bosch, 2q cy 2013
TRANSCRIPT
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7/27/2019 Bosch, 2Q CY 2013
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Please refer to important disclosures at the end of this report 1
Y/E Dec (` cr) 2QCY13 2QCY12 % chg (yoy) 1QCY13 % chg (qoq)Net Sales 2,307 2,178 5.9 2,209 4.4EBITDA 363 329 10.5 382 (4.9)
EBITDA Margin (%) 15.7 15.1 65bp 17.3 (155)bp
Adj. PAT 252 247 1.7 260 (3.1)Source: Company, Angel Research
Bosch (BOS) reported in-line results for 2QCY2013. While the top-line grew at a
better-than-expected rate of 5.9% yoy (4.4% qoq); EBITDA margins continued to
remain under pressure (down 155bp sequentially) resulting in a muted growth in
the bottom-line. We revise our CY2013 revenue estimates slightly downwards to
factor in the continued slowdown in the domestic automotive industry. Further,
due to higher tax-rate assumption, we revise downwards the CY2013 bottom-line
estimate by 4.6%. Nevertheless, we expect the companys earnings growth to revive
in CY2014 led by revival in the domestic automotive industry which has posted two
years of muted growth. We recommend an Accumulate rating on the stock.In-line performance for 2QCY2013: BOS posted a healthy top-line growth of5.9% yoy (4.4% qoq) to `2,307cr, ahead of our estimates of `2,188cr, driven by
a strong exports growth of 14.1% yoy. The increase in net average realization due
to price increases also aided the top-line performance. Domestic revenue
however, reported a modest growth of 3.8% yoy as domestic automotive demand
continued to remain weak following a challenging macroeconomic environment.
While the automotive business segment registered a growth of 4.7% yoy, thenon-automotive business segment grew by 11.8% yoy. On the operating front, the
EBITDA margin declined 155bp sequentially to 15.7%, lower than our
expectations of 16.8%. The performance was impacted due to the INR depreciation
against the EUR and also due to increase in staff expenditure on account of annual
salary hikes. Consequently, the operating profit declined 4.9% qoq to `363cr,
in-line with our estimates of `367cr. Net profit for the quarter stood at `252cr
(up 1.7% yoy but down 3.1% qoq), in-line with our estimate of `249cr.
Outlook and valuation:We remain positive on the long term prospects of BOS dueto its technological leadership and strong and diversified product portfolio; however,
we expect the near-term performance of the company to remain subdued due to
slowdown in the domestic automotive industry. At, `8,312 the stock is trading at 19.6x
CY2014E earnings. We recommend Accumulate rating on the stock with a targetprice of `9,096.
Key financials (Standalone)Y/E Dec (` cr) CY2011 CY2012 CY2013E CY2014ENet Sales 8,166 8,659 9,301 10,895% chg 18.7 6.0 7.4 17.1
Net Profit 1,067 874 1,067 1,328% chg 62.1 (18.1) 22.1 24.5
EBITDA (%) 18.5 15.6 16.8 18.0EPS (`) 339.7 278.3 339.8 423.1P/E (x) 24.5 29.9 24.5 19.6
P/BV (x) 5.5 4.7 4.1 3.5
RoE (%) 22.6 15.7 16.6 17.6
RoCE (%) 27.5 18.3 18.6 20.8
EV/Sales (x) 2.8 2.5 2.3 1.9
EV/EBITDA (x) 15.7 17.2 14.4 11.2
