Force Motors Ltd

Force Motors is a fully, vertically integrated automobile company, with expertise in design, development and manufacture of the full spectrum of automotive components, aggregates and vehicles. Its range of products includes Light Commercial Vehicles (LCV), Multi-Utility Vehicles (MUV), Small Commercial Vehicles (SCV), Sports Utility Vehicles (SUV) and Agricultural Tractors.

Pros:
Stock is trading at 0.74 times its book value
Cons:
Company has a low return on equity of 9.11% for last 3 years.
Dividend payout has been low at 8.42% of profits over last 3 years

Peer Comparison Sector: Automobile // Industry: Automobiles - LCVs / HCVs

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
849 629 838 744 893 750 1,041 889 881 824 1,061 802
774 600 746 707 813 704 931 810 808 768 988 732
Operating Profit 75 29 92 37 80 45 110 79 74 55 73 70
OPM % 9% 5% 11% 5% 9% 6% 11% 9% 8% 7% 7% 9%
Other Income 20 24 24 28 9 10 16 13 14 23 29 15
Interest 1 1 3 3 1 1 2 1 0 6 8 6
Depreciation 26 27 34 31 32 33 34 34 35 40 42 46
Profit before tax 68 25 79 31 56 22 91 56 52 32 52 34
Tax % 26% 6% 30% 4% 26% 33% 33% 28% 24% 16% 25% 20%
Net Profit 50 23 55 30 42 15 61 41 40 27 39 27
EPS in Rs 38.16 17.65 41.67 22.74 31.68 11.12 45.99 31.06 30.12 20.75 29.77 20.47
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
906 750 956 1,565 2,085 1,973 2,022 2,364 3,025 3,069 3,423 3,652 3,568
978 850 951 1,420 1,964 1,919 1,925 2,217 2,751 2,801 3,155 3,374 3,296
Operating Profit -73 -100 5 144 122 54 97 147 274 268 267 278 272
OPM % -8% -13% 1% 9% 6% 3% 5% 6% 9% 9% 8% 8% 8%
Other Income 65 367 96 6 985 44 60 66 71 86 69 82 82
Interest 35 35 17 23 35 8 9 7 5 6 7 15 20
Depreciation 39 42 42 45 60 70 85 81 92 113 129 151 162
Profit before tax -81 190 43 82 1,011 19 63 125 248 235 200 194 171
Tax % -3% 34% -41% 28% 18% 25% -24% 19% 28% 23% 27% 24%
Net Profit -84 125 60 59 824 14 78 101 179 180 147 147 133
EPS in Rs 0.00 94.51 45.33 43.66 623.87 10.32 58.44 75.89 135.61 136.51 111.49 111.67 101.11
Dividend Payout % -0% 0% 7% 11% 2% 28% 5% 6% 7% 7% 9% 9%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:17.14%
5 Years:12.56%
3 Years:6.49%
TTM:-0.13%
Compounded Profit Growth
10 Years:12.53%
5 Years:14.64%
3 Years:-6.24%
TTM:-15.64%
Stock Price CAGR
10 Years:20.20%
5 Years:-3.40%
3 Years:-36.89%
1 Year:-40.46%
Return on Equity
10 Years:8.70%
5 Years:9.57%
3 Years:9.11%
Last Year:7.88%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
13 13 13 13 13 13 13 13 13 13 13 13
Reserves 90 214 270 321 1,130 1,140 1,213 1,304 1,474 1,652 1,786 1,922
Borrowings 366 161 148 247 60 42 53 21 14 200 0 286
432 385 379 484 478 531 527 668 814 855 881 814
Total Liabilities 901 773 810 1,066 1,681 1,726 1,806 2,005 2,315 2,721 2,680 3,035
286 289 284 393 451 622 643 638 786 911 948 1,216
CWIP 35 20 12 14 93 189 206 240 205 220 369 372
Investments 73 57 57 57 1 1 1 1 15 10 11 28
508 407 457 602 1,136 914 955 1,127 1,310 1,579 1,352 1,419
Total Assets 901 773 810 1,066 1,681 1,726 1,806 2,005 2,315 2,721 2,680 3,035

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-33 -34 59 74 -139 83 116 226 256 471 256 312
-52 277 -20 -158 815 -304 -100 -96 -210 -621 -81 -606
84 -243 -30 73 -228 -16 -30 -45 -37 180 -223 256
Net Cash Flow -1 -1 9 -11 447 -237 -14 85 9 30 -47 -37

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % -10% -19% 14% 21% 10% 2% 6% 10% 18% 14% 11% 10%
Debtor Days 50 60 57 38 27 20 24 17 18 14 26 17
Inventory Turnover 4.07 3.44 4.91 6.20 6.19 5.30 5.33 6.14 6.44 6.23 7.48 7.45