2Q results out. 14% YoY sales growth, 8% EBITDA growth and 23% PAT growth. 1HFY16 PAT growth at 34% YoY.
Posts in category Value Pickr
Jagran prakashan (03-11-2015)
Hi Hitesh,
Interesting post. I have been invested in HMVL and I understand the newspaper business. I agree with you that its a sticky business as it is a habit product for consumers and thus switching costs are high. The thesis in HMVL was margin expansion and severe under-valuation.
In Jagran, I understand that the reason for attractiveness here is primarily driven by the radio & digital business?
The newspaper business will do an EBITDA of ~500-550 Crores based on current numbers this year. If we accord a multiple of 10X to this- which looks fair to me given the long term prospects of the business. It comes at ~ 5000 Crores EV. Current EV is 4600 Crores. So essentially we are saying the rest of the business o.e. radio & digital are coming for free? Is that the broad thesis?
I haven't looked at the radio business before, but looks similar to print business atleast in terms of profitability.
Also just saw that ENIL is ~ 500 Crore company with a market cap of ~3000 Crores.
Radio City is ~ 200 Crore sales company with similar profitability. What value will market assign to it will be interesting to see. JP paid ~ 600 Crores for the acquisition as per this article
Eros international (03-11-2015)
Financialfactfinder blog's rejoinder is weak and seems to refute not the facts but the conclusions. In general the refutation is weak.
For instance it quotes Bhajrangi Bhaijan's 500 cr grosser from a third party source. We do not know the veracity of this figure, how much of this was accrued and when was it realized.
Similarly it points out that Grant Thornton is the auditor for Eros Intl. which is reputed in their view. But it fails to address the fact that substantially material transactions happen in the subsidiaries which Grant Thornton does not audit. And yes an auditor having a gmail address, apartment like address and with little staff is more likely suspect than not.
On related party transactions the Financialfactfinder just says that because Eros has said that all transactions are at arm's length and disclosed, they are. Facts put out by alphaexposure give instances to the contrary like an unexplained bankguarantee to a related entity for instance.
In a book called Spy the Lie by ex-CIA officer /s, the authors offer clues on how to know if someone is saying the truth. He says (not verbatim) that when facts are not your ally you are forced to answer a factual question indirectly. For instance, if you ask a suspect if he killed X, a killer would say, 'Do you think I look like one?', whereas others would just say no!
Overall Financialfactfinder uses this tactic at almost places where it tries to address facts. Its refuge is to say that what has been done is within the law and the rules. That is almost always the refuge for any one because democratic law always holds anyone innocent unless proven guilty by due process of law.
Eros international (02-11-2015)
Disc: No short/long positions
Cranex Ltd : 4 Crs Market cap Crane Manufacturer (02-11-2015)
Cash from operation is negative for 3 years from past 5.
No dividend in last 15 years.
Promoter stake at 37%.
With the 4 CR MCap, If this company had any hope of making cash, promoters would have thrown an open offer and got the company delisted.
Cranex Ltd : 4 Crs Market cap Crane Manufacturer (02-11-2015)
Introducing “Cranex Ltd “ a 43 year old BSE listed ultra small cap Crane Manufacturer :
Cmp : 7.30
Current Market Cap : 4 Crs
Current Turnover 21.6 Crs
Fy 15 Eps 0.7
Low Equity Capital of 60 Lac Shares
Promoter holding : 36% ( Promoters have been buying from open market continuously)
No Promoter Pledge
Promoters have lent 9 Crs over 6 years back without interest to the co which is shown as “Unsecured Loans”
Currently it is a non dividend paying company
Website : www,cranexltd.com
Triggers :
Co has recently got an order for 42.64 Crs from Delhi Metro along with IFE Consortium with execution by 15.07.2017
Brief Profile of the Company
Cranex Limited is one of the leading manufacturers of EOT Cranes and Gantry Cranes in the country. They also provide after sales service and reconditioning services .Cranex has its manufacturing facility measuring about 4,200 square meters located at Sahibabad Industrial Area, about 14kms. from New Delhi.
