Forbes & Company Ltd: Fundamental Analysis, Share Price Insights & Intrinsic Value (2024)

Share Price and Basic Stock Data

Last Updated: December 21, 2024, 12:58 am

Market Cap	608 Cr.
Current Price	471
High / Low	796/297
Stock P/E	29.8
Book Value	143
Dividend Yield	0.00 %
ROCE	3.89 %
ROE	9.62 %
Face Value	10.0
PEG Ratio	0.15

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

Stock P/E Current Price Intrinsic Value

View Share Price Target for

Competitors of

Stock Name	Market Cap	Current Price	High / Low	Stock P/E	Book Value	Dividend Yield	ROCE	ROE	Face Value
Incon Engineers Ltd	6.40 Cr.	14.8	24.8/12.5		0.44	0.00 %	72.7 %	162 %	10.0
Hittco Tools Ltd	8.22 Cr.	13.4	16.0/9.53		4.59	0.00 %	7.27 %	5.66 %	10.0
Harshil Agrotech Ltd	262 Cr.	5.15	13.7/0.43	44.0	1.20	0.00 %	16.4 %	13.5 %	1.00
Gujarat Toolroom Ltd	242 Cr.	15.1	45.9/10.8	2.06	14.8	6.62 %	179 %	170 %	1.00
GTV Engineering Ltd	164 Cr.	525	640/395	25.0	125	0.00 %	12.7 %	13.5 %	10.0
Industry Average	4,210.79 Cr	558.17		41.04	132.38	0.40%	29.10%	26.17%	6.39

All Competitor Stocks of

Quarterly Result

Month	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Sales	131.36	136.73	116.52	121.85	64.42	60.75	11.26	11.37	15.54	11.89	87.08	35.79	34.66
Expenses	115.37	123.05	113.15	121.76	57.05	63.60	14.94	11.30	17.04	11.81	83.58	31.00	30.45
Operating Profit	15.99	13.68	3.37	0.09	7.37	-2.85	-3.68	0.07	-1.50	0.08	3.50	4.79	4.21
OPM %	12.17%	10.01%	2.89%	0.07%	11.44%	-4.69%	-32.68%	0.62%	-9.65%	0.67%	4.02%	13.38%	12.15%
Other Income	-42.03	-2.00	4,294.54	195.02	13.64	8.15	14.10	17.40	-20.24	2.96	-1.03	2.31	2.60
Interest	10.38	8.98	10.91	6.51	4.12	3.51	-0.90	0.24	0.39	0.17	0.80	0.23	0.20
Depreciation	11.23	11.41	8.08	6.82	4.50	4.49	1.36	0.41	0.46	0.35	0.43	0.38	0.37
Profit before tax	-47.65	-8.71	4,278.92	181.78	12.39	-2.70	9.96	16.82	-22.59	2.52	1.24	6.49	6.24
Tax %	11.69%	27.32%	-0.35%	19.87%	-223.00%	51.11%	-2.71%	36.09%	0.53%	-55.95%	-173.39%	18.64%	17.63%
Net Profit	-53.22	-11.09	4,293.80	145.66	40.02	-4.08	10.23	10.75	-22.71	3.93	3.39	5.28	5.14
EPS in Rs	-38.52	-8.56	3,326.29	113.01	31.02	-3.16	7.93	8.33	-17.60	3.05	2.63	4.09	3.98

Last Updated: November 6, 2024, 6:44 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: Unknown

