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The XLRI Student Fund Telecom Sector
Equity Research Report # 1July 2014
Vishap [email protected]
The XLRI Student Fund 1
Sector outlook
The XLRI Student Fund 2
Going rural Mobile (wireless) penetration increased significantly from 2001 to 2011, but it has moderated in the last 2-3 years
Given that there is still immense difference between the urban (140%) and rural (44%) penetration levels, there lies considerable headroom for expansion in the rural areas
We believe the incremental subscriber addition will be weighted towards rural areas, but limited affordability of all the telecom services in these regions implies slower pace of growth
Growth lies in data but with associated trade-offs Data revenues constitute only a small portion of the wireless revenues (10-12%) and the data penetration is also far lower than other
comparable economies, implying significant growth potential in data usage
We believe that though data usage will accelerate, the downward pressure on pricing of these data services will limit the telecom companies from realizing the benefits from increased data usage
Most of the Indian telecom companies hold 3G spectrum in the inferior 2100 MHz band, in addition to low quantity of spectrum (5MHz per circle), implying non-scalability of the data services
We believe that the telecom companies will need significant capital expenditures to install more base transceiver stations (BTS) to drive data penetration in high population density markets of India
We believe there will be a trade-off between voice and data revenues because as subscribers will start using higher proportion of data, they will tend to use data for voice and will decrease their voice usage, implying cannibalization of voice revenues
Though data usage is expected to proliferate, we believe the revenue and profit contributions from the increased data usage will be constrained because of the increased capital expenditure requirements to improve coverage, from the downward pressure on pricingof data services, and from the cannibalization of voice revenues by data services
Reliance Jios entry The competitive nature of Indian telecom industry has moderated post the cancellation of telecom licenses of various operators in Feb
2012, however the entry of Reliance Jio (services expected to be rolled out in 2015) is an imminent risk to competitive intensity
We believe that Reliance Jio entry is likely to be disruptive for incumbents because we think data standalone on 4G/LTE will not be a viable business in the near to medium term and thus Reliance Jio will foray into voice services through VoLTE
Valuations Given the structural headwinds ahead, we believe the markets have not corrected themselves and the three major telecom companies
(Bharti Airtel, Idea Cellular and Reliance Communications) are trading expensively than what they deserve
For the poor quality of business (as measured by ROTC) and low growth (as measured by growth in EBIT), the Indian telcos are overpriced (as measured by EV/EBIT), and we dont see any upside from their current valuations
22.9%
18.5%
15.1%
11.9%
10.1%
7.9%
6.9%
4.2%
2.5%
Bharti Airtel (22.9%)
Vodafone (18.5%)
Idea (15.1%)
Reliance (11.9%)
BSNL (10.1%)
Aircel(7.9%)
Tata (6.9%)
Telewings (4.2%)
Others (2.5%)
Telecom sector - Subscription data
The XLRI Student Fund 3
Wireless market share (based on number of subscribers as of May 2014)
Top 5 wireless players (as of May 2014)
Telecom subscription data (as of May 2014)
Company Subscribers (mn) Market share
Bharti Airtel 208.2 22.9%
Vodafone 168.3 18.5%
Idea 137.7 15.1%
Reliance 108.3 11.9%
BSNL 91.6 10.1%
Total (top 5) 714.2 78.5%
