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Last Updated on: 24 November, 2024
Author: Getaka|Social: Getaka Financial Services X (Earlier Twitter) Profile Getaka Financial Services LinkedIn Logo

BSE Ltd: Intrinsic Value and Fundamental Analysis

Share Price and Basic Stock Data

Last Updated: November 22, 2024, 11:28 pm

Market Cap 63,897 Cr.
Current Price 4,720
High / Low4,990/1,941
Stock P/E77.6
Book Value 274
Dividend Yield0.32 %
ROCE20.0 %
ROE15.2 %
Face Value 2.00
PEG Ratio1.85

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for BSE Ltd

Competitors of BSE Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Indian Energy Exchange Ltd (IEX) 14,552 Cr. 163244/12937.9 11.41.53 %50.0 %37.7 % 1.00
BSE Ltd 63,897 Cr. 4,7204,990/1,94177.6 2740.32 %20.0 %15.2 % 2.00
Industry Average39,224.50 Cr2,441.5057.75142.700.93%35.00%26.45%1.50

All Competitor Stocks of BSE Ltd

Quarterly Result

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Sales158165180219213228193234239259260362426
Expenses118115116136135144137184165132146173280
Operating Profit395064847885565074127114189146
OPM %25%30%36%38%37%37%29%21%31%49%44%52%34%
Other Income161620242221162120224302422
Interest3345588766790
Depreciation15151212121310121721212325
Profit before tax384868918385545171122516182143
Tax %17%34%24%31%29%16%25%42%33%27%15%35%26%
Net Profit31325263597240294889440118106
EPS in Rs2.402.413.954.824.535.513.252.503.816.7332.688.907.99

Last Updated: Unknown

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: Unknown

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales5385064855846355726766526066308419251,119
Expenses213238240293392381401434478429489572615
Operating Profit325267245290243190274219127202352352504
OPM %60%53%51%50%38%33%41%34%21%32%42%38%45%
Other Income-20-66-18-10231375295662195242496
Interest12010111210283728
Depreciation34283259545045515158486082
Profit before tax270171194221212276757223135153327297891
Tax %24%22%18%20%17%4%7%10%11%7%25%31%
Net Profit205133160177177265702199121142245206695
EPS in Rs5.743.494.344.994.1313.7042.6712.829.0510.7318.8016.2952.12
Dividend Payout %35%38%31%33%61%68%28%78%63%65%72%74%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2012-20132013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-2023
YoY Net Profit Growth (%)-35.12%20.30%10.62%0.00%49.72%164.91%-71.65%-39.20%17.36%72.54%-15.92%
Change in YoY Net Profit Growth (%)0.00%55.42%-9.68%-10.62%49.72%115.19%-236.56%32.46%56.55%55.18%-88.45%

BSE Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2012-2013 to 2022-2023.

Growth

Compounded Sales Growth
10 Years:13%
5 Years:20%
3 Years:36%
TTM:119%
Compounded Profit Growth
10 Years:10%
5 Years:17%
3 Years:36%
TTM:136%
Stock Price CAGR
10 Years:%
5 Years:95%
3 Years:107%
1 Year:117%
Return on Equity
10 Years:10%
5 Years:9%
3 Years:11%
Last Year:15%

Last Updated: Unknown

Balance Sheet

Last Updated: November 15, 2024, 1:33 am

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Sep 2024
Equity Capital101010111111109927272727
Reserves2,2792,3662,4502,5122,6523,0702,9182,4162,4982,6272,6743,2753,681
Borrowings1241300000000
Other Liabilities1,6491,6881,7301,7172,5171,9181,5752,0512,1203,5313,2936,1487,042
Total Liabilities3,9394,0664,1954,2405,1834,9984,5044,4764,6276,1855,9949,45010,750
Fixed Assets194190251241249207204190184161252285326
CWIP2034436718224102159
Investments1,3542,1862,2762,1151,9962,4422,3802,1321,8441,9681,4532,3902,799
Other Assets2,3721,6561,6641,8822,9312,3421,9022,1322,5954,0464,2866,7617,616
Total Assets3,9394,0664,1954,2405,1834,9984,5044,4764,6276,1855,9949,45010,750