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	1,999	3,067	3,546	3,231	2,999	2,822	2,853	2,731	932	515	47	126	205
Expenses	1,948	2,914	3,417	3,194	2,892	2,693	2,710	2,701	821	465	76	124	186
Operating Profit	51	153	129	37	106	129	143	30	111	49	-29	2	19
OPM %	3%	5%	4%	1%	4%	5%	5%	1%	12%	10%	-63%	2%	9%
Other Income	153	52	65	135	134	39	35	-171	-48	4,252	243	-1	-15
Interest	51	79	91	107	74	96	89	101	52	42	10	2	2
Depreciation	45	54	22	75	71	77	77	98	68	41	6	2	4
Profit before tax	109	72	81	-9	95	-4	11	-341	-56	4,218	198	-2	-3
Tax %	24%	30%	54%	423%	26%	682%	126%	-1%	107%	-0%	3%	122%
Net Profit	84	50	37	-48	89	-32	-3	-338	-117	4,229	192	-4	-3
EPS in Rs	66.32	31.05	25.17	-45.39	65.49	-15.07	5.40	-251.63	-60.21	3,278.84	148.80	-3.46	-2.35
Dividend Payout %	0%	0%	0%	0%	4%	-17%	93%	0%	0%	0%	44%	0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2013-2014	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	-40.48%	-26.00%	-229.73%	285.42%	-135.96%	90.62%	-11166.67%	65.38%	3714.53%	-95.46%	-102.08%
Change in YoY Net Profit Growth (%)	0.00%	14.48%	-203.73%	515.15%	-421.37%	226.58%	-11257.29%	11232.05%	3649.15%	-3809.99%	-6.62%

has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2013-2014 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:	-27%
5 Years:	-46%
3 Years:	-49%
TTM:	71%

Compounded Profit Growth
10 Years:	%
5 Years:	-32%
3 Years:	%
TTM:	171%

Stock Price CAGR
10 Years:	24%
5 Years:	56%
3 Years:	42%
1 Year:	54%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	%
Last Year:	-10%

Last Updated: Unknown

Balance Sheet

Last Updated: December 14, 2024, 1:41 pm

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	13	13	13	13	13	13	13	13	13	13	13	13	13
Reserves	410	398	431	206	301	303	251	-101	-154	73	212	127	171
Borrowings	416	918	1,180	1,140	1,164	1,189	1,070	1,137	523	288	9	9	9
Other Liabilities	791	1,160	1,188	1,220	1,228	1,254	1,541	1,695	1,654	415	467	271	219
Total Liabilities	1,629	2,488	2,811	2,579	2,706	2,759	2,874	2,744	2,036	789	701	421	413
Fixed Assets	367	878	1,140	997	1,036	1,139	1,134	1,027	598	158	29	27	28
CWIP	13	29	51	72	74	94	87	29	4	1	-0	-0	0
Investments	119	10	26	92	73	80	81	123	60	117	145	171	214
Other Assets	1,129	1,571	1,594	1,418	1,524	1,445	1,573	1,565	1,374	513	527	223	171
Total Assets	1,629	2,488	2,811	2,579	2,706	2,759	2,874	2,744	2,036	789	701	421	413

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity +	95	114	98	120	67	170	207	229	366	201	55	-20
Cash from Investing Activity +	-85	-409	-51	-83	5	-130	-44	-143	65	9	216	1
Cash from Financing Activity +	-34	421	-80	-36	-20	-94	-230	-122	-382	-275	-243	-6
Net Cash Flow	-25	126	-34	2	52	-53	-66	-36	49	-65	27	-26

Free Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Free Cash Flow	-365.00	-765.00	128.00	36.00	105.00	128.00	142.00	29.00	-412.00	-239.00	-38.00	-7.00

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

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	65	66	60	59	56	54	60	54	47	62	61	29
Inventory Days	137	131	102	98	138	155	220	284	188	533		884
Days Payable	152	192	162	140	115	142	151	162	99	214		338
Cash Conversion Cycle	51	5	0	17	79	68	128	177	136	380	61	574
Working Capital Days	1	-14	0	-2	8	-4	-34	-64	-139	16	-145	-287
ROCE %	12%	14%	11%	3%	5%	5%	7%	-2%	14%	12%	-9%	4%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Promoters	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%
FIIs	11.53%	11.53%	11.52%	11.52%	11.52%	11.52%	11.52%	11.51%	11.58%	11.56%	11.51%	11.30%
DIIs	0.62%	0.11%	0.11%	0.10%	0.10%	0.10%	0.10%	0.10%	0.10%	0.10%	0.10%	0.10%
Government	0.86%	0.86%	0.86%	0.86%	0.86%	0.86%	0.86%	0.86%	0.86%	0.86%	0.86%	0.86%
Public	13.15%	13.65%	13.66%	13.70%	13.69%	13.68%	13.68%	13.67%	13.61%	13.63%	13.68%	13.89%
No. of Shareholders	12,026	12,373	11,721	14,819	14,336	13,830	13,586	13,067	12,619	13,302	13,128	12,852

