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Rating matrix
Rating
Target
Target Period
Potential Upside
:
:
:
:
Buy
| 1600
12 months
19%
Whats changed?
Target
EPS FY17E
EPS FY18E
Rating
Unchanged
Unchanged
Unchanged
Unchanged
Key financials
| Crore
Net Sales
EBITDA
Net Profit
EPS (|)
FY15
5,574
1,297
1,048
53.7
FY16
5,743
1,082
787
40.4
FY17E
6,237
1,279
909
46.6
FY18E
7,532
1,695
1,248
64.0
FY15
24.9
29.8
18.2
FY16
33.2
39.6
23.4
FY17E
28.7
34.3
19.6
FY18E
20.9
25.0
14.3
Valuation summary
P/E (x)
Target P/E (x)
EV / EBITDA (x)
P / BV (x)
3.4
3.2
3.0
2.7
RONW (%)
ROCE (%)
13.7
12.0
9.7
8.8
10.3
10.6
12.8
13.5
Stock data
Particular
Market Capitalisation (| Crore)
Total Debt (FY16) (| Crore)
Cash and Investment (FY16) (| Crore)
EV (| Crore)
Amount
26,126.0
799.9
25,326.1
52 week H/L
Equity Capital (| Crore)
Face Value (|)
1944 / 1050
195.0
10.0
Stock data
1M
18.3
Arshiya
3M
44.0
6M
24.3
12M
18.5
Container Corpn.
-4.2
-1.3
14.0
-7.0
Gateway Distr.
-7.1
-18.4
3.9
-20.1
Price Movement
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
2,000
1,500
1,000
500
0
| 1340
Nifty (L.H.S)
Research Analyst
Bharat Chhoda
bharat.chhoda@icicisecurities.com
Ankit Panchmatia
ankit.panchmatia @icicisecurities.com
Company Analysis
Infrastructure superiority outpaces competitors
Concors network of 64 terminals (mostly rail-linked) gives it a
commanding position in the industry. Land for its container terminals has
been acquired on long-term lease from Indian Railways (IR) while its
terminals are strategically located along the key container-transporting
corridors. In addition to the same, to strengthen and improve its service
levels, Concor over FY16 has purchased additional 360 BLC wagons,
increasing its holding of high speed wagons to 12,114. Subsequently,
total wagons (BLC+BLL+BFKN+BVZI) for Concor were at 13,471 as on
FY16. The company also leverages additional wagon requirements by
leasing additional 7473 wagons. Furthermore, Concor also owns 52 reach
stackers and 16 gantry cranes. Concor manages 298 of which 88.6% are
high speed. With a fairly large infrastructure base of rolling stock, the
company handles ~73.25% i.e. 33.4 MMT (3 million TEUs) in FY16.
Exhibit 1: Pan-India presence of 64 terminals; new terminals/MMLPs proposed around DFC
Page 2
Page 3
Page 4
Revenue
8000.0
7000.0
6000.0
4984.6
4445.0
5000.0
7532.3
5573.7
5742.6
FY15
FY16
6236.7
4000.0
3000.0
2000.0
1000.0
0.0
FY13
FY14
FY17E
FY18E
Revenue
1,500
2,680
2,814
FY18E
2,476
FY16
FY17E
2,640
632
Q1FY17
FY15
614
Q4FY16
2,361
600
Q3FY16
FY14
648
Q2FY16
2,152
614
Q1FY16
FY13
647
Q4FY15
2,136
665
Q3FY15
FY12
676
Q2FY15
500
632
1,000
Q1FY15
000 TEUs
2,000
Page 5
118
108
104
111
125
103
468
434
507
489
448
479
Q3FY15
Q4FY15
Q1FY16
Q2FY16
Q3FY16
Q4FY16
Q1FY17
FY12
FY13
FY14
FY15
FY16
FY17E
621
121
Q2FY15
FY18E
135
Q1FY15
100
146
200
Q4FY14
000 TEUs
500
23.6
1600.0
25.0
23.3
22.1
1400.0
22.5
20.5
18.8
20.0
1200.0
15.0
1000.0
800.0
10.0
1081.5
1278.5
1694.8
0.0
1296.5
200.0
1101.9
400.0
1049.5
600.0
FY13
FY14
FY15
FY16
FY17E
FY18E
EBITDA
5.0
0.0
EBITDA Margins
Page 6
64.0
1200.0
1000.0
53.7
50.5
47.7
60.0
50.0
46.6
40.4
800.0
70.0
40.0
1248.4
0.0
909.2
200.0
786.9
20.0
1047.7
400.0
984.8
30.0
930.6
600.0
FY13
FY14
FY15
FY16
FY17E
FY18E
PAT
10.0
0.0
EPS
20.0%
15.6%
20.0%
20.9%
14.1%
13.7%
15.0%
12.8%
9.7%
13.0%
10.0%
8.8%
5.0%
10.3%
13.5%
12.0%
15.0%
10.6%
10.0%
5.0%
0.0%
0.0%
FY13
FY14
FY15
RoCE
FY16
FY17E
FY18E
RoE
Page 7
10.0 X
15.0 X
20.0 X
25.0 X
Sep-16
Feb-16
Jul-15
Dec-14
May-14
Oct-13
Mar-13
Aug-12
Jan-12
Jun-11
Nov-10
2000
1800
1600
1400
1200
1000
800
600
400
200
0
30.0 X
Page 8
Financial summary
Profit and loss statement
(Year-end March)
Revenue
Growth (%)
Terminal/Other Service charge
Employee Cost
Administrative & other exp.
Op. Expenditure
EBITDA
Growth (%)
Depreciation
EBIT
Interest
Other Income
PBT
Growth (%)
Tax
Reported PAT
Growth (%)
Adjustments
Adj. Net Profit
| Crore
FY15
5,573.7
11.8
3,830.8
157.9
288.5
4,277.2
1,296.5
17.7
372.7
923.8
0.0
370.7
1,294.6
0.8
246.9
1,047.7
6.4
0.0
1,047.7
FY16
5,742.6
3.0
4,210.5
153.9
296.7
4,661.0
1,081.5
-16.6
364.6
716.9
0.0
344.7
1,061.6
-18.0
274.0
787.6
-24.8
0.0
786.9
FY17E
6,236.7
8.6
4,490.4
155.9
311.8
4,958.2
1,278.5
18.2
333.1
945.4
0.0
279.9
1,225.4
15.4
316.1
909.2
15.4
0.0
909.2
FY18E
7,532.3
20.8
5,272.6
188.3
376.6
5,837.5
1,694.8
32.6
375.9
1,318.8
0.0
352.4
1,671.2
36.4
422.8
1,248.4
37.3
0.0
1,248.4
| Crore
FY15
1,047.7
372.7
354.4
1,774.8
(75.3)
11.4
1,710.9
(597.5)
(756.5)
FY16
786.9
364.6
50.6
1,202.1
(12.3)
(48.5)
1,141.3
(646.6)
(2,046.7)
FY17E
909.2
333.1
(368.6)
873.7
(34.4)
9.7
849.0
(916.0)
625.3
FY18E
1,248.4
375.9
(817.9)
806.4
(173.9)
13.5
646.0
600.2
(1,354.0)
(314.0)
(314.0)
42.8
2,545.1
2,587.9
(2,693.3)
(236.1)
(236.1)
(1,788.1)
2,587.9
799.9
(290.7)
51.3
(272.8)
(221.5)
336.9
799.9
1,136.7
600.2
10.6
(374.5)
(363.9)
882.3
1,136.7
2,019.1
FY15
FY16
FY17E
FY18E
391.6
132.7
53.7
72.9
13.4
415.7
41.0
40.4
59.1
10.1
453.6
58.3
46.6
63.7
11.7
498.4
103.6
64.0
83.3
16.0
23.3
18.8
1.6
1.1
2.4
42.2
18.8
13.7
1.5
1.1
2.4
42.0
20.5
14.6
1.4
1.5
2.3
38.0
22.5
16.6
1.5
1.5
2.3
38.0
13.7
12.0
23.7
9.7
8.8
12.0
10.3
10.6
15.0
12.8
13.5
17.1
24.9
3.4
18.2
4.2
33.2
3.2
23.4
4.4
28.7
3.0
19.6
4.0
20.9
2.7
14.3
3.2
0.0
NA
0.0
3.7
3.6
0.0
NA
0.0
1.3
1.3
0.0
NA
0.0
2.1
2.1
0.0
NA
0.0
2.7
2.6
Balance sheet
| Crore
(Year-end March)
Source of Funds
Equity Capital
Reserves & Surplus
Shareholder's Fund
Minority Interest
Loan Funds
Deferred Tax Liability
Provisions
Source of Funds
FY15
FY16
FY17E
FY18E
195.0
7,440.7
7,635.7
0.0
0.0
206.7
57.0
7,899.4
195.0
7,910.9
8,105.8
0.0
0.0
196.5
83.3
8,385.6
195.0
8,649.2
8,844.1
0.0
0.0
206.5
83.3
9,133.9
195.0
9,523.1
9,718.0
0.0
0.0
216.5
83.3
10,017.8
Application of Funds
Gross Block
Less: Acc. Depreciation
Net Block
Capital WIP
Total Fixed Assets
Investments
Inventories
Debtor
Cash
Loan & Advance, Other CA
Total Current assets
Current Liabilities
Provisions
Total CL and Provisions
Net Working Capital
Application of Funds
5,399.1
1,856.6
3,542.5
0.0
3,542.5
2,252.7
16.8
36.6
2,587.9
253.5
2,894.8
644.0
146.6
790.5
2,104.3
7,899.4
6,045.7
2,221.2
3,824.5
0.0
3,824.5
4,299.3
17.7
37.5
799.9
209.5
1,064.6
660.3
142.6
802.9
261.8
8,385.6
7,051.6
2,554.3
4,497.3
0.0
4,497.3
3,674.0
25.6
39.3
1,136.7
649.4
1,851.1
649.3
239.2
888.5
962.5
9,133.9
8,095.4
2,930.2
5,165.1
0.0
5,165.1
3,073.8
31.0
47.5
2,019.1
754.5
2,851.9
784.2
288.9
1,073.1
1,778.8
10,017.8
Key ratios
(Year-end March)
Per share data (|)
Book Value
Cash per share
EPS
Cash EPS
DPS
Profitability & Operating Ratios
EBITDA Margin (%)
PAT Margin (%)
Fixed Asset Turnover (x)
Inventory Turnover (Days)
Debtor (Days)
Current Liabilities (Days)
Return Ratios (%)
RoE
RoCE
RoIC
Valuation Ratios (x)
PE
Price to Book Value
EV/EBITDA
EV/Sales
Leverage & Solvency Ratios
Debt to equity (x)
Interest Coverage (x)
Debt to EBITDA (x)
Current Ratio
Quick ratio
Page 9
RATING RATIONALE
Pankaj Pandey
Head Research
pankaj.pandey@icicisecurities.com
Page 10
ANALYST CERTIFICATION
We /I, Bharat Chhoda, MBA and Ankit Panchmatia, MBA, Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately
reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this
report.
Page 11