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Last Updated on: 18 October, 2024
Author: Getaka|Social: Getaka Financial Services X (Earlier Twitter) Profile Getaka Financial Services LinkedIn Logo
Stock Ticker - BSE: 500413 | NSE: THOMASCOOK

Thomas Cook (India) Ltd: Intrinsic Value and Fundamental Analysis

Share Price and Basic Stock Data

Last Updated: October 17, 2024, 10:45 pm

Market Cap 9,493 Cr.
Current Price 201
High / Low264/113
Stock P/E36.6
Book Value 43.7
Dividend Yield0.20 %
ROCE19.1 %
ROE13.8 %
Face Value 1.00
PEG Ratio0.54

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

View Share Price Target for Thomas Cook (India) Ltd

Competitors of Thomas Cook (India) Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Growington Ventures India Ltd 71.6 Cr. 4.4623.6/4.1038.5 1.160.00 %11.7 %6.37 % 1.00
Easy Trip Planners Ltd 5,678 Cr. 32.054.0/31.631.1 3.410.31 %40.1 %29.3 % 1.00
Autoriders International Ltd 7.00 Cr. 143143/30.10.89 6610.35 %24.0 %33.7 % 10.0
Thomas Cook (India) Ltd 9,493 Cr. 201264/11336.6 43.70.20 %19.1 %13.8 % 1.00
Indian Railway Catering & Tourism Corporation Ltd (IRCTC) 71,412 Cr. 8931,148/63660.0 40.40.73 %53.8 %40.4 % 2.00
Industry Average25,570.25 Cr275.7435.15129.830.31%29.95%25.78%2.67

All Competitor Stocks of Thomas Cook (India) Ltd

Quarterly Result

MonthJun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
Sales2883307485229761,2221,5361,3131,8991,8431,8931,6642,106
Expenses3974127375309401,1801,4721,2771,7751,7411,7771,5731,970
Operating Profit-109-8211-83642643612410311691136
OPM %-38%-25%1%-1%4%3%4%3%7%6%6%5%6%
Other Income282124121326113328482928
Interest12161617201928232623242622
Depreciation32333331303132303031333334
Profit before tax-125-110-36-52-2530-61017710761109
Tax %-25%-22%-33%-1%153%100%12%74%28%32%16%7%33%
Net Profit-94-85-25-50-6027-107151915873
EPS in Rs-2.21-1.96-0.61-1.10-0.120.020.39-0.151.551.001.751.201.60

Last Updated: Unknown

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: Unknown

MonthDec 2012Dec 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024TTM
Sales4301,2873,2446,0948,76211,2486,6036,8337951,8885,0487,2997,506
Expenses3171,1403,0015,9108,42510,8766,5206,7261,1472,0754,8706,8627,060
Operating Profit11314724318433837283107-352-187178437447
OPM %26%11%7%3%4%3%1%2%-44%-10%4%6%6%
Other Income9641-31846,005168761465562134133
Interest31347192132149731016262899995
Depreciation141841619113767151148129124128131
Profit before tax7710217111996,091110-69-416-32227345353
Tax %35%33%34%6,392%57%-1%19%-74%-29%-21%61%21%
Net Profit5069112-59866,13189-18-295-25410271273
EPS in Rs2.372.513.31-2.131.18161.212.29-0.02-6.72-5.180.145.505.55
Dividend Payout %16%0%15%-18%32%0%16%0%0%0%291%11%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-2024
YoY Net Profit Growth (%)-152.68%245.76%7029.07%-98.55%-120.22%-1538.89%13.90%103.94%2610.00%
Change in YoY Net Profit Growth (%)0.00%398.44%6783.31%-7127.62%-21.68%-1418.66%1552.79%90.04%2506.06%

Thomas Cook (India) Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 9 years from 2015-2016 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:19%
5 Years:2%
3 Years:109%
TTM:26%
Compounded Profit Growth
10 Years:15%
5 Years:25%
3 Years:45%
TTM:214%
Stock Price CAGR
10 Years:11%
5 Years:29%
3 Years:38%
1 Year:56%
Return on Equity
10 Years:-22%
5 Years:-2%
3 Years:1%
Last Year:14%

Last Updated: Unknown

Balance Sheet

Last Updated: Unknown

MonthDec 2012Dec 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Equity Capital212527373737373838444747
Reserves4176631,3021,2111,9508,6348,8561,6271,8911,6511,6662,010
Borrowings1881823801,0421,404425361762612598539418
Other Liabilities3306531,4172,6093,5753,0003,7533,0662,1942,3213,4043,889
Total Liabilities9551,5233,1264,8996,96512,09613,0085,4924,7364,6155,6576,364
Fixed Assets2444751,2001,9032,8431,7232,4032,7072,6282,5802,5762,770
CWIP35975356137126142660
Investments1102083401342197,3987,417100130129106134
Other Assets5988351,4892,8103,8472,9623,1802,6731,9711,8922,9483,400
Total Assets9551,5233,1264,8996,96512,09613,0085,4924,7364,6155,6576,364

