5 yr. TopLine CAGR : 34 %
5 yr. BottomLine CAGR : 78 %
EBITDA..........2013.......2014.......2015.......2016.......2017
In Cr................21.2........29.4.........34..........60.5........92.2
RoCE : ..........10%.........15%........16%.........28%........36%
Current EPS : 45.90
Post Issue EPS : 44.50
Post Issue P/E : 39.7
M-Cap : 2000 cr.
Networth : 198 cr.
BV : 175
P/Bv : 10.09
Current Debt ratio : 0.22
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Intrinsic value as per DCF model.
ICF : 60,00,00,000
N : 11325000
Discount Rate : 10 %
Initial Growth Rate : 20 %
Terminal Growth Rate : 5 %
Yr.....G.......................CF........................PV.....
1.....20.............60,00,00,000........54,54,54,546
2.....19.............71,40,00,000........59,00,82,645
3.....18.............84,25,20,000........63,29,97,746
4.....17.............98,57,48,400........67,32,79,421
5.....16............114,34,68,144.......71,00,03,753
6.....15............131,49,88,366.......74,22,76,651
7.....14............149,90,86,737.......76,92,68,529
8.....13............169,39,68,013........79,02,48,580
9.....12............189,72,44,174........80,46,16,736
10...11............210,59,41,034........81,19,31,434
11....5.............221,12,38,086........------------------
TV.................. : 1705,05,60,110
PV of all CF.... : 707,01,60,039
Total PV of CF: 2412,07,20,159
IV............... : 2130
Issue Price : 1770
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Left on the : 360
Table
>>> Apply for listing gain
IMO Expected Listing could be in 1900 - 2000 range.
* Earlier high priced issues which listed in green as first mover advantage.
Sheela Foam : FV 5 , Issue Price : 730 ,Listed :860 , CMP : 1300
At 10 rs. face value , issue price is supposed to be 1460
BSE : FV 2 , Issue Price : 805 , Listed : 1100
Difference is only in FV . If converted and measured at 10 rs. FV , BSE issued at rs. 4000 and listed at 5500 . So issue price is not a big concern .Next is Matrimony in high price IPO.
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* Prior to two years , '' Bennet Coleman & Co. Ltd. '' ( Times Group ) was among top 10 share holders and was holding only 100 shares ! Later it sold shares to promoters at the rate of rs.1350 per share during May 2017 !
* It should be noted that company was running in loss as per March 2012 data.
* Company''s major revenue comes from LED TVs and Mobile Phone . In future there is a risk of fall in demand due to rapid change in technology and threat from Chinese companies and govt. which provide shed at low cost and more infrastructure facilities . Also its customers do not enjoy strong brand in the market . In future it may possible that its customers import directly from china and assemble in India as other companies do . In future there can be dispute regarding patent/copyright/trademark. This B2B type business model seems to be risky in long run and so we can put DTIL in a high beta stock category.
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September Month Next IPOs : Capacit''e infra projects , Reliance ADAG Nippon Life
Matrimony Issue Details
Issue opens : 11 sep.
Issue closes : 13 sep.
Merchant Bankers : ICICI & Axis
Registrar : Karvy
Issue size : 500 cr.
Fresh Issue : 130 cr.
OFS : 37,67,254 shares
Face Value : 5 Rs.
Expected Price Band : Approx around 1000 Rs.
Approx Lot Size :15
/ipo/matrimony-ipo/710/
Loss-making co. with high price
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