Financials Berger Paints India Limited

Equities

BERGEPAINT

INE463A01038

Commodity Chemicals

Market Closed - Bombay S.E. Other stock markets 06:21:28 2024-04-26 am EDT			5-day change	1st Jan Change
503.4 ^INR	-0.43%		-0.28%	-16.71%

Apr. 01	Berger Paints India Limited Announces Cessation of Pulak Chandan Prasad as Non-Executive, Independent Director and Member of Audit Committee and Compensation and Nomination and Remuneration Committee	CI
Feb. 22	India's Grasim launches paints business, targets 100 billion rupees in gross revenue in 3 years	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	314,307	483,042	742,704	679,735	564,787	586,878	-	-
Enterprise Value (EV) ¹	316,762	484,408	740,048	682,412	569,487	584,708	580,097	574,144
P/E ratio	63.1 x	73.7 x	103 x	81.7 x	65.6 x	49.1 x	44.7 x	40.5 x
Yield	0.59%	0.44%	0.37%	0.44%	0.55%	0.79%	0.9%	1.01%
Capitalization / Revenue	5.19 x	7.59 x	10.9 x	7.76 x	5.34 x	5.16 x	4.68 x	4.25 x
EV / Revenue	5.23 x	7.61 x	10.9 x	7.79 x	5.39 x	5.14 x	4.62 x	4.16 x
EV / EBITDA	36 x	45.7 x	62.3 x	51.3 x	38.3 x	30.3 x	27.9 x	25.3 x
EV / FCF	130 x	167 x	121 x	-329 x	250 x	55.3 x	52 x	46.9 x
FCF Yield	0.77%	0.6%	0.82%	-0.3%	0.4%	1.81%	1.92%	2.13%
Price to Book	12.7 x	18.2 x	22 x	17.3 x	12.6 x	11.2 x	9.75 x	8.59 x
Nbr of stocks (in thousands)	1,165,360	1,165,360	1,165,559	1,165,593	1,165,712	1,165,712	-	-
Reference price ²	269.7	414.5	637.2	583.2	484.5	503.4	503.4	503.4
Announcement Date	5/30/19	6/23/20	5/26/21	5/26/22	5/15/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	60,618	63,658	68,176	87,618	105,678	113,662	125,490	137,952
EBITDA ¹	8,807	10,610	11,880	13,311	14,872	19,313	20,766	22,655
EBIT ¹	7,429	8,700	9,768	11,084	12,232	16,172	16,938	18,615
Operating Margin	12.26%	13.67%	14.33%	12.65%	11.57%	14.23%	13.5%	13.49%
Earnings before Tax (EBT) ¹	7,706	8,832	9,842	11,223	11,755	15,874	17,087	18,931
Net income ¹	4,979	6,578	7,198	8,330	8,594	11,889	12,953	14,202
Net margin	8.21%	10.33%	10.56%	9.51%	8.13%	10.46%	10.32%	10.29%
EPS ²	4.275	5.625	6.175	7.142	7.383	10.25	11.26	12.43
Free Cash Flow ¹	2,435	2,897	6,097	-2,075	2,279	10,564	11,156	12,233
FCF margin	4.02%	4.55%	8.94%	-2.37%	2.16%	9.29%	8.89%	8.87%
FCF Conversion (EBITDA)	27.65%	27.3%	51.32%	-	15.33%	54.7%	53.72%	54%
FCF Conversion (Net income)	48.91%	44.04%	84.71%	-	26.52%	88.86%	86.13%	86.14%
Dividend per Share ²	1.583	1.833	2.333	2.583	2.667	3.982	4.507	5.060
Announcement Date	5/30/19	6/23/20	5/26/21	5/26/22	5/15/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	21,182	20,261	17,985	22,250	25,508	21,875	27,597	26,709	26,936	24,436	30,295	28,444	57,968	29,078	25,653
EBITDA ¹	4,150	3,356	2,385	3,540	3,921	3,464	4,083	3,640	3,496	3,688	5,568	4,960	-	5,190	3,907
EBIT ¹	3,621	2,814	1,837	2,981	3,361	2,919	3,455	3,015	2,853	2,944	4,785	4,104	-	4,272	3,031
Operating Margin	17.1%	13.89%	10.21%	13.4%	13.17%	13.35%	12.52%	11.29%	10.59%	12.05%	15.8%	14.43%	-	14.69%	11.82%
Earnings before Tax (EBT) ¹	3,688	2,844	1,912	2,984	3,377	2,964	3,423	2,899	2,666	2,801	4,762	4,047	-	4,427	3,002
Net income ¹	2,748	2,086	1,406	2,188	2,527	2,203	2,534	2,194	2,009	1,857	3,544	3,017	-	3,238	2,241
Net margin	12.97%	10.3%	7.82%	9.84%	9.91%	10.07%	9.18%	8.21%	7.46%	7.6%	11.7%	10.61%	-	11.14%	8.74%
EPS ²	2.358	1.792	1.208	1.875	2.167	1.892	2.175	1.883	1.725	1.592	3.042	2.900	-	2.833	1.900
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/9/21	5/26/21	8/6/21	11/10/21	2/9/22	5/26/22	8/4/22	11/10/22	2/2/23	5/15/23	8/9/23	-	11/2/23	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,455	1,366	-	2,677	4,700	-	-	-
Net Cash position ¹	-	-	2,656	-	-	2,170	6,780	12,734
Leverage (Debt/EBITDA)	0.2787 x	0.1288 x	-	0.2011 x	0.316 x	-	-	-
Free Cash Flow ¹	2,435	2,897	6,097	-2,075	2,279	10,564	11,157	12,233
ROE (net income / shareholders' equity)	21.3%	25.8%	23.8%	22.8%	20.4%	24.6%	22.8%	22.3%
ROA (Net income/ Total Assets)	12%	-	-	12.7%	11.3%	13%	12%	12%
Assets ¹	41,530	-	-	65,668	75,899	91,456	107,944	118,348
Book Value Per Share ²	21.20	22.80	29.00	33.70	38.60	45.00	51.60	58.60
Cash Flow per Share ²	4.820	6.200	6.830	4.860	8.380	11.90	12.90	13.90
Capex ¹	3,182	4,350	1,861	7,740	7,480	3,289	3,523	3,611
Capex / Sales	5.25%	6.83%	2.73%	8.83%	7.08%	2.89%	2.81%	2.62%
Announcement Date	5/30/19	6/23/20	5/26/21	5/26/22	5/15/23	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Berger Paints India Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

503.4 INR

Average target price

532.6 INR

Spread / Average Target

+5.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Paint & Coating

	1st Jan change	Capi.
BERGER PAINTS INDIA LIMITED	-16.71%	7.04B
THE SHERWIN-WILLIAMS COMPANY	-1.75%	77.87B
ASIAN PAINTS LIMITED	-16.41%	32.71B
PPG INDUSTRIES, INC.	-12.97%	30.63B
NIPPON PAINT HOLDINGS CO., LTD.	-13.83%	14.66B
RPM INTERNATIONAL INC.	-3.81%	13.83B
AXALTA COATING SYSTEMS LTD.	-8.10%	6.89B
KANSAI PAINT CO., LTD.	-14.49%	2.75B
KANSAI NEROLAC PAINTS LIMITED	-15.90%	2.71B
SKSHU PAINT CO.,LTD.	-30.96%	2.39B

Paint & Coating