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7/30/2019 Bosch 1Q CY 2013
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Please refer to important disclosures at the end of this report 1
Y/E Dec (` cr) 1QCY13 1QCY12 % chg (yoy) 4QCY12 % chg (qoq)Net Sales 2,207 2,295 (3.8) 2,132 3.5EBITDA 382 477 (20.0) 266 43.5
EBITDA Margin (%) 17.3 20.8 (349)bp 12.5 482bp
Adj. PAT 260 336 (22.6) 172 51.0Source: Company, Angel Research
Bosch (BOS) reported better-than-expected results for 1QCY2013, led bysequential expansion of 482bp in operating margins to 17.3% driven by a sharp23.4% qoq decline in other expenditure. However, on a yoy basis theperformance was impacted due to the ongoing slowdown in the automotive
industry. We revise our earnings estimates upwards (by 5.3%/3.6% forCY2013E/14E) to factor in the better-than-expected EBITDA margin performanceduring the quarter led by the cost reduction initiatives undertaken by the companywhich will continue to benefit the company going ahead. While we are positive onthe long term prospects of BOS, current valuations leave limited room for anypotential upside. Hence, we maintain our Neutral rating on the stock.Better-than-expected performance for 1QCY2013: For 1QCY2013, the top-lineposted a decline of 3.8% yoy to `2,207cr as medium and heavy commercialvehicle and tractor segments of the automotive industry, the key drivers of thecompanys performance, witnessed a decline of 39% and 8.5% yoy respectively.As a result, the diesel systems segment of the company posted a decline of 13%yoy. While domestic sales declined 2.5% yoy, export sales posted a decline of
9.5% yoy during the quarter. The EBITDA margin declined by a sharp 349bp yoyto 17.3% as employee and other expenditure as a percentage of sales surged210bp and 180bp yoy, respectively. However, on a sequential basis, EBITDAmargins improved 482bp led by lower other expenditure which benefitted fromthe cost reduction initiatives undertaken by the company. Hence, operating profitgrew by a strong 43.5% qoq to `382cr, significantly higher than our estimates of`258cr. Led by a strong sequential operating performance, the net profit posted abetter-than-expected growth of 51% to `260cr. Nonetheless, it declined 22.6%yoy largely due to contraction in operating margins.
Outlook and valuation:While we are positive on the long term prospects of BOS dueto its technological leadership and strong and diversified product portfolio, we expectthe near-term environment to remain challenging given the continued slowdown inthe domestic automotive industry. The current valuation of 20.3x CY2014E earnings,
leaves limited room for any potential upside. Hence, we maintain our Neutral ratingon the stock.
Key financials (Standalone)Y/E Dec (` cr) CY2011 CY2012E CY2013E CY2014ENet Sales 8,166 8,659 9,821 11,394% chg 18.7 6.0 13.4 16.0
Net Profit 1,066 958 1,173 1,378% chg 24.2 (10.1) 22.4 17.5
EBITDA (%) 18.5 15.6 17.0 17.2EPS (`) 339.6 305.2 373.5 438.7P/E (x) 26.2 29.2 23.9 20.3
P/BV (x) 5.9 5.0 4.3 3.6
RoE (%) 22.6 17.2 18.0 17.9
RoCE (%) 28.0 18.6 20.1 20.6
EV/Sales (x) 3.0 2.8 2.4 2.0
EV/EBITDA (x) 17.0 18.8 14.9 12.3
Source: Company, Angel Research
NEUTRALCMP `8,910
Target Price -
Investment Period -
Stock Info
Sector
Bloomberg Code BOS@IN
Shareholding Pattern (%)
Promoters 71.2
MF / Banks / Indian Fls 14.4
FII / NRIs / OCBs 7.2
Indian Public / Others 7.2
Abs. (%) 3m 1yr 3yr
Sensex (2.5) 12.6 11.1
Bosch (2.4) 2.5 82.4
Face Value (`)
BSE Sensex
Nifty
Reuters Code
Auto Ancillary
Avg. Daily Volume
Market Cap (` cr)
Beta
52 Week High / Low
27,978
0.3
9,590/8,182
1,436
Net Debt (` cr) (2,570)
10
19,504
5,930
BOSH.BO
Yaresh Kothari022-3935 7800 Ext: 6844
BoschPerformance Highlights
1QCY2013 Result Update | Auto Ancillary
April 30, 2013
7/30/2019 Bosch 1Q CY 2013
