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VAKRANGEE LIMITED TP - 92.45 (13.5Xfy21 EPS) Industry - Information Technology Date - 4Th April 2019

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VAKRANGEE LIMITED TP - 92.45 (13.5Xfy21 EPS) Industry - Information Technology Date - 4Th April 2019 Vakrangee Limited VAKRANGEE LIMITED TP - 92.45 (13.5xFY21 EPS) Industry - Information Technology Date - 4th April 2019 CMP 51.95 Target Price 92.45 Upside (%) 78% Bloomberg VKI IN NSE VAKRANGEE 52-W High/Low 245.25/22.35 We initiate a “BUY” target on Vakrangee with the target price of Rs. 92.45, a 78% upside potential from the current market price based on 13.5 times to its FY21E earnings. Financial (INR Cr.) Rumours, Week Quarters, New Kendras, and Strong Future Ahead 2018A 2019E 2020E 2021E Week Quarter Performance - Vakrangee’s quarterly Sales 6,379 1,424 1,471 4,953 performance has significantly deteriorated as the revenue of the company has declined by 95% on a yearly basis and profit EBITDA 983 -46 223 1,129 has ended in the negative zone. The company has reported Rs. PAT* 663 12 163 723 19.4 Cr. as other income and Rs. -0.8 Cr. adjusted profits. The sliding performance was recorded due to low numbers of EPS 6.3 0.1 1.5 6.8 Kendras under operation and non-availability of all the Change 26.7% -98.1% 1227.3% 343.0% services with the stores. P/E 8.3 447.5 33.7 7.6 Rumours - Vakrangee’s total market capitalization has P/B 2.1 2.1 2.0 1.6 slumped by more than 90%, after the rumours spread of its directors involved in the stock price and volume ROE 28.5% 0.5% 6.1% 23.2% manipulations, in SEBI investigation, there were no findings or RoCE 40.8% -2.3% 6.2% 33.0% instances of any stock manipulations by promoter or promoter *The amount has derived after considering other income for that group entities, and in EOW investigation clean chit has been year. given. The MCA has also issued no irregularities in its Shareholding Pattern preliminary finding on Vakrangee’s auditor PWC’s resignation. Rolling Out of Next Gen Kendras - Vakrangee has rolled out 3,500 Next-Gen Kendras, which was just 95 in Dec quarter. The faster deployment of the stores are the result of companies regularly enlarging service portfolio, its brand name and the strong reach to its customers from Urban to Panchayat levels. Strong Future Ahead - Vakrangee has clear visibility of 18,500 Next-Gen Kendras from its existing 45,000 stores. The 11,000 existing stores taken an extension to think over on the proposal. In the existing 3,500 stores, 20% of the stores are the first time franchise; while the remaining were the upgraded stores. Taking the view of the Kendras visibility and the expectation of 25,000 Next Gen Kendras by 2020 and 45,000 by 2021, it seems Vakrangee has a strong future ahead. Next Gen Kendras Are The Key - The new stores will be the key to growth as they have a unified service portfolio, standard look-feel, low penetrated tier-5 and tier-6 targeted market. The new stores are unlike the previous ones which were divided into different formats where not all services were available. Abchlor Classic Equity Fund 409, Laxmi Mall, Link Road, Andheri W, Mumbai 400053, Maharashtra, India SEBI REGISTRATION # INP 000004904 Vakrangee Limited Valuation - Vakrangee is currently trading at 65.50 times to its trailing 12 months earnings and 2.1 times to its current book value. Due to the Next-Gen Kendras launch, the quarterly performances remained weak, but taking the 5 years trailing EPS of Rs. 3.79 and the P/E multiple of 13.7 times, the valuation is quite comfortable and gives a wide range of margin of safety. What We Expect Going Forward We expect Vakrangee to unveil 25,000, 45,000 and 75,000 Next-Gen Kendras by March 2020, 2021 and 2022. We Forecast the revenues to reach to Rs. 1,471 Cr. and Profit to Rs. 163 Cr. by March 2020, with EPS of Rs. 1.54. Abchlor Classic Equity Fund 409, Laxmi Mall, Link Road, Andheri W, Mumbai 400053, Maharashtra, India SEBI REGISTRATION # INP 000004904 Vakrangee Limited Index Page 1. Company Overview… 4 2. Business Model… 6 3. Quarterly Performance… 12 4. The Next-Gen Kendra’s Math… 15 5. The Positives… 18 6. Financials… 23 7. Disclaimer… 26 Abchlor Classic Equity Fund 409, Laxmi Mall, Link Road, Andheri W, Mumbai 400053, Maharashtra, India SEBI REGISTRATION # INP 000004904 Vakrangee Limited 1. Company Overview… Company History Vakrangee is a technology driven-company, focusing on creating India's largest network of last mile retail points of sale, to potentially enable every Indian to seamlessly benefit from financial inclusion, social inclusion, Digital India, Skill Development, Employment, Government programmes and wider access to basic goods and services. Vakrangee was incorporated in 1990 and since then has evolved from being a sub-contractor to lead contractor for e-governance projects like computerisation of central election commission, MCA project, Passport seva Kendra, Sarva Shiksha Abhiyan, UIDAI. Since 2012, it is focussing to build India's largest network of last-mile retail touch points (“Vakrangee Kendras”) to deliver real-time banking (as a Business Correspondent), insurance, e-governance, e-commerce financial services, ATM services and logistics services to the unserved rural, semi-urban and urban markets. Vakrangee is now a Kendra based company which has been appointed as a Business Correspondent (BC) by various banks under the “Common BC” and “National BC” agreements with a contract period of 7 years as part of financial inclusion initiative. Kendras would act as an “Exclusive” BC to banks in any allocated sub-service area (SSA). Further, in addition to Banking services, the Vakrangee Kendra also offers various other services like utility bill payments, e-commerce, logistics, re-charge, etc. Area of Operation The company delivers real-time BFSI services, Government to Citizen Services and Business to Consumer Services to the unserved rural, semi-urban and urban markets. Overall it has coverage to E-Governance, E -commerce, Logistics, Banking, Insurance, ATM and Financial Services. Areas of Presence Bihar, Chandigarh, Chhattisgarh, Delhi(NCR), Goa, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Karnataka. Kerala, Madhya Pradesh, Maharashtra, Odisha, Punjab, Rajasthan, Uttar Pradesh, Uttarakhand, West Bengal. Management Mr Dinesh Nandwana – Executive Chairman A Chartered Account, Mr Nandwana is the promoter of the company. He has about 27+ years of business experience. He drives and oversees the overall business at Vakrangee since its inception in 1990. Mr Anil Khanna - Managing Director & Group CEO Has 40 years of experience in various industries and has been with Blue Dart since 1992. Dr Nishikant Hayatnagarkar – Director – R&D Holds Doctorate in Computer science from IIT, Mumbai. Has about 24+ years of experience in the IT sector. Main responsibilities in Vakrangee includes software development, IT compliance and technical support. Mr Sumit Jain – CEO (e-commerce) Holds an MBA degree from Stern School of Business and B Tech from IIT, Bombay. Prior to joining Vakrangee, he has worked at Barclays, Credit Suisse and Intel Corporation in the USA. Mr Rajeev Ranjan – CEO (e-Governance) He is a Post-graduate, was a former CEO with Vakrangee e-Solutions, inc at Manila, the Philippines led 8500 strong teams of professionals to deliver Land registration project for Govt. of Philippines. He was a former Tata group senior executive delivering national level, large scale, mission-critical projects. Abchlor Classic Equity Fund 409, Laxmi Mall, Link Road, Andheri W, Mumbai 400053, Maharashtra, India SEBI REGISTRATION # INP 000004904 Vakrangee Limited Mr Rahul Dev Pal – CEO (Banking Business) He is an economics graduate with over 26 years of experience in the field of sales and marketing. Dealt with different Government departments and has in-depth knowledge in BFSI vertical. Started his career with HCL, he has worked with companies like Xerox, Pertech Computers, BPL and Godrej. Mr Harish Mani - CEO (Insurance) Has 14+ years of rich experience in Insurance & Micro-Finance Industry. Prior to joining Vakrangee, he has worked for Bharti Axa Life Insurance company and ICICI Lombard General Insurance company. Mr Sanjeet Mahajan - CEO (Financial Services) Has 20 years of experience with HDFC Bank and has served across multiple roles. In his last assignment as a Vice President at HDFC Bank, he was responsible to drive overall business and operations for some of the largest metro Retail branches of HDFC Bank. Mr Rajesh Bhojwani - CEO (ATM) Has 12 years of experience in ATM, SME Lending and Retail Branch Banking division. His last assignment at HDFC Bank was Head – ATM Business Process. Prior to HDFC Bank, he worked with Chola MS General Insurance Company Ltd and Dewan Housing Finance Corp Ltd (DHFL) for over a span of 5 years. Abchlor Classic Equity Fund 409, Laxmi Mall, Link Road, Andheri W, Mumbai 400053, Maharashtra, India SEBI REGISTRATION # INP 000004904 Vakrangee Limited 2. Business Model… Vakrangee has been working on a franchise model. Where it provides services through its franchises to the ultimate consumers. The company earlier had different franchise formats, but in the FY19 it has transformed its franchise into a single unified unit, Exclusive Next-Gen Kendra. The Journey Abchlor Classic Equity Fund 409, Laxmi Mall, Link Road, Andheri W, Mumbai 400053, Maharashtra, India SEBI REGISTRATION # INP 000004904 Vakrangee Limited First Phase General Store - Vakrangee outlets started in 2011 with the general store model confined to a small room in a Gram Panchayat to cater the needs of rural and semi-urban citizens. These were the non-exclusive store models providing a single line of service primarily e-Governance Services. Second Phase Banking Business Model - Vakrangee after continuously working with people understood the need of the rural people & later started to Leverage itself to fulfil their needs.
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