Fatima Fertilizer's future sustainability looks promising due to a planned revamp of its urea plant. The first phase is expected to be completed in the fourth quarter of 2015 and will improve gross margins. Robust fertilizer margins and monetary policy easing will also benefit the company. The analyst raises earnings estimates and reiterates an Outperform rating on Fatima Fertilizer with a revised target price of Rs37.71 per share.
FFC was incorporated in 1978 as a joint venture between Fauji Foundation and a Danish company. It has grown significantly over the years with a current share capital of over Rs. 8 billion. The document analyzes FFC's financial performance and compares it to industry averages. It finds that FFC has higher profit margins, asset turnover, and return on equity than competitors. Overall, the analysis indicates that FFC has been growing faster than the fertilizer industry due to strong financials and operational efficiency.
For the quarter, Alembic Pharma reported sales growth of 23.1% yoy to Rs 463.4 cr, marginally below expectations. EBITDA margins improved by ~285 bps yoy to 19.6%, on the back of lower raw material cost. Hold for a target of Rs359.
Akzo Nobel India Ltd. reported an 8% increase in revenue for Q2 FY16 driven by higher volumes in decorative paints. Margins improved to 9.1% due to lower raw material costs. Net profit increased 15% to Rs 40.9 cr. While demand has been subdued, the company is focusing on product innovation and expanding distribution which is improving sales. The analyst maintains a 'Buy' rating given the company's strong brands and expectation that demand will gradually improve in urban areas.
Q3FY15 Recommendation: Maintain hold on Alembic PharmaIndiaNotes.com
Alembic Pharma reported quarterly sales growth of 4.6% year-over-year to Rs 497 crore, below expectations due to discontinuation of products and lower market share gains. However, margins were maintained at 21.2% due to cost controls. The company expects 100-125 bps annual margin improvement over the next 3-4 years. It is awaiting US FDA inspections this year. The analyst maintains a HOLD recommendation on the stock due to its pipeline, domestic growth, and strong balance sheet. The target price is Rs 493 based on a 20x PE multiple of FY17 estimated earnings.
RGT projects total revenues of $367 million over five years from five business ventures:
1) Operating a marine farm cultivating seaweed and selling harvests.
2) Extracting agarose from seaweed to sell agarose powders and use as an ingredient in other ventures.
3) Producing agarose-based gels and creams as intermediate agents for cosmetic companies.
4) Developing private-label cosmetic products using intermediate agents.
5) Marketing RGT-branded cosmetic products.
Total operating costs are projected at $108 million, resulting in estimated EBITDA of $259 million.
eClerx Services reported inline quarterly results with 2.3% QoQ sales growth in INR terms and 4.7% QoQ growth in USD terms led by some preponement of volume from Q4 to Q3. The company's PAT declined 7.2% sequentially. For the full year, eClerx expects to report revenue growth above NASSCOM's industry guidance of 10-14% in USD terms. The company's high return on equity and dividend payout make it an attractive investment, though some impact on Q4 growth is expected from preponed Q3 volumes.
- Carrizo Oil and Gas significantly reduced its 2015 capital expenditures in response to lower oil prices. It will focus on developing its low-cost Eagle Ford assets and slow production in the Niobrara, Utica, and Marcellus plays under current economic conditions.
- The company has good oil price hedges and financial flexibility through 2015 as it aims to maintain production levels and weather the economic downturn through developing existing reserves efficiently. Its Eagle Ford assets in particular allow for low-cost production growth.
Ranbaxy's 5QFY14 results were below estimates. Revenue was flat YoY at INR24.7b, while EBITDA declined 7% YoY to INR1.5b, with EBITDA margin at 6.1%. Reported loss stood at INR738m
FFC was incorporated in 1978 as a joint venture between Fauji Foundation and a Danish company. It has grown significantly over the years with a current share capital of over Rs. 8 billion. The document analyzes FFC's financial performance and compares it to industry averages. It finds that FFC has higher profit margins, asset turnover, and return on equity than competitors. Overall, the analysis indicates that FFC has been growing faster than the fertilizer industry due to strong financials and operational efficiency.
For the quarter, Alembic Pharma reported sales growth of 23.1% yoy to Rs 463.4 cr, marginally below expectations. EBITDA margins improved by ~285 bps yoy to 19.6%, on the back of lower raw material cost. Hold for a target of Rs359.
Akzo Nobel India Ltd. reported an 8% increase in revenue for Q2 FY16 driven by higher volumes in decorative paints. Margins improved to 9.1% due to lower raw material costs. Net profit increased 15% to Rs 40.9 cr. While demand has been subdued, the company is focusing on product innovation and expanding distribution which is improving sales. The analyst maintains a 'Buy' rating given the company's strong brands and expectation that demand will gradually improve in urban areas.
Q3FY15 Recommendation: Maintain hold on Alembic PharmaIndiaNotes.com
Alembic Pharma reported quarterly sales growth of 4.6% year-over-year to Rs 497 crore, below expectations due to discontinuation of products and lower market share gains. However, margins were maintained at 21.2% due to cost controls. The company expects 100-125 bps annual margin improvement over the next 3-4 years. It is awaiting US FDA inspections this year. The analyst maintains a HOLD recommendation on the stock due to its pipeline, domestic growth, and strong balance sheet. The target price is Rs 493 based on a 20x PE multiple of FY17 estimated earnings.
RGT projects total revenues of $367 million over five years from five business ventures:
1) Operating a marine farm cultivating seaweed and selling harvests.
2) Extracting agarose from seaweed to sell agarose powders and use as an ingredient in other ventures.
3) Producing agarose-based gels and creams as intermediate agents for cosmetic companies.
4) Developing private-label cosmetic products using intermediate agents.
5) Marketing RGT-branded cosmetic products.
Total operating costs are projected at $108 million, resulting in estimated EBITDA of $259 million.
eClerx Services reported inline quarterly results with 2.3% QoQ sales growth in INR terms and 4.7% QoQ growth in USD terms led by some preponement of volume from Q4 to Q3. The company's PAT declined 7.2% sequentially. For the full year, eClerx expects to report revenue growth above NASSCOM's industry guidance of 10-14% in USD terms. The company's high return on equity and dividend payout make it an attractive investment, though some impact on Q4 growth is expected from preponed Q3 volumes.
- Carrizo Oil and Gas significantly reduced its 2015 capital expenditures in response to lower oil prices. It will focus on developing its low-cost Eagle Ford assets and slow production in the Niobrara, Utica, and Marcellus plays under current economic conditions.
- The company has good oil price hedges and financial flexibility through 2015 as it aims to maintain production levels and weather the economic downturn through developing existing reserves efficiently. Its Eagle Ford assets in particular allow for low-cost production growth.
Ranbaxy's 5QFY14 results were below estimates. Revenue was flat YoY at INR24.7b, while EBITDA declined 7% YoY to INR1.5b, with EBITDA margin at 6.1%. Reported loss stood at INR738m
Maersk Oil partners with select external prospects to develop a high-quality talent pipeline for critical roles. The partnership involves:
- Filtering criteria to ensure only high-quality prospects enter the talent pool.
- Prioritizing information and opportunities for prospects based on their engagement levels.
- Gathering feedback from prospects to refine Maersk Oil's messaging.
- Acting as a career broker to extend opportunities for exiting prospects, who then advocate for Maersk Oil.
This approach provides Maersk Oil with ready successors for key roles while enhancing their labor market intelligence.