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Bosch | 1QCY2013 Result Update
April 30, 2013 2
Exhibit 1:Quarterly financial performance (Standalone)Y/E Dec (` cr) 1QCY13 1QCY12 % chg (yoy) 4QCY12 % chg (qoq) CY2012 CY2011 % chg (yoy)Net Sales 2,207 2,295 (3.8) 2,132 3.5 8,659 8,166 6.0Consumption of RM 720 715 0.7 681 5.7 2,846 2,484 14.5(% of sales) 32.6 31.2 32.0 32.9 30.4
Staff costs 286 249 14.9 293 (2.4) 1,037 896 15.7
(% of sales) 13.0 10.9 13.8 12.0 11.0
Purchases of TG 464 526 (11.8) 427 8.5 1,908 1,911 (0.1)
(% of sales) 21.0 22.9 20.0 22.0 23.4
Other Expenses 355 328 8.3 464 (23.4) 1,519 1,363 11.5
(% of sales) 16.1 14.3 21.8 17.5 16.7
Total Expenditure 1,826 1,818 0.4 1,866 (2.2) 7,310 6,654 9.9Operating Profit 382 477 (20.0) 266 43.5 1,349 1,512 (10.8)OPM (%) 17.3 20.8 12.5 38.6 15.6 18.5
Interest - - - 5 (94.6) 6 - -
Depreciation 84 64 31.5 129 (34.8) 367 258 42.3
Other Income 89 67 33.0 113 (21.2) 369 320 15.3
PBT (excl. Extr. Items) 387 480 (19.5) 245 57.9 1,346 1,574 (14.5)Extr. Income/(Expense) - - - - -
PBT (incl. Extr. Items) 387 480 (19.5) 245 57.9 1,346 1,574 (14.5)(% of Sales) 17.5 20.9 11.5 15.5 19.3
Provision for Taxation 127 144 (12.1) 73 74.3 388 451 (14.1)
(% of PBT) 32.8 30.1 29.7 28.8 28.7
Reported PAT 260 336 (22.6) 172 51.0 958 1,122 (14.6)Adj PAT 260 336 (22.6) 172 51.0 958 1,122 (14.6)
Adj. PATM 11.8 14.6 8.1 11.1 13.7
Equity shares (cr) 31.4 31.4 31.4 31.4 31.4
Reported EPS (`) 82.7 106.9 (22.6) 54.8 51.0 305.2 357.5 (14.6)Adjusted EPS (`) 82.7 106.9 (22.6) 54.8 51.0 305.2 357.5 (14.6)
Source: Company, Angel Research
Exhibit 2:1QCY2013 Actual vs Angel estimatesY/E Dec (` cr) Actual Estimates Variation (%)Net sales 2,207 1,983 11.3EBITDA 382 258 47.8
EBITDA margin (%) 17.3 13.0 427bp
Adj. PAT 260 181 43.6Source: Company, Angel Research
Modest growth in top-line, up 5.1% yoy: For 1QCY2013, the top-line posted adecline of 3.8% yoy to `2,207cr as medium and heavy commercial vehicle and
tractor segments of the automotive industry, the key drivers of the companys
performance, witnessed a decline of 39% and 8.5% yoy respectively. As a result,
the diesel systems segment of the company posted a decline of 13% yoy. While
domestic sales declined 2.5% yoy, export sales posted a decline of 9.5% yoy
during the quarter. While the automotive business segment declined by 5.3% yoy;
the non-automotive business segment reported a growth of 11.3% yoy, led by the
security systems business.
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Bosch | 1QCY2013 Result Update
April 30, 2013 3
Exhibit 3:Segmental performanceY/E Dec (` cr) 1QCY13 1QCY12 % chg (yoy) 4QCY12 % chg (qoq) CY2012 CY2011 % chg (yoy)RevenueAutomotive 1,903 2,010 (5.3) 1,917 (0.8) 7,726 7,379 4.7Others 306 275 11.3 225 35.9 980 857 14.2
Total 2,209 2,285 (3.3) 2,143 3.1 8,706 8,237 5.7Less: Inter-segment revenue 2 18 11 (84.0) 47 71
Net sales 2,207 2,268 (2.7) 2,132 3.5 8,659 8,166 6.0EBITAutomotive 296 423 (30.2) 121 145.0 1,028 1,278 (19.6)
Others 47 27 73.0 39 21.0 89 79 12.7
Total EBIT 342 450 (23.9) 159 114.9 1,117 1,356 (17.7)Add: Net interest income - - - (5) (105.4) (6) - -
Less: unallocable exp. (45) (30) 48.7 (91) (51.0) (235) (218) 7.8
Total PBT 387 480 (19.4) 245 58.1 1,346 1,574 (14.5)EBIT Margin (%)Automotive 15.5 21.1 (552)bp 6.3 924bp 13.3 17.3 (401)bp
Others 15.3 9.8 546bp 17.2 (189)bp 9.1 9.2 (12)bp
Total 15.5 19.7 7.4 12.8 16.5Source: Company, Angel Research
Exhibit 4:Top-line down 3.8% yoy
Source: Company, Angel Research
Exhibit 5:Segment-wise revenue trend
Source: Company, Angel Research
EBITDA margin recovers sequentially to 17.3%: On the operating front, the EBITDAmargin declined by a sharp 349bp yoy to 17.3% as employee and other
expenditure as a percentage of sales surged 210bp and 180bp yoy respectively.
