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7/28/2019 SAIL 4Q FY 2013
1/12
Please refer to important disclosures at the end of this report 1
Quarterly performance-StandaloneParticulars (` cr) 4QFY13 4QFY12 % chg (yoy) 3QFY13 % chg (qoq)Net Sales 12,162 13,397 (9.2) 10,495 15.9EBITDA 914 1,871 (51.2) 1,138 (19.7)
% margin 7.5 14.0 (645)bp 10.8 (333)bp
Adjusted PAT 430 852 (49.5) 515 (16.5)Source: Company, Angel Research
Steel Authority of India (SAIL) reported disappointing 4QFY2013 profitability
performance due to lower realizations and higher costs. We recommend aReduce rating on the stock.Lower volumes and realizations drag top-line: During 4QFY2013, SAILs netsales declined by 9.2% yoy to `12,162cr (above our estimate of `11,640cr),
mainly due to lower realizations and volumes. The companys realizations stood
at `38,008/tonne, compared to `40,598/tonne in 4QFY2012. Its volumes also
declined 3.0% yoy to 3.2mn tonne.Higher staff costs and lower other operating income dent companys EBITDA:The staff costs for the company increased 35.9% yoy to `2,473cr and the other
operating income declined by 43.0% yoy to `168cr. The EBITDA, therefore, decreased
by 51.2% yoy to `914cr and EBITDA margin contracted by 645bp yoy to 7.5%.
Higher tax rate and interest expenses drag bottom-line further down: Thecompany reported a net interest expense of `14cr in 4QFY2013 compared to anet interest income of `86cr in 4QFY2012. The tax rate for the company also
increased to 39.7% in 4QFY2013 compared to 31.5% in 4QFY2012 and hence
the adjusted net profit declined by 49.5% yoy to `430cr (significantly lower than
our estimate of `725cr) for 4QFY2013.Outlook and valuation:We expect SAILs operational and financial performanceto be impacted by 1) its inability to maintain/raise sales volumes amidst slower
demand growth; 2) higher employee costs, and 3) delays/cost overruns in its
brownfield expansion projects. SAIL is on the verge of expanding its saleable
steel production capacity from 12.4mn tonne to 20.2mn tonne by FY2015.
However, the current rich valuation of 5.1x FY2015E EV/EBITDA discounts its
anticipated volume growth over FY2013-FY2016. Hence, valuing the stock at6.5x FY2015 EV/EBITDA, we derive a target price of `53 and recommend aReduce rating on the stock.Key financials - ConsolidatedY/E March (` cr) FY2012 FY2013E FY2014E FY2015ENet sales 45,665 44,060 54,786 64,505% chg 6.8 (3.5) 24.3 17.7
Net profit 3,545 2,181 2,155 2,958% chg (28.2) (38.5) (1.1) 37.2
EPS (`) 8.6 5.3 5.2 7.2EBITDA margin (%) 13.3 11.1 9.4 11.5
P/E (x) 6.2 9.8 10.9 8.0
P/BV (x) 0.6 0.6 0.6 0.5RoE (%) 9.2 5.4 5.2 6.8
RoCE (%) 7.8 5.8 5.2 7.7
EV/Sales (x) 0.7 0.8 0.7 0.6
EV/EBITDA (x) 5.3 7.0 7.1 5.1
Source: Company, Angel Research
REDUCECMP `57
Target Price `53
Investment Period 12 months
Stock Info
Sector
1,642
Bloomberg Code SAIL@IN
Shareholding Pattern (%)
Promoters 85.8
MF / Banks / Indian Fls 7.4
FII / NRIs / OCBs 3.9
Indian Public / Others 2.9
Abs. (%) 3m 1yr 3yr
Sensex 3.5 22.2 14.2
SAIL (16.7) (38.1) (71.7)
10
19,546
5,919
