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VA TECH WABAG (VTWL) Sector: Construction /Mid Cap

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VA TECH WABAG (VTWL) Sector: Construction /Mid Cap VA TECH WABAG (VTWL) Sector: Construction /Mid Cap Earnings Update – 3QFY16 February 12, 2016 Sensex Nifty Price: INR 570 Target Price: INR 676 BUY 23,540 7,146 Background: VA Tech Wabag is a leading company in the water treatment space. The company has vast experience in plant building, planning, execution and operation of drinking water plants and waste water plants for both municipal and industrial sectors. The company has a multinational pedigree and offers customer specific solutions. The company has about 157 patents which include both products and process patents and Wabag Austria has 51 patents that are awaiting approval. 52 Week High/Low INR 1940/551 Overseas business muted; domestic opportunities to drive growth Bloomberg / Reuters VATW IN/VATE.BO . In 3QFY16, revenues grew by 1.8% YoY to INR 6.3bn. Muted revenue growth was due to flat Equity shares in mn 54.4 Mkt. Cap in bn INR 31.0/ $0.46 International business at INR 4.1bn (65% of sales), while India business grew 17% YoY to INR Avg. Daily Vol. (‘000) 77.6 2.2bn. Muted overseas revenue was due to 11% Euro depreciation against INR, delay in Nepal Avg. Daily Vol. (mn) INR 44.2/$ 0.65 project due to local conditions and Oman project nearing completion. Gross margin expanded by 490bps YoY to 22.3% due to reduction in raw material prices. Shareholding Sep 14 Jun 15 Sep 15 r 14 D 13 Jun13 Mar12 EBITDA grew by 9.1% YoY to INR 462mn and EBITDA Margin improved by only 50bps YoY to Promoters(%) 29.43 28.99 28.96 330 0.31 30.1 30.91 30.95 7.3%, as employee cost as % of sales increased 90bps YoY to 8.4%, while other operating FII (%) 28.55 28.85 28.11 302 2927 30.8 29.43 31.04 DII (%) 21.39 21.24 22.45 20.5 expenses21.1 as % of sales increased20.60 350bps16.07 YoY to 6.6%. Others (%) 20.63 20.92 20.48 17.8. Adj.PAT18.8 grew by 29.017.2% YoY1 to9.06 INR 18221.94mn . Adj.PAT margin increased 60bps YoY to 2.9%. Pledge (% of . For 9MFY16, EPC segment (76% share in revenues) grew 8% YoY to INR 12.9bn, while O&M promoter 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 holding) segment (24% share in revenues) grew 18% YoY to INR 3.9bn. In india business, both Valuation Summary (INR bn) municipal and industrial segment had similar contribution to revenues, while overseas Y/E March 2016E 2017E 2018E business, Municipal segment had more contribution (63% share) compared to industrial Revenue 28.1 33.7 38.6 segment. Key projects that contributed to reve nue were APENCO – BOP with water EBITDA 2.4 3.1 3.7 management, PETRONAS RAPID – Malaysia and Istanbul – Turkey O&M. Adj PAT 1.3 1.7 2.0 . Order inflow for current quarter was around INR 2.7bn. Company received an order for waste Adj EPS 23.2 31.8 37.6 % growth 14.0 36.8 18.4 water treatment plant worth Euro 20.75mn from Turkey. Order backlog stood at INR 64bn. P/E 24.4 17.8 15.1 . Management indicated that orders for Namami Gange would be bid in 3-6 months providing P/ BV 3.1 2.6 2.4 opportunity of around INR 250bn over next 3 years. Smart city project and Chennai EV/EBITDA 13.3 10.3 8.7 desalination project are expected to provide strong opportunities domestically. While overseas, EV/Sales 1.1 0.9 0.8 order worth INR 6.7bn is expected from Sri Lanka which would get converted by Feb 2016. Div Yield (%) 0.8 1.3 1.1 ROE (%) 12.7 15.5 16.6 . Management maintained its guidance for FY16 as INR 28-30bn in revenues and order intake of INR 35-37bn. 1M 3M 12M Performance% Valuation: Healthy order inflow and strong order book giving revenue visibility of 2.5 years are key VTWL -15.5 -12.7 -21.7 positives. At CMP the stock trades at 15.1X to FY18E. We assign a target multiple of 18X FY18E and Sensex -3.6 -6.7 -15.3 rate VTWL as BUY with a target price of INR 676. Risks: Cancellation of orders, slower order execution, 1,000 300 delayed/non receipt of payments. 