 195 Not Provided 05.09.2013
HDFC Securities ANKUR KULSHRESTHA neutral 3 M 170 12 month 03.09.2013
Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR reduce 2 M 154 12 month 23.08.2013
Jefferies ANAND AGARWAL hold 3 M 187 12 month 16.08.2013
Antique Stock Broking Limited NIRAV SHAH hold 3 M 178 Not Provided 13.08.2013
Avendus Capital Private Ltd JIMESH SANGHVI hold 3 M 167 Not Provided 08.08.2013
ICICI Securities KRUPAL MANIAR add 4 M 180 12 month 02.08.2013
Angel Broking Limited SRINIVASAN VISWANATHAN neutral 3 M #N/A N/A Not Provided 02.08.2013
FinQuest Securities (P) Ltd. DARYL PHILIP sell 1 M 156 12 month 02.08.2013
Standard Chartered SATISH KUMAR in-line 3 M 166 12 month 26.07.2013
Maybank Kim Eng JIGAR A SHAH buy 5 M 191 12 month 26.07.2013
Anand Rathi Securities Pvt. Ltd. JASPREET SINGH ARORA hold 3 M 186 12 month 26.07.2013
Batlivala & Karani Securities PRITAM LALA outperform 5 M 175 Not Provided 26.07.2013
Khambatta Securities Ltd RAJ KUMAR JHA underperform 1 M 158 Not Provided 26.07.2013
Networth Stock Broking Ltd SUHANI PATEL hold 3 D 180 12 month 25.07.2013
JPMorgan PINAKIN M PAREKH underweight 1 M 165 9 month 25.07.2013
SBI Capital Markets MILIND RAGINWAR hold 3 M 171 12 month 25.07.2013
Phillip Securities VAIBHAV AGARWAL neutral 3 D 170 Not Provided 25.07.2013
IDBI Capital Market Services Ltd SUDEEP ANAND sell 1 D 156 Not Provided 25.07.2013
Tata Securities Limited NIRAJ AGARWALLA hold 3 M 182 12 month 25.07.2013
Religare Capital Markets MIHIR JHAVERI sell 1 D 175 12 month 25.07.2013
Karvy Stock Broking Ltd RAJESH KUMAR RAVI sell 1 M #N/A N/A Not Provided 25.07.2013
Edelweiss Capital NAVIN SAHADEO hold 3 D 162 12 month 25.07.2013
Elara Securities India Pvt Ltd RAVI SODAH sell 1 D 163 12 month 25.07.2013
Fortune Equity Brokers (India) Ltd TEAM COVERAGE hold 3 M 170 Not Provided 25.07.2013
BOB Capital Markets JINAL JOSHI sell 1 D 165 Not Provided 25.07.2013
Kotak Securities MURTUZA ARSIWALLA sell 1 D 155 Not Provided 24.07.2013
Emkay Share & Stock Brokers AJIT MOTWANI reduce 2 D 165 Not Provided 24.07.2013
Holdings By:
Ambuja Cements Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Zee Entertainment Enterprises Limited produces and develops Hindi films,
serials, game shows and children's programs. The Company also purchases rights
to Hindi films, serials and other programs from their producers on a contract
basis. Zee also produces and exports entertainment software for transmission on
its ZEE TV channel. The Company also produces motion pictures.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (26.07.2013) 267.35
52-Week Low (30.10.2012) 173.80
Daily Volume
231.3
52-Week High % Change -13.52% Dividend Yield 0.86
52-Week Low % Change 33.08% Beta 0.64
% 52 Week Price Range High/Low 58.36% Equity Float 498.39
Shares Out 25.09.2013 960.0 Short Int -
222'045.88 1 Yr Total Return 18.28%
Total Debt 28.00 YTD Return 5.59%
Preferred Stock 0.0 Adjusted BETA 0.637
Minority Interest 33.0 Analyst Recs 42
Cash and Equivalents 10'035.00 Consensus Rating 3.810
Enterprise Value 212'071.88
Average Volume 5 Day 198'021
Z IB EQUITY YTD Change - Average Volume 30 Day 199'316
Z IB EQUITY YTD % CHANGE - Average Volume 3 Month 238'825
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
21'773.1 21'997.8 30'088.0 30'405.0 36'996.0 31'535.8 37'802.8 42'656.0 49'100.9 10'579.5 11'037.0
2.31x 5.02x 3.89x 3.66x 5.16x 7.30x 9.71x 4.90x 4.17x - -
5'491.9 6'226.1 8'291.0 7'517.0 9'621.0 8'167.5 10'125.1 11'501.8 14'031.2 3'262.0 3'418.0
9.15x 17.73x 14.10x 14.80x 19.83x 0.00x 0.00x 18.44x 15.11x - -
5'123.6 6'313.7 6'251.0 5'891.0 7'196.0 6'136.5 7'860.4 8'409.1 10'204.6 2'284.5 2'489.0
9.01x 18.97x 19.34x 20.86x 27.92x 23.46x 28.72x 26.47x 21.76x - -
EBITDA 9'621.00 Long-Term Rating Date -
EBIT 9'222.00 Long-Term Rating -
Operating Margin 24.93% Long-Term Outlook -
Pretax Margin 28.41% Short-Term Rating Date -
Return on Assets 15.36% Short-Term Rating -
Return on Common Equity 19.59%
Return on Capital 19.56% EBITDA/Interest Exp. 331.76
Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. 305.66
Net Debt/EBITDA -1.04
Gross Margin 53.0% Total Debt/EBITDA 0.00
EBITDA Margin 26.0%
EBIT Margin 24.9% Total Debt/Equity 0.1%
Net Income Margin 19.5% Total Debt/Capital 0.1%
Asset Turnover 0.79
Current Ratio 3.16 Net Fixed Asset Turnover 14.18
Quick Ratio 1.83 Accounts receivable turnover-days 91.51
Debt to Assets 0.06% Inventory Days 168.69
Tot Debt to Common Equity 0.07% Accounts Payable Turnover Day 87.76
Accounts Receivable Turnover 3.99 Cash Conversion Cycle 172.43
Inventory Turnover 2.16
Fiscal Year Ended
Zee Entertainment Enterprises LtdPrice/Volume
Valuation Analysis
435'632.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
2,
-,,
-2,
.,,
.2,
0,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'2 E
-', E
-'2 E
.', E
.'2 E
0', E
0'2 E
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
-,',,
.,',,
0,',,
1,',,
2,',,
3,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CYQUATOR MEDIA SERVI n/a Co File 241'402'908 25.15 - 30.06.2013 Other
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 122'983'280 12.81 (52'016) 31.07.2013 Investment Advisor
ESSEL MEDIA VENTURES n/a Co File 102'888'286 10.72 - 30.06.2013 Other
ESSEL HOLDINGS LTD n/a Co File 46'378'518 4.83 - 30.06.2013 Other
NORGES BANK Multiple Portfolios MF-AGG 24'426'267 2.54 - 31.12.2012 Government
ESSEL INTERNATIONAL n/a Co File 23'000'000 2.4 - 30.06.2013 Corporation
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 21'716'587 2.26 (2'805'902) 31.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 21'365'261 2.23 8'026'185 30.06.2013 Investment Advisor
GOVT PENSION FUND GL n/a Co File 18'224'228 1.9 - 30.06.2013 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 16'635'000 1.73 16'635'000 30.06.2013 Investment Advisor
GIC PRIVATE LIMITED n/a ULT-AGG 14'958'165 1.56 - 30.06.2013 Government
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 11'420'948 1.19 235'418 30.06.2013 Investment Advisor
NEW WORLD FUND INC n/a Co File 11'250'000 1.17 - 30.06.2013 n/a
LIFE INSURANCE CORP n/a Co File 10'826'602 1.13 - 30.06.2013 Government
MORGAN STANLEY n/a ULT-AGG 10'268'041 1.07 1'254'200 31.08.2013 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 8'255'211 0.86 706'969 31.08.2013 Other
BLACKROCK n/a ULT-AGG 8'143'496 0.85 (2'591) 27.09.2013 Investment Advisor
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 4'811'787 0.5 815'141 31.08.2013 Investment Advisor
IDFC MUTUAL FUND Multiple Portfolios MF-AGG 4'347'280 0.45 190'144 31.08.2013 Investment Advisor
GOEL LAXMI NARAIN n/a EXCH 3'843'758 0.4 - 05.09.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura PRABHAT AWASTHI suspended coverage #N/A N/A M #N/A N/A Not Provided 29.09.2013
Axis Capital Limited CHIRAG NEGANDHI buy 5 M 260 Not Provided 27.09.2013
Batlivala & Karani Securities ROHIT DOKANIA underperform 1 M 203 Not Provided 25.09.2013
HDFC Securities HIMANSHU SHAH neutral 3 M 223 12 month 25.09.2013
KR Choksey Shares & Sec Pvt Ltd ARCHANA SHIVANE buy 5 M 272 Not Provided 20.09.2013
IIFL BIJAL SHAH add 4 M 255 12 month 19.09.2013
Credit Suisse JATIN CHAWLA outperform 5 M 280 Not Provided 18.09.2013
Standard Chartered SAURAV ANAND outperform 5 M 295 12 month 11.09.2013
BNP Paribas Equity Research KUNAL D VORA hold 3 M 247 12 month 11.09.2013
ICICI Securities VIKASH MANTRI reduce 2 U 240 12 month 10.09.2013
Sharekhan Ltd TEAM COVERAGE buy 5 M 300 Not Provided 05.09.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 236 Not Provided 04.09.2013
Morgan Stanley PARAG GUPTA Overwt/Attractive 5 M 278 12 month 02.09.2013
SBI Capital Markets DIPESH N MEHTA buy 5 N 275 12 month 29.08.2013
CIMB SRINIVAS SESHADRI underperform 1 M 230 12 month 23.08.2013
Anand Rathi Securities Pvt. Ltd. YOGESH KIRVE buy 5 M 305 Not Provided 23.08.2013
Motilal Oswal Securities Ltd SHOBHIT KHARE neutral 3 M 242 Not Provided 19.08.2013
Edelweiss Capital ABNEESH ROY buy 5 M 305 Not Provided 19.08.2013
Centrum Broking Pvt Ltd ANKIT KEDIA hold 3 M 245 12 month 08.08.2013
ICICIdirect.com KARAN MITTAL buy 5 M 268 12 month 05.08.2013
UBS SURESH A MAHADEVAN sell 1 M 245 12 month 29.07.2013
Jefferies PIYUSH NAHAR hold 3 M 230 12 month 29.07.2013
Phillip Securities NAVEEN KULKARNI neutral 3 M 270 Not Provided 29.07.2013
Antique Stock Broking Limited PRATISH KRISHNAN hold 3 M 240 Not Provided 29.07.2013
Sushil Finance Consultants Ltd BHARTI GUPTA hold 3 M 260 Not Provided 29.07.2013
JPMorgan LATIKA CHOPRA neutral 3 M 255 6 month 28.07.2013
Macquarie NITIN MOHTA outperform 5 U 300 12 month 27.07.2013
Religare Capital Markets RUMIT DUGAR hold 3 M 265 12 month 27.07.2013
Elara Securities India Pvt Ltd MOHAN LAL buy 5 M 305 12 month 27.07.2013
Goldman Sachs SACHIN SALGAONKAR neutral/neutral 3 M 262 12 month 26.07.2013
JM Financial Institutional Securities P SIDDHARTH GOENKA buy 5 M 290 12 month 26.07.2013
Emkay Share & Stock Brokers NAVAL SETH buy 5 M 286 Not Provided 26.07.2013
Deutsche Bank GAURAV BHATIA buy 5 M 280 12 month 25.07.2013
Kotak Securities AMIT KUMAR reduce 2 M 230 Not Provided 25.07.2013
IDFC Securities Ltd NIKHIL K VORA outperform 5 M 300 12 month 25.07.2013
HSBC RAJIV SHARMA overweight 5 M 285 Not Provided 31.05.2013
Ventura Securities Ltd TEAM COVERAGE buy 5 M 267 Not Provided 24.05.2013
Techno Shares & Stocks DEBASHISH MAZUMDAR accumulate 4 M 250 Not Provided 13.03.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 13.03.2013
Ashika Stock Broking Limited PARAS BOTHRA buy 5 M 265 Not Provided 07.03.2013
Dolat Capital Market Ltd. AMIT PUROHIT accumulate 4 M 136 Not Provided 03.10.2011
Holdings By:
Zee Entertainment Enterprises Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Tata Power Company Limited generates and supplies electricity in Mumbai and its
suburbs. The Company also constructs and operates independent power plants as
well as captive power plants for industrial concerns. Tata Power also provides
various services related to electricity distribution, erects and commissions
transmission lines, and is diversifying into the telecommunications market.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (05.12.2012) 113.20
52-Week Low (06.08.2013) 68.25
Daily Volume
78.45
52-Week High % Change -30.43% Dividend Yield 1.47
52-Week Low % Change 14.95% Beta 1.01
% 52 Week Price Range High/Low 28.59% Equity Float 1'307.99
Shares Out 25.09.2013 2'373.1 Short Int -
186'167.52 1 Yr Total Return -25.00%
Total Debt 379'172.80 YTD Return -27.99%
Preferred Stock 0.0 Adjusted BETA 1.007
Minority Interest 20'646.0 Analyst Recs 43
Cash and Equivalents 24'572.60 Consensus Rating 3.721
Enterprise Value 561'413.71
Average Volume 5 Day 324'170
TPWR IB EQUITY YTD Change - Average Volume 30 Day 530'927
TPWR IB EQUITY YTD % CHANGE - Average Volume 3 Month 437'093
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
174'787.2 188'000.7 194'507.6 260'014.0 330'254.3 272'616.2 349'302.5 368'955.3 385'833.2 - -
1.77x 2.66x 2.85x 2.12x 1.83x 2.02x 1.73x 1.51x 1.42x - -
36'722.4 37'363.3 46'651.8 53'479.4 67'913.3 52'606.5 72'862.6 71'185.8 75'289.6 - -
8.42x 13.37x 11.88x 10.28x 8.90x 0.00x 0.00x 7.88x 7.46x - -
12'187.4 19'668.4 20'596.0 (10'876.8) (854.3) (14'390.1) (3'460.6) 9'376.0 12'681.2 1'771.0 2'345.0
13.96x 16.23x 15.40x - - 0.00x 0.00x 19.10x 14.58x - -
EBITDA 67'913.30 Long-Term Rating Date 06.09.2013
EBIT 47'396.40 Long-Term Rating B+
Operating Margin 14.35% Long-Term Outlook NEG
Pretax Margin 3.94% Short-Term Rating Date -
Return on Assets -0.13% Short-Term Rating -
Return on Common Equity -0.74%
Return on Capital 0.73% EBITDA/Interest Exp. 2.19
Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 0.81
Net Debt/EBITDA 5.22
Gross Margin 76.3% Total Debt/EBITDA 5.58
EBITDA Margin 20.6%
EBIT Margin 14.4% Total Debt/Equity 334.3%
Net Income Margin -0.3% Total Debt/Capital 73.9%
Asset Turnover 0.51
Current Ratio 0.73 Net Fixed Asset Turnover 0.91
Quick Ratio 0.35 Accounts receivable turnover-days 30.82
Debt to Assets 56.36% Inventory Days 86.63
Tot Debt to Common Equity 334.29% Accounts Payable Turnover Day 140.69
Accounts Receivable Turnover 11.84 Cash Conversion Cycle -23.25
Inventory Turnover 4.21
Fiscal Year Ended
Tata Power Co LtdPrice/Volume
Valuation Analysis
271'932.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
.,
1,
3,
5,
-,,
-.,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
-', E
.', E
0', E
1', E
2', E
3', E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
02',,
1,',,
12',,
2,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TATA SONS LTD n/a Co File 707'511'570 29.81 - 30.06.2013 Holding Company
LIFE INSURANCE CORP n/a Co File 302'443'800 12.74 - 30.06.2013 Government
COMMONWEALTH BANK OF n/a ULT-AGG 140'448'239 5.92 (15'939'476) 30.06.2013 Bank
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 117'710'510 4.96 15'858'714 28.06.2013 Investment Advisor
NEW INDIA ASSURANCE n/a Co File 64'026'620 2.7 - 30.06.2013 Government
GENERAL INSURANCE CO n/a Co File 63'119'742 2.66 - 30.06.2013 Government
ABERDEEN n/a ULT-AGG 38'687'000 1.63 - 31.07.2013 Investment Advisor
TATA STEEL LTD n/a Co File 34'318'180 1.45 - 30.06.2013 Corporation
VANGUARD GROUP INC n/a ULT-AGG 25'096'339 1.06 (175'712) 30.06.2013 Investment Advisor
TATA INDUSTRIES LTD n/a Co File 19'680'000 0.83 - 30.06.2013 Corporation
BLACKROCK n/a ULT-AGG 15'596'549 0.66 (2'993'695) 27.09.2013 Investment Advisor
BLACKSTONE ASIA ADVI Multiple Portfolios MF-AGG 7'850'000 0.33 - 28.06.2013 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 6'578'238 0.28 - 31.08.2013 Other
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 6'328'442 0.27 (2'700'135) 31.08.2013 Investment Advisor
TATA INVESTMENT CORP n/a Co File 6'006'880 0.25 - 30.06.2013 Private Equity
NORGES BANK Multiple Portfolios MF-AGG 5'835'926 0.25 - 31.12.2012 Government
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 5'621'140 0.24 7'002 31.08.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 4'237'571 0.18 3'386 31.08.2013 Investment Advisor
SKANDIA INVESTMENT M Multiple Portfolios MF-AGG 3'777'467 0.16 - 28.06.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 3'262'191 0.14 551'758 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC ARUN KUMAR SINGH overweight 5 M 98 Not Provided 27.09.2013
Axis Capital Limited BHAVIN VITHLANI buy 5 M 83 Not Provided 27.09.2013
Jefferies LAVINA QUADROS buy 5 M 100 12 month 23.09.2013
IIFL HARSHAWARDHAN S DOLE buy 5 M 90 12 month 18.09.2013
Antique Stock Broking Limited RAHUL MODI hold 3 M 87 Not Provided 10.09.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 81 Not Provided 10.09.2013
Credit Suisse AMISH SHAH underperform 1 M 68 Not Provided 09.09.2013
JPMorgan SUMIT KISHORE neutral 3 M 84 6 month 06.09.2013
Batlivala & Karani Securities VISHAL BIRAIA outperform 5 M 81 Not Provided 06.09.2013
Deutsche Bank ABHISHEK PURI hold 3 M 84 12 month 05.09.2013
Centrum Broking Pvt Ltd SACHIN MEHTA buy 5 N 95 Not Provided 04.09.2013
EVA Dimensions DOUG WALTERS hold 3 U #N/A N/A Not Provided 04.09.2013
Emkay Share & Stock Brokers AMIT GOLCHHA hold 3 M 93 Not Provided 28.08.2013
Ambit Capital Pvt Ltd BHARGAV BUDDHADEV buy 5 M 97 12 month 21.08.2013
Morgan Stanley PARAG GUPTA Underwt/In-Line 1 M 78 12 month 19.08.2013
UBS PANKAJ SHARMA buy 5 M 105 12 month 19.08.2013
Motilal Oswal Securities Ltd NALIN BHATT neutral 3 M 77 Not Provided 19.08.2013
IDBI Capital Market Services Ltd HANSRAJ SINGH hold 3 N 76 Not Provided 08.08.2013
Macquarie INDERJEET SINGH BHATIA outperform 5 M 95 12 month 07.08.2013
CIMB HARISH BIHANI neutral 3 M 84 12 month 07.08.2013
IDFC Securities Ltd SHIRISH RANE neutral 3 M 80 12 month 07.08.2013
HDFC Securities ABHINAV SHARMA buy 5 U 83 12 month 07.08.2013
ICICIdirect.com CHIRAG J SHAH hold 3 M 84 12 month 07.08.2013
Quant Broking Pvt Ltd ABHINEET ANAND sell 1 M 71 12 month 07.08.2013
India Nivesh Ltd ABHISHEK JAIN buy 5 M 106 Not Provided 07.08.2013
Fortune Equity Brokers (India) Ltd TEAM COVERAGE buy 5 M 80 Not Provided 07.08.2013
Kotak Securities MURTUZA ARSIWALLA buy 5 M 92 Not Provided 06.08.2013
Prabhudas Lilladher Pvt Ltd RUPA SHAH accumulate 4 M 88 12 month 06.08.2013
JM Financial Institutional Securities P SUBHADIP MITRA hold 3 M 76 12 month 06.08.2013
Edelweiss Capital SHANKAR K buy 5 M 82 12 month 06.08.2013
Karvy Stock Broking Ltd RUPESH D SANKHE buy 5 M 119 Not Provided 11.07.2013
Standard Chartered PANKAJ KAPOOR underperform 1 M 86 12 month 09.07.2013
Avendus Capital Private Ltd ABHAY MOGHE buy 5 U 108 Not Provided 26.06.2013
ICICI Securities PRAKASH GAURAV GOEL add 4 M 98 12 month 31.05.2013
ITI Securities Ltd ABHISHEK B PATEL buy 5 M 113 12 month 31.05.2013
Barclays VENUGOPAL GARRE equalweight 3 M 95 Not Provided 16.04.2013
BNP Paribas Equity Research GIRISH NAIR reduce 2 M 85 12 month 04.04.2013
Ventura Securities Ltd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 13.02.2013
NVS Brokerage Limited TEAM COVERAGE buy 5 M 135 12 month 17.01.2013
MSFL - Institutional Business Group SITARAMAN IYER hold 3 M 106 12 month 18.10.2012
Religare Capital Markets MISAL SINGH hold 3 M 105 12 month 10.09.2012
SMC Global Securities Ltd. JAISHEEL GARG outperform 5 M 124 Not Provided 09.01.2012
Holdings By:
Tata Power Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Bharat Heavy Electricals Limited manufactures power plant equipment. The
Company's products include gas turbines, generators, thermal sets, diesel
shunters, turbo sets, hydro sets, power transformers, switch gears, circuit
breakers and boilers. The Company also manufactures compressors, valves,
rectifiers, pumps, capacitors, oil rigs, as well as castings and forgings.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (05.10.2012) 272.45
52-Week Low (20.08.2013) 100.35
Daily Volume
141.9
52-Week High % Change -47.86% Dividend Yield 3.81
52-Week Low % Change 41.41% Beta 1.27
% 52 Week Price Range High/Low 21.50% Equity Float 589.82
Shares Out 25.09.2013 2'447.6 Short Int -
347'314.44 1 Yr Total Return -41.68%
Total Debt 27'740.80 YTD Return -35.79%
Preferred Stock 0.0 Adjusted BETA 1.267
Minority Interest 47.0 Analyst Recs 58
Cash and Equivalents 78'278.10 Consensus Rating 2.034
Enterprise Value 296'824.13
Average Volume 5 Day 1'911'997
BHEL IB EQUITY YTD Change - Average Volume 30 Day 1'689'313
BHEL IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'217'785
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
264'914.0 331'544.8 418'546.6 475'989.5 481'063.1 - - 409'696.0 375'953.3 - -
2.41x 3.24x 2.19x 1.19x 0.80x - - 0.67x 0.66x - -
37'633.0 54'935.0 85'525.5 112'700.8 109'921.7 - - 64'387.3 54'978.0 - -
16.96x 19.55x 10.71x 5.04x 3.48x - - 4.61x 5.40x - -
31'151.7 43'269.2 60'533.6 70'874.4 66'933.7 - - 44'854.7 40'090.2 - -
23.74x 27.05x 16.68x 8.88x 6.47x - - 7.74x 8.66x - -
EBITDA 109'921.70 Long-Term Rating Date -
EBIT 100'342.20 Long-Term Rating -
Operating Margin 20.86% Long-Term Outlook -
Pretax Margin 19.81% Short-Term Rating Date -
Return on Assets 9.62% Short-Term Rating -
Return on Common Equity 23.93%
Return on Capital 22.69% EBITDA/Interest Exp. 252.11
Asset Turnover 0.69% (EBITDA-Capex)/Interest Exp. 211.85
Net Debt/EBITDA -0.46
Gross Margin 87.9% Total Debt/EBITDA 0.25
EBITDA Margin 22.8%
EBIT Margin 20.9% Total Debt/Equity 9.1%
Net Income Margin 13.9% Total Debt/Capital 8.3%
Asset Turnover 0.69
Current Ratio 1.82 Net Fixed Asset Turnover 7.63
Quick Ratio 1.32 Accounts receivable turnover-days 212.15
Debt to Assets 3.87% Inventory Days 799.14
Tot Debt to Common Equity 9.09% Accounts Payable Turnover Day 895.52
Accounts Receivable Turnover 1.72 Cash Conversion Cycle 115.77
Inventory Turnover 0.46
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Bharat Heavy Electricals LtdPrice/Volume
Valuation Analysis
690'089.00
Current Price (10/dd/yy) Market Data
,
2,
-,,
-2,
.,,
.2,
0,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'2 E
-', E
-'2 E
.', E
.'2 E
0', E
0'2 E
1', E
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2,',,
-,,',,
-2,',,
.,,',,
.2,',,
0,,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 1'657'552'000 67.72 - 30.06.2013 Government
LIFE INSURANCE CORP n/a Co File 166'373'542 6.8 - 30.06.2013 Government
COMGEST S A Multiple Portfolios MF-AGG 35'350'000 1.44 - 31.12.2012 Unclassified
LAZARD ASSET MANAGEM n/a ULT-AGG 34'710'557 1.42 - 31.08.2013 Unclassified
COMGEST SA A/C MAGEL n/a Co File 33'850'000 1.38 - 30.06.2013 Other
COMGEST GROWTH PLC n/a Co File 26'307'000 1.07 - 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 17'277'994 0.71 589'910 30.06.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 13'257'295 0.54 (54'462) 31.07.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 12'509'347 0.51 - 27.09.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 10'109'517 0.41 1'670 31.08.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 8'928'341 0.36 (13'102) 27.09.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 5'192'161 0.21 681 31.08.2013 Investment Advisor
FMR LLC n/a ULT-AGG 4'330'008 0.18 801'213 31.08.2013 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 4'002'406 0.16 - 31.08.2013 Other
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 3'175'597 0.13 1'603'427 28.06.2013 Investment Advisor
AGF INVESTMENTS INC Multiple Portfolios MF-AGG 2'445'480 0.1 (628'500) 28.03.2013 Investment Advisor
BARING INTERNATIONAL Multiple Portfolios MF-AGG 2'110'172 0.09 - 30.06.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 2'068'985 0.08 67'984 30.04.2013 Investment Advisor
PIONEER n/a ULT-AGG 1'974'597 0.08 - 31.07.2013 Unclassified
LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 1'798'673 0.07 91'051 30.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited BHAVIN VITHLANI sell 1 M 90 Not Provided 27.09.2013
JPMorgan SUMIT KISHORE underweight 1 M 110 12 month 26.09.2013
India Nivesh Ltd SANTOSH YELLAPU buy 5 M 176 Not Provided 25.09.2013
Jefferies LAVINA QUADROS hold 3 M 115 12 month 23.09.2013
UBS PANKAJ SHARMA buy 5 M 235 12 month 19.09.2013
Standard Chartered SATISH KUMAR outperform 5 M 182 12 month 18.09.2013
Deutsche Bank MANISH SAXENA sell 1 M 126 12 month 17.09.2013
BNP Paribas Equity Research GIRISH NAIR reduce 2 M 95 12 month 17.09.2013
Religare Capital Markets MISAL SINGH sell 1 M 110 12 month 16.09.2013
Antique Stock Broking Limited DHIRENDRA TIWARI hold 3 M 144 Not Provided 16.09.2013
Morgan Stanley AKSHAY SONI Underwt/In-Line 1 M 100 12 month 10.09.2013
Goldman Sachs PULKIT PATNI Sell/Neutral 1 M 107 12 month 09.09.2013
Batlivala & Karani Securities RENU BAID underperform 1 M 132 Not Provided 06.09.2013
Barclays VENUGOPAL GARRE underweight 1 M 134 Not Provided 05.09.2013
Phillip Securities ANKUR SHARMA neutral 3 M 145 Not Provided 04.09.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 M 134 Not Provided 02.09.2013
Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA hold 3 M 180 Not Provided 30.08.2013
Anand Rathi Securities Pvt. Ltd. AMOL RAO buy 5 M 199 Not Provided 29.08.2013
EVA Dimensions TIMOTHY STANISH buy 5 U #N/A N/A Not Provided 29.08.2013
Credit Suisse AMISH SHAH underperform 1 M 99 Not Provided 27.08.2013
Kotak Securities LOKESH GARG sell 1 M 100 Not Provided 20.08.2013
Motilal Oswal Securities Ltd SATYAM AGARWAL neutral 3 M 161 Not Provided 20.08.2013
Dalal & Broacha ASHUTOSH GARUD underperform 1 M 140 12 month 06.08.2013
Karvy Stock Broking Ltd RUPESH D SANKHE buy 5 M 171 Not Provided 06.08.2013
KR Choksey Shares & Sec Pvt Ltd CHINMAY S GANDRE hold 3 D 125 Not Provided 06.08.2013
Avendus Capital Private Ltd DEVANG PATEL reduce 2 M 108 Not Provided 06.08.2013
HSBC ASHUTOSH NARKAR underweight 1 M 130 Not Provided 05.08.2013
Macquarie INDERJEET SINGH BHATIA underperform 1 M 133 12 month 05.08.2013
Maybank Kim Eng ANUBHAV GUPTA sell 1 M 126 12 month 05.08.2013
Daiwa Securities Co. Ltd. SAURABH MEHTA underperform 1 M 145 Not Provided 05.08.2013
Prabhudas Lilladher Pvt Ltd KUNAL SHETH reduce 2 M 133 12 month 05.08.2013
Espirito Santo Investment Bank ResearchADITYA BHARTIA sell 1 M 132 Not Provided 05.08.2013
Nomura AMAR KEDIA reduce 2 M 114 Not Provided 05.08.2013
HDFC Securities ABHINAV SHARMA sell 1 M 117 12 month 05.08.2013
India Infoline TARANG BHANUSHALI sell 1 D 126 12 month 05.08.2013
Angel Broking Limited AMIT PATIL neutral 3 M #N/A N/A Not Provided 05.08.2013
Sharekhan Ltd TEAM COVERAGE hold 3 M 150 Not Provided 05.08.2013
Ambit Capital Pvt Ltd BHARGAV BUDDHADEV sell 1 M 130 12 month 05.08.2013
Spark Capital Advisors APURVA PATEL reduce 2 M 125 12 month 05.08.2013
ICICIdirect.com CHIRAG J SHAH hold 3 M 118 12 month 05.08.2013
IIFL GOPAL RITOLIA sell 1 M 119 12 month 05.08.2013
Quant Broking Pvt Ltd ABHINEET ANAND sell 1 M 141 12 month 05.08.2013
Nirmal Bang Institutional Equities CHIRAG MUCHHALA sell 1 M 130 Not Provided 05.08.2013
Holdings By:
Bharat Heavy Electricals Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
IDFC Limited offers infrastructure project financing services. The Company
primarily finances energy, telecommunications, and transportation projects.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (07.01.2013) 185.35
52-Week Low (28.08.2013) 76.25
Daily Volume
89.75
52-Week High % Change -51.31% Dividend Yield 2.90
52-Week Low % Change 17.70% Beta 1.44
% 52 Week Price Range High/Low 10.91% Equity Float 1'066.97
Shares Out 25.09.2013 1'516.1 Short Int -
136'072.31 1 Yr Total Return -40.81%
Total Debt 542'272.90 YTD Return -46.53%
Preferred Stock 0.0 Adjusted BETA 1.440
Minority Interest 253.9 Analyst Recs 45
Cash and Equivalents 1'214.00 Consensus Rating 4.267
Enterprise Value 677'385.11
Average Volume 5 Day 1'349'281
IDFC IB EQUITY YTD Change - Average Volume 30 Day 2'558'086
IDFC IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'679'610
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
36'386.4 40'745.4 49'364.8 64'303.5 81'463.6 69'173.8 86'042.5 38'000.1 42'772.5 8'580.5 9'073.5
8.39x 11.64x 12.05x 10.39x 9.31x 15.08x 16.22x 3.34x 2.92x - -
31'232.6 34'392.0 42'130.0 59'475.0 72'466.3 0.0 42'382.6 28'801.8 32'272.0 - -
9.78x 13.79x 14.12x 11.24x 10.47x 0.00x 0.00x 23.52x 20.99x - -
7'498.3 10'622.9 12'816.6 15'540.1 18'362.0 16'201.0 20'137.3 19'901.8 22'624.0 3'953.0 4'583.5
9.34x 19.64x 17.62x 13.19x 11.84x 12.72x 9.64x 6.82x 6.06x 7.61x 7.07x
EBITDA 72'466.30 Long-Term Rating Date 27.12.2011
EBIT - Long-Term Rating BBB-
Operating Margin 75.12% Long-Term Outlook NEG
Pretax Margin 31.86% Short-Term Rating Date 27.12.2011
Return on Assets 2.78% Short-Term Rating A-3
Return on Common Equity 14.14%
Return on Capital 2.91% EBITDA/Interest Exp. -
Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 7.47
Gross Margin - Total Debt/EBITDA 7.48
EBITDA Margin 89.0%
EBIT Margin - Total Debt/Equity 396.3%
Net Income Margin 22.5% Total Debt/Capital 79.8%
Asset Turnover 0.12
Current Ratio - Net Fixed Asset Turnover 21.67
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 76.31% Inventory Days -
Tot Debt to Common Equity 396.32% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
IDFC LtdPrice/Volume
Valuation Analysis
553'688.00
Current Price (10/dd/yy) Market Data
,.,1,3,5,
-,,-.,-1,-3,-5,.,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E-', E.', E0', E1', E2', E3', E4', E5', E6', E
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
02',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 261'400'000 17.24 - 30.06.2013 Government
SIPADAN INVSTS MAURI n/a Co File 151'145'989 9.97 - 30.06.2013 Other
JP MORGAN n/a ULT-AGG 64'649'403 4.26 (345'840) 31.07.2013 Investment Advisor
ROYAL BANK OF SCOTLA n/a Research 43'929'230 2.9 - 30.06.2013 Investment Advisor
LIFE INSURANCE CORP n/a Co File 39'607'186 2.61 - 30.06.2013 Government
COMMONWEALTH BANK OF n/a ULT-AGG 36'570'405 2.41 - 31.05.2013 Bank
ABU DHABI INVESTMENT n/a Research 36'359'792 2.4 - 30.06.2013 Government
VANGUARD GROUP INC n/a ULT-AGG 32'527'230 2.15 788'763 30.06.2013 Investment Advisor
ACTIS HAWK LTD n/a Co File 30'569'363 2.02 - 30.06.2013 Other
LIC MARKET PLUS GROW n/a Co File 26'833'708 1.77 - 30.06.2013 n/a
JF INDIA FUND n/a Co File 26'640'000 1.76 - 30.06.2013 n/a
HSBC GLOBAL INV MAUR n/a Co File 26'323'162 1.74 - 30.06.2013 Investment Advisor
BAJAJ ALLIANZ LIFE I n/a Co File 22'827'065 1.51 - 30.06.2013 Investment Advisor
ICICI PRUDENTIAL LIF n/a Co File 20'722'361 1.37 - 30.06.2013 Insurance Company
GIC PRIVATE LIMITED n/a ULT-AGG 18'229'232 1.2 - 30.06.2013 Government
MKCP INSTITUTIONL IN n/a Co File 17'109'400 1.13 - 30.06.2013 Investment Advisor
HOUSING DEVELOPMENT n/a Co File 17'000'000 1.12 - 30.06.2013 Corporation
JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 13'775'553 0.91 (134'915) 31.07.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 11'714'454 0.77 - 30.04.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 10'927'248 0.72 7'581'729 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited PRAVEEN AGRAWAL buy 5 M 91 Not Provided 27.09.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 105 Not Provided 27.09.2013
Macquarie SURESH GANAPATHY outperform 5 M 135 12 month 24.09.2013
Ambit Capital Pvt Ltd PANKAJ AGARWAL buy 5 M 167 12 month 19.09.2013
Nomura ABHISHEK BHATTACHARYA neutral 3 M 160 Not Provided 13.09.2013
Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA buy 5 M 115 12 month 11.09.2013
Barclays JATIN MAMTANI overweight 5 M 115 Not Provided 11.09.2013
JPMorgan SESHADRI K SEN overweight 5 M 105 12 month 09.09.2013
Goldman Sachs RAHUL JAIN neutral/neutral 3 M 90 12 month 05.09.2013
Espirito Santo Investment Bank ResearchSANTOSH SINGH buy 5 M 126 Not Provided 05.09.2013
Equirus Securities Pvt Ltd DEVAM MODI buy 5 U 107 12 month 04.09.2013
BNP Paribas Equity Research AVNEESH SUKHIJA hold 3 M 90 12 month 03.09.2013
Morgan Stanley SUBRAMANIAN IYER Equalwt/Cautious 3 U 85 12 month 30.08.2013
Deutsche Bank MANISH SHUKLA buy 5 M 150 12 month 28.08.2013
Ajcon Global Services Ltd. AKASH AJAY JAIN buy 5 M 100 6 month 27.08.2013
UBS VISHAL GOYAL sell 1 M 86 12 month 27.08.2013
HDFC Securities SAMEER NARANG neutral 3 M 122 12 month 26.08.2013
Standard Chartered MAHRUKH ADAJANIA in-line 3 M 150 12 month 21.08.2013
Kotak Securities NISCHINT CHAWATHE buy 5 M 150 Not Provided 21.08.2013
ICICIdirect.com KAJAL GANDHI hold 3 M 106 Not Provided 21.08.2013
Motilal Oswal Securities Ltd ALPESH MEHTA buy 5 M 145 Not Provided 19.08.2013
Spark Capital Advisors JYOTHI KUMAR VARMA buy 5 M 143 12 month 08.08.2013
Khambatta Securities Ltd RAJ KUMAR JHA underperform 1 D 91 Not Provided 06.08.2013
Almondz Global Securities Ltd MANGESH KULKARNI buy 5 M 165 Not Provided 02.08.2013
HSBC SACHIN SHETH overweight 5 M 129 Not Provided 31.07.2013
Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES buy 5 M 148 Not Provided 31.07.2013
Batlivala & Karani Securities VISHAL SHETH outperform 5 M 127 Not Provided 31.07.2013
IIFL SAMPATH S K KUMAR buy 5 M 160 12 month 31.07.2013
Quantum Securities Pvt Ltd RATI PANDIT buy 5 M 145 12 month 31.07.2013
CIMB JATINDER AGARWAL outperform 5 M 150 12 month 30.07.2013
JM Financial Institutional Securities P KARAN UBEROI buy 5 M 130 12 month 30.07.2013
Tata Securities Limited BIJOY SHAH buy 5 M 143 12 month 30.07.2013
Edelweiss Capital NILESH PARIKH buy 5 M 148 12 month 30.07.2013
EVA Dimensions DOUG WALTERS buy 5 U #N/A N/A Not Provided 15.07.2013
Daiwa Securities Co. Ltd. PUNIT SRIVASTAVA hold 3 M 138 Not Provided 08.07.2013
Dani Shares and Stocks Pvt Ltd NAMITA LOHIA buy 5 M 157 Not Provided 29.05.2013
Quant Broking Pvt Ltd NITIN KUMAR accumulate 4 M 170 Not Provided 21.05.2013
KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL buy 5 M 180 Not Provided 06.05.2013
Ventura Securities Ltd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 02.05.2013
Credit Suisse ASHISH GUPTA outperform 5 M 190 Not Provided 01.05.2013
Ashika Stock Broking Limited PARAS BOTHRA buy 5 M 208 Not Provided 31.12.2012
ITI Securities Ltd KIRAN R MARTIS hold 3 M 149 Not Provided 10.10.2012
MF Global Sify Private Client Group BHAVYA GANDHI accumulate 4 M 129 Not Provided 11.05.2012
Holdings By:
IDFC Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Godrej Consumer Products Limited manufactures personal care, hair care,
household care and fabric care products. The Company's products include toilet
soaps, cosmetics, shaving creams, talcum powder, household cleaners and fabric
detergents.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (18.07.2013) 977.40
52-Week Low (22.11.2012) 661.25
Daily Volume
830
52-Week High % Change -15.06% Dividend Yield 0.60
52-Week Low % Change 25.52% Beta 0.59
% 52 Week Price Range High/Low 55.78% Equity Float 120.85
Shares Out 25.09.2013 340.4 Short Int -
282'514.00 1 Yr Total Return 23.30%
Total Debt 24'563.40 YTD Return 15.54%
Preferred Stock 0.0 Adjusted BETA 0.594
Minority Interest 2'095.1 Analyst Recs 42
Cash and Equivalents 8'629.90 Consensus Rating 3.190
Enterprise Value 300'542.61
Average Volume 5 Day 67'841
GCPL IB EQUITY YTD Change - Average Volume 30 Day 20'773
GCPL IB EQUITY YTD % CHANGE - Average Volume 3 Month 82'183
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
13'929.6 20'412.0 36'936.0 48'661.6 64'074.4 52'417.4 67'224.6 77'689.1 92'193.7 18'981.0 18'637.0
2.38x 3.78x 3.68x 3.63x 4.41x 6.23x 7.79x 3.80x 3.15x - -
2'114.3 4'113.2 6'540.1 8'769.8 10'187.2 9'390.9 10'382.2 12'202.7 14'921.9 3'228.0 3'565.0
15.70x 18.76x 20.80x 20.15x 27.76x 0.00x 0.00x 24.66x 20.16x 23.28x 21.39x
1'732.6 3'395.9 5'147.1 7'267.2 7'961.0 6'179.2 7'983.6 8'249.3 10'148.4 1'923.0 2'384.0
19.54x 23.06x 22.69x 21.49x 33.26x 30.88x 34.91x 34.06x 27.61x 37.58x 33.11x
EBITDA 10'187.20 Long-Term Rating Date -
EBIT 9'417.20 Long-Term Rating -
Operating Margin 14.70% Long-Term Outlook -
Pretax Margin 15.99% Short-Term Rating Date -
Return on Assets 11.61% Short-Term Rating -
Return on Common Equity 26.03%
Return on Capital 16.92% EBITDA/Interest Exp. 13.16
Asset Turnover 0.93% (EBITDA-Capex)/Interest Exp. 9.75
Net Debt/EBITDA 1.56
Gross Margin - Total Debt/EBITDA 2.41
EBITDA Margin 15.9%
EBIT Margin 14.7% Total Debt/Equity 74.1%
Net Income Margin 12.4% Total Debt/Capital 41.1%
Asset Turnover 0.93
Current Ratio 1.25 Net Fixed Asset Turnover 11.92
Quick Ratio 0.70 Accounts receivable turnover-days 34.22
Debt to Assets 31.90% Inventory Days -
Tot Debt to Common Equity 74.14% Accounts Payable Turnover Day -
Accounts Receivable Turnover 10.67 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Godrej Consumer Products LtdPrice/Volume
Valuation Analysis
2'274.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,-,,.,,0,,1,,2,,3,,4,,5,,6,,
-,,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'. E'1 E'3 E'5 E-', E-'. E-'1 E-'3 E-'5 E.', E
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
-,',,
.,',,
0,',,
1,',,
2,',,
3,',,
4,',,
5,',,
6,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GODREJ & BOYCE MANUF n/a Co File 123'561'815 36.3 - 30.06.2013 Corporation
GODREJ INDUSTRIES LT n/a EXCH 74'859'620 21.99 1'200'000 13.08.2013 Corporation
ABERDEEN n/a ULT-AGG 21'765'094 6.39 (249'567) 31.07.2013 Investment Advisor
Baytree Investments n/a Co File 16'707'317 4.91 - 30.06.2013 Unclassified
ARISAIG PARTNERS ASI n/a Co File 9'294'996 2.73 - 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 3'505'496 1.03 51'609 30.06.2013 Investment Advisor
NAOROJI RISHAD KAIKH n/a EXCH 3'393'524 1 (240'000) 13.08.2013 n/a
COMMONWEALTH BANK OF n/a ULT-AGG 3'140'339 0.92 (111'551) 31.05.2013 Bank
BLACKSTONE ASIA ADVI Multiple Portfolios MF-AGG 2'670'000 0.78 - 28.06.2013 Investment Advisor
GODREJ JAMSHYD NAVRO n/a EXCH 1'895'049 0.56 (96'614) 30.11.2012 n/a
CRISHNA FREYAN VIJAY n/a EXCH 1'714'090 0.5 (120'000) 13.08.2013 n/a
CRISHNA NYRIKA VIJAY n/a EXCH 1'714'088 0.5 (120'000) 13.08.2013 n/a
GODREJ NAVROZE JAMSH n/a EXCH 1'708'809 0.5 (120'000) 13.08.2013 n/a
GODREJ RAIKA JAMSHYD n/a EXCH 1'708'808 0.5 (120'000) 13.08.2013 n/a
BLACKROCK n/a ULT-AGG 1'602'042 0.47 - 27.09.2013 Investment Advisor
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 1'505'294 0.44 (763'284) 31.03.2013 Investment Advisor
GODREJ NADIR BURJORJ n/a EXCH 1'360'178 0.4 (240'000) 13.08.2013 n/a
GODREJ ADI BURJORJI n/a EXCH 1'263'353 0.37 (66'666) 30.11.2012 n/a
GODREJ PIROJSHA ADI n/a EXCH 1'139'075 0.33 (80'000) 13.08.2013 n/a
GODREJ NISABA ADI n/a EXCH 1'139'061 0.33 (80'000) 13.08.2013 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sharekhan Ltd TEAM COVERAGE hold 3 M 875 Not Provided 30.09.2013
Ambit Capital Pvt Ltd RAKSHIT RANJAN sell 1 M 748 12 month 30.09.2013
BNP Paribas Equity Research VIJAY CHUGH buy 5 M 960 12 month 27.09.2013
Axis Capital Limited HEMANT B PATEL hold 3 M 770 Not Provided 27.09.2013
Nomura MANISH JAIN neutral 3 M 850 Not Provided 27.09.2013
Morgan Stanley NILLAI SHAH Equalwt/In-Line 3 M 865 12 month 26.09.2013
CIMB VARUN LOHCHAB underperform 1 M 740 12 month 26.09.2013
IIFL PERCY PANTHAKI buy 5 M 910 12 month 26.09.2013
SBI Capital Markets SAGARIKA MUKHERJEE hold 3 M 954 12 month 24.09.2013
Phillip Securities NAVEEN KULKARNI sell 1 M 740 12 month 23.09.2013
Kotak Securities ROHIT CHORDIA reduce 2 M 760 Not Provided 20.09.2013
Credit Suisse ARNAB MITRA outperform 5 M 890 Not Provided 16.09.2013
ICICI Securities ANAND MOUR sell 1 M 764 12 month 13.09.2013
Edelweiss Capital ABNEESH ROY buy 5 M 925 12 month 27.08.2013
Motilal Oswal Securities Ltd GAUTAM DUGGAD neutral 3 M 800 Not Provided 19.08.2013
Angel Broking Limited SRINIVASAN VISWANATHAN neutral 3 M #N/A N/A Not Provided 19.08.2013
JPMorgan LATIKA CHOPRA overweight 5 M 900 12 month 08.08.2013
Way2Wealth Brokers Ltd SHIVANI VIVEK VISHWANATHAN hold 3 M #N/A N/A Not Provided 08.08.2013
Ventura Securities Ltd TEAM COVERAGE buy 5 M #N/A N/A Not Provided 08.08.2013
Macquarie AMIT MISHRA outperform 5 M 950 12 month 07.08.2013
Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA sell 1 M 750 Not Provided 07.08.2013
Antique Stock Broking Limited ABHIJEET KUNDU hold 3 M 816 Not Provided 07.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 940 Not Provided 07.08.2013
Batlivala & Karani Securities ASHIT DESAI outperform 5 M 845 Not Provided 06.08.2013
HDFC Securities HARSH MEHTA neutral 3 U 790 12 month 06.08.2013
Tata Securities Limited SAMEER DESHMUKH sell 1 M 682 12 month 06.08.2013
Religare Capital Markets GAURANG KAKKAD hold 3 M 800 12 month 06.08.2013
Elara Securities India Pvt Ltd AASHISH UPGANLAWAR sell 1 M 756 12 month 06.08.2013
Quantum Securities Pvt Ltd JIGNESH MAKWANA reduce 2 M 748 12 month 06.08.2013
Ashika Stock Broking Limited TEAM COVERAGE buy 5 M 950 Not Provided 05.08.2013
India Nivesh Ltd AMAR MOURYA neutral 3 M #N/A N/A Not Provided 05.08.2013
IDFC Securities Ltd NIKHIL K VORA outperform 5 M 890 12 month 04.08.2013
Right Horizons Financial Services TUSHAR PENDHARKAR accumulate 4 U 925 12 month 03.08.2013
HSBC AMIT SACHDEVA neutral 3 M 865 Not Provided 18.07.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 15.07.2013
UBS SUNITA SACHDEV buy 5 U 1'000 12 month 21.06.2013
Brics Securities SACHIN B BOBADE add 4 M 856 Not Provided 06.05.2013
Espirito Santo Investment Bank ResearchNITIN MATHUR sell 1 M 640 Not Provided 25.04.2013
Standard Chartered SANJAY SINGH outperform 5 M 513 12 month 16.04.2013
India Infoline VANMALA NAGWEKAR buy 5 M 792 9 month 01.02.2013
Parag Parikh Financial Advisory Service RUCHAK MEHTA hold 3 M #N/A N/A Not Provided 24.01.2012
Dolat Capital Market Ltd. AMIT PUROHIT accumulate 4 M 465 Not Provided 24.01.2012
JM Financial Institutional Securities P RICHARD LIU buy 5 M 454 12 month 23.01.2012
Holdings By:
Godrej Consumer Products Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Reliance Communications Ltd. offers integrated telephone services.
The Company offers fixed line and wireless voice, data and video transmission
services, and Internet access.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (20.09.2013) 164.45
52-Week Low (26.03.2013) 50.25
Daily Volume
148.8
52-Week High % Change -9.43% Dividend Yield -
52-Week Low % Change 196.12% Beta 1.49
% 52 Week Price Range High/Low 84.54% Equity Float 365.03
Shares Out 25.09.2013 2'064.0 Short Int -
307'127.22 1 Yr Total Return 134.95%
Total Debt 415'470.00 YTD Return 102.00%
Preferred Stock 0.0 Adjusted BETA 1.489
Minority Interest 7'250.0 Analyst Recs 34
Cash and Equivalents 12'730.00 Consensus Rating 2.000
Enterprise Value 699'494.22
Average Volume 5 Day 2'296'042
RCOM IB EQUITY YTD Change - Average Volume 30 Day 3'039'114
RCOM IB EQUITY YTD % CHANGE - Average Volume 3 Month 3'574'823
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
207'429.1 206'850.5 220'890.0 187'160.0 192'940.0 188'820.0 196'620.0 228'984.2 241'528.8 52'210.0 58'972.5
3.53x 2.93x 2.58x 2.97x 2.72x 10.96x 11.13x 2.94x 2.67x - -
87'269.4 69'905.3 96'740.0 70'630.0 59'090.0 56'673.0 59'510.0 76'313.9 79'275.0 14'610.5 21'414.5
8.38x 8.67x 5.89x 7.87x 8.87x 8.76x 10.71x 9.16x 8.82x - -
60'449.3 46'550.0 13'450.0 9'280.0 6'720.0 9'320.0 6'180.0 11'015.2 13'018.2 1'503.0 2'730.0
5.97x 7.54x 16.52x 18.69x 16.99x 14.08x 39.52x 27.84x 23.62x 46.50x 42.54x
EBITDA 59'090.00 Long-Term Rating Date -
EBIT 20'640.00 Long-Term Rating -
Operating Margin 10.70% Long-Term Outlook -
Pretax Margin 4.23% Short-Term Rating Date -
Return on Assets 0.69% Short-Term Rating -
Return on Common Equity 2.08%
Return on Capital - EBITDA/Interest Exp. 2.61
Asset Turnover 0.22% (EBITDA-Capex)/Interest Exp. 1.68
Net Debt/EBITDA 6.47
Gross Margin 46.3% Total Debt/EBITDA 6.70
EBITDA Margin 30.3%
EBIT Margin 10.8% Total Debt/Equity 122.7%
Net Income Margin 3.5% Total Debt/Capital 54.6%
Asset Turnover 0.22
Current Ratio 0.52 Net Fixed Asset Turnover 0.28
Quick Ratio 0.22 Accounts receivable turnover-days 76.03
Debt to Assets 46.07% Inventory Days -
Tot Debt to Common Equity 122.74% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.80 Cash Conversion Cycle 6.64
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Reliance Communications LtdPrice/Volume
Valuation Analysis
1'223'426.00
Current Price (10/dd/yy) Market Data
,.,1,3,5,
-,,-.,-1,-3,-5,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E.', E1', E3', E5', E-,', E-.', E-1', E-3', E-5', E.,', E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
-',,
.',,
0',,
1',,
2',,
3',,
4',,
5',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AAA COMMUNICATION PR n/a Co File 723'110'172 35.03 - 30.06.2013 Holding Company
LIFE INSURANCE CORP n/a Co File 329'383'550 15.96 - 30.06.2013 Government
AAA INDUSTRIES PVT L n/a Co File 300'000'000 14.53 - 30.06.2013 Other
ADA ENTERPRISES & VE n/a Co File 300'000'000 14.53 - 30.06.2013 Venture Capital
NEW WORLD FUND INC n/a Co File 50'400'127 2.44 - 30.06.2013 n/a
RELIANCE CAPITAL LTD n/a EXCH 29'695'295 1.44 (1'400'000) 20.09.2013 Investment Advisor
RELIANCE RCOM ESOS T n/a Co File 21'279'000 1.03 - 30.06.2013 n/a
VANGUARD GROUP INC n/a ULT-AGG 17'369'347 0.84 1'062'032 30.06.2013 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 15'002'020 0.73 - 31.08.2013 Other
DIMENSIONAL FUND ADV n/a ULT-AGG 12'477'894 0.6 321'345 30.04.2013 Investment Advisor
RELIANCE INNOVENTURE n/a Co File 12'379'001 0.6 - 30.06.2013 Other
BLACKROCK n/a ULT-AGG 6'548'205 0.32 (751'295) 27.09.2013 Investment Advisor
AMBANI KOKILA D n/a Co File 4'665'227 0.23 - 30.06.2013 n/a
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 2'676'860 0.13 - 31.07.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 2'125'080 0.1 - 27.09.2013 Investment Advisor
AMBANI ANIL DHIRUBHA n/a Co File 1'859'171 0.09 - 30.06.2013 n/a
AMBANI JAIANMOL A n/a Co File 1'669'759 0.08 - 30.06.2013 n/a
AMBANI TINA A n/a Co File 1'650'832 0.08 - 30.06.2013 n/a
SHREEJI COMTRADE LLP n/a Co File 1'500'000 0.07 - 30.06.2013 Other
SHRIKRISHNA TRADECOM n/a Co File 1'500'000 0.07 - 30.06.2013 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Batlivala & Karani Securities ROHIT DOKANIA underperform 1 M 98 Not Provided 27.09.2013
Morgan Stanley VINAY JAISING Overwt/Attractive 5 M 164 12 month 19.09.2013
BNP Paribas Equity Research KUNAL D VORA reduce 2 M 100 12 month 17.09.2013
Avendus Capital Private Ltd ABHAY MOGHE hold 3 M 137 Not Provided 12.09.2013
ICICIdirect.com KARAN MITTAL hold 3 M 135 Not Provided 11.09.2013
Standard Chartered RAHUL SINGH underperform 1 M 118 12 month 10.09.2013
Daiwa Securities Co. Ltd. RAMAKRISHNA MARUVADA sell 1 M 80 Not Provided 10.09.2013
Tata Securities Limited ASHISH AGGARWAL sell 1 M 83 12 month 10.09.2013
IIFL G V GIRI reduce 2 M 120 12 month 10.09.2013
Nomura SACHIN GUPTA neutral 3 M 112 Not Provided 02.09.2013
India Infoline BHAVESH GANDHI market perform 3 M 110 12 month 29.08.2013
Anand Rathi Securities Pvt. Ltd. YOGESH KIRVE sell 1 M 80 Not Provided 26.08.2013
IDFC Securities Ltd HITESH SHAH neutral 3 M 120 12 month 23.08.2013
Barclays BHUVNESH SINGH underweight 1 M 92 Not Provided 23.08.2013
Motilal Oswal Securities Ltd SHOBHIT KHARE neutral 3 M 110 Not Provided 19.08.2013
Angel Broking Limited ANKITA SOMANI neutral 3 M #N/A N/A Not Provided 07.08.2013
New Street Research CHRIS HOARE buy 5 M 150 Not Provided 06.08.2013
Khambatta Securities Ltd DEVANG BHATT underperform 1 M 87 12 month 06.08.2013
ICICI Securities VIKASH MANTRI sell 1 D 111 12 month 05.08.2013
Phillip Securities NAVEEN KULKARNI neutral 3 M 160 Not Provided 05.08.2013
Goldman Sachs SACHIN SALGAONKAR neutral/neutral 3 M 122 12 month 04.08.2013
CIMB PIYUSH CHOUDHARY underperform 1 M 71 12 month 03.08.2013
Deutsche Bank B SRINIVAS RAO sell 1 M 102 12 month 02.08.2013
HSBC RAJIV SHARMA underweight 1 M 95 Not Provided 02.08.2013
Kotak Securities ROHIT CHORDIA sell 1 M 80 Not Provided 02.08.2013
Edelweiss Capital SANDIP KUMAR AGARWAL hold 3 M 114 12 month 02.08.2013
Nirmal Bang Institutional Equities HARIT SHAH hold 3 M 134 Not Provided 02.08.2013
JPMorgan VIJU K GEORGE underweight 1 M 50 6 month 01.08.2013
Axis Capital Limited PRIYA ROHIRA not rated #N/A N/A M #N/A N/A Not Provided 26.06.2013
Credit Suisse SUNIL TIRUMALAI underperform 1 M 90 Not Provided 10.06.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 22.04.2013
Jaypee Capital Services ABBAS MERCHANT neutral 3 M 68 12 month 09.11.2012
Maybank Kim Eng GANESH RAM sell 1 M 48 Not Provided 13.08.2012
Emkay Share & Stock Brokers NAVAL SETH reduce 2 M 67 Not Provided 11.07.2012
UBS SURESH A MAHADEVAN suspended coverage #N/A N/A M #N/A N/A Not Provided 28.06.2012
Holdings By:
Reliance Communications Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
ACC Limited manufactures a range of cements and blended cements. The Company
also manufactures gypsum and refractory products such as Brown Tabular Alumina.
