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Last Updated on: 21 November, 2024
Author: Getaka|Social: Getaka Financial Services X (Earlier Twitter) Profile Getaka Financial Services LinkedIn Logo

Gujarat Pipavav Port Ltd: Intrinsic Value and Fundamental Analysis

Share Price and Basic Stock Data

Last Updated: November 20, 2024, 10:56 pm

Market Cap 8,385 Cr.
Current Price 173
High / Low251/134
Stock P/E20.6
Book Value 43.6
Dividend Yield4.21 %
ROCE24.8 %
ROE18.8 %
Face Value 10.0
PEG Ratio4.39

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

View Share Price Target for Gujarat Pipavav Port Ltd

Competitors of Gujarat Pipavav Port Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Industry Average0 Cr0000%0.59%0.49%0

All Competitor Stocks of Gujarat Pipavav Port Ltd

Quarterly Result

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Sales198193160195169220207227249235215253270
Expenses88787286829295106109105109102110
Operating Profit1101168810987128112121140130106151159
OPM %55%60%55%56%51%58%54%53%56%55%49%60%59%
Other Income89-4-21713-25-111142519
Interest1211112222322
Depreciation33333333323130293028292929
Profit before tax8490507371109779510811189145147
Tax %35%28%35%37%38%34%26%26%26%25%26%26%25%
Net Profit5465324644725871798466108110
EPS in Rs1.121.350.670.940.911.481.191.471.641.741.362.232.28

Last Updated: Unknown

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: Unknown

MonthDec 2011Dec 2012Dec 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales396416518867660683649702735733741917972
Expenses213234261365278262275313289311331414426
Operating Profit182182257502382421374389447422411503546
OPM %46%44%50%58%58%62%58%55%61%58%55%55%56%
Other Income161533-5243337455144261369
Interest85683726000076589
Depreciation5655618397107104113131133129116114
Profit before tax5774192387309347307321359327302392492
Tax %0%0%0%0%38%28%35%36%18%33%36%26%
Net Profit5774192387191250198206292218193292368
EPS in Rs1.351.533.978.013.955.174.114.256.054.524.006.047.61
Dividend Payout %0%0%0%0%48%74%83%82%93%100%100%101%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-2023
YoY Net Profit Growth (%)-50.65%30.89%-20.80%4.04%41.75%-25.34%-11.47%51.30%
Change in YoY Net Profit Growth (%)0.00%81.54%-51.69%24.84%37.71%-67.09%13.87%62.76%

Gujarat Pipavav Port Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 8 years from 2015-2016 to 2022-2023.

Growth

Compounded Sales Growth
10 Years:7%
5 Years:7%
3 Years:10%
TTM:4%
Compounded Profit Growth
10 Years:8%
5 Years:14%
3 Years:22%
TTM:16%
Stock Price CAGR
10 Years:0%
5 Years:15%
3 Years:20%
1 Year:25%
Return on Equity
10 Years:14%
5 Years:14%
3 Years:15%
Last Year:19%

Last Updated: Unknown

Balance Sheet

Last Updated: November 14, 2024, 11:37 pm

MonthDec 2012Dec 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Sep 2024
Equity Capital483483483483483483483483483483483483483
Reserves7289201,3071,5131,5361,5311,5381,6011,5491,5491,5951,6091,626
Borrowings32130400000584747797965
Other Liabilities131159200282331296348282363442479526572
Total Liabilities1,6631,8671,9912,2792,3512,3102,3692,4262,4422,5222,6372,6982,746
Fixed Assets1,2461,3581,3391,3421,6761,6861,5901,5831,4671,4081,3631,3581,337
CWIP1581066539292324565349958199
Investments83838383838383838383838383
Other Assets1773205034624995096517548399821,0961,1771,227
Total Assets1,6631,8671,9912,2792,3512,3102,3692,4262,4422,5222,6372,6982,746

Reserves and Borrowings Chart

Cash Flow

MonthDec 2012Dec 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Cash from Operating Activity +262290444389402315296340384380370485
Cash from Investing Activity +-163-176-207-285-241-129-122-81-101-166-82-107
Cash from Financing Activity +-89-54-332-0-227-204-198-250-296-220-273-370
Net Cash Flow1160-95104-66-18-258-13-6158

Free Cash Flow

MonthDec 2011Dec 2012Dec 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Free Cash Flow182.00-139.00-47.00502.00382.00421.00374.00389.00389.00375.00364.00424.00

