Financials Garware Technical Fibres Limited

Equities

GARFIBRES

INE276A01018

Textiles & Leather Goods

Market Closed - Bombay S.E. Other stock markets 06:00:49 2024-04-26 am EDT			5-day change	1st Jan Change
3,258 ^INR	-0.55%		+0.49%	-3.08%

Apr. 16	Tranche Update on Garware Technical Fibres Limited's Equity Buyback Plan announced on January 29, 2024.	CI
Apr. 05	Garware Technical Fibres Limited's Equity Buyback announced on January 29, 2024, has closed with 525,000 shares, representing 2.58% for INR 1,995 million.	CI

Valuation

Fiscal Period: March	2019	2021	2022	2023	2024	2025	2026
Capitalization ¹	24,768	52,969	58,384	59,868	64,682	-	-
Enterprise Value (EV) ¹	24,768	52,969	56,949	59,868	64,682	64,682	64,682
P/E ratio	19.7 x	34.4 x	35.4 x	34.8 x	34.7 x	30.2 x	24.5 x
Yield	-	-	-	-	-	-	-
Capitalization / Revenue	2.43 x	5.12 x	4.91 x	4.59 x	4.99 x	4.32 x	4.03 x
EV / Revenue	2.43 x	5.12 x	4.91 x	4.59 x	4.99 x	4.32 x	4.03 x
EV / EBITDA	11.6 x	25.9 x	26.2 x	26.1 x	25.3 x	21 x	18.8 x
EV / FCF	-	25.6 x	119 x	37.3 x	39.6 x	42.5 x	35.1 x
FCF Yield	-	3.9%	0.84%	2.68%	2.52%	2.35%	2.85%
Price to Book	3.81 x	6.53 x	6.02 x	5.89 x	-	-	-
Nbr of stocks (in thousands)	21,882	20,618	20,618	20,594	19,853	-	-
Reference price ²	1,132	2,569	2,832	2,907	3,258	3,258	3,258
Announcement Date	5/30/19	5/27/21	5/5/22	5/22/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2019	2021	2022	2023	2024	2025	2026
Net sales ¹	10,178	10,346	11,894	13,055	12,963	14,982	16,041
EBITDA ¹	2,131	2,044	2,229	2,295	2,560	3,083	3,447
EBIT ¹	-	1,837	2,014	2,072	2,301	-	-
Operating Margin	-	17.76%	16.94%	15.87%	17.75%	-	-
Earnings before Tax (EBT) ¹	1,821	2,081	2,164	2,232	2,515	2,935	3,625
Net income ¹	1,257	1,584	1,648	1,722	1,911	2,198	2,713
Net margin	12.35%	15.31%	13.85%	13.19%	14.74%	14.67%	16.91%
EPS ²	57.43	74.64	79.92	83.54	94.00	107.9	133.1
Free Cash Flow ¹	-	2,068	491.4	1,605	1,633	1,521	1,843
FCF margin	-	19.99%	4.13%	12.29%	12.6%	10.15%	11.49%
FCF Conversion (EBITDA)	-	101.2%	22.04%	69.92%	63.79%	49.33%	53.47%
FCF Conversion (Net income)	-	130.56%	29.82%	93.2%	85.45%	69.19%	67.93%
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	5/30/19	5/27/21	5/5/22	5/22/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Marzo	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q2	2023 Q3	2024 Q1	2024 Q4
Net sales ¹	2,431	2,818	3,081	3,563	-	2,746	3,257	3,529
EBITDA ¹	429.4	510.1	555.9	733.8	-	471.5	582.2	757
EBIT	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	413.3	528.2	509	713.6	-	465.9	571	735
Net income ¹	319.4	408.9	380.6	538.9	477.7	365.7	429.6	542
Net margin	13.14%	14.51%	12.35%	15.12%	-	13.32%	13.19%	15.36%
EPS ²	15.49	19.83	18.46	26.14	-	17.74	21.08	26.60
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	8/11/21	11/11/21	2/12/22	5/5/22	10/21/22	2/9/23	8/14/23	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: Marzo	2019	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	1,435	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	2,068	491	1,605	1,633	1,521	1,843
ROE (net income / shareholders' equity)	21.2%	20.4%	18.5%	17.3%	16.2%	53.2%	91%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-
Book Value Per Share	297.0	393.0	471.0	494.0	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	-	233	145	289	400	400	400
Capex / Sales	-	2.25%	1.22%	2.21%	3.09%	2.67%	2.49%
Announcement Date	5/30/19	5/27/21	5/5/22	5/22/23	-	-	-

¹INR in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Garware Technical Fibres Limited

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,258 INR

Average target price

3,738 INR

Spread / Average Target

+14.75%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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