Stock CEATLTD CEAT LIMITED
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Financials CEAT Limited

Equities

CEATLTD

INE482A01020

Tires & Rubber Products

Market Closed - Bombay S.E.
Other stock markets
 06:00:49 2024-04-29 am EDT 		5-day change 1st Jan Change
2,520 INR -0.29% Intraday chart for CEAT Limited +0.23% +3.80%
Apr. 17 CEAT Limited Receives Order Confirming GST Demand Along with Interest and Penalty by the Additional Commissioner of Central, Hyderabad CI
Apr. 05 CEAT Limited Receives Order Confirming GST Demand Along with Interest and Penalty by the Deputy Commissioner of State Tax, Maharashtra CI

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 45,476 31,838 63,153 37,691 58,659 102,238 - -
Enterprise Value (EV) 1 58,887 50,018 77,079 58,421 78,980 122,356 120,946 118,565
P/E ratio 18 x 13.8 x 14.6 x 52.9 x 31.5 x 14.7 x 14.3 x 12.9 x
Yield 1.07% 1.52% 1.15% 0.32% 0.83% 0.93% 0.96% 0.99%
Capitalization / Revenue 0.65 x 0.47 x 0.83 x 0.4 x 0.52 x 0.85 x 0.78 x 0.72 x
EV / Revenue 0.84 x 0.74 x 1.01 x 0.62 x 0.7 x 1.01 x 0.93 x 0.84 x
EV / EBITDA 9.16 x 6.91 x 7.56 x 3.42 x 8.11 x 7.26 x 7.01 x 6.44 x
EV / FCF -10.6 x -30.9 x 10.7 x -17.2 x 24.1 x 20.5 x 17.3 x 14.1 x
FCF Yield -9.42% -3.24% 9.32% -5.82% 4.15% 4.87% 5.79% 7.07%
Price to Book 1.71 x 1.14 x 1.98 x 1.15 x 1.7 x 2.54 x 2.23 x 1.99 x
Nbr of stocks (in thousands) 40,450 40,450 40,450 40,450 40,450 40,450 - -
Reference price 2 1,124 787.1 1,561 931.8 1,450 2,528 2,528 2,528
Announcement Date 5/7/19 5/28/20 5/5/21 5/5/22 5/4/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 69,845 67,788 76,096 93,634 113,149 120,604 130,426 141,247
EBITDA 1 6,425 7,238 10,193 17,098 9,738 16,854 17,247 18,400
EBIT 1 4,498 4,473 6,796 2,746 5,045 11,722 11,477 12,072
Operating Margin 6.44% 6.6% 8.93% 2.93% 4.46% 9.72% 8.8% 8.55%
Earnings before Tax (EBT) 1 3,762 3,043 4,839 948.8 2,459 9,249 9,372 10,281
Net income 1 2,522 2,312 4,320 712 1,862 6,992 7,117 7,807
Net margin 3.61% 3.41% 5.68% 0.76% 1.65% 5.8% 5.46% 5.53%
EPS 2 62.35 57.17 106.8 17.60 46.02 172.3 177.3 196.0
Free Cash Flow 1 -5,546 -1,620 7,182 -3,398 3,276 5,955 7,003 8,384
FCF margin -7.94% -2.39% 9.44% -3.63% 2.9% 4.94% 5.37% 5.94%
FCF Conversion (EBITDA) - - 70.46% - 33.64% 35.33% 40.61% 45.57%
FCF Conversion (Net income) - - 166.23% - 175.97% 85.17% 98.4% 107.39%
Dividend per Share 2 12.00 12.00 18.00 3.000 12.00 23.52 24.23 24.91
Announcement Date 5/7/19 5/28/20 5/5/21 5/5/22 5/4/23 - - -
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 Q3 2024 Q4
Net sales 1 22,212 22,897 19,064 24,518 24,133 25,920 28,184 28,945 27,272 28,748 29,352 30,165 29,777 30,528
EBITDA 1 3,277 2,687 1,732 2,203 1,341 1,875 1,713 2,031 2,376 3,678 3,871 4,044 4,071 4,101
EBIT 1 2,404 1,788 766.9 996.9 255.6 779.4 599.3 880.2 - 2,425 2,662 2,678 2,586 2,860
Operating Margin 10.82% 7.81% 4.02% 4.07% 1.06% 3.01% 2.13% 3.04% - 8.44% 9.07% 8.88% 8.68% 9.37%
Earnings before Tax (EBT) 1 2,020 1,421 345.8 575.6 -236.7 264.1 98.5 170.1 560.1 1,698 1,993 2,131 1,991 2,224
Net income 1 1,321 1,528 239.8 419.8 -200.1 252.5 92.5 78.3 353.9 1,337 1,446 1,610 1,590 1,671
Net margin 5.95% 6.67% 1.26% 1.71% -0.83% 0.97% 0.33% 0.27% 1.3% 4.65% 4.93% 5.34% 5.34% 5.47%
EPS 2 32.67 37.77 5.930 10.38 -4.950 6.240 2.290 1.930 - 33.05 35.75 37.92 37.70 41.56
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 1/19/21 5/5/21 7/21/21 10/25/21 1/19/22 5/5/22 7/20/22 11/7/22 1/25/23 5/4/23 7/25/23 - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 13,411 18,180 13,926 20,730 20,321 20,118 18,709 16,328
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.087 x 2.512 x 1.366 x 1.212 x 2.087 x 1.194 x 1.085 x 0.8874 x
Free Cash Flow 1 -5,547 -1,620 7,182 -3,398 3,276 5,955 7,003 8,384
ROE (net income / shareholders' equity) 10.5% 8.95% 13.9% 2.16% 6.25% 18.1% 15.9% 15.7%
ROA (Net income/ Total Assets) 4.88% 3.69% 5.58% 0.82% 2.23% 7.85% 7.75% 7%
Assets 1 51,637 62,674 77,422 86,459 83,345 89,069 91,837 111,528
Book Value Per Share 2 657.0 690.0 789.0 809.0 855.0 993.0 1,131 1,270
Cash Flow per Share 2 137.0 236.0 336.0 - 298.0 317.0 383.0 413.0
Capex 1 11,073 11,183 6,395 9,558 8,779 7,733 8,478 9,068
Capex / Sales 15.85% 16.5% 8.4% 10.21% 7.76% 6.41% 6.5% 6.42%
Announcement Date 5/7/19 5/28/20 5/5/21 5/5/22 5/4/23 - - -
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 CEAT Limited

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
20
Last Close Price
2,528 INR
Average target price
2,865 INR
Spread / Average Target
+13.37%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Tire & Tube Manufacturers
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