Total (all players) 910.2
Particulars Wireless Wireline
Total subscribers (mn) 910.2 28.2
Urban subscribers (mn) 533.9 22.3
Rural subscribers (mn) 376.2 5.9
Overall teledensity 73.2% 2.3%
Urban teledensity 139.7% 5.8%
Rural teledensity 43.7% 0.7%
Broadband subscribers (mn) 50.4 15.0
Source: TRAI database
Company overview
Integrated telecom services provider with operations
in India, Sri Lanka, Bangladesh and 17 countries in
Africa
Has 22.9% subscriber share in India and 31% revenue
market share (mobile services)
Acquired Zains African assets in 15 countries and
100% of Telecom Seychelles in June 2010
Key operating divisions include:
Mobile: Offers GSM technology services
Telemedia: Includes broadband (DSL), data and
telephone services
Enterprise: Provides communications services to
large enterprise and carrier customers
Passive infrastructure: Provides telecom tower
infrastructure services through Bharti Infratel
Key performance indicators
Bharti Airtel CMPRs. 335.40
Target
Rs.320
Rating
Sell
The XLRI Student Fund 4
Investment thesis
Though the sector has seen consolidation in the
recent past which may provide an opportunity for
Bharti to raise effective tariffs (ARPM), we believe
negative price elasticity may come in picture
(implying cut in MOU) soon which may slowdown the
revenue growth
We believe data services will cannibalize voice
revenues as smart-phone penetration improves and
data services gain meaningful size and scale
We believe accelerated data growth will require
Bharti to increase its capex and network opex,
impacting cash flows and margins
Reliance Jios entry is the key risk for the industry and
Bharti over the medium to long term
Key risks (upside)
No negative price elasticity resulting from no
significant moderation in MOU with increasing ARPM
No data-voice trade-off
Decrease in debt levels from the monetization of the
tower assets in Africa (Bharti has recently entered
into sale and lease back agreement with Helios
Towers for 3,100 towers in four African countries)
Supportive policy environment from the new
government
Reliance Jios entry restricted to data services over
medium to long term
Key operating metrics 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14
EOP subscribers (mn) 188.2 190.9 193.5 198.5 205.5
qoq growth 3.5% 1.4% 1.3% 2.6% 3.5%
MOU (mins/sub/month) 455 455 437 434 437
RPM (Rs) 0.42 0.44 0.44 0.45 0.45
ARPU (Rs) 193 200 192 195 196
qoq growth 4.3% 3.6% (4.0%) 1.6% 0.5%
Wireless Revenue (Rs mn) 107,179 113,727 110,586 114,337 119,045
Monthly Churn (%) 3.2% 3.2% 3.2% 2.7% 2.4%
Voice RPM (Rs) 0.35 0.36 0.37 0.37 0.37
Data subscribers (mn) 43.5 46.6 50.6 54.4 58.1
qoq growth 4.8% 7.1% 8.7% 7.5% 6.7%
Data ARPU (Rs) 55 63 70 75 79
Data revenues as % of wireless revenues 6.5% 7.4% 9.2% 10.3% 11.1%
Non-data VAS revenues as % of wireless revenues 10.8% 9.9% 7.3% 7.0% 6.4%
Trading multiples
Date 11-Jul-14
Market Cap. (INR) 1,341 bn
Enterprise value (EV, INR) 2,030 bn
52 wk Low/High (INR) 279/374
P/E (LTM) 48.7x
EV/EBIT (LTM) 16.7x
Promotors 65.3%
Institutions 24.2%
Others 10.5%
Stock performance (%) Airtel Nifty
1 month (5.3%) (2.2%)
3 months 4.2% 10.1%
12 months 11.8% 25.7%
Shareholding pattern (31-Mar-14)
Source: Company filings
Bharti Airtel-Financial Summary CMPRs. 335.40
Target
Rs.xxx
Rating
Sell
Income Statement
Ratio Analysis
Balance sheet
The XLRI Student Fund 5
% unless specified 2010A 2011A 2012A 2013A 2014A
EBITDA margin 40.4% 34.0% 33.4% 31.1% 32.4%
Operating margin 25.0% 16.6% 14.5% 11.7% 14.1%
Net profit margin 21.5% 10.2% 6.0% 2.8% 3.2%
Sales growth 12.0% 42.3% 20.0% 12.4% 6.8%
Sales per share growth 12.1% 42.2% 20.0% 12.4% 2.5%
Net profit growth 14.2% (32.6%) (29.6%) (46.6%) 20.9%