Shareholding Pattern Chart

No. of Shareholders

This stock is not held by any mutual fund

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	-3.50	150.77	3319.02	-61.00	-245.95
Diluted EPS (Rs.)	-3.50	150.77	3319.02	-64.00	-245.95
Cash EPS (Rs.)	-0.53	167.51	3298.18	-21.47	-191.09
Book Value[Excl.RevalReserv]/Share (Rs.)	60.88	126.35	63.87	-66.31	1.09
Book Value[Incl.RevalReserv]/Share (Rs.)	60.88	126.35	63.87	-66.31	1.09
Revenue From Operations / Share (Rs.)	97.60	342.65	399.06	2214.80	2117.12
PBDIT / Share (Rs.)	23.06	193.00	65.03	208.82	54.53
PBIT / Share (Rs.)	21.79	171.91	32.91	133.43	-21.53
PBT / Share (Rs.)	18.22	167.59	-271.19	-28.06	-266.57
Net Profit / Share (Rs.)	-1.81	146.42	3266.05	-96.86	-267.16
NP After MI And SOA / Share (Rs.)	-3.46	148.82	3276.21	-60.21	-251.66
PBDIT Margin (%)	23.62	56.32	16.29	9.42	2.57
PBIT Margin (%)	22.32	50.16	8.24	6.02	-1.01
PBT Margin (%)	18.66	48.90	-67.95	-1.26	-12.59
Net Profit Margin (%)	-1.85	42.73	818.44	-4.37	-12.61
NP After MI And SOA Margin (%)	-3.54	43.43	820.99	-2.71	-11.88
Return on Networth / Equity (%)	-5.67	117.78	5116.97	0.00	0.00
Return on Capital Employeed (%)	17.86	76.07	23.27	52.91	-4.91
Return On Assets (%)	-1.05	27.37	530.11	-3.80	-11.81
Long Term Debt / Equity (X)	0.00	0.11	0.81	-1.63	-3.54
Total Debt / Equity (X)	0.05	0.31	3.33	-4.19	-8.12
Asset Turnover Ratio (%)	0.22	0.37	0.18	0.34	0.10
Current Ratio (X)	0.86	0.92	0.72	0.61	0.61
Quick Ratio (X)	0.40	0.40	0.39	0.34	0.28
Inventory Turnover Ratio (X)	0.11	0.48	0.25	0.13	0.17
Dividend Payout Ratio (NP) (%)	0.00	43.11	96.21	0.00	0.00
Dividend Payout Ratio (CP) (%)	0.00	37.76	95.28	0.00	0.00
Earning Retention Ratio (%)	0.00	56.89	3.79	0.00	0.00
Cash Earning Retention Ratio (%)	0.00	62.24	4.72	0.00	0.00
Interest Coverage Ratio (X)	18.55	14.15	2.00	3.10	0.69
Interest Coverage Ratio (Post Tax) (X)	15.99	11.02	1.25	1.06	-0.24
Enterprise Value (Cr.)	527.07	739.90	782.54	2819.46	1814.70
EV / Net Operating Revenue (X)	4.19	1.67	1.52	0.98	0.66
EV / EBITDA (X)	17.72	2.97	9.33	10.47	25.80
MarketCap / Net Operating Revenue (X)	4.43	1.71	1.03	0.77	0.36
Retention Ratios (%)	0.00	56.88	3.78	0.00	0.00
Price / BV (X)	7.10	4.63	6.41	-14.83	-10.22
Price / Net Operating Revenue (X)	4.43	1.71	1.03	0.77	0.36
EarningsYield	-0.01	0.25	7.98	-0.03	-0.32

