Monday, March 29, 2021

Godrej Consumer Products Ltd (532424) : Global operations will add value

Godrej Consumer Products Ltd (532424) closes   at 710.15   with  a  Gain of   +4.40%   on    26-March-2021  with formation of  a  Green Candle    on Daily  Price Chart.

About the Company : Godrej Consumer Products is engaged in a fast moving consumer goods Company, manufacturing and marketing Household and Personal Care products.

Sector Update : Positive

Strength :  1. The company is eyeing a double digit revenue growth and 17%-18% margins in key markets such as Africa 2. Double-digit growth on the back of strong demand in rural markets and recovery in urban areas.3. The soaps category will see 15 per cent growth

Weaknesses : 1. Increase in the cost of raw material such as palm oil and packaging material.

Financials : Godrej Consumer Products Ltd has posted Net Sales / Revenue   of 9910.80Cr & Net Profit of 2143.00 Cr in FY2020 and expected to post Net Sales / Revenue   of 10911.30 Cr & Net Profit  of 2448.10 Cr in FY2021 and Net Sales / Revenue   of 11922.50 Cr & Net Profit of 2690.50 Cr in FY2022  and Net Sales / Revenue   of 13097.70 Cr & Net Profit of 3005.90 Cr in FY2023.

Valuations  : The Company is now Trading at X 4.10 of its  valuations ( last 4Quaters earnings considered here) with ~310% Premium  and at X1.82 of its FY 2021, which is now almost  ~82%  Premium to its value and  X 1.62 of its FY 2022 earning with a premium  of ~62% and X1.48of its FY2023 earning with ~48%  premium to its valuations.

Margin of Safety (1Yr Bond Yield: Value>1 ) is now 0.4, which  makes is attractive after ~60% decline in CMP. The  Equity Value Per Share ( Enterprise Value Method ) is  702.70

Whats  best in It   : Godrej Consumer Products Ltd is now available at EPS of 14.60(FY2020), which will improve to 20.9 in FY2023, Debt is 1148.50 Cr inFY2020 will Decline to 320.70 by Fy2023 and Free Cash Flow will rise to 2171.10 Cr in from 1436.10 Cr during the same period.The cos is planning to go for capex, will rise from 152.00Cr in FY2020 to 285.0 Cr in FY2023; Return on Assets from 10.90% to 12.60% and Book Value per share from 77.30 to 101.00 by FY2023.

If We factor its earnings/valuations, its Price arrives at 1964.00 with consideration FY2023 earnings.

Disclaimer : We are / may going to take exposure shortly.

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