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Last Updated on: 19 June, 2024|Author: Getaka | Social: X Twitter Profile

Fundamental Analysis of Thomas Cook (India) Ltd

Basic Stock Data

Last Updated: June 19, 2024, 2:20 pm

Market Cap 11,104 Cr.
Current Price 236
High / Low242/73.5
Stock P/E42.9
Book Value 43.7
Dividend Yield0.18 %
ROCE19.0 %
ROE13.7 %
Face Value 1.00
PEG Ratio0.94

Competitors of Thomas Cook (India) Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Indian Railway Catering & Tourism Corporation Ltd (IRCTC) 81,360 Cr. 1,0171,148/61470.4 40.40.53 %53.8 %40.4 % 2.00
Autoriders International Ltd 3.71 Cr. 75.875.8/30.10.39 6620.66 %26.9 %34.0 % 10.0
Industry Average40,681.86 Cr546.4035.40351.200.60%40.35%37.20%6.00

Quarterly Result

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
Sales3572883307485229761,2221,5361,3131,8991,8431,8931,664
Expenses4173974127375309401,1801,4721,2771,7751,7411,7771,573
Operating Profit-60-109-8211-83642643612410311691
OPM %-17%-38%-25%1%-1%4%3%4%3%7%6%6%5%
Other Income412821241213261133284829
Interest16121616172019282326232426
Depreciation33323333313031323030313333
Profit before tax-68-125-110-36-52-2530-61017710761
Tax %70%25%22%33%1%-153%100%12%-74%28%32%16%7%
Net Profit-20-94-85-25-50-6027-1071519158
EPS in Rs-0.27-2.21-1.96-0.61-1.10-0.120.020.39-0.151.551.001.751.20

Last Updated: June 9, 2024, 9:30 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: May 27, 2024, 6:13 am

MonthDec 2012Dec 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Sales4301,2873,2446,0948,76211,2486,6036,8337951,8885,0487,299
Expenses3171,1403,0015,9108,42510,8766,5206,7261,1472,0754,8706,864
Operating Profit11314724318433837283107-352-187178435
OPM %26%11%7%3%4%3%1%2%-44%-10%4%6%
Other Income9641-31846,005168761465562136
Interest313471921321497310162628999
Depreciation141841619113767151148129124128
Profit before tax7710217111996,091110-69-416-32227345
Tax %35%33%34%6,392%57%-1%19%74%29%21%61%21%
Net Profit5069112-59866,13189-18-295-25410271
EPS in Rs2.372.513.31-2.131.18161.212.29-0.02-6.72-5.180.145.50
Dividend Payout %16%0%15%-18%32%0%16%0%0%0%291%7%

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%

Growth

Compounded Sales Growth
10 Years:19%
5 Years:2%
3 Years:109%
TTM:45%
Compounded Profit Growth
10 Years:15%
5 Years:25%
3 Years:45%
TTM:3790%
Stock Price CAGR
10 Years:15%
5 Years:17%
3 Years:51%
1 Year:185%
Return on Equity
10 Years:-22%
5 Years:-2%
3 Years:1%
Last Year:14%

Last Updated: June 17, 2024, 11:28 am

Balance Sheet

MonthDec 2011Dec 2012Dec 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital21212527373737373838444747
Reserves3704176631,3021,2111,9508,6348,8561,6271,8911,6511,6661,777
Preference Capital111400000000
Borrowings2261871813761,0421,404425361762612598539462
Other Liabilities3063306541,4212,6093,5753,0003,7533,0662,1942,3213,4043,950
Total Liabilities9239551,5233,1264,8996,96512,09613,0085,4924,7364,6155,6576,235
Fixed Assets2452444751,2001,9032,8431,7232,4032,7072,6282,5802,5762,648
CWIP33597535613712614263
Investments381102083401342197,3987,417100130129106109
Other Assets6365988351,4892,8103,8472,9623,1802,6731,9711,8922,9483,476
Total Assets9239551,5233,1264,8996,96512,09613,0085,4924,7364,6155,6576,235

Reserves and Borrowings Chart

Thomas Cook (India) Ltd Cash Flow

MonthDec 2011Dec 2012Dec 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity 156115219131383273-244253120-581-139649
Cash from Investing Activity -32-103-366-607-165-253-458-263-184351-123-179
Cash from Financing Activity -12-7688565548161477-167-170335-85-230
Net Cash Flow112-65-5989766181-225-178-234105-347239