Source: Company, Angel Research
ACCUMULATECMP `8,312
Target Price `9,096
Investment Period 12 Months
Stock Info
Sector
Bloomberg Code BOS@IN
Shareholding Pattern (%)
Promoters 71.2
MF / Banks / Indian Fls 14.2
FII / NRIs / OCBs 7.4
Indian Public / Others 7.2
Abs. (%) 3m 1yr 3yr
Sensex (4.8) 7.6 3.2
Bosch (7.5) (6.9) 41.2
10
18,733
5,542
BOSH.BO
Auto Ancillary
Avg. Daily Volume
Market Cap (`cr)
Beta
52 Week High / Low
26,100
0.2
9,590/8,182
1,296
Net Debt (`cr) (3,085)
Face Value (`)
BSE Sensex
Nifty
Reuters Code
Yaresh Kothari022-3935 7800 Ext: 6844
BoschPerformance Highlights
2QCY2013 Result Update | Auto Ancillary
August 7, 2013
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Bosch | 2QCY2013 Result Update
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Exhibit 1:Quarterly financial performance (Standalone)Y/E Dec (` cr) 2QCY13 2QCY12 % chg (yoy) 1QCY13 % chg (qoq) 1HCY13 1HCY12 % chg (yoy)Net Sales 2,307 2,178 5.9 2,209 4.4 4,516 4,473 1.0Consumption of RM 729 741 (1.7) 722 0.9 1,450 1,456 (0.4)(% of sales) 31.6 34.0 32.7 32.1 32.5
Staff costs 307 248 23.8 286 7.1 593 497 19.3
(% of sales) 13.3 11.4 13.0 13.1 11.1
Purchases of TG 544 495 9.8 464 17.3 1,008 1,021 (1.3)
(% of sales) 23.6 22.7 21.0 22.3 22.8
Other Expenses 365 366 (0.3) 356 2.5 721 694 3.8
(% of sales) 15.8 16.8 16.1 16.0 15.5
Total Expenditure 1,944 1,850 5.1 1,828 6.4 3,772 3,668 2.8Operating Profit 363 329 10.5 382 (4.9) 745 806 (7.6)OPM (%) 15.7 15.1 17.3 (9.0) 16.5 18.0
Interest 0 0 60.0 0 (72.4) 0 0 640.0
Depreciation 86 76 13.6 84 2.6 171 140 21.8
Other Income 90 89 0.4 89 0.5 179 157 14.4
PBT (excl. Extr. Items) 366 342 7.1 387 (5.3) 753 822 (8.4)Extr. Income/(Expense) - - - - -
PBT (incl. Extr. Items) 366 342 7.1 387 (5.3) 753 822 (8.4)(% of Sales) 15.9 15.7 17.5 16.7 18.4
Provision for Taxation 115 94 21.3 127 (9.7) 242 239 1.1
(% of PBT) 31.3 27.6 32.8 32.1 29.1
Reported PAT 252 247 1.7 260 (3.1) 511 583 (12.3)Adj PAT 252 247 1.7 260 (3.1) 511 583 (12.3)
Adj. PATM 10.9 11.4 11.8 11.3 13.0
Equity shares (cr) 31.4 31.4 31.4 31.4 31.4
Reported EPS (`) 80.2 78.8 1.7 82.7 (3.1) 162.9 185.8 (12.3)Adjusted EPS (`) 80.2 78.8 1.7 82.7 (3.1) 162.9 185.8 (12.3)
Source: Company, Angel Research
Exhibit 2:2QCY2013 Actual vs Angel estimatesY/E Dec (` cr) Actual Estimates Variation (%)Net sales 2,307 2,188 5.4EBITDA 363 367 (1.1)
EBITDA margin (%) 15.7 16.8 (103)bp
Adj. PAT 252 249 0.9Source: Company, Angel Research
Healthy top-line growth aided by exports: For 2QCY2013, the top-line posted ahealthy growth of 5.9% yoy (4.4% qoq) to `2,307cr, ahead of our estimates of
`2,188cr, driven by a strong growth in exports by 14.1% yoy. The increase in net
average realization due to price increases and growth in after market segment (up
4.5% yoy) also aided the top-line performance. Domestic revenue however,
reported a modest growth of 3.8% yoy as domestic automotive demand continued
to remain weak following challenging macroeconomic environment. While the
automotive business segment registered a growth of 4.7% yoy, the non-automotive
business segment grew by 11.8% yoy.