The Company provides turnkey and application consulting services for setting up
and operating cement plants and refractories. The Company owns cement plants
throughout India.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (15.10.2012) 1'514.95
52-Week Low (28.08.2013) 912.05
Daily Volume
1100.55
52-Week High % Change -27.11% Dividend Yield 2.73
52-Week Low % Change 20.67% Beta 0.93
% 52 Week Price Range High/Low 33.24% Equity Float 78.26
Shares Out 25.09.2013 187.7 Short Int -
206'623.17 1 Yr Total Return -22.42%
Total Debt 1'630.60 YTD Return -20.97%
Preferred Stock 0.0 Adjusted BETA 0.932
Minority Interest 25.5 Analyst Recs 57
Cash and Equivalents 30'229.20 Consensus Rating 3.368
Enterprise Value 183'337.47
Average Volume 5 Day 13'910
ACC IB EQUITY YTD Change - Average Volume 30 Day 29'420
ACC IB EQUITY YTD % CHANGE - Average Volume 3 Month 48'303
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
76'939.4 84'795.5 82'606.3 100'020.7 111'305.6 108'650.3 109'537.6 118'110.5 132'625.8 25'648.0 30'312.0
1.11x 1.78x 2.22x 1.90x 2.16x 3.83x 4.08x 1.57x 1.39x - -
22'511.9 26'283.6 18'428.2 19'212.4 21'966.5 20'946.6 18'404.1 19'861.5 23'442.4 3'687.0 -
3.78x 5.74x 9.95x 9.91x 10.94x 10.23x 11.22x 9.24x 7.83x - -
10'996.5 15'639.1 10'775.3 13'008.0 10'592.8 11'885.8 11'932.5 12'635.3 14'726.5 2'342.0 -
8.19x 10.47x 18.74x 16.41x 25.38x 20.04x 19.25x 16.69x 14.11x - -
EBITDA 21'966.50 Long-Term Rating Date -
EBIT 16'277.50 Long-Term Rating -
Operating Margin 14.62% Long-Term Outlook -
Pretax Margin 13.03% Short-Term Rating Date -
Return on Assets 8.88% Short-Term Rating -
Return on Common Equity 14.76%
Return on Capital 15.21% EBITDA/Interest Exp. 19.16
Asset Turnover 0.93% (EBITDA-Capex)/Interest Exp. 14.17
Net Debt/EBITDA -1.30
Gross Margin - Total Debt/EBITDA 0.07
EBITDA Margin 19.7%
EBIT Margin 14.6% Total Debt/Equity 2.2%
Net Income Margin 9.5% Total Debt/Capital 2.2%
Asset Turnover 0.93
Current Ratio 1.42 Net Fixed Asset Turnover 1.72
Quick Ratio 0.98 Accounts receivable turnover-days 9.35
Debt to Assets 1.37% Inventory Days -
Tot Debt to Common Equity 2.21% Accounts Payable Turnover Day -
Accounts Receivable Turnover 39.16 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
ACC LtdPrice/Volume
Valuation Analysis
8'530.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
.,,
1,,
3,,
5,,
-,,,
-.,,
-1,,
-3,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'. E
'1 E
'3 E
'5 E
-', E
-'. E
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
-3',,
-5',,
,0',-'.,-, ,0',4'.,-, ,0',-'.,-- ,0',4'.,-- ,0',-'.,-. ,0',4'.,-. ,0',-'.,-0 ,0',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HOLCIM PVT LTD n/a Co File 93'888'120 50.01 - 30.06.2013 Other
LIFE INSURANCE CORP n/a Co File 15'598'345 8.31 - 30.06.2013 Government
JP MORGAN n/a ULT-AGG 13'485'070 7.18 (14) 31.07.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 3'231'936 1.72 201'936 31.07.2013 Investment Advisor
ICICI PRUDENTIAL LIF n/a Co File 2'365'028 1.26 - 30.06.2013 Insurance Company
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'036'008 1.08 184 31.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 1'388'883 0.74 (42'936) 30.06.2013 Investment Advisor
JP MORGAN CHASE BANK Multiple Portfolios MF-AGG 1'297'388 0.69 - 31.05.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 1'130'812 0.6 (37'467) 31.08.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 855'487 0.46 (2'232) 27.09.2013 Investment Advisor
BLACKSTONE ASIA ADVI Multiple Portfolios MF-AGG 580'000 0.31 172'000 28.06.2013 Investment Advisor
HOLDERIND INVSTS LTD n/a Co File 541'000 0.29 - 30.06.2013 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 490'000 0.26 - 30.06.2013 Investment Advisor
CHINA INTERNATIONAL Multiple Portfolios MF-AGG 488'608 0.26 - 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 407'506 0.22 (17'600) 30.06.2013 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 364'516 0.19 (194'972) 28.06.2013 Investment Advisor
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 359'685 0.19 14'900 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 270'897 0.14 - 31.12.2012 Government
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 211'849 0.11 199'146 31.08.2013 Investment Advisor
NOMURA n/a ULT-AGG 173'619 0.09 3'207 10.05.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
IDFC Securities Ltd BHOOMIKA NAIR underperform 1 M 1'050 Not Provided 30.09.2013
ICICIdirect.com RASHESH SHAH hold 3 M 1'285 Not Provided 30.09.2013
Quant Broking Pvt Ltd MANGESH BHADANG sell 1 M 955 Not Provided 27.09.2013
IIFL J RADHAKRISHNAN reduce 2 M 1'068 12 month 26.09.2013
Morgan Stanley ASHISH G JAIN Equalwt/In-Line 3 M 1'336 12 month 24.09.2013
HSBC JIGAR MISTRY underweight 1 M 1'040 Not Provided 23.09.2013
Espirito Santo Investment Bank ResearchRITESH SHAH buy 5 N 1'397 Not Provided 20.09.2013
Centrum Broking Pvt Ltd SANJEEV KUMAR SINGH buy 5 M 1'286 Not Provided 18.09.2013
Ambit Capital Pvt Ltd NITIN BHASIN sell 1 M 1'039 12 month 16.09.2013
Goldman Sachs NAVIN GUPTA Sell/Neutral 1 D 760 12 month 09.09.2013
Deutsche Bank CHOCKALINGAM NARAYANAN sell 1 M 925 12 month 06.09.2013
Nirmal Bang Institutional Equities AMIT K SRIVASTAVA buy 5 M 1'339 3 month 06.09.2013
JM Financial Institutional Securities P NAVEEN JAIN buy 5 M 1'300 Not Provided 05.09.2013
Antique Stock Broking Limited NIRAV SHAH hold 3 M 1'004 Not Provided 04.09.2013
HDFC Securities ANKUR KULSHRESTHA buy 5 U 1'122 12 month 03.09.2013
Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR reduce 2 M 1'007 12 month 23.08.2013
Motilal Oswal Securities Ltd JINESH K GANDHI neutral 3 M 1'225 Not Provided 19.08.2013
Credit Suisse ANUBHAV AGGARWAL outperform 5 M 1'505 Not Provided 13.08.2013
Avendus Capital Private Ltd JIMESH SANGHVI buy 5 M 1'459 Not Provided 08.08.2013
Angel Broking Limited SRINIVASAN VISWANATHAN buy 5 U 1'361 12 month 05.08.2013
ICICI Securities KRUPAL MANIAR add 4 M 1'320 12 month 02.08.2013
Maybank Kim Eng JIGAR A SHAH buy 5 M 1'332 12 month 31.07.2013
Anand Rathi Securities Pvt. Ltd. JASPREET SINGH ARORA buy 5 M 1'415 Not Provided 29.07.2013
Khambatta Securities Ltd RAJ KUMAR JHA underperform 1 M 1'262 Not Provided 29.07.2013
Standard Chartered SATISH KUMAR in-line 3 D 1'188 12 month 26.07.2013
SBI Capital Markets MILIND RAGINWAR hold 3 M 1'110 12 month 26.07.2013
Batlivala & Karani Securities PRITAM LALA buy 5 M 1'394 Not Provided 26.07.2013
IDBI Capital Market Services Ltd SUDEEP ANAND hold 3 M 1'233 12 month 26.07.2013
Karvy Stock Broking Ltd RAJESH KUMAR RAVI hold 3 M 1'265 12 month 26.07.2013
Spark Capital Advisors VIJAYARAGHAVAN SWAMINATHAN add 4 M 1'215 12 month 26.07.2013
Elara Securities India Pvt Ltd RAVI SODAH accumulate 4 M 1'270 12 month 26.07.2013
BOB Capital Markets JINAL JOSHI buy 5 M 1'406 Not Provided 26.07.2013
JPMorgan PINAKIN M PAREKH neutral 3 U 1'170 9 month 25.07.2013
Jefferies ANAND AGARWAL buy 5 M 1'477 12 month 25.07.2013
CIMB RAHUL JAIN outperform 5 M 1'469 12 month 25.07.2013
Kotak Securities MURTUZA ARSIWALLA reduce 2 M 1'140 Not Provided 25.07.2013
Phillip Securities VAIBHAV AGARWAL neutral 3 M 1'104 Not Provided 25.07.2013
Emkay Share & Stock Brokers AJIT MOTWANI reduce 2 M 1'100 Not Provided 25.07.2013
Tata Securities Limited NIRAJ AGARWALLA buy 5 M 1'364 12 month 25.07.2013
Religare Capital Markets MIHIR JHAVERI hold 3 M 1'160 12 month 25.07.2013
Edelweiss Capital NAVIN SAHADEO hold 3 D 1'324 12 month 25.07.2013
Axis Capital Limited JAGDISHWAR TOPPO sell 1 M 1'043 Not Provided 19.07.2013
Macquarie RAKESH ARORA underperform 1 M 999 12 month 04.07.2013
Holdings By:
ACC Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Titan Industries Ltd. manufactures and retails jewelry and watches. The
Company produces quartz analog electronic watches, watch movements, step
motors, and watch cases. Titan Industries serves customers throughout the
United States.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (30.11.2012) 313.60
52-Week Low (13.06.2013) 200.00
Daily Volume
232.8
52-Week High % Change -25.51% Dividend Yield 0.90
52-Week Low % Change 16.40% Beta 0.82
% 52 Week Price Range High/Low 28.26% Equity Float 394.50
Shares Out 25.09.2013 887.8 Short Int -
206'676.61 1 Yr Total Return -10.28%
Total Debt 0.00 YTD Return -17.30%
Preferred Stock 0.0 Adjusted BETA 0.822
Minority Interest 0.0 Analyst Recs 35
Cash and Equivalents 11'205.19 Consensus Rating 3.571
Enterprise Value 195'471.42
Average Volume 5 Day 189'240
TTAN IB EQUITY YTD Change - Average Volume 30 Day 388'804
TTAN IB EQUITY YTD % CHANGE - Average Volume 3 Month 455'882
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
38'326.4 46'771.6 65'331.4 88'484.3 101'232.9 - - 121'604.2 145'226.5 - -
0.94x 1.72x 2.42x 2.19x 2.14x - - 1.61x 1.32x - -
3'150.6 3'992.2 6'179.2 8'377.1 10'205.4 - - 11'972.1 14'620.3 - -
11.42x 20.19x 25.60x 23.09x 21.21x - - 16.31x 13.36x - -
1'639.2 2'513.0 4'331.2 6'013.6 7'253.8 - - 8'415.6 10'046.2 2'113.0 2'366.0
21.17x 32.51x 39.06x 33.74x 31.38x - - 24.61x 20.59x - -
EBITDA 10'205.38 Long-Term Rating Date -
EBIT 9'643.08 Long-Term Rating -
Operating Margin 9.53% Long-Term Outlook -
Pretax Margin 9.95% Short-Term Rating Date -
Return on Assets 13.70% Short-Term Rating -
Return on Common Equity 42.29%
Return on Capital 44.34% EBITDA/Interest Exp. 20.15
Asset Turnover 1.91% (EBITDA-Capex)/Interest Exp. 16.82
Net Debt/EBITDA -1.10
Gross Margin - Total Debt/EBITDA 0.00
EBITDA Margin 10.1%
EBIT Margin 9.5% Total Debt/Equity 0.0%
Net Income Margin 7.2% Total Debt/Capital 0.0%
Asset Turnover 1.91
Current Ratio 1.35 Net Fixed Asset Turnover 23.10
Quick Ratio 0.33 Accounts receivable turnover-days 5.97
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 61.16 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Titan Industries LtdPrice/Volume
Valuation Analysis
59'217.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
2,
-,,
-2,
.,,
.2,
0,,
02,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E2', E-,', E-2', E.,', E.2', E0,', E02', E1,', E12', E
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
.,',,
1,',,
3,',,
5,',,
-,,',,
-.,',,
-1,',,
-3,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TAMILNADU INDUSTRIAL n/a Co File 247'476'720 27.88 - 30.06.2013 Corporation
TATA SONS LTD n/a Co File 135'125'411 15.22 - 30.06.2013 Holding Company
JHUNJHUNWAL RAKESH R n/a Co File 65'374'645 7.36 - 30.06.2013 n/a
KALIMATI INVESTMENT n/a Co File 38'775'840 4.37 - 30.06.2013 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 21'917'580 2.47 4'692'094 28.06.2013 Investment Advisor
JHUNJHUNWALA REKHA R n/a Co File 17'791'575 2 - 30.06.2013 n/a
TATA INVESTMENT CORP n/a Co File 17'225'640 1.94 - 30.06.2013 Private Equity
TATA CHEMICALS LTD n/a Co File 13'826'180 1.56 - 30.06.2013 Corporation
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 10'887'560 1.23 1'558'067 30.06.2013 Investment Advisor
MERRILL LYNCH CAPITA n/a Co File 9'436'274 1.06 - 30.06.2013 Investment Advisor
TATA GLOBAL BEVERAGE n/a Co File 9'248'060 1.04 - 30.06.2013 Corporation
VANGUARD GROUP INC n/a ULT-AGG 6'188'709 0.7 159'939 30.06.2013 Investment Advisor
EWART INVESTMENTS LT n/a Co File 4'964'480 0.56 - 30.06.2013 Other
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 4'836'619 0.54 (15'000) 31.08.2013 Investment Advisor
FMR LLC n/a ULT-AGG 3'791'666 0.43 132'182 31.08.2013 Investment Advisor
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 3'119'829 0.35 (591'164) 31.08.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 3'106'656 0.35 (1'230'874) 27.09.2013 Investment Advisor
TATA AIG LIFE INS CO n/a EXCH 2'661'027 0.3 (150'000) 04.04.2012 Insurance Company
TATA INTERNATIONAL L n/a Co File 2'559'589 0.29 - 30.06.2013 Corporation
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 2'403'835 0.27 (443'373) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
IIFL AVI MEHTA reduce 2 M 225 12 month 01.10.2013
JPMorgan LATIKA CHOPRA neutral 3 M 265 9 month 30.09.2013
Standard Chartered SANJAY SINGH in-line 3 M 226 12 month 27.09.2013
Axis Capital Limited HEMANT B PATEL hold 3 M 231 Not Provided 27.09.2013
Nomura MANISH JAIN buy 5 M 268 Not Provided 27.09.2013
Credit Suisse ARNAB MITRA neutral 3 M 271 Not Provided 24.09.2013
HSBC AMIT SACHDEVA overweight 5 M 280 Not Provided 24.09.2013
Deutsche Bank MANOJ MENON buy 5 M 295 12 month 23.09.2013
Morgan Stanley NILLAI SHAH Underwt/In-Line 1 M 205 12 month 12.09.2013
Goldman Sachs PUNEET JAIN neutral/neutral 3 M 247 12 month 11.09.2013
Dalal & Broacha HIRAL SANGHVI buy on weakness 5 M 247 Not Provided 05.09.2013
Jefferies RAJASA KAKULAVARAPU buy 5 M 311 12 month 04.09.2013
ICICIdirect.com BHARAT CHHODA buy 5 M 250 12 month 29.08.2013
Prabhudas Lilladher Pvt Ltd AMNISH AGGARWAL Under Review #N/A N/A M #N/A N/A Not Provided 28.08.2013
Daiwa Securities Co. Ltd. MIHIR P SHAH outperform 5 D 250 Not Provided 23.08.2013
Motilal Oswal Securities Ltd GAUTAM DUGGAD neutral 3 M 240 Not Provided 19.08.2013
Spark Capital Advisors TEJASH SHAH reduce 2 M 221 12 month 19.08.2013
IDFC Securities Ltd NIKHIL K VORA outperform 5 M 263 Not Provided 16.08.2013
Kotak Securities ROHIT CHORDIA reduce 2 D 250 Not Provided 14.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 293 Not Provided 13.08.2013
CIMB VARUN LOHCHAB neutral 3 U 280 12 month 02.08.2013
BNP Paribas Equity Research VIJAY CHUGH buy 5 M 315 12 month 02.08.2013
Espirito Santo Investment Bank ResearchNITIN MATHUR buy 5 M 330 Not Provided 02.08.2013
Religare Capital Markets GAURANG KAKKAD hold 3 M 265 12 month 02.08.2013
Dolat Capital Market Ltd. AMIT PUROHIT accumulate 4 M 303 12 month 02.08.2013
Antique Stock Broking Limited ABHIJEET KUNDU hold 3 M 241 Not Provided 02.08.2013
Batlivala & Karani Securities ASHIT DESAI outperform 5 U 285 Not Provided 01.08.2013
Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA hold 3 M 280 Not Provided 01.08.2013
Edelweiss Capital ABNEESH ROY buy 5 M 324 12 month 01.08.2013
UBS SUNITA SACHDEV sell 1 M 235 12 month 24.07.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 07.06.2013
Right Horizons Financial Services TUSHAR PENDHARKAR hold 3 M 275 12 month 04.05.2013
Anand Rathi Securities Pvt. Ltd. SUMAN MEMANI buy 5 M 325 Not Provided 09.04.2013
Proactive Universal KAUSTAV KAKATI hold 3 M 249 12 month 01.08.2012
Fairwealth Securities Ltd HITESH PAREKH sell 1 M 220 12 month 03.05.2012
JM Financial Institutional Securities P RICHARD LIU buy 5 M 248 12 month 31.01.2012
Greshma Shares & Stock Ltd TEAM COVERAGE buy 5 M 240 Not Provided 07.10.2011
India Infoline TEAM COVERAGE sell 1 M 203 Not Provided 11.07.2011
Holdings By:
Titan Industries Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Dabur India Ltd. manufactures soaps, detergents, hair oils, tooth powders,
antacids and processed foods. The Company sells its products worldwide.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (25.07.2013) 177.40
52-Week Low (23.11.2012) 120.90
Daily Volume
168.35
52-Week High % Change -5.05% Dividend Yield 0.89
52-Week Low % Change 39.25% Beta 0.51
% 52 Week Price Range High/Low 86.55% Equity Float 823.76
Shares Out 25.09.2013 1'743.8 Short Int -
293'570.94 1 Yr Total Return 32.99%
Total Debt 12'576.50 YTD Return 31.48%
Preferred Stock 0.0 Adjusted BETA 0.515
Minority Interest 120.6 Analyst Recs 47
Cash and Equivalents 7'442.10 Consensus Rating 3.809
Enterprise Value 298'825.94
Average Volume 5 Day 84'012
DABUR IB EQUITY YTD Change - Average Volume 30 Day 131'770
DABUR IB EQUITY YTD % CHANGE - Average Volume 3 Month 131'064
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
28'054.3 33'904.7 41'045.1 53'054.2 61'761.2 55'405.6 63'355.1 71'070.0 81'988.7 17'390.3 19'379.0
3.06x 4.01x 4.16x 3.56x 3.95x 3.41x 7.37x 4.13x 3.52x - -
4'841.1 6'382.8 7'807.5 8'821.4 10'147.3 9'127.9 10'575.8 12'160.4 14'240.7 3'193.3 3'353.0
17.72x 21.27x 21.85x 21.44x 24.04x 0.00x 0.00x 24.52x 20.93x - -
3'905.0 5'032.3 5'685.7 6'448.9 7'634.2 6'666.0 8'000.4 9'275.1 11'013.2 2'343.3 2'595.0
21.97x 27.37x 29.42x 28.79x 31.26x 29.91x 33.85x 31.63x 26.67x - -
EBITDA 10'147.30 Long-Term Rating Date -
EBIT 9'300.10 Long-Term Rating -
Operating Margin 15.06% Long-Term Outlook -
Pretax Margin 15.36% Short-Term Rating Date -
Return on Assets 17.08% Short-Term Rating -
Return on Common Equity 39.75%
Return on Capital 25.48% EBITDA/Interest Exp. 29.04
Asset Turnover 1.38% (EBITDA-Capex)/Interest Exp. 22.15
Net Debt/EBITDA 0.51
Gross Margin - Total Debt/EBITDA 1.24
EBITDA Margin 16.4%
EBIT Margin 15.1% Total Debt/Equity 59.2%
Net Income Margin 12.4% Total Debt/Capital 37.1%
Asset Turnover 1.38
Current Ratio 1.18 Net Fixed Asset Turnover 6.48
Quick Ratio 0.62 Accounts receivable turnover-days 27.95
Debt to Assets 26.55% Inventory Days -
Tot Debt to Common Equity 59.20% Accounts Payable Turnover Day -
Accounts Receivable Turnover 13.06 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Dabur India LtdPrice/Volume
Valuation Analysis
32'265.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,.,1,3,5,
-,,-.,-1,-3,-5,.,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'. E'1 E'3 E'5 E-', E-'. E-'1 E-'3 E-'5 E
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
02',,
1,',,
12',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHOWDHARY ASSOCIATES n/a Co File 217'934'000 12.5 - 30.06.2013 Other
VIC ENTERPRISES PVT n/a Co File 217'734'000 12.49 - 30.06.2013 Unclassified
GYAN ENTERPRISES PVT n/a Co File 202'237'980 11.6 - 30.06.2013 Other
PURAN ASSOCIATES PVT n/a Co File 189'212'000 10.85 - 30.06.2013 Corporation
RATNA COMMERCIAL ENT n/a Co File 154'960'930 8.89 - 30.06.2013 Other
MILKY INVEST & TRADI n/a Co File 106'140'970 6.09 - 30.06.2013 Investment Advisor
BURMANS FINVEST PVT n/a Co File 53'012'986 3.04 - 30.06.2013 Other
COMMONWEALTH BANK OF n/a ULT-AGG 47'832'931 2.74 (752'006) 30.06.2013 Bank
GENESIS INDIAN INV C n/a Co File 40'455'005 2.32 - 30.06.2013 Investment Advisor
LIFE INSURANCE CORP n/a Co File 35'314'402 2.03 - 30.06.2013 Government
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 34'982'468 2.01 (980'000) 28.06.2013 Investment Advisor
M B FINMART PVT LTD n/a Co File 26'506'492 1.52 - 30.06.2013 Other
WINDY INVESTMENTS PV n/a Co File 26'506'492 1.52 - 30.06.2013 Corporation
BARING INDIA INVESTM n/a Co File 26'230'000 1.5 - 30.06.2013 Other
VANGUARD GROUP INC n/a ULT-AGG 12'268'011 0.7 353'303 30.06.2013 Investment Advisor
FIRST STATE INVESTME Multiple Portfolios MF-AGG 11'852'511 0.68 277'498 30.08.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 11'758'359 0.67 272'944 31.07.2013 Investment Advisor
HARDING LOEVNER LP Multiple Portfolios MF-AGG 8'723'504 0.5 694'000 30.04.2013 Investment Advisor
ROBECO n/a ULT-AGG 5'607'733 0.32 (1'000'000) 30.04.2013 Unclassified
BLACKROCK n/a ULT-AGG 5'215'206 0.3 - 27.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Ambit Capital Pvt Ltd RAKSHIT RANJAN sell 1 M 136 12 month 30.09.2013
NVS Brokerage Limited TEAM COVERAGE buy 5 M 195 Not Provided 30.09.2013
Standard Chartered SANJAY SINGH in-line 3 M 159 12 month 27.09.2013
Axis Capital Limited HEMANT B PATEL hold 3 M 175 Not Provided 27.09.2013
Nomura MANISH JAIN neutral 3 M 174 Not Provided 27.09.2013
IIFL PERCY PANTHAKI add 4 M 175 12 month 26.09.2013
ICICI Securities ANAND MOUR add 4 M 192 12 month 13.09.2013
Goldman Sachs ADITYA SOMAN neutral/neutral 3 M 146 12 month 11.09.2013
Daiwa Securities Co. Ltd. MIHIR P SHAH outperform 5 M 185 Not Provided 11.09.2013
JPMorgan LATIKA CHOPRA overweight 5 M 190 6 month 03.09.2013
Motilal Oswal Securities Ltd GAUTAM DUGGAD buy 5 M 185 Not Provided 19.08.2013
Angel Broking Limited SRINIVASAN VISWANATHAN neutral 3 M #N/A N/A Not Provided 01.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 179 Not Provided 31.07.2013
Morgan Stanley NILLAI SHAH Overwt/In-Line 5 M 190 12 month 29.07.2013
Anand Rathi Securities Pvt. Ltd. ANIRUDDHA JOSHI hold 3 M 170 Not Provided 29.07.2013
India Infoline TEAM COVERAGE buy 5 M 188 9 month 26.07.2013
Macquarie AMIT MISHRA neutral 3 M 180 12 month 25.07.2013
CIMB VARUN LOHCHAB neutral 3 N 175 12 month 25.07.2013
SBI Capital Markets SAGARIKA MUKHERJEE hold 3 M 159 12 month 25.07.2013
Phillip Securities NAVEEN KULKARNI buy 5 M 196 Not Provided 25.07.2013
IDFC Securities Ltd NIKHIL K VORA neutral 3 M 171 12 month 25.07.2013
HDFC Securities HARSH MEHTA neutral 3 D 182 12 month 25.07.2013
Edelweiss Capital ABNEESH ROY buy 5 M 197 12 month 25.07.2013
Antique Stock Broking Limited ABHIJEET KUNDU hold 3 M 176 Not Provided 25.07.2013
ICICIdirect.com SANJAY MANYAL hold 3 M 180 12 month 25.07.2013
India Nivesh Ltd DALJEET SINGH KOHLI hold 3 M #N/A N/A Not Provided 25.07.2013
Deutsche Bank MANOJ MENON hold 3 M 160 12 month 24.07.2013
Credit Suisse ARNAB MITRA neutral 3 M 165 Not Provided 24.07.2013
Kotak Securities ROHIT CHORDIA add 4 M 180 Not Provided 24.07.2013
Batlivala & Karani Securities ASHIT DESAI outperform 5 M 180 Not Provided 24.07.2013
Tata Securities Limited SAMEER DESHMUKH hold 3 M 158 12 month 24.07.2013
Religare Capital Markets GAURANG KAKKAD buy 5 M 185 12 month 24.07.2013
Elara Securities India Pvt Ltd AASHISH UPGANLAWAR accumulate 4 M 187 Not Provided 24.07.2013
Quantum Securities Pvt Ltd JIGNESH MAKWANA reduce 2 D 164 Not Provided 24.07.2013
HSBC AMIT SACHDEVA overweight 5 U 190 Not Provided 19.07.2013
UBS SUNITA SACHDEV buy 5 M 200 12 month 18.07.2013
Ashika Stock Broking Limited TEAM COVERAGE buy 5 M 170 Not Provided 04.07.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 06.06.2013
Brics Securities SACHIN B BOBADE add 4 M 153 Not Provided 03.05.2013
Sushil Finance Consultants Ltd BHAVESHKUMAR JAIN hold 3 D 155 Not Provided 03.05.2013
Right Horizons Financial Services TUSHAR PENDHARKAR hold 3 M 155 12 month 30.04.2013
Microsec Capital NAVEEN VYAS buy 5 N 163 12 month 26.04.2013
Karvy Stock Broking Ltd NAVEEN TRIVEDI buy 5 M 160 Not Provided 10.04.2013
Holdings By:
Dabur India Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Shriram Transport Finance Co. Ltd. provides hire purchase finance for trucks.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (28.05.2013) 841.80
52-Week Low (28.08.2013) 465.20
Daily Volume
574.95
52-Week High % Change -31.91% Dividend Yield 1.22
52-Week Low % Change 23.59% Beta 0.93
% 52 Week Price Range High/Low 28.77% Equity Float 112.02
Shares Out 25.09.2013 226.9 Short Int -
130'446.23 1 Yr Total Return -6.70%
Total Debt 333'862.51 YTD Return -23.65%
Preferred Stock 0.0 Adjusted BETA 0.928
Minority Interest 0.0 Analyst Recs 38
Cash and Equivalents 39'269.64 Consensus Rating 3.921
Enterprise Value 425'039.11
Average Volume 5 Day 36'635
SHTF IB EQUITY YTD Change - Average Volume 30 Day 24'550
SHTF IB EQUITY YTD % CHANGE - Average Volume 3 Month 20'566
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
- 44'965.6 54'795.6 61'811.7 70'159.6 57'847.0 74'197.0 44'473.3 51'826.1 11'318.0 11'595.0
- 6.35x 5.57x 4.86x 6.44x 11.14x 10.15x 2.15x 1.72x - -
- 39'210.3 45'151.1 51'195.6 59'416.7 11'528.8 49'721.8 - - - -
- 7.29x 6.76x 5.86x 7.61x 0.00x 0.00x - - - -
- 8'730.3 12'171.1 13'088.1 14'634.3 12'769.2 14'876.3 15'906.1 18'815.5 4'010.0 4'460.0
- 12.82x 14.76x 10.38x 10.76x 0.00x 10.80x 8.09x 6.90x 7.38x 6.99x
EBITDA 59'416.70 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 57.14% Long-Term Outlook -
Pretax Margin 30.82% Short-Term Rating Date -
Return on Assets 3.46% Short-Term Rating -
Return on Common Equity 21.89%
Return on Capital 4.48% EBITDA/Interest Exp. -
Asset Turnover 0.17% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 4.96
Gross Margin - Total Debt/EBITDA 5.62
EBITDA Margin 84.7%
EBIT Margin - Total Debt/Equity 455.0%
Net Income Margin 20.9% Total Debt/Capital 82.0%
Asset Turnover 0.17
Current Ratio - Net Fixed Asset Turnover 117.62
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 70.07% Inventory Days -
Tot Debt to Common Equity 454.99% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Shriram Transport Finance Co LtdPrice/Volume
Valuation Analysis
3'376.00
Current Price (10/dd/yy) Market Data
,-,,.,,0,,1,,2,,3,,4,,5,,6,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
2', E
-,', E
-2', E
.,', E
.2', E
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SHRIRAM CAPITAL LTD n/a EXCH 58'798'924 25.92 - 28.08.2013 Holding Company
PIRAMAL ENTERPRISES n/a Research 22'847'468 10.07 - 10.05.2013 Corporation
PIRAMAL ENTERPRISES n/a Co File 22'600'000 9.96 - 30.06.2013 Other
GENESIS INDIAN INV C n/a Co File 13'926'256 6.14 - 30.06.2013 Investment Advisor
SANLAM LIFE INSURANC n/a EXCH 10'094'419 4.45 - 06.08.2013 Insurance Company
ONTARIO TEACHERS PEN n/a Co File 9'815'872 4.33 - 30.06.2013 Pension Fund (ERISA)
STICHTING PENSIOEN F n/a Co File 5'531'770 2.44 - 30.06.2013 Pension Fund (ERISA)
CENTAURA INVEST MAUR n/a Co File 5'458'598 2.41 - 30.06.2013 Other
VANGUARD GROUP INC n/a ULT-AGG 4'370'838 1.93 116'244 30.06.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'994'906 1.76 3'414'065 31.03.2013 Investment Advisor
SHRIRAM CREDIT COMPA n/a EXCH 2'560'010 1.13 - 14.08.2013 Insurance Company
EQUINOX PARTNERS LP n/a Co File 2'541'571 1.12 - 30.06.2013 Hedge Fund Manager
JP MORGAN n/a ULT-AGG 2'049'223 0.9 572'358 31.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 1'976'885 0.87 1'800 27.09.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 1'709'052 0.75 (358'092) 30.06.2013 Investment Advisor
WASATCH ADVISORS INC Multiple Portfolios MF-AGG 1'373'176 0.61 1'177'231 30.06.2013 Investment Advisor
IDFC MUTUAL FUND Multiple Portfolios MF-AGG 1'320'000 0.58 (272'000) 31.08.2013 Investment Advisor
ICICI PRUDENTIAL LIF Multiple Portfolios MF-AGG 1'318'721 0.58 - 31.08.2013 Insurance Company
LAZARD ASSET MANAGEM n/a ULT-AGG 866'616 0.38 (59'950) 31.08.2013 Unclassified
FIL LIMITED n/a ULT-AGG 788'061 0.35 (100'523) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited PRAVEEN AGRAWAL hold 3 M 543 Not Provided 27.09.2013
ICICI Securities SANTANU CHAKRABARTI buy 5 M 880 12 month 24.09.2013
Deutsche Bank MANISH SHUKLA buy 5 M 750 12 month 23.09.2013
Batlivala & Karani Securities VISHAL SHETH outperform 5 M 765 Not Provided 20.09.2013
Ambit Capital Pvt Ltd PANKAJ AGARWAL sell 1 M 670 12 month 19.09.2013
Macquarie SURESH GANAPATHY neutral 3 M 645 12 month 18.09.2013
Daiwa Securities Co. Ltd. PUNIT SRIVASTAVA buy 5 U 780 Not Provided 17.09.2013
JPMorgan SAURABH S KUMAR neutral 3 M 615 6 month 15.09.2013
Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA accumulate 4 M 625 12 month 11.09.2013
Goldman Sachs RAHUL JAIN Sell/Neutral 1 M 510 12 month 05.09.2013
Espirito Santo Investment Bank ResearchSANTOSH SINGH buy 5 U 658 Not Provided 30.08.2013
Barclays JATIN MAMTANI overweight 5 M 643 Not Provided 29.08.2013
HDFC Securities SAMEER NARANG neutral 3 M 729 12 month 26.08.2013
Standard Chartered MAHRUKH ADAJANIA outperform 5 M 850 12 month 21.08.2013
Credit Suisse SUNIL TIRUMALAI outperform 5 M 800 Not Provided 21.08.2013
Kotak Securities NISCHINT CHAWATHE add 4 M 760 Not Provided 21.08.2013
Motilal Oswal Securities Ltd ALPESH MEHTA buy 5 M 781 Not Provided 19.08.2013
UBS VISHAL GOYAL neutral 3 M 680 12 month 09.08.2013
Morgan Stanley SUBRAMANIAN IYER Underwt/Cautious 1 D 525 12 month 07.08.2013
Shah Investor's Home Limited BUNTY CHAWLA buy 5 M 785 12 month 29.07.2013
Spark Capital Advisors JYOTHI KUMAR VARMA sell 1 M 590 12 month 26.07.2013
SBI Capital Markets DHARMESH SHAH hold 3 M 712 12 month 24.07.2013
Anand Rathi Securities Pvt. Ltd. KAITAV SHAH hold 3 M 807 Not Provided 24.07.2013
Antique Stock Broking Limited DIGANT HARIA buy 5 M 764 Not Provided 24.07.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 700 Not Provided 24.07.2013
IIFL SAMPATH S K KUMAR buy 5 M 840 12 month 24.07.2013
Avendus Capital Private Ltd JAYNEE SHAH add 4 U 738 Not Provided 24.07.2013
HSBC TEJAS MEHTA neutral 3 M 723 Not Provided 23.07.2013
CIMB UMANG SHAH underperform 1 M 665 12 month 23.07.2013
JM Financial Institutional Securities P KARAN UBEROI buy 5 M 780 12 month 23.07.2013
Nomura ABHISHEK BHATTACHARYA buy 5 M 840 Not Provided 23.07.2013
Religare Capital Markets ISHANK KUMAR buy 5 M 775 12 month 23.07.2013
EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013
India Infoline RAJIV MEHTA buy 5 M 839 9 month 08.05.2013
Equirus Securities Pvt Ltd DEVAM MODI buy 5 M 888 12 month 08.05.2013
IDFC Securities Ltd MANISH CHOWDHARY dropped coverage #N/A N/A M #N/A N/A Not Provided 13.03.2013
Maybank Kim Eng VARUN VARMA buy 5 M 872 12 month 29.01.2013
Violet Arch Securities ABHISHEK KOTHARI buy 5 N 752 12 month 21.09.2012
ULJK Securities Pvt. Ltd. India SIDDHARTH PUROHIT buy 5 M 765 12 month 05.03.2012
SKP Securities Limited VIKESH P MEHTA accumulate 4 N 577 Not Provided 12.01.2012
Holdings By:
Shriram Transport Finance Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Jindal Steel & Power Ltd. (JSPL) manufactures sponge iron, mild steel, and
cement. The Company also produces power, conducts mining operations for iron
ore and coal, and explores for natural gas and oil. JSPL, with its diverse
resources, also contributes to the construction of infrastructure.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (20.12.2012) 473.90
52-Week Low (02.08.2013) 181.55
Daily Volume
231.8
52-Week High % Change -51.04% Dividend Yield 0.69
52-Week Low % Change 27.68% Beta 1.24
% 52 Week Price Range High/Low 18.44% Equity Float 861.17
Shares Out 25.09.2013 934.8 Short Int -
216'697.22 1 Yr Total Return -46.45%
Total Debt 246'181.60 YTD Return -47.86%
Preferred Stock 0.0 Adjusted BETA 1.243
Minority Interest 5'572.7 Analyst Recs 31
Cash and Equivalents 1'878.00 Consensus Rating 3.774
Enterprise Value 466'573.51
Average Volume 5 Day 200'028
JSP IB EQUITY YTD Change - Average Volume 30 Day 360'346
JSP IB EQUITY YTD % CHANGE - Average Volume 3 Month 394'731
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
108'747.3 110'915.4 131'121.5 182'086.0 198'067.8 189'067.9 193'633.7 214'756.1 265'896.4 50'472.0 51'309.0
2.37x 6.68x 5.97x 3.67x 2.90x 6.90x 6.06x 2.27x 1.86x - -
54'887.4 60'205.0 64'685.9 71'086.0 61'217.4 69'535.2 67'965.4 67'426.1 84'558.4 16'791.0 18'348.0
4.69x 12.30x 12.09x 9.41x 9.39x 0.00x 0.00x 6.92x 5.52x - -
30'457.2 35'729.7 37'538.8 39'649.0 29'101.1 34'233.6 30'190.6 30'113.5 34'780.7 8'032.0 8'520.0
6.12x 18.32x 17.36x 12.85x 11.17x 12.83x 6.73x 7.07x 6.14x - -
EBITDA 61'217.40 Long-Term Rating Date -
EBIT 45'825.20 Long-Term Rating -
Operating Margin 23.14% Long-Term Outlook -
Pretax Margin 19.56% Short-Term Rating Date -
Return on Assets 5.70% Short-Term Rating -
Return on Common Equity 14.79%
Return on Capital 9.13% EBITDA/Interest Exp. 6.40
Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. -2.38
Net Debt/EBITDA 3.99
Gross Margin - Total Debt/EBITDA 4.02
EBITDA Margin 30.9%
EBIT Margin 23.1% Total Debt/Equity 115.8%
Net Income Margin 14.7% Total Debt/Capital 53.0%
Asset Turnover 0.39
Current Ratio 0.85 Net Fixed Asset Turnover 0.59
Quick Ratio 0.12 Accounts receivable turnover-days 30.05
Debt to Assets 43.13% Inventory Days -
Tot Debt to Common Equity 115.84% Accounts Payable Turnover Day -
Accounts Receivable Turnover 12.15 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Jindal Steel & Power LtdPrice/Volume
Valuation Analysis
112'978.00
Current Price (10/dd/yy) Market Data
,2,
-,,-2,.,,.2,0,,02,1,,12,2,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'2 E-', E-'2 E.', E.'2 E0', E0'2 E1', E1'2 E2', E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GAGAN INFRAENERGY LI n/a EXCH 67'404'060 7.21 450'000 21.06.2013 Other
HSBC GLOBAL INV MAUR n/a Co File 23'191'682 2.48 - 30.06.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 19'953'508 2.13 - 31.08.2013 Unclassified
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 12'096'880 1.29 250'916 31.08.2013 Other
VANGUARD GROUP INC n/a ULT-AGG 10'869'484 1.16 207'270 30.06.2013 Investment Advisor
ICICI PRUDENTIAL LIF n/a Co File 10'172'620 1.09 - 30.06.2013 Insurance Company
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 5'698'136 0.61 583'592 31.08.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 5'680'102 0.61 (6'402) 27.09.2013 Investment Advisor
SUDHA APPARELS LTD n/a EXCH 4'755'000 0.51 - 25.10.2011 Other
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 3'469'532 0.37 (854'034) 31.08.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 3'415'670 0.37 (403'092) 31.08.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'207'596 0.34 765 31.08.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 2'542'356 0.27 - 27.09.2013 Investment Advisor
NOMURA n/a ULT-AGG 2'041'334 0.22 13'207 10.05.2013 Unclassified
JP MORGAN n/a ULT-AGG 1'644'213 0.18 (1'532'195) 31.05.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 1'509'232 0.16 84'808 30.04.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 1'494'348 0.16 800'000 27.09.2013 Investment Advisor
STABLE TRADING COMPA n/a EXCH 1'374'168 0.15 - 25.10.2011 Other
BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 1'371'143 0.15 (1'684) 31.08.2013 Investment Advisor
LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 1'010'519 0.11 51'154 30.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Motilal Oswal Securities Ltd SANJAY JAIN neutral 3 M 238 Not Provided 30.09.2013
Axis Capital Limited NITESH JAIN Under Review #N/A N/A M #N/A N/A Not Provided 27.09.2013
India Infoline TARANG BHANUSHALI buy 5 M 276 12 month 27.09.2013
Morgan Stanley VIPUL PRASAD Equalwt/In-Line 3 M 240 12 month 26.09.2013
Macquarie RAKESH ARORA outperform 5 M 350 12 month 26.09.2013
Batlivala & Karani Securities PARIN TANNA buy 5 M 285 Not Provided 26.09.2013
UBS PANKAJ SHARMA sell 1 M 205 12 month 19.09.2013
Anand Rathi Securities Pvt. Ltd. RAJESH ZAWAR hold 3 M 240 Not Provided 17.09.2013
Kotak Securities KAWALJEET SALUJA add 4 M 275 Not Provided 13.09.2013
IDFC Securities Ltd PRAKASH JOSHI outperform 5 M 320 12 month 11.09.2013
HSBC JIGAR MISTRY overweight 5 M 280 Not Provided 04.09.2013
Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR accumulate 4 M 250 12 month 19.08.2013
Deutsche Bank MANISH SAXENA hold 3 M 182 12 month 06.08.2013
MSFL - Institutional Business Group TANUJ RASTOGI buy 5 M 258 12 month 05.08.2013
Edelweiss Capital PRASAD BAJI hold 3 M 228 12 month 02.08.2013
Barclays CHIRAG SHAH overweight 5 M 289 Not Provided 02.08.2013
Credit Suisse NEELKANTH MISHRA neutral 3 M 218 Not Provided 01.08.2013
Phillip Securities DHAWAL DOSHI Under Review #N/A N/A M #N/A N/A Not Provided 01.08.2013
Sunidhi Consultancy Services CHINTAN J MEHTA neutral 3 M 257 12 month 01.08.2013
Dolat Capital Market Ltd. RAM MODI accumulate 4 M 234 12 month 01.08.2013
IIFL HARSHAWARDHAN S DOLE buy 5 M 250 12 month 01.08.2013
CIMB RAHUL JAIN outperform 5 M 323 12 month 31.07.2013
JM Financial Institutional Securities P ASHUTOSH SOMANI buy 5 M 274 12 month 31.07.2013
ICICI Securities ABHIJIT MITRA reduce 2 M 213 12 month 30.07.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 M 347 Not Provided 18.07.2013
Nirmal Bang Institutional Equities GIRIRAJ DAGA suspended coverage #N/A N/A M #N/A N/A Not Provided 09.07.2013
Espirito Santo Investment Bank ResearchRITESH SHAH buy 5 M 358 Not Provided 21.06.2013
EVA Dimensions TIMOTHY STANISH underweight 1 U #N/A N/A Not Provided 12.06.2013
Daiwa Securities Co. Ltd. DEEPAK PODDAR buy 5 U 404 Not Provided 05.06.2013
Ventura Securities Ltd TEAM COVERAGE hold 3 M 657 Not Provided 02.05.2013
Antique Stock Broking Limited AMIT AGARWAL buy 5 M 440 Not Provided 29.04.2013
SMC Global Securities Ltd. PRITESH JANI outperform 5 M 550 Not Provided 26.06.2012
Fairwealth Securities Ltd TEAM COVERAGE buy 5 M 640 12 month 30.12.2011
Holdings By:
Jindal Steel & Power Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Bank of Baroda owns and operates commercial banks in India. The Group's banks
provide the traditional forms of banking services, including CD's, Credit Card
services and a variety of car loans, in addition to gold banking and a range of
insurance services. The Group also owns IBU International Finance Limited, an
international banking company in Hong Kong.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (03.01.2013) 899.65
52-Week Low (20.08.2013) 429.25
Daily Volume
495
52-Week High % Change -44.45% Dividend Yield 4.34
52-Week Low % Change 15.32% Beta 1.09
% 52 Week Price Range High/Low 13.68% Equity Float 139.72
Shares Out 25.09.2013 421.3 Short Int -
208'521.88 1 Yr Total Return -34.86%
Total Debt 1'019'977.85 YTD Return -40.94%
Preferred Stock 0.0 Adjusted BETA 1.088
Minority Interest 1'100.5 Analyst Recs 65
Cash and Equivalents 903'044.37 Consensus Rating 3.631
Enterprise Value -
Average Volume 5 Day 174'945
BOB IB EQUITY YTD Change - Average Volume 30 Day 238'206
BOB IB EQUITY YTD % CHANGE - Average Volume 3 Month 208'070
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
183'929.5 202'000.3 258'005.3 345'881.1 409'539.1 - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
23'840.8 31'793.0 44'337.1 52'485.8 48'042.3 - - - - - -
3.58x 7.32x 8.52x 5.94x 5.79x - - - - - -
EBITDA - Long-Term Rating Date 30.12.2011
EBIT - Long-Term Rating NR
Operating Margin 31.55% Long-Term Outlook -
Pretax Margin 32.02% Short-Term Rating Date 30.12.2011
Return on Assets 0.94% Short-Term Rating NR
Return on Common Equity 15.55%
Return on Capital 3.97% EBITDA/Interest Exp. -
Asset Turnover 0.08% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 306.5%
Net Income Margin 29.2% Total Debt/Capital 75.3%
Asset Turnover 0.08
Current Ratio - Net Fixed Asset Turnover 16.45
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 18.23% Inventory Days -
Tot Debt to Common Equity 306.47% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Bank of BarodaPrice/Volume
Valuation Analysis
73'434.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,-,,.,,0,,1,,2,,3,,4,,5,,6,,
-,,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'- E'. E'0 E'1 E'2 E'3 E'4 E'5 E'6 E-', E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
400'000.0
450'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
-',,
.',,
0',,
1',,
2',,
3',,
4',,
5',,
6',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 233'412'499 55.41 - 30.06.2013 Government
LIFE INSURANCE CORP n/a Co File 48'121'960 11.42 - 30.06.2013 Government
HDFC ASSET MANAGEMEN n/a Co File 15'209'956 3.61 - 30.06.2013 Investment Advisor
HDFC LIFE INSURANCE n/a Co File 5'896'640 1.4 - 30.06.2013 Insurance Company
COPTHALL MAURITIUS I n/a Co File 5'630'690 1.34 - 30.06.2013 Investment Advisor
MASTER TRUST BANK OF n/a Co File 4'820'028 1.14 - 30.06.2013 Bank
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 3'985'576 0.95 - 15.04.2013 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 3'300'624 0.78 (234'000) 31.08.2013 Other
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 3'288'025 0.78 52'661 31.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 2'311'078 0.55 (19'624) 30.06.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'766'414 0.42 (45'572) 31.08.2013 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 1'522'776 0.36 26'680 31.05.2013 Investment Advisor
SBI LIFE INSURANCE C Multiple Portfolios MF-AGG 1'462'179 0.35 - 31.08.2013 Insurance Company
BLACKROCK n/a ULT-AGG 1'337'622 0.32 69'300 27.09.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 1'199'753 0.28 (27'306) 31.05.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 1'135'352 0.27 3'430 30.04.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 1'036'534 0.25 (80'180) 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 1'036'159 0.25 - 31.12.2012 Government
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 866'757 0.21 - 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 723'971 0.17 - 27.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited PRAVEEN AGRAWAL hold 3 M 502 Not Provided 27.09.2013
Standard Chartered MAHRUKH ADAJANIA in-line 3 D 550 12 month 26.09.2013
IDBI Capital Market Services Ltd JIGNESH SHIAL reduce 2 D 450 12 month 25.09.2013
India Nivesh Ltd DALJEET SINGH KOHLI buy 5 M 690 Not Provided 24.09.2013
Religare Capital Markets SIDDHARTH TELI buy 5 M 710 12 month 23.09.2013
Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES buy 5 M 651 Not Provided 19.09.2013
JPMorgan SESHADRI K SEN overweight 5 M 600 12 month 17.09.2013
Macquarie SURESH GANAPATHY underperform 1 M 340 12 month 16.09.2013
Nomura ABHISHEK BHATTACHARYA reduce 2 M 420 Not Provided 13.09.2013
Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA accumulate 4 M 550 12 month 11.09.2013
Avendus Capital Private Ltd CHANDANA JHA buy 5 M 749 Not Provided 11.09.2013
Goldman Sachs TABASSUM INAMDAR neutral/neutral 3 M 520 12 month 05.09.2013
Batlivala & Karani Securities ANAND DAMA outperform 5 M 725 Not Provided 05.09.2013
Barclays ANISH TAWAKLEY underweight 1 D 410 Not Provided 29.08.2013
Jefferies NILANJAN KARFA hold 3 M 555 12 month 27.08.2013
IIFL SAMPATH S K KUMAR reduce 2 M 340 12 month 27.08.2013
Fortune Equity Brokers (India) Ltd VIJAY NARA buy 5 M 755 Not Provided 26.08.2013
Sunidhi Consultancy Services AMIT JAIN neutral 3 M 600 12 month 23.08.2013
Dolat Capital Market Ltd. RAJIV PATHAK buy 5 M 635 Not Provided 23.08.2013
IDFC Securities Ltd MANISH CHOWDHARY underperform 1 M 480 Not Provided 22.08.2013
Deutsche Bank MANISH KARWA buy 5 M 620 12 month 21.08.2013
Kotak Securities MB MAHESH reduce 2 M 600 Not Provided 21.08.2013
ICICIdirect.com KAJAL GANDHI hold 3 M 480 Not Provided 21.08.2013
Nirmal Bang Institutional Equities HEMINDRA HAZARI buy 5 M 630 Not Provided 21.08.2013
Almondz Global Securities Ltd SHIVRAJ GUPTA neutral 3 M 552 Not Provided 20.08.2013
Motilal Oswal Securities Ltd ALPESH MEHTA neutral 3 M 613 Not Provided 19.08.2013
UBS VISHAL GOYAL neutral 3 M 570 12 month 09.08.2013
Morgan Stanley SUMEET KARIWALA Equalwt/Cautious 3 M 500 12 month 07.08.2013
JHP Securities Private Limited ANIL WALA buy 5 U 718 Not Provided 07.08.2013
Angel Broking Limited VAIBHAV AGRAWAL neutral 3 D #N/A N/A Not Provided 05.08.2013
KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL accumulate 4 M 550 12 month 03.08.2013
HSBC TEJAS MEHTA underweight 1 M 478 Not Provided 02.08.2013
SBI Capital Markets RAVIKANT BHAT hold 3 M 600 12 month 02.08.2013
Phillip Securities MANISH AGARWALLA buy 5 M 700 Not Provided 02.08.2013
HDFC Securities VISHAL MODI neutral 3 M 555 12 month 02.08.2013
Karvy Stock Broking Ltd HATIM K BROACHWALA buy 5 M 640 Not Provided 02.08.2013
India Infoline RAJIV MEHTA market perform 3 M 523 9 month 02.08.2013
Edelweiss Capital NILESH PARIKH buy 5 M 652 12 month 02.08.2013
Antique Stock Broking Limited ALOK KAPADIA hold 3 M 600 Not Provided 02.08.2013
Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA buy 5 U 609 12 month 02.08.2013
Quant Broking Pvt Ltd NITIN KUMAR reduce 2 M 460 12 month 02.08.2013
Credit Suisse ASHISH GUPTA outperform 5 M 707 Not Provided 01.08.2013
CIMB JATINDER AGARWAL outperform 5 M 700 12 month 01.08.2013
Holdings By:
Bank of Baroda ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
NMDC Limited explores for minerals. The Company is exploring for iron ore,
copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite,
diamond, tin, tungsten, graphite, and beach sands.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (01.10.2012) 199.00
52-Week Low (06.08.2013) 92.65
Daily Volume
118.2
52-Week High % Change -40.63% Dividend Yield 1.87
52-Week Low % Change 27.58% Beta 0.96
% 52 Week Price Range High/Low 26.00% Equity Float 525.25
Shares Out 25.09.2013 3'964.7 Short Int -
468'629.41 1 Yr Total Return -35.45%
Total Debt 0.00 YTD Return -25.53%
Preferred Stock 0.0 Adjusted BETA 0.961
Minority Interest 6.7 Analyst Recs 42
Cash and Equivalents 97'410.30 Consensus Rating 4.429
Enterprise Value 371'225.82
Average Volume 5 Day 178'778
NMDC IB EQUITY YTD Change - Average Volume 30 Day 265'523
NMDC IB EQUITY YTD % CHANGE - Average Volume 3 Month 223'313
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
75'640.3 - - - - - - - - - -
6.88x - - - - - - - - - -
58'371.0 - - - - - - - - - -
8.91x - - - - - - - - - -
43'495.5 - - - - - - - - - -
14.20x - - - - - - - - - -
EBITDA 58'371.00 Long-Term Rating Date -
EBIT 57'635.40 Long-Term Rating -
Operating Margin 76.20% Long-Term Outlook -
Pretax Margin 87.59% Short-Term Rating Date -
Return on Assets 39.69% Short-Term Rating -
Return on Common Equity 43.65%
Return on Capital 43.64% EBITDA/Interest Exp. -
Asset Turnover 0.69% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -1.67
Gross Margin - Total Debt/EBITDA 0.00
EBITDA Margin 77.2%
EBIT Margin 76.2% Total Debt/Equity 0.0%
Net Income Margin 57.5% Total Debt/Capital 0.0%
Asset Turnover 0.69
Current Ratio 10.12 Net Fixed Asset Turnover 9.03
Quick Ratio 9.26 Accounts receivable turnover-days 36.32
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 10.05 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
NMDC LtdPrice/Volume
Valuation Analysis
165'324.00
Current Price (10/dd/yy) Market Data
,.,1,3,5,
-,,-.,-1,-3,-5,.,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
-', E
.', E
0', E
1', E
2', E
3', E
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
,',,
2,,',,
- ,,,',,
- 2,,',,
. ,,,',,
. 2,,',,
,.',1'.,,3,.'-,'.,,3,.',1'.,,4,.'-,'.,,4,.',1'.,,5,.'-,'.,,5,.',1'.,,6,.'-,'.,,6,.',1'.,-,,.'-,'.,-,,.',1'.,--,.'-,'.,--,.',1'.,-.,.'-,'.,-.,.',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 3'171'946'580 80 - 30.06.2013 Government
LIFE INSURANCE CORP n/a Co File 267'517'586 6.75 - 30.06.2013 Government
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 49'320'838 1.24 (2'674'513) 31.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 21'528'185 0.54 4'271'098 30.06.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 11'821'037 0.3 (683'260) 27.09.2013 Investment Advisor
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 8'724'118 0.22 (3'477'372) 31.08.2013 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 5'815'394 0.15 1'891'978 31.07.2013 Investment Advisor
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 4'819'234 0.12 (549'863) 31.08.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'809'418 0.1 842'430 31.08.2013 Investment Advisor
BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 3'756'015 0.09 261'869 31.08.2013 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 3'145'923 0.08 - 28.06.2013 Investment Advisor
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 2'997'638 0.08 (202'504) 31.08.2013 Investment Advisor
WADDELL & REED FINAN n/a ULT-AGG 2'985'774 0.08 - 30.06.2013 Investment Advisor
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 2'894'924 0.07 48'521 31.03.2013 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 2'702'414 0.07 (3'780'000) 31.08.2013 Other
BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 2'677'978 0.07 841'494 31.08.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 2'612'186 0.07 - 27.09.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'457'069 0.06 382'529 30.06.2013 Investment Advisor
KOTAK MAHINDRA Multiple Portfolios MF-AGG 2'406'266 0.06 (327'854) 31.08.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'871'670 0.05 - 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Motilal Oswal Securities Ltd SANJAY JAIN buy 5 M 152 Not Provided 30.09.2013
Axis Capital Limited JAGDISHWAR TOPPO buy 5 M 135 Not Provided 27.09.2013
Macquarie RAKESH ARORA outperform 5 M 153 12 month 26.09.2013
Batlivala & Karani Securities PARIN TANNA buy 5 M 148 Not Provided 26.09.2013
EVA Dimensions TIMOTHY STANISH hold 3 D #N/A N/A Not Provided 19.09.2013
Deutsche Bank ANUJ SINGLA buy 5 M 140 12 month 18.09.2013
Emkay Share & Stock Brokers GOUTAM CHAKRABORTY buy 5 M 165 Not Provided 17.09.2013
Centrum Broking Pvt Ltd ABHISAR JAIN buy 5 M 145 Not Provided 16.09.2013
Kotak Securities KAWALJEET SALUJA buy 5 M 150 Not Provided 13.09.2013
Angel Broking Limited BHAVESH CHAUHAN buy 5 M 148 Not Provided 13.09.2013
ICICIdirect.com DEWANG SANGHAVI buy 5 M 138 15 month 06.09.2013
JM Financial Institutional Securities P ASHUTOSH SOMANI buy 5 M 127 Not Provided 05.09.2013
HDFC Securities ANKUR KULSHRESTHA buy 5 M 142 12 month 05.09.2013
India Infoline TARANG BHANUSHALI buy 5 M 145 9 month 05.09.2013
IIFL BIJAL SHAH buy 5 M 141 12 month 05.09.2013
Quant Broking Pvt Ltd KALPESH MAKWANA accumulate 4 M 130 Not Provided 05.09.2013
Elara Securities India Pvt Ltd ASHISH KEJRIWAL reduce 2 M 114 12 month 05.09.2013
Standard Chartered SATISH KUMAR in-line 3 M 134 12 month 04.09.2013
Jefferies ANAND AGARWAL buy 5 M 149 12 month 04.09.2013
HSBC JIGAR MISTRY overweight 5 M 147 Not Provided 04.09.2013
CIMB RAHUL JAIN underperform 1 M 115 12 month 04.09.2013
ICICI Securities ABHIJIT MITRA buy 5 M 155 12 month 04.09.2013
Nirmal Bang Institutional Equities GIRIRAJ DAGA buy 5 M 147 Not Provided 04.09.2013
SBI Capital Markets JATIN Y DAMANIA hold 3 D 130 12 month 03.09.2013
Barclays CHIRAG SHAH overweight 5 M 154 Not Provided 28.08.2013
IDFC Securities Ltd PRAKASH JOSHI outperform 5 M 140 12 month 27.08.2013
Sunidhi Consultancy Services CHINTAN J MEHTA outperform 5 M 150 12 month 26.08.2013
JPMorgan PINAKIN M PAREKH overweight 5 M 160 6 month 20.08.2013
Morgan Stanley VIPUL PRASAD Overwt/In-Line 5 M 151 12 month 26.07.2013
Avendus Capital Private Ltd JIMESH SANGHVI buy 5 M 143 Not Provided 05.07.2013
UBS SANDIP BANSAL neutral 3 M 114 12 month 04.07.2013
Ratnabali Capital Markets TEAM COVERAGE buy 5 M 138 12 month 04.07.2013
Systematix Shares & Stocks Ltd ERIC MARTINS buy 5 N 128 12 month 28.06.2013
Ventura Securities Ltd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 07.06.2013
Networth Stock Broking Ltd AJIT AGRAWAL buy 5 M 150 Not Provided 03.06.2013
Espirito Santo Investment Bank ResearchRITESH SHAH sell 1 M 113 Not Provided 29.05.2013
Equirus Securities Pvt Ltd ASHUTOSH TIWARI buy 5 M 191 15 month 09.04.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 M 147 Not Provided 04.04.2013
ULJK Securities Pvt. Ltd. India SIDDHARTH PUROHIT buy 5 M 206 12 month 01.02.2013
Microsec Capital NEHA MAJITHIA strong buy 5 M 225 12 month 30.01.2013
NVS Brokerage Limited TEAM COVERAGE strong buy 5 M 182 12 month 13.12.2012
Derivium Tradition Securities ASHISH MATANI buy 5 M 203 Not Provided 29.05.2012
MSFL - Institutional Business Group TANUJ RASTOGI not rated #N/A N/A M #N/A N/A Not Provided 16.02.2012
Holdings By:
NMDC Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Bharat Petroleum Corporation Limited explores for and refines crude oil. The
Company manufactures petroleum, petroleum products, lubricants, liquefied
petroleum gas, aromatics like benzene and toluene, and other related products.
