Financials CEAT Limited NSE India S.E.

Equities

CEATLTD

INE482A01020

Tires & Rubber Products

Market Closed - NSE India S.E. Other stock markets 07:43:48 2024-05-10 am EDT			5-day change	1st Jan Change
2,236 ^INR	-2.33%		-12.14%	-7.87%

May. 06	Nomura Adjusts CEAT’s Price Target to INR2,820 From INR2,751, Keeps at Neutral	MT
May. 03	Transcript : CEAT Limited, Q4 2024 Earnings Call, May 03, 2024

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	45,476	31,838	63,153	37,691	58,659	90,558	-	-
Enterprise Value (EV) ¹	58,887	50,018	77,079	58,421	78,980	108,315	106,309	103,746
P/E ratio	18 x	13.8 x	14.6 x	52.9 x	31.5 x	16.9 x	12.9 x	11.5 x
Yield	1.07%	1.52%	1.15%	0.32%	0.83%	1.12%	1.43%	1.56%
Capitalization / Revenue	0.65 x	0.47 x	0.83 x	0.4 x	0.52 x	0.91 x	0.69 x	0.64 x
EV / Revenue	0.84 x	0.74 x	1.01 x	0.62 x	0.7 x	0.91 x	0.81 x	0.73 x
EV / EBITDA	9.16 x	6.91 x	7.56 x	3.42 x	8.11 x	6.56 x	6.34 x	5.7 x
EV / FCF	-10.6 x	-30.9 x	10.7 x	-17.2 x	24.1 x	17 x	19.4 x	14.6 x
FCF Yield	-9.42%	-3.24%	9.32%	-5.82%	4.15%	5.87%	5.15%	6.85%
Price to Book	1.71 x	1.14 x	1.98 x	1.15 x	1.7 x	2.25 x	1.98 x	1.76 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	2,239	2,239	2,239
Announcement Date	5/7/19	5/28/20	5/5/21	5/5/22	5/4/23	5/2/24	-	-

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	119,435	130,659	142,060
EBITDA ¹	6,425	7,238	10,193	17,098	9,738	16,522	16,764	18,205
EBIT ¹	4,498	4,473	6,796	2,746	5,045	11,434	11,087	11,936
Operating Margin	6.44%	6.6%	8.93%	2.93%	4.46%	9.57%	8.49%	8.4%
Earnings before Tax (EBT) ¹	3,762	3,043	4,839	948.8	2,459	8,359	9,240	10,306
Net income ¹	2,522	2,312	4,320	712	1,862	6,426	6,989	7,838
Net margin	3.61%	3.41%	5.68%	0.76%	1.65%	5.38%	5.35%	5.52%
EPS ²	62.35	57.17	106.8	17.60	46.02	158.9	173.5	194.7
Free Cash Flow ¹	-5,546	-1,620	7,182	-3,398	3,276	6,496	5,477	7,111
FCF margin	-7.94%	-2.39%	9.44%	-3.63%	2.9%	5.39%	4.19%	5.01%
FCF Conversion (EBITDA)	-	-	70.46%	-	33.64%	38.55%	32.67%	39.06%
FCF Conversion (Net income)	-	-	166.23%	-	175.97%	92.91%	78.37%	90.73%
Dividend per Share ²	12.00	12.00	18.00	3.000	12.00	25.02	32.05	34.84
Announcement Date	5/7/19	5/28/20	5/5/21	5/5/22	5/4/23	5/2/24	-	-

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	2025 Q1
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	30,540	31,259
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	4,100	3,657
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	2,302
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%	7.36%
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	1,775
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	1,327
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%	4.25%
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	32.80
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	15,752	13,188
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	0.9396 x	0.7244 x
Free Cash Flow ¹	-5,547	-1,620	7,182	-3,398	3,276	6,496	5,477	7,111
ROE (net income / shareholders' equity)	10.5%	8.95%	13.9%	2.16%	6.25%	18.1%	15.7%	15.8%
ROA (Net income/ Total Assets)	4.88%	3.69%	5.58%	0.82%	2.23%	7.85%	6.6%	7.1%
Assets ¹	51,637	62,674	77,422	86,459	83,345	89,069	105,891	110,389
Book Value Per Share ²	657.0	690.0	789.0	809.0	855.0	993.0	1,133	1,271
Cash Flow per Share ²	137.0	236.0	336.0	-	298.0	317.0	304.0	402.0
Capex ¹	11,073	11,183	6,395	9,558	8,779	7,733	9,430	9,535
Capex / Sales	15.85%	16.5%	8.4%	10.21%	7.76%	6.41%	7.22%	6.71%
Announcement Date	5/7/19	5/28/20	5/5/21	5/5/22	5/4/23	5/2/24	-	-

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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,239 INR

Average target price

2,864 INR

Spread / Average Target

+27.93%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Tire & Tube Manufacturers

	1st Jan change	Capi.
PIRELLI & C. S.P.A.	+26.53%	6.71B
MRF LIMITED	-1.53%	6.48B
BALKRISHNA INDUSTRIES LIMITED	-3.49%	5.74B
CHENG SHIN RUBBER IND. CO., LTD.	+11.36%	4.99B
SHANDONG LINGLONG TYRE CO.,LTD.	+18.72%	4.62B
QINGDAO SENTURY TIRE CO., LTD.	+35.00%	3.95B
HANKOOK TIRE & TECHNOLOGY CO., LTD.	-5.29%	3.83B
APOLLO TYRES LIMITED	+5.88%	3.66B
PT MULTISTRADA ARAH SARANA TBK	+44.36%	3.14B

Tire & Tube Manufacturers