AC Choksi Share Brokers Private Limited - Myiris.com
AC Choksi Share Brokers Private Limited - Myiris.com
AC Choksi Share Brokers Private Limited - Myiris.com
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
A C <strong>Choksi</strong><br />
<strong>Share</strong> <strong>Brokers</strong> <strong>Private</strong> <strong>Limited</strong><br />
INITIATION REPORT | BAJAJ CORP LTD. Sept 09, 2011<br />
RATIOS<br />
Particulars (Rs. Mn) FY11A FY12E FY13E<br />
Growth (%)<br />
Total sales 21.8% 24.8% 18.0%<br />
EBITDA 11.1% 10.2% 23.7%<br />
Net profit 22.8% 19.7% 21.7%<br />
EPS 4.1% 19.7% 21.7%<br />
Per <strong>Share</strong><br />
Earnings 6.99 8.36 10.18<br />
Dividends 1.90 2.79 3.39<br />
Book value 25.51 30.63 36.85<br />
Cash 5.58 8.18 9.92<br />
Div Yield 1.5% 2.3% 2.8%<br />
Margins (%)<br />
Gross Margin 44.2% 47.4% 45.6%<br />
EBITDA 30.1% 26.6% 27.9%<br />
PAT 28.7% 27.6% 28.4%<br />
Financial<br />
Creditor Days 82 83 84<br />
Debtor Days 6.1 6.2 6.3<br />
Inventory Days 33.2 34.0 32.8<br />
Dividend Payout Ratio 27.2% 33.3% 33.3%<br />
Valuations<br />
PE (x) 17.6 14.7 12.1<br />
P/BV (x) 4.8 4.0 3.3<br />
EV/EBITDA (x) 16.0 13.8 10.6<br />
EV/Sales (x) 4.8 3.7 2.9<br />
ROE 51% 30% 30%<br />
ROCE 51% 30% 30%<br />
Source: Company, A C <strong>Choksi</strong> Institutional Research<br />
A C <strong>Choksi</strong> Institutional Research 29
Change language