Bharat has retail outlets throughout the country.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (21.01.2013) 449.00
52-Week Low (06.08.2013) 256.00
Daily Volume
322.9
52-Week High % Change -27.77% Dividend Yield 3.41
52-Week Low % Change 26.13% Beta 1.02
% 52 Week Price Range High/Low 38.45% Equity Float 215.08
Shares Out 25.09.2013 723.1 Short Int -
233'483.89 1 Yr Total Return -4.74%
Total Debt 331'568.60 YTD Return -6.00%
Preferred Stock 0.0 Adjusted BETA 1.018
Minority Interest 10'765.8 Analyst Recs 49
Cash and Equivalents 80'654.90 Consensus Rating 4.735
Enterprise Value 495'163.39
Average Volume 5 Day 282'943
BPCL IB EQUITY YTD Change - Average Volume 30 Day 197'938
BPCL IB EQUITY YTD % CHANGE - Average Volume 3 Month 144'430
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
1'365'571.2 1'238'167.2 1'536'282.8 2'119'638.1 2'420'433.9 229'448.0 ######### ######### ######### - -
0.22x 0.29x 0.26x 0.23x 0.22x 0.00x 0.00x 0.19x 0.18x - -
40'846.0 32'753.3 50'399.0 64'663.8 79'931.7 0.0 0.0 64'485.7 68'804.4 - -
7.34x 10.83x 7.95x 7.60x 6.69x 0.00x 0.00x 7.68x 7.20x - -
6'337.6 16'323.6 16'349.6 7'808.3 18'808.3 (5'379.0) 19'634.0 20'336.3 23'124.5 - -
21.45x 11.47x 13.53x 32.42x 14.52x 0.00x 0.00x 11.35x 9.91x - -
EBITDA 79'931.70 Long-Term Rating Date -
EBIT 55'304.70 Long-Term Rating -
Operating Margin 2.28% Long-Term Outlook -
Pretax Margin 1.33% Short-Term Rating Date -
Return on Assets 2.39% Short-Term Rating -
Return on Common Equity 11.52%
Return on Capital 5.75% EBITDA/Interest Exp. 5.45
Asset Turnover 3.08% (EBITDA-Capex)/Interest Exp. 1.68
Net Debt/EBITDA 3.14
Gross Margin - Total Debt/EBITDA 4.15
EBITDA Margin 3.3%
EBIT Margin 2.3% Total Debt/Equity 197.7%
Net Income Margin 0.8% Total Debt/Capital 65.0%
Asset Turnover 3.08
Current Ratio 0.92 Net Fixed Asset Turnover 8.04
Quick Ratio 0.27 Accounts receivable turnover-days 7.21
Debt to Assets 41.67% Inventory Days -
Tot Debt to Common Equity 197.65% Accounts Payable Turnover Day -
Accounts Receivable Turnover 50.66 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Bharat Petroleum Corp LtdPrice/Volume
Valuation Analysis
85'391.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,2,
-,,-2,.,,.2,0,,02,1,,12,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'. E
'1 E
'3 E
'5 E
-', E
-'. E
-'1 E
0.0
500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
3'000'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
-,',,
.,',,
0,',,
1,',,
2,',,
3,',,
4,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 397'200'120 54.93 - 30.06.2013 Government
BPCL TRUST FOR INVES n/a Co File 67'457'474 9.33 - 30.06.2013 Corporation
LIFE INSURANCE CORP n/a Co File 35'358'819 4.89 - 30.06.2013 Government
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 20'822'399 2.88 279'184 31.08.2013 Investment Advisor
ICICI PRUDENTIAL LIF n/a Co File 13'614'369 1.88 - 30.06.2013 Insurance Company
GOVT PENSION FUND GL n/a Co File 7'982'116 1.1 - 30.06.2013 n/a
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 7'815'178 1.08 (1'474'107) 31.08.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 6'929'524 0.96 10'547 31.08.2013 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 6'794'056 0.94 (539'226) 31.08.2013 Other
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 6'788'266 0.94 277'562 31.08.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 6'146'953 0.85 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 5'930'832 0.82 (58'298) 27.09.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 5'070'491 0.7 71'518 30.06.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 3'926'025 0.54 (150) 31.07.2013 Investment Advisor
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 3'823'820 0.53 601'806 31.08.2013 Investment Advisor
TATA ASSET MANAGEMEN Multiple Portfolios MF-AGG 2'583'535 0.36 498'431 31.08.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 1'964'657 0.27 519'195 31.08.2013 Investment Advisor
SUNDARAM ASSET MANAG Multiple Portfolios MF-AGG 1'868'031 0.26 (102'000) 31.08.2013 Investment Advisor
BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 1'831'218 0.25 (130'734) 30.08.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'816'000 0.25 (100'000) 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JM Financial Institutional Securities P GARIMA MISHRA buy 5 M 408 Not Provided 30.09.2013
Nomura ANIL SHARMA buy 5 M 465 Not Provided 30.09.2013
Antique Stock Broking Limited AMIT RUSTAGI buy 5 M 549 Not Provided 30.09.2013
Batlivala & Karani Securities BHAVIN GANDHI buy 5 M 438 Not Provided 27.09.2013
Axis Capital Limited AMIT MISHRA buy 5 M 375 Not Provided 27.09.2013
Tata Securities Limited SWARNENDU BHUSHAN buy 5 M 565 12 month 27.09.2013
Credit Suisse SANJAY MOOKIM outperform 5 U 376 Not Provided 24.09.2013
Ambit Capital Pvt Ltd DAYANAND MITTAL buy 5 M 393 12 month 19.09.2013
Quant Broking Pvt Ltd GAGAN DIXIT buy 5 M 445 Not Provided 19.09.2013
HSBC KUMAR MANISH overweight 5 U 389 Not Provided 17.09.2013
BNP Paribas Equity Research AMIT SHAH buy 5 M 369 12 month 13.09.2013
Motilal Oswal Securities Ltd HARSHAD BORAWAKE buy 5 M 455 Not Provided 12.09.2013
CIMB AVADHOOT SABNIS outperform 5 M 475 12 month 09.09.2013
Kotak Securities TARUN LAKHOTIA buy 5 M 440 Not Provided 05.09.2013
EVA Dimensions DOUG WALTERS buy 5 U #N/A N/A Not Provided 02.09.2013
IIFL BHASKAR CHAKRABORTY buy 5 M 440 12 month 21.08.2013
Macquarie ABHISHEK AGARWAL outperform 5 M 421 12 month 20.08.2013
Spark Capital Advisors MAYUR PATEL add 4 U 322 12 month 19.08.2013
Emkay Share & Stock Brokers DHAVAL JOSHI buy 5 M 415 Not Provided 16.08.2013
Sunidhi Consultancy Services ROHIT NAGRAJ outperform 5 N 387 12 month 14.08.2013
IDBI Capital Market Services Ltd SUDEEP ANAND buy 5 M 382 12 month 14.08.2013
HDFC Securities AISHWARYA DEEPAK buy 5 M 450 12 month 14.08.2013
ICICIdirect.com MAYUR MATANI buy 5 M 389 15 month 14.08.2013
Barclays SOMSHANKAR SINHA overweight 5 M 490 Not Provided 14.08.2013
BOB Capital Markets NEELABH SHARMA buy 5 M 358 12 month 14.08.2013
Deutsche Bank HARSHAD KATKAR buy 5 M 360 12 month 13.08.2013
Morgan Stanley VINAY JAISING Overwt/Attractive 5 M 375 12 month 13.08.2013
JPMorgan NEIL GUPTE overweight 5 M 485 6 month 13.08.2013
ICICI Securities ROHIT AHUJA buy 5 M 433 12 month 13.08.2013
IDFC Securities Ltd PRAKASH JOSHI outperform 5 M 366 12 month 13.08.2013
Edelweiss Capital NIRAJ MANSINGKA buy 5 M 421 12 month 13.08.2013
Standard Chartered RAHUL SINGH outperform 5 U 349 12 month 12.08.2013
Religare Capital Markets NITIN TIWARI buy 5 M 440 12 month 09.08.2013
Daiwa Securities Co. Ltd. NIRMAL RAGHAVAN buy 5 M 457 Not Provided 12.07.2013
UBS ASHISH JAGNANI buy 5 U 435 12 month 01.07.2013
Systematix Shares & Stocks Ltd SUDARSHAN NARASIMHAN buy 5 M 466 Not Provided 26.06.2013
Avendus Capital Private Ltd SAURABH BHARAT buy 5 M 504 Not Provided 26.06.2013
Goldman Sachs NILESH BANERJEE neutral/neutral 3 M 430 12 month 13.06.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 M 414 Not Provided 07.06.2013
Elara Securities India Pvt Ltd ALOK DESHPANDE buy 5 M 500 Not Provided 06.06.2013
Ventura Securities Ltd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 03.06.2013
Ashika Stock Broking Limited PARAS BOTHRA buy 5 M 460 Not Provided 02.05.2013
Jefferies ARYA SEN hold 3 N 400 12 month 04.04.2013
Holdings By:
Bharat Petroleum Corp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
JSW Steel Limited is an integrated steel producer with manufacturing facilities
with capacity of 11 million metric tons located in the southern states of
Karnataka and Tamil Nadu and western state of Maharashtra. The Company produces
products including hot rolled coils, cold rolled coils, wire rods, galvanized
coils and sheets.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (29.01.2013) 893.75
52-Week Low (19.08.2013) 451.50
Daily Volume
738.5
52-Week High % Change -17.16% Dividend Yield 1.35
52-Week Low % Change 63.57% Beta 1.41
% 52 Week Price Range High/Low 62.92% Equity Float 147.36
Shares Out 25.09.2013 241.7 Short Int -
178'511.73 1 Yr Total Return 2.05%
Total Debt 216'905.60 YTD Return -7.51%
Preferred Stock 2'790.3 Adjusted BETA 1.409
Minority Interest 1'971.6 Analyst Recs 48
Cash and Equivalents 17'915.20 Consensus Rating 2.917
Enterprise Value 382'264.03
Average Volume 5 Day 204'102
JSTL IB EQUITY YTD Change - Average Volume 30 Day 279'362
JSTL IB EQUITY YTD % CHANGE - Average Volume 3 Month 238'206
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
159'348.4 189'571.7 241'058.9 343'680.5 382'096.5 365'932.5 383'341.0 435'828.4 466'720.1 105'771.3 110'762.3
1.67x 2.35x 1.49x 0.99x 0.93x 1.58x 1.76x 1.02x 0.96x - -
32'106.6 41'738.0 48'796.6 61'153.7 65'204.6 65'069.5 64'749.1 73'137.7 80'151.7 17'279.5 18'794.0
8.30x 10.65x 7.35x 5.57x 5.43x 0.00x 0.00x 5.23x 4.77x 5.00x 5.00x
2'749.1 15'975.5 17'539.8 5'376.8 9'631.1 1'021.7 5'316.4 16'040.5 19'920.2 4'517.3 4'495.0
17.71x 14.72x 11.06x 31.58x 16.04x 122.45x 27.33x 10.85x 8.73x 9.31x 9.69x
EBITDA 65'204.60 Long-Term Rating Date -
EBIT 42'772.40 Long-Term Rating -
Operating Margin 11.19% Long-Term Outlook -
Pretax Margin 4.64% Short-Term Rating Date -
Return on Assets 1.72% Short-Term Rating -
Return on Common Equity 5.58%
Return on Capital 4.91% EBITDA/Interest Exp. 3.56
Asset Turnover 0.68% (EBITDA-Capex)/Interest Exp. 0.49
Net Debt/EBITDA 3.05
Gross Margin - Total Debt/EBITDA 3.33
EBITDA Margin 17.1%
EBIT Margin 11.2% Total Debt/Equity 127.1%
Net Income Margin 2.5% Total Debt/Capital 55.3%
Asset Turnover 0.68
Current Ratio 0.64 Net Fixed Asset Turnover 1.03
Quick Ratio 0.21 Accounts receivable turnover-days 17.04
Debt to Assets 37.57% Inventory Days -
Tot Debt to Common Equity 127.11% Accounts Payable Turnover Day -
Accounts Receivable Turnover 21.42 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
JSW Steel LtdPrice/Volume
Valuation Analysis
163'772.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,-,,.,,0,,1,,2,,3,,4,,5,,6,,
-,,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'- E
'. E
'0 E
'1 E
'2 E
'3 E
'4 E
'5 E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
400'000.0
450'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JFE STEEL INTL EUROP n/a Co File 36'258'307 15 - 30.06.2013 Corporation
JINDAL SOUTH WEST HO n/a Co File 17'284'923 7.15 - 30.06.2013 Corporation
JSW ENERGY INVESTMEN n/a Co File 13'764'364 5.69 - 30.06.2013 Corporation
JSW INVESTMENTS PVT n/a EXCH 9'585'561 3.97 82'000 16.08.2013 Corporation
JSW POWER TRADING CO n/a Co File 7'003'835 2.9 - 30.06.2013 Corporation
DUFERCO COKE INVSTS n/a Co File 5'035'241 2.08 - 30.06.2013 Other
NALWA SONS INVESTMEN n/a Co File 4'548'637 1.88 - 30.06.2013 Investment Advisor
JAIN NIRMAL KUMAR n/a Co File 4'450'452 1.84 - 30.06.2013 n/a
MAVI INVESTMENT FUND n/a Co File 4'417'000 1.83 - 30.06.2013 Other
LIFE INSURANCE CORP n/a Co File 4'175'363 1.73 - 30.06.2013 Government
LOTUS GLOBAL INVESTM n/a Co File 4'170'965 1.73 - 30.06.2013 Investment Advisor
INDIAMAN FUND MAURIT n/a Co File 3'780'000 1.56 - 30.06.2013 Unclassified
VANGUARD GROUP INC n/a ULT-AGG 3'390'682 1.4 501'397 30.06.2013 Investment Advisor
SUN INVESTMENTS LTD n/a Co File 3'342'261 1.38 - 30.06.2013 Investment Advisor
MINERALS EUROASIA LT n/a Co File 3'183'444 1.32 - 30.06.2013 Other
JINDAL HOLDINGS LTD n/a Co File 3'077'704 1.27 - 30.06.2013 Other
GAGANDEEP CREDIT CAP n/a Co File 2'774'150 1.15 - 30.06.2013 Corporation
JINDAL SAJJAN n/a Co File 2'329'856 0.96 - 30.06.2013 n/a
DIMENSIONAL FUND ADV n/a ULT-AGG 2'254'970 0.93 (5'616) 30.04.2013 Investment Advisor
GAGAN TRADING CO LTD n/a Co File 2'239'085 0.93 - 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Motilal Oswal Securities Ltd SANJAY JAIN sell 1 M 565 Not Provided 30.09.2013
Daiwa Securities Co. Ltd. DEEPAK PODDAR hold 3 M 727 Not Provided 27.09.2013
Axis Capital Limited NITESH JAIN hold 3 M 674 Not Provided 27.09.2013
Macquarie RAKESH ARORA outperform 5 M 850 12 month 26.09.2013
BNP Paribas Equity Research KUNAL AGRAWAL reduce 2 D 551 12 month 26.09.2013
Batlivala & Karani Securities PARIN TANNA underperform 1 D 690 Not Provided 26.09.2013
Nirmal Bang Institutional Equities GIRIRAJ DAGA sell 1 M 525 Not Provided 25.09.2013
Standard Chartered SATISH KUMAR outperform 5 M 875 12 month 24.09.2013
Morgan Stanley VIPUL PRASAD Underwt/In-Line 1 M 420 12 month 24.09.2013
Kotak Securities KAWALJEET SALUJA sell 1 M 610 Not Provided 20.09.2013
JM Financial Institutional Securities P ASHUTOSH SOMANI hold 3 M 610 12 month 20.09.2013
JPMorgan PINAKIN M PAREKH overweight 5 U 850 9 month 17.09.2013
Anand Rathi Securities Pvt. Ltd. RAJESH ZAWAR buy 5 M 819 Not Provided 17.09.2013
Emkay Share & Stock Brokers GOUTAM CHAKRABORTY hold 3 M 580 Not Provided 17.09.2013
Centrum Broking Pvt Ltd ABHISAR JAIN hold 3 D 658 Not Provided 16.09.2013
Deutsche Bank ABHAY LAIJAWALA buy 5 M 845 12 month 13.09.2013
Angel Broking Limited BHAVESH CHAUHAN neutral 3 M #N/A N/A Not Provided 13.09.2013
HSBC JIGAR MISTRY neutral 3 M 595 Not Provided 04.09.2013
EVA Dimensions TIMOTHY STANISH hold 3 D #N/A N/A Not Provided 04.09.2013
Nomura AMAR KEDIA neutral 3 M 780 Not Provided 30.08.2013
MSFL - Institutional Business Group TANUJ RASTOGI buy 5 M 757 12 month 05.08.2013
UBS SANDIP BANSAL buy 5 M 800 12 month 02.08.2013
Phillip Securities DHAWAL DOSHI buy 5 U 673 Not Provided 02.08.2013
Edelweiss Capital PRASAD BAJI hold 3 M 716 12 month 02.08.2013
Barclays CHIRAG SHAH equalweight 3 M 581 Not Provided 02.08.2013
Credit Suisse NEELKANTH MISHRA underperform 1 M 330 Not Provided 01.08.2013
SBI Capital Markets JATIN Y DAMANIA hold 3 M 570 12 month 01.08.2013
Sunidhi Consultancy Services CHINTAN J MEHTA underperform 1 M 545 12 month 01.08.2013
Dolat Capital Market Ltd. RAM MODI reduce 2 M 572 Not Provided 01.08.2013
ICICIdirect.com DEWANG SANGHAVI hold 3 M 600 15 month 01.08.2013
Elara Securities India Pvt Ltd ASHISH KEJRIWAL sell 1 M 513 Not Provided 01.08.2013
CIMB RAHUL JAIN neutral 3 U 588 12 month 31.07.2013
ICICI Securities ABHIJIT MITRA sell 1 M 565 12 month 31.07.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 M 753 Not Provided 18.07.2013
Avendus Capital Private Ltd JIMESH SANGHVI buy 5 M 846 Not Provided 25.06.2013
Espirito Santo Investment Bank ResearchRITESH SHAH buy 5 M 979 Not Provided 29.05.2013
Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR reduce 2 M 650 12 month 24.05.2013
IDFC Securities Ltd SAUMIL MEHTA underperform 1 M 642 12 month 24.05.2013
India Infoline TARANG BHANUSHALI market perform 3 U 702 9 month 24.05.2013
Equirus Securities Pvt Ltd ASHUTOSH TIWARI neutral 3 U 747 15 month 24.05.2013
IIFL BIJAL SHAH reduce 2 M 665 12 month 09.05.2013
Violet Arch Securities KUNAL MOTISHAW buy 5 N 972 Not Provided 06.05.2013
Systematix Shares & Stocks Ltd ERIC MARTINS buy 5 M 833 12 month 22.04.2013
Holdings By:
JSW Steel Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Colgate-Palmolive (India) Ltd. manufactures consumer products in the oral care
and body care area. The Company's products include soaps, cosmetics, toilet
preparations, toothpaste, toothbrushes, shaving brushes, and glycerin.
Latest Fiscal Year: 03/2013
LTM as of: 03/yy
52-Week High (01.01.2013) 1'580.40
52-Week Low (28.08.2013) 1'190.05
Daily Volume
1259
52-Week High % Change -20.32% Dividend Yield 1.59
52-Week Low % Change 5.79% Beta 0.62
% 52 Week Price Range High/Low 12.86% Equity Float 60.23
Shares Out 25.09.2013 136.0 Short Int -
171'214.97 1 Yr Total Return 5.78%
Total Debt 53.99 YTD Return -19.10%
Preferred Stock 0.0 Adjusted BETA 0.615
Minority Interest 0.0 Analyst Recs 46
Cash and Equivalents 3'407.34 Consensus Rating 2.543
Enterprise Value 167'861.61
Average Volume 5 Day 20'678
CLGT IB EQUITY YTD Change - Average Volume 30 Day 29'417
CLGT IB EQUITY YTD % CHANGE - Average Volume 3 Month 21'466
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
16'952.1 19'624.6 - - - 0.0 14'738.5 - - - -
3.64x 4.51x - - - #DIV/0! 0.00x - - - -
3'484.7 4'930.6 - - - 0.0 0.0 - - - -
17.71x 17.95x - - - 0.00x 0.00x - - - -
2'857.8 4'341.0 - - - 0.0 2'357.6 - - - -
22.42x 21.16x - - - 0.00x 0.00x - - - -
EBITDA 4'930.59 Long-Term Rating Date -
EBIT 4'623.98 Long-Term Rating -
Operating Margin 23.56% Long-Term Outlook -
Pretax Margin 25.50% Short-Term Rating Date -
Return on Assets 51.58% Short-Term Rating -
Return on Common Equity 159.16%
Return on Capital 156.01% EBITDA/Interest Exp. 327.77
Asset Turnover 2.33% (EBITDA-Capex)/Interest Exp. 303.95
Net Debt/EBITDA -0.68
Gross Margin 61.2% Total Debt/EBITDA 0.01
EBITDA Margin 25.1%
EBIT Margin 23.6% Total Debt/Equity 1.6%
Net Income Margin 22.1% Total Debt/Capital 1.6%
Asset Turnover 2.33
Current Ratio 1.07 Net Fixed Asset Turnover 7.58
Quick Ratio 0.64 Accounts receivable turnover-days 1.94
Debt to Assets 0.61% Inventory Days 48.31
Tot Debt to Common Equity 1.64% Accounts Payable Turnover Day 170.00
Accounts Receivable Turnover 187.77 Cash Conversion Cycle -119.74
Inventory Turnover 7.55
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Colgate-Palmolive India LtdPrice/Volume
Valuation Analysis
18'784.00
Current Price (10/dd/yy) Market Data
,.,,1,,3,,5,,
-,,,-.,,-1,,-3,,-5,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E', E', E'- E'- E'- E'- E'- E'. E'. E
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
,',,
-,',,
.,',,
0,',,
1,',,
2,',,
3,',,
,-',1'.,,4,-'-,'.,,4,-',1'.,,5,-'-,'.,,5,-',1'.,,6,-'-,'.,,6,-',1'.,-,,-'-,'.,-,,-',1'.,--,-'-,'.,--,-',1'.,-.,-'-,'.,-.,-',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COLGATE PALMOLIVE CO n/a Co File 54'476'347 40.06 - 30.06.2013 Unclassified
COLGATE PALMOLIVE AS n/a Co File 14'879'426 10.94 - 30.06.2013 Corporation
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 7'675'924 5.64 - 31.07.2013 Investment Advisor
ARISAIG PARTNERS ASI n/a Co File 4'807'084 3.53 - 30.06.2013 Investment Advisor
LIFE INSURANCE CORP n/a Co File 4'721'695 3.47 - 30.06.2013 Government
WASATCH ADVISORS INC Multiple Portfolios MF-AGG 1'736'010 1.28 4'073 30.06.2013 Investment Advisor
VIRTUS EMERGING MARK n/a Co File 1'687'899 1.24 - 30.06.2013 n/a
HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 1'687'899 1.24 - 28.06.2013 Unclassified
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 1'279'736 0.94 (11'400) 30.04.2013 Investment Advisor
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 1'093'414 0.8 10'639 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 891'541 0.66 171'809 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 837'009 0.62 89'078 31.08.2013 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 683'129 0.5 - 31.12.2012 Investment Advisor
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 593'041 0.44 65'027 31.08.2013 Investment Advisor
TATA AIA LIFE INSURA Multiple Portfolios MF-AGG 366'500 0.27 - 28.06.2013 Investment Advisor
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 305'000 0.22 20'000 31.05.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 290'400 0.21 (44'300) 31.05.2013 Investment Advisor
BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 267'194 0.2 (994) 31.08.2013 Investment Advisor
L&T INVESTMENT MANAG Multiple Portfolios MF-AGG 261'557 0.19 15'000 31.08.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 215'000 0.16 (49'982) 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Ambit Capital Pvt Ltd RAKSHIT RANJAN sell 1 M 1'227 12 month 30.09.2013
Standard Chartered SANJAY SINGH underperform 1 M 1'096 12 month 27.09.2013
Axis Capital Limited HEMANT B PATEL hold 3 M 1'150 Not Provided 27.09.2013
IIFL PERCY PANTHAKI reduce 2 M 1'300 12 month 26.09.2013
Nomura MANISH JAIN reduce 2 M 1'120 Not Provided 22.09.2013
IDFC Securities Ltd NIKHIL K VORA outperform 5 M 1'436 Not Provided 16.09.2013
ICICI Securities ANAND MOUR sell 1 M 1'198 12 month 13.09.2013
Antique Stock Broking Limited ABHIJEET KUNDU hold 3 U 1'211 Not Provided 13.09.2013
Goldman Sachs PUNEET JAIN neutral/neutral 3 M 1'147 12 month 11.09.2013
Prabhudas Lilladher Pvt Ltd AMNISH AGGARWAL reduce 2 M 1'112 12 month 28.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 1'326 Not Provided 28.08.2013
Fortune Equity Brokers (India) Ltd KRISHNAN SAMBAMOORTHY buy 5 M 1'582 Not Provided 21.08.2013
Motilal Oswal Securities Ltd GAUTAM DUGGAD neutral 3 M 1'400 Not Provided 19.08.2013
Angel Broking Limited SRINIVASAN VISWANATHAN neutral 3 M #N/A N/A Not Provided 10.08.2013
Shah Investor's Home Limited HARSH MEHTA hold 3 D 1'518 12 month 02.08.2013
Anand Rathi Securities Pvt. Ltd. ANIRUDDHA JOSHI hold 3 M 1'506 Not Provided 01.08.2013
Nitin Khandkar Institutional Research NITIN A KHANDKAR add 4 M #N/A N/A Not Provided 01.08.2013
KR Choksey Shares & Sec Pvt Ltd KUNAL DALAL accumulate 4 M 1'527 Not Provided 31.07.2013
Elara Securities India Pvt Ltd AASHISH UPGANLAWAR reduce 2 M 1'371 Not Provided 31.07.2013
CIMB VARUN LOHCHAB neutral 3 M 1'500 12 month 30.07.2013
Phillip Securities NAVEEN KULKARNI sell 1 M 1'250 Not Provided 30.07.2013
India Infoline TEAM COVERAGE market perform 3 M 1'438 9 month 30.07.2013
Centrum Broking Pvt Ltd ANKIT KEDIA hold 3 M 1'460 12 month 30.07.2013
Morgan Stanley NILLAI SHAH Underwt/In-Line 1 M 1'225 12 month 29.07.2013
Credit Suisse ARNAB MITRA underperform 1 M 1'275 Not Provided 29.07.2013
JPMorgan LATIKA CHOPRA underweight 1 M 1'260 9 month 29.07.2013
HSBC AMIT SACHDEVA overweight 5 M 1'720 Not Provided 29.07.2013
Kotak Securities ROHIT CHORDIA sell 1 M 1'275 Not Provided 29.07.2013
SBI Capital Markets SAGARIKA MUKHERJEE sell 1 M 1'250 12 month 29.07.2013
Batlivala & Karani Securities ASHIT DESAI outperform 5 M 1'530 Not Provided 29.07.2013
Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA hold 3 M 1'560 Not Provided 29.07.2013
HDFC Securities HARSH MEHTA sell 1 M 1'190 12 month 29.07.2013
Tata Securities Limited SAMEER DESHMUKH sell 1 M 1'110 12 month 29.07.2013
Religare Capital Markets GAURANG KAKKAD sell 1 M 1'200 12 month 29.07.2013
Edelweiss Capital ABNEESH ROY hold 3 M 1'411 Not Provided 29.07.2013
VCK Share & Stock Broking Services TEAM COVERAGE accumulate 4 M 1'685 12 month 17.07.2013
UBS SUNITA SACHDEV neutral 3 M 1'420 12 month 18.06.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 06.06.2013
Karvy Stock Broking Ltd NAVEEN TRIVEDI hold 3 M 1'352 Not Provided 10.04.2013
Brics Securities SACHIN B BOBADE reduce 2 M 1'260 Not Provided 08.04.2013
Espirito Santo Investment Bank ResearchNITIN MATHUR neutral 3 M 1'250 Not Provided 20.03.2013
Riedel Research Group Inc DAVID R RIEDEL accumulate 4 N 1'500 Not Provided 14.01.2013
Techno Shares & Stocks SHIVANI VIVEK VISHWANATHAN neutral 3 M #N/A N/A Not Provided 30.10.2012
Holdings By:
Colgate-Palmolive India Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Glenmark Pharmaceuticals Ltd., is a pharmaceutical company. The Company develops
generic drugs for inflammation, metabolic disorders, and pain.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (12.07.2013) 612.00
52-Week Low (05.10.2012) 386.50
Daily Volume
537.5
52-Week High % Change -12.34% Dividend Yield 0.37
52-Week Low % Change 39.07% Beta 0.48
% 52 Week Price Range High/Low 64.06% Equity Float 129.52
Shares Out 25.09.2013 271.0 Short Int -
145'662.91 1 Yr Total Return 28.93%
Total Debt 27'648.69 YTD Return 2.18%
Preferred Stock 0.0 Adjusted BETA 0.484
Minority Interest 243.6 Analyst Recs 43
Cash and Equivalents 6'051.85 Consensus Rating 4.279
Enterprise Value 167'503.39
Average Volume 5 Day 44'916
GNP IB EQUITY YTD Change - Average Volume 30 Day 62'295
GNP IB EQUITY YTD % CHANGE - Average Volume 3 Month 42'500
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
21'160.3 25'006.5 29'490.7 40'206.4 50'123.4 41'928.0 52'098.2 59'844.7 70'402.8 14'786.8 15'746.7
2.82x 3.64x 3.26x 2.57x 2.94x 5.00x 5.36x 2.78x 2.33x - -
4'847.4 6'731.9 5'922.7 7'143.1 10'099.9 7'153.3 10'931.1 12'346.8 14'686.5 2'966.8 3'138.0
12.30x 13.53x 16.23x 14.45x 14.58x 0.00x 0.00x 13.59x 11.42x 13.58x -
1'916.6 3'244.7 4'532.1 4'603.5 6'147.4 3'306.0 6'651.4 7'583.6 9'327.4 1'730.3 1'927.7
20.47x 21.58x 16.90x 18.17x 20.38x 29.69x 22.32x 19.21x 15.66x - -
EBITDA 10'099.88 Long-Term Rating Date -
EBIT 8'829.79 Long-Term Rating -
Operating Margin 17.62% Long-Term Outlook -
Pretax Margin 14.64% Short-Term Rating Date -
Return on Assets 9.42% Short-Term Rating -
Return on Common Equity 23.81%
Return on Capital 14.85% EBITDA/Interest Exp. 6.31
Asset Turnover 0.77% (EBITDA-Capex)/Interest Exp. 3.37
Net Debt/EBITDA 2.14
Gross Margin - Total Debt/EBITDA 2.74
EBITDA Margin 20.2%
EBIT Margin 17.6% Total Debt/Equity 100.1%
Net Income Margin 12.3% Total Debt/Capital 49.8%
Asset Turnover 0.77
Current Ratio 1.72 Net Fixed Asset Turnover 3.51
Quick Ratio 1.03 Accounts receivable turnover-days 104.99
Debt to Assets 38.56% Inventory Days -
Tot Debt to Common Equity 100.07% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.48 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Glenmark Pharmaceuticals LtdPrice/Volume
Valuation Analysis
11'877.00
Current Price (10/dd/yy) Market Data
,
-,,
.,,
0,,
1,,
2,,
3,,
4,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'. E
'1 E
'3 E
'5 E
-', E
-'. E
-'1 E
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
-,',,
.,',,
0,',,
1,',,
2,',,
3,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SALDANHA FAMILY TRUS n/a Co File 128'241'936 47.32 - 30.06.2013 n/a
HSBC GLOBAL INV MAUR n/a Co File 9'702'930 3.58 - 30.06.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 8'124'652 3 82'169 30.06.2013 Investment Advisor
LIFE INSURANCE CORP n/a Co File 6'805'582 2.51 - 30.06.2013 Government
ASHMORE EMM LLC n/a Co File 5'362'846 1.98 - 30.06.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 5'267'687 1.94 (851'211) 31.08.2013 Investment Advisor
KEMNY INVESTMENT FUN n/a Co File 3'601'200 1.33 - 30.06.2013 n/a
BB BIOTECH AG Multiple Portfolios MF-AGG 3'601'200 1.33 - 30.06.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'172'571 1.17 275'354 28.06.2013 Investment Advisor
GENERAL INSURANCE CO n/a Co File 3'150'000 1.16 - 30.06.2013 Government
VANGUARD GROUP INC n/a ULT-AGG 2'911'202 1.07 559'307 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 2'641'944 0.97 - 31.12.2012 Government
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 2'219'904 0.82 61'429 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 1'718'974 0.63 1'718'974 31.05.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 1'621'593 0.6 730'498 31.08.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'473'383 0.54 610'360 31.12.2012 Investment Advisor
F&C ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'274'699 0.47 479'759 28.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'268'444 0.47 (7'321) 30.06.2013 Investment Advisor
RAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 1'139'100 0.42 (18'000) 28.06.2013 Investment Advisor
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 950'000 0.35 - 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
India Nivesh Ltd BHAGWAN SINGH CHAUDHARY buy 5 M 636 Not Provided 01.10.2013
JPMorgan NEHA MANPURIA overweight 5 M 675 12 month 27.09.2013
Axis Capital Limited DEEPAK SHIVPRAKASH KHETAN buy 5 M 627 Not Provided 27.09.2013
Nomura SAION MUKHERJEE buy 5 M 668 Not Provided 27.09.2013
Ashika Stock Broking Limited TEAM COVERAGE buy 5 M 610 12 month 27.09.2013
Batlivala & Karani Securities ROHIT V BHAT buy 5 M 680 Not Provided 26.09.2013
Edelweiss Capital PERIN ALI buy 5 M 600 12 month 25.09.2013
Fortune Equity Brokers (India) Ltd HITESH MAHIDA buy 5 M 589 Not Provided 20.09.2013
Motilal Oswal Securities Ltd ALOK DALAL buy 5 M 633 Not Provided 10.09.2013
ICICIdirect.com SIDDHANT KHANDEKAR hold 3 M 603 Not Provided 10.09.2013
Dolat Capital Market Ltd. MILIND BHANGALE accumulate 4 N 561 Not Provided 04.09.2013
Credit Suisse ANUBHAV AGGARWAL outperform 5 M 680 Not Provided 02.09.2013
UBS SONAL GUPTA buy 5 M 750 12 month 02.09.2013
Kotak Securities KRISHNA PRASAD add 4 U 570 Not Provided 02.09.2013
IDFC Securities Ltd NITIN AGARWAL outperform 5 M 605 Not Provided 29.08.2013
Barclays BALAJI V PRASAD overweight 5 M 660 Not Provided 22.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 619 Not Provided 07.08.2013
Anand Rathi Securities Pvt. Ltd. SRIRAM RATHI buy 5 M 658 12 month 05.08.2013
Emkay Share & Stock Brokers ASHISH RATHI buy 5 M 650 Not Provided 05.08.2013
India Infoline BHAVIKA THAKKER buy 5 M 605 Not Provided 05.08.2013
Antique Stock Broking Limited ANMOL GANJOO hold 3 D 584 Not Provided 05.08.2013
IIFL BINO PATHIPARAMPIL add 4 M 625 12 month 05.08.2013
EVA Dimensions TIMOTHY STANISH hold 3 U #N/A N/A Not Provided 05.08.2013
Nirmal Bang Institutional Equities PRAFUL BOHRA hold 3 M 586 Not Provided 05.08.2013
Morgan Stanley SAMEER BAISIWALA Overwt/In-Line 5 M 617 12 month 04.08.2013
HSBC GIRISH BAKHRU overweight 5 M 700 Not Provided 02.08.2013
CIMB PRAKASH AGARWAL neutral 3 D 600 12 month 02.08.2013
Prabhudas Lilladher Pvt Ltd SURAJIT PAL reduce 2 M 592 12 month 02.08.2013
ICICI Securities KARTIK A MEHTA reduce 2 M 575 12 month 02.08.2013
Tata Securities Limited VIHARI PURUSHOTHAMAN hold 3 M 556 12 month 02.08.2013
Sharekhan Ltd TEAM COVERAGE hold 3 D 600 Not Provided 02.08.2013
Spark Capital Advisors HARITH AHAMED add 4 M 605 12 month 02.08.2013
Avendus Capital Private Ltd MONICA JOSHI reduce 2 M 455 Not Provided 02.08.2013
Elara Securities India Pvt Ltd AARTHISUNDARI JAYAKUMAR accumulate 4 M 626 12 month 02.08.2013
Right Horizons Financial Services TUSHAR PENDHARKAR buy 5 M 700 12 month 01.08.2013
Khambatta Securities Ltd FATHIMA KHAN strong buy 5 N 670 Not Provided 30.07.2013
Macquarie ABHISHEK SINGHAL outperform 5 M 770 12 month 09.07.2013
FinQuest Securities (P) Ltd. ANAND K BAGARIA hold 3 M 536 Not Provided 13.05.2013
First Global Stockbroking DEVINA MEHRA moderate outperform 4 M #N/A N/A Not Provided 23.04.2013
Standard Chartered GAURAV PATHAK outperform 5 M 560 12 month 12.04.2013
KR Choksey Shares & Sec Pvt Ltd DEEPIKA JAIN buy 5 M 610 Not Provided 09.04.2013
Khandwala Securities Ltd BHAWANA VERMA hold 3 U 300 12 month 02.02.2012
Nirmal Bang Securities Private Ltd RUNJHUN JAIN NAGRAJ hold 3 M 336 Not Provided 11.05.2011
Holdings By:
Glenmark Pharmaceuticals Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Yes Bank Ltd attracts deposits and offers comprehensive banking and financial
solutions in India. The Company primarily serves customers in the food and
agribusiness, life sciences, healthcare, biotechnology, telecommunications,
media, information technology and infrastructure development industries.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (20.05.2013) 547.15
52-Week Low (28.08.2013) 216.10
Daily Volume
293.8
52-Week High % Change -46.08% Dividend Yield 2.04
52-Week Low % Change 35.96% Beta 1.48
% 52 Week Price Range High/Low 21.57% Equity Float 244.92
Shares Out 25.09.2013 360.4 Short Int -
105'894.88 1 Yr Total Return -24.51%
Total Debt 253'917.83 YTD Return -35.94%
Preferred Stock 0.0 Adjusted BETA 1.484
Minority Interest 0.0 Analyst Recs 66
Cash and Equivalents 41'274.65 Consensus Rating 4.182
Enterprise Value -
Average Volume 5 Day 2'661'967
YES IB EQUITY YTD Change - Average Volume 30 Day 3'183'823
YES IB EQUITY YTD % CHANGE - Average Volume 3 Month 2'206'602
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
- - - - 95'519.4 - - 42'728.0 53'068.6 - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - 13'006.8 - - 15'571.0 19'320.7 - -
- - - - 11.74x - - 7.12x 5.72x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 55.40% Long-Term Outlook -
Pretax Margin 55.39% Short-Term Rating Date -
Return on Assets - Short-Term Rating -
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover - (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 437.2%
Net Income Margin 37.4% Total Debt/Capital 81.4%
Asset Turnover -
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 25.62% Inventory Days -
Tot Debt to Common Equity 437.21% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Yes Bank LtdPrice/Volume
Valuation Analysis
2'353'696.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
-,,
.,,
0,,
1,,
2,,
3,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E.', E1', E3', E5', E-,', E-.', E-1', E-3', E-5', E.,', E
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
02',,
1,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KAPUR MADHU n/a Co File 35'125'000 9.75 - 30.06.2013 n/a
LIFE INSURANCE CORP n/a Research 26'592'425 7.38 - 28.08.2013 Government
KAPOOR RANA n/a Co File 20'000'000 5.55 - 30.06.2013 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 17'405'832 4.83 (6'645'000) 30.06.2013 Investment Advisor
YES CAPITAL INDIA PV n/a Co File 15'125'000 4.2 - 30.06.2013 Other
MORGAN CREDITS PVT L n/a Co File 14'050'000 3.9 - 30.06.2013 Other
JP MORGAN n/a ULT-AGG 11'587'443 3.21 63'280 31.07.2013 Investment Advisor
WASATCH ADVISORS INC Multiple Portfolios MF-AGG 11'215'182 3.11 634'396 30.06.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 9'505'173 2.64 1'910'351 30.06.2013 Investment Advisor
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 8'830'507 2.45 1'472'770 31.08.2013 Investment Advisor
MAGS FINVEST PVT LTD n/a Co File 7'942'450 2.2 - 30.06.2013 Corporation
SWISS FIN CORP MAURI n/a Co File 7'562'058 2.1 - 30.06.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 6'001'387 1.67 - 30.06.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 4'857'162 1.35 2'129'824 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 4'830'744 1.34 841'101 30.06.2013 Investment Advisor
MERRILL LYNCH CAPITA n/a Co File 4'823'864 1.34 - 30.06.2013 Investment Advisor
BAJAJ ALLIANZ LIFE I n/a Co File 4'689'603 1.3 - 30.06.2013 Investment Advisor
DB INTERNATIONAL ASI n/a Co File 4'620'669 1.28 - 30.06.2013 Bank
RELIANCE LIFE INSUR n/a Co File 4'346'139 1.21 - 30.06.2013 Insurance Company
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 3'741'464 1.04 100'000 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Tata Securities Limited BIJOY SHAH buy 5 M 384 12 month 30.09.2013
Axis Capital Limited PRAVEEN AGRAWAL buy 5 M 278 Not Provided 27.09.2013
Standard Chartered MAHRUKH ADAJANIA in-line 3 D 330 12 month 26.09.2013
Daiwa Securities Co. Ltd. PUNIT SRIVASTAVA buy 5 U 532 Not Provided 25.09.2013
Emkay Share & Stock Brokers KASHYAP JHAVERI hold 3 M 460 Not Provided 25.09.2013
Macquarie SURESH GANAPATHY outperform 5 M 355 12 month 23.09.2013
Religare Capital Markets SIDDHARTH TELI buy 5 M 450 12 month 23.09.2013
Sharekhan Ltd TEAM COVERAGE buy 5 M 410 Not Provided 23.09.2013
Batlivala & Karani Securities ANAND DAMA outperform 5 M 530 Not Provided 20.09.2013
Quant Broking Pvt Ltd NITIN KUMAR accumulate 4 M 450 12 month 20.09.2013
Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES buy 5 M 385 Not Provided 19.09.2013
Deutsche Bank MANISH KARWA buy 5 M 400 12 month 17.09.2013
JPMorgan SESHADRI K SEN overweight 5 M 360 12 month 13.09.2013
Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA buy 5 M 360 12 month 11.09.2013
ICICIdirect.com KAJAL GANDHI hold 3 M 290 12 month 10.09.2013
IDFC Securities Ltd MANISH CHOWDHARY neutral 3 M 440 12 month 06.09.2013
EVA Dimensions DOUG WALTERS hold 3 D #N/A N/A Not Provided 06.09.2013
Goldman Sachs TABASSUM INAMDAR Buy/Neutral 5 M 410 12 month 05.09.2013
Barclays ANISH TAWAKLEY underweight 1 M 208 Not Provided 29.08.2013
UBS VISHAL GOYAL buy 5 M 405 12 month 28.08.2013
IIFL ABHISHEK MURARKA reduce 2 M 200 12 month 27.08.2013
Fortune Equity Brokers (India) Ltd VIJAY NARA buy 5 M 480 Not Provided 26.08.2013
Sunidhi Consultancy Services AMIT JAIN buy 5 M 491 12 month 23.08.2013
Nomura ABHISHEK BHATTACHARYA buy 5 M 615 Not Provided 22.08.2013
Kotak Securities MB MAHESH reduce 2 M 300 Not Provided 21.08.2013
Almondz Global Securities Ltd SHIVRAJ GUPTA buy 5 M 518 Not Provided 20.08.2013
Motilal Oswal Securities Ltd ALPESH MEHTA buy 5 M 536 Not Provided 19.08.2013
Dolat Capital Market Ltd. RAJIV PATHAK buy 5 M 400 Not Provided 14.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 328 Not Provided 13.08.2013
Ventura Securities Ltd TEAM COVERAGE buy 5 M 473 18 month 12.08.2013
Morgan Stanley SUMEET KARIWALA Equalwt/Cautious 3 M 325 12 month 07.08.2013
Edelweiss Capital NILESH PARIKH buy 5 M 475 12 month 31.07.2013
Nirmal Bang Securities Private Ltd SILKY JAIN buy 5 U 455 Not Provided 29.07.2013
SPA Securities Ltd ROHIT AGARWAL buy 5 M 537 12 month 26.07.2013
Spark Capital Advisors JYOTHI KUMAR VARMA buy 5 M 470 12 month 26.07.2013
JHP Securities Private Limited ANIL WALA buy 5 M 476 Not Provided 26.07.2013
SBI Capital Markets RAVIKANT BHAT buy 5 M 550 12 month 25.07.2013
HDFC Securities VISHAL MODI neutral 3 D 430 12 month 25.07.2013
Angel Broking Limited VAIBHAV AGRAWAL neutral 3 M #N/A N/A Not Provided 25.07.2013
Antique Stock Broking Limited ALOK KAPADIA hold 3 D 400 Not Provided 25.07.2013
KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL buy 5 M 500 Not Provided 25.07.2013
Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA reduce 2 D 416 12 month 25.07.2013
SMC Global Securities Ltd. VISHAL NARNOLIA market perform 3 M 467 12 month 25.07.2013
Holdings By:
Yes Bank Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Punjab National Bank provides financial services such as corporate and personal
banking, industrial finance, agricultural finance, financing of trade and
international banking. The Company provides services to domestic conglomerates,
medium and small industrial units, exporters, non-resident Indians and
multinational companies.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (31.01.2013) 922.10
52-Week Low (04.09.2013) 402.20
Daily Volume
459.5
52-Week High % Change -49.84% Dividend Yield 5.88
52-Week Low % Change 14.25% Beta 1.20
% 52 Week Price Range High/Low 11.45% Equity Float 105.14
Shares Out 25.09.2013 353.5 Short Int -
162'421.02 1 Yr Total Return -42.77%
Total Debt 635'409.30 YTD Return -45.29%
Preferred Stock 0.0 Adjusted BETA 1.203
Minority Interest 3'662.8 Analyst Recs 67
Cash and Equivalents 293'793.30 Consensus Rating 3.552
Enterprise Value -
Average Volume 5 Day 258'254
PNB IB EQUITY YTD Change - Average Volume 30 Day 277'833
PNB IB EQUITY YTD % CHANGE - Average Volume 3 Month 227'020
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
226'340.4 254'333.6 312'036.4 417'305.6 473'774.6 - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
31'970.3 39'725.7 45'747.3 50'254.6 49'542.1 - - - - - -
4.06x 8.04x 8.36x 6.24x 4.93x - - - - - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating NR
Operating Margin 34.66% Long-Term Outlook -
Pretax Margin 35.14% Short-Term Rating Date -
Return on Assets 1.02% Short-Term Rating -
Return on Common Equity 15.56%
Return on Capital 5.30% EBITDA/Interest Exp. -
Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 184.3%
Net Income Margin 25.3% Total Debt/Capital 64.6%
Asset Turnover 0.10
Current Ratio - Net Fixed Asset Turnover 14.50
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 12.80% Inventory Days -
Tot Debt to Common Equity 184.34% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Punjab National BankPrice/Volume
Valuation Analysis
134'915.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,-,,.,,0,,1,,2,,3,,4,,5,,6,,
-,,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'. E
'1 E
'3 E
'5 E
-', E
-'. E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
400'000.0
450'000.0
500'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
-',,
.',,
0',,
1',,
2',,
3',,
4',,
5',,
6',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 204'571'589 57.87 - 30.06.2013 Government
LIFE INSURANCE CORP n/a Co File 43'763'061 12.38 - 30.06.2013 Government
LAZARD ASSET MANAGEM n/a ULT-AGG 15'351'336 4.34 - 31.08.2013 Unclassified
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 5'409'863 1.53 (205'470) 31.08.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 4'681'219 1.32 (1'541'165) 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 1'780'844 0.5 863'304 30.06.2013 Investment Advisor
SUNDARAM ASSET MANAG Multiple Portfolios MF-AGG 1'081'589 0.31 (1'366) 31.08.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 947'062 0.27 (312'602) 31.08.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 901'703 0.26 - 31.08.2013 Investment Advisor
LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 785'141 0.22 39'745 30.08.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 766'503 0.22 (353'059) 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 431'668 0.12 265'255 31.08.2013 Investment Advisor
KOTAK MAHINDRA Multiple Portfolios MF-AGG 418'283 0.12 (5'015) 31.08.2013 Investment Advisor
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 406'041 0.11 - 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 314'324 0.09 (35'176) 27.09.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 302'860 0.09 - 31.05.2013 Investment Advisor
IDFC MUTUAL FUND Multiple Portfolios MF-AGG 277'833 0.08 (999'846) 31.08.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 255'946 0.07 16'526 31.07.2013 Investment Advisor
HSBC ASSET MGMT INDI Multiple Portfolios MF-AGG 255'400 0.07 (10'000) 31.08.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 246'384 0.07 3'540 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited PRAVEEN AGRAWAL buy 5 M 518 Not Provided 27.09.2013
Standard Chartered MAHRUKH ADAJANIA underperform 1 M 435 12 month 26.09.2013
India Nivesh Ltd YOGESH HEMANDAS HOTWANI buy 5 M 749 Not Provided 24.09.2013
Religare Capital Markets SIDDHARTH TELI hold 3 M 600 12 month 23.09.2013
Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES buy 5 M 621 Not Provided 19.09.2013
Nomura ABHISHEK BHATTACHARYA reduce 2 M 440 Not Provided 13.09.2013
Macquarie SURESH GANAPATHY underperform 1 M 340 12 month 12.09.2013
Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA accumulate 4 M 500 12 month 11.09.2013
Avendus Capital Private Ltd CHANDANA JHA buy 5 M 927 Not Provided 11.09.2013
Spark Capital Advisors ABHINESH VIJAYARAJ sell 1 M 406 12 month 10.09.2013
JPMorgan SESHADRI K SEN overweight 5 M 550 12 month 09.09.2013
Goldman Sachs TABASSUM INAMDAR neutral/neutral 3 M 500 12 month 05.09.2013
Batlivala & Karani Securities ANAND DAMA underperform 1 M 625 Not Provided 05.09.2013
Barclays ANISH TAWAKLEY underweight 1 D 380 Not Provided 29.08.2013
Jefferies NILANJAN KARFA underperform 1 M 530 12 month 27.08.2013
IIFL SAMPATH S K KUMAR reduce 2 M 370 12 month 27.08.2013
Fortune Equity Brokers (India) Ltd VIJAY NARA buy 5 M 780 Not Provided 26.08.2013
IDBI Capital Market Services Ltd JIGNESH SHIAL hold 3 D 480 Not Provided 23.08.2013
IDFC Securities Ltd MANISH CHOWDHARY underperform 1 M 530 Not Provided 22.08.2013
Kotak Securities MB MAHESH reduce 2 M 600 Not Provided 21.08.2013
ICICIdirect.com KAJAL GANDHI buy 5 M 570 Not Provided 21.08.2013
Nirmal Bang Institutional Equities HEMINDRA HAZARI buy 5 M 720 Not Provided 21.08.2013
Deutsche Bank MANISH KARWA hold 3 D 550 12 month 20.08.2013
Almondz Global Securities Ltd SHIVRAJ GUPTA neutral 3 M 705 Not Provided 20.08.2013
Motilal Oswal Securities Ltd ALPESH MEHTA buy 5 M 766 Not Provided 19.08.2013
Dolat Capital Market Ltd. RAJIV PATHAK buy 5 M 690 Not Provided 14.08.2013
UBS VISHAL GOYAL buy 5 M 700 12 month 09.08.2013
SBI Capital Markets RAVIKANT BHAT buy 5 U 844 12 month 02.08.2013
HSBC TEJAS MEHTA underweight 1 M 551 Not Provided 31.07.2013
Morgan Stanley SUMEET KARIWALA Underwt/Cautious 1 M 400 12 month 29.07.2013
Credit Suisse ASHISH GUPTA neutral 3 M 555 Not Provided 29.07.2013
JM Financial Institutional Securities P PUNEET GULATI buy 5 M 750 Not Provided 29.07.2013
Phillip Securities MANISH AGARWALLA buy 5 M 850 Not Provided 29.07.2013
Karvy Stock Broking Ltd HATIM K BROACHWALA buy 5 M 815 Not Provided 29.07.2013
India Infoline RAJIV MEHTA market perform 3 M 583 9 month 29.07.2013
Angel Broking Limited VAIBHAV AGRAWAL neutral 3 D #N/A N/A Not Provided 29.07.2013
Edelweiss Capital NILESH PARIKH hold 3 M 670 12 month 29.07.2013
Antique Stock Broking Limited ALOK KAPADIA hold 3 M 660 Not Provided 29.07.2013
KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL accumulate 4 M 650 Not Provided 29.07.2013
Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA accumulate 4 M 644 Not Provided 29.07.2013
Quant Broking Pvt Ltd NITIN KUMAR accumulate 4 D 630 12 month 29.07.2013
Elara Securities India Pvt Ltd RAKESH KUMAR buy 5 M 772 Not Provided 29.07.2013
Quantum Securities Pvt Ltd RATI PANDIT buy 5 M 800 Not Provided 29.07.2013
Holdings By:
Punjab National Bank ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Mahindra & Mahindra Financial Services Limited is a finance company that
provides finance to prospective buyers of Mahindra range of utility vehicles and
tractors. The Company extends finance through hire purchase/loan and lease
modes. Mahindra & Mahindra has a network of branches located across India.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (19.06.2013) 287.28
52-Week Low (17.10.2012) 170.67
Daily Volume
257
52-Week High % Change -10.91% Dividend Yield 1.40
52-Week Low % Change 50.58% Beta 0.84
% 52 Week Price Range High/Low 74.51% Equity Float 249.79
Shares Out 25.09.2013 568.8 Short Int -
146'172.59 1 Yr Total Return 47.08%
Total Debt 201'524.94 YTD Return 17.96%
Preferred Stock 0.0 Adjusted BETA 0.840
Minority Interest 236.7 Analyst Recs 43
Cash and Equivalents 3'673.28 Consensus Rating 4.023
Enterprise Value 344'260.97
Average Volume 5 Day 139'025
MMFS IB EQUITY YTD Change - Average Volume 30 Day 245'573
MMFS IB EQUITY YTD % CHANGE - Average Volume 3 Month 207'005
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
14'003.9 15'954.0 20'742.7 29'083.7 41'124.2 32'108.8 43'976.4 37'711.3 43'889.6 12'346.0 -
5.08x 6.26x 8.46x 7.35x 7.51x 12.68x 12.38x 3.78x 3.24x - -
9'649.8 10'829.4 14'139.7 20'982.5 30'946.0 7'103.9 17'700.1 - - - -
7.37x 9.23x 12.40x 10.19x 9.99x 0.00x 0.00x - - - -
2'197.0 3'558.2 4'927.7 6'435.0 9'270.4 7'099.9 9'581.3 10'963.6 13'163.0 2'324.0 -
9.08x 10.04x 15.24x 10.68x 11.19x 9.33x 14.90x 13.64x 10.98x - -
EBITDA 30'946.00 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 54.47% Long-Term Outlook -
Pretax Margin 32.89% Short-Term Rating Date -
Return on Assets 3.99% Short-Term Rating -
Return on Common Equity 24.36%
Return on Capital 4.38% EBITDA/Interest Exp. -
Asset Turnover 0.18% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 6.39
Gross Margin - Total Debt/EBITDA 6.51
EBITDA Margin 75.3%
EBIT Margin - Total Debt/Equity 440.1%
Net Income Margin 22.5% Total Debt/Capital 81.4%
Asset Turnover 0.18
Current Ratio - Net Fixed Asset Turnover 38.45
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 74.44% Inventory Days -
Tot Debt to Common Equity 440.05% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Mahindra & Mahindra Financial Services LtdPrice/Volume
Valuation Analysis
90'855.00
Current Price (10/dd/yy) Market Data
,
2,
-,,
-2,
.,,
.2,
0,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'2 E
-', E
-'2 E
.', E
.'2 E
0', E
0'2 E
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013,',,
,'.,
,'1,
,'3,
,'5,
-',,
-'.,
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MAHINDRA & MAHINDRA n/a Co File 292'518'715 51.43 - 30.06.2013 Corporation
JP MORGAN n/a ULT-AGG 38'061'088 6.69 (263'214) 31.07.2013 Investment Advisor
WASATCH ADVISORS INC Multiple Portfolios MF-AGG 15'117'196 2.66 (11'888) 30.06.2013 Investment Advisor
CARTICA CAPITAL LTD n/a Co File 14'229'782 2.5 - 30.06.2013 Venture Capital
MORGAN STANLEY n/a ULT-AGG 10'603'991 1.86 2'212'495 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 9'953'757 1.75 (2'587'480) 31.08.2013 Investment Advisor
TIAA CREF INVESTMENT n/a Co File 7'117'902 1.25 - 30.06.2013 Investment Advisor
RAVI V n/a EXCH 6'423'885 1.13 - 09.05.2012 n/a
EASTSPRING INVESTMEN n/a Co File 6'342'994 1.12 - 30.06.2013 Investment Advisor
JF INDIA FUND n/a Co File 6'307'045 1.11 - 30.06.2013 n/a
CREDIT SUISSE/SINGAP n/a Co File 5'701'000 1 - 30.06.2013 Bank
MAHINDRA & MAHINDRA n/a Co File 4'354'335 0.77 - 30.06.2013 n/a
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 4'343'901 0.76 (257'904) 31.08.2013 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 3'650'000 0.64 (50'000) 30.04.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 3'585'954 0.63 (249'460) 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 3'519'625 0.62 (687'510) 27.09.2013 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 2'378'462 0.42 (2'175'551) 28.06.2013 Investment Advisor
JP MORGAN CHASE BANK Multiple Portfolios MF-AGG 1'756'300 0.31 - 31.05.2013 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 1'500'000 0.26 (800'000) 31.08.2013 Other
VANGUARD GROUP INC n/a ULT-AGG 1'422'574 0.25 176'233 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ICICI Securities SANTANU CHAKRABARTI add 4 M 255 12 month 24.09.2013
Ambit Capital Pvt Ltd PANKAJ AGARWAL buy 5 M 273 12 month 19.09.2013
Macquarie SURESH GANAPATHY underperform 1 M 183 12 month 18.09.2013
JPMorgan SAURABH S KUMAR overweight 5 M 285 6 month 15.09.2013
Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA buy 5 M 300 12 month 11.09.2013
Goldman Sachs RAHUL JAIN neutral/neutral 3 M 260 12 month 05.09.2013
BNP Paribas Equity Research AVNEESH SUKHIJA reduce 2 M 193 12 month 03.09.2013
Deutsche Bank MANISH SHUKLA buy 5 M 290 12 month 02.09.2013
Espirito Santo Investment Bank ResearchSANTOSH SINGH buy 5 M 280 Not Provided 30.08.2013
Barclays JATIN MAMTANI equalweight 3 M 201 Not Provided 29.08.2013
HDFC Securities SAMEER NARANG buy 5 M 254 12 month 26.08.2013
JM Financial Institutional Securities P KARAN UBEROI buy 5 M 275 12 month 22.08.2013
Standard Chartered MAHRUKH ADAJANIA outperform 5 M 245 12 month 21.08.2013
Kotak Securities NISCHINT CHAWATHE reduce 2 M 230 Not Provided 21.08.2013
Edelweiss Capital KUNAL SHAH buy 5 M 300 12 month 20.08.2013
Motilal Oswal Securities Ltd ALPESH MEHTA buy 5 M 272 Not Provided 19.08.2013
Asit C Mehta Investments InterrmediatesCAROL SHAH accumulate 4 M 270 Not Provided 02.08.2013
Shah Investor's Home Limited AMEYA HARDAS buy 5 M 261 12 month 31.07.2013
Nirmal Bang Securities Private Ltd SILKY JAIN buy 5 M 250 Not Provided 30.07.2013
JHP Securities Private Limited ANIL WALA buy 5 M 256 12 month 30.07.2013
HSBC TEJAS MEHTA neutral 3 D 250 Not Provided 29.07.2013
Stewart & Mackertich Wealth ManagementSWETA SHETH buy 5 M 267 Not Provided 29.07.2013
Religare Capital Markets ISHANK KUMAR buy 5 M 250 12 month 27.07.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 253 Not Provided 27.07.2013
Credit Suisse SUNIL TIRUMALAI neutral 3 M 200 Not Provided 26.07.2013
Anand Rathi Securities Pvt. Ltd. KAITAV SHAH hold 3 D 254 12 month 26.07.2013
Batlivala & Karani Securities VISHAL SHETH buy 5 M 255 Not Provided 26.07.2013
Antique Stock Broking Limited DIGANT HARIA buy 5 M 264 Not Provided 26.07.2013
IIFL SAMPATH S K KUMAR buy 5 M 280 12 month 26.07.2013
Avendus Capital Private Ltd JAYNEE SHAH hold 3 M 265 Not Provided 26.07.2013
Right Horizons Financial Services TUSHAR PENDHARKAR buy 5 M 315 12 month 26.07.2013
CIMB UMANG SHAH underperform 1 D 224 12 month 25.07.2013
Nomura ABHISHEK BHATTACHARYA buy 5 M 250 Not Provided 25.07.2013
Emkay Share & Stock Brokers KASHYAP JHAVERI hold 3 M 216 Not Provided 25.07.2013
India Infoline BHAVNA SINYAL buy 5 M 293 Not Provided 18.07.2013
EVA Dimensions DOUG WALTERS underweight 1 D #N/A N/A Not Provided 08.07.2013
Microsec Capital SANJEEV JAIN buy 5 M #N/A N/A Not Provided 08.06.2013
Spark Capital Advisors GANESHRAM JAYARAMAN sell 1 M 170 12 month 29.04.2013
IDFC Securities Ltd MANISH CHOWDHARY dropped coverage #N/A N/A M #N/A N/A Not Provided 13.03.2013
IDBI Capital Market Services Ltd BHAUMIK BHATIA hold 3 M 885 Not Provided 04.03.2013
Maybank Kim Eng VARUN VARMA buy 5 M 245 Not Provided 22.01.2013
Dalal & Broacha LALITABH SHRIVASTAWA buy 5 M 250 Not Provided 21.01.2013
MF Global Sify Private Client Group BHAVYA GANDHI accumulate 4 U 155 Not Provided 07.05.2012
Holdings By:
Mahindra & Mahindra Financial Services Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Adani Ports and Special Economic Zone operates a shipping port on the west coast
of India. The Company's port provides services for bulk and container cargo,
crude oil, and railway and other added services.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (20.05.2013) 175.00
52-Week Low (17.10.2012) 117.80
Daily Volume
139.6
52-Week High % Change -20.34% Dividend Yield 0.72
52-Week Low % Change 18.51% Beta 0.94
% 52 Week Price Range High/Low 36.10% Equity Float 516.95
Shares Out 25.09.2013 2'070.1 Short Int -
288'979.22 1 Yr Total Return 12.23%
Total Debt 115'858.10 YTD Return 4.17%
Preferred Stock 28.1 Adjusted BETA 0.937
Minority Interest 1'423.1 Analyst Recs 30
Cash and Equivalents 8'990.20 Consensus Rating 4.567
Enterprise Value 397'298.31
Average Volume 5 Day 55'862
ADSEZ IB EQUITY YTD Change - Average Volume 30 Day 128'732
ADSEZ IB EQUITY YTD % CHANGE - Average Volume 3 Month 139'837
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
11'949.3 14'955.2 20'001.1 26'972.6 35'766.3 10'282.3 47'705.1 45'026.9 53'335.8 - -
12.17x 23.04x 15.43x 16.04x 10.80x 0.00x 17.36x 8.05x 6.51x - -
7'441.9 9'759.7 13'308.0 19'222.9 27'200.8 8'005.2 31'395.1 31'132.5 37'249.6 - -
19.54x 35.30x 23.19x 22.51x 14.20x 0.00x 0.00x 12.78x 10.68x - -
4'325.2 6'760.0 9'181.5 11'020.7 16'232.2 2'762.6 17'644.6 18'336.8 23'161.1 - -
29.95x 46.80x 29.82x 23.22x 18.07x 0.00x 21.18x 15.51x 12.36x - -
EBITDA 27'200.80 Long-Term Rating Date -
EBIT 19'927.90 Long-Term Rating -
Operating Margin 55.72% Long-Term Outlook -
Pretax Margin 46.88% Short-Term Rating Date -
Return on Assets 6.91% Short-Term Rating -
Return on Common Equity 28.97%
Return on Capital 10.38% EBITDA/Interest Exp. 5.37
Asset Turnover 0.15% (EBITDA-Capex)/Interest Exp. -2.20
Net Debt/EBITDA 3.93
Gross Margin - Total Debt/EBITDA 4.26
EBITDA Margin 76.1%
EBIT Margin 55.7% Total Debt/Equity 181.2%
Net Income Margin 45.4% Total Debt/Capital 63.9%
Asset Turnover 0.15
Current Ratio 1.68 Net Fixed Asset Turnover 0.21
Quick Ratio 0.54 Accounts receivable turnover-days 52.58
Debt to Assets 55.01% Inventory Days -
Tot Debt to Common Equity 181.21% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.94 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Adani Ports and Special Economic Zone LtdPrice/Volume
Valuation Analysis
19'965.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,.,1,3,5,
-,,-.,-1,-3,-5,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
2', E
-,', E
-2', E
.,', E
.2', E
0,', E
02', E
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
02',,
1,',,
12',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ADANI ENTERPRISES LT n/a Co File 1'552'361'640 74.99 - 30.06.2013 Other
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 33'388'407 1.61 9'432'573 30.06.2013 Investment Advisor
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 29'690'525 1.43 (441'000) 31.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 14'003'282 0.68 2'710'073 30.06.2013 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 11'523'748 0.56 (4'124'889) 31.07.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 11'440'969 0.55 301'526 31.08.2013 Investment Advisor
FMR LLC n/a ULT-AGG 10'225'370 0.49 1'644'621 31.08.2013 Investment Advisor
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 8'929'653 0.43 378'577 31.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 6'233'132 0.3 (22'607) 27.09.2013 Investment Advisor
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 3'567'000 0.17 - 31.08.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 3'030'491 0.15 (2'276'860) 30.06.2013 Investment Advisor
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 2'317'800 0.11 - 30.08.2013 Investment Advisor
BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 1'736'399 0.08 477'023 31.08.2013 Investment Advisor
ALPINE WOODS CAPITAL Multiple Portfolios MF-AGG 1'520'000 0.07 1'520'000 31.07.2013 Investment Advisor
EXCEL FUNDS MANAGEME Multiple Portfolios MF-AGG 1'494'688 0.07 - 28.03.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'487'891 0.07 - 27.09.2013 Investment Advisor
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 1'385'861 0.07 - 31.07.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'359'700 0.07 89'600 31.07.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 1'260'344 0.06 - 30.04.2013 Unclassified
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 1'029'429 0.05 57'996 30.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited NITIN IDNANI buy 5 M 195 Not Provided 27.09.2013
KR Choksey Shares & Sec Pvt Ltd ANKUSH MAHAJAN buy 5 M 174 12 month 27.09.2013
Jefferies LAVINA QUADROS hold 3 M 120 12 month 23.09.2013
Nomura AMAR KEDIA buy 5 M 187 Not Provided 20.09.2013
Morgan Stanley AKSHAY SONI Overwt/In-Line 5 M 184 12 month 11.09.2013
Barclays SAURABH MISHRA overweight 5 M 173 Not Provided 10.09.2013
Goldman Sachs PULKIT PATNI Buy/Neutral 5 M 151 12 month 09.09.2013
Edelweiss Capital SHANKAR K buy 5 M 167 12 month 04.09.2013
Deutsche Bank CHOCKALINGAM NARAYANAN hold 3 D 129 12 month 06.08.2013
Phillip Securities VIBHOR SINGHAL buy 5 M 175 Not Provided 02.08.2013
Antique Stock Broking Limited VIKRAM SURYAVANSHI buy 5 M 180 Not Provided 02.08.2013
Drewry Financial Services Ltd DEVANSHU SALUJA attractive 4 N 183 Not Provided 02.08.2013
JPMorgan SUMIT KISHORE overweight 5 M 165 6 month 01.08.2013
Macquarie INDERJEET SINGH BHATIA outperform 5 M 180 12 month 01.08.2013
Kotak Securities LOKESH GARG buy 5 M 180 Not Provided 01.08.2013
Prabhudas Lilladher Pvt Ltd KEJAL MEHTA buy 5 M 180 12 month 01.08.2013
JM Financial Institutional Securities P ACHAL LOHADE buy 5 M 178 12 month 01.08.2013
BNP Paribas Equity Research VISHAL SHARMA reduce 2 M 124 12 month 01.08.2013
Batlivala & Karani Securities BHAVIN GANDHI outperform 5 M 175 Not Provided 01.08.2013
IDFC Securities Ltd SHIRISH RANE outperform 5 M 185 Not Provided 01.08.2013
Emkay Share & Stock Brokers AJIT MOTWANI buy 5 M 170 Not Provided 01.08.2013
Standard Chartered GAURAV PATHAK outperform 5 M 189 12 month 01.07.2013
EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013
SBI Capital Markets MANISH KUMAR buy 5 M 198 12 month 23.05.2013
Spark Capital Advisors BHARANIDHAR VIJAYAKUMAR add 4 M 172 12 month 17.05.2013
UBS SANDIP BANSAL buy 5 M 185 12 month 16.05.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 180 Not Provided 16.05.2013
Espirito Santo Investment Bank ResearchKRISHNAKANT THAKUR buy 5 M 170 Not Provided 22.02.2013
Dolat Capital Market Ltd. KAPIL YADAV buy 5 M 165 Not Provided 09.08.2011
Holdings By:
Adani Ports and Special Economic Zone Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
United Breweries Ltd. brews beer. The Company produces lager, pilsner, and
strong beers.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (05.12.2012) 1'023.30
52-Week Low (14.02.2013) 580.65
Daily Volume
837.95
52-Week High % Change -17.62% Dividend Yield 0.08
52-Week Low % Change 44.31% Beta 0.74
% 52 Week Price Range High/Low 63.11% Equity Float 80.14
Shares Out 31.03.2013 272.9 Short Int -
228'671.88 1 Yr Total Return 28.13%
Total Debt 13'009.70 YTD Return -9.93%
Preferred Stock 740.7 Adjusted BETA 0.738
Minority Interest 16.4 Analyst Recs 7
Cash and Equivalents 2'321.70 Consensus Rating 1.000
Enterprise Value 240'116.98
Average Volume 5 Day 125'741
UBBL IB EQUITY YTD Change - Average Volume 30 Day 145'070
UBBL IB EQUITY YTD % CHANGE - Average Volume 3 Month 141'878
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
19'294.6 22'755.0 30'598.1 35'592.8 38'987.4 - - 46'519.3 55'518.3 - -
1.58x 2.44x 4.32x 4.26x 5.04x - - 5.13x 4.27x - -
2'469.5 2'367.4 3'903.3 4'142.6 4'792.5 - - 6'613.0 8'085.8 - -
12.36x 23.46x 33.88x 36.58x 40.99x - - 36.26x 29.64x - -
455.8 896.4 1'474.9 1'267.7 1'721.1 - - 2'642.5 3'608.0 734.0 649.0
56.37x 56.89x 91.15x 115.01x 109.13x - - 83.85x 61.58x - -
EBITDA 4'792.50 Long-Term Rating Date -
EBIT 3'088.40 Long-Term Rating -
Operating Margin 7.92% Long-Term Outlook -
Pretax Margin 6.82% Short-Term Rating Date -
Return on Assets 4.90% Short-Term Rating -
Return on Common Equity 12.42%
Return on Capital 8.67% EBITDA/Interest Exp. 6.02
Asset Turnover 1.11% (EBITDA-Capex)/Interest Exp. 1.24
Net Debt/EBITDA 2.23
Gross Margin - Total Debt/EBITDA 2.71
EBITDA Margin 12.3%
EBIT Margin 7.9% Total Debt/Equity 90.5%
Net Income Margin 4.4% Total Debt/Capital 46.2%
Asset Turnover 1.11
Current Ratio 1.32 Net Fixed Asset Turnover 2.52
Quick Ratio 0.74 Accounts receivable turnover-days 70.82
Debt to Assets 34.78% Inventory Days -
Tot Debt to Common Equity 90.53% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.15 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
United Breweries LtdPrice/Volume
Valuation Analysis
56'904.00
Current Price (10/dd/yy) Market Data
,
.,,
1,,
3,,
5,,
-,,,
-.,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'. E'1 E'3 E'5 E-', E-'. E-'1 E-'3 E-'5 E.', E
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2,',,
-,,',,
-2,',,
.,,',,
.2,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SCOTTISH & NEWSCASTL n/a Co File 89'994'960 32.98 - 30.06.2013 Holding Company
UNITED BREWERIES HOL n/a Co File 30'295'911 11.1 - 30.06.2013 Holding Company
MALLYA VIJAY n/a Co File 21'353'620 7.82 - 30.06.2013 n/a
MCDOWELL HOLDINGS LT n/a Co File 10'707'344 3.92 - 30.06.2013 Holding Company
KAMSCO INDUSTRIES n/a Co File 9'786'666 3.59 - 30.06.2013 Other
MALLYA PVT LTD n/a Co File 9'786'666 3.59 - 30.06.2013 Corporation
ARISAIG PARTNERS ASI n/a Co File 8'771'011 3.21 - 30.06.2013 Investment Advisor
UNITED SPIRITS LTD n/a Co File 8'500'000 3.11 - 30.06.2013 Corporation
HEINEKEN UK LTD n/a Co File 8'489'270 3.11 - 30.06.2013 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 6'006'768 2.2 - 30.06.2013 Investment Advisor
NEW WORLD FUND INC n/a Co File 5'131'864 1.88 - 30.06.2013 n/a
GEM INVEST & TRADING n/a Co File 4'315'132 1.58 - 30.06.2013 Other
ACACIA PARTNERS LP n/a Co File 3'780'000 1.39 - 30.06.2013 Investment Advisor
TREE LINE ASIA MASTE n/a Co File 2'890'000 1.06 - 30.06.2013 n/a
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 2'016'996 0.74 (260'895) 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 1'970'677 0.72 47'750 30.06.2013 Investment Advisor
DEVI INVESTMENT & DE n/a Co File 1'859'300 0.68 - 30.06.2013 Other
PHARMA TRADING CO n/a Co File 1'514'366 0.55 - 30.06.2013 Private Equity
PLATINUM INVESTMENT n/a EXCH 1'462'635 0.54 - 11.10.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'270'231 0.47 (52'056) 27.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Fortune Equity Brokers (India) Ltd KRISHNAN SAMBAMOORTHY sell 1 M 439 Not Provided 21.08.2013
Kotak Securities JASDEEP WALIA sell 1 M 700 Not Provided 16.08.2013
Batlivala & Karani Securities ASHIT DESAI sell 1 M 450 Not Provided 16.08.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 06.06.2013
IDFC Securities Ltd NIKHIL K VORA underperform 1 M 650 12 month 03.06.2013
Religare Capital Markets GAURANG KAKKAD sell 1 M 500 12 month 31.05.2013
UBS SUNITA SACHDEV sell 1 M 650 12 month 02.05.2013
India Infoline BHAVESH GANDHI market perform 3 M 428 9 month 08.02.2012
Holdings By:
United Breweries Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Divi's Laboratories Ltd. manufactures pharmaceutical products which include
generic drugs and their intermediates. The Company also undertakes contract
research activities for other pharmaceutical companies.