- Ryder reported higher revenue and earnings in 4Q15 compared to 4Q14. Total revenue increased 1% to $1.67 billion while earnings per share increased to $1.42 from $0.22.
- The Fleet Management Solutions segment saw a 7% increase in operating revenue due to growth in full service leases and commercial rentals. Earnings increased 1% despite lower used vehicle sales.
- Supply Chain Solutions operating revenue grew 4% on new business and higher volumes, while earnings increased 5%. Dedicated Transportation Solutions operating revenue and earnings increased 11% and 1%, respectively, due to new business and higher volumes.
- Ryder provided a forecast for 2016 expecting continued revenue growth and
Dow Accelerates Implementation of its Transformational Strategy Presentationfinance5
Dow is accelerating its transformational strategy through restructuring actions to reduce costs. It will eliminate around 5,000 jobs, close 20 facilities, idle 180 plants, and reduce contractors by 6,000. This will generate an estimated $700 million restructuring charge but $700 million in annual savings by 2010. Total targeted operating cost reductions and synergies from the Rohm & Haas acquisition are $1.5 billion. Lower working capital, capital spending, and restructuring actions will reduce cash needs by $2.5 billion through 2009. Dow remains committed to its consistent dividend for shareholders.
FAUJI FERTILIZER COMPANY produces urea and DAP fertilizers. The company has a contribution margin of 60% and break-even sales of Rs. 5,206,1997. It currently has sales of Rs. 88,154,698 and a margin of safety of Rs. 36,092,701, indicating it is profitable and would need a sales decrease of over Rs. 36 million before reaching a loss-making position.
Maersk Oil delivered solid financial results in 2013 and is on track to achieve its growth targets. Production grew from 226,000 boepd in 2013 to an estimated 235,000 boepd in 2014. Maersk Oil aims to further grow production to 400,000 boepd by 2020 through its portfolio of projects, which is expected to maintain a double digit return on invested capital. Major projects that will contribute to near-term production growth include Tyra Southeast in Denmark, which is scheduled to start production in late 2014 or early 2015.
Century Partners Kirloskar Oil Engines Ltd Aug 2012Century Partners
Kirloskar Oil Engines Ltd. is recommended as a Buy with a target price of Rs. 256 by July 2013, representing potential upside of 65%+. KOEL is a leading manufacturer of engines and generator sets in India. The company has a diverse product portfolio and presence across industries. It is expected to benefit from growth in infrastructure spending and increased power demand in India. At the current market price of Rs. 154, KOEL is undervalued relative to its intrinsic value of Rs. 256 based on a DCF valuation. Risks include a economic slowdown and increased competition. However, the company is well positioned to benefit from growth opportunities in its end markets.
Ratio analysis of DG Khan Cement FactorySamia Khan
The document analyzes financial ratios for DG Khan Cement Factory from 2012-2014. Key findings include:
- Current and acid-test ratios increased significantly, indicating strong liquidity.
- Working capital, times interest earned, and operating cash flow also increased steadily.
- Profit margins, return on assets/equity, and earnings per share were high, showing good profitability.
- Debt levels and debt-to-equity ratios decreased from 2012-2014, demonstrating reduced financial risk.
- Asset turnover was moderate but declined slightly, suggesting room for improved asset utilization.
Overall, the ratio analysis finds that DG Khan Cement Factory exhibited strong growth and financial performance over this period. However, the
Reliance Industries Limited registered a turnover of Rs 197112 Cr which is healthy operating profits of half year. we recommend to BUY the stock with target price of Rs 1040 as well as hold Jammu and Kashmir Bank due to trading at lower valuation in comparison to private sector banks.
Indoco Remedies reported quarterly results slightly below expectations due to restructuring of its domestic business. Sales grew 9% to Rs 216 crore while margins improved. Exports grew 23% but was offset by weak 2% domestic growth. The company expects the domestic segment to recover in the second half of the year. For the full year, sales are expected to grow 19% overall. While the quarter saw short-term impacts of domestic restructuring, the analyst maintains a HOLD recommendation based on the company's business model and expectations for profitability and returns to further expand.
Nvta q3 2017 call deck 11.6.17 final final (1)invitaeir
Invitae reported strong growth in the third quarter of 2017 with over 40,000 samples accessioned, up 158% year-over-year, and maintained its momentum despite some headwinds. While integrating recent acquisitions, Invitae continues to reduce costs and drive toward profitability, supported by its strengthened cash position of over $106 million. Invitae is well positioned for continued expansion and growth in the fourth quarter and beyond as it works to achieve its 2017 guidance targets.
The presentation summarizes Finning International's investor presentation from June 2014. It discusses Finning's focus on improving return on invested capital through initiatives to boost profitability, better manage working capital, and increase capital discipline. The presentation also highlights growth opportunities in regions where Finning operates such as increasing oil sands production, potential LNG exports from Western Canada, continued copper growth in Chile, and an economic recovery in the UK.
This document provides an investment analysis recommendation on Cipla Limited from IIFL Securities. It recommends buying Cipla shares with a target price of ₹1,127, representing an upside of 20% from the current price. Key points include Cipla's strong growth in the US market driven by new product launches, focus on outperforming market growth in India and South Africa, plans to enter new markets like China and Brazil, and improved profitability and return on capital employed. The analysis also notes risks like potential rejection of drug applications.
The document summarizes the grand opening of the Nanjing Chemical Complex investor presentation from September 20, 2007. The complex will produce acetic acid, acetic anhydride, vinyl acetate monomer (VAM), emulsions, GUR and Celstran. It is a fully integrated, low cost facility using leading Celanese technologies. The complex is expected to generate $600-700 million in incremental sales by 2010 and help increase Celanese's earnings from Asia to 30-35% of total by that year.
This investor presentation summarizes AMG Advanced Metallurgical Group N.V.'s business as of June 2014. It describes AMG as a global leader in metals and critical materials, including aluminum alloys, vanadium, antimony, graphite, and silicon. The presentation outlines AMG's strategy to focus on critical materials with long-term growth above global GDP, recent improvements in operations to reduce costs and debt, and financial highlights showing increased revenue, EBITDA, and earnings per share in the first quarter of 2014 compared to the previous quarter.
This document provides an investor presentation for Quaker Chemical Corporation. It summarizes Quaker's financial performance, growth strategy, and capital allocation approach. Quaker has achieved strong financial results through winning new business, leveraging acquisitions, cost management, and growing markets. It aims to continue growing organically and through acquisitions, while returning cash to shareholders through dividends and share repurchases. Quaker also has a strong balance sheet to support its growth strategy.
The document is a presentation by Suzlon Energy Limited on its FY14 results. It discusses how the company has turned positive after 7 quarters with an EBITDA of Rs. 328 crores and EBIT of Rs. 116 crores in Q4 FY14, compared to losses in the previous year, driven by ramping up volumes, improved margins, and reduced costs. Key highlights included concluding FCCB negotiations, asset sales of over Rs. 700 crores, and completing its project transformation program, while its subsidiary Senvion continued its strong performance.
Phillips 66 Partners reported $1.8 billion in adjusted EBITDA and $1.1 billion in capital expenditures for the first quarter of 2015. The company acquired interests in three pipeline assets for $1.1 billion, which are expected to generate $115 million in EBITDA for 2015. Phillips 66 Partners also announced $275 million in organic growth projects, focused on expanding its Bakken and Eagle Ford midstream infrastructure.
- Tata Motors is recommended as a buy, with a 12-month target price of Rs. 410 per share.