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Bosch | 2QCY2013 Result Update
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Exhibit 3:Segmental performanceY/E Dec (` cr) 2QCY13 2QCY12 % chg (yoy) 1QCY13 % chg (qoq) 1HCY13 1HCY12 % chg (yoy)RevenueAutomotive 2,034 1,943 4.7 1,905 6.8 3,939 3,953 (0.3)Others 274 245 11.8 306 (10.6) 580 520 11.5
Total 2,308 2,188 5.5 2,211 4.4 4,519 4,473 1.0Less: Inter-segment revenue 1 9 2 (28.2) 3 27
Net sales 2,307 2,178 5.9 2,209 4.4 4,516 4,446 1.6EBITAutomotive 312 276 13.3 302 3.4 614 699 (12.1)
Others (1) 8 - 40 - 40 35 13.4
Total EBIT 312 284 9.9 342 (8.9) 654 734 (10.9)Add: Net interest income 0 0 60.0 0 (72.4) 0 0 640.0
Less: unallocable exp. (55) (58) (6.4) (45) 22.1 (99) (88) 12.4
Total PBT 366 342 7.1 387 (5.4) 754 822 (8.3)EBIT Margin (%)Automotive 15.4 14.2 116bp 15.9 (50)bp 15.6 17.7 (208)bp
Others (0.2) 3.2 - 13.1 - 6.9 6.7 11.3
Total 13.5 13.0 15.5 14.5 16.4Source: Company, Angel Research
Exhibit 4:Healthy growth in top-line
Source: Company, Angel Research
Exhibit 5:Segment-wise revenue trend
Source: Company, Angel Research
EBITDA margin contracts sequentially to 15.7%: On the operating front, theEBITDA margin declined 155bp sequentially to 15.7%, lower than our expectations
of 16.8%. The performance was impacted due to the INR depreciation against the
EUR and also due to increase in staff expenditure on account of annual salary
hikes. Consequently, the operating profit declined 4.9% qoq to `363cr, in-line with
our estimates of `367cr. On a yoy basis though, the EBITDA margin improved
65bp primarily on account of softening of raw-material prices and decline in other
expenditure (aided by cost reduction initiatives) although the same was partially
offset by a sharp increase in employee expenditure and unfavorable currency
movement. Net profit for the quarter stood at `252cr (up 1.7% yoy but down 3.1%
qoq), in-line with our estimates of `249cr.
2,0
60
1,9
91
2,0
29
2,2
95
2,1
78
2,0
54
2,1
32
2,2
09
2,3
07
21.1
16.4
7.710.0
5.83.1
5.1(3.7)
5.9
(5.0)
0.0
5.0
10.0
15.0
20.0
25.0
1,800
1,850
1,9001,950
2,000
2,0502,100
2,150
2,2002,2502,300
2,350
2QCY11
3QCY11
4QCY11
1QCY12
2QCY12
3QCY12
4QCY12
1QCY13
2QCY13
(%)(`cr) Net sales Net sales growth (RHS)
1,828 1,784 1,8452,010 1,922 1,831 1,917 1,903
2,034
204 211 212 275 244 231 225306 274
0
500
1,000
1,500
2,000
2,500
2QCY11
3QCY11
4QCY11
1QCY12
2QCY12
3QCY12
4QCY12
1QCY13
2QCY13
(`cr) Automotive revenue Other revenue
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Bosch | 2QCY2013 Result Update
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Exhibit 6:EBITDA margins continue to remain volatile
Source: Company, Angel Research
Exhibit 7:Net profit in-line with estimates
Source: Company, Angel Research
18.4 19.3 16.820.8
15.1 13.3 12.517.3 15.7
56.8 54.5 52.7 54.756.8 57.6
53.9 53.7 55.2
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
2QCY11
3QCY11
4QCY11
1QCY12
2QCY12
3QCY12
4QCY12
1QCY13
2QCY13
(%) EBITDA margins Raw material cost/sales
279
288
281
336
247
203
172
260
252
13.514.5
13.914.6
11.4 9.9
8.1
11.8
10.9
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
0
50
100
150
200
250
300
350
400
2QCY11
3QCY11
4QCY11
1QCY12
2QCY12
3QCY12
4QCY12
1QCY13
2QCY13
(%)(`cr) Net profit Net profit margin (RHS)
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Bosch | 2QCY2013 Result Update
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Investment arguments
Technology intensive industry supplemented by high bargaining power: Weestimate BOS to post an ~12% CAGR in its top-line and ~23% CAGR in its
bottom-line over CY2012-14. The company enjoys high margins in the auto
component segment due to strong entry barriers and its dominant position in
the market. Nonetheless, due to decline in utilization levels (~70-75% across
plants) and higher INR depreciation, the company witnessed a significant
290bp contraction in operating margins in CY2012. Going ahead, we expect
the demand environment to improve in CY2014, which will improve utilization
levels and thus the margins. Further, the benefits of cost reduction initiatives
will also accrue to the company in CY2013. As a result, we expect margins to
improve by ~120bp in CY2013 to 16.8%.
Dependent on favorable CV cycle for growth: BOS's prospects are largelyderived from demand arising in the CV and tractor segments. While the
slowdown in the CV segment has continued YTD in CY2013, the tractor
segment has witnessed a strong revival following better monsoon and
expectations of better kharif crop. We expect the CV cycle to reverse in
FY2015 which is expected to revive companys revenue and earnings growth.