Reserves and Borrowings Chart

Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Cash from Operating Activity +-57151-153-44817-239-313397-681,442-1372,842
Cash from Investing Activity +127-2137116495-236347470-190-980-111-1,071
Cash from Financing Activity +-196-303-45-120-85108-352-618-559-186-149
Net Cash Flow-126-172173-0827-366-318249-312471-4341,622

Free Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Free Cash Flow325.00266.00243.00286.00242.00187.00274.00219.00127.00202.00352.00352.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Debtor Days252623274430274251283648
Inventory Days
Days Payable
Cash Conversion Cycle252623274430274251283648
Working Capital Days-675-1,002-772-660-1,181-791-605-894-792-1,148-846-1,090
ROCE %10%10%10%10%10%25%8%5%8%15%12%20%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthDec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
FIIs0.00%0.00%0.00%10.58%8.41%7.60%8.77%7.90%12.03%13.04%11.12%13.01%
DIIs12.41%13.79%12.04%0.60%0.58%0.65%0.54%8.09%11.27%12.69%11.60%11.68%
Public60.57%59.73%61.81%62.79%64.80%65.88%64.83%58.90%53.56%51.91%54.52%52.40%
Others27.01%26.49%26.14%26.03%26.21%25.86%25.85%25.10%23.14%22.36%22.75%22.90%
No. of Shareholders3,04,5953,78,6554,46,8914,58,9744,67,0624,74,0804,58,4104,05,7224,42,1144,40,0585,49,7585,43,812

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Quant Small Cap Fund1,460,0002.08189.5490,0002024-11-22197.96%
Nippon India Growth Fund748,1560.597.11490,0002024-11-2252.68%
Axis Small Cap Fund541,2470.4370.25490,0002024-11-2210.46%
Motilal Oswal Focused Fund505,2663.9265.58490,0002024-11-223.12%
Quant Tax Plan490,0001.2963.6490,0002024-11-220%
Canara Robeco Equity Hybrid Fund370,0000.6154.88490,0002024-11-22-24.49%
Motilal Oswal Balance Advantage Fund290,0944.7737.65490,0002024-11-22-40.8%
Quant Quantamental Fund280,6163.4536.42490,0002024-11-22-42.73%
Quant Business Cycle Fund275,0006.3835.69490,0002024-11-22-43.88%
Invesco India Smallcap Fund201,6750.9526.18490,0002024-11-22-58.84%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 24Mar 23Mar 22Mar 21Mar 20
FaceValue2.002.002.002.002.00
Basic EPS (Rs.)56.6616.0618.5130.9424.57
Diluted EPS (Rs.)56.6616.0618.5130.9424.57
Cash EPS (Rs.)58.7616.0016.9334.7632.22
Book Value[Excl.RevalReserv]/Share (Rs.)255.24208.86206.26559.09543.03
Book Value[Incl.RevalReserv]/Share (Rs.)255.24208.86206.26559.09543.03
Revenue From Operations / Share (Rs.)117.6668.2854.95111.42100.11
PBDIT / Share (Rs.)46.3724.8024.6642.6928.94
PBIT / Share (Rs.)39.3120.3421.0929.8317.59
PBT / Share (Rs.)68.2518.3119.4524.3224.19
Net Profit / Share (Rs.)51.7111.5513.3621.9020.88
NP After MI And SOA / Share (Rs.)57.5116.2918.8032.2027.17
PBDIT Margin (%)39.4036.3144.8738.3128.90
PBIT Margin (%)33.4129.7938.3826.7717.57
PBT Margin (%)58.0026.8135.4021.8224.15
Net Profit Margin (%)43.9416.9124.3219.6520.85
NP After MI And SOA Margin (%)48.8723.8634.2228.9027.14
Return on Networth / Equity (%)23.578.169.585.815.04
Return on Capital Employeed (%)12.037.658.294.352.73
Return On Assets (%)8.233.684.113.132.73
Asset Turnover Ratio (%)0.200.150.150.110.10
Current Ratio (X)1.191.611.802.041.84
Quick Ratio (X)1.191.611.802.041.84
Dividend Payout Ratio (NP) (%)21.1884.0637.8249.24107.48
Dividend Payout Ratio (CP) (%)18.8766.0131.7835.1875.82
Earning Retention Ratio (%)78.8215.9462.1850.76-7.48
Cash Earning Retention Ratio (%)81.1333.9968.2264.8224.18
Interest Coverage Ratio (X)41.7012.2215.0618.6554.94
Interest Coverage Ratio (Post Tax) (X)20.486.699.1611.9827.13
Enterprise Value (Cr.)29742.232915.499391.13666.59-255.02
EV / Net Operating Revenue (X)18.683.1512.641.33-0.56
EV / EBITDA (X)47.398.6828.163.47-1.96
MarketCap / Net Operating Revenue (X)21.386.3117.185.132.96
Retention Ratios (%)78.8115.9362.1750.75-7.48
Price / BV (X)10.312.164.811.030.55
Price / Net Operating Revenue (X)21.386.3117.185.132.96
EarningsYield0.020.030.010.050.09