Latest Fiscal Year: 03/2013
LTM as of: 03/yy
52-Week High (30.11.2012) 1'233.00
52-Week Low (05.08.2013) 905.00
Daily Volume
983.95
52-Week High % Change -20.18% Dividend Yield 1.52
52-Week Low % Change 8.72% Beta 0.56
% 52 Week Price Range High/Low 19.07% Equity Float 59.71
Shares Out 25.09.2013 132.7 Short Int -
130'603.91 1 Yr Total Return -10.90%
Total Debt 330.71 YTD Return -9.44%
Preferred Stock 0.0 Adjusted BETA 0.560
Minority Interest 0.0 Analyst Recs 27
Cash and Equivalents 4'197.99 Consensus Rating 4.630
Enterprise Value 126'736.63
Average Volume 5 Day 5'604
DIVI IB EQUITY YTD Change - Average Volume 30 Day 11'226
DIVI IB EQUITY YTD % CHANGE - Average Volume 3 Month 15'519
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 09/yy 03/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
11'803.4 9'416.2 13'071.1 18'584.3 21'399.0 10'582.8 21'621.7 24'963.8 30'107.2 - -
5.07x 9.07x 6.45x 5.49x 5.94x 8.63x 14.74x 4.98x 4.04x - -
5'224.5 4'165.6 4'982.5 6'914.7 8'165.0 4'477.0 8'548.8 9'428.8 11'516.2 - -
11.45x 20.50x 16.92x 14.76x 15.58x 0.00x 0.00x 13.41x 10.98x - -
4'166.4 3'403.4 4'292.7 5'332.6 6'020.1 4'238.7 6'710.9 7'095.7 8'579.0 - -
14.67x 25.98x 20.82x 19.06x 21.77x 0.00x 0.00x 18.39x 15.21x - -
EBITDA 8'164.99 Long-Term Rating Date -
EBIT 7'395.51 Long-Term Rating -
Operating Margin 34.56% Long-Term Outlook -
Pretax Margin 36.51% Short-Term Rating Date -
Return on Assets 20.42% Short-Term Rating -
Return on Common Equity 25.99%
Return on Capital 25.54% EBITDA/Interest Exp. 1083.03
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 631.94
Net Debt/EBITDA -0.47
Gross Margin - Total Debt/EBITDA 0.04
EBITDA Margin 38.2%
EBIT Margin 34.6% Total Debt/Equity 1.3%
Net Income Margin 28.1% Total Debt/Capital 1.3%
Asset Turnover 0.73
Current Ratio 3.36 Net Fixed Asset Turnover 2.01
Quick Ratio 1.68 Accounts receivable turnover-days 85.93
Debt to Assets 1.05% Inventory Days -
Tot Debt to Common Equity 1.32% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.25 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Divi's Laboratories LtdPrice/Volume
Valuation Analysis
2'488.00
Current Price (10/dd/yy) Market Data
,
.,,
1,,
3,,
5,,
-,,,
-.,,
-1,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'- E
'. E
'0 E
'1 E
'2 E
'3 E
'4 E
'5 E
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
02',,
1,',,
12',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MOTAPARTI NILIMA n/a Co File 27'000'000 20.34 - 30.09.2012 n/a
DIVI KIRAN SATCHAND n/a Co File 23'000'000 17.33 - 30.09.2012 n/a
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 8'790'717 6.62 (124'689) 31.08.2013 Other
DIVI MURALI n/a Co File 7'783'500 5.86 - 30.09.2012 n/a
DIVI SWARNA LATHA n/a Co File 7'000'000 5.27 - 30.09.2012 n/a
RELIANCE LIFE INSUR n/a Co File 6'098'881 4.59 - 30.09.2012 Insurance Company
HDFC ASSET MANAGEMEN n/a Co File 4'512'107 3.4 - 30.09.2012 Investment Advisor
DIVIS BIOTECH PVT LT n/a Co File 4'000'000 3.01 - 30.09.2012 Other
HDFC LIFE INSURANCE n/a Co File 3'254'911 2.45 - 30.09.2012 Insurance Company
VALIANT MAURITIUS PA n/a Co File 3'177'210 2.39 - 30.09.2012 Corporation
WASATCH ADVISORS INC Multiple Portfolios MF-AGG 2'279'271 1.72 413'630 30.06.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 1'908'181 1.44 779'887 31.08.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 1'905'098 1.44 - 31.07.2013 Investment Advisor
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 1'542'956 1.16 420'000 31.08.2013 Investment Advisor
M3 INVESTMENT PRIVAT n/a Co File 1'443'464 1.09 - 30.09.2012 Other
VANGUARD GROUP INC n/a ULT-AGG 1'157'658 0.87 41'406 30.06.2013 Investment Advisor
RAMANA N V n/a EXCH 656'470 0.49 (40'000) 10.08.2012 n/a
TATA AIA LIFE INSURA Multiple Portfolios MF-AGG 650'185 0.49 - 28.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 571'271 0.43 (3'100) 27.09.2013 Investment Advisor
DIVI MADHUSUDANA RA n/a EXCH 340'300 0.26 - 26.08.2013 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited DEEPAK SHIVPRAKASH KHETAN buy 5 M 1'346 Not Provided 27.09.2013
Batlivala & Karani Securities ROHIT V BHAT buy 5 M 1'104 Not Provided 26.09.2013
India Nivesh Ltd BHAGWAN SINGH CHAUDHARY hold 3 M 981 Not Provided 26.09.2013
Tata Securities Limited VIHARI PURUSHOTHAMAN buy 5 M 1'156 12 month 11.09.2013
ICICIdirect.com SIDDHANT KHANDEKAR buy 5 M 1'191 Not Provided 10.09.2013
Dolat Capital Market Ltd. MILIND BHANGALE accumulate 4 M 1'141 Not Provided 04.09.2013
Sharekhan Ltd TEAM COVERAGE buy 5 M 1'231 Not Provided 30.08.2013
Quant Broking Pvt Ltd KIRIT GOGRI buy 5 M 1'295 Not Provided 22.08.2013
Motilal Oswal Securities Ltd ALOK DALAL buy 5 M 1'324 Not Provided 19.08.2013
Edelweiss Capital PERIN ALI hold 3 M 1'140 12 month 16.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 1'033 Not Provided 07.08.2013
Spark Capital Advisors HARITH AHAMED buy 5 M 1'130 12 month 06.08.2013
HSBC GIRISH BAKHRU overweight 5 U 1'100 Not Provided 05.08.2013
SBI Capital Markets VIVEK KUMAR buy 5 M 1'323 12 month 05.08.2013
Emkay Share & Stock Brokers ASHISH RATHI buy 5 M 1'220 Not Provided 05.08.2013
Karvy Stock Broking Ltd RAHUL SHARMA buy 5 M 1'181 12 month 05.08.2013
Antique Stock Broking Limited ANMOL GANJOO buy 5 M 1'220 Not Provided 05.08.2013
IIFL BINO PATHIPARAMPIL add 4 M 1'062 12 month 05.08.2013
Avendus Capital Private Ltd MONICA JOSHI buy 5 U 1'160 Not Provided 05.08.2013
Elara Securities India Pvt Ltd AARTHISUNDARI JAYAKUMAR buy 5 M 1'208 Not Provided 05.08.2013
Nirmal Bang Institutional Equities PRAFUL BOHRA buy 5 M 1'173 Not Provided 05.08.2013
Kotak Securities KRISHNA PRASAD add 4 U 1'040 Not Provided 02.08.2013
EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013
Ashika Stock Broking Limited PARAS BOTHRA buy 5 M 1'120 Not Provided 04.06.2013
Ventura Securities Ltd TEAM COVERAGE buy 5 M 1'284 Not Provided 22.05.2013
Systematix Shares & Stocks Ltd SURYA NARAYAN PATRA buy 5 U 1'225 12 month 21.05.2013
First Global Stockbroking DEVINA MEHRA moderate outperform 4 M #N/A N/A Not Provided 23.04.2013
Dalmia Securities Pvt Ltd SUBRATA SARKAR neutral 3 M 823 Not Provided 01.02.2012
Holdings By:
Divi's Laboratories Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Rural Electrification Corporation Limited engages in the financing and promotion
of transmission, distribution and generation projects in India. The Company
provides funding to clients to assist them in formulating and implementing
various types of power project-related schemes.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (04.01.2013) 267.50
52-Week Low (05.08.2013) 146.15
Daily Volume
188.55
52-Week High % Change -29.18% Dividend Yield 4.38
52-Week Low % Change 29.01% Beta 1.43
% 52 Week Price Range High/Low 34.57% Equity Float 302.64
Shares Out 25.09.2013 987.5 Short Int -
186'185.39 1 Yr Total Return -8.89%
Total Debt 1'077'617.20 YTD Return -20.18%
Preferred Stock 0.0 Adjusted BETA 1.429
Minority Interest 0.0 Analyst Recs 34
Cash and Equivalents 15'295.40 Consensus Rating 3.971
Enterprise Value 1'248'507.19
Average Volume 5 Day 227'383
RECL IB EQUITY YTD Change - Average Volume 30 Day 289'790
RECL IB EQUITY YTD % CHANGE - Average Volume 3 Month 255'881
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
49'365.4 67'475.9 85'321.9 105'127.7 135'778.2 - - - 66'609.5 - -
10.71x 11.86x 10.81x 9.98x 9.34x - - - - - -
48'165.7 65'794.1 82'868.6 102'201.5 132'159.2 - - - - - -
10.97x 12.16x 11.13x 10.27x 9.60x - - - - - -
12'745.8 23'480.2 25'848.9 28'386.6 38'327.8 - - 38'474.0 41'219.0 - -
6.47x 9.26x 9.69x 7.14x 5.37x - - 4.51x 4.46x - -
EBITDA 132'159.20 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 93.61% Long-Term Outlook -
Pretax Margin 38.20% Short-Term Rating Date -
Return on Assets 3.20% Short-Term Rating -
Return on Common Equity 23.84%
Return on Capital 3.33% EBITDA/Interest Exp. -
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 8.04
Gross Margin - Total Debt/EBITDA 8.15
EBITDA Margin 97.3%
EBIT Margin - Total Debt/Equity 614.7%
Net Income Margin 28.2% Total Debt/Capital 86.0%
Asset Turnover 0.11
Current Ratio - Net Fixed Asset Turnover 177.07
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 82.53% Inventory Days -
Tot Debt to Common Equity 614.73% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Rural Electrification Corp LtdPrice/Volume
Valuation Analysis
180'228.00
Current Price (10/dd/yy) Market Data
,
2,
-,,
-2,
.,,
.2,
0,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'- E'. E'0 E'1 E'2 E'3 E'4 E'5 E'6 E
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013,',,
,'.,
,'1,
,'3,
,'5,
-',,
-'.,
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 659'607'000 66.8 - 30.06.2013 Government
LIFE INSURANCE CORP #N/A N/A EXCH 49'436'415 5.01 - 26.09.2013 Government
HSBC GLOBAL INV MAUR n/a Co File 20'478'199 2.07 - 30.06.2013 Investment Advisor
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 20'345'957 2.06 1'005'586 31.08.2013 Investment Advisor
HDFC LIFE INSURANCE n/a Co File 16'409'253 1.66 - 30.06.2013 Insurance Company
VANGUARD GROUP INC n/a ULT-AGG 9'978'474 1.01 519'930 30.06.2013 Investment Advisor
SEB n/a ULT-AGG 6'646'190 0.67 3'370'439 31.03.2013 Unclassified
ROBECO n/a ULT-AGG 4'538'182 0.46 (12'193) 30.04.2013 Unclassified
DIMENSIONAL FUND ADV n/a ULT-AGG 4'464'262 0.45 (31'740) 30.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 4'191'017 0.42 - 27.09.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 2'661'178 0.27 - 27.09.2013 Investment Advisor
ALASKA PERMANENT FUN Multiple Portfolios MF-AGG 2'529'597 0.26 - 30.06.2013 Government
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 2'345'414 0.24 - 31.05.2013 Investment Advisor
RAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 2'294'700 0.23 (59'400) 28.06.2013 Investment Advisor
CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 2'152'387 0.22 333'355 27.09.2013 Investment Advisor
ICICI PRUDENTIAL LIF Multiple Portfolios MF-AGG 1'929'678 0.2 - 31.08.2013 Insurance Company
STATE STREET CORP n/a ULT-AGG 1'707'464 0.17 (176'179) 31.07.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'551'754 0.16 - 31.07.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 1'239'672 0.13 33'249 31.07.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 1'196'966 0.12 24'585 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited PRAVEEN AGRAWAL hold 3 M 187 Not Provided 27.09.2013
Macquarie SURESH GANAPATHY neutral 3 M 157 12 month 12.09.2013
BNP Paribas Equity Research AVNEESH SUKHIJA buy 5 M 215 12 month 03.09.2013
Espirito Santo Investment Bank ResearchSANTOSH SINGH neutral 3 D 188 Not Provided 30.08.2013
Barclays JATIN MAMTANI underweight 1 D 152 Not Provided 29.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 178 Not Provided 28.08.2013
HDFC Securities SAMEER NARANG neutral 3 M 171 12 month 26.08.2013
Antique Stock Broking Limited DIGANT HARIA hold 3 M 192 Not Provided 22.08.2013
Kotak Securities NISCHINT CHAWATHE add 4 M 270 Not Provided 21.08.2013
Motilal Oswal Securities Ltd ALPESH MEHTA Under Review #N/A N/A M #N/A N/A Not Provided 19.08.2013
Quantum Securities Pvt Ltd RATI PANDIT accumulate 4 D 210 Not Provided 14.08.2013
Almondz Global Securities Ltd SHIVRAJ GUPTA buy 5 U 214 Not Provided 13.08.2013
Equirus Securities Pvt Ltd DEVAM MODI neutral 3 M 162 Not Provided 13.08.2013
Anand Rathi Securities Pvt. Ltd. KAITAV SHAH buy 5 M 231 Not Provided 12.08.2013
Tata Securities Limited BIJOY SHAH hold 3 M 174 12 month 12.08.2013
Ambit Capital Pvt Ltd PANKAJ AGARWAL sell 1 M 147 Not Provided 12.08.2013
Quant Broking Pvt Ltd NITIN KUMAR buy 5 M 300 12 month 12.08.2013
Avendus Capital Private Ltd JAYNEE SHAH buy 5 U 235 Not Provided 12.08.2013
Religare Capital Markets SIDDHARTH TELI buy 5 M 225 12 month 09.08.2013
Deutsche Bank MANISH SHUKLA buy 5 M 250 12 month 08.08.2013
Batlivala & Karani Securities VISHAL SHETH outperform 5 M 210 Not Provided 08.08.2013
Nomura ABHISHEK BHATTACHARYA buy 5 M 255 Not Provided 08.08.2013
Edelweiss Capital KUNAL SHAH buy 5 M 215 12 month 08.08.2013
EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013
First Global Stockbroking DEVINA MEHRA market perform 3 M #N/A N/A Not Provided 31.05.2013
JM Financial Institutional Securities P KARAN UBEROI buy 5 M 285 12 month 29.05.2013
HSBC TEJAS MEHTA overweight 5 N 251 Not Provided 10.04.2013
Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA accumulate 4 D 221 Not Provided 09.04.2013
IIFL SAMPATH S K KUMAR reduce 2 M 182 12 month 04.04.2013
IDFC Securities Ltd MANISH CHOWDHARY dropped coverage #N/A N/A M #N/A N/A Not Provided 13.03.2013
Daiwa Securities Co. Ltd. PUNIT SRIVASTAVA buy 5 M 290 Not Provided 19.02.2013
Spark Capital Advisors GANESHRAM JAYARAMAN buy 5 M 277 12 month 11.02.2013
ULJK Securities Pvt. Ltd. India SIDDHARTH PUROHIT buy 5 M 235 12 month 07.11.2012
ICICI Securities SHASHIN UPADHYAY add 4 N 246 12 month 02.11.2012
Dalmia Securities Pvt Ltd SUBRATA SARKAR buy 5 M 226 Not Provided 11.08.2011
Karvy Stock Broking Ltd K ANANT RAO buy 5 N 252 Not Provided 04.07.2011
Holdings By:
Rural Electrification Corp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Exide Industries Ltd. manufactures a wide range of lead and electric storage
batteries. The Company's batteries for automobiles, railways, aircrafts, power
stations, telephone exchanges, and other uses.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (19.10.2012) 166.30
52-Week Low (08.04.2013) 115.35
Daily Volume
134
52-Week High % Change -19.24% Dividend Yield 1.19
52-Week Low % Change 16.17% Beta 0.79
% 52 Week Price Range High/Low 27.09% Equity Float 402.17
Shares Out 25.09.2013 850.0 Short Int -
113'900.00 1 Yr Total Return -11.59%
Total Debt 512.00 YTD Return -6.42%
Preferred Stock 0.0 Adjusted BETA 0.791
Minority Interest 111.6 Analyst Recs 44
Cash and Equivalents 5'407.90 Consensus Rating 4.068
Enterprise Value 109'115.70
Average Volume 5 Day 103'487
EXID IB EQUITY YTD Change - Average Volume 30 Day 109'412
EXID IB EQUITY YTD % CHANGE - Average Volume 3 Month 133'455
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
34'048.7 39'788.5 47'660.8 53'156.5 63'658.9 - - 69'434.6 80'436.8 - -
1.07x 2.68x 2.47x 2.26x 1.65x - - 1.59x 1.35x - -
5'867.1 9'835.1 9'553.1 7'585.8 8'583.1 - - 10'088.6 11'912.5 - -
6.22x 10.83x 12.33x 15.84x 12.26x - - 10.82x 9.16x - -
1'914.9 4'935.2 6'188.2 4'460.6 5'493.5 - - 6'276.8 7'531.0 - -
17.28x 20.04x 19.70x 28.43x 20.03x - - 17.74x 15.13x - -
EBITDA 8'583.10 Long-Term Rating Date -
EBIT 7'363.10 Long-Term Rating -
Operating Margin 11.57% Long-Term Outlook -
Pretax Margin 12.38% Short-Term Rating Date -
Return on Assets 7.21% Short-Term Rating -
Return on Common Equity 19.05%
Return on Capital 18.98% EBITDA/Interest Exp. 95.58
Asset Turnover 0.84% (EBITDA-Capex)/Interest Exp. 76.40
Net Debt/EBITDA -0.57
Gross Margin - Total Debt/EBITDA 0.06
EBITDA Margin 13.5%
EBIT Margin 11.6% Total Debt/Equity 1.7%
Net Income Margin 8.6% Total Debt/Capital 1.6%
Asset Turnover 0.84
Current Ratio 1.86 Net Fixed Asset Turnover 5.76
Quick Ratio 0.62 Accounts receivable turnover-days 29.18
Debt to Assets 0.45% Inventory Days -
Tot Debt to Common Equity 1.66% Accounts Payable Turnover Day -
Accounts Receivable Turnover 12.51 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Exide Industries LtdPrice/Volume
Valuation Analysis
97'654.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,.,1,3,5,
-,,-.,-1,-3,-5,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'2 E
-', E
-'2 E
.', E
.'2 E
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
02',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHLORIDE EASTERN LTD n/a Co File 390'954'666 45.99 - 30.06.2013 Other
LIFE INSURANCE CORP n/a Co File 56'876'374 6.69 - 30.06.2013 Government
HATHWAY INVESTMENTS n/a Co File 36'752'730 4.32 - 30.06.2013 Investment Advisor
HDFC LIFE INSURANCE n/a Co File 31'619'305 3.72 - 30.06.2013 Insurance Company
NALANDA INDIA EQUITY n/a Co File 29'670'257 3.49 - 30.06.2013 n/a
NEW INDIA ASSURANCE n/a Co File 18'739'987 2.2 - 30.06.2013 Government
NALANDA INDIA FUND L n/a Co File 15'807'349 1.86 - 30.06.2013 Private Equity
SUN LIFE FINANCIAL I n/a ULT-AGG 12'327'560 1.45 287'309 31.07.2013 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 10'706'722 1.26 (200'000) 28.06.2013 Investment Advisor
GENERAL INSURANCE CO n/a Co File 9'613'034 1.13 - 30.06.2013 Government
JP MORGAN n/a ULT-AGG 9'257'221 1.09 1'022'330 31.05.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 6'939'042 0.82 100'134 31.08.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 6'780'000 0.8 (113'000) 30.04.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 5'547'566 0.65 964'381 30.06.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 5'378'202 0.63 - 31.08.2013 Investment Advisor
FMR LLC n/a ULT-AGG 5'069'744 0.6 5'050'000 31.08.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 2'397'362 0.28 - 31.07.2013 Investment Advisor
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 2'350'502 0.28 - 31.12.2012 Investment Advisor
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 2'300'000 0.27 - 31.08.2013 Investment Advisor
L&T INVESTMENT MANAG Multiple Portfolios MF-AGG 1'706'000 0.2 81'238 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited CHIRAG SHAH buy 5 M 145 Not Provided 27.09.2013
Nomura KAPIL SINGH buy 5 M 158 Not Provided 27.09.2013
India Infoline PRAYESH JAIN buy 5 M 155 9 month 27.09.2013
Ambit Capital Pvt Ltd ASHVIN SHETTY buy 5 M 145 Not Provided 16.09.2013
Antique Stock Broking Limited ASHISH NIGAM buy 5 M 150 Not Provided 03.09.2013
IIFL JOSEPH GEORGE buy 5 M 158 12 month 03.09.2013
Equirus Securities Pvt Ltd ASHUTOSH TIWARI neutral 3 M 128 15 month 29.08.2013
Credit Suisse JATIN CHAWLA outperform 5 M 160 Not Provided 26.08.2013
ICICIdirect.com NISHANT VAAS buy 5 M 147 Not Provided 20.08.2013
Motilal Oswal Securities Ltd JINESH K GANDHI neutral 3 M 139 Not Provided 19.08.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 14.08.2013
Goldman Sachs SANDEEP PANDYA neutral/neutral 3 M 120 12 month 28.07.2013
Maybank Kim Eng JIGAR A SHAH sell 1 M 115 12 month 19.07.2013
Anand Rathi Securities Pvt. Ltd. ROHAN KORDE buy 5 M 154 Not Provided 19.07.2013
JHP Securities Private Limited ROHAN J ADMANE hold 3 U 140 12 month 19.07.2013
CIMB KUNAL JHAVERI neutral 3 M 140 12 month 18.07.2013
HDFC Securities SORABH TALWAR buy 5 M 147 12 month 18.07.2013
Angel Broking Limited YARESH KOTHARI accumulate 4 M 148 12 month 18.07.2013
Edelweiss Capital AASHIESH AGARWAAL buy 5 M 153 12 month 18.07.2013
Spark Capital Advisors MUKESH SARAF add 4 M 138 12 month 18.07.2013
Barclays SAHIL KEDIA overweight 5 M 187 Not Provided 18.07.2013
Fortune Equity Brokers (India) Ltd TEAM COVERAGE buy 5 M 151 Not Provided 18.07.2013
Nirmal Bang Institutional Equities GAURANT DADWAL buy 5 M 157 Not Provided 18.07.2013
Morgan Stanley BINAY SINGH Overwt/In-Line 5 M 149 12 month 17.07.2013
Kotak Securities HITESH GOEL add 4 U 135 Not Provided 17.07.2013
Batlivala & Karani Securities VIJAYALAKSHMI V outperform 5 U 145 Not Provided 17.07.2013
Emkay Share & Stock Brokers KAUSHAL MAROO buy 5 M 160 Not Provided 17.07.2013
LKP Shares and Securities Ltd ASHWIN PATIL neutral 3 M 134 12 month 17.07.2013
Dolat Capital Market Ltd. MAYUR MILAK accumulate 4 U 135 12 month 17.07.2013
Standard Chartered AMIT KASAT outperform 5 M 152 12 month 16.07.2013
Quant Broking Pvt Ltd BASUDEB BANERJEE accumulate 4 M 140 12 month 16.07.2013
India Nivesh Ltd ABHISHEK JAIN hold 3 M 147 Not Provided 16.07.2013
Deutsche Bank AMYN PIRANI buy 5 U 145 12 month 15.07.2013
Prabhudas Lilladher Pvt Ltd SURJIT SINGH ARORA accumulate 4 M 147 12 month 15.07.2013
Firstcall India Equity Advisors Pvt Ltd ASHISH KUSHWAHA buy 5 M 155 Not Provided 13.07.2013
Daiwa Securities Co. Ltd. NAVIN MATTA outperform 5 U 149 Not Provided 30.04.2013
IFCI Financial Services ABHIJEET BORA buy 5 M 147 12 month 13.03.2013
UBS GAUTAM CHHAOCHHARIA buy 5 M 165 12 month 12.03.2013
Asian Markets Securities Pvt. Ltd JAY KALE reduce 2 M 123 Not Provided 21.01.2013
ITI Securities Ltd SUSHANTA BHATTACHARYYA buy 5 M 153 12 month 08.11.2012
MSFL - Institutional Business Group RONAK SARDA hold 3 D 135 12 month 23.10.2012
Proactive Universal RADHIKA MERWIN hold 3 M 126 12 month 19.07.2012
Ashika Stock Broking Limited PARAS BOTHRA buy 5 M 165 Not Provided 05.07.2012
Holdings By:
Exide Industries Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
DLF Ltd. is a real estate development company. The Company develops
residential, commercial, and retail properties.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (12.03.2013) 289.20
52-Week Low (06.08.2013) 120.25
Daily Volume
135.5
52-Week High % Change -52.94% Dividend Yield 1.48
52-Week Low % Change 12.68% Beta 1.46
% 52 Week Price Range High/Low 4.85% Equity Float 420.80
Shares Out 25.09.2013 1'780.8 Short Int -
241'300.48 1 Yr Total Return -40.06%
Total Debt 248'012.97 YTD Return -40.47%
Preferred Stock 17'992.0 Adjusted BETA 1.464
Minority Interest 4'020.2 Analyst Recs 44
Cash and Equivalents 20'021.65 Consensus Rating 4.114
Enterprise Value 491'304.04
Average Volume 5 Day 1'602'435
DLFU IB EQUITY YTD Change - Average Volume 30 Day 1'559'547
DLFU IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'296'939
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
100'353.9 74'228.7 95'605.7 96'293.8 77'728.4 93'812.7 78'892.1 88'129.3 102'105.1 21'947.0 22'848.0
4.52x 10.23x 7.40x 6.27x 8.35x 12.53x 15.58x 5.14x 4.31x - -
56'155.7 36'680.8 38'562.7 40'283.6 26'969.5 38'603.7 24'747.3 34'521.4 41'579.5 7'833.0 8'959.0
8.08x 20.69x 18.34x 14.99x 24.05x 0.00x 0.00x 14.23x 11.81x - -
44'696.0 17'198.3 16'396.1 12'008.2 7'119.2 11'352.5 5'913.3 9'296.1 15'604.3 1'306.0 2'524.0
6.37x 30.48x 27.80x 28.53x 56.00x 29.72x 51.49x 26.93x 15.36x - -
EBITDA 26'969.46 Long-Term Rating Date -
EBIT 18'682.12 Long-Term Rating -
Operating Margin 24.04% Long-Term Outlook -
Pretax Margin 10.37% Short-Term Rating Date -
Return on Assets 1.11% Short-Term Rating -
Return on Common Equity 2.78%
Return on Capital 4.59% EBITDA/Interest Exp. 1.27
Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. 0.65
Net Debt/EBITDA 8.45
Gross Margin 56.8% Total Debt/EBITDA 9.20
EBITDA Margin 34.7%
EBIT Margin 24.0% Total Debt/Equity 96.4%
Net Income Margin 9.2% Total Debt/Capital 47.0%
Asset Turnover 0.12
Current Ratio 1.65 Net Fixed Asset Turnover 0.29
Quick Ratio 0.19 Accounts receivable turnover-days 80.28
Debt to Assets 38.38% Inventory Days 1839.26
Tot Debt to Common Equity 96.40% Accounts Payable Turnover Day 199.63
Accounts Receivable Turnover 4.55 Cash Conversion Cycle 1719.91
Inventory Turnover 0.20
Fiscal Year Ended
DLF LtdPrice/Volume
Valuation Analysis
1'584'375.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
2,
-,,
-2,
.,,
.2,
0,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'2 E
-', E
-'2 E
.', E
.'2 E
0', E
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
.,',,
1,',,
3,',,
5,',,
-,,',,
-.,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PANCHSHEEL INVESTMEN n/a Co File 312'110'500 17.53 - 30.06.2013 Other
SIDHANT HOUSING & DE n/a Co File 237'209'700 13.32 - 30.06.2013 Corporation
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 111'934'857 6.29 968'651 31.07.2013 Investment Advisor
KOHINOOR REAL ESTATE n/a Co File 95'353'400 5.35 - 30.06.2013 Corporation
MADHUR HOUSING & DEV n/a Co File 93'819'600 5.27 - 30.06.2013 Other
YASHIKA PROP & DEV C n/a Co File 92'080'400 5.17 - 30.06.2013 Corporation
MALLIKA HOUSING COMP n/a Co File 90'992'000 5.11 - 30.06.2013 Corporation
PREM TRADERS & INV P n/a Co File 90'059'200 5.06 - 30.06.2013 Other
VISHAL FOODS & INV P n/a Co File 74'769'060 4.2 - 30.06.2013 Other
RAISINA AGEN & INVES n/a Co File 65'889'120 3.7 - 30.06.2013 Other
JHANDEWALAN ANCILLAR n/a Co File 47'388'000 2.66 - 30.06.2013 n/a
DLF INVESTMENTS PVT n/a Co File 39'154'500 2.2 - 30.06.2013 Other
JANUS CAPITAL MANAGE n/a ULT-AGG 33'694'605 1.89 - 30.06.2013 Investment Advisor
GIC PRIVATE LIMITED n/a ULT-AGG 24'644'533 1.38 - 30.06.2013 Government
SINGH RAJIV n/a Co File 16'456'320 0.92 - 30.06.2013 n/a
REALEST BUILDERS & S n/a Co File 14'927'680 0.84 - 30.06.2013 Other
HARYANA ELECTRICAL U n/a Co File 14'052'400 0.79 - 30.06.2013 Corporation
VANGUARD GROUP INC n/a ULT-AGG 13'089'388 0.74 2'184'371 30.06.2013 Investment Advisor
SINGH K P n/a Co File 10'461'000 0.59 - 30.06.2013 n/a
DIMENSIONAL FUND ADV n/a ULT-AGG 8'294'567 0.47 64'504 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited NITIN IDNANI buy 5 M 176 Not Provided 27.09.2013
JPMorgan SAURABH S KUMAR overweight 5 M 210 6 month 25.09.2013
Goldman Sachs PUNEET JAIN buy/attractive 5 M 209 12 month 11.09.2013
Edelweiss Capital AASHIESH AGARWAAL buy 5 M 249 12 month 10.09.2013
BNP Paribas Equity Research AVNEESH SUKHIJA hold 3 D 139 12 month 04.09.2013
HDFC Securities ADHIDEV CHATTOPADHYAY buy 5 M 209 12 month 04.09.2013
Maybank Kim Eng ANUBHAV GUPTA buy 5 M 250 12 month 21.08.2013
Motilal Oswal Securities Ltd SANDIPAN PAL buy 5 M 230 Not Provided 19.08.2013
Angel Broking Limited VIRAL SHAH buy 5 M 179 12 month 16.08.2013
Deutsche Bank ABHISHEK SARAF buy 5 M 255 12 month 14.08.2013
Morgan Stanley SAMEER BAISIWALA Equalwt/In-Line 3 M 152 12 month 14.08.2013
Macquarie ABHISHEK BHANDARI outperform 5 M 202 12 month 14.08.2013
Karvy Stock Broking Ltd PARIKSHIT KANDPAL buy 5 M 248 12 month 14.08.2013
Credit Suisse ANANTHA NARAYAN neutral 3 M 180 Not Provided 13.08.2013
UBS ASHISH JAGNANI buy 5 M 275 12 month 13.08.2013
Jefferies ANAND AGARWAL underperform 1 M 125 12 month 13.08.2013
CIMB PRAKASH AGARWAL underperform 1 M 155 12 month 13.08.2013
Kotak Securities SAMAR SARDA add 4 M 255 Not Provided 13.08.2013
Prabhudas Lilladher Pvt Ltd KEJAL MEHTA accumulate 4 M 181 12 month 13.08.2013
SBI Capital Markets AMIT AGARWAL buy 5 M 363 12 month 13.08.2013
ICICI Securities SHALEEN SILORI add 4 M 170 12 month 13.08.2013
Batlivala & Karani Securities PREM KHURANA buy 5 M 224 Not Provided 13.08.2013
Phillip Securities ABHISHEK RANGANATHAN buy 5 U 218 Not Provided 13.08.2013
IDFC Securities Ltd NITIN AGARWAL outperform 5 M 241 12 month 13.08.2013
IDBI Capital Market Services Ltd HANSRAJ SINGH hold 3 M 170 12 month 13.08.2013
Emkay Share & Stock Brokers TEJAS SHETH hold 3 M 200 Not Provided 13.08.2013
Religare Capital Markets ARUN AGGARWAL buy 5 M 310 12 month 13.08.2013
KR Choksey Shares & Sec Pvt Ltd UMESH PATEL buy 5 M 206 Not Provided 13.08.2013
IIFL BHASKAR CHAKRABORTY buy 5 M 240 12 month 13.08.2013
Khambatta Securities Ltd PRASHANT GATTANI strong buy 5 U 268 Not Provided 12.07.2013
Antique Stock Broking Limited ANMOL GANJOO buy 5 N 235 Not Provided 17.06.2013
Ventura Securities Ltd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 07.06.2013
EVA Dimensions DOUG WALTERS sell 1 M #N/A N/A Not Provided 06.06.2013
HSBC ASHUTOSH NARKAR overweight 5 M 295 Not Provided 03.06.2013
Standard Chartered GAURAV PATHAK outperform 5 M 290 12 month 01.06.2013
JM Financial Institutional Securities P HIMANSHU MAHESHWARI sell 1 M 220 12 month 31.05.2013
Systematix Shares & Stocks Ltd ROHIT JAIN buy 5 M 291 12 month 31.05.2013
Nirmal Bang Institutional Equities PARAM DESAI buy 5 M 296 Not Provided 09.04.2013
Anand Rathi Securities Pvt. Ltd. SUMAN MEMANI buy 5 M 300 Not Provided 20.02.2013
NVS Brokerage Limited TEAM COVERAGE strong buy 5 N 290 12 month 22.01.2013
IFCI Financial Services RAJEEV DESAI sell 1 M 173 12 month 06.11.2012
Nomura PRABHAT AWASTHI suspended coverage #N/A N/A M #N/A N/A Not Provided 05.11.2012
India Infoline TEAM COVERAGE sell 1 M 210 Not Provided 05.08.2011
Holdings By:
DLF Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Tata Global Beverages Ltd. cultivates tea and coffee on its plantations. The
Company manufactures, sells domestically and exports instant, blended and
packet teas, and instant and ground coffee.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (15.11.2012) 181.70
52-Week Low (26.03.2013) 122.00
Daily Volume
146.75
52-Week High % Change -18.46% Dividend Yield 1.47
52-Week Low % Change 20.29% Beta 0.99
% 52 Week Price Range High/Low 36.35% Equity Float 378.22
Shares Out 25.09.2013 618.4 Short Int -
90'749.99 1 Yr Total Return 2.64%
Total Debt 13'887.77 YTD Return -6.67%
Preferred Stock 0.0 Adjusted BETA 0.988
Minority Interest 8'139.1 Analyst Recs 20
Cash and Equivalents 2'649.86 Consensus Rating 4.000
Enterprise Value 110'126.99
Average Volume 5 Day 186'175
TGBL IB EQUITY YTD Change - Average Volume 30 Day 224'660
TGBL IB EQUITY YTD % CHANGE - Average Volume 3 Month 329'990
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
48'478.7 57'829.5 59'824.2 65'852.6 72'703.2 68'442.2 73'516.0 80'496.8 89'355.1 - -
1.24x 1.19x 1.19x 1.33x 1.35x 2.15x 2.71x 1.25x 1.08x - -
6'497.2 6'865.0 6'093.9 6'230.5 7'702.1 6'840.7 7'948.3 8'874.1 10'072.9 - -
9.22x 9.99x 11.64x 14.09x 12.78x 0.00x 0.00x 12.41x 10.94x - -
7'005.5 3'903.0 2'543.3 3'561.4 3'727.5 2'729.1 4'066.9 4'893.1 5'704.2 1'934.0 1'381.0
5.16x 15.51x 23.77x 19.51x 21.21x 26.23x 20.43x 18.72x 15.94x - -
EBITDA 7'702.07 Long-Term Rating Date -
EBIT 6'651.11 Long-Term Rating -
Operating Margin 9.15% Long-Term Outlook -
Pretax Margin 8.38% Short-Term Rating Date -
Return on Assets 4.37% Short-Term Rating -
Return on Common Equity 7.95%
Return on Capital 7.42% EBITDA/Interest Exp. 9.71
Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. 7.45
Net Debt/EBITDA 1.46
Gross Margin - Total Debt/EBITDA 1.80
EBITDA Margin 10.6%
EBIT Margin 9.1% Total Debt/Equity 28.9%
Net Income Margin 5.1% Total Debt/Capital 19.8%
Asset Turnover 0.85
Current Ratio 1.48 Net Fixed Asset Turnover 11.22
Quick Ratio 0.46 Accounts receivable turnover-days 34.26
Debt to Assets 15.79% Inventory Days -
Tot Debt to Common Equity 28.87% Accounts Payable Turnover Day -
Accounts Receivable Turnover 10.65 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Tata Global Beverages LtdPrice/Volume
Valuation Analysis
256'076.00
Current Price (10/dd/yy) Market Data
,.,1,3,5,
-,,-.,-1,-3,-5,.,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'2 E
-', E
-'2 E
.', E
.'2 E
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2,',,
-,,',,
-2,',,
.,,',,
.2,',,
0,,',,
02,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TATA SONS LTD n/a Co File 142'854'570 23.1 - 30.06.2013 Holding Company
TATA CHEMICALS LTD n/a Co File 43'175'140 6.98 - 30.06.2013 Corporation
LIFE INSURANCE CORP n/a Co File 41'598'874 6.73 - 30.06.2013 Government
TATA INVESTMENT CORP n/a EXCH 26'900'000 4.35 (150'000) 22.08.2013 Private Equity
SKAGEN KEN TIKI MUTU n/a Co File 17'183'504 2.78 - 30.06.2013 n/a
SKAGEN AS Multiple Portfolios MF-AGG 17'183'504 2.78 - 30.08.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 14'358'051 2.32 - 31.12.2012 Government
BAJAJ ALLIANZ LIFE I n/a Co File 14'331'096 2.32 - 30.06.2013 Investment Advisor
GOVT PENSION FUND GL n/a Co File 11'778'911 1.9 - 30.06.2013 n/a
PLATINUM INVESTMENT n/a Co File 10'843'060 1.75 - 30.06.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 8'570'112 1.39 (19'655) 30.04.2013 Investment Advisor
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 7'812'276 1.26 (1'888'846) 31.08.2013 Investment Advisor
COMMONWEALTH BANK OF n/a ULT-AGG 7'713'950 1.25 3'716'526 31.05.2013 Bank
NATIONAL INSURANCE C n/a Co File 6'445'780 1.04 - 30.06.2013 Insurance Company
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 5'461'134 0.88 - 31.08.2013 Investment Advisor
EWART INVESTMENTS LT n/a Co File 3'416'360 0.55 - 30.06.2013 Other
PRINCIPAL FINANCIAL n/a ULT-AGG 3'004'105 0.49 1'679'293 31.08.2013 Investment Advisor
BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 2'258'308 0.37 (237'281) 30.08.2013 Investment Advisor
SUNDARAM ASSET MANAG Multiple Portfolios MF-AGG 2'105'000 0.34 (5'000) 31.08.2013 Investment Advisor
BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 2'025'000 0.33 835'000 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited HEMANT B PATEL buy 5 M 177 Not Provided 27.09.2013
Techno Shares & Stocks SHIVANI V VISHWANATHAN accumulate 4 M #N/A N/A Not Provided 06.09.2013
Way2Wealth Brokers Ltd SHIVANI VIVEK VISHWANATHAN accumulate 4 M #N/A N/A Not Provided 06.09.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 04.09.2013
Quant Broking Pvt Ltd HIMANSHU NAYYAR buy 5 M 183 12 month 02.09.2013
Angel Broking Limited SRINIVASAN VISWANATHAN neutral 3 M #N/A N/A Not Provided 16.08.2013
ICICIdirect.com SANJAY MANYAL buy 5 N 182 15 month 13.08.2013
Anand Rathi Securities Pvt. Ltd. AMOL RAO buy 5 M 166 Not Provided 05.08.2013
Morgan Stanley NILLAI SHAH Overwt/In-Line 5 M 176 12 month 02.08.2013
Maybank Kim Eng JIGAR A SHAH buy 5 M 175 12 month 02.08.2013
SBI Capital Markets SAGARIKA MUKHERJEE hold 3 M 160 12 month 02.08.2013
Sharekhan Ltd TEAM COVERAGE buy 5 U 175 Not Provided 02.08.2013
Kotak Securities ROHIT CHORDIA add 4 M 165 Not Provided 01.08.2013
Batlivala & Karani Securities ASHIT DESAI underperform 1 M 145 Not Provided 01.08.2013
Right Horizons Financial Services TUSHAR PENDHARKAR accumulate 4 M 165 12 month 01.08.2013
India Infoline VANMALA NAGWEKAR buy 5 M 149 3 month 28.06.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 149 Not Provided 07.03.2013
Ashika Stock Broking Limited PARAS BOTHRA buy 5 M 200 Not Provided 03.12.2012
Fairwealth Securities Ltd TEAM COVERAGE buy 5 M 210 12 month 07.11.2012
UBS SUNITA SACHDEV sell 1 M 130 12 month 17.10.2012
Elara Securities India Pvt Ltd HIMANI SINGH reduce 2 M 92 12 month 27.01.2012
Holdings By:
Tata Global Beverages Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Ranbaxy Laboratories Limited manufactures and distributes a wide range of
pharmaceutical products. The Company makes multisource antibiotics, analgesics,
anti-inflammatory drugs and anti-ulcerant/gastrointestinal drugs such as
"Roscillin" (Ampicillin), "Cifran" (Ciprofloxacin) and "Sporidex" (Cephalexin).