Further, greater visibility on newer growth opportunities is emerging for the
company, following its investments in new and innovative technologies such as
CRS and gasoline systems. We believe the company will continue to enjoy
premium valuations, owing to strong parental focus and increasing long-term
growth opportunities in the Indian market, facilitated by changes in emission
norms. Moreover, BOS has been a consistent performer with strong cash flows
in the Indian auto component industry.
Outlook and valuation
We revise our CY2013 revenue estimates slightly downwards to factor in the
continued slowdown in the domestic automotive industry. Further, due to a higher
tax-rate assumption, we revise downwards our CY2013 bottom-line estimate by
4.6%. Nevertheless, we expect the companys earnings growth to revive in CY2014
led by revival in the domestic automotive industry which has posted two years of
muted growth.
Exhibit 8:Change in estimatesY/E December Earlier Estimates Revised Estimates % chg
CY2013E CY2014E CY2013E CY2014E CY2013E CY2014ETotal income (` cr) 9,558 10,959 9,301 10,895 (2.7) (0.6)OPM (%) 16.7 17.4 16.8 18.0 7bp 62bp
EPS (`) 356.3 420.7 339.8 423.1 (4.6) 0.6Source: Company, Angel Research
We remain positive on the long term prospects of BOS due to its technologicalleadership and strong and diversified product portfolio; however, we expect the
near-term performance of the company to remain subdued due to slowdown in the
domestic automotive industry. We estimate BOS to post an ~12% CAGR in its top-
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Bosch | 2QCY2013 Result Update
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line and ~23% CAGR in its bottom-line over CY2012-14. As a result, we estimate
BOS to post an EPS of `339.8 and `423.1 for CY2013 and CY2014, respectively.
At, `8,312 the stock is trading at 19.6x CY2014E earnings. We recommend anAccumulate rating on the stock with a target price of `9,096.Exhibit 9:Key assumptionsVolumes (mn units) CY09 CY10 CY11 CY12E CY13E CY14EFuel injection pumps 2.7 3.7 4.4 4.0 4.3 4.9
Nozzles 16.3 21.5 23.0 22.2 24.1 28.3
Auto electrical 1.4 1.5 2.0 2.4 2.6 2.7
Source: Company, Angel Research
Exhibit 10:Angel vs consensus forecastAngel estimates Consensus Variation (%)CY13E CY14E CY13E CY14E CY13E CY14E
Total op. income (` cr) 9,301 10,895 9,415 11,073 (1.2) (1.6)EPS (`) 339.8 423.1 340.4 416.6 (0.2) 1.6
Source: Company, Angel Research
Exhibit 11:One-year forward P/E band
Source: Company, Angel Research
Exhibit 12:One-year forward P/E chart
Source: Company, Angel Research
Exhibit 13:Premium/ Discount to Sensex
Source: Company, Angel Research
Exhibit 14:Relative performance to Sensex
Source: Company, Angel Research
0
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6,0007,000
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10,000
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3
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4
Feb-0
5
Mar-06
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Jul-13
(`) Share price (`) 12x 16x 20x 24x
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35.0
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0
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1
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(x) One-yr forward P/E Five-yr average P/E
(100)
(50)
0
50
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150
200
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5
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(%) Absolute premium Five-yr average premium
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5
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6
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8
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Bosch India Sensex
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Exhibit 15:Auto Ancillary Recommendation summaryCompany Reco. CMP(`) Tgt. price(`) Upside(%)
P/E (x) EV/EBITDA (x) RoE (%) FY13-15E EPSFY14E FY15E FY14E FY15E FY14E FY15E CAGR (%)
Amara Raja Batteries Buy 221 285 29.2 11.9 10.8 7.8 6.4 26.6 23.8 8.4Automotive Axle^ Neutral 195 - - 11.3 7.2 4.6 3.4 9.5 14.0 (4.7)
Bharat Forge* Neutral 188 - - 12.9 10.9 5.6 4.8 13.6 14.7 18.6
Bosch India# Accumulate 8,312 9,096 9.4 24.5 19.6 14.6 11.3 16.6 17.6 23.3Exide Industries Buy 121 148 22.4 15.3 13.4 8.1 6.8 18.3 18.0 21.1
FAG Bearings# Neutral 1,164 - - 15.4 11.4 8.8 6.2 13.4 15.8 3.4
Motherson Sumi* Accumulate 211 242 14.8 16.2 13.1 6.6 5.6 29.4 28.6 24.9
Subros Buy 19 23 21.7 8.0 4.9 3.2 2.8 4.8 7.6 5.6
Source: Company, Angel Research; Note: * Consolidated results; # December year end; ^ September year end
Company backgroundBosch, promoted by Robert Bosch GmbH, is the largest auto ancillary company in
India and a dominant player in the fuel injection segment with ~75% market
share. The company has a diverse product portfolio of diesel and gasoline fuel
injection systems, automotive aftermarket products, auto electricals, special
purpose machines, packaging machines, electric power tools and security systems.
The automotive segment contributes 90% to BOS' total revenue. The company also
has one of the largest distribution networks of spare parts in the country, with
after-market component sales accounting for ~20% of revenue. BOS has five
manufacturing facilities located at Bangalore, Nasik, Naganathpura, Jaipur and
Goa.
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Profit and loss statement (Standalone)
Y/E Dec. (` cr) CY09 CY10 CY11 CY12 CY13E CY14ETotal operating income 4,996 6,882 8,166 8,659 9,301 10,895% chg 5.3 37.8 18.7 6.0 7.4 17.1Total expenditure 4,183 5,629 6,654 7,310 7,740 8,937Net raw material costs 2,551 3,598 4,444 4,783 5,029 5,844
Other mfg costs 360 432 445 460 489 574
Employee expenses 609 796 896 1,037 1,170 1,340
Other 663 803 870 1,030 1,052 1,179
EBITDA 813 1,253 1,512 1,350 1,560 1,958% chg (5.1) 54.1 20.6 (10.7) 15.6 25.5
(% of total op. income) 16.3 18.2 18.5 15.6 16.8 18.0
Depreciation & amortization 304 254 258 367 410 467
EBIT 510 999 1,254 983 1,150 1,491% chg (8.0) 96.0 25.5 (21.7) 17.1 29.7
(% of total op. income) 10.6 15.0 15.7 11.5 12.6 13.9
Interest and other charges 1 4 0 6 6 7
Other income 285 7 320 369 414 455
PBT (recurring) 793 1,002 1,574 1,346 1,558 1,939% chg (7.4) 26.3 57.0 (14.5) 15.7 24.5
Extraordinary exp./ (income) 64 0 56 84 - -
PBT (reported) 729 1,002 1,518 1,262 1,558 1,939Tax 203 344 451 388 491 611
(% of PBT) 27.8 34.3 29.7 30.7 31.5 31.5
PAT (reported) 591 659 1,123 958 1,067 1,328ADJ. PAT 527 658 1,067 874 1,067 1,328% chg (4.7) 25.0 62.1 (18.1) 22.1 24.5
(% of total op. income) 11.0 9.8 13.3 10.3 11.7 12.4
Basic EPS (`) 188.1 209.7 357.5 305.2 339.8 423.1Adj. EPS (`) 167.7 209.6 339.7 278.3 339.8 423.1% chg (2.9) 25.0 62.1 (18.1) 22.1 24.5
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Balance sheet statement (Standalone)
Y/E Dec. (` cr) CY09 CY10 CY11 CY12 CY13E CY14ESOURCES OF FUNDSEquity share capital 31 31 31 31 31 31Reserves & surplus 3,354 4,067 4,697 5,542 6,389 7,498
Shareholders Funds 3,385 4,098 4,728 5,573 6,421 7,530Total loans 284 276 245 185 185 185
Deferred tax liability (201) (218) (228) (255) (255) (255)
Other long term liabilities - - 37 33 33 33
Long term provisions - - 172 218 218 218
Total Liabilities 3,468 4,156 4,955 5,755 6,602 7,711APPLICATION OF FUNDSGross block 2,865 3,017 3,352 3,935 4,502 5,092
Less: Acc. depreciation 2,358 2,588 2,767 3,078 3,488 3,955
Net Block 507 430 585 857 1,013 1,137Capital work-in-progress 100 224 321 417 451 510
Goodwill 6 6 6 6 6 6
Investments 1,418 1,607 1,635 1,520 1,744 2,036Long term loans & advances - - 333 226 226 226
Current assets 2,758 3,752 4,024 4,623 5,162 5,974Cash 1,068 1,326 952 1,487 1,801 2,036
Loans & advances 556 896 993 1,019 1,097 1,287
Other 1,135 1,530 2,079 2,117 2,264 2,651
Current liabilities 1,320 1,863 1,948 1,894 1,999 2,179
Net current assets 1,438 1,889 2,075 2,729 3,163 3,796Total Assets 3,468 4,156 4,955 5,755 6,602 7,711Note: Cash includes term deposits with banks with maturity of more than 3 months but less than 12
months
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Cash flow statement (Standalone)
Y/E Dec. (` cr) CY09 CY10 CY11 CY12 CY13E CY14EProfit before tax 729 1,002 1,518 1,262 1,558 1,939
Depreciation 304 254 258 367 410 467Change in working capital 130 (14) (561) (41) (120) (397)
Others 221 (5) 1 149 - -
Other income (285) (7) (320) (369) (414) (455)
Direct taxes paid (203) (344) (451) (388) (491) (611)
Cash Flow from Operations 897 886 445 981 944 943(Inc.)/Dec. in fixed assets (75) (277) (431) (679) (600) (650)
(Inc.)/Dec. in investments (551) (190) (27) 115 (224) (293)
Other income 285 7 320 369 414 455
Cash Flow from Investing (341) (460) (138) (195) (411) (488)Issue of equity - - - - - -
Inc./(Dec.) in loans 20 (8) (31) (60) - -
Dividend paid (Incl. Tax) 94 110 493 157 219 219
Others (672) (270) (552) (314) - -
Cash Flow from Financing (559) (168) (91) (217) (219) (219)Inc./(Dec.) in cash (3) 258 216 (109) 313 236
Opening Cash balances 1,071 1,068 74 290 1,487 1,801Closing Cash balances 1,068 1,326 290 181 1,801 2,036Closing cash balance excludes term deposits with banks with maturity of more than 3 months but
less than 12 months
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Key ratios
Y/E Dec. CY09 CY10 CY11 CY12 CY13E CY14EValuation Ratio (x)P/E (on FDEPS) 36.6 30.4 24.5 29.9 24.5 19.6P/CEPS 25.7 23.5 19.7 21.0 17.7 14.5
P/BV 7.7 6.4 5.5 4.7 4.1 3.5
Dividend yield (%) 0.4 0.5 1.6 0.7 0.7 0.7
EV/Sales 4.7 3.3 2.8 2.5 2.3 1.9
EV/EBITDA 29.4 18.7 15.7 17.2 14.6 11.3
EV / Total Assets 6.9 5.6 4.8 4.0 3.4 2.9
Per Share Data (`)EPS (Basic) 227.1 273.4 339.7 278.3 339.8 423.1
EPS (fully diluted) 167.7 209.6 339.7 278.3 339.8 423.1
Cash EPS 323.8 354.3 421.8 395.2 470.5 571.6
DPS 30.0 40.0 135.0 60.0 60.0 60.0
Book Value 1,078 1,305 1,506 1,775 2,045 2,398
Dupont AnalysisEBIT margin 10.6 15.0 15.7 11.5 12.6 13.9
Tax retention ratio 0.7 0.7 0.7 0.7 0.7 0.7
Asset turnover (x) 2.2 2.6 2.4 2.1 2.1 2.1
ROIC (Post-tax) 16.9 25.9 26.3 16.7 17.7 19.8
Cost of Debt (Post Tax) 0.3 0.9 0.1 1.8 2.2 2.6
Leverage (x) (0.6) (0.6) (0.6) (0.5) (0.5) (0.5)
Operating ROE 7.0 9.7 11.5 9.2 9.7 10.9
Returns (%)ROCE (Pre-tax) 15.3 26.2 27.5 18.3 18.6 20.8
Angel ROIC (Pre-tax) 21.2 35.3 31.3 23.0 24.0 26.3
ROE 15.6 16.1 22.6 15.7 16.6 17.6
Turnover ratios (x)Asset Turnover (Gross Block) 1.8 2.3 2.6 2.4 2.2 2.3
Inventory / Sales (days) 42 37 45 49 50 50
Receivables (days) 49 36 37 41 41 41
Payables (days) 61 60 66 59 60 58
WC cycle (ex-cash) (days) 31 25 38 50 51 52
Solvency ratios (x)Net debt to equity (0.7) (0.6) (0.5) (0.5) (0.5) (0.5)
Net debt to EBITDA (2.7) (2.1) (1.5) (2.1) (2.2) (2.0)
Interest Coverage (EBIT / Int.) 428.4 254.3 3,135.3 178.6 194.7 215.2
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7/27/2019 Bosch, 2Q CY 2013
12/12
Bosch | 2QCY2013 Result Update
August 7 2013 12
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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Disclosure of Interest Statement Bosch
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