However, on a sequential basis, EBITDA margins improved 482bp led by lower
other expenditure which benefitted from the cost reduction initiatives undertaken by
the company. Hence, the operating profit grew by a strong 43.5% qoq to `382cr,
significantly higher than our estimates of `258cr. On a yoy basis though, EBITDA
margins contracted by 349bp primarily on account of increase in employee and
other expenditure led largely by fall in the utilization levels.
2,0
86
2,0
60
1,9
91
2,0
29
2,2
95
2,1
74
2,0
54
2,1
32
2,2
07
30.7
21.1
16.4
7.710.0
5.63.1
5.1(3.8)
(10.0)
(5.0)
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
1,800
1,8501,900
1,9502,000
2,050
2,1002,150
2,200
2,2502,300
2,350
1QCY11
2QCY11
3QCY11
4QCY11
1QCY12
2QCY12
3QCY12
4QCY12
1QCY13
(%)(`cr) Net sales Net sales growth (RHS)
1,845 1,828 1,784 1,8452,010 1,922 1,831 1,917 1,903
227 204 211 212 275 244 231 225306
0
500
1,000
1,500
2,000
2,500
1QCY11
2QCY11
3QCY11
4QCY11
1QCY12
2QCY12
3QCY12
4QCY12
1QCY13
(`cr) Automotive revenue Other revenue
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Bosch | 1QCY2013 Result Update
April 30, 2013 4
Exhibit 6:EBITDA margin recovers sequentially
Source: Company, Angel Research
Exhibit 7:Better-than-expected growth in bottom-line
Source: Company, Angel Research
Net profit at `260cr: Led by a strong sequential operating performance, net profitposted a better-than-expected growth of 51% to `260cr. Nonetheless, it declined
22.6% yoy largely due to contraction in operating margins.
18.9 18.4 19.3 16.820.8
15.1 13.3 12.517.3
56.7 56.8 54.5 52.7 54.157.4 57.6
52.0 53.6
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
1QCY11
2QCY11
3QCY11
4QCY11
1QCY12
2QCY12
3QCY12
4QCY12
1QCY13
(%) EBITDA margins Raw material cost/sales
274 279 288 281 336 247 203 172 260
13.2 13.514.5
13.914.6
11.4 9.9
8.1
11.8
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
0
50
100
150
200
250
300
350
400
1QCY11
2QCY11
3QCY11
4QCY11
1QCY12
2QCY12
3QCY12
4QCY12
1QCY13
(%)(`cr) Net profit Net profit margin (RHS)
7/30/2019 Bosch 1Q CY 2013
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Bosch | 1QCY2013 Result Update
April 30, 2013 5
Investment arguments
Technology-intensive industry supplemented by high bargaining power: Weestimate BOS to post an ~15% CAGR in its top-line and ~20% CAGR in its
bottom-line over CY2012-14. The company enjoys high margins in the auto
component segment due to strong entry barriers and its dominant position in
the market. Nonetheless, due to decline in utilization levels (~70-75% across
plants) and higher INR depreciation, the company witnessed a significant
290bp contraction in operating margins in CY2012. Going ahead, we expect
the demand environment to improve in 2HCY2013, which will improve
utilization levels and thus the margins. Further, the benefits of cost reduction
initiatives will also accrue to the company in CY2013. As a result, we expect
margins to improve ~140bp in CY2013 to 17%.
Dependent on favorable CV cycle for growth: BOS's prospects are largelyderived from demand arising in the CV and tractor segments, which are
currently witnessing slowdown due to slowdown in the economic activity.