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of BSE Ltd as of November 24, 2024 is: 3,242.23

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of November 24, 2024, BSE Ltd is Overvalued by 31.31% compared to the current share price 4,720.00

Intrinsic Value of BSE Ltd as of November 24, 2024 is: 4,601.66

Calculation basis:

  • Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
  • EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of November 24, 2024, BSE Ltd is Overvalued by 2.51% compared to the current share price 4,720.00

Last 5 Year EPS CAGR: 41.93%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a low average Working Capital Days of -503.25, which is a positive sign.
  2. The company has higher reserves (2,724.46 cr) compared to borrowings (0.85 cr), indicating strong financial stability.
  3. The company has shown consistent growth in sales (588.54 cr) and profit (317.46 cr) over the years.
  1. The stock has a low average ROCE of 11.92%, which may not be favorable.
  2. The stock has a high average Cash Conversion Cycle of 33.92, which may not be favorable.

Stock Analysis

  • Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in BSE Ltd:
    1. Net Profit Margin: 43.94%
      • Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
    2. ROCE: 12.03% (Industry Average ROCE: 35%)
      • ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
    3. ROE%: 23.57% (Industry Average ROE: 26.45%)
      • ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
    4. Interest Coverage Ratio (Post Tax): 20.48
      • Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
    5. Quick Ratio: 1.19
      • Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
    6. Stock P/E: 77.6 (Industry average Stock P/E: 57.75)
      • Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
    7. Total Debt / Equity: 0
      • Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
    The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
    Stock Rating:

About the Company - Qualitative Analysis

BSE Ltd. is a Public Limited Listed company incorporated on 08/08/2005 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L67120MH2005PLC155188 and registration number is 155188. Currently Company is involved in the business activities of Administration of financial markets. Company’s Total Operating Revenue is Rs. 606.98 Cr. and Equity Capital is Rs. 27.05 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Exchanges25th Floor, Mumbai Maharashtra 400001bse.shareholders@bseindia.com
http://www.bseindia.com
Management
NamePosition Held
Mr. Pramod AgrawalChairman & Public Interest Director
Mr. Sundararaman RamamurthyManaging Director & CEO
Justice Shiavax Jal VazifdarPublic Interest Director
Mr. Umakant JayaramPublic Interest Director
Prof. Subhasis ChaudhuriPublic Interest Director
Dr. Padmini SrinivasanPublic Interest Director
Ms. Sushri Jayshree VyasPublic Interest Director
Mr. Nandkumar SaravadePublic Interest Director
Mr. Jagannath MukkavilliNon Independent Director

FAQ

What is the latest intrinsic value of BSE Ltd?

The latest intrinsic value of BSE Ltd as on 24 November 2024 is ₹3242.23, which is 31.31% lower than the current market price of ₹4,720.00.

What is the Market Cap of BSE Ltd?

The Market Cap of BSE Ltd is 63,897 Cr..

What is the current Stock Price of BSE Ltd as on 24 November 2024?

The current stock price of BSE Ltd as on 24 November 2024 is 4,720.

What is the High / Low of BSE Ltd stocks in FY 2024?

In FY 2024, the High / Low of BSE Ltd stocks is 4,990/1,941.

What is the Stock P/E of BSE Ltd?

The Stock P/E of BSE Ltd is 77.6.

What is the Book Value of BSE Ltd?

The Book Value of BSE Ltd is 274.

What is the Dividend Yield of BSE Ltd?

The Dividend Yield of BSE Ltd is 0.32 %.

What is the ROCE of BSE Ltd?

The ROCE of BSE Ltd is 20.0 %.

What is the ROE of BSE Ltd?

The ROE of BSE Ltd is 15.2 %.

What is the Face Value of BSE Ltd?

The Face Value of BSE Ltd is 2.00.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in BSE Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE