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T o p l i n e b e a t s e s t i m a t e s , b o t t o m l i n e
d i s a p p o i n t s …
Allcargo Global Logistics (AGL) declared its Q4CY11 results with revenues
at | 998.3 crore, EBITDA at | 99.3 crore and PAT at | 54.7 crore. While the
topline was above our estimates, PAT was below our estimates, mainly
due to higher depreciation & interest cost. Depreciation & interest
expense grew 35.8% and 324.4% YoY, respectively. The company
reported an EBITDA margin of 10%, contracting 290 bps sequentially,
mainly on account of lower EBITDA margin reported by ECU Line. The
company registered YoY volume growth of 17%, 8.7% and 14.5% in
MTO, CFS and ECU Line, respectively. Realisations in the CFS segment
continued to grow, registering 20% YoY growth. The realisation growth
was highest in Mundra (62.3% YoY), followed by JNPT (25.6% YoY) and
Chennai (5.9% YoY). We recommend a BUY rating the stock with a target
price of | 168.0.
ƒ Highlights of the quarter
Realisations of JNPT, Chennai and Mundra increased by 25.6%,
5.9% and 62.3%, respectively, to | 13930/TEU, | 9003/TEU and
| 11121/TEU, respectively. The EBITDA per TEU also improved YoY
to | 7982/TEU for JNPT (Q3CY10 - | 6392/TEU), | 3493/TEU for
Chennai (Q3CY10 - | 3308/TEU) and | 3639/TEU for Mundra
(Q3CY10 - | 2151/TEU). Debt outstanding at the end of CY11 is
| 781.7 crore while cash at the end of CY11 stood at | 147.6 crore.
The company has given a capex guidance of | 250 crore for CY12.
V a l u a t i o n
At the current price of | 140, the stock is trading at a P/E multiple of 8.2x
its CY11E EPS of | 17.0 and 7.5x its CY12E EPS of | 18.7. The plan to
demerge its NVOCC segment in future would be positive for the
company. Lower volumes in CY12 would be partly offset by higher
realisations. We recommend a BUY rating on the stock with a target price
of | 168, 9.0x CY12E EPS.
http://content.icicidirect.com/mailimages/ICICIdirect_AllcargoGlobal_Q4CY11.PDF
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
T o p l i n e b e a t s e s t i m a t e s , b o t t o m l i n e
d i s a p p o i n t s …
Allcargo Global Logistics (AGL) declared its Q4CY11 results with revenues
at | 998.3 crore, EBITDA at | 99.3 crore and PAT at | 54.7 crore. While the
topline was above our estimates, PAT was below our estimates, mainly
due to higher depreciation & interest cost. Depreciation & interest
expense grew 35.8% and 324.4% YoY, respectively. The company
reported an EBITDA margin of 10%, contracting 290 bps sequentially,
mainly on account of lower EBITDA margin reported by ECU Line. The
company registered YoY volume growth of 17%, 8.7% and 14.5% in
MTO, CFS and ECU Line, respectively. Realisations in the CFS segment
continued to grow, registering 20% YoY growth. The realisation growth
was highest in Mundra (62.3% YoY), followed by JNPT (25.6% YoY) and
Chennai (5.9% YoY). We recommend a BUY rating the stock with a target
price of | 168.0.
ƒ Highlights of the quarter
Realisations of JNPT, Chennai and Mundra increased by 25.6%,
5.9% and 62.3%, respectively, to | 13930/TEU, | 9003/TEU and
| 11121/TEU, respectively. The EBITDA per TEU also improved YoY
to | 7982/TEU for JNPT (Q3CY10 - | 6392/TEU), | 3493/TEU for
Chennai (Q3CY10 - | 3308/TEU) and | 3639/TEU for Mundra
(Q3CY10 - | 2151/TEU). Debt outstanding at the end of CY11 is
| 781.7 crore while cash at the end of CY11 stood at | 147.6 crore.
The company has given a capex guidance of | 250 crore for CY12.
V a l u a t i o n
At the current price of | 140, the stock is trading at a P/E multiple of 8.2x
its CY11E EPS of | 17.0 and 7.5x its CY12E EPS of | 18.7. The plan to
demerge its NVOCC segment in future would be positive for the
company. Lower volumes in CY12 would be partly offset by higher
realisations. We recommend a BUY rating on the stock with a target price
of | 168, 9.0x CY12E EPS.
http://content.icicidirect.com/mailimages/ICICIdirect_AllcargoGlobal_Q4CY11.PDF
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