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (08.11.2012) 559.80
52-Week Low (02.08.2013) 253.95
Daily Volume
349.45
52-Week High % Change -37.55% Dividend Yield 0.00
52-Week Low % Change 37.61% Beta 0.60
% 52 Week Price Range High/Low 25.09% Equity Float 102.17
Shares Out 25.09.2013 423.1 Short Int -
147'862.61 1 Yr Total Return -35.20%
Total Debt 49'258.86 YTD Return -30.49%
Preferred Stock 0.0 Adjusted BETA 0.601
Minority Interest 889.5 Analyst Recs 43
Cash and Equivalents 45'919.62 Consensus Rating 3.093
Enterprise Value 189'326.90
Average Volume 5 Day 480'409
RBXY IB EQUITY YTD Change - Average Volume 30 Day 1'158'344
RBXY IB EQUITY YTD % CHANGE - Average Volume 3 Month 763'637
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
74'140.0 75'970.4 89'607.7 99'700.0 122'528.9 126'302.7 103'952.3 114'413.6 137'665.3 29'128.0 29'371.6
1.70x 3.16x 2.95x 1.87x 1.77x 3.08x 3.74x 1.56x 1.26x - -
5'842.1 7'244.0 18'742.6 12'844.1 17'080.0 25'607.0 8'834.3 13'660.5 24'975.7 4'534.7 4'151.5
21.63x 33.18x 14.08x 14.53x 12.70x 7.89x 19.49x 13.87x 7.58x 19.50x 36.57x
(9'512.1) 2'964.9 14'967.5 (28'997.3) 9'227.6 (27'863.1) (1'367.6) 7'260.3 16'691.6 2'871.0 2'904.6
- 73.44x 16.83x - 23.00x 0.00x 0.00x 22.42x 9.74x - -
EBITDA 17'079.95 Long-Term Rating Date -
EBIT 13'655.01 Long-Term Rating -
Operating Margin 11.14% Long-Term Outlook -
Pretax Margin 10.01% Short-Term Rating Date -
Return on Assets 5.73% Short-Term Rating -
Return on Common Equity 26.54%
Return on Capital 12.49% EBITDA/Interest Exp. 12.50
Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 9.01
Net Debt/EBITDA 0.20
Gross Margin - Total Debt/EBITDA 2.88
EBITDA Margin 13.9%
EBIT Margin 11.1% Total Debt/Equity 120.6%
Net Income Margin 7.5% Total Debt/Capital 54.1%
Asset Turnover 0.76
Current Ratio 1.12 Net Fixed Asset Turnover 4.10
Quick Ratio 0.74 Accounts receivable turnover-days 75.30
Debt to Assets 29.92% Inventory Days -
Tot Debt to Common Equity 120.60% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.86 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Ranbaxy Laboratories LtdPrice/Volume
Valuation Analysis
824'418.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
-,,
.,,
0,,
1,,
2,,
3,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
-', E
.', E
0', E
1', E
2', E
3', E
4', E
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
02',,
,0',-'.,-, ,0',4'.,-, ,0',-'.,-- ,0',4'.,-- ,0',-'.,-. ,0',4'.,-. ,0',-'.,-0 ,0',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DAIICHI SANKYO CO LT n/a Co File 268'711'323 63.51 - 30.06.2013 Corporation
LIFE INSURANCE CORP n/a Co File 52'211'602 12.34 - 30.06.2013 Government
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 6'079'259 1.44 (1'877'692) 31.08.2013 Other
SKAGEN KEN TIKI MUTU n/a Co File 5'310'187 1.25 - 30.06.2013 n/a
SKAGEN AS Multiple Portfolios MF-AGG 5'122'307 1.21 - 30.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 3'637'233 0.86 55'903 30.06.2013 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 3'354'000 0.79 (298'271) 28.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 2'043'800 0.48 - 27.09.2013 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 1'669'104 0.39 - 31.12.2012 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 981'834 0.23 - 31.12.2012 Government
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 865'023 0.2 865'023 31.08.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 519'139 0.12 4'623 30.06.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 493'315 0.12 - 30.04.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 433'851 0.1 - 27.09.2013 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 325'677 0.08 18'348 30.08.2013 Investment Advisor
BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 311'534 0.07 - 10.12.2012 Investment Advisor
CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 285'130 0.07 - 31.12.2012 Investment Advisor
IDFC MUTUAL FUND Multiple Portfolios MF-AGG 278'040 0.07 229'603 31.08.2013 Investment Advisor
KOTAK MAHINDRA Multiple Portfolios MF-AGG 203'881 0.05 187'054 31.08.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 188'055 0.04 (46'455) 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited DEEPAK SHIVPRAKASH KHETAN buy 5 M 368 Not Provided 27.09.2013
Batlivala & Karani Securities ROHIT V BHAT underperform 1 M 375 Not Provided 26.09.2013
Emkay Share & Stock Brokers ASHISH RATHI hold 3 D 308 Not Provided 25.09.2013
Edelweiss Capital PERIN ALI hold 3 M 365 Not Provided 25.09.2013
Fortune Equity Brokers (India) Ltd HITESH MAHIDA hold 3 M 358 12 month 24.09.2013
SBI Capital Markets VIVEK KUMAR buy 5 M 419 12 month 20.09.2013
Jefferies PIYUSH NAHAR hold 3 M 350 12 month 19.09.2013
Kotak Securities KRISHNA PRASAD reduce 2 M 300 Not Provided 19.09.2013
EVA Dimensions TIMOTHY STANISH underweight 1 U #N/A N/A Not Provided 18.09.2013
CIMB PRAKASH AGARWAL underperform 1 D 290 12 month 17.09.2013
Motilal Oswal Securities Ltd ALOK DALAL neutral 3 M 257 12 month 17.09.2013
Karvy Stock Broking Ltd RAHUL SHARMA buy 5 M 427 Not Provided 17.09.2013
Angel Broking Limited SARABJIT KOUR NANGRA neutral 3 M #N/A N/A Not Provided 17.09.2013
Antique Stock Broking Limited ANMOL GANJOO sell 1 D 251 Not Provided 17.09.2013
IIFL BINO PATHIPARAMPIL sell 1 D 283 12 month 17.09.2013
Morgan Stanley SAMEER BAISIWALA Equalwt/In-Line 3 M 373 12 month 16.09.2013
HSBC GIRISH BAKHRU underweight 1 D 421 Not Provided 16.09.2013
Anand Rathi Securities Pvt. Ltd. SRIRAM RATHI sell 1 D 382 Not Provided 16.09.2013
Nomura SAION MUKHERJEE buy 5 M 403 Not Provided 16.09.2013
IDFC Securities Ltd NITIN AGARWAL underperform 1 D 349 Not Provided 16.09.2013
Barclays BALAJI V PRASAD underweight 1 M 331 Not Provided 16.09.2013
India Nivesh Ltd BHAGWAN SINGH CHAUDHARY neutral 3 M #N/A N/A Not Provided 16.09.2013
UBS SONAL GUPTA neutral 3 M 500 12 month 12.09.2013
Macquarie ABHISHEK SINGHAL outperform 5 M 550 12 month 27.08.2013
Centrum Broking Pvt Ltd RANJIT KAPADIA hold 3 M 377 Not Provided 26.08.2013
Prabhudas Lilladher Pvt Ltd SURAJIT PAL buy 5 N 559 12 month 08.08.2013
JM Financial Institutional Securities P RAHUL SOLANKI buy 5 M 430 12 month 08.08.2013
ICICI Securities KARTIK A MEHTA buy 5 U 358 12 month 08.08.2013
Sunidhi Consultancy Services RASHMI SANCHETI neutral 3 M 344 12 month 08.08.2013
India Infoline BHAVIKA SHINDE market perform 3 D 310 12 month 08.08.2013
Quant Broking Pvt Ltd KIRIT GOGRI accumulate 4 U 343 Not Provided 08.08.2013
Elara Securities India Pvt Ltd AARTHISUNDARI JAYAKUMAR accumulate 4 U 332 Not Provided 08.08.2013
Khambatta Securities Ltd FATHIMA KHAN strong buy 5 U 384 Not Provided 08.08.2013
Credit Suisse ANUBHAV AGGARWAL neutral 3 M 310 Not Provided 07.08.2013
Tata Securities Limited VIHARI PURUSHOTHAMAN hold 3 U 280 12 month 07.08.2013
Dalal & Broacha PURVI SHAH hold 3 M 472 Not Provided 15.05.2013
Systematix Shares & Stocks Ltd SURYA NARAYAN PATRA hold 3 M 473 12 month 10.05.2013
Ventura Securities Ltd TEAM COVERAGE hold 3 M 584 Not Provided 09.05.2013
First Global Stockbroking DEVINA MEHRA moderate outperform 4 M #N/A N/A Not Provided 23.04.2013
Standard Chartered GAURAV PATHAK in-line 3 M 450 12 month 12.04.2013
NVS Brokerage Limited TEAM COVERAGE strong buy 5 M 750 12 month 22.05.2012
Espirito Santo Investment Bank ResearchCHIRAG TALATI neutral 3 M 500 Not Provided 10.05.2012
Holdings By:
Ranbaxy Laboratories Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
LIC Housing Finance Limited provides housing finance services to individuals
for purchase, construction, repair and renovation of new or existing flats and
houses. The Company also provides finance on existing property for business,
personal needs and gives loans to professionals for purchase, construction of
clinics, nursing homes, diagnostic centers, and office space throughout India.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (02.01.2013) 300.00
52-Week Low (04.09.2013) 152.00
Daily Volume
191.4
52-Week High % Change -35.63% Dividend Yield 1.99
52-Week Low % Change 25.92% Beta 1.17
% 52 Week Price Range High/Low 24.29% Equity Float 285.67
Shares Out 25.09.2013 504.7 Short Int -
96'592.49 1 Yr Total Return -28.80%
Total Debt 706'509.02 YTD Return -33.21%
Preferred Stock 0.0 Adjusted BETA 1.173
Minority Interest 7.6 Analyst Recs 48
Cash and Equivalents 14'209.39 Consensus Rating 4.625
Enterprise Value 788'899.70
Average Volume 5 Day 278'435
LICHF IB EQUITY YTD Change - Average Volume 30 Day 586'819
LICHF IB EQUITY YTD % CHANGE - Average Volume 3 Month 554'862
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
29'030.5 34'746.9 48'746.6 62'445.8 77'348.3 - - 22'804.4 24'683.3 - -
9.37x 12.56x 11.70x 11.07x 10.42x - - 3.31x 3.01x - -
27'417.2 33'108.2 46'553.1 58'338.3 73'388.6 - - - - - -
9.92x 13.18x 12.26x 11.85x 10.98x - - - - - -
5'321.7 6'888.3 9'518.8 9'198.5 10'475.1 - - 13'580.4 14'757.3 - -
3.58x 11.40x 11.28x 13.63x 10.83x - - 7.56x 6.59x - -
EBITDA 73'388.56 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 78.18% Long-Term Outlook -
Pretax Margin 18.26% Short-Term Rating Date -
Return on Assets 1.43% Short-Term Rating -
Return on Common Equity 17.11%
Return on Capital 1.49% EBITDA/Interest Exp. -
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 9.43
Gross Margin - Total Debt/EBITDA 9.63
EBITDA Margin 94.9%
EBIT Margin - Total Debt/Equity 1081.4%
Net Income Margin 13.5% Total Debt/Capital 91.5%
Asset Turnover 0.11
Current Ratio - Net Fixed Asset Turnover 112.95
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 87.60% Inventory Days -
Tot Debt to Common Equity 1081.39% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
LIC Housing Finance LtdPrice/Volume
Valuation Analysis
165'428.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
2,
-,,
-2,
.,,
.2,
0,,
02,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
2', E
-,', E
-2', E
.,', E
.2', E
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013,',,
,'.,
,'1,
,'3,
,'5,
-',,
-'.,
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LIFE INSURANCE CORP n/a Co File 203'442'495 40.31 - 30.06.2013 Government
HSBC GLOBAL INV MAUR n/a Co File 15'379'449 3.05 - 30.06.2013 Investment Advisor
BANK MUSCAT SAOG n/a Co File 11'496'000 2.28 - 30.06.2013 Bank
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 11'373'500 2.25 249'788 31.08.2013 Other
PRUDENTIAL ASSET MGM n/a Co File 9'791'730 1.94 - 30.06.2013 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 8'730'095 1.73 1'098'107 28.06.2013 Investment Advisor
ABU DHABI INVESTMENT n/a Co File 7'639'003 1.51 - 30.06.2013 Government
ICICI PRUDENTIAL LIF Multiple Portfolios MF-AGG 7'149'519 1.42 - 31.08.2013 Insurance Company
MORGAN STANLEY n/a ULT-AGG 6'514'503 1.29 - 30.06.2013 Investment Advisor
NEW INDIA ASSURANCE n/a Co File 6'286'608 1.25 - 30.06.2013 Government
GOVT PENSION FUND GL n/a Co File 5'761'922 1.14 - 30.06.2013 n/a
BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 5'492'245 1.09 2'026'726 31.08.2013 Investment Advisor
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 5'446'296 1.08 (6'687'898) 31.08.2013 Investment Advisor
WASATCH ADVISORS INC Multiple Portfolios MF-AGG 5'389'112 1.07 159'004 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 5'239'279 1.04 (2'117'243) 27.09.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 5'224'698 1.04 - 30.06.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 4'307'473 0.85 (522'954) 31.08.2013 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 4'119'295 0.82 - 31.12.2012 Investment Advisor
BANK OF NOVA SCOTIA n/a ULT-AGG 3'211'158 0.64 (241'500) 30.06.2013 Bank
BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 3'026'395 0.6 1'511'625 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited PRAVEEN AGRAWAL buy 5 M 204 Not Provided 27.09.2013
Macquarie SURESH GANAPATHY underperform 1 M 192 12 month 24.09.2013
ICICI Securities SANTANU CHAKRABARTI buy 5 M 270 12 month 24.09.2013
IIFL ABHISHEK MURARKA add 4 M 230 12 month 23.09.2013
Batlivala & Karani Securities VISHAL SHETH outperform 5 M 220 Not Provided 20.09.2013
Ambit Capital Pvt Ltd PANKAJ AGARWAL buy 5 M 268 12 month 19.09.2013
Nomura ABHISHEK BHATTACHARYA buy 5 M 255 Not Provided 13.09.2013
Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA buy 5 M 210 12 month 11.09.2013
Goldman Sachs RAHUL JAIN neutral/neutral 3 M 180 12 month 05.09.2013
BNP Paribas Equity Research AVNEESH SUKHIJA buy 5 M 231 12 month 03.09.2013
Espirito Santo Investment Bank ResearchSANTOSH SINGH buy 5 M 258 Not Provided 30.08.2013
Barclays ANISH TAWAKLEY equalweight 3 D 177 Not Provided 29.08.2013
Quant Broking Pvt Ltd NITIN KUMAR buy 5 M 220 Not Provided 29.08.2013
HDFC Securities SAMEER NARANG buy 5 M 195 12 month 26.08.2013
Spark Capital Advisors JYOTHI KUMAR VARMA buy 5 U 211 12 month 24.08.2013
Standard Chartered MAHRUKH ADAJANIA in-line 3 M 250 12 month 21.08.2013
Kotak Securities NISCHINT CHAWATHE buy 5 M 240 Not Provided 21.08.2013
ICICIdirect.com KAJAL GANDHI hold 3 M 160 Not Provided 21.08.2013
Nirmal Bang Securities Private Ltd SILKY JAIN buy 5 U 208 12 month 21.08.2013
GEPL Capital Pvt Ltd DISHA RAJESH HAZARI buy 5 N 194 12 month 20.08.2013
Shah Investor's Home Limited BUNTY CHAWLA accumulate 4 R 240 12 month 20.08.2013
Credit Suisse SUNIL TIRUMALAI outperform 5 M 200 Not Provided 19.08.2013
JPMorgan SAURABH S KUMAR overweight 5 M 225 6 month 19.08.2013
Motilal Oswal Securities Ltd ALPESH MEHTA buy 5 M 260 Not Provided 19.08.2013
Angel Broking Limited VAIBHAV AGRAWAL neutral 3 D #N/A N/A Not Provided 19.08.2013
Antique Stock Broking Limited ALOK KAPADIA buy 5 M 205 Not Provided 19.08.2013
Avendus Capital Private Ltd JAYNEE SHAH buy 5 M 298 Not Provided 19.08.2013
India Nivesh Ltd KAUSHAL K PATEL buy 5 M 248 Not Provided 19.08.2013
Cholamandalam Securities Limited KARTHIKEYAN P buy 5 M 238 Not Provided 19.08.2013
Religare Capital Markets ISHANK KUMAR buy 5 M 235 12 month 17.08.2013
Deutsche Bank MANISH SHUKLA buy 5 U 225 12 month 16.08.2013
JM Financial Institutional Securities P KARAN UBEROI buy 5 M 215 Not Provided 16.08.2013
Tata Securities Limited BIJOY SHAH buy 5 M 243 12 month 16.08.2013
Morgan Stanley SUBRAMANIAN IYER Overwt/Cautious 5 M 195 12 month 15.08.2013
HSBC TEJAS MEHTA overweight 5 U 243 Not Provided 15.08.2013
Emkay Share & Stock Brokers KASHYAP JHAVERI accumulate 4 M 240 Not Provided 14.08.2013
Edelweiss Capital KUNAL SHAH buy 5 M 250 12 month 14.08.2013
UBS VISHAL GOYAL buy 5 M 250 12 month 09.08.2013
EVA Dimensions DOUG WALTERS overweight 5 U #N/A N/A Not Provided 22.07.2013
Microsec Capital SANJEEV JAIN buy 5 M 317 18 month 08.06.2013
SBI Capital Markets RAVIKANT BHAT buy 5 M 290 12 month 08.05.2013
Aditya Birla Money Limited SUMIT JATIA buy 5 M 305 12 month 29.04.2013
IDFC Securities Ltd MANISH CHOWDHARY dropped coverage #N/A N/A M #N/A N/A Not Provided 13.03.2013
Holdings By:
LIC Housing Finance Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Reliance Power Limited develops, constructs, and operates power projects both
domestically and internationally.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (15.10.2012) 106.70
52-Week Low (28.03.2013) 58.55
Daily Volume
67.8
52-Week High % Change -36.32% Dividend Yield 0.00
52-Week Low % Change 15.80% Beta 1.50
% 52 Week Price Range High/Low 18.48% Equity Float 592.93
Shares Out 25.09.2013 2'805.1 Short Int -
190'187.59 1 Yr Total Return -31.20%
Total Debt 275'106.70 YTD Return -27.37%
Preferred Stock 0.0 Adjusted BETA 1.503
Minority Interest 15.0 Analyst Recs 19
Cash and Equivalents 61'232.70 Consensus Rating 2.684
Enterprise Value 404'076.59
Average Volume 5 Day 2'445'792
RPWR IB EQUITY YTD Change - Average Volume 30 Day 2'939'368
RPWR IB EQUITY YTD % CHANGE - Average Volume 3 Month 3'122'483
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
- 207.2 10'547.6 20'192.1 49'265.9 26'141.5 49'136.9 58'907.1 86'907.3 17'199.0 17'200.0
- 1619.01x 39.82x 22.48x 7.84x 28.51x 17.24x 8.23x 6.62x - -
(932.6) (1'056.1) 2'298.5 6'247.8 17'128.9 8'052.7 17'969.6 23'405.0 40'006.8 5'535.0 5'536.0
- - 182.72x 72.66x 22.56x 0.00x 0.00x 17.27x 10.10x - -
2'445.1 6'838.9 7'604.4 8'667.8 10'114.6 9'117.1 10'120.2 9'706.1 11'815.8 2'474.0 2'475.0
100.33x 52.38x 44.32x 37.91x 17.06x 32.78x 17.75x 19.06x 15.48x - -
EBITDA 17'128.90 Long-Term Rating Date -
EBIT 14'277.60 Long-Term Rating -
Operating Margin 28.98% Long-Term Outlook -
Pretax Margin 24.35% Short-Term Rating Date -
Return on Assets 2.22% Short-Term Rating -
Return on Common Equity 5.60%
Return on Capital 3.77% EBITDA/Interest Exp. 3.06
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -12.86
Net Debt/EBITDA 12.49
Gross Margin - Total Debt/EBITDA 16.06
EBITDA Margin 34.8%
EBIT Margin 29.0% Total Debt/Equity 148.1%
Net Income Margin 20.5% Total Debt/Capital 59.7%
Asset Turnover 0.11
Current Ratio 1.43 Net Fixed Asset Turnover 0.15
Quick Ratio 1.21 Accounts receivable turnover-days 73.53
Debt to Assets 52.97% Inventory Days -
Tot Debt to Common Equity 148.06% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.96 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Reliance Power LtdPrice/Volume
Valuation Analysis
1'254'943.00
Current Price (10/dd/yy) Market Data
,
.,
1,
3,
5,
-,,
-.,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
-', E
.', E
0', E
1', E
2', E
3', E
4', E
5', E
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
- ,,,',,
. ,,,',,
0 ,,,',,
1 ,,,',,
2 ,,,',,
3 ,,,',,
4 ,,,',,
5 ,,,',,
6 ,,,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
RELIANCE INFRASTRUCT n/a Co File 1'023'998'193 36.5 - 30.06.2013 Corporation
AAA PROJECT VENTURES n/a Co File 537'387'901 19.16 - 30.06.2013 Corporation
AAA INTERNATIONAL CA n/a Co File 267'776'331 9.55 - 30.06.2013 Other
RELIANCE ENTERPRISES n/a Co File 267'776'331 9.55 - 30.06.2013 Other
LIFE INSURANCE CORP n/a Co File 113'045'638 4.03 - 30.06.2013 Government
VANGUARD GROUP INC n/a ULT-AGG 16'452'102 0.59 841'068 30.06.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 11'535'941 0.41 359'827 30.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 7'448'447 0.27 - 27.09.2013 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 5'845'997 0.21 1'596'051 31.08.2013 Other
RELIANCE CAPITAL LTD n/a Co File 4'117'823 0.15 - 30.06.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 2'350'350 0.08 - 31.07.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 2'055'663 0.07 - 27.09.2013 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 1'484'215 0.05 83'616 30.08.2013 Investment Advisor
CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 1'262'823 0.05 - 31.12.2012 Investment Advisor
AMBANI KOKILA D n/a Co File 916'306 0.03 - 30.06.2013 n/a
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 680'318 0.02 (1'247'269) 31.08.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 612'611 0.02 (112'140) 31.05.2013 Investment Advisor
JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 555'888 0.02 - 31.08.2013 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 522'916 0.02 42'442 31.07.2013 Investment Advisor
EMERGING GLOBAL SHAR Multiple Portfolios MF-AGG 500'610 0.02 - 27.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Elara Securities India Pvt Ltd DEEPAK AGRAWALA buy 5 M 85 Not Provided 24.09.2013
Deutsche Bank ABHISHEK PURI sell 1 M 60 12 month 05.09.2013
Emkay Share & Stock Brokers AMIT GOLCHHA buy 5 M 111 Not Provided 28.08.2013
Batlivala & Karani Securities VISHAL BIRAIA sell 1 D 64 Not Provided 22.08.2013
UBS PANKAJ SHARMA buy 5 M 90 12 month 06.08.2013
BNP Paribas Equity Research GIRISH NAIR reduce 2 M 56 12 month 31.07.2013
Nomura ANIRUDH GANGAHAR reduce 2 M 94 Not Provided 31.07.2013
HDFC Securities ABHINAV SHARMA buy 5 M 105 12 month 31.07.2013
India Nivesh Ltd DALJEET SINGH KOHLI accumulate 4 M #N/A N/A Not Provided 31.07.2013
JPMorgan SUMIT KISHORE underweight 1 M 54 6 month 30.07.2013
Kotak Securities MURTUZA ARSIWALLA sell 1 M 75 Not Provided 30.07.2013
Prabhudas Lilladher Pvt Ltd RUPA SHAH accumulate 4 M 79 12 month 30.07.2013
ICICI Securities PRAKASH GAURAV GOEL sell 1 M 60 12 month 30.07.2013
Almondz Global Securities Ltd AMIT SHAH buy 5 M 101 Not Provided 17.07.2013
Credit Suisse AMISH SHAH underperform 1 M 73 Not Provided 16.07.2013
EVA Dimensions DOUG WALTERS sell 1 M #N/A N/A Not Provided 06.06.2013
IIFL HARSHAWARDHAN S DOLE sell 1 M 80 Not Provided 16.05.2013
Brics Securities NOVONIL GUHA buy 5 M 115 Not Provided 12.04.2013
Daiwa Securities Co. Ltd. SAURABH MEHTA underperform 1 U 70 Not Provided 18.03.2013
Barclays VENUGOPAL GARRE underweight 1 M 84 Not Provided 14.08.2012
Ventura Securities Ltd TEAM COVERAGE hold 3 M 112 Not Provided 11.11.2011
Axis Capital Limited BHAVIN VITHLANI Under Review #N/A N/A M #N/A N/A Not Provided 01.06.2010
Holdings By:
Reliance Power Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Cummins India Limited manufactures internal combustion engines, including
diesel, reciprocating piston, gas turbine and gasoline engines. The Company also
manufactures generating sets and public transport-type passenger motor vehicles,
including luxury coaches and air-field buses. In addition, Cummins India Ltd.
operates a computerized and fully-equipped research and development facility.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (09.01.2013) 550.00
52-Week Low (28.08.2013) 365.05
Daily Volume
410.95
52-Week High % Change -25.45% Dividend Yield 1.15
52-Week Low % Change 12.57% Beta 0.73
% 52 Week Price Range High/Low 21.68% Equity Float 113.57
Shares Out 25.09.2013 277.2 Short Int -
113'915.34 1 Yr Total Return -16.93%
Total Debt 904.72 YTD Return -18.20%
Preferred Stock 0.0 Adjusted BETA 0.726
Minority Interest 0.0 Analyst Recs 42
Cash and Equivalents 3'570.05 Consensus Rating 3.762
Enterprise Value 111'250.02
Average Volume 5 Day 214'088
KKC IB EQUITY YTD Change - Average Volume 30 Day 121'263
KKC IB EQUITY YTD % CHANGE - Average Volume 3 Month 71'677
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
35'285.3 - - - - - - - - - -
0.96x - - - - - - - - - -
5'562.5 - - - - - - - - - -
6.11x - - - - - - - - - -
4'629.1 - - - - - - 7'148.5 8'338.5 - -
7.91x - - - - - - 15.63x 13.30x - -
EBITDA 5'562.46 Long-Term Rating Date -
EBIT 5'075.14 Long-Term Rating -
Operating Margin 14.38% Long-Term Outlook -
Pretax Margin 18.05% Short-Term Rating Date -
Return on Assets 21.53% Short-Term Rating -
Return on Common Equity 34.05%
Return on Capital 31.86% EBITDA/Interest Exp. 162.38
Asset Turnover 1.64% (EBITDA-Capex)/Interest Exp. 135.30
Net Debt/EBITDA -0.48
Gross Margin - Total Debt/EBITDA 0.16
EBITDA Margin 15.8%
EBIT Margin 14.4% Total Debt/Equity 6.1%
Net Income Margin 13.1% Total Debt/Capital 5.7%
Asset Turnover 1.64
Current Ratio 2.30 Net Fixed Asset Turnover 13.07
Quick Ratio 1.33 Accounts receivable turnover-days 66.62
Debt to Assets 3.91% Inventory Days -
Tot Debt to Common Equity 6.09% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.48 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Cummins India LtdPrice/Volume
Valuation Analysis
13'842.00
Current Price (10/dd/yy) Market Data
,
-,,
.,,
0,,
1,,
2,,
3,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'. E
'1 E
'3 E
'5 E
-', E
-'. E
-'1 E
-'3 E
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
,',,
-,',,
.,',,
0,',,
1,',,
2,',,
3,',,
,.',1'.,,3,.'-,'.,,3,.',1'.,,4,.'-,'.,,4,.',1'.,,5,.'-,'.,,5,.',1'.,,6,.'-,'.,,6,.',1'.,-,,.'-,'.,-,,.',1'.,--,.'-,'.,--,.',1'.,-.,.'-,'.,-.,.',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CUMMINS INC n/a Co File 141'372'000 51 - 30.06.2013 Corporation
LIFE INSURANCE CORP n/a Co File 22'149'020 7.99 - 30.06.2013 Government
FRANKLIN RESOURCES n/a ULT-AGG 11'482'201 4.14 (51'923) 30.06.2013 Investment Advisor
RELIANCE CAPITAL TRU n/a Co File 7'784'544 2.81 - 30.06.2013 Other
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 7'169'857 2.59 2'087'313 30.06.2013 Investment Advisor
BIRLA SUN LIFE ASSET n/a Co File 5'567'417 2.01 - 30.06.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 4'513'800 1.63 - 30.06.2013 Investment Advisor
RELIANCE LIFE INSUR n/a Co File 3'965'572 1.43 - 30.06.2013 Insurance Company
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 3'628'750 1.31 (455'000) 31.08.2013 Investment Advisor
GENERAL INSURANCE CO n/a Co File 3'159'290 1.14 - 30.06.2013 Government
BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 2'807'558 1.01 10'418 31.08.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'492'373 0.9 18'000 31.08.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 2'238'922 0.81 (1'933) 31.07.2013 Investment Advisor
TATA ASSET MANAGEMEN Multiple Portfolios MF-AGG 1'922'248 0.69 - 31.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 1'856'001 0.67 376'028 30.06.2013 Investment Advisor
SUNDARAM ASSET MANAG Multiple Portfolios MF-AGG 1'740'070 0.63 - 31.08.2013 Investment Advisor
FMR LLC n/a ULT-AGG 1'564'632 0.56 (5'716) 31.08.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 1'514'665 0.55 - 31.12.2012 Government
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 1'460'814 0.53 436'719 31.07.2013 Investment Advisor
COMGEST GROWTH PLC Multiple Portfolios MF-AGG 1'115'179 0.4 1'156 28.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JM Financial Institutional Securities P SANDEEP TULSIYAN buy 5 M 460 Not Provided 30.09.2013
Axis Capital Limited BHAVIN VITHLANI hold 3 M 440 12 month 27.09.2013
Jefferies LAVINA QUADROS buy 5 M 465 12 month 26.09.2013
Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA accumulate 4 M 460 Not Provided 24.09.2013
Nomura AMAR KEDIA reduce 2 M 371 Not Provided 18.09.2013
Phillip Securities ANKUR SHARMA sell 1 M 370 Not Provided 16.09.2013
Ambit Capital Pvt Ltd BHARGAV BUDDHADEV buy 5 M 488 12 month 16.09.2013
Goldman Sachs PULKIT PATNI neutral/neutral 3 M 370 12 month 09.09.2013
Morgan Stanley ASHISH G JAIN Underwt/In-Line 1 M 358 12 month 08.09.2013
BNP Paribas Equity Research GIRISH NAIR reduce 2 M 318 12 month 04.09.2013
EVA Dimensions TIMOTHY STANISH hold 3 D #N/A N/A Not Provided 04.09.2013
Microsec Capital NEHA MAJITHIA buy 5 M 451 12 month 22.08.2013
Fortune Equity Brokers (India) Ltd TEAM COVERAGE buy 5 M 435 Not Provided 22.08.2013
Kotak Securities LOKESH GARG reduce 2 M 400 Not Provided 20.08.2013
Motilal Oswal Securities Ltd SATYAM AGARWAL buy 5 M 450 Not Provided 20.08.2013
Kantilal Chhaganlal Sec. Pvt. Ltd AMIT HARICHAND ANWANI buy 5 M 469 Not Provided 07.08.2013
Quantum Securities Pvt Ltd MAHESH BENDRE buy 5 U 74 12 month 06.08.2013
Stewart & Mackertich Wealth ManagementKHUSHBOO LAKAR long-term buy 5 M 437 Not Provided 06.08.2013
Macquarie INDERJEET SINGH BHATIA outperform 5 M 495 12 month 05.08.2013
Dalal & Broacha ASHUTOSH GARUD accumulate 4 U 452 12 month 05.08.2013
Antique Stock Broking Limited DHIRENDRA TIWARI buy 5 M 494 Not Provided 05.08.2013
IIFL GOPAL RITOLIA buy 5 M 485 12 month 05.08.2013
Quant Broking Pvt Ltd ABHINEET ANAND reduce 2 D 411 12 month 05.08.2013
HSBC ASHUTOSH NARKAR neutral 3 D 427 Not Provided 04.08.2013
HDFC Securities ABHINAV SHARMA neutral 3 D 430 12 month 03.08.2013
Deutsche Bank MANISH SAXENA sell 1 D 350 12 month 02.08.2013
Credit Suisse AMISH SHAH neutral 3 M 394 Not Provided 02.08.2013
CIMB HARISH BIHANI neutral 3 U 400 12 month 02.08.2013
Prabhudas Lilladher Pvt Ltd KUNAL SHETH accumulate 4 M 451 12 month 02.08.2013
ICICI Securities VIVEK SHARMA add 4 M 419 12 month 02.08.2013
Batlivala & Karani Securities RENU BAID outperform 5 D 406 Not Provided 02.08.2013
Tata Securities Limited RAVIKIRAN SURANA hold 3 M 388 12 month 02.08.2013
Religare Capital Markets MISAL SINGH buy 5 M 470 12 month 02.08.2013
Edelweiss Capital AMIT MAHAWAR buy 5 M 478 12 month 02.08.2013
Avendus Capital Private Ltd DEVANG PATEL hold 3 M 375 Not Provided 02.08.2013
Barclays VENUGOPAL GARRE equalweight 3 M 501 Not Provided 16.07.2013
Firstcall India Equity Advisors Pvt Ltd ASHISH KUSHWAHA buy 5 M 565 Not Provided 11.07.2013
Techno Shares & Stocks JIGISHA JAINI neutral 3 M #N/A N/A Not Provided 16.05.2013
Right Horizons Financial Services JAGDISH BHANUSHALI buy 5 M 600 Not Provided 04.03.2013
ITI Securities Ltd SUSHANTA BHATTACHARYYA buy 5 M 558 12 month 09.11.2012
Proactive Universal VINAY PANDIT hold 3 M 492 12 month 06.08.2012
Ashika Stock Broking Limited PARAS BOTHRA buy 5 M 513 Not Provided 05.07.2012
Holdings By:
Cummins India Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Hindustan Zinc Limited specializes in the exploration, mining and smelting of
zinc, lead and other non-ferrous metals. The Company's products include zinc
ore, lead zinc concentrate, zinc metal, lead metal, cadmium metal, silver metal
and sulfuric acid.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (18.12.2012) 146.80
52-Week Low (02.08.2013) 94.00
Daily Volume
131.3
52-Week High % Change -10.59% Dividend Yield 2.36
52-Week Low % Change 39.68% Beta 0.90
% 52 Week Price Range High/Low 73.96% Equity Float -
Shares Out 25.09.2013 4'225.3 Short Int -
554'784.44 1 Yr Total Return 0.11%
Total Debt 3.90 YTD Return -2.29%
Preferred Stock 0.0 Adjusted BETA 0.901
Minority Interest 0.0 Analyst Recs 41
Cash and Equivalents 214'776.30 Consensus Rating 4.707
Enterprise Value 340'012.02
Average Volume 5 Day 181'376
HZ IB EQUITY YTD Change - Average Volume 30 Day 295'500
HZ IB EQUITY YTD % CHANGE - Average Volume 3 Month 193'874
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
56'802.7 80'169.7 100'391.7 114'053.1 126'998.4 111'464.6 127'524.3 - - - -
1.76x 4.87x 4.31x 3.33x 2.34x 3.41x 2.33x - - - -
27'429.8 46'743.5 56'134.5 60'777.0 65'060.9 59'546.7 65'561.3 - - - -
3.65x 8.36x 7.71x 6.25x 4.58x 0.00x 0.00x - - - -
27'276.1 40'414.1 49'216.5 55'691.7 68'994.8 56'124.7 69'785.9 - - - -
6.99x 12.59x 11.83x 10.04x 7.43x 9.30x 6.19x - - - -
EBITDA 65'060.90 Long-Term Rating Date -
EBIT 58'588.50 Long-Term Rating -
Operating Margin 46.13% Long-Term Outlook -
Pretax Margin 61.58% Short-Term Rating Date -
Return on Assets 21.25% Short-Term Rating -
Return on Common Equity 23.33%
Return on Capital 23.34% EBITDA/Interest Exp. 1082.54
Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. 790.39
Net Debt/EBITDA -3.30
Gross Margin - Total Debt/EBITDA 0.00
EBITDA Margin 51.2%
EBIT Margin 46.1% Total Debt/Equity 0.0%
Net Income Margin 54.3% Total Debt/Capital 0.0%
Asset Turnover 0.39
Current Ratio 12.63 Net Fixed Asset Turnover 1.38
Quick Ratio 11.63 Accounts receivable turnover-days 10.57
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 34.54 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Hindustan Zinc LtdPrice/Volume
Valuation Analysis
41'640.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
.,
1,
3,
5,
-,,
-.,
-1,
-3,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'. E'1 E'3 E'5 E-', E-'. E-'1 E-'3 E-'5 E.', E
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
-3',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STERLITE INDUSTRIES n/a Co File 2'743'154'310 64.92 - 30.06.2013 Corporation
GOVERNMENT OF INDIA n/a Co File 2'495'901'180 59.07 - 30.06.2013 Government
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 23'215'897 0.55 1'116'353 31.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 6'825'265 0.16 1'551'298 30.06.2013 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 5'920'539 0.14 2'700'000 31.08.2013 Other
TATA ASSET MANAGEMEN Multiple Portfolios MF-AGG 5'113'700 0.12 (382'648) 31.08.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 3'956'865 0.09 - 31.05.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 3'868'930 0.09 - 27.09.2013 Investment Advisor
BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 3'687'157 0.09 198'526 31.08.2013 Investment Advisor
BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 3'608'212 0.09 768'618 31.08.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 1'744'770 0.04 - 30.06.2013 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 1'696'312 0.04 (27'831) 28.06.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'606'063 0.04 - 27.09.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'433'916 0.03 - 31.08.2013 Investment Advisor
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 1'238'584 0.03 (215'523) 31.08.2013 Investment Advisor
CANARA ROBECO ASSET Multiple Portfolios MF-AGG 1'155'074 0.03 80'000 31.08.2013 Investment Advisor
SEB n/a ULT-AGG 809'890 0.02 - 31.03.2013 Unclassified
BNP PARIBAS ASSET MA Multiple Portfolios MF-AGG 677'600 0.02 - 31.08.2013 Investment Advisor
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 673'907 0.02 (40'280) 31.08.2013 Investment Advisor
STATE STREET CORP n/a ULT-AGG 474'962 0.01 - 27.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Motilal Oswal Securities Ltd SANJAY JAIN buy 5 M 155 Not Provided 30.09.2013
Axis Capital Limited JAGDISHWAR TOPPO buy 5 M 148 Not Provided 27.09.2013
Macquarie RAKESH ARORA outperform 5 M 152 12 month 26.09.2013
Batlivala & Karani Securities PARIN TANNA outperform 5 M 150 Not Provided 26.09.2013
Emkay Share & Stock Brokers GOUTAM CHAKRABORTY buy 5 M 146 Not Provided 17.09.2013
Centrum Broking Pvt Ltd ABHISAR JAIN buy 5 M 142 Not Provided 16.09.2013
Angel Broking Limited BHAVESH CHAUHAN buy 5 M 151 Not Provided 13.09.2013
ICICI Securities ABHIJIT MITRA buy 5 M 149 12 month 11.09.2013
India Infoline TARANG BHANUSHALI buy 5 M 143 12 month 10.09.2013
Deutsche Bank ANUJ SINGLA buy 5 M 144 12 month 09.09.2013
Espirito Santo Investment Bank ResearchRITESH SHAH buy 5 M 169 Not Provided 05.09.2013
Quant Broking Pvt Ltd KALPESH MAKWANA accumulate 4 M 155 Not Provided 05.09.2013
Standard Chartered SATISH KUMAR outperform 5 M 163 12 month 04.09.2013
HSBC JIGAR MISTRY overweight 5 M 170 Not Provided 04.09.2013
Kotak Securities KAWALJEET SALUJA add 4 M 160 Not Provided 30.08.2013
Nomura AMAR KEDIA buy 5 M 161 Not Provided 30.08.2013
Dolat Capital Market Ltd. RAM MODI buy 5 M 145 Not Provided 23.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 118 Not Provided 17.08.2013
Barclays CHIRAG SHAH overweight 5 M 138 Not Provided 02.08.2013
Equirus Securities Pvt Ltd ASHUTOSH TIWARI buy 5 M 143 12 month 23.07.2013
Credit Suisse NEELKANTH MISHRA outperform 5 M 133 Not Provided 22.07.2013
CIMB RAHUL JAIN underperform 1 M 98 12 month 22.07.2013
Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR buy 5 M 141 12 month 22.07.2013
SBI Capital Markets JATIN Y DAMANIA buy 5 M 125 12 month 22.07.2013
JM Financial Institutional Securities P ASHUTOSH SOMANI buy 5 M 140 12 month 22.07.2013
Phillip Securities DHAWAL DOSHI buy 5 M 147 Not Provided 22.07.2013
IDFC Securities Ltd SAUMIL MEHTA outperform 5 M 152 12 month 22.07.2013
Edelweiss Capital PRASAD BAJI buy 5 M 155 Not Provided 22.07.2013
ICICIdirect.com DEWANG SANGHAVI buy 5 M 140 15 month 22.07.2013
MSFL - Institutional Business Group TANUJ RASTOGI buy 5 M 144 12 month 22.07.2013
Nirmal Bang Institutional Equities GIRIRAJ DAGA buy 5 M 139 Not Provided 22.07.2013
Elara Securities India Pvt Ltd ASHISH KEJRIWAL buy 5 M 148 12 month 19.07.2013
Daiwa Securities Co. Ltd. DEEPAK PODDAR buy 5 M 149 Not Provided 15.07.2013
IIFL BIJAL SHAH buy 5 M 151 12 month 02.07.2013
EVA Dimensions TIMOTHY STANISH buy 5 M #N/A N/A Not Provided 06.06.2013
Antique Stock Broking Limited AMIT AGARWAL buy 5 M 143 Not Provided 26.04.2013
Systematix Shares & Stocks Ltd ERIC MARTINS accumulate 4 M 169 12 month 26.04.2013
Right Horizons Financial Services JAGDISH BHANUSHALI buy 5 M 170 Not Provided 24.01.2013
Sushil Finance Consultants Ltd ISHPREET KAUR BATRA accumulate 4 U 158 Not Provided 22.10.2012
Way2Wealth Brokers Ltd ABHILASHA SATALE neutral 3 M #N/A N/A Not Provided 20.10.2012
ULJK Securities Pvt. Ltd. India P SANTOSH KUMAR buy 5 M 158 18 month 06.09.2012
SMC Global Securities Ltd. PRITESH JANI underperform 1 M 132 Not Provided 23.07.2012
Violet Arch Securities KUNAL MOTISHAW overweight 5 N 140 Not Provided 16.05.2012
Holdings By:
Hindustan Zinc Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Reliance Infrastructure Ltd. generates, distributes, and transmits electricity.
The Company also builds highways, roads, bridges, rapid transit systems,
airports, and other projects. Reliance Infrastructure is a member of the
Reliance Anil Dhirubhai Ambani Group.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (10.01.2013) 572.35
52-Week Low (02.08.2013) 308.00
Daily Volume
373.65
52-Week High % Change -34.43% Dividend Yield 1.98
52-Week Low % Change 21.31% Beta 1.68
% 52 Week Price Range High/Low 23.87% Equity Float 109.03
Shares Out 25.09.2013 263.0 Short Int -
98'266.21 1 Yr Total Return -31.10%
Total Debt 219'761.80 YTD Return -26.75%
Preferred Stock 0.0 Adjusted BETA 1.678
Minority Interest 2'312.2 Analyst Recs 24
Cash and Equivalents 30'023.60 Consensus Rating 4.667
Enterprise Value 290'316.61
Average Volume 5 Day 510'162
RELI IB EQUITY YTD Change - Average Volume 30 Day 599'836
RELI IB EQUITY YTD % CHANGE - Average Volume 3 Month 621'897
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
100'916.0 112'984.1 98'095.4 173'631.7 155'100.7 240'188.6 223'191.2 217'261.7 231'314.1 55'615.0 -
1.64x 2.59x 2.58x 1.78x 1.79x 2.28x 2.51x 0.97x 1.05x - -
8'515.8 12'947.5 18'980.8 27'392.2 29'906.2 26'721.1 30'176.2 32'641.0 36'601.7 10'313.0 -
19.44x 22.57x 13.34x 11.27x 9.27x 0.00x 0.00x 8.89x 7.93x - -
13'532.3 15'193.9 15'516.1 15'868.1 22'468.3 16'134.0 22'500.7 17'186.3 18'952.6 4'227.0 -
8.77x 14.82x 11.12x 9.78x 3.80x 9.22x 4.08x 5.89x 5.52x - -
EBITDA 29'906.20 Long-Term Rating Date -
EBIT 24'395.20 Long-Term Rating -
Operating Margin 15.73% Long-Term Outlook -
Pretax Margin 15.83% Short-Term Rating Date -
Return on Assets 3.51% Short-Term Rating -
Return on Common Equity 8.92%
Return on Capital 8.13% EBITDA/Interest Exp. 1.89
Asset Turnover 0.24% (EBITDA-Capex)/Interest Exp. -0.67
Net Debt/EBITDA 6.34
Gross Margin - Total Debt/EBITDA 7.35
EBITDA Margin 19.3%
EBIT Margin 15.7% Total Debt/Equity 84.1%
Net Income Margin 14.5% Total Debt/Capital 45.5%
Asset Turnover 0.24
Current Ratio 1.01 Net Fixed Asset Turnover 1.34
Quick Ratio 0.29 Accounts receivable turnover-days 101.80
Debt to Assets 33.05% Inventory Days -
Tot Debt to Common Equity 84.13% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.59 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Reliance Infrastructure LtdPrice/Volume
Valuation Analysis
333'212.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
-,,
.,,
0,,
1,,
2,,
3,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'. E'1 E'3 E'5 E-', E-'. E-'1 E-'3 E-'5 E
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
180'000.0
200'000.0
1998199920002001200220032004200520062007200820092010201120122013
,',,
-,',,
.,',,
0,',,
1,',,
2,',,
3,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AAA PROJECT VENTURES n/a Co File 106'148'937 40.36 - 30.06.2013 Corporation
LIFE INSURANCE CORP n/a Co File 26'332'848 10.01 - 30.06.2013 Government
RELIANCE BIG ENTERTA n/a Co File 19'500'000 7.41 - 30.06.2013 Other
NEW INDIA ASSURANCE n/a Co File 4'284'186 1.63 - 30.06.2013 Government
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 4'256'524 1.62 225'000 31.08.2013 Other
VANGUARD GROUP INC n/a ULT-AGG 3'678'734 1.4 272'030 30.06.2013 Investment Advisor
ORIENTAL INSURANCE C n/a Co File 3'448'891 1.31 - 30.06.2013 Insurance Company
GENERAL INSURANCE CO n/a Co File 3'234'303 1.23 - 30.06.2013 Government
BRANDES INVESTMENT P Multiple Portfolios MF-AGG 1'916'600 0.73 457'850 31.08.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'820'241 0.69 1'812'880 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'588'381 0.6 (16'000) 27.09.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 1'315'011 0.5 - 27.09.2013 Investment Advisor
RELIANCE INNOVENTURE n/a Co File 864'675 0.33 - 30.06.2013 Other
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 753'914 0.29 319'421 31.08.2013 Investment Advisor
SEB n/a ULT-AGG 723'706 0.28 656'600 31.03.2013 Unclassified
ROBECO n/a ULT-AGG 556'864 0.21 109'525 30.04.2013 Unclassified
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 530'646 0.2 (70'708) 31.03.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 523'100 0.2 - 31.07.2013 Investment Advisor
RELIANCE ADA GROUP T n/a Co File 450'000 0.17 - 30.06.2013 n/a
INVESCO LTD n/a ULT-AGG 379'858 0.14 - 27.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
KR Choksey Shares & Sec Pvt Ltd ANKUSH MAHAJAN buy 5 M 587 Not Provided 27.09.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 425 Not Provided 17.09.2013
India Nivesh Ltd SANTOSH YELLAPU buy 5 M 610 Not Provided 03.09.2013
Batlivala & Karani Securities DHAVAL PATEL buy 5 M 464 Not Provided 30.08.2013
Nirmal Bang Institutional Equities AMIT K SRIVASTAVA buy 5 M 590 12 month 26.08.2013
Morgan Stanley PARAG GUPTA Overwt/In-Line 5 M 460 12 month 23.08.2013
JPMorgan SUMIT KISHORE overweight 5 M 530 6 month 23.08.2013
IDFC Securities Ltd SHIRISH RANE outperform 5 M 616 12 month 23.08.2013
Edelweiss Capital SHANKAR K buy 5 M 509 12 month 23.08.2013
UBS PANKAJ SHARMA buy 5 M 535 12 month 19.08.2013
Motilal Oswal Securities Ltd NALIN BHATT buy 5 M 695 Not Provided 19.08.2013
Kotak Securities MURTUZA ARSIWALLA buy 5 M 710 Not Provided 31.07.2013
Prabhudas Lilladher Pvt Ltd RUPA SHAH accumulate 4 M 402 12 month 31.07.2013
Barclays SAURABH MISHRA equalweight 3 M 455 Not Provided 31.07.2013
HSBC ASHUTOSH NARKAR neutral 3 M 400 Not Provided 02.07.2013
ICICI Securities ROHIT AHUJA buy 5 M 1'081 12 month 24.06.2013
EVA Dimensions DOUG WALTERS overweight 5 M #N/A N/A Not Provided 06.06.2013
IIFL HARSHAWARDHAN S DOLE add 4 M 550 Not Provided 16.05.2013
Prime Broking Company ROHIT SANGHAVI strong buy 5 M 666 Not Provided 31.01.2013
Ventura Securities Ltd TEAM COVERAGE hold 3 M 336 Not Provided 30.01.2013
BNP Paribas Equity Research VISHAL SHARMA buy 5 M 723 12 month 28.01.2013
Standard Chartered GAURAV PATHAK outperform 5 N 623 12 month 18.10.2012
Holdings By:
Reliance Infrastructure Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Power Finance Corporation funds power projects in India. The Company serves
state power utilities, central power sector utilities, power departments,
private power sector utilities, joint sector power utilities, power equipment
manufacturers, and municipal power utilities.
Latest Fiscal Year: 03/2013
LTM as of: 03/yy
52-Week High (08.02.2013) 227.00
52-Week Low (02.08.2013) 97.40
Daily Volume
129.9
52-Week High % Change -42.56% Dividend Yield 5.39
52-Week Low % Change 33.37% Beta 1.32
% 52 Week Price Range High/Low 25.77% Equity Float 238.87
Shares Out 25.09.2013 1'320.0 Short Int -
171'472.78 1 Yr Total Return -28.35%
Total Debt 1'395'827.10 YTD Return -33.96%
Preferred Stock 0.0 Adjusted BETA 1.324
Minority Interest 0.0 Analyst Recs 34
Cash and Equivalents 1'477.20 Consensus Rating 4.382
Enterprise Value 1'565'822.67
Average Volume 5 Day 308'105
POWF IB EQUITY YTD Change - Average Volume 30 Day 509'549
POWF IB EQUITY YTD % CHANGE - Average Volume 3 Month 532'665
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
65'720.2 81'217.1 102'141.0 130'774.2 172'850.6 0.0 18'169.4 75'102.8 81'174.3 17'858.5 17'214.5
10.46x 11.91x 11.16x 10.28x 9.45x #DIV/0! 0.00x - - - -
64'433.3 80'285.9 100'484.9 126'001.7 168'931.1 0.0 17'903.9 - - - -
10.67x 12.05x 11.35x 10.67x 9.67x 0.00x 0.00x - - - -
19'796.9 23'783.0 26'471.2 30'588.5 44'377.4 0.0 3'905.8 47'445.4 51'598.0 11'800.0 10'215.0
8.38x 12.47x 10.84x 7.81x 5.37x 0.00x 0.00x 3.62x 3.29x 4.48x 4.64x
EBITDA 168'931.10 Long-Term Rating Date 30.01.2007
EBIT - Long-Term Rating BBB-
Operating Margin 93.70% Long-Term Outlook NEG
Pretax Margin 34.67% Short-Term Rating Date 23.08.2004
Return on Assets 2.90% Short-Term Rating NR
Return on Common Equity 19.74%
Return on Capital 3.01% EBITDA/Interest Exp. -
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 8.25
Gross Margin - Total Debt/EBITDA 8.26
EBITDA Margin 97.7%
EBIT Margin - Total Debt/Equity 577.8%
Net Income Margin 25.7% Total Debt/Capital 85.2%
Asset Turnover 0.11
Current Ratio - Net Fixed Asset Turnover 240.15
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 82.14% Inventory Days -
Tot Debt to Common Equity 577.80% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Power Finance Corp LtdPrice/Volume
Valuation Analysis
239'302.00
Current Price (10/dd/yy) Market Data
,
2,
-,,
-2,
.,,
.2,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'2 E
-', E
-'2 E
.', E
.'2 E
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
180'000.0
200'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013,',,
,'.,
,'1,
,'3,
,'5,
-',,
-'.,
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 973'061'665 73.71 - 30.06.2013 Government
LIFE INSURANCE CORP n/a EXCH 93'582'498 7.09 - 23.09.2013 Government
GOVT PENSION FUND GL n/a Co File 14'491'465 1.1 - 30.06.2013 n/a
NORGES BANK Multiple Portfolios MF-AGG 12'380'528 0.94 - 31.12.2012 Government
VANGUARD GROUP INC n/a ULT-AGG 9'114'836 0.69 541'082 30.06.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 8'863'988 0.67 1'304'466 31.08.2013 Investment Advisor
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 6'853'886 0.52 - 31.08.2013 Investment Advisor
ROBECO n/a ULT-AGG 6'798'287 0.52 1'608 30.04.2013 Unclassified
ICICI PRUDENTIAL LIF Multiple Portfolios MF-AGG 6'785'171 0.51 - 31.08.2013 Insurance Company
NOMURA n/a ULT-AGG 4'818'954 0.37 22'599 10.05.2013 Unclassified
BLACKROCK n/a ULT-AGG 4'348'689 0.33 (424'799) 27.09.2013 Investment Advisor
SEB n/a ULT-AGG 3'769'274 0.29 2'564'223 31.03.2013 Unclassified
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 2'444'581 0.19 (1'650'615) 27.09.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'838'955 0.14 - 31.05.2013 Investment Advisor
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 1'544'882 0.12 (78'000) 31.08.2013 Investment Advisor
JYSKE INVEST Multiple Portfolios MF-AGG 1'485'550 0.11 112'958 31.07.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 1'463'963 0.11 - 30.04.2013 Investment Advisor
KOTAK MAHINDRA Multiple Portfolios MF-AGG 1'334'000 0.1 224'000 31.08.2013 Investment Advisor
SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 1'200'000 0.09 - 18.07.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'154'735 0.09 - 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie SURESH GANAPATHY outperform 5 M 130 12 month 30.09.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 150 Not Provided 28.09.2013
Axis Capital Limited PRAVEEN AGRAWAL buy 5 M 130 Not Provided 27.09.2013
Daiwa Securities Co. Ltd. PUNIT SRIVASTAVA buy 5 U 248 Not Provided 19.09.2013
Goldman Sachs RAHUL JAIN Buy/Neutral 5 M 135 12 month 05.09.2013
BNP Paribas Equity Research AVNEESH SUKHIJA buy 5 M 155 12 month 03.09.2013
Espirito Santo Investment Bank ResearchSANTOSH SINGH buy 5 M 177 Not Provided 30.08.2013
Barclays JATIN MAMTANI underweight 1 M 101 Not Provided 29.08.2013
HDFC Securities DARPIN SHAH neutral 3 M 116 12 month 26.08.2013
Antique Stock Broking Limited DIGANT HARIA hold 3 M 123 12 month 22.08.2013
Kotak Securities NISCHINT CHAWATHE buy 5 M 185 Not Provided 21.08.2013
Motilal Oswal Securities Ltd ALPESH MEHTA Under Review #N/A N/A M #N/A N/A Not Provided 19.08.2013
Spark Capital Advisors JYOTHI KUMAR VARMA buy 5 M 160 12 month 08.08.2013
HSBC TEJAS MEHTA overweight 5 M 130 Not Provided 07.08.2013
JM Financial Institutional Securities P KARAN UBEROI buy 5 M 160 12 month 07.08.2013
Equirus Securities Pvt Ltd DEVAM MODI buy 5 M 163 12 month 07.08.2013
Anand Rathi Securities Pvt. Ltd. KAITAV SHAH buy 5 M 187 Not Provided 06.08.2013
Batlivala & Karani Securities VISHAL SHETH outperform 5 M 152 Not Provided 06.08.2013
Sunidhi Consultancy Services AMIT JAIN buy 5 M 178 12 month 06.08.2013
Tata Securities Limited BIJOY SHAH buy 5 M 151 12 month 05.08.2013
Ambit Capital Pvt Ltd PANKAJ AGARWAL sell 1 M #N/A N/A Not Provided 05.08.2013
Quant Broking Pvt Ltd NITIN KUMAR buy 5 M 212 12 month 05.08.2013
Avendus Capital Private Ltd JAYNEE SHAH buy 5 M 197 Not Provided 05.08.2013
Quantum Securities Pvt Ltd RATI PANDIT buy 5 M 160 Not Provided 05.08.2013
Deutsche Bank MANISH SHUKLA buy 5 M 170 12 month 04.08.2013
Religare Capital Markets SIDDHARTH TELI buy 5 M 180 12 month 03.08.2013
Nomura ABHISHEK BHATTACHARYA buy 5 M 240 Not Provided 02.08.2013
Edelweiss Capital KUNAL SHAH buy 5 M 155 12 month 02.08.2013
IIFL SAMPATH S K KUMAR reduce 2 M 214 12 month 25.06.2013
Microsec Capital SANJEEV JAIN buy 5 M #N/A N/A Not Provided 08.06.2013
EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013
Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA accumulate 4 D 210 Not Provided 09.04.2013
India Nivesh Ltd DALJEET SINGH KOHLI not rated #N/A N/A M #N/A N/A Not Provided 31.01.2013
ICICI Securities SHASHIN UPADHYAY add 4 N 233 12 month 09.11.2012
ULJK Securities Pvt. Ltd. India SIDDHARTH PUROHIT buy 5 M 225 12 month 25.05.2012
Ashika Stock Broking Limited PARAS BOTHRA buy 5 M 235 Not Provided 17.04.2012
Inventure Growth & Securities Ltd MILAN BAVISHI buy 5 M #N/A N/A Not Provided 26.03.2012
Dalmia Securities Pvt Ltd SUBRATA SARKAR buy 5 M 252 Not Provided 02.08.2011
Holdings By:
Power Finance Corp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Indian Oil Corporation Limited explores for and refines crude oil, in addition
to manufacturing petroleum & petroleum products. The Company's products include
lubricating oils, liquid petroleum gas, aviation turbine fuels, greases, wax,
bitumen and asphalt. Indian Oil Corporation has retail outlets throughout India.
The greatest majority shareholding in the Company is held by Indian Government.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (18.01.2013) 375.00
52-Week Low (31.07.2013) 186.20
Daily Volume
205.7
52-Week High % Change -45.05% Dividend Yield 3.01
52-Week Low % Change 10.47% Beta 0.75
% 52 Week Price Range High/Low 11.57% Equity Float 171.04
Shares Out 25.09.2013 2'428.0 Short Int -
499'429.84 1 Yr Total Return -16.16%
Total Debt 895'958.80 YTD Return -21.49%
Preferred Stock 0.0 Adjusted BETA 0.751
Minority Interest 12'617.6 Analyst Recs 40
Cash and Equivalents 148'272.80 Consensus Rating 3.825
Enterprise Value 1'259'733.43
Average Volume 5 Day 78'792
IOCL IB EQUITY YTD Change - Average Volume 30 Day 83'528
IOCL IB EQUITY YTD % CHANGE - Average Volume 3 Month 77'182
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
2'441'665.6 2'333'291.8 3'097'970.2 4'089'230.0 4'617'796.7 - - ######### ######### - -
0.32x 0.43x 0.40x 0.32x 0.31x - - 0.24x 0.23x - -
135'248.5 144'779.6 148'675.4 224'275.8 163'080.5 - - 165'623.2 188'411.8 - -
5.70x 6.92x 8.34x 5.85x 8.85x - - 7.60x 6.68x - -
25'994.0 107'131.9 78'307.2 42'259.8 44'490.1 - - 59'666.1 71'731.4 - -
18.11x 6.70x 10.32x 15.09x 15.37x - - 8.44x 6.91x - -
EBITDA 163'080.50 Long-Term Rating Date 29.12.2009
EBIT 105'794.80 Long-Term Rating NR
Operating Margin 2.29% Long-Term Outlook -
Pretax Margin 0.98% Short-Term Rating Date -
Return on Assets 1.94% Short-Term Rating -
Return on Common Equity 7.21%
Return on Capital 5.70% EBITDA/Interest Exp. 2.73
Asset Turnover 2.02% (EBITDA-Capex)/Interest Exp. 0.59
Net Debt/EBITDA 4.58
Gross Margin - Total Debt/EBITDA 5.49
EBITDA Margin 3.5%
EBIT Margin 2.3% Total Debt/Equity 142.1%
Net Income Margin 1.0% Total Debt/Capital 58.2%
Asset Turnover 2.02
Current Ratio 1.03 Net Fixed Asset Turnover 5.65
Quick Ratio 0.21 Accounts receivable turnover-days 9.51
Debt to Assets 37.69% Inventory Days -
Tot Debt to Common Equity 142.13% Accounts Payable Turnover Day -
Accounts Receivable Turnover 38.40 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Indian Oil Corp LtdPrice/Volume
Valuation Analysis
43'222.00
Current Price (10/dd/yy) Market Data
,
2,
-,,
-2,
.,,
.2,
0,,
02,
1,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'. E'1 E'3 E'5 E-', E-'. E-'1 E-'3 E-'5 E.', E
0.0
500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
3'000'000.0
3'500'000.0
4'000'000.0
4'500'000.0
5'000'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 1'916'155'710 78.92 - 30.06.2013 Government
OIL & NATURAL GAS CO n/a Co File 212'906'190 8.77 - 30.06.2013 Government
LIFE INSURANCE CORP n/a Co File 69'545'001 2.86 - 30.06.2013 Government
IOC SHARES TRUST n/a Co File 58'279'614 2.4 - 30.06.2013 n/a
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 8'891'995 0.37 - 31.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 8'621'821 0.36 1'817'747 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 3'655'581 0.15 - 31.12.2012 Government
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 2'852'300 0.12 (25'200) 31.08.2013 Investment Advisor
BRANDES INVESTMENT P Multiple Portfolios MF-AGG 2'367'089 0.1 594'550 31.08.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 2'123'116 0.09 - 27.09.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'533'501 0.06 - 31.08.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'452'614 0.06 - 27.09.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 1'339'609 0.06 117'187 30.04.2013 Investment Advisor
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 1'000'811 0.04 (59'568) 31.08.2013 Investment Advisor
WARBURG INVEST LUXEM Multiple Portfolios MF-AGG 1'000'000 0.04 - 28.03.2013 Investment Advisor
L&T INVESTMENT MANAG Multiple Portfolios MF-AGG 715'000 0.03 - 31.08.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 464'300 0.02 - 31.07.2013 Investment Advisor
CAPITAL AT WORK INTE Multiple Portfolios MF-AGG 450'000 0.02 - 30.08.2013 Investment Advisor
QUANTUM ASSET MGMT C Multiple Portfolios MF-AGG 258'365 0.01 - 31.08.2013 Investment Advisor
WELLS FARGO & COMPAN n/a ULT-AGG 253'733 0.01 48 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JM Financial Institutional Securities P GARIMA MISHRA hold 3 M 259 Not Provided 30.09.2013
Nomura ANIL SHARMA buy 5 M 325 Not Provided 30.09.2013
Batlivala & Karani Securities BHAVIN GANDHI outperform 5 M 272 Not Provided 27.09.2013
Axis Capital Limited AMIT MISHRA hold 3 M 210 Not Provided 27.09.2013
Credit Suisse SANJAY MOOKIM neutral 3 M 233 Not Provided 24.09.2013
Ambit Capital Pvt Ltd DAYANAND MITTAL buy 5 M 251 12 month 19.09.2013
Quant Broking Pvt Ltd GAGAN DIXIT buy 5 M 333 Not Provided 19.09.2013
HSBC KUMAR MANISH neutral 3 M 262 Not Provided 17.09.2013
Motilal Oswal Securities Ltd HARSHAD BORAWAKE buy 5 M 271 Not Provided 12.09.2013
Tata Securities Limited SWARNENDU BHUSHAN sell 1 D 195 12 month 11.09.2013
CIMB AVADHOOT SABNIS outperform 5 U 290 12 month 09.09.2013
Antique Stock Broking Limited AMIT RUSTAGI buy 5 M 302 Not Provided 06.09.2013
IIFL BHASKAR CHAKRABORTY buy 5 M 260 12 month 21.08.2013
Macquarie ABHISHEK AGARWAL outperform 5 M 300 12 month 20.08.2013
Spark Capital Advisors MAYUR PATEL add 4 U 255 12 month 19.08.2013
Emkay Share & Stock Brokers DHAVAL JOSHI accumulate 4 M 285 Not Provided 16.08.2013
SBI Capital Markets AMIT AGARWAL buy 5 M 293 12 month 14.08.2013
HDFC Securities AISHWARYA DEEPAK buy 5 M 260 12 month 14.08.2013
ICICIdirect.com MAYUR MATANI hold 3 M 204 15 month 14.08.2013
Barclays SOMSHANKAR SINHA underweight 1 M 225 Not Provided 14.08.2013
BOB Capital Markets NEELABH SHARMA hold 3 D 224 12 month 14.08.2013
Deutsche Bank HARSHAD KATKAR buy 5 M 265 12 month 13.08.2013
Morgan Stanley VINAY JAISING Underwt/Attractive 1 M 163 12 month 13.08.2013
JPMorgan NEIL GUPTE neutral 3 M 320 6 month 13.08.2013
IDFC Securities Ltd PRAKASH JOSHI underperform 1 M 198 12 month 13.08.2013
IDBI Capital Market Services Ltd SUDEEP ANAND accumulate 4 U 227 Not Provided 13.08.2013
Edelweiss Capital NIRAJ MANSINGKA buy 5 M 324 12 month 13.08.2013
Standard Chartered RAHUL SINGH outperform 5 M 251 12 month 12.08.2013
EVA Dimensions DOUG WALTERS underweight 1 D #N/A N/A Not Provided 29.07.2013
Daiwa Securities Co. Ltd. NIRMAL RAGHAVAN buy 5 U 303 Not Provided 12.07.2013
UBS ASHISH JAGNANI neutral 3 M 255 12 month 11.07.2013
Religare Capital Markets NITIN TIWARI Under Review #N/A N/A M #N/A N/A Not Provided 08.07.2013
Avendus Capital Private Ltd SAURABH BHARAT buy 5 M 371 Not Provided 26.06.2013
Kotak Securities TARUN LAKHOTIA add 4 M 250 Not Provided 21.06.2013
Goldman Sachs NILESH BANERJEE Sell/Neutral 1 M 285 12 month 13.06.2013
Elara Securities India Pvt Ltd ALOK DESHPANDE accumulate 4 M 640 Not Provided 06.06.2013
Systematix Shares & Stocks Ltd SUDARSHAN NARASIMHAN buy 5 M #N/A N/A Not Provided 03.06.2013
India Infoline PRAYESH JAIN market perform 3 M 340 12 month 13.03.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 339 Not Provided 02.03.2013
LKP Shares and Securities Ltd CHIRAG DHAIFULE neutral 3 M 276 Not Provided 17.08.2012
IFCI Financial Services ABHIJEET BORA sell 1 M 286 12 month 06.07.2012
Equirus Securities Pvt Ltd MAULIK PATEL buy 5 M 350 15 month 07.12.2011
Holdings By:
Indian Oil Corp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Federal Bank Limited operates branches and regional offices throughout India.
