Hi Friends,
Planning to invest in this company, so doing my analysis step by step:
Duke Offshore
Market Cap.: 23.66 Cr. Current Price: 48.00 Book Value: 25.48 Stock P/E: 6.19 Dividend Yield: 1.14%
Face Value: 10.00 52 Week High/Low: 77.95 / ₹ 17.85 Debt: ₹ 0.00 Cr. Debt to equity: 0.00
EPS: 8.84 ROCE3yr avg: 40.45% Quick ratio: 2.22 Current ratio: 4.09 PB X PE: 11.64
Debtor days: 53.29 Profit growth 3Years: -11.68% PEG Ratio: 0.15 Promoter holding: 70.61%
Earnings yield: 19.11% Dividend Payout: 10.76% Mkt Cap To Debt Cap: 0.49 OPM: 46.50% OPM 5Year: 53.67%
Volume: 4,839.00 Sales growth 5Years: 30.31% Interest Coverage: ₹ 30.00 Market Cap to Sales: 2.51
Average return on equity 3Years: 21.74% Dividend Payout Ratio: 10.76% Change in promoter holding 3Years: -0.49%
Financial analysis
Sales Growth:
years 5-Mar 6-Mar 7-Mar 8-Mar 9-Mar 10-Mar 11-Mar 12-Mar 13-Mar 14-Mar 15-Mar
Sales 0.02 0.03 0.08 0.03 6.33 2.47 0 8.48 5.66 6.56 9.28
CAGR = 24%
Result: The sales growth is good
Profitability:
year 5-Mar 6-Mar 7-Mar 8-Mar 9-Mar 10-Mar 11-Mar 12-Mar 13-Mar 14-Mar 15-Mar
Sales(A) 0.02 0.03 0.08 0.03 6.33 2.47 0 8.48 5.66 6.56 9.28
Operating Profit(B) -0.14 -1.16 -1.4 -0.36 2.61 0.38 -1.15 5.73 3.1 3.56 4.85
OPM%(B?A) -700 -3,866.67 -1,750.00 -1,200.00 41.23 15.38 67.57 54.77 54.27 52.26
Other Income© 0.01 0.86 0 0.19 0.14 0.09 0.13 0.16 0.12 0.42 0
EBIDT* (D=B+C) -0.13 -0.3 -1.4 -0.17 2.75 0.47 -1.02 5.89 3.22 3.98 4.85
Depreciation (E) 0.02 0 0 0 0.02 0.03 0.41 1.05 1.2 1.08 0.74
Interest (F) 0.01 0 0 0 0 0 0.1 0.24 0.09 0.03 0.15
Profit before tax (G=D-E-F) -0.16 -0.3 -1.4 -0.17 2.72 0.44 0.84 4.61 1.95 2.88 3.97
Tax (H) 0 0 0 0 0.34 0.07 0.26 1.41 0.63 0.97 1.46
Net profit
(I=G-H) -0.16 -0.3 -1.4 -0.17 2.38 0.37 0.58 3.19 1.31 1.9 2.51
NPM% (I/A) -800% -1000% -1750% -567% 38% 15% #DIV/0! 38% 23% 29% 27%
After mar 12, the NPm is in good shape
Tax:
year 5-Mar 6-Mar 7-Mar 8-Mar 9-Mar 10-Mar 11-Mar 12-Mar 13-Mar 14-Mar 15-Mar
Profit before tax A -0.16 -0.3 -1.4 -0.17 2.72 0.44 0.84 4.61 1.95 2.88 3.97
Tax B 0 0 0 0 0.34 0.07 0.26 1.41 0.63 0.97 1.46
Tax% B/A 0 0 0 0 12.5 16 31 30 32 34 37
Tax%>30 is good and here it is around 30 from last 4 years
Interest coverage:
year 5-Mar 6-Mar 7-Mar 8-Mar 9-Mar 10-Mar 11-Mar 12-Mar 13-Mar 14-Mar 15-Mar
Operating Profit(A) -0.14 -1.16 -1.4 -0.36 2.61 0.38 -1.15 5.73 3.1 3.56 4.85
Interest B 0.01 0 0 0 0 0 0.1 0.24 0.09 0.03 0.15
Interest coverage (A/B) -14 NA NA NA NA NA -11.5 23.875 34.444 118.67 32.33
Last four years the interest coverage ratio is in good shape
ANALYSIS OF BALANCE SHEET (B/S):
Debt to Equity ratio (D/E, Leverage):
Year 5-Mar 6-Mar 7-Mar 8-Mar 9-Mar 10-Mar 11-Mar 12-Mar 13-Mar 14-Mar 15-Mar
Equity Capital 4.98 4.98 4.98 4.98 4.98 4.98 4.98 4.98 4.98 4.98 4.98
Reserves -3.37 -3.67 -5.07 -5.24 -2.86 -2.49 -1.91 0.99 2.16 4.06 6.31
T sh funds
(E=1+2) 1.61 1.31 -0.09 -0.26 2.12 2.49 3.07 5.97 7.14 9.04 11.29