- Tata Motors leads the growing electric vehicle market in India and will benefit from government policies supporting EVs.
- The company saw strong revenue growth in passenger vehicles in FY21 and a return to pre-pandemic levels for commercial vehicles.
- Cost optimization measures have improved margins at both Tata Motors and Jaguar Land Rover, its largest subsidiary.
This document is the directors' report for Din Textile Mills Limited for the year ended June 30, 2006. It summarizes the company's financial performance including a profit after taxation of Rs. 19.44 million. It discusses factors affecting the textile industry such as higher cotton prices and fuel costs. The report also outlines plans to install gas generators to reduce costs and a focus on producing premium, value-added yarns to improve profitability going forward.
FJE Consulting Ltd. is a dynamic company that offers recruitment, business support, and engineering consulting services throughout Europe. It has advisors and consultants with many years of industrial experience in executive recruitment, engineering, IT, marketing, mergers and acquisitions, and various engineering disciplines. FJE Consulting aims to fully satisfy both clients and candidates by considering both soft skills and hard skills when selecting candidates, and by testing candidates' knowledge when needed.
The document contains a series of measurements in feet and inches that appear to describe the dimensions of building plans or a room layout as it is repeatedly labeled as being produced by an Autodesk educational product.
Maersk Oil partners with select external prospects to develop a high-quality talent pipeline for critical roles. The partnership involves:
- Filtering criteria to ensure only high-quality prospects enter the talent pool.
- Prioritizing information and opportunities for prospects based on their engagement levels.
- Gathering feedback from prospects to refine Maersk Oil's messaging.
- Acting as a career broker to extend opportunities for exiting prospects, who then advocate for Maersk Oil.
This approach provides Maersk Oil with ready successors for key roles while enhancing their labor market intelligence.
- Ryder reported higher revenue and earnings in 4Q15 compared to 4Q14. Total revenue increased 1% to $1.67 billion while earnings per share increased to $1.42 from $0.22.
- The Fleet Management Solutions segment saw a 7% increase in operating revenue due to growth in full service leases and commercial rentals. Earnings increased 1% despite lower used vehicle sales.
- Supply Chain Solutions operating revenue grew 4% on new business and higher volumes, while earnings increased 5%. Dedicated Transportation Solutions operating revenue and earnings increased 11% and 1%, respectively, due to new business and higher volumes.
- Ryder provided a forecast for 2016 expecting continued revenue growth and
Dow Accelerates Implementation of its Transformational Strategy Presentationfinance5
Dow is accelerating its transformational strategy through restructuring actions to reduce costs. It will eliminate around 5,000 jobs, close 20 facilities, idle 180 plants, and reduce contractors by 6,000. This will generate an estimated $700 million restructuring charge but $700 million in annual savings by 2010. Total targeted operating cost reductions and synergies from the Rohm & Haas acquisition are $1.5 billion. Lower working capital, capital spending, and restructuring actions will reduce cash needs by $2.5 billion through 2009. Dow remains committed to its consistent dividend for shareholders.
FAUJI FERTILIZER COMPANY produces urea and DAP fertilizers. The company has a contribution margin of 60% and break-even sales of Rs. 5,206,1997. It currently has sales of Rs. 88,154,698 and a margin of safety of Rs. 36,092,701, indicating it is profitable and would need a sales decrease of over Rs. 36 million before reaching a loss-making position.
Maersk Oil delivered solid financial results in 2013 and is on track to achieve its growth targets. Production grew from 226,000 boepd in 2013 to an estimated 235,000 boepd in 2014. Maersk Oil aims to further grow production to 400,000 boepd by 2020 through its portfolio of projects, which is expected to maintain a double digit return on invested capital. Major projects that will contribute to near-term production growth include Tyra Southeast in Denmark, which is scheduled to start production in late 2014 or early 2015.
Century Partners Kirloskar Oil Engines Ltd Aug 2012Century Partners
Kirloskar Oil Engines Ltd. is recommended as a Buy with a target price of Rs. 256 by July 2013, representing potential upside of 65%+. KOEL is a leading manufacturer of engines and generator sets in India. The company has a diverse product portfolio and presence across industries. It is expected to benefit from growth in infrastructure spending and increased power demand in India. At the current market price of Rs. 154, KOEL is undervalued relative to its intrinsic value of Rs. 256 based on a DCF valuation. Risks include a economic slowdown and increased competition. However, the company is well positioned to benefit from growth opportunities in its end markets.
Ratio analysis of DG Khan Cement FactorySamia Khan
The document analyzes financial ratios for DG Khan Cement Factory from 2012-2014. Key findings include:
- Current and acid-test ratios increased significantly, indicating strong liquidity.
- Working capital, times interest earned, and operating cash flow also increased steadily.
- Profit margins, return on assets/equity, and earnings per share were high, showing good profitability.
- Debt levels and debt-to-equity ratios decreased from 2012-2014, demonstrating reduced financial risk.
- Asset turnover was moderate but declined slightly, suggesting room for improved asset utilization.
Overall, the ratio analysis finds that DG Khan Cement Factory exhibited strong growth and financial performance over this period. However, the
Reliance Industries Limited registered a turnover of Rs 197112 Cr which is healthy operating profits of half year. we recommend to BUY the stock with target price of Rs 1040 as well as hold Jammu and Kashmir Bank due to trading at lower valuation in comparison to private sector banks.
Indoco Remedies reported quarterly results slightly below expectations due to restructuring of its domestic business. Sales grew 9% to Rs 216 crore while margins improved. Exports grew 23% but was offset by weak 2% domestic growth. The company expects the domestic segment to recover in the second half of the year. For the full year, sales are expected to grow 19% overall. While the quarter saw short-term impacts of domestic restructuring, the analyst maintains a HOLD recommendation based on the company's business model and expectations for profitability and returns to further expand.
Nvta q3 2017 call deck 11.6.17 final final (1)invitaeir
Invitae reported strong growth in the third quarter of 2017 with over 40,000 samples accessioned, up 158% year-over-year, and maintained its momentum despite some headwinds. While integrating recent acquisitions, Invitae continues to reduce costs and drive toward profitability, supported by its strengthened cash position of over $106 million. Invitae is well positioned for continued expansion and growth in the fourth quarter and beyond as it works to achieve its 2017 guidance targets.
The presentation summarizes Finning International's investor presentation from June 2014. It discusses Finning's focus on improving return on invested capital through initiatives to boost profitability, better manage working capital, and increase capital discipline. The presentation also highlights growth opportunities in regions where Finning operates such as increasing oil sands production, potential LNG exports from Western Canada, continued copper growth in Chile, and an economic recovery in the UK.
This document provides an investment analysis recommendation on Cipla Limited from IIFL Securities. It recommends buying Cipla shares with a target price of ₹1,127, representing an upside of 20% from the current price. Key points include Cipla's strong growth in the US market driven by new product launches, focus on outperforming market growth in India and South Africa, plans to enter new markets like China and Brazil, and improved profitability and return on capital employed. The analysis also notes risks like potential rejection of drug applications.
The document summarizes the grand opening of the Nanjing Chemical Complex investor presentation from September 20, 2007. The complex will produce acetic acid, acetic anhydride, vinyl acetate monomer (VAM), emulsions, GUR and Celstran. It is a fully integrated, low cost facility using leading Celanese technologies. The complex is expected to generate $600-700 million in incremental sales by 2010 and help increase Celanese's earnings from Asia to 30-35% of total by that year.
