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Stock to Invest in Nse

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Submitted By nitesh
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Best Stock to Invest under 1000 Cr Market-Cap (Nilkamal Ltd)

Nilkamal Ltd is principally engaged in manufacturing of injection moulded plastic products, currently it operates with three segments namely plastics, lifestyle furniture, furnishings accessories and storage system others. The plastics segment engaged in manufacturing of injection moulded plastic articles, polymers and others. The lifestyle furniture, furnishings accessories is engaged in manufacturing of home furniture, home furnishing and accessories. The storage system others is engaged in metal storage systems. The Group also sells lifestyle home furniture, furnishings, home decor and accessories through its own lifestyle retail stores in the name of home. The Group has seven large manufacturing plants in India having JVs with domestic and International companies, In India with Bito Lagertechnik Bittman GmbH for the manufacture of Material Handling and Storage Systems in Metal and globally in Sri Lanka, and Bangladesh, where both these companies are Leaders in respective markets for Moulded Furnitures.

High/Lows & Performance of Nilkamal Ltd. | Duration | One Week | Two Week | One Month | Three Months | Six Month | One Year | Period Old Price | 241.40 | 224.60 | 219.95 | 229.60 | 225.85 | 260.35 | Price Gain | 9.85 | 26.65 | 31.30 | 21.65 | 25.40 | -9.10 | Price Gain in % | 4.08 | 11.87 | 14.23 | 9.43 | 11.25 | -3.50 | Period's High | 261.90 | 261.90 | 261.90 | 261.90 | 261.90 | 309.90 | High On | 22/10/2012 | 22/10/2012 | 22/10/2012 | 22/10/2012 | 22/10/2012 | 04/11/2011 | Period's Low | 240.00 | 217.30 | 211.00 | 200.55 | 200.55 | 180.00 | Low On | 18/10/2012 | 11/10/2012 | 28/09/2012 | 07/09/2012 | 07/09/2012 | 21/12/2011 |

Investment Rational

- Pioneer in Plastic Business
- Diversified Product Portfolio and wide customer base
- Pan-India Distribution Reach
- Solid Brand Equity—Nilkamal and @ home
- Strong focus on Product Design and Development
- Stretagic tie ups with International Players
- Robust Financial Performance

Dominant player with the comprehensive product portfolio
Nilkamal has the strong brand recognition in manufacturing of module furniture and material handling, with the market share of around 39% in moulded furniture business Nilkamal is enjoying a strong leadership position with a lead of nearly two times of its closest competitor. Over the past years company with the help of its in‐house manufacturing and strategic tie‐ups it is providing comprehensive products to meet the diverse needs of industrial sector also. Company is further looking to expand its product range by launching ready‐to‐assemble furniture products and office seating solutions. In Material Handling Equipment Business, also company is looking to Leverage its existing relationships and strategic global tie‐ups to cater to a wider range of industries.

Opening additional store to expand its network across the India…
Nilkamal has wide distribution network, which is facilitated by 77 warehouse, 1,400 distributor, and 42 branch regional offices. Company also operates in retailing by offering lifestyle products under the brand name of home in which it offers a wide range of home décor products including furniture, soft furnishings, accessories modular kitchens, company also provides free expert advice on home interior using advanced 3‐D software. Currently its has 17 stores spread across 12 cities, covering an aggregate carpet area of 289,467 sq.ft, further to expand its retailing business it has planned to open an additional 33 stores over the next five years.
Development of new products & services will help to add volume growth …

Last year company has launched new products in the roto moulded, vacuum formed, blow moulding, PU filled insulated segments and these innovative products have been received well in the market. Further while keeping in the mind the increase of Govt spending in the areas of disposal management road safety the company will also concentrate its efforts on new products in these segments. Apart from this, the company is also in the process of developing a product as well as services to be offered in the building construction segment. The Company will start selling light, easy‐to‐erect quick‐to‐dismantle injection molded plastic formwork systems with a lower cost of ownership compared to the wood metal formwork that is ubiquitously used in construction projects today.