The Bank offers a wide range of financial services, including merchant banking,
international banking and foreign exchange, leasing facilities, money markets
and agricultural advances. The Bank also provides lending for hi-tech
agricultural and government sponsored schemes.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (02.01.2013) 550.75
52-Week Low (04.09.2013) 221.25
Daily Volume
286.45
52-Week High % Change -47.72% Dividend Yield 3.14
52-Week Low % Change 29.47% Beta 1.09
% 52 Week Price Range High/Low 19.36% Equity Float 136.68
Shares Out 25.09.2013 171.0 Short Int -
48'976.86 1 Yr Total Return -34.86%
Total Debt 59'562.30 YTD Return -45.59%
Preferred Stock 0.0 Adjusted BETA 1.088
Minority Interest 0.0 Analyst Recs 36
Cash and Equivalents 37'294.98 Consensus Rating 4.500
Enterprise Value -
Average Volume 5 Day 49'076
FB IB EQUITY YTD Change - Average Volume 30 Day 70'454
FB IB EQUITY YTD % CHANGE - Average Volume 3 Month 59'017
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
38'308.2 43'031.4 45'700.4 61'135.8 69'107.6 - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
4'720.1 4'396.7 5'564.7 7'537.3 8'526.6 - - - - - -
5.00x 10.38x 12.87x 9.68x 9.64x - - - - - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 44.77% Long-Term Outlook -
Pretax Margin 44.87% Short-Term Rating Date -
Return on Assets 1.30% Short-Term Rating -
Return on Common Equity 14.38%
Return on Capital 7.55% EBITDA/Interest Exp. -
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 95.1%
Net Income Margin 31.6% Total Debt/Capital 48.7%
Asset Turnover 0.11
Current Ratio - Net Fixed Asset Turnover 18.45
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 8.39% Inventory Days -
Tot Debt to Common Equity 95.07% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Federal Bank LtdPrice/Volume
Valuation Analysis
43'310.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
-,,
.,,
0,,
1,,
2,,
3,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
.', E
1', E
3', E
5', E
-,', E
-.', E
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
-',,
.',,
0',,
1',,
2',,
3',,
4',,
5',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRANKLIN RESOURCES n/a ULT-AGG 16'851'477 9.86 3'546'073 30.06.2013 Investment Advisor
INTERNATIONAL FINANC n/a Co File 8'224'239 4.81 - 30.06.2013 Government
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 6'928'130 4.05 44'000 31.08.2013 Investment Advisor
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 6'726'347 3.93 163'500 31.08.2013 Investment Advisor
WARHOL LTD n/a Co File 6'565'212 3.84 - 30.06.2013 Holding Company
YUSUFFAL MUSALIAM VE n/a Co File 6'315'364 3.69 - 30.06.2013 n/a
LIFE INSURANCE CORP n/a Co File 4'918'543 2.88 - 30.06.2013 Government
MORGAN STANLEY n/a ULT-AGG 4'787'930 2.8 - 30.06.2013 Investment Advisor
NAPEAN TRDG INVES CO n/a Co File 4'103'041 2.4 - 30.06.2013 Other
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 3'914'854 2.29 (1'521'359) 31.08.2013 Other
GENERAL INSURANCE CO n/a Co File 3'885'000 2.27 - 30.06.2013 Government
EQUINOX PARTNERS LP n/a Co File 3'643'927 2.13 - 30.06.2013 Hedge Fund Manager
EASTSPRING INVESTMEN n/a Co File 3'519'348 2.06 - 30.06.2013 Investment Advisor
DEUTSCHE BANK TRUST n/a Co File 3'381'312 1.98 - 30.06.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 3'247'353 1.9 93'767 30.04.2013 Investment Advisor
AMANSA CAPITAL PVT L n/a Co File 2'789'680 1.63 - 30.06.2013 Other
SUN LIFE FINANCIAL I n/a ULT-AGG 2'553'722 1.49 56'173 31.07.2013 Investment Advisor
BANK MUSCAT SAOG n/a Co File 2'362'171 1.38 - 30.06.2013 Bank
KUROTO FUND LP n/a Co File 1'900'907 1.11 - 30.06.2013 n/a
REGAL INV TRADING CO n/a Co File 1'846'029 1.08 - 30.06.2013 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HDFC Securities DARPIN SHAH buy 5 M 409 12 month 23.09.2013
Spark Capital Advisors ABHINESH VIJAYARAJ buy 5 M 448 12 month 23.09.2013
Anand Rathi Securities Pvt. Ltd. KAITAV SHAH buy 5 M 364 Not Provided 19.09.2013
Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA buy 5 M 420 12 month 11.09.2013
Goldman Sachs RAHUL JAIN Buy/Neutral 5 M 410 12 month 05.09.2013
Batlivala & Karani Securities VIKASH MUNDHRA outperform 5 M 450 Not Provided 05.09.2013
Espirito Santo Investment Bank ResearchSAIKIRAN PULAVARTHI buy 5 M 565 Not Provided 05.09.2013
Equirus Securities Pvt Ltd ROHAN MANDORA buy 5 M 410 12 month 05.09.2013
Kotak Securities MB MAHESH buy 5 M 400 Not Provided 03.09.2013
Ambit Capital Pvt Ltd RAVI SINGH buy 5 M 312 12 month 29.08.2013
Barclays ANISH TAWAKLEY overweight 5 M 390 Not Provided 29.08.2013
UBS VISHAL GOYAL buy 5 M 425 12 month 27.08.2013
Sunidhi Consultancy Services KANIKA THACKER buy 5 M 547 12 month 23.08.2013
ICICIdirect.com KAJAL GANDHI hold 3 M 320 Not Provided 21.08.2013
Almondz Global Securities Ltd SHIVRAJ GUPTA buy 5 M 513 Not Provided 20.08.2013
Motilal Oswal Securities Ltd ALPESH MEHTA buy 5 M 446 Not Provided 19.08.2013
JM Financial Institutional Securities P PUNEET GULATI Under Review #N/A N/A M #N/A N/A Not Provided 01.08.2013
Nirmal Bang Securities Private Ltd SILKY JAIN buy 5 M 470 Not Provided 24.07.2013
Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA accumulate 4 M 421 12 month 23.07.2013
Centrum Broking Pvt Ltd BHAVESH KANANI hold 3 D 425 12 month 23.07.2013
Quantum Securities Pvt Ltd RATI PANDIT buy 5 M 510 12 month 23.07.2013
CIMB VIVEK VERMA neutral 3 M 400 12 month 22.07.2013
Emkay Share & Stock Brokers PRADEEP AGRAWAL buy 5 M 580 Not Provided 22.07.2013
Edelweiss Capital NILESH PARIKH buy 5 M 575 Not Provided 22.07.2013
Sharekhan Ltd TEAM COVERAGE buy 5 M 500 Not Provided 22.07.2013
EVA Dimensions DOUG WALTERS overweight 5 D #N/A N/A Not Provided 12.07.2013
First Global Stockbroking DEVINA MEHRA market perform 3 M #N/A N/A Not Provided 07.05.2013
MSFL - Institutional Business Group LAXMI AHUJA buy 5 M 537 12 month 06.05.2013
Dani Shares and Stocks Pvt Ltd NAMITA LOHIA buy 5 M 600 Not Provided 03.05.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 M 490 Not Provided 02.05.2013
India Infoline BHAVNA SINYAL buy 5 U 584 9 month 06.03.2013
Fairwealth Securities Ltd PREETI GUPTA buy 5 M 609 12 month 08.02.2013
Angel Broking Limited VAIBHAV AGRAWAL accumulate 4 M 549 Not Provided 18.12.2012
Right Horizons Financial Services JAGDISH BHANUSHALI hold 3 M 540 Not Provided 05.11.2012
Maybank Kim Eng JIGAR A SHAH buy 5 M 525 Not Provided 22.10.2012
SKP Securities Limited VIKESH P MEHTA buy 5 U 468 12 month 05.09.2012
JHP Securities Private Limited KUNAL SABNIS buy 5 U 498 1 month 04.08.2012
ULJK Securities Pvt. Ltd. India RICHA CHANDAK buy 5 M 530 12 month 24.01.2012
Holdings By:
Federal Bank Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
United Phosphorus Ltd. manufactures, distributes and exports off-patent
agrochemicals. The Company also manufactures phosphorus & phosphorus-based
compounds and its products include herbicides, fungicides, insecticides,
fumigants and rodenticides. United Phosphorus also manufactures industrial
chemicals, specialty chemicals and chloralkaline products
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (05.06.2013) 167.50
52-Week Low (15.11.2012) 108.00
Daily Volume
142.85
52-Week High % Change -14.54% Dividend Yield 1.75
52-Week Low % Change 32.27% Beta 1.09
% 52 Week Price Range High/Low 61.68% Equity Float 301.28
Shares Out 25.09.2013 442.6 Short Int -
63'226.03 1 Yr Total Return 10.57%
Total Debt 42'033.20 YTD Return 11.71%
Preferred Stock 0.0 Adjusted BETA 1.087
Minority Interest 2'342.3 Analyst Recs 28
Cash and Equivalents 18'216.40 Consensus Rating 4.750
Enterprise Value 89'385.13
Average Volume 5 Day 122'550
UNTP IB EQUITY YTD Change - Average Volume 30 Day 168'856
UNTP IB EQUITY YTD % CHANGE - Average Volume 3 Month 182'966
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
48'021.2 52'900.4 57'606.8 76'713.2 91'945.2 78'925.3 92'395.9 103'052.4 113'964.0 22'804.0 24'387.0
1.26x 1.34x 1.13x 1.16x 0.85x 1.10x 0.85x 0.88x 0.75x - -
9'791.1 9'156.9 10'858.3 14'066.6 16'846.5 14'469.9 17'240.6 18'686.7 20'888.8 4'252.0 5'164.0
6.16x 7.74x 5.98x 6.33x 4.64x 0.00x 0.00x 4.78x 4.28x - -
4'558.7 5'261.6 5'576.2 5'555.5 7'746.0 5'741.5 7'843.4 8'946.3 10'463.9 1'493.0 2'036.0
9.47x 12.46x 12.00x 10.81x 6.86x 10.11x 7.70x 7.04x 6.02x - -
EBITDA 16'846.50 Long-Term Rating Date -
EBIT 13'309.30 Long-Term Rating -
Operating Margin 14.48% Long-Term Outlook -
Pretax Margin 10.62% Short-Term Rating Date -
Return on Assets 6.79% Short-Term Rating -
Return on Common Equity 17.57%
Return on Capital 12.11% EBITDA/Interest Exp. 5.33
Asset Turnover 0.81% (EBITDA-Capex)/Interest Exp. 3.82
Net Debt/EBITDA 1.41
Gross Margin - Total Debt/EBITDA 2.50
EBITDA Margin 18.3%
EBIT Margin 14.5% Total Debt/Equity 90.5%
Net Income Margin 8.4% Total Debt/Capital 46.3%
Asset Turnover 0.81
Current Ratio 1.77 Net Fixed Asset Turnover 6.21
Quick Ratio 1.07 Accounts receivable turnover-days 101.83
Debt to Assets 33.75% Inventory Days -
Tot Debt to Common Equity 90.49% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.58 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
United Phosphorus LtdPrice/Volume
Valuation Analysis
70'082.00
Current Price (10/dd/yy) Market Data
,.,1,3,5,
-,,-.,-1,-3,-5,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'2 E
-', E
-'2 E
.', E
.'2 E
0', E
0'2 E
1', E
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NERKA CHEMICALS PVT n/a Co File 98'633'100 22.28 - 30.06.2013 Other
UNIPHOS ENTERPRISES n/a Co File 25'337'060 5.72 - 30.06.2013 Corporation
HDFC LIFE INSURANCE n/a Co File 17'251'955 3.9 - 30.06.2013 Insurance Company
GOLDMAN SACHS ASIA L n/a Co File 15'410'833 3.48 - 30.06.2013 Investment Advisor
LIFE INSURANCE CORP n/a Co File 13'311'787 3.01 - 30.06.2013 Government
RELIANCE CAPITAL TRU n/a Co File 8'608'573 1.94 - 30.06.2013 Other
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 7'722'554 1.74 (648'627) 31.08.2013 Investment Advisor
ICICI PRUDENTIAL LIF n/a Co File 7'610'111 1.72 - 30.06.2013 Insurance Company
CAPITAL GROUP COMPAN n/a ULT-AGG 6'232'375 1.41 792'375 30.06.2013 Investment Advisor
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 6'120'000 1.38 320'000 31.08.2013 Investment Advisor
CITIBANK INTERNATION n/a Co File 5'681'083 1.28 - 30.06.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 5'492'009 1.24 234'060 30.04.2013 Investment Advisor
CREDIT SUISSE/SINGAP n/a Co File 4'602'187 1.04 - 30.06.2013 Bank
INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 3'327'511 0.75 8'721 31.01.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 3'206'868 0.72 - 28.03.2013 Investment Advisor
SUNDARAM ASSET MANAG Multiple Portfolios MF-AGG 2'935'000 0.66 (35'472) 31.08.2013 Investment Advisor
SHROFF SHILPA R n/a Co File 2'907'279 0.66 - 30.06.2013 n/a
BRANDES INVESTMENT P Multiple Portfolios MF-AGG 2'790'325 0.63 1'224'444 31.08.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 2'696'693 0.61 492'200 30.06.2013 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1'603'466 0.36 (1'133'322) 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Edelweiss Capital MANISH MAHAWAR buy 5 M 185 12 month 30.09.2013
Angel Broking Limited SARABJIT KOUR NANGRA buy 5 M 225 Not Provided 13.09.2013
Kotak Securities JASDEEP WALIA reduce 2 M 135 Not Provided 21.08.2013
Motilal Oswal Securities Ltd JINESH K GANDHI buy 5 M 205 Not Provided 19.08.2013
Phillip Securities GAURI ANAND buy 5 M 165 Not Provided 26.07.2013
IIFL ABHIJIT R AKELLA add 4 M 175 12 month 26.07.2013
Indsec Securities & Finance Ltd MILAN WADKAR buy 5 M 191 12 month 25.07.2013
Emkay Share & Stock Brokers ROHAN GUPTA accumulate 4 M 172 Not Provided 25.07.2013
Quant Broking Pvt Ltd HIMANSHU NAYYAR buy 5 M 270 12 month 25.07.2013
MSFL - Institutional Business Group RAHUL METKAR buy 5 M 205 12 month 25.07.2013
Quantum Securities Pvt Ltd AMIT RANE buy 5 M 196 12 month 25.07.2013
India Nivesh Ltd DALJEET SINGH KOHLI buy 5 M 217 Not Provided 25.07.2013
Deutsche Bank AMIT MURARKA buy 5 M 175 12 month 24.07.2013
Morgan Stanley GIRISH ACHHIPALIA Overwt/Attractive 5 M 196 12 month 24.07.2013
CIMB ATUL RASTOGI outperform 5 M 185 12 month 24.07.2013
Prabhudas Lilladher Pvt Ltd BALWINDAR SINGH buy 5 M 185 12 month 24.07.2013
Batlivala & Karani Securities G VIJAYARAGHAVAN buy 5 M 175 Not Provided 24.07.2013
HDFC Securities SATISH MISHRA neutral 3 M 150 12 month 24.07.2013
Sharekhan Ltd TEAM COVERAGE buy 5 M 180 Not Provided 24.07.2013
Right Horizons Financial Services TUSHAR PENDHARKAR buy 5 M 170 12 month 24.07.2013
EVA Dimensions TIMOTHY STANISH buy 5 M #N/A N/A Not Provided 06.06.2013
Sunidhi Consultancy Services SHYAM BHATT buy 5 M 183 12 month 02.05.2013
UBS GAUTAM CHHAOCHHARIA buy 5 M 180 12 month 26.04.2013
IDFC Securities Ltd NITIN AGARWAL outperform 5 M 240 18 month 25.04.2013
JHP Securities Private Limited ABHISHEK JAIN buy 5 M 168 12 month 28.02.2013
Nirmal Bang Securities Private Ltd RUNJHUN JAIN NAGRAJ buy 5 M #N/A N/A Not Provided 31.01.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 134 Not Provided 30.10.2012
Spark Capital Advisors MUKESH SARAF add 4 D 140 12 month 23.07.2012
Shah Investor's Home Limited AMEYA HARDAS buy 5 M 158 12 month 03.05.2012
Prime Broking Company ROHIT SANGHAVI buy 5 D 167 Not Provided 31.01.2012
Holdings By:
United Phosphorus Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Siemens Ltd. has its operations in various areas: in the transportation sector
it delivers high speed trains, in the lighting sector it manufactures small
light bulbs. In the healthcare sector Siemens executes complete solutions for
hospitals, for the industry sector it builds airports as well as produces
contracts & for the communication segment it provides public network to mobiles.
Latest Fiscal Year: 09/2012
LTM as of: 01/yy
52-Week High (04.10.2012) 749.95
52-Week Low (03.09.2013) 414.05
Daily Volume
488
52-Week High % Change -34.88% Dividend Yield 1.23
52-Week Low % Change 17.86% Beta 1.15
% 52 Week Price Range High/Low 19.05% Equity Float 51.06
Shares Out 25.09.2013 356.1 Short Int -
173'786.50 1 Yr Total Return -30.63%
Total Debt 0.00 YTD Return -26.17%
Preferred Stock 0.0 Adjusted BETA 1.153
Minority Interest 0.0 Analyst Recs 26
Cash and Equivalents 12'750.40 Consensus Rating 1.846
Enterprise Value 161'036.10
Average Volume 5 Day 44'048
SIEM IB EQUITY YTD Change - Average Volume 30 Day 78'686
SIEM IB EQUITY YTD % CHANGE - Average Volume 3 Month 58'408
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y 09/13 Q4 12/13 Q1
96'336.4 92'336.3 95'752.1 119'063.4 - - - 115'903.7 131'158.5 - -
1.24x 1.88x 2.70x 2.29x - - - 1.35x 1.15x - -
7'274.2 10'386.8 13'296.2 12'670.3 - - - 6'757.4 10'270.7 - -
16.46x 16.67x 19.47x 21.49x - - - 23.86x 15.68x - -
5'995.5 7'046.0 7'577.7 8'677.5 - - - 3'759.7 6'438.4 - -
22.41x 26.66x 36.64x 32.71x - - - 45.24x 26.30x - -
EBITDA 12'670.26 Long-Term Rating Date -
EBIT 11'130.35 Long-Term Rating -
Operating Margin 9.35% Long-Term Outlook -
Pretax Margin 10.83% Short-Term Rating Date -
Return on Assets 8.91% Short-Term Rating -
Return on Common Equity 24.46%
Return on Capital 24.70% EBITDA/Interest Exp. 99.55
Asset Turnover 1.22% (EBITDA-Capex)/Interest Exp. 65.51
Net Debt/EBITDA -1.01
Gross Margin 24.1% Total Debt/EBITDA 0.00
EBITDA Margin 10.6%
EBIT Margin 9.3% Total Debt/Equity 0.0%
Net Income Margin 7.3% Total Debt/Capital 0.0%
Asset Turnover 1.22
Current Ratio 1.35 Net Fixed Asset Turnover 9.65
Quick Ratio 0.86 Accounts receivable turnover-days 116.24
Debt to Assets 0.00% Inventory Days 30.84
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 116.43
Accounts Receivable Turnover 3.14 Cash Conversion Cycle 30.65
Inventory Turnover 11.84
Fiscal Year Ended
Siemens LtdPrice/Volume
Valuation Analysis
29'001.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
-,,
.,,
0,,
1,,
2,,
3,,
4,,
5,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'- E'- E'. E'. E'0 E'0 E'1 E'1 E'2 E
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
,',,
2,',,
-,,',,
-2,',,
.,,',,
.2,',,
0,,',,
02,',,
,2'-,'.,,5,2',1'.,,6,2'-,'.,,6,2',1'.,-,,2'-,'.,-,,2',1'.,--,2'-,'.,--,2',1'.,-.,2'-,'.,-.,2',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SIEMENS AG n/a Co File 255'351'805 71.7 - 30.06.2013 Corporation
LIFE INSURANCE CORP n/a Co File 37'960'310 10.66 - 30.06.2013 Government
SIEMENS VAI METALS T n/a Co File 11'738'108 3.3 - 30.06.2013 Corporation
VANGUARD GROUP INC n/a ULT-AGG 2'416'083 0.68 140'525 30.06.2013 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 1'345'840 0.38 (61'004) 31.08.2013 Other
IDFC MUTUAL FUND Multiple Portfolios MF-AGG 1'034'212 0.29 57'958 31.08.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 832'055 0.23 - 27.09.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 459'893 0.13 1'221 31.08.2013 Investment Advisor
SUNDARAM ASSET MANAG Multiple Portfolios MF-AGG 402'476 0.11 (58'875) 31.08.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 304'066 0.09 - 27.09.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 267'628 0.08 71'388 30.04.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 266'390 0.07 - 31.12.2012 Government
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 254'380 0.07 (174'068) 31.08.2013 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 182'967 0.05 10'308 30.08.2013 Investment Advisor
CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 153'197 0.04 - 31.12.2012 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 143'080 0.04 - 28.06.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 133'428 0.04 - 27.09.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 122'093 0.03 21'874 30.04.2013 Investment Advisor
STATE STREET CORP n/a ULT-AGG 109'099 0.03 - 27.09.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 104'980 0.03 - 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited BHAVIN VITHLANI sell 1 M 351 Not Provided 27.09.2013
Jefferies LAVINA QUADROS hold 3 M 465 12 month 26.09.2013
Phillip Securities ANKUR SHARMA neutral 3 M 400 Not Provided 04.09.2013
Deutsche Bank MANISH SAXENA sell 1 M 390 12 month 28.08.2013
Motilal Oswal Securities Ltd SATYAM AGARWAL neutral 3 M 333 Not Provided 20.08.2013
Macquarie INDERJEET SINGH BHATIA underperform 1 D 386 12 month 05.08.2013
CIMB HARISH BIHANI underperform 1 M 400 12 month 05.08.2013
Prabhudas Lilladher Pvt Ltd KUNAL SHETH reduce 2 M 410 12 month 05.08.2013
Anand Rathi Securities Pvt. Ltd. AMOL RAO sell 1 M 290 12 month 05.08.2013
Antique Stock Broking Limited DHIRENDRA TIWARI hold 3 M 402 Not Provided 05.08.2013
Quant Broking Pvt Ltd ABHINEET ANAND sell 1 M 395 12 month 05.08.2013
Nirmal Bang Institutional Equities CHIRAG MUCHHALA sell 1 M 362 Not Provided 05.08.2013
JPMorgan SUMIT KISHORE underweight 1 M 400 12 month 04.08.2013
Tata Securities Limited RAVIKIRAN SURANA sell 1 M 380 12 month 03.08.2013
Religare Capital Markets MISAL SINGH hold 3 M 460 12 month 03.08.2013
Daiwa Securities Co. Ltd. SAURABH MEHTA underperform 1 M 420 Not Provided 02.08.2013
Kotak Securities LOKESH GARG reduce 2 U 400 Not Provided 02.08.2013
Batlivala & Karani Securities RENU BAID underperform 1 M 375 Not Provided 02.08.2013
Edelweiss Capital AMIT MAHAWAR hold 3 M 431 12 month 02.08.2013
IIFL GOPAL RITOLIA sell 1 M 352 12 month 01.08.2013
HSBC ASHUTOSH NARKAR neutral 3 U 590 Not Provided 03.07.2013
EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013
BNP Paribas Equity Research GIRISH NAIR buy 5 M 620 12 month 06.03.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 M 581 Not Provided 06.03.2013
Ventura Securities Ltd TEAM COVERAGE sell 1 M #N/A N/A Not Provided 04.02.2013
Barclays VENUGOPAL GARRE underweight 1 M 590 Not Provided 10.09.2012
Jaypee Capital Services JYOTSNA SAWDEKAR sell 1 M 750 Not Provided 18.01.2012
Holdings By:
Siemens Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Jaiprakash Associates Ltd. is an industrial conglomerate. The Company's lines
of business include engineering and construction, cement, power, hospitality,
real estate, and expressways and highways.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (12.12.2012) 106.75
52-Week Low (19.08.2013) 28.40
Daily Volume
34.95
52-Week High % Change -67.12% Dividend Yield 1.43
52-Week Low % Change 23.06% Beta 1.73
% 52 Week Price Range High/Low 8.30% Equity Float 1'112.32
Shares Out 25.09.2013 2'219.1 Short Int -
77'556.98 1 Yr Total Return -58.95%
Total Debt 631'109.80 YTD Return -63.61%
Preferred Stock 0.0 Adjusted BETA 1.729
Minority Interest 38'601.5 Analyst Recs 36
Cash and Equivalents 18'573.40 Consensus Rating 4.028
Enterprise Value 728'694.87
Average Volume 5 Day 2'226'962
JPA IB EQUITY YTD Change - Average Volume 30 Day 4'778'416
JPA IB EQUITY YTD % CHANGE - Average Volume 3 Month 4'356'026
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
46'177.9 63'743.3 112'593.4 147'732.3 188'163.9 - - 220'204.8 258'973.8 - -
6.04x 9.33x 5.30x 4.87x 4.23x - - 3.03x 2.57x - -
19'046.5 23'459.3 50'554.3 55'188.3 68'248.1 - - 79'143.1 99'675.5 - -
14.65x 25.34x 11.80x 13.03x 11.67x - - 9.21x 7.31x - -
4'202.5 11'191.8 17'928.2 6'329.2 4'617.9 - - 5'676.9 11'969.6 2'089.0 2'564.0
27.77x 28.24x 11.00x 27.45x 30.41x - - 12.41x 6.31x - -
EBITDA 68'248.10 Long-Term Rating Date -
EBIT 53'933.10 Long-Term Rating -
Operating Margin 28.66% Long-Term Outlook -
Pretax Margin 4.92% Short-Term Rating Date -
Return on Assets 0.53% Short-Term Rating -
Return on Common Equity 3.84%
Return on Capital 6.01% EBITDA/Interest Exp. 1.57
Asset Turnover 0.22% (EBITDA-Capex)/Interest Exp. -1.26
Net Debt/EBITDA 8.98
Gross Margin - Total Debt/EBITDA 9.25
EBITDA Margin 36.3%
EBIT Margin 28.7% Total Debt/Equity 502.8%
Net Income Margin 2.5% Total Debt/Capital 79.4%
Asset Turnover 0.22
Current Ratio 0.94 Net Fixed Asset Turnover 0.35
Quick Ratio 0.18 Accounts receivable turnover-days 35.26
Debt to Assets 66.75% Inventory Days -
Tot Debt to Common Equity 502.76% Accounts Payable Turnover Day -
Accounts Receivable Turnover 10.35 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Jaiprakash Associates LtdPrice/Volume
Valuation Analysis
2'041'987.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
.,
1,
3,
5,
-,,
-.,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
.', E
1', E
3', E
5', E
-,', E
-.', E
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
180'000.0
200'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
.,',,
1,',,
3,',,
5,',,
-,,',,
-.,',,
-1,',,
-3,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAYPEE VENTURES PVT n/a Co File 726'150'727 32.72 - 30.06.2013 Corporation
LIFE INSURANCE CORP n/a Co File 109'139'905 4.92 - 30.06.2013 Government
HSBC GLOBAL INV MAUR n/a Co File 72'707'028 3.28 - 30.06.2013 Investment Advisor
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 71'275'887 3.21 (3'873) 31.08.2013 Investment Advisor
GAUR SAMIR n/a Co File 67'850'627 3.06 - 30.06.2013 n/a
PLATINUM INVESTMENT n/a Co File 65'977'318 2.97 - 30.06.2013 Investment Advisor
DIXIT REKHA n/a Co File 49'727'066 2.24 - 30.06.2013 n/a
SHARMA SUNIL KUMAR n/a Co File 45'076'415 2.03 - 30.06.2013 n/a
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 41'048'709 1.85 1'392'710 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 28'501'944 1.28 823'229 30.06.2013 Investment Advisor
GAUR SUNNY n/a Co File 26'973'781 1.22 - 30.06.2013 n/a
DIMENSIONAL FUND ADV n/a ULT-AGG 24'173'757 1.09 (46'954) 30.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 13'849'808 0.62 (1'766'321) 27.09.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 13'663'320 0.62 211'758 31.08.2013 Investment Advisor
HSBC INVESTMENTS HON Multiple Portfolios MF-AGG 10'816'469 0.49 - 11.03.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 7'659'065 0.35 - 31.12.2012 Government
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 6'571'839 0.3 6'571'839 31.08.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 6'468'909 0.29 844'786 31.03.2013 Investment Advisor
JAIN SARAT KUMAR n/a Co File 5'448'016 0.25 - 30.06.2013 n/a
JAIN KUMUD n/a Co File 5'322'894 0.24 - 30.06.2013 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited NITIN IDNANI buy 5 M 51 Not Provided 27.09.2013
Macquarie INDERJEET SINGH BHATIA underperform 1 M 38 12 month 12.09.2013
Maybank Kim Eng ANUBHAV GUPTA buy 5 M 55 12 month 12.09.2013
HDFC Securities ANKUR KULSHRESTHA buy 5 M 51 12 month 12.09.2013
Angel Broking Limited VIRAL SHAH neutral 3 D #N/A N/A Not Provided 12.09.2013
Edelweiss Capital AASHIESH AGARWAAL buy 5 M 102 Not Provided 12.09.2013
ICICIdirect.com DEEPAK PURSWANI buy 5 M 50 12 month 12.09.2013
Barclays SAURABH MISHRA overweight 5 M 78 Not Provided 12.09.2013
India Nivesh Ltd SANTOSH YELLAPU buy 5 M 66 Not Provided 12.09.2013
Morgan Stanley AKSHAY SONI Equalwt/In-Line 3 M 42 12 month 11.09.2013
Credit Suisse AMISH SHAH outperform 5 M 92 Not Provided 11.09.2013
IDFC Securities Ltd SHIRISH RANE outperform 5 M 89 12 month 11.09.2013
EVA Dimensions TIMOTHY STANISH hold 3 U #N/A N/A Not Provided 11.09.2013
Goldman Sachs PULKIT PATNI neutral/neutral 3 M 38 12 month 09.09.2013
Sharekhan Ltd TEAM COVERAGE buy 5 M 63 Not Provided 28.08.2013
Motilal Oswal Securities Ltd NALIN BHATT buy 5 M 75 Not Provided 19.08.2013
Deutsche Bank CHOCKALINGAM NARAYANAN sell 1 M 26 12 month 06.08.2013
UBS SANDIP BANSAL buy 5 M 71 12 month 05.08.2013
HSBC ASHUTOSH NARKAR underweight 1 D 30 Not Provided 02.08.2013
ICICI Securities KRUPAL MANIAR buy 5 M 63 12 month 02.08.2013
Prabhudas Lilladher Pvt Ltd RUPA SHAH accumulate 4 M 46 12 month 30.07.2013
Batlivala & Karani Securities RISHAB BOTHRA outperform 5 M 65 Not Provided 30.07.2013
Emkay Share & Stock Brokers AJIT MOTWANI hold 3 M 45 Not Provided 30.07.2013
Kotak Securities MURTUZA ARSIWALLA buy 5 M 57 Not Provided 29.07.2013
IIFL GOPAL RITOLIA add 4 D 60 12 month 08.07.2013
Anand Rathi Securities Pvt. Ltd. JASPREET SINGH ARORA buy 5 M 84 Not Provided 04.07.2013
Antique Stock Broking Limited NIRAV SHAH buy 5 M 75 Not Provided 13.06.2013
Standard Chartered GAURAV PATHAK outperform 5 M 105 12 month 07.05.2013
Systematix Shares & Stocks Ltd BINOD MODI buy 5 M 91 12 month 07.05.2013
Ventura Securities Ltd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 06.05.2013
BNP Paribas Equity Research VISHAL SHARMA reduce 2 M 54 12 month 12.04.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 D 77 Not Provided 04.03.2013
Khambatta Securities Ltd RAJ KUMAR JHA strong buy 5 M 106 Not Provided 21.02.2013
First Global Stockbroking DEVINA MEHRA market perform 3 D #N/A N/A Not Provided 19.02.2013
Aditya Birla Money Limited MONIKA BHANDARI buy 5 N 180 Not Provided 26.10.2009
Holdings By:
Jaiprakash Associates Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Tata Chemicals Ltd. manufactures salt and salt by-products, alkalies and heavy
chemicals, pharmaceuticals, fertilizers and agro-chemicals. The Company's salt
products include common salt, pure salt and gypsum salt. Heavy chemicals
include soda ash, caustic soda and hydrochloric acid. Tata Chemicals'
pharmaceuticals include bromides of ammonium, sodium, potassium and ethyl.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (09.01.2013) 381.50
52-Week Low (04.09.2013) 234.50
Daily Volume
239
52-Week High % Change -37.27% Dividend Yield 4.18
52-Week Low % Change 1.92% Beta 0.79
% 52 Week Price Range High/Low 2.24% Equity Float 161.84
Shares Out 25.09.2013 254.8 Short Int -
60'886.75 1 Yr Total Return -22.72%
Total Debt 83'802.00 YTD Return -29.54%
Preferred Stock 0.0 Adjusted BETA 0.786
Minority Interest 5'361.4 Analyst Recs 21
Cash and Equivalents 7'739.10 Consensus Rating 4.143
Enterprise Value 142'311.05
Average Volume 5 Day 29'763
TTCH IB EQUITY YTD Change - Average Volume 30 Day 29'367
TTCH IB EQUITY YTD % CHANGE - Average Volume 3 Month 33'073
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
126'519.8 94'486.8 110'605.8 138'150.3 148'588.3 137'523.3 149'894.7 156'324.9 164'780.6 41'064.0 45'100.0
0.67x 1.31x 1.21x 1.13x 1.10x 2.03x 2.02x 0.78x 0.70x - -
17'665.1 16'304.2 18'784.3 23'757.8 23'493.6 22'654.1 20'796.3 22'154.3 23'699.2 - -
4.83x 7.60x 7.11x 6.58x 6.95x 0.00x 0.00x 6.42x 6.01x - -
6'481.0 6'059.1 6'534.7 8'375.9 4'004.0 7'453.1 3'680.2 7'929.0 8'858.2 1'478.0 -
5.13x 12.81x 13.10x 10.54x 20.46x 10.63x 19.48x 7.85x 7.00x - -
EBITDA 23'493.60 Long-Term Rating Date -
EBIT 18'154.80 Long-Term Rating -
Operating Margin 12.22% Long-Term Outlook -
Pretax Margin 6.12% Short-Term Rating Date -
Return on Assets 2.04% Short-Term Rating -
Return on Common Equity 6.28%
Return on Capital 6.15% EBITDA/Interest Exp. 5.41
Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 3.97
Net Debt/EBITDA 3.24
Gross Margin - Total Debt/EBITDA 3.57
EBITDA Margin 15.8%
EBIT Margin 12.2% Total Debt/Equity 130.7%
Net Income Margin 2.7% Total Debt/Capital 54.7%
Asset Turnover 0.76
Current Ratio 1.06 Net Fixed Asset Turnover 3.14
Quick Ratio 0.69 Accounts receivable turnover-days 70.65
Debt to Assets 41.41% Inventory Days -
Tot Debt to Common Equity 130.66% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.17 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Tata Chemicals LtdPrice/Volume
Valuation Analysis
8'238.00
Current Price (10/dd/yy) Market Data
,
2,
-,,
-2,
.,,
.2,
0,,
02,
1,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'- E'. E'0 E'1 E'2 E'3 E'4 E'5 E'6 E
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TATA SONS LTD n/a Co File 49'306'423 19.35 - 30.06.2013 Holding Company
FRANKLIN RESOURCES n/a ULT-AGG 23'534'117 9.24 (501'836) 30.06.2013 Investment Advisor
LIFE INSURANCE CORP n/a Co File 16'233'195 6.37 - 30.06.2013 Government
TATA INVESTMENT CORP n/a Co File 15'753'501 6.18 - 30.06.2013 Private Equity
GOVT PENSION FUND GL n/a Co File 11'466'536 4.5 - 30.06.2013 n/a
TATA GLOBAL BEVERAGE n/a Co File 11'185'522 4.39 - 30.06.2013 Corporation
ICICI PRUDENTIAL LIF n/a Co File 10'982'420 4.31 - 30.06.2013 Insurance Company
NORGES BANK Multiple Portfolios MF-AGG 9'960'858 3.91 - 31.12.2012 Government
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 5'452'987 2.14 100'000 31.08.2013 Investment Advisor
HDFC LIFE INSURANCE n/a Co File 4'686'626 1.84 - 30.06.2013 Insurance Company
GENERAL INSURANCE CO n/a Co File 4'400'005 1.73 - 30.06.2013 Government
HINDUSTAN UNILEVER L n/a Co File 3'833'619 1.5 - 30.06.2013 Corporation
NEW INDIA ASSURANCE n/a Co File 3'534'286 1.39 - 30.06.2013 Government
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'498'379 1.37 (895'000) 31.08.2013 Investment Advisor
SBI LIFE INSURANCE C n/a Co File 3'111'976 1.22 - 30.06.2013 Insurance Company
MACQUARIE GROUP n/a ULT-AGG 2'198'338 0.86 447'967 31.07.2013 Investment Advisor
IDFC MUTUAL FUND Multiple Portfolios MF-AGG 1'900'000 0.75 311'692 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 1'783'134 0.7 24'007 30.04.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 1'556'129 0.61 144'617 30.06.2013 Investment Advisor
BRANDES INVESTMENT P Multiple Portfolios MF-AGG 1'476'195 0.58 1'011'330 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Prabhudas Lilladher Pvt Ltd BALWINDAR SINGH accumulate 4 M 270 12 month 13.09.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 M 278 Not Provided 13.09.2013
Batlivala & Karani Securities G VIJAYARAGHAVAN outperform 5 M 301 Not Provided 19.08.2013
EVA Dimensions TIMOTHY STANISH overweight 5 U #N/A N/A Not Provided 19.08.2013
Dalal & Broacha APURVA SHAH accumulate 4 M 309 Not Provided 08.08.2013
Phillip Securities GAURI ANAND neutral 3 M 300 Not Provided 07.08.2013
IIFL ABHIJIT R AKELLA buy 5 M 315 12 month 06.08.2013
Quant Broking Pvt Ltd HIMANSHU NAYYAR buy 5 M 318 12 month 06.08.2013
Deutsche Bank HARSHAD KATKAR hold 3 M 290 12 month 05.08.2013
HSBC PUNEET GULATI underweight 1 M 250 Not Provided 05.08.2013
CIMB ATUL RASTOGI outperform 5 M 320 12 month 05.08.2013
Kotak Securities JASDEEP WALIA buy 5 M 300 Not Provided 05.08.2013
Sharekhan Ltd TEAM COVERAGE buy 5 M 346 Not Provided 05.08.2013
Sunidhi Consultancy Services SHYAM BHATT accumulate 4 U 354 12 month 31.05.2013
Emkay Share & Stock Brokers ROHAN GUPTA accumulate 4 M 400 Not Provided 29.05.2013
GEPL Capital Pvt Ltd ADITYA ANAND BAPAT accumulate 4 D 351 Not Provided 28.05.2013
Spark Capital Advisors MUKESH SARAF add 4 D 375 12 month 11.02.2013
India Infoline PRITESH MEHTA buy 5 M 403 3 month 20.12.2012
MSFL - Institutional Business Group RAHUL METKAR buy 5 M 394 12 month 14.12.2012
Daiwa Securities Co. Ltd. NIRMAL RAGHAVAN hold 3 D 372 Not Provided 12.11.2012
ICICIdirect.com AMIT GUPTA buy 5 M 365 Not Provided 03.10.2012
Holdings By:
Tata Chemicals Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Steel Authority of India Limited is an integrated steel manufacturing company.
The Company's products include pig iron, steel ingots, liquid steel, alloy
steel, special steel, stainless steel, ferro alloys, ERW pipes, spirally welded
pipes, and calcium ammonium nitrate. The Government of India is currently a
majority shareholder in the company.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (07.01.2013) 101.60
52-Week Low (07.08.2013) 37.65
Daily Volume
49.9
52-Week High % Change -50.79% Dividend Yield 4.01
52-Week Low % Change 32.54% Beta 1.22
% 52 Week Price Range High/Low 19.16% Equity Float 497.78
Shares Out 25.09.2013 4'130.1 Short Int -
206'090.55 1 Yr Total Return -40.36%
Total Debt 225'405.30 YTD Return -43.22%
Preferred Stock 0.0 Adjusted BETA 1.224
Minority Interest 0.0 Analyst Recs 47
Cash and Equivalents 42'226.60 Consensus Rating 2.532
Enterprise Value 389'269.25
Average Volume 5 Day 367'542
SAIL IB EQUITY YTD Change - Average Volume 30 Day 731'554
SAIL IB EQUITY YTD % CHANGE - Average Volume 3 Month 549'936
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
432'186.9 405'770.0 433'993.9 466'615.6 450'872.4 - - 472'727.4 541'734.9 119'083.0 119'083.0
0.69x 2.45x 1.69x 1.06x 0.98x - - 0.95x 0.90x - -
92'919.6 99'514.9 78'383.7 64'166.0 50'839.3 - - 56'081.8 73'508.2 - -
3.23x 9.97x 9.35x 7.74x 8.69x - - 6.95x 5.30x - -
62'452.7 68'506.1 50'139.1 35'935.0 23'294.0 - - 22'188.0 28'614.9 4'246.0 4'247.0
6.38x 15.23x 13.97x 10.83x 11.09x - - 9.22x 7.04x - -
EBITDA 50'839.30 Long-Term Rating Date 29.04.2010
EBIT 35'506.10 Long-Term Rating BBB-
Operating Margin 7.87% Long-Term Outlook NEG
Pretax Margin 7.68% Short-Term Rating Date -
Return on Assets 2.82% Short-Term Rating -
Return on Common Equity 5.69%
Return on Capital 4.44% EBITDA/Interest Exp. 9.17
Asset Turnover 0.55% (EBITDA-Capex)/Interest Exp. -7.48
Net Debt/EBITDA 3.60
Gross Margin - Total Debt/EBITDA 4.43
EBITDA Margin 11.3%
EBIT Margin 7.9% Total Debt/Equity 54.1%
Net Income Margin 5.2% Total Debt/Capital 35.1%
Asset Turnover 0.55
Current Ratio 1.23 Net Fixed Asset Turnover 0.91
Quick Ratio 0.38 Accounts receivable turnover-days 38.56
Debt to Assets 26.05% Inventory Days -
Tot Debt to Common Equity 54.12% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.47 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Steel Authority of India LtdPrice/Volume
Valuation Analysis
258'290.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
.,
1,
3,
5,
-,,
-.,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'2 E
-', E
-'2 E
.', E
.'2 E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
400'000.0
450'000.0
500'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
-3',,
-5',,
.,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 3'304'293'713 80.01 - 30.06.2013 Government
LIFE INSURANCE CORP n/a Co File 327'996'140 7.94 - 30.06.2013 Government
VANGUARD GROUP INC n/a ULT-AGG 22'102'636 0.54 8'841'377 30.06.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 17'931'396 0.43 - 27.09.2013 Investment Advisor
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 16'589'791 0.4 - 31.08.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 9'958'989 0.24 138'320 30.04.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 9'021'631 0.22 558'829 31.07.2013 Investment Advisor
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 7'000'000 0.17 - 31.08.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 2'680'515 0.06 - 27.09.2013 Investment Advisor
MASON STREET ADVISOR Multiple Portfolios MF-AGG 1'456'906 0.04 147'163 30.06.2013 Investment Advisor
HIRTLE CALLAGHAN & C Multiple Portfolios MF-AGG 1'197'510 0.03 - 28.03.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'055'300 0.03 - 31.07.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 914'938 0.02 (914'938) 28.06.2013 Investment Advisor
CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 763'610 0.02 370'460 30.06.2013 Investment Advisor
IDFC MUTUAL FUND Multiple Portfolios MF-AGG 596'000 0.01 376'000 31.08.2013 Investment Advisor
SOCIETE GENERALE Multiple Portfolios MF-AGG 492'689 0.01 - 30.03.2012 Bank
HSBC INVESTMENT FUND Multiple Portfolios MF-AGG 344'568 0.01 - 30.04.2013 Investment Advisor
JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 333'223 0.01 (20'078) 31.08.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 330'160 0.01 - 31.05.2013 Investment Advisor
KOTAK MAHINDRA Multiple Portfolios MF-AGG 309'600 0.01 149'334 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Motilal Oswal Securities Ltd SANJAY JAIN sell 1 M 26 Not Provided 30.09.2013
Macquarie RAKESH ARORA neutral 3 M 48 12 month 26.09.2013
BNP Paribas Equity Research KUNAL AGRAWAL hold 3 M 48 12 month 26.09.2013
Batlivala & Karani Securities PARIN TANNA outperform 5 M 58 Not Provided 26.09.2013
Standard Chartered SATISH KUMAR underperform 1 M 48 12 month 24.09.2013
Morgan Stanley VIPUL PRASAD Equalwt/In-Line 3 M 51 12 month 24.09.2013
Nomura AMAR KEDIA buy 5 M 103 Not Provided 20.09.2013
Anand Rathi Securities Pvt. Ltd. RAJESH ZAWAR hold 3 M 51 Not Provided 17.09.2013
Emkay Share & Stock Brokers GOUTAM CHAKRABORTY reduce 2 M 41 Not Provided 17.09.2013
Centrum Broking Pvt Ltd ABHISAR JAIN sell 1 M 36 Not Provided 16.09.2013
Angel Broking Limited BHAVESH CHAUHAN neutral 3 M #N/A N/A Not Provided 13.09.2013
Ambit Capital Pvt Ltd PARITA ASHAR sell 1 M 50 12 month 11.09.2013
India Infoline TEAM COVERAGE market perform 3 M 46 12 month 10.09.2013
UBS SANDIP BANSAL neutral 3 M 55 12 month 06.09.2013
Quant Broking Pvt Ltd KALPESH MAKWANA reduce 2 M 45 Not Provided 05.09.2013
HSBC JIGAR MISTRY neutral 3 M 49 Not Provided 04.09.2013
EVA Dimensions TIMOTHY STANISH underweight 1 D #N/A N/A Not Provided 04.09.2013
Credit Suisse NEELKANTH MISHRA underperform 1 M 30 Not Provided 02.09.2013
JPMorgan PINAKIN M PAREKH overweight 5 M 90 9 month 20.08.2013
IDFC Securities Ltd PRAKASH JOSHI underperform 1 M 42 12 month 20.08.2013
CIMB RAHUL JAIN underperform 1 M 40 12 month 19.08.2013
KR Choksey Shares & Sec Pvt Ltd UMESH PATEL hold 3 M 38 12 month 19.08.2013
IIFL BIJAL SHAH reduce 2 M 39 12 month 19.08.2013
Phillip Securities DHAWAL DOSHI neutral 3 M 46 Not Provided 17.08.2013
Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR reduce 2 M 37 12 month 16.08.2013
Dolat Capital Market Ltd. RAM MODI sell 1 M 35 Not Provided 16.08.2013
Edelweiss Capital PRASAD BAJI hold 3 M 47 12 month 16.08.2013
ICICIdirect.com DEWANG SANGHAVI hold 3 M 40 15 month 16.08.2013
Nirmal Bang Institutional Equities GIRIRAJ DAGA sell 1 M 38 12 month 16.08.2013
Deutsche Bank ANUJ SINGLA buy 5 M 75 12 month 14.08.2013
JM Financial Institutional Securities P ASHUTOSH SOMANI hold 3 M 45 12 month 14.08.2013
ICICI Securities ABHIJIT MITRA add 4 M 46 12 month 14.08.2013
MSFL - Institutional Business Group TANUJ RASTOGI sell 1 M 39 12 month 14.08.2013
Elara Securities India Pvt Ltd ASHISH KEJRIWAL sell 1 M 41 12 month 14.08.2013
VTB Capital WIKTOR BIELSKI buy 5 M 59 12 month 05.08.2013
Barclays CHIRAG SHAH underweight 1 M 43 Not Provided 02.08.2013
Avendus Capital Private Ltd JIMESH SANGHVI add 4 D 61 Not Provided 25.06.2013
Sunidhi Consultancy Services CHINTAN J MEHTA neutral 3 M 65 12 month 06.06.2013
Daiwa Securities Co. Ltd. DEEPAK PODDAR outperform 5 M 66 Not Provided 05.06.2013
Maybank Kim Eng ANUBHAV GUPTA hold 3 M 65 12 month 30.05.2013
Espirito Santo Investment Bank ResearchRITESH SHAH sell 1 M 63 Not Provided 29.05.2013
Antique Stock Broking Limited AMIT AGARWAL hold 3 M 71 Not Provided 21.03.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 N 79 Not Provided 08.03.2013
Holdings By:
Steel Authority of India Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Reliance Capital Limited is a full service financial services company. The
Company has interests in asset management and mutual funds, life and general
insurance, private equity and proprietary investments, stock broking,
depository services, distribution of financial products, consumer finance and
other activities in financial services.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (07.01.2013) 508.00
52-Week Low (28.08.2013) 290.00
Daily Volume
320.7
52-Week High % Change -36.62% Dividend Yield 2.49
52-Week Low % Change 10.59% Beta 1.73
% 52 Week Price Range High/Low 11.51% Equity Float 105.39
Shares Out 25.09.2013 245.6 Short Int -
78'774.44 1 Yr Total Return -25.28%
Total Debt 229'440.00 YTD Return -31.58%
Preferred Stock 0.0 Adjusted BETA 1.733
Minority Interest 5'160.0 Analyst Recs 12
Cash and Equivalents 11'240.00 Consensus Rating 4.417
Enterprise Value 302'134.44
Average Volume 5 Day 647'181
RCAPT IB EQUITY YTD Change - Average Volume 30 Day 925'649
RCAPT IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'018'342
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
59'825.2 61'335.9 55'230.0 66'030.0 74'920.0 67'938.4 77'740.0 59'536.2 66'465.4 - -
3.64x 5.31x 6.13x 4.38x 4.01x 8.30x 7.37x - - - -
27'105.2 21'029.3 16'290.0 29'930.0 36'230.0 8'622.0 14'590.0 6'891.0 7'893.0 - -
8.02x 15.50x 20.79x 9.67x 8.29x 0.00x 0.00x 43.86x 38.29x - -
10'157.2 4'345.3 2'910.0 4'580.0 8'120.0 4'679.3 9'000.0 6'847.3 8'265.2 - -
8.55x 42.74x 49.21x 21.05x 9.46x 18.82x 9.19x 13.01x 10.74x - -
EBITDA 36'230.00 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 22.36% Long-Term Outlook -
Pretax Margin 13.36% Short-Term Rating Date -
Return on Assets 2.14% Short-Term Rating -
Return on Common Equity 6.84%
Return on Capital 2.60% EBITDA/Interest Exp. -
Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 6.02
Gross Margin - Total Debt/EBITDA 6.33
EBITDA Margin 48.4%
EBIT Margin - Total Debt/Equity 191.7%
Net Income Margin 10.8% Total Debt/Capital 64.8%
Asset Turnover 0.20
Current Ratio - Net Fixed Asset Turnover 39.33
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 56.53% Inventory Days -
Tot Debt to Common Equity 191.66% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Reliance Capital LtdPrice/Volume
Valuation Analysis
355'769.00
Current Price (10/dd/yy) Market Data
,
-,,
.,,
0,,
1,,
2,,
3,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'2 E
-', E
-'2 E
.', E
.'2 E
0', E
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013,',,
,'.,
,'1,
,'3,
,'5,
-',,
-'.,
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AAA ENTERPRISES PVT n/a Co File 98'414'206 40.07 - 30.06.2013 Unclassified
AAA INFRA CONSULT & n/a Co File 27'975'633 11.39 - 30.06.2013 Corporation
JANUS CAPITAL MANAGE n/a ULT-AGG 13'372'870 5.44 - 30.06.2013 Investment Advisor
LIFE INSURANCE CORP n/a Co File 10'512'400 4.28 - 30.06.2013 Government
VANGUARD GROUP INC n/a ULT-AGG 3'491'933 1.42 263'703 30.06.2013 Investment Advisor
VANGUARD FUNDS n/a Co File 3'484'751 1.42 - 30.06.2013 n/a
REL UTILITY ENGINEER n/a Co File 3'250'000 1.32 - 30.06.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 2'704'622 1.1 19'598 30.04.2013 Investment Advisor
ABU DHABI INVESTMENT n/a Co File 2'485'889 1.01 - 30.06.2013 Government
RELIANCE RCOM ESOS T n/a Co File 1'600'000 0.65 - 30.06.2013 n/a
BLACKROCK n/a ULT-AGG 1'419'952 0.58 (38'000) 27.09.2013 Investment Advisor
MANULIFE ASSET MGMT Multiple Portfolios MF-AGG 1'228'402 0.5 - 28.02.2013 Investment Advisor
RELIANCE INNOVENTURE n/a Co File 576'450 0.23 - 30.06.2013 Other
AMBANI KOKILA D n/a Co File 545'126 0.22 - 30.06.2013 n/a
GOLDMAN SACHS GROUP n/a ULT-AGG 459'637 0.19 459'637 31.01.2013 Investment Advisor
BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 432'747 0.18 (532'749) 31.08.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 422'046 0.17 - 31.05.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 331'635 0.14 - 31.07.2013 Investment Advisor
MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 313'958 0.13 - 30.06.2012 Unclassified
BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 299'122 0.12 - 10.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie SURESH GANAPATHY outperform 5 M 430 12 month 25.09.2013
EVA Dimensions DOUG WALTERS hold 3 U #N/A N/A Not Provided 04.09.2013
Kotak Securities NISCHINT CHAWATHE add 4 M 505 Not Provided 21.08.2013
ICICIdirect.com KAJAL GANDHI buy 5 M 375 Not Provided 21.08.2013
Deutsche Bank MANISH SHUKLA buy 5 M 450 12 month 08.08.2013
JHP Securities Private Limited ANIL WALA buy 5 M 563 Not Provided 06.08.2013
Edelweiss Capital KUNAL SHAH buy 5 M 514 12 month 30.07.2013
Centrum Broking Pvt Ltd BHAVESH KANANI buy 5 M 550 12 month 30.07.2013
Espirito Santo Investment Bank ResearchSANTOSH SINGH buy 5 M 592 Not Provided 02.07.2013
Barclays JATIN MAMTANI underweight 1 N 320 Not Provided 20.03.2013
Fairwealth Securities Ltd TEAM COVERAGE buy 5 M 450 12 month 26.11.2012
Morgan Stanley ANIL AGARWAL not rated #N/A N/A M #N/A N/A Not Provided 25.10.2012
JPMorgan SESHADRI K SEN overweight 5 M 650 Not Provided 10.07.2012
Motilal Oswal Securities Ltd ALPESH MEHTA neutral 3 M #N/A N/A Not Provided 15.02.2011
Holdings By:
Reliance Capital Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Adani Enterprises Limited is an international trading house that operates from
offices in India as well as other countries. The Company is involved in
coal mining, cargo handling and power generation. Adani also trades in a large
number of products including textiles, energy, metals and agricultural products.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (19.12.2012) 296.90
52-Week Low (04.09.2013) 126.05
Daily Volume
143.05
52-Week High % Change -51.97% Dividend Yield 0.98
52-Week Low % Change 13.49% Beta 1.56
% 52 Week Price Range High/Low 8.49% Equity Float 255.82
Shares Out 25.09.2013 1'099.8 Short Int -
157'327.83 1 Yr Total Return -27.27%
Total Debt 694'574.80 YTD Return -46.80%
Preferred Stock 0.0 Adjusted BETA 1.565
Minority Interest 32'339.5 Analyst Recs 13
Cash and Equivalents 26'182.10 Consensus Rating 4.231
Enterprise Value 858'060.03
Average Volume 5 Day 242'023
ADE IB EQUITY YTD Change - Average Volume 30 Day 482'839
ADE IB EQUITY YTD % CHANGE - Average Volume 3 Month 355'073
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
225'736.3 211'207.0 264'054.7 393'556.3 464'624.1 407'123.4 468'692.0 571'505.8 676'862.5 144'576.0 144'578.0
0.75x 1.90x 4.02x 2.66x 1.99x 2.46x 3.85x 1.43x 1.21x - -
9'697.8 16'992.6 42'841.3 53'071.5 64'999.0 49'615.0 69'283.1 99'777.8 128'933.8 28'897.0 28'901.0
17.41x 23.66x 24.77x 19.70x 14.20x 0.00x 0.00x 8.60x 6.66x - -
5'046.5 9'193.0 24'760.9 18'392.1 16'129.8 16'723.0 9'318.0 18'921.9 29'637.0 7'361.0 7'375.0
13.08x 25.32x 28.64x 18.23x 13.79x 14.63x 24.33x 7.86x 5.21x - -
EBITDA 64'999.00 Long-Term Rating Date -
EBIT 42'020.40 Long-Term Rating -
Operating Margin 9.04% Long-Term Outlook -
Pretax Margin 4.32% Short-Term Rating Date -
Return on Assets 1.47% Short-Term Rating -
Return on Common Equity 7.88%
Return on Capital 3.15% EBITDA/Interest Exp. 2.29
Asset Turnover 0.42% (EBITDA-Capex)/Interest Exp. -3.26
Net Debt/EBITDA 10.28
Gross Margin - Total Debt/EBITDA 10.69
EBITDA Margin 14.0%
EBIT Margin 9.0% Total Debt/Equity 323.7%
Net Income Margin 3.5% Total Debt/Capital 73.8%
Asset Turnover 0.42
Current Ratio 0.82 Net Fixed Asset Turnover 0.63
Quick Ratio 0.34 Accounts receivable turnover-days 72.27
Debt to Assets 61.87% Inventory Days -
Tot Debt to Common Equity 323.68% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.05 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Adani Enterprises LtdPrice/Volume
Valuation Analysis
151'456.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
2,
-,,
-2,
.,,
.2,
0,,
02,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E-', E.', E0', E1', E2', E3', E4', E5', E6', E-,', E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
400'000.0
450'000.0
500'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
02',,
1,',,
12',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
S B ADANI FAMILY TRU n/a Co File 621'197'910 56.48 - 30.06.2013 n/a
ADANI VINOD S n/a Co File 90'749'100 8.25 - 30.06.2013 n/a
ADANI AGRO PVT LTD n/a Co File 83'089'065 7.55 - 30.06.2013 Corporation
JANUS CAPITAL MANAGE n/a ULT-AGG 30'579'619 2.78 (159'431) 30.06.2013 Investment Advisor
ADANI PROPERTIES PVT n/a Co File 16'402'654 1.49 - 30.06.2013 Other
ASHMORE EMM LLC n/a Co File 16'387'800 1.49 - 30.06.2013 Investment Advisor
ELARA INDIA OPPORTUN n/a Co File 16'081'880 1.46 - 30.06.2013 Investment Advisor
HSBC BANK MAURITIUS n/a Co File 15'801'251 1.44 - 30.06.2013 Unclassified
ALBULA INVESTMENT FU n/a Co File 14'701'610 1.34 - 30.06.2013 n/a
GUDAMI INTERNATIONAL n/a Co File 13'980'900 1.27 - 30.06.2013 Corporation
CRESTA FUND LTD n/a Co File 13'636'973 1.24 - 30.06.2013 n/a
CITIGROUP GLBL MKTS n/a Co File 11'494'969 1.05 - 30.06.2013 Investment Advisor
GAUTAM S ADANI FAMIL n/a EXCH 8'836'750 0.8 - 30.05.2013 n/a
GAUTAM S ADANI FAMIL n/a Co File 8'836'750 0.8 - 30.06.2013 n/a
VANGUARD GROUP INC n/a ULT-AGG 7'494'553 0.68 386'487 30.06.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'736'596 0.52 - 31.05.2013 Investment Advisor
VENTURA POWER INVEST n/a Co File 3'688'000 0.34 - 30.06.2013 Other
BLACKROCK n/a ULT-AGG 2'743'096 0.25 - 27.09.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 1'829'980 0.17 33'284 30.04.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'523'384 0.14 - 27.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited NITIN IDNANI buy 5 M 285 Not Provided 27.09.2013
EVA Dimensions TIMOTHY STANISH underweight 1 U #N/A N/A Not Provided 20.09.2013
Morgan Stanley AKSHAY SONI Overwt/In-Line 5 M 297 12 month 12.08.2013
Batlivala & Karani Securities RISHAB BOTHRA outperform 5 M 275 Not Provided 12.08.2013
IDFC Securities Ltd SHIRISH RANE outperform 5 M 340 12 month 10.08.2013
Credit Suisse AMISH SHAH underperform 1 M 165 Not Provided 08.08.2013
Edelweiss Capital SHANKAR K buy 5 M 340 12 month 08.08.2013
UBS SANDIP BANSAL buy 5 M 260 12 month 02.08.2013
KR Choksey Shares & Sec Pvt Ltd UMESH PATEL buy 5 M 354 Not Provided 09.04.2013
Standard Chartered GAURAV PATHAK outperform 5 M 291 12 month 06.02.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 N 322 Not Provided 22.12.2012
Holdings By:
Adani Enterprises Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Bank of India, through its subsidiaries, provides corporate, commercial,
personal banking, retail, rural, and development banking. The Group specializes
its services towards corporate and medium businesses, in addition to upmarket
retail customers.