This investor presentation summarizes AMG Advanced Metallurgical Group N.V.'s business as of June 2014. It describes AMG as a global leader in metals and critical materials, including aluminum alloys, vanadium, antimony, graphite, and silicon. The presentation outlines AMG's strategy to focus on critical materials with long-term growth above global GDP, recent improvements in operations to reduce costs and debt, and financial highlights showing increased revenue, EBITDA, and earnings per share in the first quarter of 2014 compared to the previous quarter.
This document provides an investor presentation for Quaker Chemical Corporation. It summarizes Quaker's financial performance, growth strategy, and capital allocation approach. Quaker has achieved strong financial results through winning new business, leveraging acquisitions, cost management, and growing markets. It aims to continue growing organically and through acquisitions, while returning cash to shareholders through dividends and share repurchases. Quaker also has a strong balance sheet to support its growth strategy.
The document is a presentation by Suzlon Energy Limited on its FY14 results. It discusses how the company has turned positive after 7 quarters with an EBITDA of Rs. 328 crores and EBIT of Rs. 116 crores in Q4 FY14, compared to losses in the previous year, driven by ramping up volumes, improved margins, and reduced costs. Key highlights included concluding FCCB negotiations, asset sales of over Rs. 700 crores, and completing its project transformation program, while its subsidiary Senvion continued its strong performance.
Phillips 66 Partners reported $1.8 billion in adjusted EBITDA and $1.1 billion in capital expenditures for the first quarter of 2015. The company acquired interests in three pipeline assets for $1.1 billion, which are expected to generate $115 million in EBITDA for 2015. Phillips 66 Partners also announced $275 million in organic growth projects, focused on expanding its Bakken and Eagle Ford midstream infrastructure.
- Tata Motors is recommended as a buy, with a 12-month target price of Rs. 410 per share.
- Tata Motors leads the growing electric vehicle market in India and will benefit from government policies supporting EVs.
- The company saw strong revenue growth in passenger vehicles in FY21 and a return to pre-pandemic levels for commercial vehicles.
- Cost optimization measures have improved margins at both Tata Motors and Jaguar Land Rover, its largest subsidiary.
This document is the directors' report for Din Textile Mills Limited for the year ended June 30, 2006. It summarizes the company's financial performance including a profit after taxation of Rs. 19.44 million. It discusses factors affecting the textile industry such as higher cotton prices and fuel costs. The report also outlines plans to install gas generators to reduce costs and a focus on producing premium, value-added yarns to improve profitability going forward.
FJE Consulting Ltd. is a dynamic company that offers recruitment, business support, and engineering consulting services throughout Europe. It has advisors and consultants with many years of industrial experience in executive recruitment, engineering, IT, marketing, mergers and acquisitions, and various engineering disciplines. FJE Consulting aims to fully satisfy both clients and candidates by considering both soft skills and hard skills when selecting candidates, and by testing candidates' knowledge when needed.
The document contains a series of measurements in feet and inches that appear to describe the dimensions of building plans or a room layout as it is repeatedly labeled as being produced by an Autodesk educational product.
An overview of the social media used at the USF Alumni Association and goals for improvement. This was a project I completed for my "Social Media in Mass Communications" course at the University of South Florida in Fall of 2014.
This document provides tips for creating effective PowerPoint slides and avoiding common pitfalls. It recommends including an outline slide at the beginning, using point form with 4-5 points per slide, and increasing font sizes for emphasis. For design, it suggests using simple, consistent backgrounds and fonts large enough to read. Graphs should be clearly labeled and formatted for readability. Proofreading slides is important to catch spelling and grammar errors. Effective conclusions summarize key points and invite questions.
This document provides an overview of the Information & Liaison Services (I&L) section of the CSU Library. I&L aims to provide effective information assistance to patrons on-campus and at a distance. It comprises four teams: the Web Team maintains library websites; Information Literacy develops instruction; Faculty Liaison supports academics; and the Info Team assists all students. The document outlines the roles and services of each team.
Róbert Nagy is a stonemason from Esztergom, Hungary with 25 years of experience. He has worked on high-profile renovation projects in Budapest, such as the Parliament building and Gresham Palace, as well as road construction in Norway. He provides his contact information and references for potential clients.
This document discusses mindfulness and mindful eating. It explains the mindful eating cycle of asking why, when, what, how, how much, and where in relation to eating. Practicing mindful eating involves tuning into hunger signals, enjoying the eating experience, making pleasurable food choices, and eating just enough to ease hunger. Mindful eating offers the opportunity to pause and gain perspective before eating. The document also provides contact information for Megrette Fletcher, an expert on mindful eating, and declares interests for Azmina Govindji.
1) Maurice Laurent gave a lesson on fractions to two children, Havoli and Arona, who had different levels of understanding of fractions.
2) He had them fold pieces of paper in half, quarters, and thirds to help them visualize fractions through real actions and develop mental structures for understanding fractions.
3) When folding in thirds, Arona struggled because it did not match his existing knowledge, so Maurice slowly demonstrated the folding to help Arona see how it works and develop strategies for understanding new concepts.
Skillda Careers - Kick-start your career!Brian O'Regan
Develop your career TODAY and catapult yourself onto the path to SUCCESS! These slides were presented at 9th December 2014 at Mont Clare Hotel, Dublin.
Guest speakers at the event -
Dell Ireland - Garreth Cullen & Helen Daly
Social Media Coach - Greg Fry
Career & Executive Coach - Liz Barron
Business Coach - Siobhan Fitzpatrick
Central Bank - Eimear Sugrue
The Words in Color approach to teaching reading integrates decoding skills with comprehension from the earliest stages of learning. Students are challenged to analyze decoded words and sentences in relation to their own experiences with language. Even when decoding simple sounds, students can discuss possible speakers and contexts. As students create sentences, they evaluate word order and idioms based on their own sense of correct English usage. The approach also emphasizes attending to the rhythm, melody and meaning of language from the beginning. Students experiment with voicing sentences in different tones to imply various moods and situations. Through decoding ambiguous sentences, students must make inferences about implied contexts and meanings.
A história de Bragança está marcada pela presença de ordens religiosas que construíram património e contribuíram para a educação. Os Jesuítas estabeleceram um colégio que poderia ter levado Bragança a ter uma universidade. No século XVIII, Bragança tornou-se o maior centro populacional, comercial e industrial de Trás-os-Montes, apesar das dificuldades causadas por guerras.
This document discusses using a pseudo-homogeneous CSTR simulation to model a fluidized bed reactor producing polyethylene via gas-phase polymerization including the effect of n-hexane co-solubility predictions using the Sanchez-Lacombe equation of state. The simulation considers an ethylene/nitrogen/n-hexane gas phase in equilibrium with an ethylene/polyethylene/n-hexane polymer phase. Results showed polyethylene production increased about 2% with 0.1 bar of n-hexane due to co-solubility effects. Reactor temperature decreased more sharply in condensed mode with each 0.1 bar increase in n-hexane pressure.
Narnolia Securities Limited expect that the KPIT Tech company would report better earnings with margin ramp up and signing of larger deals in next couple of quarters. Now, we upgrade our view on the stock from “Neutral” to “Buy” with a price target of Rs 185. At a CMP of Rs 160, stock trades at 9.5x FY15E EPS.