Valuations & Recommendations

The stock is currently trading at PE of 5.7x of its projected EPS of Rs 40.79 for FY13E and 0.85x of its current book value. Being one of the dominant players in module furniture and material handling equipment, company will continue to maintain its leadership in domestic markets. Furthermore, the company is going expand its distribution network by opening new branches, warehouses and retail stores across the country, apart from this company is also in the process of developing new products services under the building construction segment. Hence, Nilkamal is having the positive outlook and strong revenue visibility in upcoming periods.

Years | Mar-12 | Mar-11 | Mar-10 | Mar-09 | Mar-08 | Debt-Equity Ratio | 0.9 | 1.0 | 1.2 | 1.4 | 1.4 | Long Term Debt-Equity Ratio | 0.2 | 0.3 | 0.5 | 0.6 | 0.4 | Current Ratio | 1.2 | 1.3 | 1.4 | 1.3 | 1.2 | Fixed Assets | 2.9 | 2.9 | 2.6 | 2.5 | 2.9 | Inventory | 6.6 | 7.5 | 7.9 | 7.0 | 8.0 | Debtors | 9.6 | 10.2 | 9.8 | 8.8 | 9.2 | Interest Cover Ratio | 2.8 | 3.3 | 3.2 | 1.4 | 2.0 | PBIDTM (%) | 9.2 | 9.3 | 11.0 | 9.0 | 9.6 | PBITM (%) | 6.8 | 7.0 | 8.3 | 6.0 | 7.0 | PBDTM (%) | 6.8 | 7.2 | 8.4 | 4.7 | 6.2 | CPM (%) | 5.9 | 6.0 | 6.8 | 4.0 | 5.2 | APATM (%) | 3.4 | 3.7 | 4.1 | 0.9 | 2.5 | ROCE (%) | 15.5 | 16.8 | 18.6 | 12.1 | 15.5 | RONW (%) | 14.6 | 17.3 | 20.4 | 4.6 | 13.3 | PE | 5.9 | 8.7 | 7.1 | 10.1 | 4.3 | EBIDTA | 151.2 | 133.2 | 128.0 | 87.2 | 131.8 | DivYield | 1.9 | 1.3 | 1.9 | 4.5 | 3.4 | PBV | 0.8 | 1.3 | 1.3 | 0.3 | 1.2 | EPS | 36.6 | 34.5 | 36.1 | 4.4 | 43.8 |

Financials ‐ Standalone

Over the last five years (FY07‐FY12) the Top Line of Nilkamal has grown at annual CAGR of 25%, the operating profit of the company grew at 38% while profit after tax for the same period also grew at phenomenal rate of 52%. In FY12, the Net Sales of the company grew by 14.34% to Rs 1424.14 crore over FY11, Operating Profit surged 15.08% to Rs 148.72 crore while owing to higher interest depreciation cost during the same period the PAT grew at 6% to Rs 55.60 crore.
In Q1FY12, the company net profit declined to 8.16% to Rs. 11.26 crores in the quarter ended June 2012 as against Rs.12.26 Crore during the previous quarter ended June 2011.But sales roses 22.2% to Rs.390.75 Crores in the Quarter ended June 2012 as against Rs. 319.77 Crores in previous same quarter.

Particulars | Quarter Ended | | Jun. 2012 | Jun. 2011 | % Var. | Sales | 390.75 | 319.77 | 22 | OPM % | 9.70 | 10.62 | -9 | PBDT | 27.08 | 25.84 | 5 | PBT | 15.69 | 16.57 | -5 | NP | 11.26 | 12.26 | -8 |

Conclusion –

The company having strong market presence and strong brand value which will continues to dominate the industry in its plastic business. The stock is currently trading (23rd Oct) with P/E ratio of 6.87 & P/B Ratio of 0.94 . The overall Debt-Equity ratio is diminishing, EBIDTA & EPS is rising. It would be good stock with a horizon of 6 months to 1 year. Investors may wait for some dip before entering in stock , although its attractive even with current valuation.…...

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