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I n t e r n a t i o n a l b u s i n e s s t o t h e r e s c u e a g a i n…
OnMobile Global reported its consolidated numbers, which were better
than our estimates on all fronts. The company reported a topline of
| 168.8 crore against our expectation of | 142.6 crore, growing 8.8% QoQ
and 13.6% YoY. International revenues formed 42% of the total topline to
stand at ~ | 81.0 crore. EBITDA for the quarter stood at | 39.1 crore
against our expectation of | 26.3 crore growing by 20.5% QoQ and 16.4%
YoY. EBITDA margin for the quarter stood at 23.2%, improving by 226
bps QoQ. PAT stood at | 17.8 crore vs. our expectation of | 10.2 crore
due to higher than expected topline and better operational performance.
Highlights of the quarter
OnMobile Global’s revenues stood at | 168.8 crore against our
expectation of | 142.6 crore. The revenue growth mainly came from
international operations, which formed 42% of the total topline in the
quarter. The management indicated that international revenues had
formed 50% of the topline in the exit month of December. EBITDA
margins improved 226 bps QoQ and 55 bps YoY to 23.2% due to healthy
topline growth. The PAT stood at | 17.8 crore against our expectation of
| 10.8 crore in spite of higher depreciation in this quarter pertaining to
marketing development fees paid to Telephonica.
V a l u a t i o n
The company reported numbers that were better than our expectations
primarily due to good traction in the international business. We expect it
to continue. Based on that, we have revised our EPS estimates for FY12
from | 6.9 to | 8.0 and for FY13 from | 6.0 to | 6.7. At the CMP of | 74, the
stock is trading at 9.3x FY12E EPS of | 8.0 and 11.0x FY13E EPS of | 6.7.
Using the DCF methodology, assuming a revenue CAGR of 16.6% over
FY11 to FY20 and 3.0% thereon, we have arrived at a target price of | 80
implying an upside of 8%. Our target price discounts the FY13E EPS by
11.9x. We continue to rate the stock as HOLD.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
I n t e r n a t i o n a l b u s i n e s s t o t h e r e s c u e a g a i n…
OnMobile Global reported its consolidated numbers, which were better
than our estimates on all fronts. The company reported a topline of
| 168.8 crore against our expectation of | 142.6 crore, growing 8.8% QoQ
and 13.6% YoY. International revenues formed 42% of the total topline to
stand at ~ | 81.0 crore. EBITDA for the quarter stood at | 39.1 crore
against our expectation of | 26.3 crore growing by 20.5% QoQ and 16.4%
YoY. EBITDA margin for the quarter stood at 23.2%, improving by 226
bps QoQ. PAT stood at | 17.8 crore vs. our expectation of | 10.2 crore
due to higher than expected topline and better operational performance.
Highlights of the quarter
OnMobile Global’s revenues stood at | 168.8 crore against our
expectation of | 142.6 crore. The revenue growth mainly came from
international operations, which formed 42% of the total topline in the
quarter. The management indicated that international revenues had
formed 50% of the topline in the exit month of December. EBITDA
margins improved 226 bps QoQ and 55 bps YoY to 23.2% due to healthy
topline growth. The PAT stood at | 17.8 crore against our expectation of
| 10.8 crore in spite of higher depreciation in this quarter pertaining to
marketing development fees paid to Telephonica.
V a l u a t i o n
The company reported numbers that were better than our expectations
primarily due to good traction in the international business. We expect it
to continue. Based on that, we have revised our EPS estimates for FY12
from | 6.9 to | 8.0 and for FY13 from | 6.0 to | 6.7. At the CMP of | 74, the
stock is trading at 9.3x FY12E EPS of | 8.0 and 11.0x FY13E EPS of | 6.7.
Using the DCF methodology, assuming a revenue CAGR of 16.6% over
FY11 to FY20 and 3.0% thereon, we have arrived at a target price of | 80
implying an upside of 8%. Our target price discounts the FY13E EPS by
11.9x. We continue to rate the stock as HOLD.
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