900 Result Summary 3QFY16 (Consolidated) 800 250 700 200 600 Y/E March ( INR mn) 3QFY16 3QFY15 YoY Growth 2QFY16 QoQ Growth 500 150 400 Revenue 6,308 6,194 1.8% 6,025 4.7% 300 100 200 50 EBITDA 462 423 9.1% 440 5.0% 100 0 0 Depreciation 50 55 -8.4% 53 -5.8% 14 15 14 15 14 14 15 15 14 15 16 15 14 Interest 101 61 66.5% 108 -6.7% - - - - - - - - - - - - - Oct Oct Jun Jun Apr Apr Feb Feb Feb Dec Dec Aug Aug Tax 115 130 -11.7% 149 -23.1% Va tech wabag Relative Sensex (RHS) PAT 182 141 29.0% 154 17.8% Adjusted PAT* 182 141 29.0% 154 17.8% Arun Kumar HS +91- 44-30007363 EBITDA Margin (%) 7.3 6.8 7.3 [email protected] Effective Tax Rate (%) 38.7 47.9 49.1 Adj PAT Margin (%) 2.9 2.3 2.6 * Adjusted for one-offs in the previous representing period Cholamandalam Securities Limited Member: BSE,NSE,MSE Regd. Office: Dare House,2 (Old) # 234) N.S.C Bose Road, Chennai – 600 001. Website :www.cholawealthdirect.com Email id – [email protected] CIN U65993TN1994PLC028674 Chola Securities is a leading southern India based Stock broker. Our focus area of coverage within the Indian market is Mid and small caps with a focus on companies from southern India. Our Institutional Equities services are carried out in partnership with RCCR, a boutique Investment research and Corporate Advisory firm founded by a team with extensive experience in the Asset management industry. RESEARCH Sathyanarayanan M Consumption +91-44 - 3000 7361 [email protected] Mugilan K Technicals +91-44 - 3000 7353 [email protected] Karthikeyan P Macro &Financial Services +91-44 - 3000 7344 [email protected] Arunkumar H S Auto Ancillary +91-44 - 3000 7363 [email protected] Ashish M Associate - IT +91-44 - 3000 7360 [email protected] Sreedevi K Associate +91-44 - 3000 7266 [email protected] INSTITUTIONAL SALES Venkat Chidambaram Head of FII Business & Corporate Finance* +91-44 - 24473310 [email protected] Lakshmanan T S P Chennai +91-9840019701 [email protected] Kishore K Ganti Mumbai +91-22-26597239 [email protected] Bhavesh Katariya Mumbai +91-9860297739 [email protected] Sudhanshu Kumar Institutional Equities* +91 - 9953175955 [email protected] RETAIL SALES Nikesh AHMEDABAD 079 – 30002968 / 69 [email protected] Sathyanarayana N BANGLORE 080-22211160/61/62/63/64 [email protected] Muthiah A N CHENNAI - HO 044 – 3000 7371 [email protected] Baskaran S CHENNAI - Nungambakkam 044 – 28240052 / 54 [email protected] Saravanan CHENNAI - Adyar 044 - 2452 2111 / 2333 [email protected] A Jaganathan CHENNAI - Ambattur 044-42022155/26251141/42 [email protected] V Kumar COIMBATORE 0422-4292041 / 4204620 [email protected] Maneesh Gupta DELHI 011 - 30461161 / 62 / 63 [email protected] Sunil Kumar GURGAON 0124 4054521 /8860745674 [email protected] Srinivasa Reddy D V HYDERABAD 040-40126821 / 22 [email protected] SudiptaBhaumik KOLKATA 033-44103638 / 39 [email protected] Riken B Mehta MUMBAI 022-22617210 / 7203 [email protected] Pravin S MADURAI 0452-2601195 / 96 [email protected] SumukhSaurabh PUNE 020- 30225432 / 34 [email protected] Varadharajan G SALEM 0427-2313226/4040226 [email protected] M N Chandra Sekhar VIZAG 0891-6642718 [email protected] Balaji H Compliance Officer 044 - 30007226 [email protected] *Employees of Business Partner - RCCR DISCLAIMER: This report is for private circulation and for the personal information of the authorized recipient only, and we are not soliciting any action based upon it. This report is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not provide individually tailor-made investment advice and has been prepared without regard to any specific investment objectives, financial situation, or any particular needs of any of the persons who receive it. The research analyst who is primarily responsible for this report certifies that: (1) all of the views expressed in this report accurately reflect his or her personal opinions about any and all of the subject securities or issuers; and (2) no part of any of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report. This report has been prepared on the basis of information that is already available in publicly accessible media or developed through analysis of Cholamandalam Securities Limited makes every effort to use reliable, comprehensive information, but we make no representation that it is accurate or complete. The views expressed are those of the analyst and the Company may or may not subscribe to all the views expressed therein Cholamandalam Securities Limited reserves the right to make modifications and alterations to this statements as may be required from time to time without any prior approval. Cholamandalam Securities Limited, its affiliates, directors and employees may from time to time, effect or have effect an own account transaction in or deal as agent in or for the securities mentioned in this report.
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