The document provides an overview of the DSP Tax Saver Fund, an open-ended equity linked savings scheme (ELSS) that aims to provide long term capital appreciation by investing in a diversified portfolio of equity and equity related instruments across market capitalizations. The fund uses a blend of top-down and bottom-up approaches, investing across sectors based on macro analysis and selecting stocks based on fundamental research. It has outperformed its benchmark index on a risk-adjusted basis over the past 1, 3 and 5 years under the management of Rohit Singhania since July 2015. The current portfolio has a large cap bias and is concentrated in the financial services, healthcare, energy and materials sectors.
The document provides a quarterly report from Conquest Strategies, LLC on their MidCap portfolio for Q4 2015. It summarizes the strategy, investment objective, and performance for the quarter and year. While the portfolio underperformed the benchmarks for the quarter, it outperformed for the year. The report discusses sector allocations and top holdings, noting increases to utilities and healthcare. It provides analysis of selected positions and the outlook.
The document discusses the DSP Focus Fund, a focused fund that seeks high conviction opportunities across sectors and market caps through a blend of growth drivers and valuation support. It has an experienced fund manager, Gopal Agrawal, and invests in a concentrated portfolio of approximately 30 stocks. Key points include the fund's investment philosophy, framework, performance track record, sector exposures weighted towards financials and consumer discretionary, top holdings including HDFC Bank and ICICI Bank, and the experienced investment team.
- Garmin reported strong financial results for Q1 2014 with revenue growth of 10% and pro forma EPS growth of 38%.
- The fitness, aviation, and marine segments contributed significantly to revenue and operating income growth.
- Garmin provided guidance for 2014 of revenue between $2.6-2.7 billion and pro forma EPS of $2.50-2.60.
Parag Milk Foods Limited held an investor presentation in February 2021. The presentation contained forward-looking statements and projections regarding the company's market opportunity and business prospects that are subject to known and unknown risks and uncertainties. It also stated that the company's actual results may differ from what is expressed in the presentation. The presentation was prepared by the company based on information it considers reliable but does not guarantee the truth, accuracy, or completeness of the contents.
Crompton Greaves: Ideally places to benefit from an improved economic growth,...IndiaNotes.com
1) Crompton Greaves' management indicated that orders in the third quarter of 2014 were higher margin than existing backlog in the power business, and outlook for domestic and export orders remains positive.
2) The Canadian and US subsidiaries are expected to break even in the next 2-3 quarters after restructuring and backlog clearing. There is also potential for a large smart meter order from France and Poland.
3) In consumer business, Crompton Greaves is focusing on increasing retailer reach for premium fans and lighting products.
- Garmin reported strong financial results for Q2 2014, with revenue growth of 12% and pro forma EPS growth of 34% compared to Q2 2013. All segments except Outdoor saw revenue growth.
- Guidance for full-year 2014 was increased, with revenue expected to be between $2.75-2.85 billion and pro forma EPS between $2.95-3.05.
- The fitness segment continues to see rapid growth, with Q2 revenue up 79% and operating income up 112% year-over-year. The aviation and marine segments also saw operating income growth.
Ratios Analysis, Pro Forma Statements, Projected Cash flows of Proposed Project, Net Present Value, Internal Rate of Return, Payback Period, Discounted Payback Period, Break Even Analysis, Scenario Analysis, As-if Analysis
MTAR Technologies Limited provides an investor presentation covering their financial performance for Q3 FY22 and 9M FY22. Some key highlights include:
- Revenue for Q3 FY22 was Rs. 78.1 crores, a 41.4% increase over Q3 FY21. 9M FY22 revenue was Rs. 223.4 crores, a 26% increase over 9M FY21.
- EBIDTA for Q3 FY22 was Rs. 22.8 crores, a 30.2% increase over Q3 FY21. 9M FY22 EBIDTA was Rs. 66.7 crores, a 25.8% increase over
Vivimed Labs Limited presented its earnings for Q3 FY2015. Net sales increased 2.7% year-over-year to Rs. 3,447 million. EBITDA grew 12.4% to Rs. 603 million, with margins expanding 152 basis points to 17.5%. Net profit increased 8.3% to Rs. 206 million, with margins up 31 basis points to 6.0%. Segment performance was mixed, with the specialty chemicals segment flat on net sales but higher margins of 24.5%, and the healthcare segment grew net sales 2.9% with a 6.4% margin. Going forward, the company will focus on new product launches, market expansion, and capitalizing on a
The document provides a quarterly financial report and outlook for Kolte-Patil Developers Ltd. Key highlights include:
- Sales for Q4 FY2015 were 1 million square feet, up 28% YoY, with total pre-sales for FY2015 of 2.9 million square feet.
- Revenue was Rs. 161 crore for Q4 FY2015, up 21% YoY. EBITDA margins expanded to 29.8% from 23.2% YoY.
- The company expects greater revenue and profit growth in FY2016 and FY2017 as more projects reach the revenue recognition stage.
TCS reported financial results for the first quarter of fiscal year 2015, ending June 30, 2014. Revenue grew 2.6% quarter-over-quarter and 22.9% year-over-year in Indian Rupees. Operating margin was 26.3% and net income margin was 22.9%. Key highlights included strong growth in telecom, retail, and life sciences industries as well as an increase in large clients with over $50 million in annual revenues from TCS. The company added over 15,000 employees during the quarter.
Powergrid is maintained as a "BUY" with a target price of Rs. 118, representing an upside of 25% from the current market price. In Q3FY14, Powergrid's adjusted PAT increased 4.3% YoY to Rs. 1043 crore despite below estimate asset capitalization of Rs. 3050 crore during the quarter. Revenues increased 9.6% YoY due to lower than anticipated capitalization. Margins declined 336 bps YoY to 87.4% due to a 55.7% rise in transmission expenses. The Central Electricity Regulatory Commission issued new tariff regulations for FY15-19 that will form the basis of Powergrid's earnings over the next
Ratio Analysis in 'ROYAL CERAMIC LANKA PLC'miranga88
This document provides financial ratio analysis for Royal Ceramic Lanka PLC for the years 2013-2015. It includes profitability ratios like gross profit ratio, operating margin, net profit percentage, return on assets, return on equity, and return on capital employed. Liquidity ratios like current ratio, quick ratio, and cash ratio are also presented. The ratios indicate that while the company's sales have increased year-over-year, profitability has declined over this period as costs have risen faster than revenues. Liquidity has also decreased, suggesting the company may face challenges meeting short-term obligations.
Ratio Analysis in 'ROYAL CERAMIC LANKA PLC'miranga88
This document provides financial ratio analysis for Royal Ceramic Lanka PLC for the years 2013-2015. It includes profitability ratios like gross profit ratio, operating margin, net profit percentage, return on assets, return on equity, and return on capital employed. Liquidity ratios like current ratio, quick ratio, and cash ratio are also presented. The ratios indicate that while the company's sales have increased year-over-year, profitability has declined over this period as costs have risen faster than revenues. Liquidity has also decreased, suggesting the company may face challenges meeting short-term obligations.
Buy Britannia Industries for a target of Rs1110 - Prabhudas LilladherIndiaNotes.com
BRIT plans to undertake 1) faster and bigger innovations 2) aggressive cost reduction 3) distribution expansion and 4) provision of delightful and affordable consumer experience Maintain ‘BUY’ with a target of Rs1,110
- Bruker Corporation reported a 4% decline in Q3 2014 revenue and a 30% decline in non-GAAP EPS compared to Q3 2013. Revenues were down across most business segments.
- For the year-to-date period, Bruker reported 1% revenue growth but flat non-GAAP EPS. Several divisions experienced revenue declines which were offset by growth in other areas.
- Bruker is committed to transforming the company through restructuring, cost reductions, and investments in growth areas to improve financial performance.
Bruker Corporation reported financial results for Q4 and full year 2015. In Q4, revenue declined 6% year-over-year to $478 million due to currency headwinds, while non-GAAP operating margin expanded to 17.5% and non-GAAP EPS grew 27%. For the full year, revenues declined 10% to $1.6 billion from currency impacts, while non-GAAP operating margin increased 310 basis points and non-GAAP EPS grew 19%. Bruker expects to continue margin expansion in 2016 through operational and commercial excellence initiatives.
1. Please refer to page 5 for important disclosures and analyst certification, or on our website
www.macquarie.com/research/disclosures.
PAKISTAN FATIMA PA Outperform Price (at 13:42, 09 Dec 2014 GMT) Rs32.63 Valuation Rs 37.71 - DCF (WACC 11.8%, beta 1.0, ERP 7.0%, RFR 9.5%, TGR 2.8%) 12-month target Rs 37.71 Upside/Downside % +15.6 12-month TSR % +23.2 Volatility Index Low GICS sector Materials Market cap Rsm 68,523 Market cap US$m 678 30-day avg turnover US$m 0.5 Number shares on issue m 2,100 Investment fundamentals Year end 31 Dec 2013A 2014E 2015E 2016E Revenue m 33,496 35,766 37,400 43,099 EBIT m 16,244 17,537 18,290 21,609 EBIT growth % 9.8 8.0 4.3 18.2 Reported profit m 8,022 9,448 10,857 13,224 EPS rep Rs 3.82 4.50 5.17 6.30 EPS rep growth % 29.0 17.8 14.9 21.8 PER rep x 8.5 7.3 6.3 5.2 Total DPS Rs 2.50 2.50 2.50 3.00 Total div yield % 7.7 7.7 7.7 9.2 ROA % 20.9 21.9 21.9 24.9 ROE % 26.0 27.1 27.3 28.4 EV/EBITDA x 5.2 4.8 4.7 4.0 Net debt/equity % 75.4 43.0 34.9 20.7 P/BV x 2.1 1.9 1.6 1.4 FATIMA PA rel Pakistan KSE 100 Share performance, & rec history Note: Recommendation timeline - if not a continuous line, then there was no Macquarie coverage at the time or there was an embargo period. Source: FactSet, Macquarie Research, December 2014 (all figures in PKR unless noted) Analyst(s) James Hubbard, CFA +852 3922 1226 james.hubbard@macquarie.com Foundation Securities Muhammad Awais Ashraf (+9221) 35612290-94 Ext 339 m.awais@fs.com.pk 10 December 2014 Macquarie Capital Securities Limited
Fatima Fertilizer
Future sustainability looks promising
Event
Fatima Fertilizer’s (FATIMA) future sustainability looks promising, given the revamp of its urea plant, with the first phase likely to be complete in 4QCY15, as well as deleveraging and international diversification. This all takes place with the backdrop of a further easing in the interest rate and robust CAN/Urea margins will likely rerate our valuation upward. We reiterate our Outperform rating and raise our target price to Rs37.71 from Rs36.53.
Impact
Debottlenecking of ammonia plant: We see the first phase of debottlenecking - 105tpd out of 300tpd - to be completed by CY15 at a cost of US$58mn, with a total cost of debottlenecking to be US$140mn. The company says the latest machinery purchases have been made and we believe incremental ammonia production of 7% will improve gross margins by 160bps, translating into an EPS impact of Rs0.60 in CY16 and beyond.
Robust margins: Higher selling prices (except NP), rupee appreciation against the US dollar, with feedstock pegged to the US dollar, and a fall in phosphoric rock prices will bode well for company’s margins. In the short run, lower inventory and delayed shipment of imported urea may create a favourable pricing environment, in our view. However we acknowledge that a key risk to our assessment may come from pressure on prices due to approval of concessionary gas to EFERT.
Monetary easing plays favourably: The start of monetary easing will also play favourably for the company as it carries Rs27bn on its balance sheet as of 30 Sep. Our calculations suggest a 100bps cut will augment earnings by Rs183mn. The company’s debt to total assets has been reduced to 35%, which pave the way for its inclusion on the shariah-compliant list. However we downplay this case, given the future debt requirements for expansion.
Looking offshore: To get the benefit of lower gas prices and cheaper debt- raising through tax-exempted bonds, the company is planning to acquire a 35%/US$300m stake of the 2.6mn ton capacity Midwest Fertilizer Corporation in the US over a period of four years. We have not incorporated this in our valuation, as the deal is in its initial stages.
Earnings and target price revision
We raise our CY14 estimates by 4.5% and our CY15 by 3.4%. Our higher TP of Rs37.71, up from Rs36.53, reflects above expected earnings and reduction in cost of equity.
Price catalyst
12-month price target: Rs37.71 based on a DCF methodology.
Catalyst: Completion of ammonia plant revamping, price hike owing to delayed urea imports and international diversification
Action and recommendation
We reiterate our Outperform rating with a revised TP of Rs37.71/sh. Fatima trades at a CY14/15E P/E of 7.2/6.3x with D/Y of 7.7%.
2. Macquarie Research Fatima Fertilizer
10 December 2014 2
Robust margins
Higher selling prices (except NP), PKR appreciation against the greenback (feedstock pegged to the US dollar) and a reduction in phosphoric rock prices will likely improve the company’s margins. During CY14, margins of CAN/Urea will likely improve by 77/80bps (even after incorporating incremental GIDC of PKR50/mmbtu on fuel stock) driven by higher selling prices (up ~5%YoY) and PKR appreciation (up 3.7% YoY). Despite lower NP prices (down 2% YoY) its margins would improve by 200bps on the back of lower Phosphoric rock prices (down 8.7% YoY). Benefits of Fatima’s diversified product mix are clearly visible in CY14, as the company allocated more ammonia to high-margin CAN and Urea products.
In the short term, lower urea inventory and delayed shipment (likely to arrive late in Dec) may jack up the prices. CAN/NP prices trend upwards in tandem with domestic Urea/DAP prices as seen in the past. Higher demand in coming months given disbursement of PKR5,000/acre subsidy for rice growers, reduction in oil prices and higher support price for wheat (PKR100/40 kg) will further strengthen our case. However, the key downside risk to our thesis may come from concessionary gas availability to EFERT.
3. Macquarie Research Fatima Fertilizer
10 December 2014 3
Macquarie Quant View
The quant model currently holds a marginally positive view on Fatima Fertilizer.
The strongest style exposure is Earnings Momentum, indicating this stock has
received earnings upgrades and is well liked by sell side analysts. The weakest
style exposure is Quality, indicating this stock is likely to have a weaker and less
stable underlying earnings stream.
Displays where the
company’s ranked based on
the fundamental consensus
Price Target and
Macquarie’s Quantitative
Alpha model. The rankings
are displayed relative to the
sector and country.
57/243
Global Alpha Model
Sector Rank
% of BUY recommendations 0% (0/2)
Number of Price Target downgrades 0
Number of Price Target upgrades 1
Macquarie Alpha Model ranking Factors driving the Alpha Model
A list of comparable companies and their Macquarie Alpha model score
(higher is better).
For the comparable firms this chart shows the key underlying styles and their
contribution to the current overall Alpha score.