Latest Fiscal Year: 03/2013
LTM as of: 03/yy
52-Week High (18.01.2013) 392.20
52-Week Low (28.08.2013) 126.95
Daily Volume
161.85
52-Week High % Change -58.57% Dividend Yield 6.18
52-Week Low % Change 27.49% Beta 1.13
% 52 Week Price Range High/Low 11.67% Equity Float 137.86
Shares Out 25.09.2013 595.9 Short Int -
96'446.77 1 Yr Total Return -45.77%
Total Debt 766'898.81 YTD Return -50.98%
Preferred Stock 0.0 Adjusted BETA 1.133
Minority Interest 734.3 Analyst Recs 56
Cash and Equivalents 862'396.03 Consensus Rating 2.982
Enterprise Value -
Average Volume 5 Day 342'961
BOI IB EQUITY YTD Change - Average Volume 30 Day 407'791
BOI IB EQUITY YTD % CHANGE - Average Volume 3 Month 329'908
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 03/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
194'930.5 205'968.2 245'002.3 319'294.4 358'802.0 0.0 31'921.3 - - - -
- - - - - #DIV/0! 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
30'875.4 17'871.6 25'424.2 27'248.6 28'199.0 0.0 24'072.8 - - - -
3.73x 10.00x 9.83x 7.27x 6.18x 0.00x 0.00x - - - -
EBITDA - Long-Term Rating Date 30.01.2007
EBIT - Long-Term Rating BBB-
Operating Margin 23.35% Long-Term Outlook NEG
Pretax Margin 23.95% Short-Term Rating Date 30.01.2007
Return on Assets 0.67% Short-Term Rating A-3
Return on Common Equity 12.29%
Return on Capital 2.91% EBITDA/Interest Exp. -
Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 313.4%
Net Income Margin 21.8% Total Debt/Capital 75.8%
Asset Turnover 0.09
Current Ratio - Net Fixed Asset Turnover 12.59
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 16.80% Inventory Days -
Tot Debt to Common Equity 313.39% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Bank of IndiaPrice/Volume
Valuation Analysis
197'572.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
2,
-,,
-2,
.,,
.2,
0,,
02,
1,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'. E
'1 E
'3 E
'5 E
-', E
-'. E
-'1 E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
400'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 382'006'827 64.11 - 30.06.2013 Government
LIFE INSURANCE CORP n/a Co File 76'035'632 12.76 - 30.06.2013 Government
LAZARD ASSET MANAGEM n/a ULT-AGG 23'734'669 3.98 - 31.08.2013 Unclassified
VANGUARD GROUP INC n/a ULT-AGG 3'481'519 0.58 225'732 30.06.2013 Investment Advisor
ROBECO n/a ULT-AGG 2'651'195 0.44 (7'920) 30.04.2013 Unclassified
BLACKROCK n/a ULT-AGG 1'399'446 0.23 - 27.09.2013 Investment Advisor
SAHARA ASSET MGMT CO Multiple Portfolios MF-AGG 1'344'034 0.23 21'450 31.08.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'294'803 0.22 - 27.09.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 1'059'102 0.18 - 30.06.2013 Investment Advisor
LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 888'065 0.15 44'955 30.08.2013 Investment Advisor
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 814'000 0.14 - 31.08.2013 Investment Advisor
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 600'000 0.1 200'000 31.08.2013 Investment Advisor
SUNDARAM ASSET MANAG Multiple Portfolios MF-AGG 562'298 0.09 (123'886) 31.08.2013 Investment Advisor
KOTAK MAHINDRA Multiple Portfolios MF-AGG 553'214 0.09 187'699 31.08.2013 Investment Advisor
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 482'700 0.08 - 30.06.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 421'735 0.07 (16'169) 30.04.2013 Investment Advisor
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 406'839 0.07 345'175 30.06.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 314'000 0.05 - 31.07.2013 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 304'803 0.05 17'172 30.08.2013 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 264'130 0.04 - 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Elara Securities India Pvt Ltd RAKESH KUMAR buy 5 M 232 12 month 30.09.2013
Axis Capital Limited PRAVEEN AGRAWAL hold 3 M 149 Not Provided 27.09.2013
Standard Chartered MAHRUKH ADAJANIA underperform 1 M 125 12 month 26.09.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 183 Not Provided 26.09.2013
Religare Capital Markets SIDDHARTH TELI hold 3 D 195 12 month 23.09.2013
Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES hold 3 M 192 Not Provided 19.09.2013
Macquarie SURESH GANAPATHY underperform 1 M 115 12 month 16.09.2013
Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA accumulate 4 M 170 12 month 11.09.2013
Avendus Capital Private Ltd CHANDANA JHA buy 5 M 302 Not Provided 11.09.2013
Batlivala & Karani Securities ANAND DAMA underperform 1 M 200 Not Provided 05.09.2013
Barclays ANISH TAWAKLEY underweight 1 D 125 Not Provided 29.08.2013
IIFL SAMPATH S K KUMAR reduce 2 M 120 12 month 27.08.2013
Nirmal Bang Institutional Equities HEMINDRA HAZARI buy 5 M 230 Not Provided 27.08.2013
Phillip Securities MANISH AGARWALLA neutral 3 M 240 Not Provided 26.08.2013
Fortune Equity Brokers (India) Ltd VIJAY NARA buy 5 M 290 Not Provided 26.08.2013
Sunidhi Consultancy Services AMIT JAIN buy 5 M 271 12 month 23.08.2013
IDFC Securities Ltd MANISH CHOWDHARY underperform 1 M 180 Not Provided 22.08.2013
Kotak Securities MB MAHESH add 4 M 180 Not Provided 21.08.2013
ICICIdirect.com KAJAL GANDHI hold 3 M 145 Not Provided 21.08.2013
Deutsche Bank MANISH KARWA hold 3 M 185 12 month 20.08.2013
Almondz Global Securities Ltd SHIVRAJ GUPTA neutral 3 M 240 Not Provided 20.08.2013
Motilal Oswal Securities Ltd ALPESH MEHTA neutral 3 M 218 Not Provided 19.08.2013
Dolat Capital Market Ltd. RAJIV PATHAK buy 5 M 230 Not Provided 14.08.2013
Morgan Stanley SUMEET KARIWALA Underwt/Cautious 1 D 135 12 month 07.08.2013
HSBC TEJAS MEHTA neutral 3 U 190 Not Provided 31.07.2013
JM Financial Institutional Securities P PUNEET GULATI hold 3 M 225 12 month 31.07.2013
Spark Capital Advisors ABHINESH VIJAYARAJ sell 1 M 144 12 month 31.07.2013
KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL accumulate 4 M 200 Not Provided 30.07.2013
Ajcon Global Services Ltd. AKASH AJAY JAIN buy 5 M 245 Not Provided 29.07.2013
Credit Suisse ASHISH GUPTA neutral 3 M 175 Not Provided 29.07.2013
Karvy Stock Broking Ltd HATIM K BROACHWALA buy 5 M 285 Not Provided 29.07.2013
Angel Broking Limited VAIBHAV AGRAWAL neutral 3 D #N/A N/A Not Provided 29.07.2013
Antique Stock Broking Limited ALOK KAPADIA hold 3 M 215 Not Provided 29.07.2013
Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA buy 5 M 217 Not Provided 29.07.2013
Ambit Capital Pvt Ltd A SV KRISHNAN sell 1 M #N/A N/A Not Provided 29.07.2013
Quant Broking Pvt Ltd NITIN KUMAR reduce 2 M 190 12 month 29.07.2013
Centrum Broking Pvt Ltd BHAVESH KANANI buy 5 M 225 Not Provided 29.07.2013
Quantum Securities Pvt Ltd RATI PANDIT buy 5 M 285 Not Provided 29.07.2013
ICICI Securities SHASHIN UPADHYAY buy 5 M 263 12 month 28.07.2013
JPMorgan SESHADRI K SEN underweight 1 M 175 6 month 27.07.2013
SBI Capital Markets RAVIKANT BHAT hold 3 U 224 12 month 27.07.2013
HDFC Securities DARPIN SHAH neutral 3 D 216 12 month 27.07.2013
Tata Securities Limited BIJOY SHAH hold 3 M 200 12 month 27.07.2013
Holdings By:
Bank of India ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
National Hydroelectric Power Corp Ltd. is a hydro-power development company
based in India. The Company has constructed approximately 11 hydro-power
projects in India and abroad with a total installed capacity of 2554.35 MW.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (20.02.2013) 29.40
52-Week Low (07.08.2013) 14.80
Daily Volume
19.3
52-Week High % Change -34.18% Dividend Yield 3.11
52-Week Low % Change 30.41% Beta 0.70
% 52 Week Price Range High/Low 32.19% Equity Float 1'450.43
Shares Out 25.09.2013 12'300.7 Short Int -
237'404.33 1 Yr Total Return 1.13%
Total Debt 203'402.50 YTD Return -21.32%
Preferred Stock 0.0 Adjusted BETA 0.701
Minority Interest 23'102.0 Analyst Recs 22
Cash and Equivalents 79'551.20 Consensus Rating 3.864
Enterprise Value 384'357.63
Average Volume 5 Day 1'009'524
NHPC IB EQUITY YTD Change - Average Volume 30 Day 944'670
NHPC IB EQUITY YTD % CHANGE - Average Volume 3 Month 817'454
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
34'277.7 50'485.7 51'436.5 72'180.9 64'020.8 - - 69'141.1 77'048.6 - -
- 9.75x 8.62x 5.11x 6.11x - - 5.51x 4.94x - -
26'082.6 42'854.1 35'820.6 51'550.6 43'083.3 - - 46'006.7 51'808.1 - -
- 11.48x 12.38x 7.15x 9.08x - - 8.35x 7.42x - -
9'392.5 21'755.6 23'161.6 30'855.8 26'174.1 - - 24'097.6 27'049.2 - -
- 16.59x 13.44x 7.85x 9.33x - - 9.95x 8.87x - -
EBITDA 43'083.30 Long-Term Rating Date 25.09.2009
EBIT 30'836.30 Long-Term Rating BBB-
Operating Margin 48.17% Long-Term Outlook NEG
Pretax Margin 61.28% Short-Term Rating Date 23.08.2004
Return on Assets 4.27% Short-Term Rating NR
Return on Common Equity 8.87%
Return on Capital 7.85% EBITDA/Interest Exp. 2.91
Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. 1.29
Net Debt/EBITDA 2.87
Gross Margin - Total Debt/EBITDA 4.72
EBITDA Margin 67.3%
EBIT Margin 48.2% Total Debt/Equity 67.0%
Net Income Margin 40.9% Total Debt/Capital 38.4%
Asset Turnover 0.10
Current Ratio 1.95 Net Fixed Asset Turnover 0.16
Quick Ratio 1.33 Accounts receivable turnover-days 127.91
Debt to Assets 32.63% Inventory Days -
Tot Debt to Common Equity 66.96% Accounts Payable Turnover Day -
Accounts Receivable Turnover 2.85 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
NHPC LtdPrice/Volume
Valuation Analysis
293'572.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
2
-,
-2
.,
.2
0,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
.,', E
1,', E
3,', E
5,', E
-,,', E
-.,', E
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 10'623'368'758 86.36 - 30.06.2013 Government
LIFE INSURANCE CORP n/a Co File 226'947'133 1.84 - 30.06.2013 Government
FMR LLC n/a ULT-AGG 51'670'181 0.42 10'181'655 31.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 46'863'689 0.38 10'171'654 30.06.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 36'616'002 0.3 (383'998) 31.05.2013 Investment Advisor
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 16'273'444 0.13 - 31.08.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 12'731'689 0.1 - 27.09.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 11'438'348 0.09 2'981'760 30.04.2013 Investment Advisor
EMERGING GLOBAL SHAR Multiple Portfolios MF-AGG 10'519'677 0.09 - 27.09.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 10'321'599 0.08 (2'217'397) 31.08.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 7'705'162 0.06 - 30.06.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 6'526'206 0.05 - 27.09.2013 Investment Advisor
ROBECO n/a ULT-AGG 3'957'308 0.03 3'957'308 30.04.2013 Unclassified
ROCHDALE INVESTMENT Multiple Portfolios MF-AGG 3'499'817 0.03 1'799'817 30.06.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 2'716'283 0.02 - 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 2'413'474 0.02 - 28.06.2013 Investment Advisor
DAIWA ASSET MANAGEME Multiple Portfolios MF-AGG 2'213'529 0.02 - 12.10.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 2'174'100 0.02 - 31.07.2013 Investment Advisor
ICICI PRUDENTIAL LIF Multiple Portfolios MF-AGG 1'897'282 0.02 - 31.08.2013 Insurance Company
PRINCIPAL PNB ASSET Multiple Portfolios MF-AGG 1'711'026 0.01 (2'038'145) 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited BHAVIN VITHLANI buy 5 M 21 Not Provided 27.09.2013
Elara Securities India Pvt Ltd DEEPAK AGRAWALA buy 5 M 23 Not Provided 24.09.2013
BNP Paribas Equity Research GIRISH NAIR hold 3 M 18 12 month 20.09.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 25 Not Provided 20.09.2013
Deutsche Bank ABHISHEK PURI buy 5 M 24 12 month 05.09.2013
SBI Capital Markets RABINDRA NATH NAYAK buy 5 M 21 12 month 30.08.2013
Emkay Share & Stock Brokers AMIT GOLCHHA hold 3 M 20 Not Provided 28.08.2013
Batlivala & Karani Securities VISHAL BIRAIA underperform 1 M 17 Not Provided 21.08.2013
EVA Dimensions DOUG WALTERS hold 3 D #N/A N/A Not Provided 20.08.2013
Motilal Oswal Securities Ltd NALIN BHATT neutral 3 M 20 Not Provided 19.08.2013
Spark Capital Advisors BHARANIDHAR VIJAYAKUMAR reduce 2 M 16 12 month 02.08.2013
IIFL HARSHAWARDHAN S DOLE buy 5 M 20 12 month 02.08.2013
Quant Broking Pvt Ltd ABHINEET ANAND buy 5 U 19 12 month 02.08.2013
Credit Suisse AMISH SHAH outperform 5 M 23 Not Provided 01.08.2013
Prabhudas Lilladher Pvt Ltd RUPA SHAH accumulate 4 M 22 12 month 01.08.2013
JM Financial Institutional Securities P SUBHADIP MITRA hold 3 M 19 Not Provided 01.08.2013
ICICIdirect.com CHIRAG J SHAH buy 5 M 19 18 month 01.08.2013
Kotak Securities MURTUZA ARSIWALLA add 4 M 23 Not Provided 31.07.2013
HSBC ARUN KUMAR SINGH overweight 5 M 24 Not Provided 11.07.2013
India Nivesh Ltd ABHISHEK JAIN not rated #N/A N/A M 28 Not Provided 09.07.2013
CIMB HARISH BIHANI neutral 3 M 21 12 month 31.05.2013
SMC Global Securities Ltd. JAISHEEL GARG outperform 5 M 30 Not Provided 09.01.2012
Holdings By:
NHPC Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Canara Bank Ltd. provides a full range of banking services throughout India.
The Group's activities include retail banking, commercial and personal banking,
investment management, treasury & NRI services, cash management and assorted
ATM facilities.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (14.01.2013) 550.00
52-Week Low (28.08.2013) 189.90
Daily Volume
225.7
52-Week High % Change -58.95% Dividend Yield 5.76
52-Week Low % Change 18.85% Beta 1.23
% 52 Week Price Range High/Low 8.73% Equity Float 120.99
Shares Out 25.09.2013 443.0 Short Int -
99'985.10 1 Yr Total Return -46.41%
Total Debt 337'531.88 YTD Return -52.74%
Preferred Stock 0.0 Adjusted BETA 1.234
Minority Interest 2'321.6 Analyst Recs 34
Cash and Equivalents 347'939.69 Consensus Rating 2.912
Enterprise Value -
Average Volume 5 Day 145'953
CBK IB EQUITY YTD Change - Average Volume 30 Day 287'093
CBK IB EQUITY YTD % CHANGE - Average Volume 3 Month 221'957
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
194'807.3 216'844.7 258'296.3 339'192.0 373'726.0 - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
11'420.1 27'728.8 40'341.8 33'417.0 29'697.1 - - - - - -
5.95x 6.07x 6.39x 6.31x 5.73x - - - - - -
EBITDA - Long-Term Rating Date 30.12.2011
EBIT - Long-Term Rating NR
Operating Margin 33.70% Long-Term Outlook -
Pretax Margin 34.13% Short-Term Rating Date 30.12.2011
Return on Assets 0.74% Short-Term Rating NR
Return on Common Equity 12.32%
Return on Capital 5.50% EBITDA/Interest Exp. -
Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 134.1%
Net Income Margin 26.6% Total Debt/Capital 57.1%
Asset Turnover 0.09
Current Ratio - Net Fixed Asset Turnover 12.95
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 8.05% Inventory Days -
Tot Debt to Common Equity 134.07% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Canara BankPrice/Volume
Valuation Analysis
102'250.00
Current Price (10/dd/yy) Market Data
,
-,,
.,,
0,,
1,,
2,,
3,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'- E'. E'0 E'1 E'2 E'3 E'4 E'5 E'6 E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
400'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013,',,
,'.,
,'1,
,'3,
,'5,
-',,
-'.,
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 300'000'000 67.72 - 30.06.2013 Government
LIFE INSURANCE CORP n/a Co File 22'008'605 4.97 - 30.06.2013 Government
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 9'927'671 2.24 (26'000) 31.08.2013 Investment Advisor
HSBC GLOBAL INV MAUR n/a Co File 7'566'592 1.71 - 30.06.2013 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 5'546'331 1.25 160'000 31.08.2013 Other
VANGUARD GROUP INC n/a ULT-AGG 2'618'317 0.59 157'428 30.06.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 2'100'726 0.47 21'277 30.04.2013 Investment Advisor
HSBC INVESTMENTS HON Multiple Portfolios MF-AGG 1'349'199 0.3 - 11.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 1'247'127 0.28 - 31.05.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 1'085'282 0.24 - 27.09.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'072'154 0.24 (16'000) 27.09.2013 Investment Advisor
RAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 664'800 0.15 (14'000) 28.06.2013 Investment Advisor
IDFC MUTUAL FUND Multiple Portfolios MF-AGG 553'500 0.12 212'500 31.08.2013 Investment Advisor
BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 540'763 0.12 (691'650) 31.08.2013 Investment Advisor
EXCEL FUNDS MANAGEME Multiple Portfolios MF-AGG 472'349 0.11 - 28.03.2013 Investment Advisor
BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 380'217 0.09 (281'111) 31.08.2013 Investment Advisor
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 327'911 0.07 280'422 30.06.2013 Investment Advisor
VALIC CO I Multiple Portfolios MF-AGG 319'967 0.07 - 31.05.2013 Investment Advisor
KOTAK MAHINDRA Multiple Portfolios MF-AGG 282'350 0.06 66'129 31.08.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 234'600 0.05 - 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited PRAVEEN AGRAWAL hold 3 M 220 Not Provided 27.09.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 N 254 Not Provided 24.09.2013
Religare Capital Markets SIDDHARTH TELI hold 3 M 250 12 month 23.09.2013
Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES sell 1 M 239 Not Provided 19.09.2013
Macquarie SURESH GANAPATHY underperform 1 M 167 12 month 16.09.2013
Batlivala & Karani Securities ANAND DAMA underperform 1 M 255 Not Provided 05.09.2013
Fortune Equity Brokers (India) Ltd VIJAY NARA buy 5 M 280 Not Provided 26.08.2013
Sunidhi Consultancy Services AMIT JAIN buy 5 M 338 12 month 23.08.2013
Kotak Securities MB MAHESH reduce 2 M 250 Not Provided 21.08.2013
Nirmal Bang Institutional Equities HEMINDRA HAZARI hold 3 M 222 Not Provided 21.08.2013
Deutsche Bank MANISH KARWA sell 1 D 170 12 month 20.08.2013
Almondz Global Securities Ltd SHIVRAJ GUPTA hold 3 M 288 Not Provided 20.08.2013
Motilal Oswal Securities Ltd ALPESH MEHTA buy 5 M 370 Not Provided 19.08.2013
Morgan Stanley SUMEET KARIWALA Underwt/Cautious 1 M 170 12 month 07.08.2013
Elara Securities India Pvt Ltd RAKESH KUMAR buy 5 M 309 Not Provided 07.08.2013
Angel Broking Limited VAIBHAV AGRAWAL neutral 3 D #N/A N/A Not Provided 06.08.2013
HSBC TEJAS MEHTA underweight 1 M 238 Not Provided 05.08.2013
CIMB JATINDER AGARWAL neutral 3 D 265 12 month 05.08.2013
Phillip Securities MANISH AGARWALLA buy 5 M 350 Not Provided 05.08.2013
Emkay Share & Stock Brokers KASHYAP JHAVERI reduce 2 M 260 Not Provided 05.08.2013
HDFC Securities VISHAL MODI neutral 3 D 265 12 month 05.08.2013
Tata Securities Limited BIJOY SHAH hold 3 D 259 12 month 05.08.2013
Antique Stock Broking Limited ALOK KAPADIA hold 3 D 285 Not Provided 05.08.2013
Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA reduce 2 M 249 Not Provided 05.08.2013
Spark Capital Advisors ABHINESH VIJAYARAJ sell 1 M 209 12 month 05.08.2013
Quant Broking Pvt Ltd NITIN KUMAR accumulate 4 M 280 12 month 05.08.2013
ICICI Securities SHASHIN UPADHYAY buy 5 M 329 12 month 04.08.2013
JM Financial Institutional Securities P KARAN UBEROI buy 5 M 290 12 month 03.08.2013
India Nivesh Ltd YOGESH HEMANDAS HOTWANI not rated #N/A N/A M #N/A N/A Not Provided 11.07.2013
EVA Dimensions DOUG WALTERS hold 3 D #N/A N/A Not Provided 02.07.2013
First Global Stockbroking DEVINA MEHRA market perform 3 M #N/A N/A Not Provided 09.05.2013
IDFC Securities Ltd MANISH CHOWDHARY dropped coverage #N/A N/A M #N/A N/A Not Provided 13.03.2013
Dolat Capital Market Ltd. RAKESH KUMAR accumulate 4 D 440 12 month 07.11.2012
Proactive Universal UJJWAL SOMANI hold 3 M 420 12 month 25.07.2012
India Infoline RAJIV MEHTA market perform 3 D 459 Not Provided 09.12.2011
Holdings By:
Canara Bank ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Bharat Forge Limited manufactures steel forgings and machined components for
the automotive, diesel engine, railway, earthmoving, cement, sugar, steel,
coal, ship building and oilfield industries. The Company specializes in Closed
Die as well as Open Die Forgings.
Latest Fiscal Year: 03/2013
LTM as of: 03/yy
52-Week High (04.10.2012) 315.00
52-Week Low (06.08.2013) 185.55
Daily Volume
249.8
52-Week High % Change -20.17% Dividend Yield 1.36
52-Week Low % Change 34.63% Beta 0.96
% 52 Week Price Range High/Low 49.67% Equity Float 175.43
Shares Out 25.09.2013 232.8 Short Int -
58'152.02 1 Yr Total Return -17.87%
Total Debt 27'865.78 YTD Return 0.61%
Preferred Stock 0.0 Adjusted BETA 0.962
Minority Interest 1'642.5 Analyst Recs 31
Cash and Equivalents 9'109.04 Consensus Rating 3.387
Enterprise Value 78'551.22
Average Volume 5 Day 18'523
BHFC IB EQUITY YTD Change - Average Volume 30 Day 420'280
BHFC IB EQUITY YTD % CHANGE - Average Volume 3 Month 227'877
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
46'739.9 32'616.0 49'686.1 62'790.6 57'021.9 43'365.3 42'292.4 61'341.9 68'323.1 - -
0.88x 2.33x 2.00x 1.43x 1.20x 0.00x 0.00x 1.28x 1.13x - -
5'581.1 3'471.8 7'948.6 10'879.7 7'941.5 0.0 335.1 9'359.0 10'717.3 - -
7.38x 21.85x 12.48x 8.28x 8.64x 0.00x 0.00x 8.39x 7.33x - -
584.0 (683.2) 2'901.6 4'130.5 2'475.8 2'941.2 288.2 3'375.2 4'504.8 - -
39.35x - 26.65x 18.04x 18.23x 20.25x 76.55x 17.22x 12.97x - -
EBITDA 7'941.46 Long-Term Rating Date -
EBIT 4'581.08 Long-Term Rating -
Operating Margin 8.03% Long-Term Outlook -
Pretax Margin 6.87% Short-Term Rating Date -
Return on Assets 3.35% Short-Term Rating -
Return on Common Equity 11.15%
Return on Capital 6.16% EBITDA/Interest Exp. 4.20
Asset Turnover 0.77% (EBITDA-Capex)/Interest Exp. 1.24
Net Debt/EBITDA 2.36
Gross Margin - Total Debt/EBITDA 3.51
EBITDA Margin 13.9%
EBIT Margin 8.0% Total Debt/Equity 123.5%
Net Income Margin 4.3% Total Debt/Capital 53.5%
Asset Turnover 0.77
Current Ratio 1.22 Net Fixed Asset Turnover 1.74
Quick Ratio 0.52 Accounts receivable turnover-days 45.60
Debt to Assets 37.46% Inventory Days -
Tot Debt to Common Equity 123.50% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.00 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Bharat Forge LtdPrice/Volume
Valuation Analysis
11'144.00
Current Price (10/dd/yy) Market Data
,
2,
-,,
-2,
.,,
.2,
0,,
02,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E-', E.', E0', E1', E2', E3', E4', E5', E6', E
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
02',,
1,',,
12',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SUNDARAM TRADING & I n/a EXCH 31'907'087 13.71 2'489'525 18.09.2013 Other
KALYANI INVESTMENT C n/a Co File 31'656'095 13.6 - 30.06.2013 Other
KSL HOLDING PVT LTD n/a Co File 23'142'870 9.94 - 30.06.2013 Other
LIFE INSURANCE CORP n/a Co File 20'576'534 8.84 - 30.06.2013 Government
RELIANCE CAPITAL TRU n/a Co File 12'858'357 5.52 - 30.06.2013 Other
AJINKYA INVEST & TRA n/a Co File 9'818'925 4.22 - 30.06.2013 Unclassified
KRITADNYA MGMT & TRA n/a Co File 8'431'225 3.62 - 30.06.2013 Other
BF INVESTMENT LTD n/a Co File 5'807'338 2.49 - 30.06.2013 Other
NEW INDIA ASSURANCE n/a Co File 4'404'879 1.89 - 30.06.2013 Government
GAGANDEEP CREDIT CAP n/a Co File 3'418'062 1.47 - 30.06.2013 Corporation
SUDARSHAN SECURITIES n/a Co File 3'140'216 1.35 - 30.06.2013 Holding Company
VANGUARD GROUP INC n/a ULT-AGG 2'397'032 1.03 65'384 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 2'312'779 0.99 - 31.12.2012 Government
JANNHAVI INVEST PVT n/a Co File 2'217'570 0.95 - 30.06.2013 Investment Advisor
AGF INVESTMENTS INC Multiple Portfolios MF-AGG 2'212'695 0.95 (568'800) 28.03.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 2'128'298 0.91 419'440 31.08.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'542'578 0.66 529'112 31.08.2013 Investment Advisor
NATCAN INVESTMENT MA Multiple Portfolios MF-AGG 1'088'704 0.47 18'400 28.06.2013 Investment Advisor
TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 1'007'616 0.43 38'600 28.06.2013 Investment Advisor
TATA ASSET MANAGEMEN Multiple Portfolios MF-AGG 948'200 0.41 85'500 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs SANDEEP PANDYA Sell/Neutral 1 M 169 12 month 30.09.2013
JM Financial Institutional Securities P SANDEEP TULSIYAN buy 5 M 300 Not Provided 30.09.2013
Quant Broking Pvt Ltd BASUDEB BANERJEE buy 5 N 308 12 month 30.09.2013
Axis Capital Limited CHIRAG SHAH hold 3 M 250 Not Provided 27.09.2013
Nomura KAPIL SINGH buy 5 M 316 Not Provided 27.09.2013
Kotak Securities HITESH GOEL sell 1 M 220 Not Provided 26.09.2013
Deutsche Bank AMYN PIRANI buy 5 M 320 12 month 23.09.2013
ICICIdirect.com NISHANT VAAS buy 5 M 259 Not Provided 20.08.2013
Morgan Stanley BINAY SINGH Equalwt/In-Line 3 M 221 12 month 17.08.2013
Angel Broking Limited YARESH KOTHARI accumulate 4 M 256 12 month 16.08.2013
Maybank Kim Eng JIGAR A SHAH sell 1 M 174 12 month 15.08.2013
Standard Chartered AMIT KASAT in-line 3 U 223 12 month 12.08.2013
Jefferies GOVINDARAJAN CHELLAPPA hold 3 M 253 12 month 12.08.2013
CIMB PRAMOD AMTHE underperform 1 M 190 12 month 12.08.2013
Anand Rathi Securities Pvt. Ltd. ROHAN KORDE hold 3 M 236 12 month 12.08.2013
Batlivala & Karani Securities ANNAMALAI JAYARAJ outperform 5 M 283 Not Provided 12.08.2013
Brics Securities UMESH KARNE add 4 U 241 Not Provided 12.08.2013
India Infoline PRAYESH JAIN market perform 3 M 250 9 month 12.08.2013
Spark Capital Advisors MUKESH SARAF add 4 M 260 12 month 12.08.2013
ICICI Securities SANKET MAHESHWARI add 4 M 264 12 month 10.08.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 09.08.2013
Prabhudas Lilladher Pvt Ltd SURJIT SINGH ARORA accumulate 4 M 274 12 month 08.08.2013
Barclays SAHIL KEDIA overweight 5 M 316 Not Provided 08.08.2013
Dolat Capital Market Ltd. MAYUR MILAK accumulate 4 M 255 Not Provided 12.06.2013
GEPL Capital Pvt Ltd GAURAV OZA hold 3 M 238 Not Provided 29.05.2013
Sharekhan Ltd TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 27.05.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 M 294 Not Provided 20.12.2012
Prime Broking Company PAURAV LAKHANI hold 3 M 287 Not Provided 06.11.2012
Dalmia Securities Pvt Ltd ARJUN NIYOGI buy 5 M 323 12 month 01.11.2012
Antique Stock Broking Limited AMOL RAO buy 5 M 400 12 month 13.08.2012
Karvy Stock Broking Ltd YOGESH NAGAONKAR buy 5 M 351 Not Provided 12.04.2012
Daiwa Securities Co. Ltd. NAVIN MATTA buy 5 M 345 Not Provided 10.04.2012
Dalal & Broacha KUNAL BHATIA hold 3 N #N/A N/A Not Provided 26.05.2011
Holdings By:
Bharat Forge Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Crompton Greaves Ltd. manufactures, distributes, installs and services
electrical and allied equipment such as transformers, reactors, switchgear
control equipment & accessories, industrial motors, fractional horse power
motors and pumps. The Company also manufactures railway & electronic equipment,
communication systems, computers, software, lighting equipment and other items.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (08.10.2012) 141.70
52-Week Low (25.06.2013) 71.70
Daily Volume
87.5
52-Week High % Change -38.39% Dividend Yield 1.37
52-Week Low % Change 22.04% Beta 1.22
% 52 Week Price Range High/Low 20.71% Equity Float 321.82
Shares Out 25.09.2013 641.5 Short Int -
56'130.51 1 Yr Total Return -29.69%
Total Debt 20'270.00 YTD Return -24.16%
Preferred Stock 0.0 Adjusted BETA 1.223
Minority Interest 94.8 Analyst Recs 50
Cash and Equivalents 10'239.90 Consensus Rating 3.040
Enterprise Value 66'255.41
Average Volume 5 Day 212'056
CRG IB EQUITY YTD Change - Average Volume 30 Day 283'504
CRG IB EQUITY YTD % CHANGE - Average Volume 3 Month 384'234
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
87'372.6 91'408.7 100'051.1 112'485.8 120'944.4 116'219.8 124'405.2 132'829.6 147'384.7 32'220.8 32'773.0
0.54x 1.79x 1.72x 0.79x 0.58x 1.67x 1.30x 0.49x 0.43x - -
11'234.0 12'771.3 13'437.8 8'036.4 3'831.6 7'885.3 3'611.7 7'928.6 10'245.3 1'465.0 1'644.5
4.21x 12.83x 12.84x 11.07x 18.35x 0.00x 0.00x 8.35x 6.46x - -
5'599.0 8'598.7 8'886.7 3'735.9 (361.4) 3'800.2 (619.6) 3'878.5 5'548.6 759.7 848.7
8.09x 20.30x 19.69x 23.71x - 20.47x 0.00x 14.33x 10.03x - -
EBITDA 3'831.60 Long-Term Rating Date -
EBIT 1'802.40 Long-Term Rating -
Operating Margin 1.49% Long-Term Outlook -
Pretax Margin 0.53% Short-Term Rating Date -
Return on Assets -0.38% Short-Term Rating -
Return on Common Equity -1.01%
Return on Capital -1.82% EBITDA/Interest Exp. 4.02
Asset Turnover 1.28% (EBITDA-Capex)/Interest Exp. 1.71
Net Debt/EBITDA 2.62
Gross Margin - Total Debt/EBITDA 5.29
EBITDA Margin 3.2%
EBIT Margin 1.5% Total Debt/Equity 56.9%
Net Income Margin -0.3% Total Debt/Capital 36.2%
Asset Turnover 1.28
Current Ratio 1.38 Net Fixed Asset Turnover 8.58
Quick Ratio 0.90 Accounts receivable turnover-days 95.12
Debt to Assets 19.96% Inventory Days -
Tot Debt to Common Equity 56.91% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.84 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Crompton Greaves LtdPrice/Volume
Valuation Analysis
102'901.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
.,
1,
3,
5,
-,,
-.,
-1,
-3,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'2 E-', E-'2 E.', E.'2 E0', E0'2 E1', E1'2 E
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
02',,
1,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AVANTHA HOLDINGS LTD n/a Co File 255'937'034 39.9 - 30.06.2013 Other
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 58'269'500 9.08 - 31.08.2013 Investment Advisor
LIFE INSURANCE CORP n/a Co File 34'219'724 5.33 - 30.06.2013 Government
HSBC GLOBAL INV MAUR n/a Co File 19'264'369 3 - 30.06.2013 Investment Advisor
GOVT PENSION FUND GL n/a Co File 16'111'520 2.51 - 30.06.2013 n/a
HDFC LIFE INSURANCE n/a Co File 15'692'791 2.45 - 30.06.2013 Insurance Company
NORGES BANK Multiple Portfolios MF-AGG 10'751'558 1.68 - 31.12.2012 Government
AMANSA CAPITAL PVT L n/a Co File 9'078'378 1.42 - 30.06.2013 Other
COPTHALL MAURITIUS I n/a Co File 8'980'997 1.4 - 30.06.2013 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 7'366'139 1.15 (900'000) 31.08.2013 Other
CORELLA INVESTMENTS n/a Co File 7'190'750 1.12 - 30.06.2013 Other
HSBC INVESTMENTS HON Multiple Portfolios MF-AGG 5'146'901 0.8 (234'482) 11.03.2013 Investment Advisor
BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 4'824'066 0.75 37'186 31.08.2013 Investment Advisor
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 4'550'000 0.71 - 31.08.2013 Investment Advisor
LUSTRE INTERNATIONAL n/a Co File 4'314'712 0.67 - 30.06.2013 Other
VANGUARD GROUP INC n/a ULT-AGG 3'799'323 0.59 651'701 30.06.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'787'932 0.59 - 31.08.2013 Investment Advisor
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 3'195'519 0.5 1'425'622 31.08.2013 Investment Advisor
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 2'485'312 0.39 433'814 31.08.2013 Investment Advisor
BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 2'258'833 0.35 (252'878) 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited BHAVIN VITHLANI hold 3 M 81 Not Provided 27.09.2013
Jefferies LAVINA QUADROS underperform 1 M 70 12 month 23.09.2013
India Nivesh Ltd SANTOSH YELLAPU hold 3 M 88 Not Provided 20.09.2013
UBS PANKAJ SHARMA sell 1 M 75 12 month 19.09.2013
Standard Chartered SATISH KUMAR underperform 1 M 87 12 month 18.09.2013
Angel Broking Limited AMIT PATIL buy 5 M 103 Not Provided 13.09.2013
Goldman Sachs PULKIT PATNI Buy/Neutral 5 M 94 12 month 09.09.2013
Phillip Securities ANKUR SHARMA neutral 3 M 85 Not Provided 04.09.2013
Antique Stock Broking Limited DHIRENDRA TIWARI buy 5 M 141 Not Provided 03.09.2013
JPMorgan SUMIT KISHORE neutral 3 M 85 12 month 02.09.2013
Fortune Equity Brokers (India) Ltd TEAM COVERAGE buy 5 U 95 Not Provided 22.08.2013
Motilal Oswal Securities Ltd SATYAM AGARWAL buy 5 M 116 Not Provided 20.08.2013
Kantilal Chhaganlal Sec. Pvt. Ltd AMIT HARICHAND ANWANI hold 3 M 102 Not Provided 13.08.2013
BNP Paribas Equity Research GIRISH NAIR buy 5 M 136 12 month 09.08.2013
Prabhudas Lilladher Pvt Ltd KUNAL SHETH accumulate 4 M 108 12 month 08.08.2013
Batlivala & Karani Securities RENU BAID outperform 5 M 115 Not Provided 08.08.2013
Spark Capital Advisors APURVA PATEL add 4 U 93 12 month 08.08.2013
HSBC ASHUTOSH NARKAR neutral 3 M 95 Not Provided 07.08.2013
Macquarie INDERJEET SINGH BHATIA neutral 3 M 90 12 month 07.08.2013
Daiwa Securities Co. Ltd. SAURABH MEHTA hold 3 M 90 Not Provided 07.08.2013
HDFC Securities ABHINAV SHARMA neutral 3 U 85 12 month 07.08.2013
Tata Securities Limited RAVIKIRAN SURANA hold 3 M 91 12 month 07.08.2013
KR Choksey Shares & Sec Pvt Ltd CHINMAY S GANDRE buy 5 M 112 12 month 07.08.2013
Ambit Capital Pvt Ltd BHARGAV BUDDHADEV sell 1 M 94 12 month 07.08.2013
Barclays VENUGOPAL GARRE equalweight 3 M 93 Not Provided 07.08.2013
IIFL GOPAL RITOLIA sell 1 M 81 12 month 07.08.2013
Quantum Securities Pvt Ltd MAHESH BENDRE buy 5 M 123 12 month 07.08.2013
Nirmal Bang Institutional Equities CHIRAG MUCHHALA buy 5 M 105 Not Provided 07.08.2013
Morgan Stanley ASHISH G JAIN Overwt/In-Line 5 M 128 12 month 06.08.2013
Credit Suisse AMISH SHAH underperform 1 M 92 Not Provided 06.08.2013
Kotak Securities LOKESH GARG add 4 M 105 Not Provided 06.08.2013
JM Financial Institutional Securities P SUBHADIP MITRA hold 3 M 77 12 month 06.08.2013
Nomura AMAR KEDIA reduce 2 M 79 Not Provided 06.08.2013
IDFC Securities Ltd BHOOMIKA NAIR neutral 3 M 92 12 month 06.08.2013
Edelweiss Capital AMIT MAHAWAR hold 3 M 95 12 month 06.08.2013
Sharekhan Ltd TEAM COVERAGE hold 3 M 105 Not Provided 06.08.2013
CIMB HARISH BIHANI neutral 3 M 102 12 month 15.07.2013
ICICI Securities VIVEK SHARMA sell 1 M 76 12 month 11.07.2013
EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 M 103 Not Provided 28.05.2013
Religare Capital Markets MISAL SINGH buy 5 M 160 12 month 27.05.2013
Asian Markets Securities Pvt. Ltd JOHN JOSE PERINCHERY sell 1 M 81 Not Provided 09.04.2013
Espirito Santo Investment Bank ResearchKRISHNAKANT THAKUR sell 1 M 103 Not Provided 22.02.2013
Holdings By:
Crompton Greaves Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Hindustan Petroleum Corporation Limited refines crude oil and manufactures
petroleum and petroleum products. The Company's products, which are sold via
outlets throughout India, include lube products, lubricating oil, aviation fuel,
hydraulic brake fluid, greases, liquefied petroleum gas and insecticides.
The Government of India is the majority shareholder in the company.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (18.01.2013) 381.40
52-Week Low (28.08.2013) 158.45
Daily Volume
190.5
52-Week High % Change -49.99% Dividend Yield 4.46
52-Week Low % Change 20.23% Beta 0.93
% 52 Week Price Range High/Low 14.89% Equity Float 132.27
Shares Out 25.09.2013 338.6 Short Int -
64'508.49 1 Yr Total Return -36.26%
Total Debt 457'366.80 YTD Return -31.50%
Preferred Stock 0.0 Adjusted BETA 0.930
Minority Interest 14.8 Analyst Recs 46
Cash and Equivalents 32'204.60 Consensus Rating 4.174
Enterprise Value 489'685.49
Average Volume 5 Day 225'363
HPCL IB EQUITY YTD Change - Average Volume 30 Day 284'621
HPCL IB EQUITY YTD % CHANGE - Average Volume 3 Month 214'104
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
1'136'797.4 1'051'779.3 1'385'672.9 1'850'872.6 2'159'502.3 - - ######### ######### - -
0.24x 0.27x 0.27x 0.25x 0.24x - - 0.18x 0.17x - -
32'154.7 28'268.5 41'062.7 42'638.2 41'955.0 - - 51'022.1 52'477.7 - -
8.46x 10.19x 9.00x 10.98x 12.44x - - 9.60x 9.33x - -
7'573.9 14'766.3 17'036.0 1'746.5 5'013.0 - - 9'401.2 11'813.4 - -
12.04x 7.30x 7.09x 58.87x 19.27x - - 6.70x 5.50x - -
EBITDA 41'955.00 Long-Term Rating Date -
EBIT 18'780.80 Long-Term Rating -
Operating Margin 0.87% Long-Term Outlook -
Pretax Margin 0.41% Short-Term Rating Date -
Return on Assets 0.56% Short-Term Rating -
Return on Common Equity 3.74%
Return on Capital 2.33% EBITDA/Interest Exp. 2.93
Asset Turnover 2.43% (EBITDA-Capex)/Interest Exp. -1.58
Net Debt/EBITDA 10.13
Gross Margin - Total Debt/EBITDA 10.90
EBITDA Margin 1.9%
EBIT Margin 0.9% Total Debt/Equity 336.5%
Net Income Margin 0.2% Total Debt/Capital 77.1%
Asset Turnover 2.43
Current Ratio 0.87 Net Fixed Asset Turnover 5.40
Quick Ratio 0.17 Accounts receivable turnover-days 8.17
Debt to Assets 49.57% Inventory Days -
Tot Debt to Common Equity 336.48% Accounts Payable Turnover Day -
Accounts Receivable Turnover 44.66 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Hindustan Petroleum Corp LtdPrice/Volume
Valuation Analysis
86'389.00
Current Price (10/dd/yy) Market Data
,
2,
-,,
-2,
.,,
.2,
0,,
02,
1,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'2 E
-', E
-'2 E
.', E
.'2 E
0', E
0'2 E
1', E
0.0
500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 173'076'750 51.11 - 30.06.2013 Government
LIFE INSURANCE CORP n/a Co File 33'279'877 9.83 - 30.06.2013 Government
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 13'202'470 3.9 - 31.08.2013 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 7'483'065 2.21 (2'541'059) 31.08.2013 Other
HDFC LIFE INSURANCE n/a Co File 7'126'083 2.1 - 30.06.2013 Insurance Company
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 5'113'472 1.51 214'170 31.08.2013 Investment Advisor
BIRLA SUN LIFE INSUR n/a Co File 4'323'089 1.28 - 30.06.2013 Insurance Company
ICICI PRUDENTIAL LIF n/a Co File 4'066'902 1.2 - 30.06.2013 Insurance Company
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'788'645 1.12 25'890 27.09.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 2'746'510 0.81 - 31.05.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 2'246'369 0.66 413'044 30.06.2013 Investment Advisor
NOMURA n/a ULT-AGG 2'195'212 0.65 - 12.09.2012 Unclassified
BNP PARIBAS n/a ULT-AGG 1'541'229 0.46 510'000 30.04.2013 Unclassified
KOTAK MAHINDRA Multiple Portfolios MF-AGG 1'076'157 0.32 (136'351) 31.08.2013 Investment Advisor
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 978'060 0.29 24'700 31.08.2013 Investment Advisor
IDFC MUTUAL FUND Multiple Portfolios MF-AGG 904'000 0.27 904'000 31.08.2013 Investment Advisor
SUNDARAM ASSET MANAG Multiple Portfolios MF-AGG 663'936 0.2 (420'155) 31.08.2013 Investment Advisor
L&T INVESTMENT MANAG Multiple Portfolios MF-AGG 499'500 0.15 - 31.08.2013 Investment Advisor
HSBC ASSET MGMT INDI Multiple Portfolios MF-AGG 466'000 0.14 250'000 31.08.2013 Investment Advisor
SOCIETE GENERALE Multiple Portfolios MF-AGG 430'986 0.13 90'000 30.03.2012 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JM Financial Institutional Securities P GARIMA MISHRA buy 5 M 278 Not Provided 30.09.2013
Nomura ANIL SHARMA buy 5 M 330 Not Provided 30.09.2013
Batlivala & Karani Securities BHAVIN GANDHI outperform 5 M 272 Not Provided 27.09.2013
Axis Capital Limited AMIT MISHRA hold 3 M 195 Not Provided 27.09.2013
Credit Suisse SANJAY MOOKIM neutral 3 U 194 Not Provided 24.09.2013
Ambit Capital Pvt Ltd DAYANAND MITTAL buy 5 M 265 12 month 19.09.2013
Quant Broking Pvt Ltd GAGAN DIXIT buy 5 M 356 Not Provided 19.09.2013
HSBC KUMAR MANISH neutral 3 M 201 Not Provided 17.09.2013
BNP Paribas Equity Research AMIT SHAH buy 5 M 255 12 month 13.09.2013
Motilal Oswal Securities Ltd HARSHAD BORAWAKE buy 5 M 308 Not Provided 12.09.2013
Tata Securities Limited SWARNENDU BHUSHAN buy 5 M 221 12 month 11.09.2013
CIMB AVADHOOT SABNIS outperform 5 U 300 12 month 09.09.2013
Antique Stock Broking Limited AMIT RUSTAGI buy 5 M 287 Not Provided 06.09.2013
Morgan Stanley VINAY JAISING Equalwt/Attractive 3 M 215 12 month 22.08.2013
IIFL BHASKAR CHAKRABORTY reduce 2 D 220 12 month 21.08.2013
Macquarie ABHISHEK AGARWAL outperform 5 M 255 12 month 20.08.2013
Spark Capital Advisors MAYUR PATEL add 4 U 239 12 month 19.08.2013
Emkay Share & Stock Brokers DHAVAL JOSHI buy 5 M 315 Not Provided 16.08.2013
IDFC Securities Ltd PRAKASH JOSHI underperform 1 M 186 12 month 13.08.2013
HDFC Securities AISHWARYA DEEPAK buy 5 M 240 12 month 13.08.2013
ICICIdirect.com MAYUR MATANI buy 5 M 233 15 month 13.08.2013
Barclays SOMSHANKAR SINHA underweight 1 M 200 Not Provided 13.08.2013
BOB Capital Markets NEELABH SHARMA hold 3 M 214 12 month 13.08.2013
Standard Chartered RAHUL SINGH outperform 5 M 221 12 month 12.08.2013
Deutsche Bank HARSHAD KATKAR buy 5 M 270 12 month 12.08.2013
JPMorgan NEIL GUPTE overweight 5 M 365 6 month 12.08.2013
ICICI Securities ROHIT AHUJA buy 5 M 295 12 month 12.08.2013
IDBI Capital Market Services Ltd SUDEEP ANAND accumulate 4 U 210 12 month 12.08.2013
Edelweiss Capital NIRAJ MANSINGKA buy 5 M 311 12 month 12.08.2013
Religare Capital Markets NITIN TIWARI buy 5 M 400 12 month 09.08.2013
EVA Dimensions DOUG WALTERS underweight 1 D #N/A N/A Not Provided 29.07.2013
Daiwa Securities Co. Ltd. NIRMAL RAGHAVAN buy 5 U 320 Not Provided 12.07.2013
UBS ASHISH JAGNANI neutral 3 U 275 12 month 01.07.2013
Avendus Capital Private Ltd SAURABH BHARAT buy 5 M 407 Not Provided 26.06.2013
Kotak Securities TARUN LAKHOTIA add 4 M 240 Not Provided 21.06.2013
Goldman Sachs NILESH BANERJEE Sell/Neutral 1 M 265 12 month 13.06.2013
Systematix Shares & Stocks Ltd SUDARSHAN NARASIMHAN buy 5 M #N/A N/A Not Provided 31.05.2013
SBI Capital Markets GUNJAN PODDAR buy 5 M 330 12 month 30.05.2013
Elara Securities India Pvt Ltd ALOK DESHPANDE accumulate 4 M 320 Not Provided 12.04.2013
Karvy Stock Broking Ltd VINAY V NAIR buy 5 M 428 Not Provided 10.04.2013
India Infoline PRAYESH JAIN market perform 3 M 330 12 month 13.03.2013
Prabhudas Lilladher Pvt Ltd DEEPAK PAREEK accumulate 4 M 378 12 month 06.03.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 354 Not Provided 02.03.2013
Holdings By:
Hindustan Petroleum Corp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Union Bank of India Limited provides a full range of banking services
throughout India. The Company's activities include retail banking, commercial
and personal banking, investment management, treasury and NRI services, cash
management and assorted ATM facilities. Union Bank has an online tele-banking
facility for all its core banking customers.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (02.01.2013) 288.00
52-Week Low (29.08.2013) 97.10
Daily Volume
111.05
52-Week High % Change -61.25% Dividend Yield 7.20
52-Week Low % Change 14.37% Beta 1.25
% 52 Week Price Range High/Low 6.65% Equity Float 186.53
Shares Out 25.09.2013 596.8 Short Int -
66'274.00 1 Yr Total Return -44.31%
Total Debt 368'290.13 YTD Return -57.89%
Preferred Stock 1'110.0 Adjusted BETA 1.247
Minority Interest 297.9 Analyst Recs 49
Cash and Equivalents 223'925.75 Consensus Rating 3.224
Enterprise Value -
Average Volume 5 Day 659'478
UNBK IB EQUITY YTD Change - Average Volume 30 Day 723'401
UNBK IB EQUITY YTD % CHANGE - Average Volume 3 Month 555'434
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
- - 185'010.2 234'694.5 280'382.7 - - 115'809.0 131'976.0 - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - 22'078.9 17'718.5 21'565.8 - - 28'766.0 33'545.0 - -
- - 8.25x 6.98x 5.58x - - 2.30x 1.98x - -
EBITDA - Long-Term Rating Date 17.06.2008
EBIT - Long-Term Rating BBB-
Operating Margin 29.05% Long-Term Outlook NEG
Pretax Margin 29.17% Short-Term Rating Date 17.06.2008
Return on Assets 0.75% Short-Term Rating A-3
Return on Common Equity 13.48%
Return on Capital 4.38% EBITDA/Interest Exp. -
Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 212.6%
Net Income Margin 20.6% Total Debt/Capital 67.8%
Asset Turnover 0.10
Current Ratio - Net Fixed Asset Turnover 11.72
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 11.77% Inventory Days -
Tot Debt to Common Equity 212.65% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Union Bank of IndiaPrice/Volume
Valuation Analysis
604'675.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
2,
-,,
-2,
.,,
.2,
0,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'2 E
-', E
-'2 E
.', E
.'2 E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
1999 2000 20012002 2003 2004 2005 20062007 2008 2009 2010 20112012 2013
,',,
.,,',,
1,,',,
3,,',,
5,,',,
- ,,,',,
- .,,',,
,-',1'.,,4,-'-,'.,,4,-',1'.,,5,-'-,'.,,5,-',1'.,,6,-'-,'.,,6,-',1'.,-,,-'-,'.,-,,-',1'.,--,-'-,'.,--,-',1'.,-.,-'-,'.,-.,-',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 345'459'689 57.89 - 30.06.2013 Government
LIFE INSURANCE CORP n/a Co File 64'799'582 10.86 - 30.06.2013 Government
EQUINOX FUND MANAGEM Multiple Portfolios MF-AGG 45'401'582 7.61 (64'867'337) 31.07.2013 Investment Advisor
HDFC LIFE INSURANCE n/a Co File 16'860'023 2.83 - 30.06.2013 Insurance Company
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 13'079'625 2.19 191'000 31.08.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 6'145'002 1.03 934'880 31.08.2013 Investment Advisor
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 5'000'000 0.84 - 31.08.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 4'491'646 0.75 (395'049) 31.08.2013 Investment Advisor
BANK OF NOVA SCOTIA n/a ULT-AGG 4'004'199 0.67 (246'300) 30.06.2013 Bank
VANGUARD GROUP INC n/a ULT-AGG 3'087'123 0.52 609'223 30.06.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 2'667'928 0.45 (162'300) 30.06.2013 Investment Advisor
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 1'530'556 0.26 325'129 31.08.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'374'232 0.23 - 27.09.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 1'367'075 0.23 11'342 30.04.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'288'150 0.22 - 31.07.2013 Investment Advisor
GUARDIAN LIFE GROUP n/a ULT-AGG 1'272'780 0.21 605'790 30.06.2013 Insurance Company
IDFC MUTUAL FUND Multiple Portfolios MF-AGG 1'255'000 0.21 329'000 31.08.2013 Investment Advisor
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 1'240'000 0.21 540'000 31.08.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 1'120'754 0.19 (304'501) 28.06.2013 Investment Advisor
KOTAK MAHINDRA Multiple Portfolios MF-AGG 1'012'859 0.17 (230'171) 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited PRAVEEN AGRAWAL hold 3 M 115 Not Provided 27.09.2013
Standard Chartered MAHRUKH ADAJANIA in-line 3 D 120 12 month 26.09.2013
Religare Capital Markets SIDDHARTH TELI hold 3 D 130 12 month 23.09.2013
Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES hold 3 M 135 Not Provided 19.09.2013
Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA accumulate 4 M 125 12 month 11.09.2013
Macquarie SURESH GANAPATHY underperform 1 M 80 12 month 10.09.2013
Batlivala & Karani Securities ANAND DAMA outperform 5 M 180 Not Provided 05.09.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 120 Not Provided 04.09.2013
IIFL SAMPATH S K KUMAR reduce 2 M 90 12 month 27.08.2013
Fortune Equity Brokers (India) Ltd VIJAY NARA buy 5 M 175 Not Provided 26.08.2013
Sunidhi Consultancy Services AMIT JAIN buy 5 M 158 12 month 23.08.2013
IDFC Securities Ltd MANISH CHOWDHARY underperform 1 M 125 Not Provided 22.08.2013
Kotak Securities MB MAHESH add 4 M 150 Not Provided 21.08.2013
Deutsche Bank MANISH KARWA hold 3 M 125 12 month 20.08.2013
Almondz Global Securities Ltd SHIVRAJ GUPTA reduce 2 M 160 Not Provided 20.08.2013
Motilal Oswal Securities Ltd ALPESH MEHTA Under Review #N/A N/A M #N/A N/A Not Provided 19.08.2013
Dolat Capital Market Ltd. RAJIV PATHAK buy 5 M 162 Not Provided 14.08.2013
Morgan Stanley SUMEET KARIWALA Underwt/Cautious 1 D 100 12 month 07.08.2013
Spark Capital Advisors ABHINESH VIJAYARAJ sell 1 M 96 12 month 07.08.2013
JM Financial Institutional Securities P PUNEET GULATI sell 1 M 140 12 month 05.08.2013
Angel Broking Limited VAIBHAV AGRAWAL neutral 3 D #N/A N/A Not Provided 05.08.2013
KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL accumulate 4 D 131 12 month 05.08.2013
Credit Suisse ASHISH GUPTA underperform 1 M 120 Not Provided 02.08.2013
HSBC TEJAS MEHTA neutral 3 U 132 Not Provided 02.08.2013
CIMB JATINDER AGARWAL underperform 1 M 121 12 month 02.08.2013
Daiwa Securities Co. Ltd. PUNIT SRIVASTAVA hold 3 D 138 Not Provided 02.08.2013
ICICI Securities SHASHIN UPADHYAY buy 5 M 200 12 month 02.08.2013
Phillip Securities MANISH AGARWALLA buy 5 M 180 Not Provided 02.08.2013
HDFC Securities VISHAL MODI neutral 3 M 157 12 month 02.08.2013
Tata Securities Limited BIJOY SHAH hold 3 M 142 12 month 02.08.2013
India Infoline RAJIV MEHTA market perform 3 D 128 9 month 02.08.2013
Edelweiss Capital NILESH PARIKH buy 5 M 184 12 month 02.08.2013
Antique Stock Broking Limited ALOK KAPADIA hold 3 D 140 Not Provided 02.08.2013
Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA accumulate 4 M 129 Not Provided 02.08.2013
Quant Broking Pvt Ltd NITIN KUMAR accumulate 4 M 165 12 month 02.08.2013
Elara Securities India Pvt Ltd RAKESH KUMAR buy 5 M 200 12 month 02.08.2013
Emkay Share & Stock Brokers KASHYAP JHAVERI hold 3 M 150 Not Provided 01.08.2013
Sharekhan Ltd TEAM COVERAGE hold 3 D 150 Not Provided 01.08.2013
Ambit Capital Pvt Ltd A SV KRISHNAN buy 5 M 285 12 month 01.08.2013
Karvy Stock Broking Ltd HATIM K BROACHWALA buy 5 M 315 Not Provided 25.07.2013
EVA Dimensions DOUG WALTERS underweight 1 U #N/A N/A Not Provided 18.07.2013
Espirito Santo Investment Bank ResearchSAIKIRAN PULAVARTHI neutral 3 M 244 Not Provided 16.07.2013
Centrum Broking Pvt Ltd BHAVESH KANANI buy 5 M 260 Not Provided 10.07.2013
Holdings By:
Union Bank of India ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
ABB India Limited undertakes engineering and construction projects and
manufactures heavy engineering and industrial equipment. The Company undertakes
projects in the field of energy production, power transmission, transportation,
process automation and pollution control. ABB India's products include
pollution control equipment, switch gears and high current rectifiers.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (12.11.2012) 830.00
52-Week Low (30.08.2013) 448.10
Daily Volume
552
52-Week High % Change -33.62% Dividend Yield 0.54
52-Week Low % Change 23.19% Beta 1.08
% 52 Week Price Range High/Low 25.09% Equity Float 32.78
Shares Out 25.09.2013 211.9 Short Int -
116'973.42 1 Yr Total Return -29.97%
Total Debt 3'276.80 YTD Return -20.73%
Preferred Stock 0.0 Adjusted BETA 1.084
Minority Interest 0.0 Analyst Recs 34
Cash and Equivalents 854.00 Consensus Rating 1.500
Enterprise Value 119'396.22
Average Volume 5 Day 13'557
ABB IB EQUITY YTD Change - Average Volume 30 Day 23'052
ABB IB EQUITY YTD % CHANGE - Average Volume 3 Month 16'064
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
- - - 74'517.9 76'104.8 0.0 21'720.9 77'968.5 84'728.0 - -
- - - 1.62x 1.98x #DIV/0! 0.00x 1.45x 1.31x - -
- - - 3'406.0 3'891.6 0.0 1'082.8 5'130.7 6'507.2 - -
- - - 35.54x 38.78x 0.00x 0.00x 23.27x 18.35x - -
- - - 1'847.1 1'409.4 0.0 642.9 2'530.3 3'482.5 - -
- - - 66.92x 105.36x 0.00x 0.00x 45.84x 32.29x - -
EBITDA 3'891.60 Long-Term Rating Date -
EBIT 2'949.90 Long-Term Rating -
Operating Margin 3.88% Long-Term Outlook -
Pretax Margin 2.78% Short-Term Rating Date -
Return on Assets 2.20% Short-Term Rating -
Return on Common Equity 5.49%
Return on Capital 6.07% EBITDA/Interest Exp. 10.36
Asset Turnover 1.19% (EBITDA-Capex)/Interest Exp. 5.54
Net Debt/EBITDA 0.62
Gross Margin - Total Debt/EBITDA 0.84
EBITDA Margin 5.1%
EBIT Margin 3.9% Total Debt/Equity 12.6%
Net Income Margin 1.9% Total Debt/Capital 11.2%
Asset Turnover 1.19
Current Ratio 1.25 Net Fixed Asset Turnover 6.62
Quick Ratio 0.86 Accounts receivable turnover-days 153.28
Debt to Assets 5.04% Inventory Days -
Tot Debt to Common Equity 12.60% Accounts Payable Turnover Day -
Accounts Receivable Turnover 2.39 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
ABB India LtdPrice/Volume
Valuation Analysis
13'016.00
Current Price (10/dd/yy) Market Data
,-,,.,,0,,1,,2,,3,,4,,5,,6,,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'- E
'. E
'0 E
'1 E
'2 E
'3 E
'4 E
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
.,',,
1,',,
3,',,
5,',,
-,,',,
-.,',,
-1,',,
-3,',,
-5,',,
.,,',,
,0',-'.,-, ,0',4'.,-, ,0',-'.,-- ,0',4'.,-- ,0',-'.,-. ,0',4'.,-. ,0',-'.,-0 ,0',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ABB ASEA BROWN BOVER n/a Co File 146'390'951 69.08 - 30.06.2013 Corporation
LIFE INSURANCE CORP n/a Co File 20'196'092 9.53 - 30.06.2013 Government
ABB NORDEN HOLDING A n/a Co File 12'540'330 5.92 - 30.06.2013 Unclassified
ABERDEEN n/a ULT-AGG 5'186'166 2.45 - 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 1'348'845 0.64 337'285 30.06.2013 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 1'291'475 0.61 (43'731) 31.08.2013 Other
BLACKSTONE ASIA ADVI Multiple Portfolios MF-AGG 499'224 0.24 - 28.06.2013 Investment Advisor
IDFC MUTUAL FUND Multiple Portfolios MF-AGG 390'000 0.18 - 31.08.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 175'000 0.08 - 31.08.2013 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 90'888 0.04 (9'112) 28.06.2013 Investment Advisor
BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 44'854 0.02 (42) 31.08.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 42'900 0.02 - 31.07.2013 Investment Advisor
JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 32'944 0.02 - 31.08.2013 Investment Advisor
WELLS FARGO & COMPAN n/a ULT-AGG 29'426 0.01 6 31.07.2013 Investment Advisor
AXIS ASSET MANAGEMEN Multiple Portfolios MF-AGG 28'019 0.01 - 31.08.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 18'184 0.01 - 30.04.2013 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 10'564 0 - 31.07.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 10'414 0 - 27.09.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 10'330 0 - 31.05.2012 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 9'769 0 (3'501) 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited BHAVIN VITHLANI sell 1 M 373 Not Provided 27.09.2013
Jefferies LAVINA QUADROS hold 3 M 470 12 month 26.09.2013
Standard Chartered SATISH KUMAR underperform 1 M 445 12 month 18.09.2013
Batlivala & Karani Securities RENU BAID underperform 1 M 435 Not Provided 13.09.2013
Phillip Securities ANKUR SHARMA neutral 3 M 500 Not Provided 04.09.2013
Deutsche Bank MANISH SAXENA sell 1 M 301 12 month 28.08.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 M 536 Not Provided 26.08.2013
Motilal Oswal Securities Ltd SATYAM AGARWAL neutral 3 M 457 Not Provided 20.08.2013
Spark Capital Advisors APURVA PATEL sell 1 M 371 12 month 14.08.2013
Angel Broking Limited AMIT PATIL reduce 2 M 442 12 month 13.08.2013
KR Choksey Shares & Sec Pvt Ltd CHINMAY S GANDRE hold 3 M 518 Not Provided 13.08.2013
JPMorgan SUMIT KISHORE underweight 1 M 400 6 month 12.08.2013
Macquarie INDERJEET SINGH BHATIA underperform 1 M 380 12 month 12.08.2013
CIMB HARISH BIHANI underperform 1 M 400 12 month 12.08.2013
Daiwa Securities Co. Ltd. SAURABH MEHTA sell 1 M 400 Not Provided 12.08.2013
Prabhudas Lilladher Pvt Ltd KUNAL SHETH sell 1 M 406 12 month 12.08.2013
BNP Paribas Equity Research GIRISH NAIR reduce 2 M 423 12 month 12.08.2013
HDFC Securities ABHINAV SHARMA sell 1 M 370 12 month 12.08.2013
Antique Stock Broking Limited DHIRENDRA TIWARI sell 1 M 432 Not Provided 12.08.2013
Quant Broking Pvt Ltd ABHINEET ANAND sell 1 M 401 12 month 12.08.2013
Nirmal Bang Institutional Equities CHIRAG MUCHHALA sell 1 M 436 Not Provided 12.08.2013
HSBC ASHUTOSH NARKAR underweight 1 M 440 Not Provided 11.08.2013
JM Financial Institutional Securities P SUBHADIP MITRA hold 3 M 450 12 month 11.08.2013
IDFC Securities Ltd BHOOMIKA NAIR underperform 1 M 380 12 month 10.08.2013
Religare Capital Markets MISAL SINGH hold 3 M 530 12 month 10.08.2013
Edelweiss Capital AMIT MAHAWAR reduce 2 M 421 12 month 09.08.2013
Kotak Securities LOKESH GARG sell 1 M 400 Not Provided 08.08.2013
Tata Securities Limited RAVIKIRAN SURANA sell 1 M 400 12 month 08.08.2013
UBS PANKAJ SHARMA sell 1 M 450 12 month 06.08.2013
Karvy Stock Broking Ltd RUPESH D SANKHE sell 1 M 560 Not Provided 11.07.2013
EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013
IIFL GOPAL RITOLIA sell 1 M 387 12 month 09.05.2013
Espirito Santo Investment Bank ResearchKRISHNAKANT THAKUR sell 1 M 432 Not Provided 22.02.2013
Barclays VENUGOPAL GARRE underweight 1 M 471 Not Provided 10.09.2012
Proactive Universal VINAY PANDIT sell 1 M 600 12 month 08.08.2012
Jaypee Capital Services JYOTSNA SAWDEKAR sell 1 M 542 Not Provided 18.01.2012
India Infoline TEAM COVERAGE sell 1 M 724 Not Provided 11.07.2011
Holdings By:
ABB India Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
GMR Infrastructure is an infrastructure company with interests in airports,
power and roads. The Company is developing a greenfield international airport at
Hyderabad, and is also operating, managing and developing the Delhi airport.