However, with the expected easing of interest rates in CY2013, we are likely to
see recovery in MHCV and tractor demand. Further, greater visibility on newer
growth opportunities is emerging for the company, following its investments in
new and innovative technologies such as CRS and gasoline systems. We
believe the company will continue to enjoy premium valuations, owing to
strong parental focus and increasing long-term growth opportunities in the
Indian market, facilitated by changes in emission norms. Moreover, BOS has
been a consistent performer with strong cash flows in the Indian auto
component industry.
Outlook and valuation
We revise our earnings estimates upwards (by 5.3%/3.6% in CY2013E/14E) to
factor in the better-than-expected EBITDA margin performance during the quarter
led by the cost reduction initiatives undertaken by the company which will continue
to benefit the company going ahead.
Exhibit 8:Change in estimatesY/E December Earlier Estimates Revised Estimates % chg
CY2013E CY2014E CY2013E CY2014E CY2013E CY2014ETotal income (` cr) 9,717 11,092 9,821 11,394 1.1 2.7OPM (%) 16.2 17.0 17.0 17.2 72bp 26bp
EPS (`) 354.7 423.3 373.5 438.7 5.3 3.6Source: Company, Angel Research
While we are positive on the long term prospects of BOS due to its technological
leadership and strong and diversified product portfolio; we expect the near-term
environment to remain challenging for the company given the slowdown in the
MHCV and tractor industry. We estimate BOS to post an ~15% CAGR in itstop-line and ~20% CAGR in its bottom-line over CY2012-14. As a result, we
estimate BOS to post an EPS of `373.5 and `438.7 for CY2013 and CY2014,
respectively. At `8,910, BOS is fairly valued at 20.3x CY2014E earnings. Due to
7/30/2019 Bosch 1Q CY 2013
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Bosch | 1QCY2013 Result Update
April 30, 2013 6
limited upside potential from the current levels, we maintain our Neutral rating onthe stock.Exhibit 9:Key assumptionsVolumes (mn units) CY09 CY10 CY11 CY12E CY13E CY14EFuel injection pumps 2.7 3.7 4.4 4.3 4.6 5.2
Nozzles 16.3 21.5 23.0 22.2 24.4 27.4
Auto electrical 1.4 1.5 2.0 2.4 2.5 2.6
Source: Company, Angel Research
Exhibit 10:Angel vs consensus forecastAngel estimates Consensus Variation (%)
CY13E CY14E CY13E CY14E CY13E CY14ETotal op. income (` cr) 9,821 11,394 9,715 11,454 1.1 (0.5)EPS (`) 373.5 438.7 364.9 447.2 2.4 (1.9)
Source: Company, Angel Research
Exhibit 11:One-year forward P/E band
Source: Company, Angel Research
Exhibit 12:One-year forward P/E chart
Source: Company, Angel Research
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Jan-0
3
Oct-03
Jul-04
May-0
5
Feb-0
6
Dec-0
6
Sep-0
7
Jul-08
Apr-09
Feb-1
0
Nov-1
0
Sep-1
1
Jun-1
2
Apr-13
(`) Share price (`) 12x 16x 20x 24x
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
Aug-0
5
May-0
6
Feb-0
7
Nov-0
7
Sep-0
8
Jun-0
9
Mar-10
Dec-1
0
Sep-1
1
Jul-12
Apr-13
(x) One-yr forward P/E Five-yr average P/E
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Bosch | 1QCY2013 Result Update
April 30, 2013 7
Exhibit 13:Auto Ancillary Recommendation summaryCompany Reco. CMP(`) Tgt. price(`) Upside(%)
P/E (x) EV/EBITDA (x) RoE (%) FY13-15E EPSFY14E FY15E FY14E FY15E FY14E FY15E CAGR (%)
Amara Raja Batteries Buy 260 326 25.5 13.1 12.0 8.6 7.5 27.1 23.7 8.4Automotive Axle^ Neutral 286 - - 13.3 9.1 5.2 3.9 11.7 15.8 2.9
Bharat Forge* Neutral 231 - - 15.9 13.3 6.7 5.8 13.6 14.7 18.6
Bosch India# Neutral 8,910 - - 23.9 20.3 14.9 12.3 18.0 17.9 19.9Exide Industries Accumulate 132 146 10.1 17.1 15.0 9.1 7.6 18.0 17.9 23.1
FAG Bearings# Neutral 1,362 - - 15.4 12.4 9.0 6.9 15.5 16.5 6.9
Motherson Sumi* Accumulate 194 222 14.1 15.5 13.1 7.2 6.2 27.5 25.8 23.0
Subros Accumulate 26 30 13.6 4.8 3.5 3.7 3.1 11.1 13.7 49.0
Source: Company, Angel Research; Note: * Consolidated results; # December year end; ^ September year end
Company background
Bosch, promoted by Robert Bosch GmbH, is the largest auto ancillary company in
India and a dominant player in the fuel injection segment with ~75% market
share. The company has a diverse product portfolio of diesel and gasoline fuel
injection systems, automotive aftermarket products, auto electricals, special
purpose machines, packaging machines, electric power tools and security systems.
