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Equity Valuation of VA Tech WABAG VA Tech Wabag Equity Valuation of VA Tech WABAG Submitted by: DoMS, IIT Madras DoMS, IIT Madras Page 1 VA Tech Wabag Rating Outperform (Target Price Rs 1766) Latest Price (BSE/NSE) Rs. 1591.90/ Rs. 1593.90 52 Week Range (Low/ High) Rs. 480/ Rs. 1748 BSE/ NSE ticker 533269/ WABAG ISIN Code INE956G01038 Face Value of Equity Share Rs. 2 Shares Outstanding 26.5 MN Market Capitalization Rs. 43.48 BN P/E Ratio (TTM) 35.61 Dividend Yield 0.50% Introduction: VA Tech WABAG is one of the leading companies in the world which is present in the water treatment Industry. Its key competency lies in design, completion and operation of drinking and waste water treatment for both industrial and municipal sector. It is a major player in a sector which has not seen much development and proceedings in the country. As a result with the advent of time VA Tech WABAG has established itself as the market leader in water treatment industry in India. India which is the second most populous country in the world is home of more than 1.25 billion people. It is growing at a rate of 1.3% annually and is expected to become the most populous country in the world by overcoming China by 2025. After getting independence in 1947 India has witnessed colossal improvement in its economy and GDP but providing basic requirements to people to sustain life, i.e., clean water still remains a vision that is yet to be realized. Even now many states are suffering from various water quality issues. The scenario is pictorially depicted in Figure 1. Currently only 60% of industrial and 26% of domestic water is treated in India. This situation, if not improved, will inevitably create a scarcity of fresh water, whose demand is expect to rise by 50% in the next decade. All these factors have led India to be marked as a water stressed nation by 2025. However the country has witnessed some developments in the field of water treatment in recent times. This surge in purification can be attributed to two reasons: i) Tax break for industries that save water ii) Environmental concerns DoMS, IIT Madras Page 2 VA Tech Wabag Figure 1: States suffering from water quality issues (Source: Ministry of drinking water and sanitation) No. of Suffered States Nitrate 12 Iron 21 No. of Suffered States Salinity 15 Fluoride 19 Arsenic 8 0 5 10 15 20 25 Whatever be the reason various industries in the country have started taking water purification as a grave matter. Indian government is also encouraging private investment in wastewater treatment sector. The government has started supporting PPP model in the water sector and is lending a hand of assistance to state governments to improve the infrastructure of water treatment in their respective provinces. The rapid development of medium and small sized cities in the country fabricates a huge demand for wastewater treatment industry in India. This industry is expected to grow at a rate of 18-20% annually till 2018. The rise in the demand of water with increase in urbanization is shown in Figure 2. The municipal corporations continue to be the major users of the water & sewage treatment plants. But recent developments have indicated an increase in the industrial users of water & sewage plants. Due to scarcity of water various industries across the country, including Power, Textiles, Petrochemical, Steel, Pharmaceutical, Fertilizers & Chemicals, have started recycling waste water to use it in their plants. Added to fact are the rapid urbanization in the country and the increase in disposable income in the hands of people due to economic growth trajectory followed by the country. All these facts are making the future prospect of the wastewater treatment industry more upbeat for the water treatment plants. However the current status of this industry does not give the market observers many DoMS, IIT Madras Page 3 VA Tech Wabag reasons to cheer about. There are very few companies which are operating in India in this particular segment. Among those companies only a few are Indian companies. VA Tech WABAG, an Indian company operating in this particular industry, has managed to carve a niche for itself in it. VA Tech WABAG has not witnessed much competition in the field it operates in. Absence of other significant players leaves a huge opportunity for other players to enter into this market and capture market share. Figure 2: Demand of water/day Vs. Population (Source: Bureau of Indian Standards) Litres per day 180.00 170.00 160.00 140.00 130.00 120.00 100.00 90.00 80.00 60.00 Litres per day 40.00 20.00 0.00 Industry Analysis: Water Treatment Industry To analyze the market competition in this particular segment we have developed the following Porter’s Five Forces Model. Bargaining power of Suppliers Industry Rivalry Threat of New Entrants Threat of Substitutes DoMS, IIT Madras