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Last Updated on: 26 November, 2024
Author: Getaka|Social: Getaka Financial Services X (Earlier Twitter) Profile Getaka Financial Services LinkedIn Logo

ICE Make Refrigeration Ltd: Intrinsic Value and Fundamental Analysis

Share Price and Basic Stock Data

Last Updated: November 25, 2024, 11:44 pm

Market Cap 1,216 Cr.
Current Price 770
High / Low984/434
Stock P/E49.2
Book Value 69.4
Dividend Yield0.26 %
ROCE34.3 %
ROE28.2 %
Face Value 10.0
PEG Ratio1.40

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

View Share Price Target for ICE Make Refrigeration Ltd

Competitors of ICE Make Refrigeration Ltd

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

All Competitor Stocks of ICE Make Refrigeration Ltd

Quarterly Result

MonthSep 2020Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023
Sales30.6033.3653.8032.4447.9048.8676.9064.8567.1266.68113.5679.1476.89
Expenses27.0631.4848.7932.4544.9645.9368.2859.5459.7859.37101.4170.9669.31
Operating Profit3.541.885.01-0.012.942.938.625.317.347.3112.158.187.58
OPM %11.57%5.64%9.31%-0.03%6.14%6.00%11.21%8.19%10.94%10.96%10.70%10.34%9.86%
Other Income0.150.300.640.120.090.140.350.060.190.140.730.170.13
Interest0.510.620.320.270.410.510.540.310.180.570.190.230.70
Depreciation1.061.091.130.950.840.850.990.910.941.001.060.971.01
Profit before tax2.120.474.20-1.111.781.717.444.156.415.8811.637.156.00
Tax %13.21%65.96%29.05%26.13%24.16%25.73%25.67%25.30%27.61%24.66%25.80%25.17%25.17%
Net Profit1.840.152.98-0.831.341.275.533.104.644.438.635.364.49
EPS in Rs1.170.101.90-0.530.850.813.521.962.942.815.473.402.85

Last Updated: Unknown

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: Unknown

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales88103132138135206312336
Expenses7890118124124192280301
Operating Profit1013141310143235
OPM %11%12%10%10%8%7%10%10%
Other Income00001111
Interest12122212
Depreciation22254444
Profit before tax7101175102831
Tax %32%32%29%27%32%25%26%
Net Profit5775472123
EPS in Rs6.954.234.773.222.304.6613.1814.53
Dividend Payout %0%24%25%37%52%26%14%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2017-20182018-20192019-20202020-20212021-20222022-2023
YoY Net Profit Growth (%)40.00%0.00%-28.57%-20.00%75.00%200.00%
Change in YoY Net Profit Growth (%)0.00%-40.00%-28.57%8.57%95.00%125.00%

ICE Make Refrigeration Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 6 years from 2017-2018 to 2022-2023.

Growth

Compounded Sales Growth
10 Years:%
5 Years:24%
3 Years:41%
TTM:22%
Compounded Profit Growth
10 Years:%
5 Years:28%
3 Years:93%
TTM:8%
Stock Price CAGR
10 Years:%
5 Years:69%
3 Years:134%
1 Year:33%
Return on Equity
10 Years:%
5 Years:19%
3 Years:24%
Last Year:28%

Last Updated: Unknown

Balance Sheet

Last Updated: November 14, 2024, 11:33 pm

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Sep 2024
Equity Capital71616161616161616
Reserves82934384146658894
Borrowings1510317101152781
Other Liabilities252729344252738093
Total Liabilities558183105108125159211284
Fixed Assets111323313032325053
CWIP01001001252
Investments000000500
Other Assets446860747793122149180
Total Assets558183105108125159211284

Reserves and Borrowings Chart

Cash Flow

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Cash from Operating Activity +8-2801282410
Cash from Investing Activity +-4-4-12-7-3-5-14-23
Cash from Financing Activity +-016-105-9-3-917
Net Cash Flow311-13-1-0014

Free Cash Flow

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Free Cash Flow-5.003.0011.00-4.000.003.0027.00

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 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Debtor Days6678606968606363
Inventory Days1141351211561611238684
Days Payable109968592103838476
Cash Conversion Cycle71116961321251006471
Working Capital Days4579708885644450
ROCE %27%22%15%11%17%37%34%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthSep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
Promoters74.82%74.86%74.89%74.63%74.49%74.49%74.49%74.49%74.49%74.49%74.49%74.49%
FIIs0.00%0.00%0.00%0.00%0.05%0.05%0.05%0.05%0.05%0.02%0.00%0.02%
Public25.18%25.14%25.13%25.50%25.46%25.46%25.46%25.46%25.46%25.49%25.51%25.50%
No. of Shareholders3,9904,4014,3383,9075,5968,46210,04211,56614,48119,28522,66823,225

