Below is my current picture of Gokaldas after Atraco and Matrix acquisitions:
| FY23 Consol Sales | 3643 | Business Share (Index=FY23) | FY23 Revenue Mix | FY25 Sales Mix | Notes |
|---|---|---|---|---|---|
| Gokaldas | 61% | 2222 | 2555 | Assumed 15% growth (could be cosnervative number as MP, TN facilities also come live) | |
| Atraco | 23% | 838 | 922 | Assumed 10% growth | |
| Matrix | 16% | 583 | 641 | Assumed 10% growth | |
| 4118 | |||||
| Current Gokex PAT Margin | 6.41% | ||||
| Assumed Consol PAT Margin | 6.50% | Gokex could see some operating leverage Atraco has lesser EBITDA but tax benefits makes it EPS accretive Matrix is EBITDA accretive and EPS accretive |
|||
| FY25 PAT | 268 | ||||
| Current MCAP | 5687 | ||||
| FY25 PE | 21 | ||||
| MP + TN addition to Gross block nearly 60% could add 1200 Cr of sales over 3 years | |||||
| Sales | Acq Cost | P/S | |||
| Atraco | $107M | $55M ~ 450 Cr | 0.5 | ||
| Matrix | 596 Cr | 489 Cr | 0.8 |
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