Esab India Ltd

Esab India is engaged in the business of fabrication technology.(Source : 201903 Annual Report Page No: 78)

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Pros:

Company is virtually debt free.

Stock is providing a good dividend yield of 6.10%.

Company has been maintaining a healthy dividend payout of 83.46%

Cons:

Stock is trading at 7.53 times its book value

The company has delivered a poor growth of 9.10% over past five years.

Company has a low return on equity of 12.49% for last 3 years.

Peer comparison Sector: Capital Goods-Non Electrical Equipment // Industry: Electrodes - Welding Equipment

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Detailed Comparison with:

	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019
	132	137	127	126	154	172	166	152	181	181	173	169
	123	123	113	112	143	149	148	139	157	156	150	146
Operating Profit	9	13	14	15	11	22	19	13	24	26	23	23
OPM %	7%	10%	11%	12%	7%	13%	11%	9%	13%	14%	13%	14%
Other Income	-5	2	2	2	3	3	5	6	2	3	3	4
Interest	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	3	3	2	3	2	3	3	3	3	3	3	3
Profit before tax	1	13	14	14	11	23	21	17	24	26	22	24
Tax %	-30%	31%	32%	33%	20%	33%	32%	30%	30%	35%	16%	25%
Net Profit	1	9	9	10	9	15	14	12	16	17	19	18
EPS in Rs	0.71	5.89	6.04	6.24	5.97	10.00	9.28	7.50	10.63	10.87	12.25	11.54
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Dec 2007	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
	339	417	410	494	541	504	434	552	451	466	543	672	704
	259	326	309	408	461	442	383	507	406	426	491	593	608
Operating Profit	80	91	101	85	80	62	51	45	45	41	52	78	96
OPM %	24%	22%	25%	17%	15%	12%	12%	8%	10%	9%	10%	12%	14%
Other Income	7	9	9	14	3	5	8	-0	6	8	11	17	12
Interest	1	1	1	1	1	1	1	0	0	0	0	0	0
Depreciation	6	7	8	11	12	12	11	14	10	10	10	11	12
Profit before tax	81	93	101	88	71	54	47	31	41	38	53	84	95
Tax %	34%	34%	34%	33%	33%	30%	30%	23%	31%	29%	29%	32%
Net Profit	53	61	66	59	47	38	33	24	28	27	37	58	70
EPS in Rs	32.23	37.12	39.60	34.99	28.39	23.33	21.35	12.12	18.21	17.45	24.14	37.42	45.29
Dividend Payout %	45%	39%	47%	52%	49%	31%	5%	7%	5%	6%	4%	241%

* Sales is net of excise duty and discounts

	Dec 2007	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Sep 2019
	15	15	15	15	15	15	15	15	15	15	15	15	15
Reserves	88	122	152	176	196	221	252	274	300	327	363	251	287
Borrowings	0	0	0	0	0	0	0	0	0	1	0	0	0
	58	65	61	104	80	95	83	80	70	85	102	112	133
Total Liabilities	162	202	228	295	292	331	350	369	386	428	480	379	435
	61	68	89	93	104	99	96	83	78	76	80	83	88
CWIP	6	12	7	17	2	1	3	1	5	7	8	3	3
Investments	17	12	2	34	34	78	105	122	120	147	125	30	68
	78	110	129	152	151	154	147	163	183	198	269	262	277
Total Assets	162	202	228	295	292	331	350	369	386	428	480	379	435

	Dec 2007	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	47	59	72	60	40	46	35	16	18	36	30	67
	-24	-13	-11	-48	-5	-46	-27	-12	-9	-23	9	102
	-28	-25	-40	-19	-45	-0	-14	-2	-2	-2	-41	-163
Net Cash Flow	-5	21	21	-8	-9	-0	-6	3	7	12	-2	6

	Dec 2007	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
ROCE %	91%	77%	67%	49%	36%	25%	19%	15%	14%	13%	15%	26%
Debtor Days	11	15	9	20	14	17	23	29	37	37	40	35
Inventory Turnover	6.37	6.65	6.17	6.76	5.78	4.90	4.25	6.19	5.00	4.91	5.15	6.12