Reserves and Borrowings Chart

Cash Flow

MonthDec 2012Dec 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Cash from Operating Activity 115219131383273-244253120-581-139649829
Cash from Investing Activity -103-366-607-165-253-458-263-184351-123-179-437
Cash from Financing Activity -7688565548161477-167-170335-85-230-291
Net Cash Flow-65-5989766181-225-178-234105-347239101

Free Cash Flow

MonthDec 2012Dec 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Free Cash Flow-75.00-35.00-137.00183.00337.00-53.00-278.00-655.00-964.00-785.00-361.0019.00

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 Days1799473504228462559454132
Inventory Days
Days Payable
Cash Conversion Cycle1799473504228462559454132
Working Capital Days17-916-39-29-36-63-62-368-164-80-81
ROCE %18%18%17%9%10%6%2%1%-14%-11%5%19%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthSep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
Promoters65.60%65.60%70.58%72.34%72.34%72.34%72.34%72.34%72.34%63.83%63.83%63.83%
FIIs0.64%0.44%0.41%0.36%0.45%0.48%0.51%0.47%0.57%1.83%2.29%3.16%
DIIs12.03%12.22%9.88%9.11%9.21%9.17%9.20%9.02%8.14%9.26%8.64%9.10%
Government0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.06%0.08%0.07%
Public19.97%19.98%17.64%16.79%16.62%16.63%16.63%16.85%17.74%23.88%24.07%22.76%
Others1.76%1.76%1.50%1.40%1.38%1.38%1.33%1.33%1.21%1.11%1.08%1.06%
No. of Shareholders87,47792,46090,99588,77984,69983,45679,76677,94377,92882,59593,08095,491

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Aditya Birla Sun Life ELSS Tax Saver Fund10,549,9331.64275.02304,6952024-10-173362.46%
Nippon India Focused Equity Fund8,513,2632.51221.92304,6952024-10-172694.03%
Aditya Birla Sun Life MNC Fund - Div2,935,0971.8676.51304,6952024-10-17863.29%
Aditya Birla Sun Life MNC Fund - Gr2,935,0971.8676.51304,6952024-10-17863.29%
Mahindra Manulife Small Cap Fund2,800,0001.4572.99304,6952024-10-17818.95%
UTI MNC Fund1,322,9791.0834.49304,6952024-10-17334.2%
Mahindra Manulife Focused Fund1,081,0861.6728.18304,6952024-10-17254.81%
JM Value Fund545,4271.4414.22304,6952024-10-1779.01%
ITI Multi Cap Fund513,3200.9813.38304,6952024-10-1768.47%
Motilal Oswal Nifty Microcap 250 Index Fund304,6950.597.94304,6952024-10-170%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 24Mar 23Mar 22Mar 21Mar 20
FaceValue1.001.001.001.001.00
Basic EPS (Rs.)5.570.22-6.92-6.83-0.02
Diluted EPS (Rs.)5.570.22-6.92-6.83-0.02
Cash EPS (Rs.)8.482.84-2.85-3.893.51
Book Value[Excl.RevalReserv]/Share (Rs.)43.2135.6037.4139.1344.79
Book Value[Incl.RevalReserv]/Share (Rs.)43.2135.6037.4139.1344.79
Revenue From Operations / Share (Rs.)155.17107.3142.6921.02180.62
PBDIT / Share (Rs.)12.155.13-2.93-5.355.86
PBIT / Share (Rs.)9.442.50-5.84-9.271.88
PBT / Share (Rs.)7.330.55-7.30-11.01-1.82
Net Profit / Share (Rs.)5.760.20-5.76-7.80-0.47
NP After MI And SOA / Share (Rs.)5.510.13-5.18-6.72-0.01
PBDIT Margin (%)7.834.78-6.86-25.463.24
PBIT Margin (%)6.082.32-13.68-44.081.04
PBT Margin (%)4.720.51-17.10-52.38-1.00
Net Profit Margin (%)3.710.19-13.48-37.12-0.26
NP After MI And SOA Margin (%)3.540.12-12.13-31.96-0.01
Return on Networth / Equity (%)12.590.37-13.52-17.01-0.04
Return on Capital Employeed (%)14.634.36-9.69-11.712.40
Return On Assets (%)4.030.11-4.93-5.33-0.01
Long Term Debt / Equity (X)0.050.080.070.070.11
Total Debt / Equity (X)0.100.220.260.230.24
Asset Turnover Ratio (%)1.210.330.070.040.27
Current Ratio (X)0.850.800.670.820.86
Quick Ratio (X)0.840.790.660.810.85
Dividend Payout Ratio (NP) (%)0.000.000.000.00-2015.79
Dividend Payout Ratio (CP) (%)0.000.000.000.009.27
Earning Retention Ratio (%)0.000.000.000.002115.79
Cash Earning Retention Ratio (%)0.000.000.000.0090.73
Interest Coverage Ratio (X)5.762.71-2.11-3.252.20
Interest Coverage Ratio (Post Tax) (X)3.731.13-3.09-3.691.21
Enterprise Value (Cr.)6832.252229.992892.171353.56296.12
EV / Net Operating Revenue (X)0.930.441.531.700.04
EV / EBITDA (X)11.959.24-22.30-6.691.34
MarketCap / Net Operating Revenue (X)1.070.521.602.340.13
Retention Ratios (%)0.000.000.000.002115.79
Price / BV (X)3.801.541.781.240.54
Price / Net Operating Revenue (X)1.070.521.602.340.13
EarningsYield0.030.00-0.07-0.130.00