Shareholding Pattern Chart

No. of Shareholders

This stock is not held by any mutual fund

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 24Mar 23Mar 22Mar 21Mar 20
FaceValue10.0010.0010.0010.0010.00
Basic EPS (Rs.)16.6413.194.662.313.22
Diluted EPS (Rs.)16.6413.194.652.303.22
Cash EPS (Rs.)19.1515.666.985.096.29
Book Value[Excl.RevalReserv]/Share (Rs.)66.0351.4139.2835.9333.99
Book Value[Incl.RevalReserv]/Share (Rs.)66.0351.4139.2835.9333.99
Revenue From Operations / Share (Rs.)239.79197.85131.2685.9287.83
PBDIT / Share (Rs.)26.2321.069.677.378.92
PBIT / Share (Rs.)23.6518.597.354.595.86
PBT / Share (Rs.)22.3117.796.253.374.39
Net Profit / Share (Rs.)16.5613.184.662.313.22
NP After MI And SOA / Share (Rs.)16.6413.184.662.313.22
PBDIT Margin (%)10.9310.647.368.5710.16
PBIT Margin (%)9.869.395.605.336.67
PBT Margin (%)9.308.994.763.925.00
Net Profit Margin (%)6.906.663.552.683.66
NP After MI And SOA Margin (%)6.936.663.552.683.66
Return on Networth / Equity (%)25.1925.6411.866.419.48
Return on Capital Employeed (%)28.6834.0217.1611.6615.44
Return On Assets (%)12.4113.085.853.354.81
Long Term Debt / Equity (X)0.220.030.050.050.06
Total Debt / Equity (X)0.240.030.140.130.25
Asset Turnover Ratio (%)2.042.201.731.241.47
Current Ratio (X)1.721.701.561.581.53
Quick Ratio (X)0.980.990.690.710.70
Inventory Turnover Ratio (X)4.714.253.432.593.01
Dividend Payout Ratio (NP) (%)10.819.1025.7315.5344.88
Dividend Payout Ratio (CP) (%)9.367.6617.197.0323.00
Earning Retention Ratio (%)89.1990.9074.2784.4755.12
Cash Earning Retention Ratio (%)90.6492.3482.8192.9777.00
Interest Coverage Ratio (X)19.5726.578.796.076.10
Interest Coverage Ratio (Post Tax) (X)13.3617.635.242.903.20
Enterprise Value (Cr.)763.24406.77158.84110.8363.68
EV / Net Operating Revenue (X)2.021.300.770.820.46
EV / EBITDA (X)18.4412.2410.469.594.55
MarketCap / Net Operating Revenue (X)1.971.330.730.770.37
Retention Ratios (%)89.1890.8974.2684.4655.11
Price / BV (X)7.175.102.471.860.97
Price / Net Operating Revenue (X)1.971.330.730.770.37
EarningsYield0.030.050.040.030.09

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of ICE Make Refrigeration Ltd as of November 26, 2024 is: 965.39

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 26, 2024, ICE Make Refrigeration Ltd is Undervalued by 25.38% compared to the current share price 770.00

Intrinsic Value of ICE Make Refrigeration Ltd as of November 26, 2024 is: 1,304.92

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 26, 2024, ICE Make Refrigeration Ltd is Undervalued by 69.47% compared to the current share price 770.00

Last 5 Year EPS CAGR: 35.17%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a high average ROCE of 20.38%, which is a positive sign.
  2. The company has higher reserves (49.22 cr) compared to borrowings (19.89 cr), indicating strong financial stability.
  3. The company has shown consistent growth in sales (181.25 cr) and profit (13.63 cr) over the years.
  1. The stock has a high average Working Capital Days of 65.63, which may not be favorable.
  2. The stock has a high average Cash Conversion Cycle of 96.88, 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 ICE Make Refrigeration Ltd:
    1. Net Profit Margin: 6.9%
      • 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: 28.68% (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%: 25.19% (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): 13.36
      • 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: 0.98
      • 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: 49.2 (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: 0.24
      • 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

ICE Make Refrigeration Ltd. is a Public Limited Listed company incorporated on 31/03/2009 and has its registered office in the State of Gujarat, India. Company’s Corporate Identification Number(CIN) is L29220GJ2009PLC056482 and registration number is 056482. Currently Company is involved in the business activities of Other manufacturing. Company’s Total Operating Revenue is Rs. 200.17 Cr. and Equity Capital is Rs. 15.70 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Food Processing - Bakery/Dairy/Fruits/OthersB-1, Vasupujya Chamber, Ahmedabad Gujarat 380009info@icemakeindia.com
http://www.icemakeindia.com
Management
NamePosition Held
Mr. Chandrakant P PatelChairman & Managing Director
Mr. Rajendra P PatelJoint Managing Director
Mr. Vipul I PatelJoint Managing Director
Mr. Harshadrai P PandyaIndependent Director
Mr. Krishnakant L PatelIndependent Director
Ms. Darsha R KikaniIndependent Director

FAQ

What is the latest intrinsic value of ICE Make Refrigeration Ltd?

The latest intrinsic value of ICE Make Refrigeration Ltd as on 26 November 2024 is ₹965.39, which is 25.38% higher than the current market price of ₹770.00.

What is the Market Cap of ICE Make Refrigeration Ltd?

The Market Cap of ICE Make Refrigeration Ltd is 1,216 Cr..

What is the current Stock Price of ICE Make Refrigeration Ltd as on 26 November 2024?

The current stock price of ICE Make Refrigeration Ltd as on 26 November 2024 is 770.

What is the High / Low of ICE Make Refrigeration Ltd stocks in FY 2024?

In FY 2024, the High / Low of ICE Make Refrigeration Ltd stocks is 984/434.

What is the Stock P/E of ICE Make Refrigeration Ltd?

The Stock P/E of ICE Make Refrigeration Ltd is 49.2.

What is the Book Value of ICE Make Refrigeration Ltd?

The Book Value of ICE Make Refrigeration Ltd is 69.4.

What is the Dividend Yield of ICE Make Refrigeration Ltd?

The Dividend Yield of ICE Make Refrigeration Ltd is 0.26 %.

What is the ROCE of ICE Make Refrigeration Ltd?

The ROCE of ICE Make Refrigeration Ltd is 34.3 %.

What is the ROE of ICE Make Refrigeration Ltd?

The ROE of ICE Make Refrigeration Ltd is 28.2 %.

What is the Face Value of ICE Make Refrigeration Ltd?

The Face Value of ICE Make Refrigeration 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 ICE Make Refrigeration 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