EPS growth 14.3% (32.7%) (29.6%) (46.6%) 16.1%
Interest coverage (x) 13.7x 4.9x 3.4x 2.3x 2.5x
Net debt to equity 5.4% 116.4% 122.1% 118.5% 101.1%
Sales/assets 58.9% 40.6% 45.5% 48.0% 46.8%
Assets/equity 159.0% 283.8% 294.2% 307.5% 286.4%
ROE 20.1% 11.7% 8.0% 4.2% 4.3%
ROCE (pretax) 19.8% 9.4% 10.1% 8.1% 10.2%
ROA 12.6% 4.1% 2.7% 1.4% 1.5%
Rs in millions, FYE March 2010A 2011A 2012A 2013A 2014A
Revenues 418,472 595,383 714,508 803,112 857,461
% growth 12.0% 42.3% 20.0% 12.4% 6.8%
EBITDA 169,127 202,571 238,314 249,497 277,778
% growth 9.4% 17.2% 17.2% 17.2% 17.2%
EBIT 104,801 98,944 103,850 94,130 121,274
% growth 0.9% (5.6%) 5.0% (9.4%) 28.8%
Interest expense (7,626) (20,378) (30,608) (41,098) (48,380)
PAT 89,768 60,467 42,594 22,757 27,520
% growth 14.2% (32.6%) (29.6%) (46.6%) 20.9%
Diluted WASO (mm) 3,794 3,795 3,796 3,796 3,955
Diluted EPS (Rs) 23.66 15.93 11.22 5.99 6.96
% growth 14.3% (32.7%) (29.6%) (46.6%) 16.1%
Rs in millions, FYE March 2010A 2011A 2012A 2013A 2014A
Assets
Cash and cash equivalents 77,587 15,799 38,432 84,746 112,073
Accounts receivable 35,711 54,929 63,735 66,430 62,441
Inventories 484 2,139 1,308 1,109 1,422
Other current assets 23,903 39,210 44,609 50,619 47,921
Total current assets 137,685 112,077 148,084 202,904 223,857
LT Investments & LT Receivables na na na na 36,341
Net fixed assets 482,629 651,426 674,932 688,430 596,429
Total assets 710,940 1,465,064 1,570,616 1,673,232 1,831,772
Liabilities
Short term debt 20,424 84,370 193,078 114,123 209,039
Short term payables 102,303 239,684 232,650 273,134 283,981
Other short term liabilities 25,715 45,791 63,145 63,164 75,030
Total current liabilities 148,442 369,845 488,873 450,421 568,050
Long term debt 81,474 532,338 497,154 615,485 549,919
Other LT liabilities 33,799 46,650 50,781 63,223 74,141
Total liabilities 263,715 948,833 1,036,808 1,129,129 1,192,110
Shareholders' equity 447,225 516,231 533,808 544,103 639,662
Diluted BVPS 117.88 136.03 140.62 143.34 161.72
Source: Company filings
Rs.320
Company overview
Pan-India integrated global system for mobile
communication (GSM) operations and has its own
national long distance (NLD) and international long
distance (ILD) operations
Has 15.1% subscriber share in India and 15% revenue
share (mobile services)
Operates through three segments: Mobility Services,
ILD and Passive Infrastructure (through Indus Towers)
Also offers a range of high-speed mobile broadband
devices including 3G smartphones, dongles etc and
high-end data services such as Idea TV etc.
Has a network of over 100,000 2G and 3G cell sites,
spread across over 55,000 towns in India
Ranks among the top 10 country operators in the
world with a traffic of over 1.5 billion minutes per day
Trading multiples
Key performance indicators
Idea Cellular CMPRs. 134.20
Target
Rs.145
Rating
Hold
The XLRI Student Fund 6
Investment thesis We believe Idea is still the best defensive play among
Indian telcos, given its market share gain prowess and solid execution
Operational strength of Idea is evident from consistent market share gains, however sector specific concerns are likely to outweigh superior relative performance of Idea
We believe ARPM vs. MOU trade-off is likely to come in picture (from negative price elasticity) in the medium term implying moderate growth
Ideas spectrum holding in seven circles which accounts for 62% of revenues, is due for renewal in late FY15, implying hefty capital expenditures and thus shrinking margins
Idea must retain this spectrum to continue operating on the 900 MHz band or else has to invest in shifting to 1800 MHz
Increase in capex for data services expansion also implies pressure on profit marginsKey risks (upside)