Additionally, it is involved in development and operation of power plants and
road projects in India.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (04.10.2012) 27.00
52-Week Low (06.08.2013) 10.65
Daily Volume
21.85
52-Week High % Change -17.22% Dividend Yield 0.46
52-Week Low % Change 105.16% Beta 1.49
% 52 Week Price Range High/Low 67.58% Equity Float 903.70
Shares Out 25.09.2013 3'892.4 Short Int -
85'049.70 1 Yr Total Return -11.48%
Total Debt 423'493.00 YTD Return 13.68%
Preferred Stock 19'711.0 Adjusted BETA 1.493
Minority Interest 17'200.0 Analyst Recs 20
Cash and Equivalents 42'563.10 Consensus Rating 3.950
Enterprise Value 502'890.60
Average Volume 5 Day 1'222'757
GMRI IB EQUITY YTD Change - Average Volume 30 Day 1'267'251
GMRI IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'035'708
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
38'436.1 45'665.1 63'321.4 83'201.1 98'718.7 84'443.9 99'139.8 98'720.3 124'989.6 21'688.0 21'690.0
7.49x 8.97x 5.55x 5.72x 5.08x 9.63x 9.91x 4.90x 3.85x - -
9'040.6 14'134.8 15'776.3 18'890.8 25'354.8 18'365.0 25'189.5 36'865.8 46'336.5 - -
31.86x 28.99x 22.26x 25.21x 19.80x 0.00x 0.00x 13.64x 10.85x - -
2'794.5 1'584.0 (9'296.4) (6'033.4) 881.2 (6'309.4) (1'436.1) (4'337.4) (1'707.5) (1'047.0) (1'033.0)
61.80x 144.94x - - 95.41x 0.00x 0.00x - - - -
EBITDA 25'354.80 Long-Term Rating Date -
EBIT 14'225.20 Long-Term Rating -
Operating Margin 14.41% Long-Term Outlook -
Pretax Margin 3.98% Short-Term Rating Date -
Return on Assets 0.15% Short-Term Rating -
Return on Common Equity 1.19%
Return on Capital 1.64% EBITDA/Interest Exp. 1.26
Asset Turnover 0.16% (EBITDA-Capex)/Interest Exp. -3.86
Net Debt/EBITDA 15.02
Gross Margin - Total Debt/EBITDA 16.70
EBITDA Margin 25.7%
EBIT Margin 14.4% Total Debt/Equity 581.9%
Net Income Margin 0.9% Total Debt/Capital 79.4%
Asset Turnover 0.16
Current Ratio 0.53 Net Fixed Asset Turnover 0.29
Quick Ratio 0.33 Accounts receivable turnover-days 62.84
Debt to Assets 66.36% Inventory Days -
Tot Debt to Common Equity 581.87% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.81 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
GMR Infrastructure LtdPrice/Volume
Valuation Analysis
455'947.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
2
-,
-2
.,
.2
0,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
.', E
1', E
3', E
5', E
-,', E
-.', E
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
02',,
1,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GMR HOLDINGS n/a Co File 2'736'221'862 70.3 - 30.06.2013 Corporation
CARMIGNAC GESTION n/a Co File 141'475'076 3.63 - 30.06.2013 Investment Advisor
LIFE INSURANCE CORP n/a Co File 112'477'182 2.89 - 30.06.2013 Government
NEW LEAINA INVESTMEN n/a Co File 83'360'880 2.14 - 30.06.2013 Corporation
GMR INFRA VENTURES P n/a EXCH 31'321'815 0.8 - 25.07.2013 Other
VANGUARD GROUP INC n/a ULT-AGG 30'904'369 0.79 1'620'129 30.06.2013 Investment Advisor
GMR ENTERPRISES PVT n/a Co File 17'100'000 0.44 - 30.06.2013 Other
CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 12'600'000 0.32 10'000'000 28.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 7'382'562 0.19 - 31.12.2012 Government
IDFC MUTUAL FUND Multiple Portfolios MF-AGG 7'270'000 0.19 1'500'000 31.08.2013 Investment Advisor
KOTAK MAHINDRA Multiple Portfolios MF-AGG 5'240'000 0.13 (1'500'000) 31.08.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 4'512'952 0.12 318'536 30.04.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'292'377 0.08 - 30.06.2013 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 3'268'754 0.08 - 31.05.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 2'913'600 0.07 - 31.07.2013 Investment Advisor
RAO G MALLIKARJUNA n/a EXCH 1'731'330 0.04 400'000 18.07.2013 n/a
T.ROWE PRICE GLOBAL Multiple Portfolios MF-AGG 1'452'422 0.04 - 06.07.2012 Investment Advisor
GRANDHI MALLIKARJUNA n/a Co File 1'231'330 0.03 - 30.06.2013 n/a
STATE STREET CORP n/a ULT-AGG 1'196'225 0.03 - 27.09.2013 Investment Advisor
VARALAKSHMI G n/a EXCH 942'660 0.02 90'000 24.07.2013 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Elara Securities India Pvt Ltd DEEPAK AGRAWALA buy 5 M 23 Not Provided 24.09.2013
Batlivala & Karani Securities PREM KHURANA buy 5 M 21 Not Provided 20.09.2013
IDFC Securities Ltd SHIRISH RANE outperform 5 M 21 12 month 16.08.2013
Edelweiss Capital SHANKAR K buy 5 M 26 12 month 16.08.2013
ICICIdirect.com DEEPAK PURSWANI hold 3 M 13 12 month 16.08.2013
Nirmal Bang Institutional Equities AMIT K SRIVASTAVA buy 5 M 20 12 month 16.08.2013
Macquarie INDERJEET SINGH BHATIA outperform 5 M 25 12 month 15.08.2013
CIMB PRAMOD AMTHE outperform 5 M 33 12 month 14.08.2013
Kotak Securities LOKESH GARG not rated #N/A N/A M #N/A N/A Not Provided 14.08.2013
Prabhudas Lilladher Pvt Ltd RUPA SHAH accumulate 4 M 17 12 month 14.08.2013
JM Financial Institutional Securities P NAVEEN JAIN buy 5 M 22 12 month 14.08.2013
Phillip Securities VIBHOR SINGHAL buy 5 M 19 Not Provided 14.08.2013
UBS SANDIP BANSAL buy 5 M 24 12 month 05.08.2013
BNP Paribas Equity Research VISHAL SHARMA hold 3 M 26 12 month 28.06.2013
Axis Capital Limited NITIN IDNANI buy 5 M 27 Not Provided 07.06.2013
EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013
Standard Chartered SHASHIKIRAN RAO in-line 3 M 25 12 month 06.05.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 M 22 Not Provided 05.03.2013
Emkay Share & Stock Brokers JITESH BHANOT hold 3 M 21 Not Provided 16.11.2012
JPMorgan SUMIT KISHORE overweight 5 M 50 Not Provided 13.09.2012
IIFL GOPAL RITOLIA reduce 2 M 35 12 month 25.11.2011
Holdings By:
GMR Infrastructure Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
IDBI Bank Limited provides a range of banking and financial services. The Bank's
services include fund-based operations, such as venture capital and fee-based
activities, which include merchant banking and debenture trusteeship.
Latest Fiscal Year: 03/2013
LTM as of: 09/yy
52-Week High (09.01.2013) 118.20
52-Week Low (04.09.2013) 52.30
Daily Volume
59.35
52-Week High % Change -49.45% Dividend Yield 5.90
52-Week Low % Change 13.48% Beta 1.32
% 52 Week Price Range High/Low 9.56% Equity Float 116.52
Shares Out 25.09.2013 1'332.8 Short Int -
79'100.09 1 Yr Total Return -38.18%
Total Debt 935'630.46 YTD Return -43.32%
Preferred Stock 0.0 Adjusted BETA 1.320
Minority Interest 363.9 Analyst Recs 13
Cash and Equivalents 183'125.40 Consensus Rating 2.538
Enterprise Value -
Average Volume 5 Day 214'741
IDBI IB EQUITY YTD Change - Average Volume 30 Day 393'632
IDBI IB EQUITY YTD % CHANGE - Average Volume 3 Month 343'119
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 09/yy 09/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
133'336.1 178'185.1 208'408.8 255'831.9 284'101.4 0.0 0.0 - - - -
- - - - - #DIV/0! #DIV/0! - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
7'665.4 10'205.3 15'635.1 19'977.6 18'899.3 0.0 0.0 - - - -
4.29x 8.17x 8.19x 5.17x 5.44x 0.00x 0.00x - - - -
EBITDA - Long-Term Rating Date 30.01.2007
EBIT - Long-Term Rating -
Operating Margin 21.83% Long-Term Outlook NEG
Pretax Margin - Short-Term Rating Date 30.01.2007
Return on Assets 0.62% Short-Term Rating A-3
Return on Common Equity 9.31%
Return on Capital 1.80% EBITDA/Interest Exp. -
Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 441.3%
Net Income Margin 21.6% Total Debt/Capital 81.5%
Asset Turnover 0.09
Current Ratio - Net Fixed Asset Turnover 9.49
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 29.00% Inventory Days -
Tot Debt to Common Equity 441.29% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
IDBI Bank LtdPrice/Volume
Valuation Analysis
120'814.00
Current Price (10/dd/yy) Market Data
,
.,
1,
3,
5,
-,,
-.,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
'. E
'1 E
'3 E
'5 E
-', E
-'. E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
-',,
.',,
0',,
1',,
2',,
3',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 955'852'609 71.72 - 30.06.2013 Government
LIFE INSURANCE CORP n/a Co File 260'399'218 19.54 - 30.06.2013 Government
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 33'228'741 2.49 - 30.06.2013 Investment Advisor
SBI LIFE INSURANCE C Multiple Portfolios MF-AGG 23'774'747 1.78 - 31.08.2013 Insurance Company
VANGUARD GROUP INC n/a ULT-AGG 6'554'544 0.49 1'205'755 30.06.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 4'689'690 0.35 22'294 30.04.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 2'394'308 0.18 (25'000) 27.09.2013 Investment Advisor
ACADIAN ASSET MANAGE Multiple Portfolios MF-AGG 1'383'084 0.1 (158'552) 31.07.2013 Investment Advisor
ROBECO n/a ULT-AGG 724'176 0.05 - 30.04.2013 Unclassified
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 713'300 0.05 167'100 31.07.2013 Investment Advisor
KOTAK MAHINDRA Multiple Portfolios MF-AGG 551'142 0.04 365'390 31.08.2013 Investment Advisor
IDFC MUTUAL FUND Multiple Portfolios MF-AGG 384'000 0.03 384'000 31.08.2013 Investment Advisor
JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 211'610 0.02 - 31.08.2013 Investment Advisor
WELLS FARGO & COMPAN n/a ULT-AGG 130'148 0.01 25 31.07.2013 Investment Advisor
BENCHMARK ASSET MANA Multiple Portfolios MF-AGG 125'531 0.01 (18'318) 31.08.2013 Investment Advisor
NOMURA INTERNATIONAL Multiple Portfolios MF-AGG 116'534 0.01 - 31.03.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 94'790 0.01 - 30.04.2013 Investment Advisor
BARODA PIONEER MUTUA Multiple Portfolios MF-AGG 74'000 0.01 - 31.08.2013 Investment Advisor
MOTILAL OSWAL ASSET Multiple Portfolios MF-AGG 40'450 0 (48'969) 31.08.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 37'162 0 - 31.07.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES buy 5 M 73 Not Provided 19.09.2013
Avendus Capital Private Ltd CHANDANA JHA buy 5 M 108 Not Provided 11.09.2013
Batlivala & Karani Securities VIKASH MUNDHRA underperform 1 M 75 Not Provided 05.09.2013
Sunidhi Consultancy Services AMIT JAIN hold 3 M 82 12 month 23.08.2013
ICICIdirect.com KAJAL GANDHI sell 1 M 48 Not Provided 21.08.2013
Motilal Oswal Securities Ltd ALPESH MEHTA neutral 3 M 68 Not Provided 19.08.2013
EVA Dimensions DOUG WALTERS underweight 1 D #N/A N/A Not Provided 14.08.2013
Macquarie SURESH GANAPATHY underperform 1 M 40 12 month 12.08.2013
Quantum Securities Pvt Ltd RATI PANDIT hold 3 M 75 Not Provided 23.07.2013
Angel Broking Limited VAIBHAV AGRAWAL neutral 3 M #N/A N/A Not Provided 19.07.2013
Sharekhan Ltd TEAM COVERAGE hold 3 M 94 Not Provided 19.07.2013
MSFL - Institutional Business Group LAXMI AHUJA hold 3 D 100 12 month 01.11.2012
Dalmia Securities Pvt Ltd ZEENAT KERAWALA accumulate 4 M 103 Not Provided 10.07.2012
Shah Investor's Home Limited AMEYA HARDAS buy 5 M 121 Not Provided 21.06.2012
SKP Securities Limited VIKESH P MEHTA buy 5 M 136 18 month 08.02.2012
Wallfort Financial Services Ltd KAILASH GANDHI hold 3 D 127 Not Provided 21.10.2011
Holdings By:
IDBI Bank Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Adani Power Ltd is a power project development company. The Company develops,
operates and maintains power projects in India.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (20.12.2012) 70.00
52-Week Low (05.08.2013) 29.45
Daily Volume
32.05
52-Week High % Change -54.29% Dividend Yield 0.00
52-Week Low % Change 8.83% Beta 1.30
% 52 Week Price Range High/Low 6.91% Equity Float 546.66
Shares Out 25.09.2013 2'871.9 Short Int -
92'045.10 1 Yr Total Return -38.07%
Total Debt 399'569.40 YTD Return -48.06%
Preferred Stock 0.0 Adjusted BETA 1.298
Minority Interest 0.0 Analyst Recs 35
Cash and Equivalents 1'503.80 Consensus Rating 1.800
Enterprise Value 490'110.70
Average Volume 5 Day 374'176
ADANI IB EQUITY YTD Change - Average Volume 30 Day 477'113
ADANI IB EQUITY YTD % CHANGE - Average Volume 3 Month 646'745
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
- 4'348.6 21'351.9 40'897.9 67'747.9 15'018.8 78'077.6 129'578.4 176'532.7 - -
- 80.80x 22.96x 12.88x 7.31x 0.00x 12.44x 3.66x 2.59x - -
- 2'439.5 12'549.7 14'804.4 10'969.9 (976.9) 14'431.0 41'842.3 63'404.8 - -
- 144.04x 39.06x 35.58x 45.16x 0.00x 0.00x 11.71x 7.73x - -
(49.9) 1'701.1 5'135.7 (2'872.7) (22'950.1) (8'098.1) (26'637.3) (4'961.1) 5'487.1 - -
- 141.19x 47.86x - - 0.00x 0.00x - 14.18x - -
EBITDA 10'969.90 Long-Term Rating Date -
EBIT -1'926.90 Long-Term Rating -
Operating Margin -2.84% Long-Term Outlook -
Pretax Margin -26.84% Short-Term Rating Date -
Return on Assets -4.32% Short-Term Rating -
Return on Common Equity -44.41%
Return on Capital - EBITDA/Interest Exp. 0.72
Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. -3.74
Net Debt/EBITDA 36.29
Gross Margin - Total Debt/EBITDA 36.42
EBITDA Margin 16.2%
EBIT Margin -2.8% Total Debt/Equity 930.7%
Net Income Margin -33.9% Total Debt/Capital 90.3%
Asset Turnover 0.13
Current Ratio 0.31 Net Fixed Asset Turnover 0.15
Quick Ratio 0.06 Accounts receivable turnover-days 32.53
Debt to Assets 72.70% Inventory Days -
Tot Debt to Common Equity 930.66% Accounts Payable Turnover Day -
Accounts Receivable Turnover 11.22 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Adani Power LtdPrice/Volume
Valuation Analysis
212'150.00
Current Price (10/dd/yy) Market Data
,
-,
.,
0,
1,
2,
3,
4,
5,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
.', E
1', E
3', E
5', E
-,', E
-.', E
-1', E
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
.,',,
1,',,
3,',,
5,',,
-,,',,
-.,',,
-1,',,
-3,',,
-5,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ADANI ENTERPRISES LT n/a Co File 1'981'290'000 68.99 - 30.06.2013 Other
OPAL INVESTMENT MAUR n/a Co File 213'236'910 7.42 - 30.06.2013 Other
3I POWER INVESTMENTS n/a Co File 160'598'342 5.59 - 30.06.2013 Other
VENTURA POWER INVEST n/a Co File 70'878'997 2.47 - 30.06.2013 Other
SHANTILAL ADANI VINO n/a Co File 57'700'000 2.01 - 30.06.2013 n/a
ADANI AGRO PVT LTD n/a Co File 44'066'085 1.53 - 30.06.2013 Corporation
JANUS CAPITAL MANAGE n/a ULT-AGG 35'267'493 1.23 - 30.06.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 34'968'454 1.22 (3'294'636) 30.06.2013 Investment Advisor
ADANI VINOD S n/a EXCH 28'900'000 1.01 4'600'000 19.03.2013 n/a
VANGUARD GROUP INC n/a ULT-AGG 15'860'202 0.55 7'138'805 30.06.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 4'320'206 0.15 647'071 30.04.2013 Investment Advisor
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 1'203'187 0.04 246'422 31.08.2013 Investment Advisor
STATE STREET CORP n/a ULT-AGG 1'116'280 0.04 - 27.09.2013 Investment Advisor
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 1'000'000 0.03 - 31.08.2013 Investment Advisor
EATON VANCE ADVISORS Multiple Portfolios MF-AGG 770'500 0.03 770'500 31.07.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 700'600 0.02 - 31.07.2013 Investment Advisor
JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 448'722 0.02 - 31.08.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 447'255 0.02 - 31.07.2013 Investment Advisor
WELLS FARGO & COMPAN n/a ULT-AGG 185'838 0.01 35 31.07.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 176'085 0.01 - 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC ARUN KUMAR SINGH underweight 1 M 32 Not Provided 30.09.2013
Axis Capital Limited BHAVIN VITHLANI Under Review #N/A N/A M #N/A N/A Not Provided 27.09.2013
Barclays VENUGOPAL GARRE underweight 1 M 30 Not Provided 26.09.2013
Nomura ANIRUDH GANGAHAR reduce 2 M 35 Not Provided 06.09.2013
Deutsche Bank ABHISHEK PURI hold 3 M 29 12 month 05.09.2013
Emkay Share & Stock Brokers AMIT GOLCHHA sell 1 M 21 Not Provided 28.08.2013
Edelweiss Capital SHANKAR K reduce 2 M 31 12 month 23.08.2013
Morgan Stanley PARAG GUPTA Underwt/In-Line 1 M 27 12 month 22.08.2013
JPMorgan SUMIT KISHORE underweight 1 M 32 6 month 22.08.2013
BNP Paribas Equity Research GIRISH NAIR reduce 2 M 28 12 month 22.08.2013
Batlivala & Karani Securities VISHAL BIRAIA sell 1 M 23 Not Provided 22.08.2013
IDFC Securities Ltd SHIRISH RANE neutral 3 M 34 12 month 22.08.2013
Fortune Equity Brokers (India) Ltd TEAM COVERAGE sell 1 D 31 Not Provided 22.08.2013
UBS PANKAJ SHARMA sell 1 M 34 12 month 19.08.2013
Karvy Stock Broking Ltd RUPESH D SANKHE sell 1 M 39 Not Provided 13.08.2013
Macquarie INDERJEET SINGH BHATIA underperform 1 M 26 12 month 02.08.2013
ICICI Securities PRAKASH GAURAV GOEL sell 1 M 23 12 month 02.08.2013
Almondz Global Securities Ltd AMIT SHAH hold 3 U 38 Not Provided 02.08.2013
Ambit Capital Pvt Ltd BHARGAV BUDDHADEV buy 5 M 81 12 month 02.08.2013
Credit Suisse AMISH SHAH underperform 1 M 35 Not Provided 01.08.2013
Kotak Securities MURTUZA ARSIWALLA sell 1 M 30 Not Provided 01.08.2013
JM Financial Institutional Securities P SUBHADIP MITRA hold 3 M 30 12 month 01.08.2013
Tata Securities Limited RAVIKIRAN SURANA hold 3 M 31 12 month 01.08.2013
Standard Chartered PANKAJ KAPOOR underperform 1 M 36 12 month 09.07.2013
India Nivesh Ltd DALJEET SINGH KOHLI not rated #N/A N/A M #N/A N/A Not Provided 09.07.2013
Avendus Capital Private Ltd ABHAY MOGHE hold 3 M 44 Not Provided 26.06.2013
EVA Dimensions DOUG WALTERS sell 1 M #N/A N/A Not Provided 06.06.2013
ITI Securities Ltd ABHISHEK B PATEL hold 3 U 47 12 month 13.05.2013
Spark Capital Advisors BHARANIDHAR VIJAYAKUMAR sell 1 M 40 12 month 08.05.2013
KR Choksey Shares & Sec Pvt Ltd CHINMAY S GANDRE accumulate 4 M 50 Not Provided 09.04.2013
CIMB HARISH BIHANI underperform 1 M 45 12 month 03.04.2013
Daiwa Securities Co. Ltd. SAURABH MEHTA hold 3 M 50 Not Provided 18.03.2013
Prabhudas Lilladher Pvt Ltd RUPA SHAH neutral 3 M #N/A N/A Not Provided 18.12.2012
MSFL - Institutional Business Group SITARAMAN IYER sell 1 M 36 12 month 23.10.2012
Holdings By:
Adani Power Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Unitech Limited is a real estate development company. The Company develops
self-sustaining residential areas, commercial spaces, amusement parks,
infrastructure development, thermal power plants, transmission lines, highways,
flyovers, industrial facilities, steel plants, and overseas turnkey projects.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (15.01.2013) 40.90
52-Week Low (06.08.2013) 14.65
Daily Volume
15.85
52-Week High % Change -61.37% Dividend Yield 0.00
52-Week Low % Change 8.19% Beta 1.60
% 52 Week Price Range High/Low 4.00% Equity Float 1'502.57
Shares Out 25.09.2013 2'614.5 Short Int -
41'440.11 1 Yr Total Return -35.96%
Total Debt 61'133.26 YTD Return -52.90%
Preferred Stock 0.0 Adjusted BETA 1.601
Minority Interest 592.9 Analyst Recs 21
Cash and Equivalents 3'626.39 Consensus Rating 2.762
Enterprise Value 99'539.85
Average Volume 5 Day 2'298'487
UT IB EQUITY YTD Change - Average Volume 30 Day 3'105'609
UT IB EQUITY YTD % CHANGE - Average Volume 3 Month 3'788'415
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
28'449.1 29'309.8 33'960.2 24'183.0 24'405.4 22'637.7 26'053.7 29'819.9 34'447.0 6'877.0 7'150.0
4.98x 7.94x 4.19x 5.03x 4.91x 10.69x 8.23x 3.34x 2.87x - -
16'323.3 10'756.0 9'867.4 3'268.9 3'604.7 3'390.4 3'474.7 5'340.5 6'527.7 878.0 1'091.0
8.68x 21.64x 14.40x 37.18x 33.21x 0.00x 0.00x 18.61x 15.25x - -
11'964.3 6'750.5 5'676.6 2'373.8 2'095.7 1'958.2 2'265.8 3'638.8 4'569.1 645.0 792.0
4.74x 24.80x 18.01x 31.69x 29.40x 29.40x 24.53x 11.28x 9.24x - -
EBITDA 3'604.75 Long-Term Rating Date -
EBIT 3'206.31 Long-Term Rating -
Operating Margin 13.14% Long-Term Outlook -
Pretax Margin 14.03% Short-Term Rating Date -
Return on Assets 0.89% Short-Term Rating -
Return on Common Equity 1.79%
Return on Capital 1.29% EBITDA/Interest Exp. 11.37
Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. 1.61
Net Debt/EBITDA 15.95
Gross Margin - Total Debt/EBITDA 16.96
EBITDA Margin 14.8%
EBIT Margin 13.1% Total Debt/Equity 53.7%
Net Income Margin 8.6% Total Debt/Capital 34.8%
Asset Turnover 0.10
Current Ratio 2.21 Net Fixed Asset Turnover 0.97
Quick Ratio 0.24 Accounts receivable turnover-days 253.72
Debt to Assets 25.59% Inventory Days -
Tot Debt to Common Equity 53.67% Accounts Payable Turnover Day -
Accounts Receivable Turnover 1.44 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Unitech LtdPrice/Volume
Valuation Analysis
1'466'038.00
Current Price (10/dd/yy) Market Data
,2
-,-2.,.20,021,12
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
2', E
-,', E
-2', E
.,', E
.2', E
0,', E
02', E
1,', E
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
-,',,
.,',,
0,',,
1,',,
2,',,
3,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MAYFAIR CAPITAL LTD n/a Co File 667'427'658 25.53 - 30.06.2013 Other
PLATINUM INVESTMENT n/a Co File 270'080'215 10.33 - 30.06.2013 Investment Advisor
HARSIL PROJECTS PVT n/a Co File 227'501'000 8.7 - 30.06.2013 Corporation
HSBC GLOBAL INV MAUR n/a Co File 134'064'250 5.13 - 30.06.2013 Investment Advisor
R V TECHNO INVEST PV n/a Co File 124'212'400 4.75 - 30.06.2013 Holding Company
COLLEGE RETIREMENT E n/a Co File 103'257'712 3.95 - 30.06.2013 Other
TULIP INVSTS PVT LTD n/a Co File 77'085'970 2.95 - 30.06.2013 Other
INDRUS COUNTERTRADE n/a Co File 70'129'800 2.68 - 30.06.2013 Other
CHANDRA SANJAY n/a Co File 66'894'880 2.56 - 30.06.2013 n/a
GOVT PENSION FUND GL n/a Co File 52'111'938 1.99 - 30.06.2013 n/a
DIMENSIONAL FUND ADV n/a ULT-AGG 44'593'471 1.71 1'414'886 30.04.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 41'517'567 1.59 915'335 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 30'689'508 1.17 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 18'912'784 0.72 - 27.09.2013 Investment Advisor
BAHRI RAHUL n/a Co File 8'422'350 0.32 - 30.06.2013 n/a
WADHA MINOTI BAHRI n/a Co File 8'290'900 0.32 - 30.06.2013 n/a
UNIBILD ENGINEER & C n/a Co File 6'240'000 0.24 - 30.06.2013 Other
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'391'900 0.17 - 27.09.2013 Investment Advisor
GURNANI PRAVEEN n/a Co File 4'275'310 0.16 - 30.06.2013 n/a
CITILINK HOLDINGS LT n/a Co File 3'822'000 0.15 - 30.06.2013 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan SAURABH S KUMAR underweight 1 M 15 6 month 25.09.2013
Goldman Sachs PUNEET JAIN neutral/attractive 3 M 23 12 month 11.09.2013
BNP Paribas Equity Research AVNEESH SUKHIJA buy 5 M 22 12 month 04.09.2013
Motilal Oswal Securities Ltd SANDIPAN PAL buy 5 M 28 Not Provided 19.08.2013
Batlivala & Karani Securities PREM KHURANA outperform 5 M 23 Not Provided 07.08.2013
UBS ASHISH JAGNANI sell 1 M 16 12 month 06.08.2013
Macquarie ABHISHEK BHANDARI underperform 1 M 12 12 month 06.08.2013
CIMB PRAKASH AGARWAL underperform 1 M 15 12 month 06.08.2013
Prabhudas Lilladher Pvt Ltd KEJAL MEHTA reduce 2 M 14 12 month 06.08.2013
Phillip Securities ABHISHEK RANGANATHAN Under Review #N/A N/A M #N/A N/A Not Provided 06.08.2013
Jefferies ANAND AGARWAL hold 3 M 33 12 month 03.07.2013
IIFL BHASKAR CHAKRABORTY sell 1 M 20 12 month 21.06.2013
EVA Dimensions DOUG WALTERS hold 3 M #N/A N/A Not Provided 06.06.2013
ICICI Securities SHALEEN SILORI buy 5 M 32 12 month 31.05.2013
JM Financial Institutional Securities P HIMANSHU MAHESHWARI sell 1 M 24 12 month 30.05.2013
Religare Capital Markets ARUN AGGARWAL buy 5 M 50 12 month 13.02.2013
HSBC ASHUTOSH NARKAR overweight 5 U 43 Not Provided 30.01.2013
Standard Chartered GAURAV PATHAK underperform 1 D 28 12 month 16.01.2013
Edelweiss Capital AASHIESH AGARWAAL not rated #N/A N/A M #N/A N/A Not Provided 07.01.2013
IFCI Financial Services RAJEEV DESAI sell 1 M 20 12 month 06.11.2012
Nomura PRABHAT AWASTHI suspended coverage #N/A N/A M #N/A N/A Not Provided 05.11.2012
Systematix Shares & Stocks Ltd ROHIT JAIN hold 3 M #N/A N/A Not Provided 11.07.2012
Kotak Securities SAMAR SARDA not rated #N/A N/A M #N/A N/A Not Provided 16.05.2012
IDFC Securities Ltd NITIN AGARWAL Under Review #N/A N/A M #N/A N/A Not Provided 19.09.2011
KR Choksey Shares & Sec Pvt Ltd NIYATI JHAVERI hold 3 M 39 12 month 31.05.2011
Axis Capital Limited CHIRAG NEGANDHI Under Review #N/A N/A M #N/A N/A Not Provided 13.11.2010
Holdings By:
Unitech Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Ashok Leyland Limited manufactures medium and heavy duty commercial vehicles,
including buses, tractors, dumpsters, haulage trucks, fire engines, and defense
sector vehicles. The Company also manufactures industrial & marine engines,
ferrous castings and spare parts for automobiles. Ashok Leyland sells its
products in India and abroad.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (03.12.2012) 28.70
52-Week Low (29.08.2013) 11.82
Daily Volume
15.05
52-Week High % Change -47.56% Dividend Yield 3.99
52-Week Low % Change 27.33% Beta 0.96
% 52 Week Price Range High/Low 19.79% Equity Float 1'383.88
Shares Out 25.09.2013 2'660.7 Short Int -
40'043.18 1 Yr Total Return -35.27%
Total Debt 43'554.33 YTD Return -42.35%
Preferred Stock 0.0 Adjusted BETA 0.958
Minority Interest 0.0 Analyst Recs 50
Cash and Equivalents 78.11 Consensus Rating 2.920
Enterprise Value 83'519.40
Average Volume 5 Day 2'195'492
AL IB EQUITY YTD Change - Average Volume 30 Day 1'784'945
AL IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'402'287
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
59'810.7 72'447.1 111'771.1 129'043.3 124'812.0 131'511.7 115'065.7 - - - -
0.81x 1.35x 0.93x 0.86x 0.81x 1.32x 1.74x - - - -
4'847.8 7'714.5 12'243.8 12'504.0 8'821.8 12'521.7 6'579.6 - - - -
9.97x 12.68x 8.53x 8.91x 11.52x 0.00x 0.00x - - - -
1'900.0 4'236.7 6'313.0 5'659.8 4'337.1 5'566.6 2'250.2 - - - -
12.71x 17.52x 23.96x 14.27x 13.40x 11.91x 23.10x - - - -
EBITDA 8'821.81 Long-Term Rating Date -
EBIT 4'956.85 Long-Term Rating -
Operating Margin 3.97% Long-Term Outlook -
Pretax Margin 3.77% Short-Term Rating Date -
Return on Assets 3.47% Short-Term Rating -
Return on Common Equity 10.01%
Return on Capital 9.10% EBITDA/Interest Exp. 2.50
Asset Turnover 1.00% (EBITDA-Capex)/Interest Exp. 0.66
Net Debt/EBITDA 4.93
Gross Margin - Total Debt/EBITDA 4.94
EBITDA Margin 7.1%
EBIT Margin 4.0% Total Debt/Equity 97.8%
Net Income Margin 3.5% Total Debt/Capital 49.4%
Asset Turnover 1.00
Current Ratio 0.81 Net Fixed Asset Turnover 2.38
Quick Ratio 0.27 Accounts receivable turnover-days 38.74
Debt to Assets 33.26% Inventory Days -
Tot Debt to Common Equity 97.76% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.42 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Ashok Leyland LtdPrice/Volume
Valuation Analysis
444'725.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
2
-,
-2
.,
.2
0,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
.', E
1', E
3', E
5', E
-,', E
-.', E
-1', E
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
02',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HINDUJA AUTOMOTIVE L n/a Co File 1'027'237'424 38.61 - 30.06.2013 Holding Company
LIFE INSURANCE CORP n/a Co File 249'456'674 9.38 - 30.06.2013 Government
FRANKLIN RESOURCES n/a ULT-AGG 91'477'074 3.44 1'937'763 30.06.2013 Investment Advisor
HDFC LIFE INSURANCE n/a Co File 46'814'629 1.76 - 30.06.2013 Insurance Company
Baytree Investments n/a Co File 46'350'000 1.74 - 30.06.2013 Unclassified
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 40'022'554 1.5 - 28.06.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 34'141'114 1.28 2'399'655 30.04.2013 Investment Advisor
GENERAL INSURANCE CO n/a Co File 30'320'000 1.14 - 30.06.2013 Government
VANGUARD GROUP INC n/a ULT-AGG 28'187'901 1.06 607'285 30.06.2013 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 22'667'113 0.85 2'322'563 28.06.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 11'920'086 0.45 10'775'020 31.03.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 7'456'500 0.28 - 31.08.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 5'950'899 0.22 - 27.09.2013 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 5'512'557 0.21 - 30.08.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'180'508 0.16 - 27.09.2013 Investment Advisor
DAIWA ASSET MANAGEME Multiple Portfolios MF-AGG 3'892'199 0.15 3'892'199 17.12.2012 Investment Advisor
MARSHALL & ISLEY TRU Multiple Portfolios MF-AGG 2'820'690 0.11 - 30.06.2013 Investment Advisor
TATA ASSET MANAGEMEN Multiple Portfolios MF-AGG 2'291'048 0.09 (400'000) 31.08.2013 Investment Advisor
WELLS FARGO & COMPAN n/a ULT-AGG 2'180'389 0.08 120 31.07.2013 Investment Advisor
MIZUHO FINANCIAL GRO n/a ULT-AGG 1'547'100 0.06 - 15.04.2013 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs SANDEEP PANDYA Sell/Neutral 1 M 11 12 month 30.09.2013
Axis Capital Limited CHIRAG SHAH hold 3 M 12 Not Provided 27.09.2013
Nomura KAPIL SINGH neutral 3 M 16 Not Provided 27.09.2013
Kotak Securities HITESH GOEL reduce 2 D 15 Not Provided 26.09.2013
LKP Shares and Securities Ltd ASHWIN PATIL sell 1 U 11 12 month 25.09.2013
Barclays SAHIL KEDIA equalweight 3 M 15 Not Provided 21.09.2013
Sunidhi Consultancy Services ABHISHEK GAOSHINDE sell 1 M 12 12 month 18.09.2013
Ambit Capital Pvt Ltd ASHVIN SHETTY buy 5 M 17 12 month 13.09.2013
Edelweiss Capital AASHIESH AGARWAAL hold 3 D 13 12 month 12.09.2013
Macquarie AMIT MISHRA outperform 5 M 15 12 month 05.09.2013
Anand Rathi Securities Pvt. Ltd. ROHAN KORDE sell 1 M 12 Not Provided 03.09.2013
HDFC Securities SORABH TALWAR neutral 3 M 18 12 month 03.09.2013
Angel Broking Limited YARESH KOTHARI buy 5 M 18 Not Provided 03.09.2013
Antique Stock Broking Limited ASHISH NIGAM hold 3 M 19 Not Provided 03.09.2013
IIFL JOSEPH GEORGE reduce 2 M 18 12 month 03.09.2013
India Nivesh Ltd ABHISHEK JAIN neutral 3 M #N/A N/A Not Provided 02.09.2013
Fortune Equity Brokers (India) Ltd MAHANTESH SABARAD hold 3 U 14 Not Provided 24.08.2013
ICICIdirect.com NISHANT VAAS hold 3 M 17 Not Provided 20.08.2013
Motilal Oswal Securities Ltd JINESH K GANDHI neutral 3 M 17 Not Provided 19.08.2013
Morgan Stanley BINAY SINGH Underwt/In-Line 1 D 11 12 month 07.08.2013
Brics Securities UMESH KARNE buy 5 M 20 Not Provided 06.08.2013
IDBI Capital Market Services Ltd BHAUMIK BHATIA reduce 2 M 18 Not Provided 31.07.2013
Standard Chartered AMIT KASAT in-line 3 M 16 12 month 18.07.2013
Deutsche Bank B SRINIVAS RAO sell 1 D 11 12 month 18.07.2013
UBS SONAL GUPTA buy 5 M 20 12 month 18.07.2013
JPMorgan ADITYA MAKHARIA underweight 1 M 16 6 month 18.07.2013
Daiwa Securities Co. Ltd. NAVIN MATTA hold 3 M 18 Not Provided 18.07.2013
Batlivala & Karani Securities ANNAMALAI JAYARAJ outperform 5 M 17 Not Provided 18.07.2013
Karvy Stock Broking Ltd MITUL SHAH hold 3 M 21 Not Provided 18.07.2013
India Infoline PRAYESH JAIN market perform 3 M 17 9 month 18.07.2013
Credit Suisse JATIN CHAWLA neutral 3 M 17 Not Provided 17.07.2013
CIMB PRAMOD AMTHE underperform 1 M 15 12 month 17.07.2013
Prabhudas Lilladher Pvt Ltd SURJIT SINGH ARORA reduce 2 M 15 12 month 17.07.2013
JM Financial Institutional Securities P AMBRISH MISHRA hold 3 M 18 12 month 17.07.2013
ICICI Securities SANKET MAHESHWARI sell 1 D 15 12 month 17.07.2013
IDFC Securities Ltd PRAMOD KUMAR outperform 5 M 23 12 month 17.07.2013
Emkay Share & Stock Brokers KAUSHAL MAROO hold 3 M 17 Not Provided 17.07.2013
Sharekhan Ltd TEAM COVERAGE hold 3 M 18 Not Provided 17.07.2013
Quant Broking Pvt Ltd BASUDEB BANERJEE buy 5 M 21 12 month 17.07.2013
Dolat Capital Market Ltd. RAHUL JAIN buy 5 M 20 Not Provided 16.07.2013
Right Horizons Financial Services TUSHAR PENDHARKAR sell 1 M 13 Not Provided 15.07.2013
EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013
Phillip Securities DEEPAK JAIN buy 5 M 30 Not Provided 03.06.2013
Holdings By:
Ashok Leyland Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Housing Development & Infrastructure Limited is real estate development
company. The Company's services include residential, commercial, and retail
real estate development.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (16.01.2013) 123.95
52-Week Low (06.08.2013) 26.10
Daily Volume
36.75
52-Week High % Change -70.35% Dividend Yield 0.00
52-Week Low % Change 40.80% Beta 2.10
% 52 Week Price Range High/Low 10.17% Equity Float 250.22
Shares Out 25.09.2013 419.0 Short Int -
15'398.40 1 Yr Total Return -63.38%
Total Debt 40'188.38 YTD Return -67.03%
Preferred Stock 0.0 Adjusted BETA 2.098
Minority Interest 72.6 Analyst Recs 12
Cash and Equivalents 2'225.21 Consensus Rating 2.250
Enterprise Value 53'434.14
Average Volume 5 Day 1'243'792
HDIL IB EQUITY YTD Change - Average Volume 30 Day 2'048'923
HDIL IB EQUITY YTD % CHANGE - Average Volume 3 Month 2'790'043
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
17'284.4 15'021.2 18'467.1 20'090.6 10'252.4 16'865.8 9'533.8 18'465.3 22'200.4 4'673.0 4'673.0
3.61x 8.93x 6.19x 3.71x 5.60x 9.19x 13.60x 2.93x 2.34x - -
13'105.9 12'047.8 15'460.3 15'100.9 4'112.1 12'266.8 8'659.1 8'598.3 10'538.4 - -
4.76x 11.14x 7.39x 4.93x 13.96x 0.00x 0.00x 6.21x 5.06x - -
7'812.5 5'678.6 8'217.6 8'098.1 733.2 7'252.4 (158.0) 5'004.2 6'005.8 - -
2.89x 16.51x 8.44x 4.42x 26.40x 5.02x 0.00x 3.13x 2.59x - -
EBITDA 4'112.09 Long-Term Rating Date -
EBIT 3'266.69 Long-Term Rating -
Operating Margin 31.86% Long-Term Outlook -
Pretax Margin 9.15% Short-Term Rating Date -
Return on Assets 0.42% Short-Term Rating -
Return on Common Equity 0.71%
Return on Capital 4.10% EBITDA/Interest Exp. 0.62
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. 0.62
Net Debt/EBITDA 9.23
Gross Margin - Total Debt/EBITDA 9.77
EBITDA Margin 40.1%
EBIT Margin 31.9% Total Debt/Equity 38.7%
Net Income Margin 7.2% Total Debt/Capital 27.9%
Asset Turnover 0.06
Current Ratio 2.98 Net Fixed Asset Turnover 4.52
Quick Ratio 0.18 Accounts receivable turnover-days 298.11
Debt to Assets 23.21% Inventory Days -
Tot Debt to Common Equity 38.71% Accounts Payable Turnover Day -
Accounts Receivable Turnover 1.22 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Housing Development & Infrastructure LtdPrice/Volume
Valuation Analysis
491'321.00
Current Price (10/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
.,
1,
3,
5,
-,,
-.,
-1,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E
2', E
-,', E
-2', E
.,', E
.2', E
0,', E
02', E
1,', E
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
02',,
1,',,
12',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WADHAWAN RAKESH KUMA n/a Co File 76'047'661 18.15 - 30.06.2013 n/a
ORBIS SICAV ASIA EX n/a Co File 32'990'632 7.87 - 30.06.2013 n/a
PLATINUM INVESTMENT n/a Co File 18'689'040 4.46 - 30.06.2013 Investment Advisor
INTERACTIVE MULTIMED n/a Co File 15'390'385 3.67 - 30.06.2013 Other
DHEERAJ CONSULTANCY n/a Co File 13'885'714 3.31 - 30.06.2013 Other
DINSHAW TRAPINEX BUI n/a Co File 13'885'714 3.31 - 30.06.2013 Corporation
CREDIT SUISSE/SINGAP n/a EXCH 11'194'245 2.67 - 24.01.2013 Bank
PRIVILEGE DISTILLERI n/a Co File 10'185'171 2.43 - 30.06.2013 Other
GOVT PENSION FUND GL n/a Co File 9'378'000 2.24 - 30.06.2013 n/a
DIMENSIONAL FUND ADV n/a ULT-AGG 8'481'590 2.02 364'198 30.04.2013 Investment Advisor
WADHAWAN MALTI RAKES n/a Co File 8'100'000 1.93 - 30.06.2013 n/a
SINGH WARYAM n/a Co File 7'997'400 1.91 - 30.06.2013 n/a
EDUCATIONAL & SCIEN n/a Co File 7'868'571 1.88 - 30.06.2013 Other
ORBIS GLOBAL EQUITY n/a Co File 5'709'943 1.36 - 30.06.2013 n/a
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 5'350'000 1.28 - 30.08.2013 Investment Advisor
GRANTHAM MAYO VAN OT n/a Co File 4'262'025 1.02 - 30.06.2013 Investment Advisor
WADHAWAN SARANG n/a Co File 4'159'115 0.99 - 30.06.2013 n/a
VAN ECK ASSOCIATES C n/a ULT-AGG 2'264'777 0.54 - 27.09.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 1'747'250 0.42 180'870 30.06.2013 Investment Advisor
DAIWA ASSET MANAGEME Multiple Portfolios MF-AGG 1'700'000 0.41 147'000 17.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan SAURABH S KUMAR underweight 1 M 37 6 month 25.09.2013
Macquarie ABHISHEK BHANDARI outperform 5 M 43 12 month 23.09.2013
Kotak Securities SAMAR SARDA not rated #N/A N/A M #N/A N/A Not Provided 16.09.2013
Goldman Sachs PUNEET JAIN neutral/attractive 3 M 44 12 month 11.09.2013
Batlivala & Karani Securities PREM KHURANA underperform 1 M 41 Not Provided 06.09.2013
Kantilal Chhaganlal Sec. Pvt. Ltd AMIT HARICHAND ANWANI Under Review #N/A N/A M #N/A N/A Not Provided 28.08.2013
EVA Dimensions DOUG WALTERS underweight 1 D #N/A N/A Not Provided 21.08.2013
Motilal Oswal Securities Ltd SANDIPAN PAL Under Review #N/A N/A M #N/A N/A Not Provided 19.08.2013
Prabhudas Lilladher Pvt Ltd KEJAL MEHTA reduce 2 M 31 12 month 16.08.2013
Jefferies ANAND AGARWAL hold 3 M 53 12 month 03.07.2013
IIFL BHASKAR CHAKRABORTY reduce 2 M 60 12 month 07.04.2013
Maybank Kim Eng ANUBHAV GUPTA Under Review #N/A N/A M #N/A N/A Not Provided 25.01.2013
Nirmal Bang Institutional Equities PARAM DESAI suspended coverage #N/A N/A M #N/A N/A Not Provided 25.01.2013
ICICI Securities SHALEEN SILORI reduce 2 D 101 12 month 09.11.2012
IFCI Financial Services RAJEEV DESAI buy 5 M 102 12 month 06.11.2012
Nomura PRABHAT AWASTHI suspended coverage #N/A N/A M #N/A N/A Not Provided 05.11.2012
IDFC Securities Ltd NITIN AGARWAL underperform 1 D #N/A N/A Not Provided 16.08.2012
Axis Capital Limited NITIN IDNANI buy 5 M 83 Not Provided 20.01.2012
Holdings By:
Housing Development & Infrastructure Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Suzlon Energy Ltd. designs, manufactures, operates, and maintains wind
generating equipment. The Company constructs large wind parks.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (06.02.2013) 26.90
52-Week Low (28.08.2013) 5.72
Daily Volume
6.53
52-Week High % Change -75.65% Dividend Yield 0.00
52-Week Low % Change 14.16% Beta 1.55
% 52 Week Price Range High/Low 3.64% Equity Float 1'148.44
Shares Out 25.09.2013 2'162.1 Short Int -
14'118.76 1 Yr Total Return -63.62%
Total Debt 151'907.70 YTD Return -64.80%
Preferred Stock 59.4 Adjusted BETA 1.545
Minority Interest 781.1 Analyst Recs 8
Cash and Equivalents 19'589.50 Consensus Rating 2.125
Enterprise Value 147'277.46
Average Volume 5 Day 940'024
SUEL IB EQUITY YTD Change - Average Volume 30 Day 1'610'849
SUEL IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'539'388
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
260'817.0 206'196.6 178'791.3 210'823.7 187'431.4 215'030.9 178'478.7 237'936.0 254'136.3 - -
0.81x 1.04x 0.99x 0.75x 0.84x 1.57x 1.73x 0.58x 0.47x - -
33'284.1 11'658.8 10'122.5 18'998.4 (9'520.4) 10'810.9 (13'719.9) 8'494.3 19'431.3 - -
6.35x 18.32x 17.46x 8.38x - 0.00x 0.00x 17.34x 7.58x - -
2'364.8 (9'825.6) (13'239.7) (4'785.8) (47'239.6) (13'876.7) (49'338.9) (11'521.7) (3'775.3) - -
26.83x - - - - 0.00x 0.00x - - - -
EBITDA -9'520.40 Long-Term Rating Date -
EBIT -16'925.10 Long-Term Rating -
Operating Margin -9.03% Long-Term Outlook -
Pretax Margin -23.38% Short-Term Rating Date -
Return on Assets -15.38% Short-Term Rating -
Return on Common Equity -160.67%
Return on Capital - EBITDA/Interest Exp. -0.62
Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. -1.07
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -15.96
EBITDA Margin -5.1%
EBIT Margin -9.0% Total Debt/Equity 1684.0%
Net Income Margin -25.2% Total Debt/Capital 93.9%
Asset Turnover 0.61
Current Ratio 0.90 Net Fixed Asset Turnover 4.67
Quick Ratio 0.29 Accounts receivable turnover-days 78.36
Debt to Assets 52.37% Inventory Days -
Tot Debt to Common Equity 1683.97% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.66 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Suzlon Energy LtdPrice/Volume
Valuation Analysis
366'111.00
Current Price (10/dd/yy) Market Data
,
2
-,
-2
.,
.2
0,
l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E.,', E1,', E3,', E5,', E-,,', E-.,', E-1,', E-3,', E-5,', E
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
,',,
-,',,
.,',,
0,',,
1,',,
2,',,
3,',,
,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
01.10.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SANMAN HOLDINGS PVT n/a EXCH 172'748'588 7.99 - 07.09.2011 Other
TANTI HOLDINGS LTD n/a Co File 154'626'093 7.15 - 30.06.2013 Investment Advisor
INDUSTRIAL DEV BANK n/a Co File 120'903'018 5.59 - 30.06.2013 Government
TANTI TULSI R n/a Co File 107'135'000 4.96 - 30.06.2013 n/a
TANTI GIRISH R n/a Co File 100'019'000 4.63 - 30.06.2013 n/a
MORGAN STANLEY n/a ULT-AGG 73'626'259 3.41 - 30.06.2013 Investment Advisor
TANTI SANGITA V n/a Co File 70'182'000 3.25 - 30.06.2013 n/a
TANTI LINA J n/a Co File 70'182'000 3.25 - 30.06.2013 n/a
TANTI GITA T n/a Co File 64'512'000 2.98 - 30.06.2013 n/a
TANTI PRANAV T n/a Co File 59'067'000 2.73 - 30.06.2013 n/a
STATE BANK OF INDIA n/a Co File 44'035'104 2.04 - 30.06.2013 Government
LIFE INSURANCE CORP n/a Co File 39'624'328 1.83 - 30.06.2013 Government
TANTI BRIJ J n/a Co File 37'117'000 1.72 - 30.06.2013 n/a
SAMANVAYA HOLDING PV n/a Co File 33'001'495 1.53 - 30.06.2013 Other
TANTI VINOD R n/a Co File 30'267'000 1.4 - 30.06.2013 n/a
BLACKROCK n/a ULT-AGG 30'238'671 1.4 - 27.09.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 25'537'056 1.18 2'109'916 30.04.2013 Investment Advisor
TANTI JITENDRA R n/a Co File 25'123'000 1.16 - 30.06.2013 n/a
CITICORP INTERNATION n/a Co File 25'000'000 1.16 - 30.06.2013 Other
PUNJAB NATIONAL BANK n/a Co File 24'200'437 1.12 - 30.06.2013 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Batlivala & Karani Securities BHALCHANDRA SHINDE underperform 1 M 5 Not Provided 05.08.2013
HSBC CHARANJIT SINGH neutral 3 U 10 Not Provided 11.07.2013
EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013
JPMorgan SUMIT KISHORE restricted #N/A N/A M #N/A N/A Not Provided 20.03.2013
Prabhudas Lilladher Pvt Ltd KUNAL SHETH reduce 2 M 20 12 month 18.02.2013
KR Choksey Shares & Sec Pvt Ltd ANKUSH MAHAJAN reduce 2 U 22 Not Provided 18.02.2013
Ambit Capital Pvt Ltd BHARGAV BUDDHADEV suspended coverage #N/A N/A M #N/A N/A Not Provided 11.10.2012
IIFL HARSHAWARDHAN S DOLE reduce 2 M 18 12 month 11.10.2012
Keynote Capitals Ltd TEAM COVERAGE buy 5 M 32 Not Provided 08.10.2012
Holdings By:
Suzlon Energy Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |