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P e r f o r m s w e l l o p e r a t i o n a l l y …
Adhunik Metaliks’ (AML) Q3FY12 performance was broadly above our
expectations. Consolidated net sales came in at | 476.6 crore (growth of
9.5% YoY and 6.4% QoQ) in line with our expectation of | 475.1 crore.
The consolidated EBITDA margin during the quarter under review was at
25.6%, higher by 760 bps QoQ but lower by 810 bps YoY (our
expectation: 23.0%). The standalone EBITDA increased sharply by 1440
bps QoQ to 19.2% in Q3FY12 as compared to 4.8% in Q2FY12. As a
result, the subsequent consolidated EBITDA came in at | 122.0 crore (I
direct estimate: | 109.3 crore) recording a dip of 16.8% YoY but higher by
51.5% QoQ. The ensuing consolidated PAT came in at | 23.1 crore.
ƒ Operational performance
In the standalone entity, overall sales volumes increased 12% QoQ
to 94696 tonnes. The sized ore sales volumes were higher by 28.8%
QoQ to 228546 tones while the manganese ore sales volumes were
also lower by 32% QoQ to 12656 tonnes.
V a l u a t i o n
We have valued the stock on an SOTP basis where we have valued AML
at 5.0x FY13E EV/EBITDA, Orissa Manganese & Minerals Ltd (OMML) at
4.5x FY13E EV/EBITDA and taken a 20% holding company discount for
valuing the investment in the power business. Subsequently, we have
arrived at a target price of | 58 and maintained our HOLD rating.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
http://content.icicidirect.com/mailimages/ICICIdirect_AdhunikMetaliks_Q3FY12.pdf
P e r f o r m s w e l l o p e r a t i o n a l l y …
Adhunik Metaliks’ (AML) Q3FY12 performance was broadly above our
expectations. Consolidated net sales came in at | 476.6 crore (growth of
9.5% YoY and 6.4% QoQ) in line with our expectation of | 475.1 crore.
The consolidated EBITDA margin during the quarter under review was at
25.6%, higher by 760 bps QoQ but lower by 810 bps YoY (our
expectation: 23.0%). The standalone EBITDA increased sharply by 1440
bps QoQ to 19.2% in Q3FY12 as compared to 4.8% in Q2FY12. As a
result, the subsequent consolidated EBITDA came in at | 122.0 crore (I
direct estimate: | 109.3 crore) recording a dip of 16.8% YoY but higher by
51.5% QoQ. The ensuing consolidated PAT came in at | 23.1 crore.
ƒ Operational performance
In the standalone entity, overall sales volumes increased 12% QoQ
to 94696 tonnes. The sized ore sales volumes were higher by 28.8%
QoQ to 228546 tones while the manganese ore sales volumes were
also lower by 32% QoQ to 12656 tonnes.
V a l u a t i o n
We have valued the stock on an SOTP basis where we have valued AML
at 5.0x FY13E EV/EBITDA, Orissa Manganese & Minerals Ltd (OMML) at
4.5x FY13E EV/EBITDA and taken a 20% holding company discount for
valuing the investment in the power business. Subsequently, we have
arrived at a target price of | 58 and maintained our HOLD rating.
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