No negative price elasticity resulting from no
significant moderation in MOU with increasing ARPM
No data-voice trade-off
Supportive policy environment from the new
government
Reliance Jios entry restricted to data services over
medium to long term
Key operating metrics 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14EOP subscribers (mn) 121.6 125.0 127.2 128.7 135.8qoq growth 6.8% 2.8% 1.8% 1.2% 5.5%MOU (mins/sub/month) 406 398 368 376 397RPM (Rs) 0.41 0.44 0.45 0.45 0.44ARPU (Rs) 167 174 164 169 173qoq growth 5.7% 4.2% (5.7%) 3.0% 2.4%Wireless Revenue (Rs mn) 59,067 64,377 62,056 64,912 68,476Monthly Churn (%) 4.3% 5.1% 5.3% 5.6% 4.2%Voice RPM (Rs) 0.35 0.37 0.38 0.38 0.36Data subscribers (mn) 26.2 30.9 33.6 25.5 25.3qoq growth 20.5% 17.9% 8.8% (24.1%) (1.0%)Data ARPU (Rs) 55 54 55 91 104Data revenues as % of wireless revenues 6.6% 7.2% 8.7% 9.5% 10.1%Non-data VAS revenues as % of wireless revenues 8.6% 8.8% 7.4% 6.6% 6.4%
Date 11-Jul-14
Market Cap. (INR) 476 bn
Enterprise value (EV, INR) 679 bn
52 wk Low/High (INR) 125/188
P/E (LTM) 24.2x
EV/EBIT (LTM) 18.7x
Promotors 42.9%
Institutions 26.2%
Others 30.9%
Stock performance (%) Idea Nifty
1 month (6.5%) (2.2%)
3 months (6.2%) 10.1%
12 months (4.6%) 25.7%
Shareholding pattern (31-Mar-14)
Idea-Financial Summary CMPRs. 134.20
Target
Rs.xxx
Rating
HoldRs.145
Income Statement
Ratio Analysis
Balance sheet
The XLRI Student Fund 7
Rs in millions, FYE March 2010A 2011A 2012A 2013A 2014A
Revenues 123,979 154,384 194,887 224,074 264,320
% growth 22.4% 24.5% 26.2% 15.0% 18.0%
EBITDA 33,714 37,584 50,484 59,597 81,430
% growth 19.2% 17.2% 17.2% 17.2% 17.2%
EBIT 13,565 13,610 20,671 24,819 36,236
% growth (4.8%) 0.3% 51.9% 20.1% 46.0%
Interest expense (6,682) (4,904) (9,939) (9,574) (9,060)
PAT 9,539 8,987 7,230 10,109 19,678
% growth 8.2% (5.8%) (19.6%) 39.8% 94.7%
Diluted WASO (mm) 3,116 3,309 3,316 3,319 3,325
Diluted EPS (Rs) 3.06 2.72 2.18 3.05 5.92
% growth 1.8% (11.3%) (19.7%) 39.7% 94.3%
% unless specified 2010A 2011A 2012A 2013A 2014A
EBITDA margin 27.2% 24.3% 25.9% 26.6% 30.8%
Operating margin 10.9% 8.8% 10.6% 11.1% 13.7%
Net profit margin 7.7% 5.8% 3.7% 4.5% 7.4%
Sales growth 22.4% 24.5% 26.2% 15.0% 18.0%
Sales per share growth 15.1% 17.2% 26.0% 14.9% 17.7%
Net profit growth 8.2% (5.8%) (19.6%) 39.8% 94.7%
EPS growth 1.8% (11.3%) (19.7%) 39.7% 94.3%
Interest coverage (x) 2.0x 2.8x 2.1x 2.6x 4.0x
Net debt to equity 57.1% 86.2% 100.3% 90.0% 122.7%
Sales/assets 52.7% 51.1% 59.7% 61.6% 56.8%
Assets/equity 206.8% 245.6% 250.1% 254.3% 281.7%
ROE 8.4% 7.3% 5.5% 7.1% 11.9%
ROCE (pretax) 7.5% 6.4% 9.2% 9.5% 10.5%
ROA 4.1% 3.0% 2.2% 2.8% 4.2%
Rs in millions, FYE March 2010A 2011A 2012A 2013A 2014A
Assets
Cash and cash equivalents 14,204 14,734 2,450 11,658 3,543
Accounts receivable 4,656 5,557 8,227 9,601 8,006
Inventories 536 659 926 726 683
Other current assets 28,538 11,034 15,450 10,905 12,709
Total current assets 47,934 31,984 27,053 32,890 24,942
LT Investments & LT Receivables 0 0 0 0 0
Net fixed assets 170,945 212,003 208,103 217,758 332,827
Total assets 235,138 302,117 326,352 363,781 465,575
Liabilities
Short term debt 11,734 30,757 38,150 22,391 25,065
Short term payables 24,352 35,780 21,840 26,871 27,880
Other short term liabilities 15,774 15,478 26,386 31,150 33,728
Total current liabilities 51,861 82,015 86,377 80,412 86,673
Long term debt 67,412 89,948 95,222 118,047 181,284
Other LT liabilities 2,142 7,155 14,251 22,269 32,348
Total liabilities 121,415 179,117 195,850 220,728 300,305
Shareholders' equity 113,724 122,999 130,502 143,053 165,270
Diluted BVPS 36.50 37.17 39.36 43.10 49.70
Source: Company filings
Company overview
Integrated telecommunications service provider with