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Thomas Cook (India) Ltd as of October 18, 2024 is: ₹221.16

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 October 18, 2024, Thomas Cook (India) Ltd is Undervalued by 10.03% compared to the current share price ₹201.00

Intrinsic Value of Thomas Cook (India) Ltd as of October 18, 2024 is: ₹370.92

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 October 18, 2024, Thomas Cook (India) Ltd is Undervalued by 84.54% compared to the current share price ₹201.00

Last 5 Year EPS CAGR: 67.72%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a low average Working Capital Days of -74.83, which is a positive sign.
  2. The company has higher reserves (2,656.50 cr) compared to borrowings (575.92 cr), indicating strong financial stability.
  3. The company has shown consistent growth in sales (98.92 cr) and profit (44.92 cr) over the years.
  1. The stock has a low average ROCE of 6.67%, which may not be favorable.
  2. The stock has a high average Cash Conversion Cycle of 59.50, 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 Thomas Cook (India) Ltd:
    1. Net Profit Margin: 3.71%
      • 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: 14.63% (Industry Average ROCE: 29.95%)
      • 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%: 12.59% (Industry Average ROE: 25.78%)
      • 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): 3.73
      • 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: 0.84
      • 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: 36.6 (Industry average Stock P/E: 35.15)
      • 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: 0.1
      • 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

Thomas Cook (India) Ltd. is a Public Limited Listed company incorporated on 21/10/1978 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L63040MH1978PLC020717 and registration number is 020717. Currently Company is involved in the business activities of Travel agency and tour operator activities. Company’s Total Operating Revenue is Rs. 285.74 Cr. and Equity Capital is Rs. 44.23 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Travel/Tourism/Amusement Park11th Floor, Marathon Futurex, Mumbai Maharashtra 400013sharedept@thomascook.in
http://www.thomascook.in
Management
NamePosition Held
Mr. Madhavan MenonExecutive Chairman
Mr. Mahesh IyerManaging Director & CEO
Mr. Chandran RatnaswamiNon Executive Director
Mr. Sumit MaheshwariNon Executive Director
Mr. Gopalakrishnan SoundarajanNon Executive Director
Mrs. Kishori UdeshiInd. Non-Executive Director
Mr. Nilesh VikamseyInd. Non-Executive Director
Mr. Sunil MathurInd. Non-Executive Director
Mrs. Sharmila A KarveInd. Non-Executive Director
Mr. Pravir Kumar VohraInd. Non-Executive Director
Mr. Rahul N BhagatInd. Non-Executive Director

FAQ

What is the latest fair value of Thomas Cook (India) Ltd?

The latest fair value of Thomas Cook (India) Ltd is ₹221.16.

What is the Market Cap of Thomas Cook (India) Ltd?

The Market Cap of Thomas Cook (India) Ltd is 9,493 Cr..

What is the current Stock Price of Thomas Cook (India) Ltd as on 18 October 2024?

The current stock price of Thomas Cook (India) Ltd as on 18 October 2024 is ₹201.

What is the High / Low of Thomas Cook (India) Ltd stocks in FY 2024?

In FY 2024, the High / Low of Thomas Cook (India) Ltd stocks is 264/113.

What is the Stock P/E of Thomas Cook (India) Ltd?

The Stock P/E of Thomas Cook (India) Ltd is 36.6.

What is the Book Value of Thomas Cook (India) Ltd?

The Book Value of Thomas Cook (India) Ltd is 43.7.

What is the Dividend Yield of Thomas Cook (India) Ltd?

The Dividend Yield of Thomas Cook (India) Ltd is 0.20 %.

What is the ROCE of Thomas Cook (India) Ltd?

The ROCE of Thomas Cook (India) Ltd is 19.1 %.

What is the ROE of Thomas Cook (India) Ltd?

The ROE of Thomas Cook (India) Ltd is 13.8 %.

What is the Face Value of Thomas Cook (India) Ltd?

The Face Value of Thomas Cook (India) Ltd is 1.00.

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 Thomas Cook (India) 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