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of as of December 22, 2024 is: 418.15

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 December 22, 2024, is Overvalued by 11.22% compared to the current share price 471.00

Intrinsic Value of as of December 22, 2024 is: 1,261.88

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 December 22, 2024, is Undervalued by 167.92% compared to the current share price 471.00

Last 5 Year EPS CAGR: 201.78%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a low average Working Capital Days of -55.33, which is a positive sign. The company has shown consistent growth in sales (141.77 cr) and profit (11.92 cr) over the years.	The stock has a low average ROCE of 6.33%, which may not be favorable. The stock has a high average Cash Conversion Cycle of 139.67, which may not be favorable. The company has higher borrowings (696.31) compared to reserves (202.15), which may suggest financial risk.

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 :
1. Net Profit Margin: -1.85%
  - 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: 17.86% (Industry Average ROCE: 29.1%)
  - 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%: -5.67% (Industry Average ROE: 26.17%)
  - 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): 15.99
  - 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: 0.4
  - 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: 29.8 (Industry average Stock P/E: 41.04)
  - 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: 0.05
  - 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

Forbes & Company Ltd. is a Public Limited Listed company incorporated on 18/11/1919 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L17110MH1919PLC000628 and registration number is 000628. Currently Company is involved in the business activities of Construction of buildings carried out on own-account basis or on a fee or contract basis. Company’s Total Operating Revenue is Rs. 235.05 Cr. and Equity Capital is Rs. 12.90 Cr. for the Year ended 31/03/2022.

INDUSTRY	ADDRESS	CONTACT
Engineering - General	Forbes Building, Charanjit Rai Marg, Mumbai Maharashtra 400001	investor.relations@forbes.co.in http://www.forbes.co.in

Management
Name	Position Held
Mr. Ravinder C Prem	Whole Time Director
Mr. M C Tahilyani	Non Executive Director
Mr. Jai L Mavani	Non Executive Director
Ms. Rani Ajit Jadhav	Independent Director
Mr. Nikhil Bhatia	Independent Director
Mr. D Sivanandhan	Independent Director

FAQ

What is the latest intrinsic value of Forbes & Company Ltd?

The latest intrinsic value of Forbes & Company Ltd as on 21 December 2024 is ₹418.15, which is 11.22% lower than the current market price of ₹471.00. The stock has a market capitalization of 608 Cr. and recorded a high/low of 796/297 during the current fiscal year 2024-2025. As of Sep 2024, the company has reserves of ₹171 Cr and total liabilities of ₹413 Cr.

What is the Market Cap of Forbes & Company Ltd?

The Market Cap of Forbes & Company Ltd is 608 Cr..

What is the current Stock Price of Forbes & Company Ltd as on 21 December 2024?

The current stock price of Forbes & Company Ltd as on 21 December 2024 is 471.

What is the High / Low of Forbes & Company Ltd stocks in FY 2024-2025?

In FY 2024-2025, the High / Low of Forbes & Company Ltd stocks is 796/297.

What is the Stock P/E of Forbes & Company Ltd?

The Stock P/E of Forbes & Company Ltd is 29.8.

What is the Book Value of Forbes & Company Ltd?

The Book Value of Forbes & Company Ltd is 143.

What is the Dividend Yield of Forbes & Company Ltd?

The Dividend Yield of Forbes & Company Ltd is 0.00 %.

What is the ROCE of Forbes & Company Ltd?

The ROCE of Forbes & Company Ltd is 3.89 %.

What is the ROE of Forbes & Company Ltd?

The ROE of Forbes & Company Ltd is 9.62 %.

What is the Face Value of Forbes & Company Ltd?

The Face Value of Forbes & Company Ltd is 10.0.