a pan-India presence and is flagship company of
Reliance Group
Has 11.9% subscriber share in India (mobile services)
Offers a chain of wireless (CDMA and GSM including
3G services), wireline, national long distance,
international, voice, data, video, direct-to-home
(DTH) and Internet based communications services
The company also owns through its subsidiaries, a
global submarine cable network infrastructure and
offers managed services, managed ethernet and
application delivery services
Recently raised Rs 6,100 crore from India's largest
private sector share sale to institutions and a
preferential issue of warrants to promoters to cut
debt
Trading multiples
Key performance indicators
Reliance Communications CMPRs. 122.70
Target
Rs.110
Rating
Sell
The XLRI Student Fund 8
Investment thesis On an operational front, RCom is continuously losing
market share (it lost 2 mn subscribers in May 2014) and its balance sheet continues to be stretched, even after the repayments
Net debt/EBITDA for RCom is at 6.0x, highest among the telcos , which remains an overhang on the company
We believe that it will be difficult to deleverage the balance sheet further in absence of the generation of organic cash flows
We believe that the declining market share and the companys inability to reduce leverage organically will limit RComs ability to invest for growth
The de-growth in the subscriber number and relatively slower growth in voice traffic comes in as a deterrent and the high debt levels will keep the downward pressure on its stock price
Key risks (upside)
We may see interim spikes on account of news flows
on de-leveraging
Monetization of the non-core assets (such as cable
assets business) can drive the stock upwards
No data-voice trade-off
Key operating metrics 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14
EOP subscribers (mn) 124.2 127.0 117.5 118.5 112.1
qoq growth 3.7% 2.3% (7.5%) 0.9% (5.4%)
MOU (mins/sub/month) 290 282 277 288 296
RPM (Rs) 0.40 0.42 0.43 0.44 0.43
ARPU (Rs) 117 119 120 125 128
qoq growth 4.5% 1.7% 0.8% 4.2% 2.4%
Monthly Churn (%) 4.8% 4.6% 5.9% 3.4% 5.5%
Voice RPM (Rs) 0.31 0.32 0.33 0.34 0.33
Data subscribers (mn) 29.4 31.1 34.0 36.2 37.4
qoq growth 6.5% 5.8% 9.3% 6.5% 3.3%
Non voice as % of telecom revenue 23.4% 24.0% 23.1% 23.0% 23.5%
Date 11-Jul-14
Market Cap. (INR) 296 bn
Enterprise value (EV, INR) 660 bn
52 wk Low/High (INR) 106/165
P/E (LTM) 28.2x
EV/EBIT (LTM) 31.3x
Promotors 58.3%
Institutions 18.1%
Others 23.6%
Stock performance (%) RCOM Nifty
1 month (17.2%) (2.2%)
3 months (7.6%) 10.1%
12 months (13.3%) 25.7%
Shareholding pattern (31-Mar-14)
Source: Company filings
RCOM-Financial Summary CMPRs. 122.70
Target
Rs.xxx
Rating
Sell
Income Statement
Ratio Analysis
Balance sheet
The XLRI Student Fund 9
Rs in millions, FYE March 2010A 2011A 2012A 2013A 2014A
Revenues 206,851 220,890 187,160 192,940 209,400
% growth (0.3%) 6.8% (15.3%) 3.1% 8.5%
EBITDA 69,905 96,740 70,630 59,090 66,430
% growth (19.9%) 17.2% 17.2% 17.2% 17.2%
EBIT 32,440 31,700 30,850 20,640 21,080
% growth (36.6%) (2.3%) (2.7%) (33.1%) 2.1%
Interest expense (13,422) (9,020) (14,770) (22,650) (30,190)
PAT 46,893 13,450 9,280 6,720 10,470
% growth (22.5%) (71.3%) (31.0%) (27.6%) 55.8%
Diluted WASO (mm) 2,153 2,153 2,104 2,064 2,065
Diluted EPS (Rs) 21.78 6.25 4.41 3.26 5.07
% growth (22.4%) (71.3%) (29.4%) (26.2%) 55.7%
% unless specified 2010A 2011A 2012A 2013A 2014A
EBITDA margin 33.8% 43.8% 37.7% 30.6% 31.7%
Operating margin 15.7% 14.4% 16.5% 10.7% 10.1%
Net profit margin 22.7% 6.1% 5.0% 3.5% 5.0%
Sales growth (0.3%) 6.8% (15.3%) 3.1% 8.5%
Sales per share growth (0.2%) 6.8% (13.3%) 5.1% 8.5%
Net profit growth (22.5%) (71.3%) (31.0%) (27.6%) 55.8%
EPS growth (22.4%) (71.3%) (29.4%) (26.2%) 55.7%
Interest coverage (x) 2.4x 3.5x 2.1x 0.9x 0.7x
Net debt to equity 56.5% 82.1% 100.6% 116.5% 107.7%
Sales/assets 22.3% 23.3% 20.3% 21.4% 23.2%
Assets/equity 210.3% 229.2% 248.3% 260.8% 272.5%
ROE 10.7% 3.3% 2.5% 1.9% 3.2%
ROCE (pretax) 5.0% 5.2% 4.6% 3.3% 3.5%
ROA 5.1% 1.4% 1.0% 0.7% 1.2%
Rs in millions, FYE March 2010A 2011A 2012A 2013A 2014A
Assets
Cash and cash equivalents 48,585 51,640 9,400 12,730 11,090
Accounts receivable 33,117 37,530 35,840 39,110 39,190
Inventories 5,446 5,170 5,660 4,970 4,150
Other current assets 74,825 70,140 74,550 65,800 79,340
Total current assets 161,972 164,480 125,450 122,610 133,770
LT Investments & LT Receivables 1,200 1,180 1,330 1,110 1,180
Net fixed assets 534,139 558,870 485,770 482,030 664,430
Total assets 925,686 947,230 922,650 901,820 903,520
Liabilities
Short term debt 91,683 197,580 86,570 128,690 89,090
Short term payables 40,899 18,890 23,180 23,640 35,160
Other short term liabilities 146,453 106,550 114,290 82,060 131,130
Total current liabilities 279,034 323,020 224,040 234,390 255,380
Long term debt 205,471 193,130 296,460 286,780 279,130
Other LT liabilities 991 17,850 30,590 34,900 37,490
Total liabilities 485,496 534,000 551,090 556,070 572,000
Shareholders' equity 440,190 413,230 371,560 345,750 331,520
Diluted BVPS 204.44 191.92 176.59 167.51 160.54
Rs.110
Source: Company filings
Jargon buster
The XLRI Student Fund 10
ARPU: Average revenue per user per month, computed by dividing total telecom operations revenue for the relevant period by average customers and dividing the result by the number of months in the relevant period
Voice ARPU: Computed by dividing total voice revenue for the relevant period by average customers and dividing the result by the number of months in the relevant period
Churn: Computed by taking average monthly disconnections divided by opening monthly subscriber base in the relevant period; expressed as a percentage
MOU: Total minutes of usage; calculated as sum of all incoming and outgoing minutes used on the access network by all customers in aggregate
ARPM: Average revenue per minute; calculated as ARPU divided by the average voice usage customer per month
VAS: Value added services, include SMS, MMS, caller tunes, voicemail services etc
LTE: Long-Term Evolution, commonly marketed as 4G LTE
VoLTE: Voice over LTE
EBITDA: Earnings Before Interest ,Tax, Depreciation and Amortization
EBIT: Earnings Before Interest and Tax (operating profit)
ROTC (pretax): Return on tangible capital, calculated as EBIT/tangible capital
Tangible capital: Net fixed assets + net working capital
EPS: Earnings Per Share
WASO: Weighed average shares outstanding
PAT: Profit After Tax
P/E: Market Price / EPS of Trailing Twelve Months
BVPS: Book value per share
Disclosures
The XLRI Student Fund 11
Rating key
1 year return greater than 10% Buy
1 year return between (5%) and 10% Hold
1 year return less than (5%) Sell
General disclaimer
This report has been prepared by The XLRI Student Fund and is meant for sole use by the recipient and not for circulation
The document at best represents the opinion of The XLRI Student Fund
The information and opinions contained herein have been compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable
Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness
All such information and opinions are subject to change without notice
This document is for information purposes only
Descriptions of any company or companies or their securities mentioned herein are not intended to be complete and this document is not, and should not be construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments