Financials Dixon Technologies (India) Limited Bombay S.E.

Equities

DIXON

INE935N01020

Household Electronics

Market Closed - Bombay S.E. Other stock markets 06:15:34 2024-04-26 am EDT			5-day change	1st Jan Change
8,572 ^INR	+5.92%		+13.81%	+30.66%

Apr. 19	Dixon Unit Ties Up with Longcheer to Manufacture Smartphones for Global Brands	MT
Apr. 08	Dixon Technologies Limited agreed to acquire 50.1% stake in Ismartu India Private Limited from Ismartu In Pte. Limited, 5A Advisors LLP and Transsion Technology Limited for INR 2.4 billion.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	26,625	41,419	215,075	255,693	170,420	513,278	-	-
Enterprise Value (EV) ¹	27,341	41,246	215,900	259,188	172,359	513,831	511,764	507,878
P/E ratio	42.6 x	34.9 x	137 x	135 x	67.1 x	134 x	87.4 x	65.5 x
Yield	0.09%	0.11%	0.03%	0.05%	0.1%	0.05%	0.08%	0.09%
Capitalization / Revenue	0.89 x	0.94 x	3.34 x	2.39 x	1.4 x	2.82 x	1.98 x	1.57 x
EV / Revenue	0.92 x	0.94 x	3.35 x	2.42 x	1.41 x	2.83 x	1.97 x	1.56 x
EV / EBITDA	20.3 x	18.1 x	75.3 x	68.4 x	33.5 x	71.2 x	49.1 x	38.3 x
EV / FCF	-32.7 x	32.3 x	11,129 x	-175 x	65.2 x	-2,983 x	164 x	99.6 x
FCF Yield	-3.06%	3.09%	0.01%	-0.57%	1.53%	-0.03%	0.61%	1%
Price to Book	7.04 x	7.65 x	29.2 x	25.7 x	13.3 x	31.1 x	23 x	17.1 x
Nbr of stocks (in thousands)	56,625	57,851	58,569	59,342	59,560	59,822	-	-
Reference price ²	470.2	716.0	3,672	4,309	2,861	8,580	8,580	8,580
Announcement Date	5/24/19	6/11/20	5/27/21	5/30/22	5/23/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	29,844	44,001	64,482	106,971	121,920	181,886	259,137	326,459
EBITDA ¹	1,349	2,283	2,866	3,791	5,144	7,219	10,430	13,270
EBIT ¹	1,188	1,917	2,429	2,952	3,997	5,699	8,714	11,183
Operating Margin	3.98%	4.36%	3.77%	2.76%	3.28%	3.13%	3.36%	3.43%
Earnings before Tax (EBT) ¹	938.1	1,568	2,170	2,547	3,448	5,057	7,950	10,546
Net income ¹	633.5	1,205	1,598	1,902	2,555	3,803	5,987	7,933
Net margin	2.12%	2.74%	2.48%	1.78%	2.1%	2.09%	2.31%	2.43%
EPS ²	11.03	20.54	26.87	32.00	42.62	63.95	98.15	130.9
Free Cash Flow ¹	-836.8	1,276	19.4	-1,479	2,646	-172.2	3,121	5,101
FCF margin	-2.8%	2.9%	0.03%	-1.38%	2.17%	-0.09%	1.2%	1.56%
FCF Conversion (EBITDA)	-	55.91%	0.68%	-	51.43%	-	29.92%	38.44%
FCF Conversion (Net income)	-	105.92%	1.21%	-	103.53%	-	52.13%	64.31%
Dividend per Share ²	0.4000	0.8000	1.000	2.000	3.000	4.100	7.126	7.867
Announcement Date	5/24/19	6/11/20	5/27/21	5/30/22	5/23/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	25,489	21,828	21,097	18,673	28,038	46,711	30,732	29,528	28,551	38,668	67,218	24,047	30,654	32,715	43,128	50,373	51,242	62,747
EBITDA ¹	-	1,005	798.1	478.9	1,100	-	1,030	1,182	1,001	1,446	-	1,118	1,579	1,360	1,804	2,103	2,014	-
EBIT ¹	-	-	-	328.5	884.1	-	748.1	990.7	760.6	1,155	-	828.3	1,254	1,023	1,433	1,733	1,696	1,843
Operating Margin	-	-	-	1.76%	3.15%	-	2.43%	3.36%	2.66%	2.99%	-	3.44%	4.09%	3.13%	3.32%	3.44%	3.31%	2.94%
Earnings before Tax (EBT) ¹	-	816.8	613.7	241	802.3	-	634.9	868.9	619.7	1,002	-	704.8	1,121	900.4	1,322	1,468	1,526	-
Net income ¹	666.2	615.9	442.6	181.6	626.4	808.1	463.8	629.7	457	772.5	1,230	518.9	806.3	688.2	1,003	1,184	1,078	-
Net margin	2.61%	2.82%	2.1%	0.97%	2.23%	1.73%	1.51%	2.13%	1.6%	2%	1.83%	2.16%	2.63%	2.1%	2.33%	2.35%	2.1%	-
EPS ²	-	10.45	7.440	3.000	10.35	-	7.730	10.61	7.580	12.88	-	8.670	-	11.26	18.60	20.50	20.21	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/13/19	2/2/21	5/27/21	7/27/21	10/29/21	10/29/21	1/28/22	5/30/22	7/27/22	10/20/22	10/20/22	1/25/23	5/23/23	7/25/23	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	716	-	824	3,495	1,939	553	-	-
Net Cash position ¹	-	173	-	-	-	-	1,514	5,400
Leverage (Debt/EBITDA)	0.5307 x	-	0.2876 x	0.922 x	0.377 x	0.0766 x	-	-
Free Cash Flow ¹	-837	1,276	19.4	-1,479	2,646	-172	3,121	5,101
ROE (net income / shareholders' equity)	18.3%	26.2%	25%	21.9%	22.4%	25.9%	30.9%	29.5%
ROA (Net income/ Total Assets)	-	7.56%	-	-	-	8.27%	8.21%	7.96%
Assets ¹	-	15,948	-	-	-	45,981	72,923	99,604
Book Value Per Share ²	66.80	93.60	126.0	168.0	216.0	276.0	373.0	503.0
Cash Flow per Share ²	-	-	28.60	45.90	122.0	59.60	132.0	177.0
Capex ¹	806	1,097	1,682	4,206	4,612	4,984	4,483	4,189
Capex / Sales	2.7%	2.49%	2.61%	3.93%	3.78%	2.74%	1.73%	1.28%
Announcement Date	5/24/19	6/11/20	5/27/21	5/30/22	5/23/23	-	-	-

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 Dixon Technologies (India) Limited

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

8,580 INR

Average target price

6,814 INR

Spread / Average Target

-20.58%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Household Electronics

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HANGZHOU EZVIZ NETWORK CO., LTD.	+6.79%	3.72B
SHARP CORPORATION	-18.57%	3.38B
SHENZHEN MTC CO., LTD.	-3.05%	3.38B
SICHUAN CHANGHONG ELECTRIC CO.,LTD.	+0.95%	3.4B
CROMPTON GREAVES CONSUMER ELECTRICALS LIMITED	+0.84%	2.42B

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