UNITED SPIRITS LIMITED |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 1,199 INR | +0.34% |
|
+6.75% | +7.26% |
| Apr. 16 | Crisil Keeps AAA Rating on United Spirits' Bank Loans; Outlook Stable | MT |
| Apr. 12 | United Spirits Limited Announces Board Appointments | CI |
Valuation
| Fiscal Period: Marzo | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 392,905 | 343,748 | 394,643 | 629,703 | 537,015 | 851,321 | - | - |
| Enterprise Value (EV) 1 | 418,774 | 359,220 | 402,571 | 632,517 | 528,193 | 844,146 | 841,287 | 835,209 |
| P/E ratio | 56.1 x | 52.2 x | 103 x | 76.1 x | 47.2 x | 68.9 x | 57.9 x | 49.7 x |
| Yield | - | - | - | - | - | 0.48% | 0.66% | 0.75% |
| Capitalization / Revenue | 4.21 x | 3.69 x | 4.85 x | 6.48 x | 5.06 x | 7.57 x | 6.71 x | 6.15 x |
| EV / Revenue | 4.48 x | 3.85 x | 4.95 x | 6.51 x | 4.98 x | 7.5 x | 6.63 x | 6.04 x |
| EV / EBITDA | 28.6 x | 22.5 x | 38.2 x | 39.3 x | 37.3 x | 43.9 x | 38.1 x | 33 x |
| EV / FCF | 41.3 x | 62.8 x | 23.4 x | 75 x | 110 x | 88.2 x | 73 x | 51 x |
| FCF Yield | 2.42% | 1.59% | 4.27% | 1.33% | 0.91% | 1.13% | 1.37% | 1.96% |
| Price to Book | 13 x | 9.22 x | 9.81 x | 13 x | 8.95 x | 12.8 x | 11.3 x | 9.93 x |
| Nbr of stocks (in thousands) | 709,343 | 709,343 | 709,343 | 708,846 | 710,055 | 710,055 | - | - |
| Reference price 2 | 553.9 | 484.6 | 556.4 | 888.4 | 756.3 | 1,199 | 1,199 | 1,199 |
| Announcement Date | 5/29/19 | 5/27/20 | 5/21/21 | 5/27/22 | 5/18/23 | - | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 93,408 | 93,254 | 81,313 | 97,124 | 106,116 | 112,483 | 126,825 | 138,373 |
| EBITDA 1 | 14,628 | 15,943 | 10,527 | 16,081 | 14,169 | 19,210 | 22,060 | 25,276 |
| EBIT 1 | 12,481 | 13,090 | 7,536 | 13,043 | 11,330 | 16,435 | 18,771 | 21,736 |
| Operating Margin | 13.36% | 14.04% | 9.27% | 13.43% | 10.68% | 14.61% | 14.8% | 15.71% |
| Earnings before Tax (EBT) 1 | 10,117 | 11,603 | 5,400 | 10,866 | 12,786 | 16,957 | 20,004 | 23,932 |
| Net income 1 | 7,002 | 6,589 | 3,836 | 8,286 | 11,363 | 12,892 | 15,025 | 17,513 |
| Net margin | 7.5% | 7.07% | 4.72% | 8.53% | 10.71% | 11.46% | 11.85% | 12.66% |
| EPS 2 | 9.870 | 9.290 | 5.410 | 11.68 | 16.01 | 17.40 | 20.72 | 24.12 |
| Free Cash Flow 1 | 10,138 | 5,716 | 17,185 | 8,434 | 4,781 | 9,566 | 11,524 | 16,368 |
| FCF margin | 10.85% | 6.13% | 21.13% | 8.68% | 4.51% | 8.5% | 9.09% | 11.83% |
| FCF Conversion (EBITDA) | 69.31% | 35.85% | 163.25% | 52.45% | 33.74% | 49.8% | 52.24% | 64.76% |
| FCF Conversion (Net income) | 144.79% | 86.75% | 447.99% | 101.79% | 42.08% | 74.2% | 76.7% | 93.46% |
| Dividend per Share 2 | - | - | - | - | - | 5.770 | 7.885 | 8.991 |
| Announcement Date | 5/29/19 | 5/27/20 | 5/21/21 | 5/27/22 | 5/18/23 | - | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 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 | 17,217 | 25,076 | 29,474 | 25,357 | 24,191 | 29,110 | 27,787 | 25,028 | 26,678 | 27,774 | 29,445 | 26,029 | - |
| EBITDA 1 | 1,885 | 4,691 | - | 4,318 | 3,723 | 4,373 | 3,718 | 2,355 | 7,135 | 4,178 | 4,284 | 3,455 | - |
| EBIT 1 | - | - | - | - | - | - | - | - | 6,392 | - | 3,665 | - | - |
| Operating Margin | - | - | - | - | - | - | - | - | 23.96% | - | 12.45% | - | - |
| Earnings before Tax (EBT) 1 | 513 | - | - | 2,413 | 2,542 | - | - | - | 6,390 | 4,286 | - | - | - |
| Net income 1 | 555 | - | - | 1,817 | 2,662 | - | - | 1,028 | 4,767 | 3,287 | 3,200 | 2,868 | - |
| Net margin | 3.22% | - | - | 7.17% | 11% | - | - | 4.11% | 17.87% | 11.84% | 10.87% | 11.02% | - |
| EPS 2 | 0.7800 | - | 4.220 | - | 3.750 | - | - | - | 6.710 | 4.520 | 4.404 | 3.960 | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | 10.26 | - |
| Announcement Date | 7/23/21 | 10/27/21 | 1/25/22 | 5/27/22 | 7/26/22 | 10/21/22 | 1/24/23 | 5/18/23 | 7/20/23 | - | - | - | - |
1INR in Million2INR
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 25,869 | 15,472 | 7,928 | 2,814 | - | - | - | - |
| Net Cash position 1 | - | - | - | - | 8,822 | 7,175 | 10,034 | 16,112 |
| Leverage (Debt/EBITDA) | 1.768 x | 0.9705 x | 0.7531 x | 0.175 x | - | - | - | - |
| Free Cash Flow 1 | 10,138 | 5,716 | 17,185 | 8,434 | 4,781 | 9,566 | 11,524 | 16,368 |
| ROE (net income / shareholders' equity) | 25.4% | 19.3% | 9.78% | 18.3% | 20.7% | 19.2% | 19.8% | 20.2% |
| ROA (Net income/ Total Assets) | 7.77% | 7.34% | 4.41% | 9.5% | 12.2% | 11.7% | 12.3% | 12.7% |
| Assets 1 | 90,174 | 89,801 | 86,941 | 87,241 | 93,364 | 110,191 | 122,151 | 137,636 |
| Book Value Per Share 2 | 42.50 | 52.60 | 56.70 | 68.20 | 84.50 | 93.90 | 107.0 | 121.0 |
| Cash Flow per Share | 13.40 | 11.00 | 25.60 | 13.80 | 8.660 | - | - | - |
| Capex 1 | 1,730 | 2,116 | 1,589 | 1,340 | 1,366 | 2,476 | 2,594 | 2,783 |
| Capex / Sales | 1.85% | 2.27% | 1.95% | 1.38% | 1.29% | 2.2% | 2.05% | 2.01% |
| Announcement Date | 5/29/19 | 5/27/20 | 5/21/21 | 5/27/22 | 5/18/23 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
20
Last Close Price
1,199
INR
Average target price
1,160
INR
Spread / Average Target
-3.28%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +7.26% | 10.21B | |
| -0.96% | 296B | |
| +8.51% | 81.55B | |
| +9.34% | 42.47B | |
| +3.90% | 37.87B | |
| -8.93% | 20.67B | |
| +13.62% | 16.62B | |
| -8.10% | 12.04B | |
| +21.13% | 10.16B | |
| +4.00% | 7.61B |
- Stock Market
- Equities
- MCDOWELL-N Stock
- Financials United Spirits Limited