The automotive segment contributes 90% to BOS' total revenue. The company also
has one of the largest distribution networks of spare parts in the country, with
after-market component sales accounting for ~20% of revenue. BOS has five
manufacturing facilities located at Bangalore, Nasik, Naganathpura, Jaipur and
Goa.
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Bosch | 1QCY2013 Result Update
April 30, 2013 8
Profit and loss statement (Standalone)
Y/E Dec. (` cr) CY09 CY10 CY11 CY12E CY13E CY14ETotal operating income 4,996 6,882 8,166 8,659 9,821 11,394% chg 5.3 37.8 18.7 6.0 13.4 16.0Total expenditure 4,183 5,629 6,654 7,310 8,156 9,428Net raw material costs 2,551 3,598 4,395 4,753 5,312 6,147
Other mfg costs 360 432 467 528 594 701
Employee expenses 609 796 896 1,037 1,188 1,385
Other 663 803 896 992 1,062 1,195
EBITDA 813 1,253 1,512 1,349 1,665 1,965% chg (5.1) 54.1 20.6 (10.8) 23.4 18.0
(% of total op. income) 16.3 18.2 18.5 15.6 17.0 17.2
Depreciation & amortization 304 254 258 367 413 465
EBIT 510 999 1,254 982 1,252 1,501% chg (8.0) 96.0 25.5 (21.7) 27.4 19.9
(% of total op. income) 10.6 15.0 15.7 11.5 13.0 13.4
Interest and other charges 1 4 0 6 6 7
Other income 285 207 320 369 406 447
PBT (recurring) 793 1,203 1,574 1,346 1,652 1,940% chg (7.4) 51.6 30.9 (14.5) 22.7 17.5
Extraordinary exp./ (income) 64 - 56 - - -
PBT (reported) 729 1,202 1,518 1,346 1,652 1,940Tax 203 344 451 388 479 563
(% of PBT) 27.8 28.6 29.7 28.8 29.0 29.0
PAT (reported) 591 859 1,123 958 1,173 1,378ADJ. PAT 527 858 1,066 958 1,173 1,378% chg (4.7) 63.0 24.2 (10.1) 22.4 17.5
(% of total op. income) 11.0 12.8 13.3 11.3 12.1 12.3
Basic EPS (`) 188.1 273.5 357.5 305.2 373.5 438.7Adj. EPS (`) 167.7 273.4 339.6 305.2 373.5 438.7% chg (2.9) 63.0 24.2 (10.1) 22.4 17.5
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Balance sheet statement (Standalone)
Y/E Dec. (` cr) CY09 CY10 CY11 CY12E CY13E CY14ESOURCES OF FUNDSEquity share capital 31 31 31 31 31 31Reserves & surplus 3,354 4,067 4,697 5,542 6,496 7,654
Shareholders Funds 3,385 4,098 4,728 5,573 6,527 7,686Total loans 284 276 307 437 437 437
Deferred tax liability (201) (218) (228) (255) (255) (255)
Total Liabilities 3,468 4,156 4,808 5,755 6,709 7,867APPLICATION OF FUNDSGross block 2,865 3,017 3,424 4,121 4,633 5,215
Less: Acc. depreciation 2,358 2,588 2,810 3,177 3,590 4,055
Net Block 507 430 614 944 1,043 1,160Capital work-in-progress 100 224 441 330 371 418
Goodwill 6 6 6 6 6 6
Investments 1,418 1,607 1,606 1,520 1,772 2,078Current assets 2,758 3,752 4,236 4,849 5,544 6,409
Cash 1,068 1,326 951 1,487 1,786 2,101
Loans & advances 556 896 1,153 1,245 1,304 1,458
Other 1,135 1,530 2,132 2,117 2,454 2,849
Current liabilities 1,320 1,863 2,095 1,894 2,028 2,203
Net current assets 1,438 1,889 2,141 2,955 3,516 4,206Total Assets 3,468 4,156 4,808 5,755 6,709 7,867
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Bosch | 1QCY2013 Result Update
