I did a comparative analysis of AUM and return on AUM for 4 listed NBFC. Please find below
Return on AUM of Satin is lowest at 1.5%. I feel Return on AUM should be important consideration while undertaking valuation for the company.
I did a comparative analysis of AUM and return on AUM for 4 listed NBFC. Please find below
Return on AUM of Satin is lowest at 1.5%. I feel Return on AUM should be important consideration while undertaking valuation for the company.
I did a comparative analysis of AUM and return on AUM for 4 listed NBFC. Please find below
Return on AUM of Satin is lowest at 1.5%. I feel Return on AUM should be important consideration while undertaking valuation for the company.
Well, you should also copy management's response on this remark by the auditor. I am not an expert on accounting so can't make a firm comment on the same. Could you point out any instances to substantiate your claim about diversion of funds. What I found that NPRPL has provided 12cr unsecured loan to the listing entity at 0.0001%/yr for 5 yrs from 2012 onwards (FY15 AR, page 110) apart from helping secure loans from financial institutions. This makes me wonder why would promoters behave dishonestly.
Some Multidisciplinary analysis.
Finance and Control systems(non linear variables):-
1.There was classic case of lollapollaza effect when the china stocks fell and Volkswagon issue causing the prices of MSL to fall.Both forces working in one direction and causing prices to fall.
Psychology:-
1.He is kind of fanatic by seeing what he has done for last 20 years.Every time meeting the audacious goal for every five years.
2.He is value creator which can be known from one incidence when they bought the US company in 2009 for ~ 200 million with billion dollar sales.
3. He posses few of the qualities of as mentioned in
1. Outsiders book
2.Prof Sanjay bakshi fanatic lecture.
Focus, value creation.
Maths ,philosophy and Biology:-
Law of small numbers:-The consistency of the performance for last 20 years can give better picture how company is managed.
They are doing one thing for long time which gives natural advantage of survival.
Value/Price:-
1.I think the better metric to look at for company with high amount of debt is not P/E as it can give skewed picture due to interest it need to pay.In this company we are sure that they will be trying to meet Sales target of 3x in next five years, considering if they are able to meet it, we saying the P/S ratio to fall by 1/3.Currently it is 0.9 so we will seeing it around 0.3 which give considerable amount of safety if it tries to sale at current level or even at median P/S of 0.6.
Risk:-
1.I may suffer from confirmation bias as the models here are not fully tested and based on historical facts of things happened to other companies in last 10 years.
2. Definitely, I may also suffer single cause and single effect as just try to highlight only those which worked for the thesis but not where these qualities also lead to debacle.
Disc:- Invested when lollapollaza effect was in play.
Some corporate governance issues!
In the FY15 annual report , there is a qualified opinion by auditors-
Auditors’ Observation: The Auditors have mentioned in
their respective Reports on Standalone Financial Statements
and Consolidated Financial Statements for the year ended
March 31, 2015 as under:
The Company recognized revenues from sale of goods
amounting to 290.53 lakhs based on management’s
290.53 lakhs,
assessment of transfer of significant risks and rewards of
ownership to the customers. However, in our opinion, such
recognition does not meet the conditions enunciated under
the Accounting Standard (AS) 9 on “Revenue Recognition”
notified under the Companies (Accounting Standards) Rules,
2006. Had the Company followed the principles of AS 9, revenue
from operations, profit before tax and tax expense for the year
ended March 31, 2015 would have been lower by130.54 lakhs and
44.37 lakhs respectively. Further, the trade
receivables, current liabilities and reserves and surplus as at
March 31, 2015 would have been lower by 290.53 lakhs,
144.39 lakhs and86.17 lakhs and the inventories as at that
59.97 lakhs.
date would have been higher by
Also - Possible conflict of interest / diversion of funds to related unlisted party - NPRPL ??
Analysis from senior members would be helpful..
A friend in Delhi visited the site yesterday. The super structure (RCC) for 3 out of the 4 towers is complete, though the work itself is going on very slowly. With Sales not picking up, the developer is going slow on the project. However, the investment thesis for the Co. remains intact. In fact, it is more compelling than ever before! A lot of work at the site has been done since this thread was initiated. Around 50% of the project is completed. The market cap of the Co. is around 16-17 crores & it's share from the project revenues is likely to be many times over, but I expect this story to unfold over the next 2-3 years. The project location is excellent.
Attaching the project catalouge etc.RPS Infinia.pdf (1.4 MB)
Jana
Thanks a lot for sharing this gem.
I was under the impression that to avail ltcg tax exemption STT need to be paid both on purchase and on sale (in this case not paid on purchase since promoters got these shares much before STT was introduced )
As regards the media valuation this has shown consistency can some body high light about the scalability of the media segment of Sandesh because it seems the regional vernacular media is poised for a better growth than the English media
There was a big land deal between Sandesh real estate division and Shivalik construction for the prime property in sp ring road any info please
Thirdly anybody from Ahmedabad can please post the stage occupancy level of applewood township
My doubt is the real estate division has started showing growth in this qtr whether it will shown sustainable growth
There outdoor advereṭing model growth with this in mind my question is does it still look cheap at present M.cap because in this sector this is the only company with nil debt and opm of above 35% and huge investment in reality and still quoting less than 6 EVEBITA
Any seniors pl throw some light
Broaders can lit me on this , as what is happening with kaveri is it possible that government tries to put price control on herbicides and pesticides, and besides this govt doesn't gives subsidy to farmers and also doesn't support manrega schemes will this impact on how farmers spend on agrichem ,that in inturn will impact on agri business of pi
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