Macquarie Earnings Sentiment Indicator Drivers of Stock Return
The Macquarie Sentiment Indicator is an enhanced earnings revisions
signal that favours analysts who have more timely and higher conviction
revisions. Current score shown below.
Breakdown of 1 year total return (local currency) into returns from dividends, changes
in forward earnings estimates and the resulting change in earnings multiple.
What drove this Company in the last 5 years How it looks on the Alpha model
Which factor score has had the greatest correlation with the company’s
returns over the last 5 years.
A more granular view of the underlying style scores that drive the alpha (higher is
better) and the percentile rank relative to the sector and country
.
For more details on the Macquarie Alpha model or for more customised analysis and screens, please contact the Macquarie
Global Quantitative/Custom Products Group (cpg@macquarie.com)
Fundamentals
Quant
Rank within Country Rank within Sector
Attractive
-1.6
0.5
1.4
-3.0 -2.0 -1.0 0.0 1.0 2.0 3.0
Engro Corporation
Fatima Fertilizer
Lucky Cement
-100% -80% -60% -40% -20% 0% 20% 40% 60% 80% 100%
Engro Corporation
Fatima Fertilizer
Lucky Cement
Valuations Growth Profitability Earnings
Momentum
Price
Momentum
Quality
-0.3
-0.3
1.3
-3.0 -2.0 -1.0 0.0 1.0 2.0 3.0
Engro Corporation
Fatima Fertilizer
Lucky Cement
-80% -60% -40% -20% 0% 20% 40% 60% 80%
Engro Corporation
Fatima Fertilizer
Lucky Cement
Dividend Return Multiple Return Earnings Outlook 1Yr Total Return
-22%
-20%
-17%
-17%
37%
38%
38%
39%
-40% -20% 0% 20% 40%
⇐ Negatives Positives ⇒
Momentum 3 Month
Profit Margin Last Actual…
Capex to Sales FY0
Turnover(USD) 125 Day
Price to Book LTM
Price to Sales NTM
Dividend Yield NTM
Price to Book FY1
0 1
Technicals & Trading
Risk
Liquidity
Capital & Funding
Quality
Price Momentum
Earnings Momentum
Profitability
Growth
Valuation
Alpha Model Score
-0.15
-0.62
-0.15
0.12
-1.00
0.51
0.61
-0.51
0.14
0.57
0.49
0 1
Normalized
Score
0 50 100
Percentile relative
to sector(/243)
0 50 100
Percentile relative
to country(/5)
4. Macquarie Research Fatima Fertilizer
10 December 2014 4
Fatima Fertilizer (FATIMA PA, Outperform, Target Price: Rs37.71)
Interim Results
1H/14A
2H/14E
1H/15E
2H/15E
Profit & Loss
2013A
2014E
2015E
2016E
Revenue
m
15,607
20,160
14,960
22,440
Revenue
m
33,496
35,766
37,400
43,099
Gross Profit
m
9,500
13,401
9,518
14,276
Gross Profit
m
21,241
22,901
23,794
27,687
Cost of Goods Sold
m
6,107
6,759
5,442
8,164
Cost of Goods Sold
m
12,255
12,865
13,606
15,412
EBITDA
m
7,800
11,230
7,914
11,871
EBITDA
m
17,702
19,030
19,785
23,207
Depreciation
m
738
756
598
897
Depreciation
m
1,458
1,494
1,495
1,598
Amortisation of Goodwill
m
0
0
0
0
Amortisation of Goodwill
m
0
0
0
0
Other Amortisation
m
0
0
0
0
Other Amortisation
m
0
0
0
0
EBIT
m
7,063
10,474
7,316
10,974
EBIT
m
16,244
17,537
18,290
21,609
Net Interest Income
m
-1,838
-1,501
-1,112
-1,668
Net Interest Income
m
-3,923
-3,339
-2,780
-2,163
Associates
m
0
0
0
0
Associates
m
0
0
0
0
Exceptionals
m
0
0
0
0
Exceptionals
m
0
0
0
0
Forex Gains / Losses
m
0
0
0
0
Forex Gains / Losses
m
0
0
0
0
Other Pre-Tax Income
m
0
0
0
0
Other Pre-Tax Income
m
0
0
0
0
Pre-Tax Profit
m
5,224
8,973
6,204
9,306
Pre-Tax Profit
m
12,321
14,198
15,509
19,447
Tax Expense
m
-1,825
-2,925
-1,861
-2,792
Tax Expense
m
-4,298
-4,749
-4,653
-6,223
Net Profit
m
3,400
6,048
4,343
6,514
Net Profit
m
8,022
9,448
10,857
13,224
Minority Interests
m
0
0
0
0
Minority Interests
m
0
0
0
0
Reported Earnings
m
3,400
6,048
4,343
6,514
Reported Earnings
m
8,022
9,448
10,857
13,224
Adjusted Earnings
m
3,400
6,048
4,343
6,514
Adjusted Earnings
m
8,022
9,448
10,857
13,224
EPS (rep)
1.62
2.88
2.07
3.10
EPS (rep)
3.82
4.50
5.17
6.30
EPS (adj)
1.62
2.88
2.07
3.10
EPS (adj)
3.82
4.50
5.17
6.30
EPS Growth yoy (adj)
%
1.1
29.8
27.7
7.7
EPS Growth (adj)
%
29.0
17.8
14.9
21.8
PE (rep)
x
8.5
7.3
6.3
5.2
PE (adj)
x
8.5
7.3
6.3
5.2
EBITDA Margin
%
50.0
55.7
52.9
52.9
Total DPS
2.50
2.50
2.50
3.00
EBIT Margin
%
45.3
52.0
48.9
48.9
Total Div Yield
%
7.7
7.7
7.7
9.2
Earnings Split
%
36.0
64.0
40.0
60.0
Basic Shares Outstanding
m
2,100
2,100
2,100
2,100
Revenue Growth
%
-1.2
13.9
-4.1
11.3
Diluted Shares Outstanding
m
2,100
2,100
2,100
2,100
EBIT Growth
%
-6.6
20.6
3.6
4.8
Profit and Loss Ratios
2013A
2014E
2015E
2016E
Cashflow Analysis
2013A
2014E
2015E
2016E
Revenue Growth
%
13.5
6.8
4.6
15.2
EBITDA
m
17,702
19,030
19,785
23,207
EBITDA Growth
%
9.2
7.5
4.0
17.3
Tax Paid
m
-4,298
-4,749
-4,653
-6,223
EBIT Growth
%
9.8
8.0
4.3
18.2
Chgs in Working Cap
m
673
846
-20
-53
Gross Profit Margin
%
63.4
64.0
63.6
64.2
Net Interest Paid
m
0
0
0
0
EBITDA Margin
%
52.8
53.2
52.9
53.8
Other
m
-274
-145
-2,808
-3,300
EBIT Margin
%
48.5
49.0
48.9
50.1
Operating Cashflow
m
13,802
14,981
12,305
13,631
Net Profit Margin
%
23.9
26.4
29.0
30.7
Acquisitions
m
0
0
0
0
Payout Ratio
%
65.4
55.6
48.4
47.6
Capex
m
-1,509
-2,196
-5,202
-878
EV/EBITDA
x
5.2
4.8
4.7
4.0
Asset Sales
m
0
0
0
0
EV/EBIT
x
5.7
5.3
5.0
4.3
Other
m
-2,999
134
-2
-2
Investing Cashflow
m
-4,508
-2,063
-5,204
-880
Balance Sheet Ratios
Dividend (Ordinary)
m
-5,250
-5,250
-5,250
-6,300
ROE
%
26.0
27.1
27.3
28.4
Equity Raised
m
0
0
0
0
ROA
%
20.9
21.9
21.9
24.9
Debt Movements
m
-2,911
-5,276
-1,175
-6,052
ROIC
%
18.3
20.3
24.2
25.6
Other
m
1,047
5,276
1,175
7,102
Net Debt/Equity
%
75.4
43.0
34.9
20.7
Financing Cashflow
m
-7,114
-5,250
-5,250
-5,250
Interest Cover
x
4.1
5.3
6.6
10.0
Price/Book
x
2.1
1.9
1.6
1.4
Net Chg in Cash/Debt
m
2,180
7,669
1,851
7,501
Book Value per Share
15.6
17.6
20.3
24.1
Free Cashflow
m
12,293
12,785
7,103
12,753
Balance Sheet
2013A
2014E
2015E
2016E
Cash
m
238
2,631
3,307
2,242
Receivables
m
99
143
150
172
Inventories
m
6,552
6,724
7,031
8,103
Investments
m
3,085
85
85
85
Fixed Assets
m
67,588
68,291
71,997
75,296
Intangibles
m
43
43
43
43
Other Assets
m
1,684
3,277
3,279
1,414
Total Assets
m
79,290
81,193
85,891
87,355
Payables
m
6,651
6,438
6,732
7,758
Short Term Debt
m
2,303
2,500
2,500
2,500
Long Term Debt
m
22,647
16,037
15,662
10,187
Provisions
m
0
0
0
0
Other Liabilities
m
14,930
19,261
18,433
16,373
Total Liabilities
m
46,531
44,236
43,327
36,818
Shareholders' Funds
m
30,969
35,167
40,774
48,748
Minority Interests
m
0
0
0
0
Other
m
1,790
1,790
1,790
1,790
Total S/H Equity
m
32,759
36,957
42,564
50,538
Total Liab & S/H Funds
m
79,290
81,193
85,891
87,355
All figures in PKR unless noted.