SAIL.BO
23,521
1.3
102/56
421,558
Steel
Avg. Daily Volume
Market Cap (` cr)
Beta
52 Week High / Low
Net debt (` cr)
Face Value (`)
BSE Sensex
Nifty
Reuters Code
Bhavesh ChauhanTel: 022- 39357800 Ext: 6821
Vinay RachhTel: 022- 39357600 Ext: 6841
Steel Authority of IndiaPerformance Highlights
4QFY2013 Result Update | Steel
June 4, 2013
7/28/2019 SAIL 4Q FY 2013
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SAIL | 4QFY2013 Result Update
June 4, 2013 2
Exhibit 1:Quarterly performance - Standalone(` cr) 4QFY13 4QFY12 yoy (%) 3QFY13 qoq % FY13 FY12 yoy (%)Net sales 12,162 13,397 (9.2) 10,495 15.9 43,961 45,639 (3.7)Raw material 5,654 6,866 (17.7) 4,583 23.4 19,186 21,706 (11.6)% of net sales 46.5 51.2 43.7 43.6 47.6
Power & fuel 1,209 1,156 4.6 1,114 8.5 4,820 4,425 8.9
% of net sales 9.9 8.6 10.6 11.0 9.7
Staff cost 2,473 1,821 35.9 2,081 18.8 8,637 7,917 9.1
% of net sales 20.3 13.6 19.8 19.6 17.3
Other expenditure 2,081 1,979 5.2 1,753 18.7 7,278 (5,398) (234.8)
% of net sales 17.1 14.8 16.7 16.6 (11.8)
Total expenditure 11,417 11,821 (3.4) 9,532 19.8 28,505 40,235 (29.2)
Operating profit 746 1,576 (52.7) 963 (22.5) 4,040 5,404 (25.2)OPM% 6.1 11.8 9.2 9.2 11.8
Other operating income 168 295 (43.0) 175 (4.3) 637 (688) (192.7)
EBIDTA 914 1,871 (51.2) 1,138 (19.7) 4,677 6,092 (23.2)% of net sales 7.5 14.0 10.8 10.6 13.3
Interest income/(Expenses) (14) 86 - (14) (3.2) 79 7,838 (99.0)
Depreciation 184 389 (52.8) 405 (54.7) 1,393 1,566 (11.1)
Other income 8 8 - 13 (38.3) 107 (91) (217.4)
Exceptional items 16 725 (31) (229) 262
Profit before tax 741 2,301 (67.8) 702 5.6 3,241 5,139 (36.9)% of net sales 6.1 17.2 6.7 7.4 11.3
Current tax 294 724 (59.4) 217 35.5 1,070 1,608 (33.4)
% Tax rate 39.7 31.5 31.0 33.0 31.3
Profit after tax 447 1,577 (71.7) 484 (7.8) 2,170 3,543 (38.7)Adjusted PAT 430 852 (49.5) 515 (16.5) 2,400 3,793 (36.7)
Source: Company, Angel Research
Exhibit 2:4QFY2013 Actual vs Angel estimates(` cr) Actual Estimates Variation (%)Net sales 12,162 11,640 4.5
EBITDA 914 1,432 (36.2)
EBITDA margin (%) 7.5 12.3 (479)bp
Adjusted PAT 430 725 (40.7)
Source: Company, Angel Research
7/28/2019 SAIL 4Q FY 2013
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SAIL | 4QFY2013 Result Update
June 4, 2013 3
Result highlightsLower volumes and realizations drag top-lineDuring 4QFY2013, SAILs net sales declined by 9.2% yoy to `12,162cr (above ourestimate of `11,640cr), mainly due to lower realizations and volumes. The
companys realizations stood at `38,008/tonne, compared to `40,598/tonne in
4QFY2012. Its volumes also declined 3.0% yoy to 3.2mn tonne.
Exhibit 3:Sales volume stood at 3.2mn tonne
Source: Company, Angel Research
Exhibit 4:Top-line declined by 9.2% yoy
Source: Company, Angel Research
Higher staff costs and lower other operating income dent companysEBITDAThe staff costs for the company increased 35.9% yoy to `2,473cr and the otheroperating income declined by 43.0% yoy to `168cr. The EBITDA therefore
decreased by 51.2% yoy to `914cr and EBITDA margin contracted by 645bp yoy
to 7.5%.
