Financials CIE Automotive India Limited

Equities

CIEINDIA

INE536H01010

Auto, Truck & Motorcycle Parts

Market Closed - Bombay S.E. Other stock markets 06:23:06 2024-04-26 am EDT			5-day change	1st Jan Change
489.8 ^INR	+0.28%		+1.14%	+4.07%

Apr. 26	CIE Automotive Arm Acquires Nearly 28% Stake in Ojaha Renewables	MT
Apr. 23	ICRA Affirms Ratings on CIE Automotive India's Bank Loans; Outlook Stable	MT

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	96,873	62,442	65,114	89,077	130,533	185,812	185,812	-
Enterprise Value (EV) ¹	105,087	74,759	76,957	95,297	133,472	178,547	185,812	185,812
P/E ratio	19.4 x	17.7 x	61.4 x	22.7 x	18.3 x	22.4 x	21.8 x	19.1 x
Yield	-	-	-	1.06%	0.73%	1.06%	0.91%	1.05%
Capitalization / Revenue	1.21 x	0.79 x	1.08 x	1.06 x	1.49 x	1.92 x	1.86 x	1.69 x
EV / Revenue	1.21 x	0.79 x	1.08 x	1.06 x	1.49 x	1.92 x	1.86 x	1.69 x
EV / EBITDA	9.22 x	6.45 x	13 x	8.76 x	11.1 x	12.5 x	11.9 x	10.6 x
EV / FCF	31.8 x	10.3 x	31.8 x	17 x	21.2 x	20.9 x	30 x	22.7 x
FCF Yield	3.14%	9.67%	3.15%	5.89%	4.73%	4.78%	3.33%	4.4%
Price to Book	2.26 x	1.35 x	1.33 x	1.71 x	2.56 x	2.98 x	2.77 x	2.46 x
Nbr of stocks (in thousands)	378,781	379,011	379,011	379,051	379,621	379,362	379,362	-
Reference price ²	255.8	164.8	171.8	235.0	343.8	489.8	489.8	489.8
Announcement Date	2/20/19	2/26/20	2/20/21	2/23/22	2/22/23	2/19/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	80,315	79,078	60,501	83,867	87,530	92,803	100,002	110,041
EBITDA ¹	10,511	9,677	5,016	10,173	11,720	14,234	15,577	17,531
EBIT ¹	7,643	6,516	1,952	6,743	8,758	11,012	12,533	13,911
Operating Margin	9.52%	8.24%	3.23%	8.04%	10.01%	11.87%	12.53%	12.64%
Earnings before Tax (EBT) ¹	7,529	6,279	1,953	6,650	9,514	10,759	12,443	14,732
Net income ¹	4,981	3,538	1,064	3,928	7,113	7,976	9,350	11,098
Net margin	6.2%	4.47%	1.76%	4.68%	8.13%	8.59%	9.35%	10.09%
EPS ²	13.15	9.330	2.800	10.36	18.76	21.03	22.43	25.67
Free Cash Flow ¹	3,045	6,036	2,051	5,245	6,168	8,529	6,191	8,173
FCF margin	3.79%	7.63%	3.39%	6.25%	7.05%	9.19%	6.19%	7.43%
FCF Conversion (EBITDA)	28.97%	62.37%	40.88%	51.56%	52.63%	59.92%	39.74%	46.62%
FCF Conversion (Net income)	61.13%	170.61%	192.69%	133.51%	86.71%	106.93%	66.21%	73.64%
Dividend per Share ²	-	-	-	2.500	2.500	5.000	4.433	5.167
Announcement Date	2/20/19	2/26/20	2/20/21	2/23/22	2/22/23	2/19/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1
Net sales ¹	16,943	19,576	21,894	20,425	20,907	20,641	25,884	27,072	27,231	22,468	24,402	24,713	22,972	23,453	23,565
EBITDA ¹	1,508	2,475	2,868	2,598	2,685	2,022	2,969	3,081	3,172	2,924	3,809	3,917	3,735	3,772	3,712
EBIT ¹	-	-	-	1,712	1,924	1,195	2,103	2,214	2,438	-	2,984	3,260	2,848	2,813	2,752
Operating Margin	-	-	-	8.38%	9.2%	5.79%	8.13%	8.18%	8.95%	-	12.23%	13.19%	12.4%	11.99%	11.68%
Earnings before Tax (EBT) ¹	937.4	1,611	2,037	1,697	1,791	1,124	2,130	2,475	2,272	2,704	2,904	3,080	2,876	2,822	2,683
Net income ¹	607.6	1,117	100.9	1,362	1,663	802.3	1,614	1,888	1,714	1,948	2,791	2,370	2,096	2,106	1,950
Net margin	3.59%	5.7%	0.46%	6.67%	7.96%	3.89%	6.24%	6.98%	6.29%	8.67%	11.44%	9.59%	9.13%	8.98%	8.27%
EPS ²	1.600	-	-	3.590	4.388	2.110	4.260	4.980	4.520	5.140	7.360	6.300	5.400	5.300	5.200
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/20/20	2/20/21	4/29/21	7/21/21	10/14/21	2/23/22	4/25/22	7/22/22	10/18/22	2/22/23	4/25/23	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt	8,214	12,317	11,843	6,220	2,939	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.7814 x	1.273 x	2.361 x	0.6114 x	0.2508 x	-	-	-
Free Cash Flow ¹	3,045	6,036	2,051	5,245	6,168	8,529	6,191	8,173
ROE (net income / shareholders' equity)	13.7%	7.99%	2.23%	7.93%	13.3%	14.4%	14.4%	14.7%
ROA (Net income/ Total Assets)	6.78%	4.12%	1.17%	-	-	-	-	-
Assets ¹	73,441	85,789	91,091	-	-	-	-	-
Book Value Per Share ²	113.0	122.0	129.0	137.0	134.0	158.0	177.0	199.0
Cash Flow per Share	18.70	26.90	13.60	-	-	-	-	-
Capex ¹	4,035	4,238	3,343	5,267	5,014	5,303	5,743	6,097
Capex / Sales	5.02%	5.36%	5.53%	6.28%	5.73%	5.71%	5.74%	5.54%
Announcement Date	2/20/19	2/26/20	2/20/21	2/23/22	2/22/23	2/19/24	-	-

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 CIE Automotive India Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

489.8 INR

Average target price

542.8 INR

Spread / Average Target

+10.83%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Auto, Truck & Motorcycle Parts

	1st Jan change	Capi.
CIE AUTOMOTIVE INDIA LIMITED	+4.07%	2.23B
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FUYAO GLASS INDUSTRY GROUP CO., LTD.	+31.67%	17.27B
HYUNDAI MOBIS CO.,LTD	+1.48%	15.84B
CONTINENTAL AG	-18.75%	13.35B
SUMITOMO ELECTRIC INDUSTRIES, LTD.	+31.97%	11.74B
SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED	+28.58%	10.66B
BOSCH LIMITED	+30.12%	10.21B

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