Source: Company data, Macquarie Research, December 2014
5. Macquarie Research Fatima Fertilizer
10 December 2014 5
Important disclosures: Recommendation definitions Macquarie - Australia/New Zealand Outperform – return >3% in excess of benchmark return Neutral – return within 3% of benchmark return Underperform – return >3% below benchmark return Benchmark return is determined by long term nominal GDP growth plus 12 month forward market dividend yield Macquarie – Asia/Europe Outperform – expected return >+10% Neutral – expected return from -10% to +10% Underperform – expected return <-10% Macquarie First South - South Africa Outperform – expected return >+10% Neutral – expected return from -10% to +10% Underperform – expected return <-10% Macquarie - Canada Outperform – return >5% in excess of benchmark return Neutral – return within 5% of benchmark return Underperform – return >5% below benchmark return Macquarie - USA Outperform (Buy) – return >5% in excess of Russell 3000 index return Neutral (Hold) – return within 5% of Russell 3000 index return Underperform (Sell)– return >5% below Russell 3000 index return Volatility index definition* This is calculated from the volatility of historical price movements. Very high–highest risk – Stock should be expected to move up or down 60–100% in a year – investors should be aware this stock is highly speculative. High – stock should be expected to move up or down at least 40–60% in a year – investors should be aware this stock could be speculative. Medium – stock should be expected to move up or down at least 30–40% in a year. Low–medium – stock should be expected to move up or down at least 25–30% in a year. Low – stock should be expected to move up or down at least 15–25% in a year. * Applicable to Asia/Australian/NZ/Canada stocks only Recommendations – 12 months Note: Quant recommendations may differ from Fundamental Analyst recommendations Financial definitions All "Adjusted" data items have had the following adjustments made: Added back: goodwill amortisation, provision for catastrophe reserves, IFRS derivatives & hedging, IFRS impairments & IFRS interest expense Excluded: non recurring items, asset revals, property revals, appraisal value uplift, preference dividends & minority interests EPS = adjusted net profit / efpowa* ROA = adjusted ebit / average total assets ROA Banks/Insurance = adjusted net profit /average total assets ROE = adjusted net profit / average shareholders funds Gross cashflow = adjusted net profit + depreciation *equivalent fully paid ordinary weighted average number of shares All Reported numbers for Australian/NZ listed stocks are modelled under IFRS (International Financial Reporting Standards). Recommendation proportions – For quarter ending 30 September 2014 AU/NZ Asia RSA USA CA EUR Outperform 48.73% 59.90% 35.63% 42.00% 60.28% 42.11% (for US coverage by MCUSA, 6.09% of stocks followed are investment banking clients) Neutral 33.76% 24.97% 39.08% 52.67% 36.17% 38.42% (for US coverage by MCUSA, 8.12% of stocks followed are investment banking clients) Underperform 17.52% 15.13% 25.29% 5.33% 3.55% 19.47% (for US coverage by MCUSA, 0.51% of stocks followed are investment banking clients)
FATIMA PA vs Pakistan KSE 100 Share, & rec history (all figures in PKR currency unless noted) Note: Recommendation timeline – if not a continuous line, then there was no Macquarie coverage at the time or there was an embargo period. Source: FactSet, Macquarie Research, December 2014 12-month target price methodology FATIMA PA: Rs37.71 based on a DCF methodology
Company-specific disclosures:
Important disclosure information regarding the subject companies covered in this report is available at www.macquarie.com/disclosures.
Date Stock Code (BBG code) Recommendation Target Price
07-May-2014
FATIMA PA
Outperform
Rs36.53
28-Mar-2014
FATIMA PA
Outperform
Rs36.83
26-Feb-2014
FATIMA PA
Outperform
Rs32.42
04-Feb-2013
FATIMA PA
Outperform
Rs32.87
23-Nov-2012
FATIMA PA
Outperform
Rs30.72
08-Mar-2012
FATIMA PA
Outperform
Rs34.30
Target price risk disclosures:
FATIMA PA: Any inability to compete successfully in their markets may harm the business. This could be a result of many factors which may include geographic mix and introduction of improved products or service offerings by competitors. The results of operations may be materially affected by global economic conditions generally, including conditions in financial markets. The company is exposed to market risks, such as changes in interest rates, foreign exchange rates and input prices. From time to time, the company will enter into transactions, including transactions in derivative instruments, to manage certain of these exposures.
Analyst certification:
The views expressed in this research accurately reflect the personal views of the Macquarie analyst(s) and Foundation Securities analyst(s) about the subject securities or issuers and no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views expressed by the analyst(s) in this research. The Macquarie analyst principally responsible for the preparation of this research receives compensation based on overall revenues of Macquarie Group Ltd ABN 94 122 169 279 (AFSLNo. 318062) (MGL) and its related entities (the Macquarie Group) and has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations..
General disclaimers:
Macquarie Securities (Australia) Ltd; Macquarie Capital (Europe) Ltd; Macquarie Capital Markets Canada Ltd; Macquarie Capital Markets North America Ltd; Macquarie Capital (USA) Inc; Macquarie Capital Securities Ltd and its Taiwan branch; Macquarie Capital Securities (Singapore) Pte Ltd; Macquarie Securities (NZ) Ltd; Macquarie First South Securities (Pty) Limited; Macquarie Capital Securities (India) Pvt Ltd; Macquarie Capital Securities