Exhibit 5:Quarterly performance- Standalone(`/tonne of saleable steel) 4QFY13 4QFY12 yoy (%) 3QFY13 qoq (%)Revenue 38,008 40,598 (6.4) 38,162 (0.4)Cost 34,200 37,095 (7.8) 34,111 0.3Raw-material cost 17,668 20,806 (15.1) 16,666 6.0
Power and fuel 2,300 4,777 (51.9) 3,502 (34.3)
Staff cost 7,729 5,517 40.1 7,569 2.1
Other expenditure 6,502 5,996 8.5 6,375 2.0
EBITDA 2,887 5,670 (49.1) 4,140 (30.3)EBITDA (US$/tonne) 53 112 (52.4) 77 (30.3)
Source: Company, Angel Research
2.92.6
3.3
2.5 2.62.8
3.2
-25.0
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
(%)
(mn
tonnes)
Sales volume (LHS) YoY Growth
10,83710,594
13,397
10,641 10,663 10,495
12,162
(15)
(10)
(5)
0
5
10
15
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
(%)
(`cr)
Net revenue (LHS) yoy chg (RHS)
7/28/2019 SAIL 4Q FY 2013
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SAIL | 4QFY2013 Result Update
June 4, 2013 4
Higher tax rate and interest expenses drag bottom-line further downThe company reported a net interest expense of `14cr for 4QFY2013 compared to
a net interest income of `86cr in 4QFY2012. The tax rate for the company also
increased to 39.7% in 4QFY2013 compared to 31.5% in 4QFY2012and hence the
adjusted net profit declined by 49.5% yoy to `430cr (significantly lower than our
estimate of `725cr) in 4QFY2013.
Exhibit 6:EBITDA margin stood at 7.5%
Source: Company, Angel Research
Exhibit 7:Adj. PAT stood at `430cr
Source: Company, Angel Research
12.2
14.9
14.0
14.2
10.4
10.8
7.5
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2QFY123QFY12 4QFY121QFY13 2QFY13 3QFY13 4QFY13
(%)
(`cr)
EBITDA (LHS) EBITDA margin (RHS)
1,003
1,098
852953
501
515430
(60)
(50)
(40)
(30)
(20)
(10)
0
10
20
0
200
400
600
800
1,000
1,200
2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
(%)
(`cr)
Adj. PAT (LHS) yoy chg (RHS)
7/28/2019 SAIL 4Q FY 2013
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SAIL | 4QFY2013 Result Update
June 4, 2013 5
Investment rationale
Slow progress on capacity continuesSAIL is increasing its saleable steel production capacity from 12.4mn tonne to20.2mn tonne by FY2015 at a capex of `70,000cr. We expect strong profitability
from these plants, with captive iron ore backing the upcoming steel expansion.
Also, we expect SAIL's older loss-making plants to be modernized as part of its
modernization program. However, the company has reported delays in its
expansion projects over the last few quarters. Going forward, we do not rule out
further delays and cost over-runs in its expansion plans.
Sales volumes continue to disappointSAIL reported disappointing sales volumes for FY2013 in the midst of lower steel
demand. Lower-than-expected volumes reflect lower demand in India as well as
lack of focus on marketing by SAIL, in our view. Given the slowdown in steel
demand in India, and rising imports from FTA countries (which attract lower import
duty), we remain skeptical over SAILs sales volume growth during FY2014.
Outlook and valuation
We expect SAILs operational and financial performance to be impacted by 1) its
inability to maintain/raise sales volumes amidst slower demand growth; 2) higher
employee costs, and 3) delays/cost overruns in its brownfield expansion projects.