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

MonthDec 2012Dec 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Debtor Days342415161514262324263421
Inventory Days
Days Payable
Cash Conversion Cycle342415161514262324263421
Working Capital Days-43-60-31-93-101-91-69-49-64-73-45-97
ROCE %10%13%26%17%17%15%16%18%16%15%21%25%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthSep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
Promoters44.01%44.01%44.01%44.01%44.01%44.01%44.01%44.01%44.01%44.01%44.01%44.01%
FIIs22.04%22.29%22.78%21.48%21.87%22.36%21.90%21.02%20.12%19.81%18.31%18.53%
DIIs21.52%21.37%21.34%20.50%22.11%21.54%22.13%22.66%21.23%20.01%17.38%17.04%
Public12.43%12.33%11.87%14.02%12.00%12.10%11.98%12.32%14.65%16.19%20.31%20.42%
No. of Shareholders1,07,7111,13,7541,20,4051,34,9691,42,9311,46,0781,39,8311,40,2581,61,1671,69,2172,15,9602,26,625

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Balanced Advantage Fund - Regular Plan27,360,0190.52333.383,090,8762024-11-20785.19%
HDFC Small Cap Fund - Regular Plan9,250,0000.49112.713,090,8762024-11-20199.27%
ICICI Prudential Multi Asset Fund4,126,2850.250.283,090,8762024-11-2033.5%
ICICI Prudential Infrastructure Fund3,779,8771.3846.063,090,8762024-11-2022.29%
ICICI Prudential Bluechip Fund3,090,8760.0937.663,090,8762024-11-200%
HDFC Capital Builder Value Fund - Regular Plan2,708,4200.59333,090,8762024-11-20-12.37%
ICICI Prudential ELSS Tax Saver Fund2,623,0490.2931.963,090,8762024-11-20-15.14%
ICICI Prudential Value Discovery Fund2,135,6110.0826.023,090,8762024-11-20-30.91%
ICICI Prudential Smallcap Fund2,100,2150.4325.593,090,8762024-11-20-32.05%
HDFC Equity Savings Fund - Regular Plan2,014,8460.7824.553,090,8762024-11-20-34.81%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 24Mar 23Mar 22Mar 21Mar 20
FaceValue10.0010.0010.0010.0010.00
Basic EPS (Rs.)7.076.484.084.596.61
Diluted EPS (Rs.)7.076.484.084.596.61
Cash EPS (Rs.)9.278.446.677.208.69
Book Value[Excl.RevalReserv]/Share (Rs.)47.8547.8046.4146.3247.33
Book Value[Incl.RevalReserv]/Share (Rs.)47.8547.8046.4146.3247.33
Revenue From Operations / Share (Rs.)20.4518.9715.3815.1715.21
PBDIT / Share (Rs.)13.4011.449.139.5710.21
PBIT / Share (Rs.)11.019.046.456.817.49
PBT / Share (Rs.)9.728.116.266.687.34
Net Profit / Share (Rs.)6.886.044.004.445.97
NP After MI And SOA / Share (Rs.)7.076.484.084.596.61
PBDIT Margin (%)65.5560.3259.3363.0567.13
PBIT Margin (%)53.8547.6541.9444.8649.25
PBT Margin (%)47.5542.7340.6844.0048.25
Net Profit Margin (%)33.6431.8225.9829.2539.24
NP After MI And SOA Margin (%)34.6034.1526.5330.2643.43
Return on Networth / Equity (%)14.7813.558.799.9113.96
Return on Capital Employeed (%)20.7516.9312.5713.5514.82
Return On Assets (%)11.6410.917.228.3712.15
Asset Turnover Ratio (%)0.340.340.280.280.29
Current Ratio (X)3.043.643.713.593.86
Quick Ratio (X)3.023.613.673.553.82
Dividend Payout Ratio (NP) (%)98.9478.7397.99121.9759.02
Dividend Payout Ratio (CP) (%)73.9557.4359.2076.1741.81
Earning Retention Ratio (%)1.0621.272.01-21.9740.98
Cash Earning Retention Ratio (%)26.0542.5740.8023.8358.19
Interest Coverage Ratio (X)69.5269.5392.5673.3066.93
Interest Coverage Ratio (Post Tax) (X)42.3742.3542.5135.0140.13
Enterprise Value (Cr.)9230.954732.452844.953968.832270.47
EV / Net Operating Revenue (X)9.345.163.835.413.09
EV / EBITDA (X)14.258.566.458.584.60
MarketCap / Net Operating Revenue (X)10.406.144.986.403.97
Retention Ratios (%)1.0521.262.00-21.9740.97
Price / BV (X)4.442.441.652.101.28
Price / Net Operating Revenue (X)10.406.144.986.403.97
EarningsYield0.030.050.050.040.10