It is to be noted that Cranex had gone under BIFR in 2005 and came out of the BIFR in 2012 .
Promoters
The company was promoted in 1972 by Mr Suresh Chandra Agrawal and Mr Piyush Agrawal. They are both currently actively involved in the company management. At present the Board consists of 4 promoter directors and 4 independent directors.
Customers
Cranex supplies it’s products to several Government and Private sector industries.Clients in Government departments and companies include Bharat Heavy Electricals Ltd (BHEL), Railways, Delhi Metro, Indian Space Research Organisation (ISRO), Orissa Cement Ltd (OCL), National Thermal Power Corporation (NTPC).Cranex also supplies to the private sector and counts Alstom, Bennett Coleman, Jaso India, Durha Construction Pvt Ltd., Maruti Suzuki as it’s largest clients .
Disclosure : Invested under 1% of PF :
Lets use this thread to discuss more on this co and understand this co in more depth . Welcome anyone with more insights to contribute to this thread for the benefit of all .
Eicher Motors (02-11-2015)
VECV sales encouraging for the Oct Month.
Royal Enfield on its Royal Growth Path.
http://profit.ndtv.com/news/corporates/article-royal-enfield-posts-73-jump-in-october-sales-1238751
Alembic & Alembic Pharma (02-11-2015)
Every quarter USFDA uploads the DMF filing of all the players till the end of the quarter (I keep a tab on it as it gives an indication about the future ANDA filing for players like Alembic who are backward integrated). The DMF filing upto September 30, 2015 is out and Alembic had filed DMF for one fast growing and limited competition (upto September 30, 2015) molecule during the quarter. The details of this along with one more molecule which was filed in April to June, 2015 quarter is given below:
- APIXABAN (gELIQUIS; innovator - BRISTOL MYERS SQUIBB [Pfizer is the partner in the US market] - Filed on September 30, 2015. Exclusivity Expiry - Dec 28, 2017 and Patent Expiry - Dec 22, 2019. gEliquis (apixaban) helps to prevent platelets in your blood from sticking together and forming a blood clot. Eliquis is used to lower the risk of stroke caused by a blood clot in people with a heart rhythm disorder called atrial fibrillation. Other DMF Holders - MSN LABORATORIES PRIVATE LTD, ZHEJIANG HUAHAI PHARMACEUTICAL CO LTD, DR REDDYS LABORATORIES LTD. Total sales US in 2014 - USD 404 million (424% increase y-o-y); USD 355 million sales (186% increase y-o-y) in H1CY2015 in US markets. Its a fast growing molecule with just four players who have filed DMF till September 30, 2015.
- AZILSARTAN MEDOXOMIL MONOPOTASSIUM (gEDARBI; innovator - ARBOR PHARMS IRELAND [marketed by Takeda in US]). Exclusivity Expiry - Feb 25, 2016& Patent Expiry - Jan 7, 2025. Azilsartan is an angiotensin II receptor antagonist used in the treatment of hypertension. On 25 February 2011, the U.S. Food and Drug Administration approved azilsartan medoxomil for the treatment of high blood pressure in adults. Other DMF Holders - MSN LABORATORIES PRIVATE LTD, HEC PHARM CO LTD, JUBILANT GENERICS LTD, ALP PHARM BEIJING CO LTD. US sales - USD 37 million (source: Bloomberg).
Mayur Uniquoters – wah kya stock hai? (02-11-2015)
Flat Revenue but NP grows by 26%.
Pincon Spirit Stock (02-11-2015)
Very good results by Pincon
http://www.bseindia.com/xml-data/corpfiling/AttachLive/C792ABF6_FC5A_414A_9C9F_5D4AA81435D4_155341.pdf
Market responding positively for result with upper circuit. UC may continue for few more days as stock is far below 52w high.
Disc: Invested