SAIL is on the verge of expanding its saleable steel production capacity from
12.4mn tonne to 20.2mn tonne by FY2015. However, the current rich valuation of
5.1x FY2015E EV/EBITDA discounts its anticipated volume growth over FY2013-FY2016. Hence, valuing the stock at 6.5x FY2015 EV/EBITDA, we derive a targetprice of `53 and recommend a Reduce rating on the stock.Exhibit 8:EPS Angel forecast vs ConsensusYear (%) Angel forecast Bloomberg consensus Variation (%)FY14E 5.2 6.9 (24.4)
FY15E 7.2 7.8 (8.2)
Source: Bloomberg, Angel Research
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SAIL | 4QFY2013 Result Update
June 4, 2013 6
Exhibit 9:EV/EBITDA
Source: Bloomberg, Angel Research
Exhibit 10:P/E band
Source: Bloomberg, Angel Research
Exhibit 11:P/BV band
Source: Bloomberg, Angel Research
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
Jan-0
5
May-0
5
Sep-0
5
Jan-0
6
May-0
6
Sep-0
6
Jan-0
7
May-0
7
Sep-0
7
Jan-0
8
May-0
8
Sep-0
8
Jan-0
9
May-0
9
Sep-0
9
Jan-1
0
May-1
0
Sep-1
0
Jan-1
1
May-1
1
Sep-1
1
Jan-1
2
May-1
2
Sep-1
2
Jan-1
3
May-1
3
(`
cr)
2x 5x 8x 11x 14x
0
50
100
150
200
250
300
350
400
Jan-0
5
May-0
5
Sep-0
5
Jan-0
6
May-0
6
Sep-0
6
Jan-0
7
May-0
7
Sep-0
7
Jan-0
8
May-0
8
Sep-0
8
Jan-0
9
May-0
9
Sep-0
9
Jan-1
0
May-1
0
Sep-1
0
Jan-1
1
May-1
1
Sep-1
1
Jan-1
2
May-1
2
Sep-1
2
Jan-1
3
May-1
3
(`)
5x 10x 15x 20x
0
50
100
150
200
250
300
350
400
450
Jan-0
5
May-0
5
Sep-0
5
Jan-0
6
May-0
6
Sep-0
6
Jan-0
7
May-0
7
Sep-0
7
Jan-0
8
May-0
8
Sep-0
8
Jan-0
9
May-0
9
Sep-0
9
Jan-1
0
May-1
0
Sep-1
0
Jan-1
1
May-1
1
Sep-1
1
Jan-1
2
May-1
2
Sep-1
2
Jan-1
3
May-1
3
(`)
1x 2x 3x 4x
7/28/2019 SAIL 4Q FY 2013
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SAIL | 4QFY2013 Result Update
June 4, 2013 7
Exhibit 12:Recommendation summaryCompany CMP Target Price Reco. Mcap Upside P/E (x) P/BV (x) EV/EBITDA (x) RoE (%) RoCE (%)
(`) (`) (` cr) (%) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15ESAIL 57 53 Reduce 23,521 (7) 10.9 8.0 0.6 0.5 7.1 5.1 5.2 6.8 5.2 7.7Tata Steel 298 378 Buy 28,971 27 9.6 6.3 0.9 0.8 6.0 4.9 9.6 13.4 9.1 11.2
JSW Steel 710 - Neutral 15,885 - 9.9 8.6 0.9 0.8 4.3 3.8 9.0 9.6 10.1 10.4
Source: Company, Angel Research
Company background
Incorporated in 1973, SAIL is one of the leading steel-making companies in India
with an annual saleable steel production capacity of 12.4mn tonne. Major plants
owned by SAIL are located at Bhilai, Bokaro, Durgapur, Rourkela, Burnpur and
Salem. The companys steel plants are fully backed by captive iron ore mines. SAIL
has a Navratna status; thus, it enjoys significant operational and financialautonomy. During February 2011, SAIL received clearances for Chiria iron ore
mines, which have proven reserves of 1.8bn tonne.
http://en.wikipedia.org/wiki/Bhilaihttp://en.wikipedia.org/wiki/Bokaro_Steel_Cityhttp://en.wikipedia.org/wiki/Durgapur,_West_Bengalhttp://en.wikipedia.org/wiki/Rourkelahttp://en.wikipedia.org/wiki/Burnpurhttp://en.wikipedia.org/wiki/Salem,_Tamil_Naduhttp://en.wikipedia.org/wiki/Salem,_Tamil_Naduhttp://en.wikipedia.org/wiki/Burnpurhttp://en.wikipedia.org/wiki/Rourkelahttp://en.wikipedia.org/wiki/Durgapur,_West_Bengalhttp://en.wikipedia.org/wiki/Bokaro_Steel_Cityhttp://en.wikipedia.org/wiki/Bhilai7/28/2019 SAIL 4Q FY 2013