Free Cash Flow

MonthDec 2012Dec 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Free Cash Flow112.00146.00239.00184.00338.00372.0083.00107.00-352.00-187.00178.00435.00

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 2011Dec 2012Dec 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days21117994735042284625594541
Inventory Days
Days Payable
Cash Conversion Cycle21117994735042284625594541
Working Capital Days3917-916-39-29-36-63-62-368-164-80
ROCE %18%18%18%17%9%10%6%2%1%-14%-11%5%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Promoters65.60%65.60%65.60%65.60%70.58%72.34%72.34%72.34%72.34%72.34%72.34%63.83%
FIIs0.94%0.61%0.64%0.44%0.41%0.36%0.45%0.48%0.51%0.47%0.57%1.83%
DIIs12.98%12.71%12.03%12.22%9.88%9.11%9.21%9.17%9.20%9.02%8.14%9.26%
Government0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.06%
Public18.59%19.22%19.97%19.98%17.64%16.79%16.62%16.63%16.63%16.85%17.74%23.88%
Others1.89%1.86%1.76%1.76%1.50%1.40%1.38%1.38%1.33%1.33%1.21%1.11%
No. of Shareholders75,57583,89587,47792,46090,99588,77984,69983,45679,76677,94377,92882,595

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Nippon India Focused Equity Fund12,069,4192.68208.621,404,6302024-06-18759.26%
Mahindra Manulife Small Cap Fund3,200,0001.5855.311,404,6302024-06-18127.82%
JM Flexicap Fund1,404,6301.6924.281,404,6302024-06-180%
Bajaj Finserv Flexi Cap Fund1,329,1171.0322.971,404,6302024-06-18-5.38%
Mahindra Manulife Focused Fund1,101,0861.7319.031,404,6302024-06-18-21.61%
JM Midcap Fund937,9632.0716.211,404,6302024-06-18-33.22%
Baroda BNP Paribas India Consumption Fund800,0001.1713.831,404,6302024-06-18-43.05%
ITI Multi Cap Fund482,5040.998.341,404,6302024-06-18-65.65%
JM Value Fund430,4271.497.441,404,6302024-06-18-69.36%
ITI Mid Cap Fund345,4080.885.971,404,6302024-06-18-75.41%

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: 257.30

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.

Undervalued: 9.03% compared to the current price 236

Intrinsic Value: 374.36

Calculation basis:

  • Fair 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 fair value of the stock by analyzing its fundamental indicators along with EPS growth.

Undervalued: 58.63% compared to the current price ₹236

Last 5 Year EPS CAGR: 45.50%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a low average Working Capital Days of -64.83, which is a positive sign.
  2. The company has higher reserves (2,656.50 cr) compared to borrowings (0.50 cr), indicating strong financial stability.
  3. The company has shown consistent growth in sales (106.58 cr) and profit (19.25 cr) over the years.
  1. The stock has a low average ROCE of 6.58%, which may not be favorable.
  2. The stock has a high average Cash Conversion Cycle of 74.42, 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: 40.35%)
      • 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%: 12.59% (Industry Average ROE: 37.2%)
      • 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: 42.9 (Industry average Stock P/E: 35.85)
      • 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: 0.10
      • 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

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 Building, Mumbai Maharashtra 400013sharedept@thomascook.in
http://www.thomascook.in
Management
NamePosition Held
Mr. Madhavan MenonExecutive Chairman
Mrs. Kishori UdeshiNon Exe. & Ind. Director
Mr. Mahesh IyerManaging Director & CEO
Mr. Pravir Kumar VohraInd. Non-Executive Director
Mrs. Sharmila A KarveInd. Non-Executive Director
Mr. Nilesh VikamseyInd. Non-Executive Director
Mr. Sunil MathurInd. Non-Executive Director
Mr. Sumit MaheshwariNon Executive Director
Mr. Gopalakrishnan SoundarajanNon Executive Director
Mr. Chandran RatnaswamiNon Executive Director

FAQ

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

The latest fair value of Thomas Cook (India) Ltd is ₹257.30.

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

The Market Cap of Thomas Cook (India) Ltd is 11,104 Cr..

What is the current Stock Price of Thomas Cook (India) Ltd as on 19 June 2024?

The current stock price of Thomas Cook (India) Ltd as on 19 June 2024 is ₹236.

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 242/73.5.

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

The Stock P/E of Thomas Cook (India) Ltd is 42.9.

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 0.18 %.

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

The ROCE of Thomas Cook (India) Ltd is 19.0 %.

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

The ROE of Thomas Cook (India) Ltd is 13.7 %.

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