Sec Loans (3) 0.41 0.38 0.38 0.27 0 0 0 0 0.36 0.83 0
Unsec Loans (4) 1.09 1.3 0.8 0.84 0.62 0.42 2.11 2.26 0 0 0
Tot deb (D=3+4) 1.5 1.68 1.18 1.11 0.62 0.42 2.11 2.26 0.36 0.83 0
D/E 0.93 1.19 -13 -4.2 0.3 0.17 0.68 0.37 0.05 0.09 0
D/E<1 last 7 years – Good
Current Ratio (CR):
Year 5-Mar 6-Mar 7-Mar 8-Mar 9-Mar 10-Mar 11-Mar 12-Mar 13-Mar 14-Mar 15-Mar
Inventories (A) 0 0 0 0 0 0 0 0.05 0.08 0 0.15
Receivables (B) 0.56 0.53 2.17
Cash (C ) 1.22 0.204 0.12
Current Assets (CA=A+B+C) 1.94 0.32 0.15 1.14 2.74 3.29 3.24 1.88 0.74 2.44
Current Liabilities(D) 3.56 1.13 0.69 0.79 0.9
Provisions (E ) 0 0.14 0.14 0 0.12
Total CL (CL=D+E) 0.28 0.3 0.1 0.74 0.89 3.56 1.13 0.69 0.79 0.9
CR (CA/CL) 6.9286 1.0667 1.5 1.5405 3.07865 0.92416 2.86726 2.72464 0.93671 2.71111
CA>1.25 …..most of the time…this is good
ANALYSIS OF CASH FLOW STATEMENT (CF):
Year 5-Mar 6-Mar 7-Mar 8-Mar 9-Mar 10-Mar 11-Mar 12-Mar 13-Mar 14-Mar 15-Mar
Cash from Operating Activity -0.1 -0.07 -0.09 -0.1 2.71 0.04 1.75 3.27 2.24 3 5.23
Cash from Investing Activity 0 0 0 0 -2.1 1.35 -4 -2.29 -0.9 -4.52 -4.33
Cash from Financing Activity 0 0 0 0 -0.49 -0.2 1.75 -0.03 -1.98 0.49 -0.98
Net Cash Flow -0.1 -0.07 -0.09 -0.1 0.12 1.19 -0.5 0.95 -0.64 -1.03 -0.08
Cash at the end of year 0.2 0.1 0.22 1.41 0.92 1.87 1.23 0.2 0.12
CFO- Increasing YOY
Cash from investing Activity is –ve….confused the meaning
Cash from Financial Activity is –ve….confused the meaning
Cumulative PAT vs. cumulative CFO:
Year 5-Mar 6-Mar 7-Mar 8-Mar 9-Mar 10-Mar 11-Mar 12-Mar 13-Mar 14-Mar 15-Mar Total
PAT -0.16 -0.3 -1.4 -0.17 2.38 0.37 0.58 3.19 1.31 1.9 2.51 10.21
CFO -0.1 -0.07 -0.09 -0.1 2.71 0.04 1.75 3.27 2.24 3 5.23 17.88
Here CPAT
Valuation Analysis
Ratio Value ideal Comment
p/E ratio 6.19 <10 Good
PEG ratio 0.15 undervalued stock
PB X PE 11.64 <122 Graham said it should be <122
p/s 2.51 <1.5 if p/s>3: sell the stock
Dividend Yield 1.14% >5% Not so important
EV/EBITDA 4.79 Low meaning undervalued
Ideally this looks a undervalues stock
Business & Industry Analysis
Compare Sales growth rate with peers
Year 5-Mar 6-Mar 7-Mar 8-Mar 9-Mar 10-Mar 11-Mar 12-Mar 13-Mar 14-Mar 15-Mar Total
Duke Off 0.02 0.03 0.08 0.03 6.33 2.47 0 8.48 5.66 6.56 9.28 84.78%
Dolphin
Offshore Enterprises
(India) Ltd 139 183 212 234 352 553 0 200 415.6 357.7 196.5 3.84%
Alphageo (India) Ltd 23.1 23.9 54.3 81.6 63.9 78.33 20.86 25.23 8.66 44.41 63.97 1.78%
Gemmia Oiltech (India) Ltd 0 0 0.45 1.72 3.15 5.52 9.07 8.3 0.18 0 NA
Duke offshore sales growth is better than its peers — very Good sign
Increase In Production Capacity And Sales Volume:
Year 5-Mar 15-Mar CAGR
Production capacity (tonnes per annum)
Quantity sold (tonnes) (A)
Sales price per tonne (INR) (B)
Total sales (INR Cr./10 Million) (A*B)
Not able to find the data
Still analysis is in progress.
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