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Gujarat Pipavav Port Ltd as of November 21, 2024 is: 175.96

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 21, 2024, Gujarat Pipavav Port Ltd is Undervalued by 1.71% compared to the current share price 173.00

Intrinsic Value of Gujarat Pipavav Port Ltd as of November 21, 2024 is: 184.22

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 21, 2024, Gujarat Pipavav Port Ltd is Undervalued by 6.49% compared to the current share price 173.00

Last 5 Year EPS CAGR: 4.69%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a high average ROCE of 17.42%, which is a positive sign.
  2. The stock has a low average Working Capital Days of -68.00, which is a positive sign.
  3. The company has higher reserves (1,430.92 cr) compared to borrowings (76.92 cr), indicating strong financial stability.
  4. The company has shown consistent growth in sales (691.46 cr) and profit (297.38 cr) over the years.
  1. The stock has a high average Cash Conversion Cycle of 22.67, 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 Gujarat Pipavav Port Ltd:
    1. Net Profit Margin: 33.64%
      • 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: 20.75% (Industry Average ROCE: 0.59%)
      • 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%: 14.78% (Industry Average ROE: 0.49%)
      • 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): 42.37
      • 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: 3.02
      • 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: 20.6 (Industry average Stock P/E: 0)
      • 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

Gujarat Pipavav Port Ltd. is a Public Limited Listed company incorporated on 05/08/1992 and has its registered office in the State of Gujarat, India. Company’s Corporate Identification Number(CIN) is L63010GJ1992PLC018106 and registration number is 018106. Currently Company is involved in the business activities of Cargo handling incidental to water transport. Company’s Total Operating Revenue is Rs. 743.54 Cr. and Equity Capital is Rs. 483.44 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Port & Port ServicesPipavav Port, Amreli Dist. Gujarat 365560investorrelationinppv@apmterminals.com
http://www.pipavav.com
Management
NamePosition Held
Mr. Samir ChaturvediChairman
Mr. Girish AggarwalManaging Director
Ms. Monica WidhaniDirector
Mr. Soren BrandtDirector
Mr. Timothy SmithDirector
Ms. Matangi GowrishankarDirector
Mr. Jonathan Richard GoldnerDirector
Mr. Steven DeloorDirector
Mr. Rajkumar BeniwalNominee Director

FAQ

What is the latest intrinsic value of Gujarat Pipavav Port Ltd?

The latest intrinsic value of Gujarat Pipavav Port Ltd as on 21 November 2024 is ₹175.96, which is 1.71% higher than the current market price of ₹173.00.

What is the Market Cap of Gujarat Pipavav Port Ltd?

The Market Cap of Gujarat Pipavav Port Ltd is 8,385 Cr..

What is the current Stock Price of Gujarat Pipavav Port Ltd as on 21 November 2024?

The current stock price of Gujarat Pipavav Port Ltd as on 21 November 2024 is ₹173.

What is the High / Low of Gujarat Pipavav Port Ltd stocks in FY 2024?

In FY 2024, the High / Low of Gujarat Pipavav Port Ltd stocks is 251/134.

What is the Stock P/E of Gujarat Pipavav Port Ltd?

The Stock P/E of Gujarat Pipavav Port Ltd is 20.6.

What is the Book Value of Gujarat Pipavav Port Ltd?

The Book Value of Gujarat Pipavav Port Ltd is 43.6.

What is the Dividend Yield of Gujarat Pipavav Port Ltd?

The Dividend Yield of Gujarat Pipavav Port Ltd is 4.21 %.

What is the ROCE of Gujarat Pipavav Port Ltd?

The ROCE of Gujarat Pipavav Port Ltd is 24.8 %.

What is the ROE of Gujarat Pipavav Port Ltd?

The ROE of Gujarat Pipavav Port Ltd is 18.8 %.

What is the Face Value of Gujarat Pipavav Port Ltd?

The Face Value of Gujarat Pipavav Port Ltd is 10.0.

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 Gujarat Pipavav Port 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