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Cash flow statement (Standalone)
Y/E Dec. (` cr) CY09 CY10 CY11 CY12E CY13E CY14EProfit before tax 729 1,202 1,518 1,346 1,652 1,940
Depreciation 304 254 258 367 413 465Change in working capital 130 (178) (627) (283) (263) (374)
Others 221 159 223 82 - -
Other income (285) (207) (320) (369) (406) (447)
Direct taxes paid (203) (344) (451) (388) (479) (563)
Cash Flow from Operations 897 886 601 756 917 1,022(Inc.)/Dec. in fixed assets (75) (277) (623) (586) (554) (628)
(Inc.)/Dec. in investments (551) (190) 1 87 (252) (306)
Other income 285 207 320 369 406 447
Cash Flow from Investing (341) (260) (302) (131) (399) (487)Issue of equity (1) - - - - -
Inc./(Dec.) in loans 20 (8) 31 130 - -
Dividend paid (Incl. Tax) 94 110 493 219 219 219
Others (672) (471) (1,197) - - -
Cash Flow from Financing (559) (368) (673) (89) (219) (219)Inc./(Dec.) in cash (3) 258 (374) 536 298 316
Opening Cash balances 1,071 1,068 1,326 951 1,487 1,786Closing Cash balances 1,068 1,326 951 1,487 1,786 2,101
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Key ratios
Y/E Dec. CY09 CY10 CY11 CY12E CY13E CY14EValuation Ratio (x)P/E (on FDEPS) 39.2 26.4 26.2 29.2 23.9 20.3P/CEPS 27.5 21.3 21.1 21.1 17.6 15.2
P/BV 8.3 6.8 5.9 5.0 4.3 3.6
Dividend yield (%) 0.3 0.4 1.5 0.7 0.7 0.7
EV/Sales 5.1 3.6 3.0 2.8 2.4 2.0
EV/EBITDA 31.7 20.2 17.0 18.8 14.9 12.3
EV / Total Assets 7.4 6.1 5.4 4.4 3.7 3.1
Per Share Data (`)EPS (Basic) 227.1 337.2 339.6 305.2 373.5 438.7
EPS (fully diluted) 167.7 273.4 339.6 305.2 373.5 438.7
Cash EPS 323.8 418.1 421.7 422.0 505.0 586.7
DPS 30.0 40.0 135.0 60.0 60.0 60.0
Book Value 1,078 1,305 1,506 1,775 2,079 2,448
Dupont AnalysisEBIT margin 10.6 15.0 15.7 11.5 13.0 13.4
Tax retention ratio 0.7 0.7 0.7 0.7 0.7 0.7
Asset turnover (x) 2.2 2.6 2.4 2.1 2.1 2.1
ROIC (Post-tax) 16.9 28.1 26.9 17.5 19.7 20.2
Cost of Debt (Post Tax) 0.3 1.0 0.1 1.1 1.0 1.2
Leverage (x) (0.6) (0.6) (0.6) (0.5) (0.5) (0.5)
Operating ROE 7.0 10.5 12.0 9.8 10.9 11.0
Returns (%)ROCE (Pre-tax) 15.3 26.2 28.0 18.6 20.1 20.6
Angel ROIC (Pre-tax) 21.2 35.3 32.5 23.0 25.4 26.0
ROE 15.6 20.9 22.6 17.2 18.0 17.9
Turnover ratios (x)Asset Turnover (Gross Block) 1.8 2.3 2.5 2.3 2.2 2.3
Inventory / Sales (days) 42 37 45 47 50 50
Receivables (days) 49 36 38 44 43 43
Payables (days) 61 60 65 59 57 55
WC cycle (ex-cash) (days) 31 25 39 56 59 61
Solvency ratios (x)Net debt to equity (0.7) (0.6) (0.5) (0.5) (0.5) (0.5)
Net debt to EBITDA (2.7) (2.1) (1.5) (1.9) (1.9) (1.9)
Interest Coverage (EBIT / Int.) 428.4 254.3 2,985.8 178.0 199.9 206.3
7/30/2019 Bosch 1Q CY 2013
12/12
Bosch | 1QCY2013 Result Update
April 30 2013 12
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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Disclosure of Interest Statement Bosch
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)
Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors