Indian Terrain has quite a few single stores...there are many in Delhi, including one in Connaught Place.
Posts in category Value Pickr
Energy & Transportation disruptions : Impact on Indian companies (26-09-2015)
Thanks Raj for the youtube link...here's Elon Musk's launch video of Tesla Powerwall (for those who haven't seen this)
Energy & Transportation disruptions : Impact on Indian companies (26-09-2015)
You can watch him on youtube
Hitesh portfolio (26-09-2015)
I am not sure if looking at the balance sheet will help. BS always tells you the past. Better look at what can happen in future with respect to the pipeline and current approval.
You can look at some of the research reports to build your own view on the same.
Energy & Transportation disruptions : Impact on Indian companies (26-09-2015)
Please refer to this document which talks on "Clean disruption of Energy & Transportation", which predicts all conventional energy and transportation will be obsolete by 2030.
Based on the disruptions predicted, was wondering if one were to think really long term as value investors (say 10-15 yrs or more from now), what kind of existing businesses will be impacted and what kind of new businesses will emerge.
Few things to think about :
- "Electric Vehicles will have 100x fewer moving parts than today's gas based ones", which will put some of the auto-ancillary companies out of business
- Which conventional energy companies will be most impacted by Solar power disruption ?
- What will happen to the existing battery manufacturing companies ? Can Tesla Battery throw them all out ?
- With new business models like "Car-as-a-service", they may be far fewer cars bought in future and how would that impact all car manufacturers ?
- With self-driving cars, what kind of technology companies will emerge as the leaders ?
Thought this would be a interesting thread to discuss/debate on what business will survive and which ones will lead these disruptions in India.
Document link Courtesy: Anil Kumar Tulsiram's tweet ( @Anil_Tulsiram )
Kitex Garments another Page industries? (26-09-2015)
It is always prudent to take entry into quality stocks at right valuation...if the growth from new brand launch is successful and margin expansion continues....I believe it is bound to get good returns at CMP given overall macro remains good
Disclosure: Invested and the views may be biased
Caplin Point Laboratories (26-09-2015)
HI Arjun
I could not have written this better. Very well put.
iStreet Networks – Flipkart kind of business (26-09-2015)
From AR, with revenues less than a crore for 2014-15 and loss making, wondering why would the promoter take ~25 lakhs as salary (~25% of revenues as salary !!). This doesn't speak highly of promoters.
Control Print – Deservers attention? (26-09-2015)
Varadha,
While I appreciate that they would constantly require inventory in order to increase sales, please also note that despite higher working capital requirement, there is no capex requirement. Further, the inventory level has been marginally higher as company increased product range from 3 to 7-8 segment over last 4 years. So there might be working capital efficiency achieve from Minimum scale of operation coming in the newer segments. Having said that, it would be 10-20% lower inventory days in my understanding and not more due to nature of business.
What I see positive is that even after accounting for increased working capital, the company generate free cashflows. The increase in dividend from 2.5 per share in FY14 to 4 per share in FY15 does in a way give indication of promoter willingness to share wealth with minority shareholder. There were concern about promoter getting warrant at 43-63, but then at level of 320/-all shareholder are questioning the promoter issue. The price at which warrant allotted was SEBI determine formula price, at which anyone could have bought share from open market. So to me, it would have great had promoter not diluted equity, still to an extent, it align promoter interest with increase stake in business with shareholder.
Further, the company can almost double the sales from current level without much capex. An indirect way to check cashflow of business is also higher debt raised/ or large equity dilution. As against Rs 19 cr capex in Guwahati, there is no term debt in company. I see that also positive. Increase in working capital requirement is partially financed from working capital limit without much gearing. In my opinion, one way to look at company contribution in working capital being only deducted from free cash flow rather than total incremental working capital can also be a way to look at free cash flow. Of course, that would apply only if company has gearing say less 0.7 times as at higher level of gearing, the bank may not be willing to finance working capital and it may be tricky to that extent.
Last, personally got a good comfort from management, particularly Mr. Shiv Kabra.
To summarize, not a HLL business which would see increase in free cashflow with higher sales, but at the same, not even Infra company which would use cashflow with increase in sale. So increase in sales, does translate in lower free cashflow. If you are looking at HLL type business, then this is not one. But if you are looking at 20%+ growth Sales, 25% growth Profit growth (and also cashflow) with moderate profile promoter for next 3-4 years, I would find Control print fit that segment
Disclaimer: I hold share in the company and my view may be biased. Investor shall do its own due diligence before investing.
Santosh Sinha Portfolio (26-09-2015)
In this recent correction in market, made some minor changes to my PF, just thought to update for more learning and comments
Bought Torrent pharma after bumper Q1 and expected bumper Q2, stock corrected to below Q1 level price due to this correction and valuations are very compelling for FY16 estimate, its only 15 forward PE, for such a great mid cap pharma company/stock, ripe for rerating and very limited downside in this volatile market,a good defensive bet, can rise up to 40 % in 1 yr on a conservative basis.
Bought Avanti feeds, again after superb Q1, and trusting the mgmnt guidance, stock corrected to lower level after bumper Q1 due to mkt fall, stock split etc will keep it high, I think along with Q2 numbers is expected to be again good.
Reduced Capital first due to LAP concerns and no pick up in Indian economy as expected, higher NPAs, found better opportunities due to mkt correction
Can Fin Homes 25 %
Kitex Garments 20 %
Ajanta Pharma 20 %
Torrent pharma 13 %
Avanti feeds 10 %
Repco Home 10 %
Arman Financial 2 %
Jan to Sept YTD return is down to 40 %
Looking forward to Q2 results for some zing in PF