Page 4 VA Tech Wabag Bargaining power of Buyers Threat to New Entrants: The major barrier to entry in the water treatment industry is that this industry is highly capital intensive. The high amount of capital required to set up the plant, carry on the daily operation of it before finally handing it over to the client is the main hindrance behind the lack of domestic players in this sector. On the other hand the lack of major players is enticing capital rich foreign players to come forward and fund such projects. So the entry barrier present in this segment is reducing with the advent of time. However apart from money this industry also calls for technical expertise which also acts as an entry barrier. After analyzing all the factors the entry barrier of this industry can be set at medium level. Threat of Substitutes: With the expansion of urbanization of India, the demand for fresh water is also on the rise. This in turn calls for more wastewater treatment plants. Technologies adapted in these plants are also evolving on a continuous basis. These technologies appeal to the industrialists for quality purposes. However there aren’t alternate means of treating the wastewater apart from these latest technologies that are being adapted in the plants. So the threat of substitutes in this industry is very low if not absent. Bargaining power of Buyers: The major consumers of these plants are government and municipalities. There is a constant pressure on these companies from its various stakeholders to reduce its profit margin. The constant pressure to upgrade its technology to the latest available technology also reduces the profit margin of these companies. Moreover, in these projects the consumers enjoy the liberty to choose from various bids from multiple companies. This also acts as an obstruction for these companies to higher its profit margin. After analyzing these factors, the threat to the companies in this segment can be put in the medium level. Industry Rivalry: India with its high rate of growth, high population and high rate of modernization is posing as a lucrative market for investors in this segment both domestic and foreign alike. The number of players in this sector is also increasing gradually and many capital intensive foreign investors have started analyzing the future prospect of this sector. Also high capital cost borne by these companies makes switching very difficult. So the companies in this sector encounter a high degree of competition and rivalry among themselves to sustain in this sector. Bargaining power of Suppliers: The major components for developing, running and maintaining of water treatment plants are equipments, infrastructure to treat water and infrastructure to supply water to end users. As the companies are in constant DoMS, IIT Madras Page 5 VA Tech Wabag pressure from its competitors to upgrade to latest technologies on a continuous basis, the equipment suppliers enjoy a high degree of bargaining power. The human resources who also play a very critical role in this industry enjoy a high bargaining power. Competitive Analysis: Indian Market VA tech Wabag faces a stiff competition both in India as well as abroad. Though in India it has monopoly by extensively operating in all major segments of water treatment industry, it is trying to make its presence visible in international arena by aggressive expansion. Water treatment industry primarily consists of following segments: 1) Equipment Supply: Kirloskar is the Market Leader, Currently VA Tech is absent from this segment, it can expand its profile to a 360 degree by entering this segment. 2) Water supply and infrastructure: It includes construction of treatment plant, its maintenance and supply. VA tech has its presence in this segment but not much focus on this segment as construction is a much capital intensive and long wait to return project. Other big domestic players include Thermax. 3) Waste Water treatment: Various sub segments under this include treatment of drinking water, municipal waste water, sea and brackish water, industrial and process water, and industrial waste water. VA Tech operates in all these sub segments. Overall its primary focus is on this segment. Only few players like Triveni, Thermax, Ion Exchange operates under all these segments, but revenue wise (from these segments only) VA tech is much ahead. Here focus on Municipal contracts is the key to growth for domestic business. 4) Operation & Maintenance: Lot of potential in this segment, Most of the municipalities owned treatment plants are being outsourced for O &M. All major firms are tapping in this segment. 5) Desalination: Desalination plant is a new business to enter in water treatment industry. VA Tech also entered in this segment recently and currently constructing a plant in Chennai for water desalination.
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