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Tide Water Oil Co (I) Ltd Research Report - 16th Dec 2015

Miscellaneous | Published on Sep 02nd 2014

IT

Going ahead, we expect TWOIL to report standalone net sales CAGR of ~9% over FY2014-16E to ~Rs1,196cr owing to some improvement in sales volume and possible price hikes (the company would be able to take price hikes due to its strong brands and better quality of products). We believe that the company would perform better in the “Bazaar” segment owing to strong distribution network and tie-ups with leading OEMs. Further, the company is expanding its footprint in international markets through acquisitions, incorporation of new companies, joint ventures or franchisees; which would aid the revenue growth for TWOIL in the coming years. On the profitability front, we forecast TWOIL to report a standalone net profit CAGR of ~7% over FY2014-16E to Rs78cr owing to healthy sales and better operating margin due to cost effective management strategy. At the current market price of Rs12,076, the stock trades at a PE of 14.6x and 13.1x its FY2015E and FY2016E EPS of Rs828.6 and Rs919.0, respectively. We initiate coverage on the stock with a Buy recommendation and target price of Rs14,704, based on 16x FY2016E EPS, indicating an upside of ~22% from the current levels.

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CMP 12,076
Target Price 14,704
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)1,994.47
MCAP NSE (Rs in Cr)1,998.34
P/E (x)23.22
EPS (Rs.)246.53
BV (Rs.)1,733.45
Div Yield (%)2.18
FV (Rs.)5.00
P/BV (x)3.30
EV/Sales (x)1.68
EV/EBITDA (x)12.88

Shareholding Pattern (%)

Promoter56.0
Public & Others30.0
Institution11.0
Foreign3.0
Corporate0.0
Grand Total100.0

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