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SAIL | 4QFY2013 Result Update
June 4, 2013 8
Profit & loss statement- Consolidated
Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015EGross sales 44,002 47,103 50,361 49,457 60,420 71,138
Less: Excise duty 3,425 4,353 4,696 5,307 5,634 6,633Net sales 40,551 42,750 45,665 44,060 54,786 64,505Other operating income 0 590 688 837 368 386
Total operating income 40,551 43,339 46,353 44,898 55,154 64,891% chg (7.2) 6.9 7.0 (3.1) 22.8 17.7
Total expenditure 31,157 35,742 40,267 39,997 49,980 57,469Net raw materials 18,601 18,686 21,662 18,997 26,314 30,869
Other mfg costs 6,305 3,720 4,470 4,830 9,149 10,772
Personnel 5,527 7,678 7,936 8,848 9,202 9,570
Other 3,619 5,657 6,199 7,322 5,314 6,257
EBITDA 9,395 7,598 6,086 4,901 5,174 7,423% chg 10.1 (19.1) (19.9) (19.5) 5.6 43.5
(% of net sales) 23.2 17.8 13.3 11.1 9.4 11.5
Depreciation 1,430 1,488 1,567 1,405 1,756 2,283
EBIT 7,965 6,109 4,518 3,496 3,418 5,140% chg 9.9 (23.3) (26.0) (22.6) (2.2) 50.4
(% of net sales) 19.6 14.3 9.9 7.9 6.2 8.0
Interest charges 474 475 678 748 935 1,309
Other income 2,782 1,481 1,576 937 735 585
(% of PBT) 27.1 20.8 29.1 25.4 22.8 13.3
Share in profit of asso. - - - - - -
Recurring PBT 10,273 7,115 5,416 3,685 3,218 4,416% chg 9.3 (30.7) (23.9) (32.0) (12.7) 37.2
Extra. Inc/(Expense) - 125 (262) (229.3) - -
PBT (reported) 10,299 7,240 5,154 3,255 3,218 4,416Tax 3,448 2,302 1,609 1,075 1,063 1,458
(% of PBT) 33.5 31.8 31.2 33.0 33.0 33.0
PAT (reported) 6,851 4,938 3,545 2,181 2,155 2,958Add: Earnings of asso. - - - - - -
Less: Minority interest - - - - - -
Extra. Expense/(Inc.) - - - - - -
Net income (reported) 6,851 4,938 3,545 2,181 2,155 2,958Adj. net income 6,851 4,812 3,807 2,410 2,155 2,958% chg 10.9 (29.8) (20.9) (36.7) (10.6) 37.2
(% of net sales) 16.9 11.3 8.3 5.5 3.9 4.6
Basic EPS (`) 16.6 12.0 8.6 5.3 5.2 7.2Fully diluted EPS (`) 16.6 12.0 8.6 5.3 5.2 7.2% chg 10.9 (27.9) (28.2) (38.5) (1.1) 37.2
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SAIL | 4QFY2013 Result Update
June 4, 2013 9
Balance sheet Consolidated
Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014E FY2015ESOURCES OF FUNDSEquity Share Capital 4,130 4,130 4,130 4,130 4,130 4,130Reserves & Surplus 29,613 32,939 35,681 37,125 38,315 40,308
Shareholders Funds 33,743 37,069 39,811 41,256 42,446 44,438Minority Interest 1 - - - - -
Total Loans 17,638 19,056 16,097 21,097 23,597 20,597Deferred Tax Liability 1,430 1,491 1,644 1,644 1,644 1,644
Other Long term liabilities - 1,097 1,090 1,090 1,090 1,090
Long Term Provisions - 3,192 3,513 3,513 3,513 3,513
Total Liabilities 52,812 61,905 62,156 68,601 72,291 71,283APPLICATION OF FUNDSGross Block 37,419 38,077 41,728 53,728 66,728 80,228
Less: Acc. Depreciation 22,310 23,018 24,601 26,006 27,762 30,044
Net Block 15,109 15,059 17,127 27,723 38,967 50,184Capital Work-in-Progress 15,309 22,075 28,049 24,549 17,049 6,549
Goodwill - - - - - -
Investments 45 684 685 685 685 685
Long Term loans and ad. - 1,692 2,003 2,003 2,003 2,003
Other non- current assets - 30 41 270 270 270
Current Assets 40,035 36,544 28,431 31,450 32,995 32,194Cash 22,719 17,480 6,416 9,419 9,811 5,582
Loans & Advances 3,736 1,246 1,386 1,386 1,386 1,386
Other 13,580 17,817 20,630 20,645 21,798 25,226
Current liabilities 17,686 14,178 14,181 18,079 19,679 20,602Net Current Assets 22,350 22,365 14,250 13,370 13,316 11,592Mis. Exp. not written off - - - - - -
Total Assets 52,812 61,905 62,156 68,601 72,291 71,283
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SAIL | 4QFY2013 Result Update
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Cash flow statement Consolidated
Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014E FY2015EProfit before tax 10,299 7,194 5,151 3,255 3,218 4,416
Depreciation 1,426 1,483 1,574 1,405 1,756 2,283Change in working capital 1,427 (3,263) (3,086) 3,883 446 (2,505)
Less: Other income (4,435) (1,043) (656) - - -
Direct taxes paid 3,619 2,215 1,456 1,075 1,063 1,458
Cash flow from operations 5,097 2,157 1,170 7,469 4,358 2,736(Inc.)/ Dec. in net fixed assets (10,371) (10,621) (9,487) (8,500) (5,500) (3,000)
(Inc.)/ Dec. in investments 1.5 (9) 5 - - -
(Inc.)/ Dec. in loans and adv. - - - - - -
Other income (2,112.9) (1,697) (1,948) - - -
Cash flow from investing (8,257) 8,933 (7,535) (8,500) (5,500) (3,000)Issue of equity 45 - 159 - - -
Inc./(Dec.) in loans 8,886 3,641 (3,086) 5,000 2,500 (3,000)
Dividend paid 1,402 1,395 1,152 965 965 965
Others 169.4 429 620 - - -
Cash flow from financing 7,359 1,818 4,699 4,035 1,535 (3,965)Inc./(Dec.) in cash 4,199 12,908 (11,064) 3,003 392 (4,229)
Opening cash bal. 18,522 22,439 17,480 6,416 9,419 9,812Closing cash bal. 22,721 17,480 6,416 9,419 9,812 5,583
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SAIL | 4QFY2013 Result Update
June 4, 2013 11
Key ratios
Y/E March FY2010 FY2011 FY2012 FY2013E FY2014E FY2015EValuation ratio (x)P/E (on FDEPS) 3.4 4.9 6.2 9.8 10.9 8.0P/CEPS 2.8 3.7 4.6 6.6 6.0 4.5
P/BV 0.7 0.6 0.6 0.6 0.6 0.5
Dividend yield (%) 5.8 4.6 1.8 3.5 3.5 3.5
EV/Sales 0.5 0.6 0.7 0.8 0.7 0.6
EV/EBITDA 2.0 3.2 5.3 7.0 7.1 5.1
EV/Total assets 0.3 0.4 0.5 0.5 0.5 0.5
Per share data (`)EPS (Basic) 16.6 11.7 9.2 5.8 5.2 7.2
EPS (fully diluted) 16.6 11.7 9.2 5.8 5.2 7.2
Cash EPS 20.0 15.6 12.4 8.7 9.5 12.7
DPS 3.3 2.6 1.0 2.0 2.0 2.0
Book value 81.7 89.7 96.4 99.9 102.8 107.6
DuPont analysisEBIT margin 19.6 14.3 9.9 7.9 6.2 8.0
Tax retention ratio (%) 66.5 68.2 68.8 67.0 67.0 67.0
Asset turnover (x) 1.7 1.2 1.0 0.9 1.0 1.1
RoIC (Post-tax) 22.1 12.2 7.0 4.6 4.1 5.9
Cost of debt (post tax) - 1.7 2.9 2.4 2.7 4.3
Leverage (x) - 0.0 0.2 0.3 0.3 0.3
Operating RoE 22.1 12.4 7.9 5.2 4.6 6.4
Returns (%)RoCE (Pre-tax) 17.8 11.1 7.8 5.8 5.2 7.7
Angel RoIC (pre-tax) 60.9 38.0 22.7 13.5 9.8 10.9
RoE 22.2 13.9 9.2 5.4 5.2 6.8
Turnover ratios (x)Asset turnover (gross block) 1.2 1.1 1.2 0.9 0.9 0.9
Inventory (days) 180 225 194 270 200 200
Receivables (days) 33 36 33 37 35 35
Payables (days) 122 119 103 98 93 90
WC cycle (days) 70 69 77 95 88 81
Solvency ratios (x)Net debt to equity (0.2) 0.0 0.2 0.3 0.3 0.3
Net debt to EBITDA (0.5) 0.1 1.5 2.2 2.5 1.9
Interest coverage 16.8 12.9 6.7 4.7 3.7 3.9
7/28/2019 SAIL 4Q FY 2013
12/12
SAIL | 4QFY2013 Result Update
June 4 2013 12
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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Disclosure of Interest Statement SAIL
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)
Note: We have not considered any Exposure below`
1 lakh for Angel, its Group companies and Directors