Documente Academic
Documente Profesional
Documente Cultură
Introduction
Force Motors Limited is an India-based automobile
company
Key features:
SCV, LCV, MUV, SUV(product range)
Agricultural tractors
Vertically integrated
Shareholding Pattern
Share Holding Pattern
Indian Promoter
Mutual Funds / UTI
FI/Bank/Insurance
28.38
FII
4.47
6.03
60.12
Other
Bodies Corporate
Others
Financial
Sights
Networth
1,400.00 1,316.88
1,200.00
1,226.02
1,152.95 1,143.30
1,000.00
800.00
600.00
334.28
400.00
200.00
0.00
Mar '15
Mar '14
Mar '13
Mar '12
Mar '11
Total Assets
1,400.00 1,327.61
1,246.39
1,200.00
1,194.95 1,202.99
1,000.00
800.00
558.62
600.00
400.00
200.00
0.00
Mar '15
Mar '14
Mar '13
Mar '12
Mar '11
Total Liabilities
1,400.00 1,327.61
1,246.40
1,200.00
1,194.94 1,202.99
1,000.00
800.00
558.61
600.00
400.00
200.00
0.00
Mar '15
Mar '14
Mar '13
Mar '12
Mar '11
Total Expenses
2,500.00
2,222.84
1,922.94 1,949.28 2,000.44
2,000.00
1,448.77
1,500.00
1,000.00
500.00
0.00
Mar '15
Mar '14
Mar '13
Mar '12
Mar '11
3107.24
3000
2500
2435.62
2079.6
2000
2046.81
1598.67
1500
1000
500
0
Mar '15
Mar '14
Mar '13
Mar '12
Mar '11
2,363.72
2,021.631,972.722,085.00
2,000.00
1,564.79
1,500.00
1,000.00
500.00
0.00
Mar '15
Mar '14
Mar '13
Mar '12
Mar '11
824.33
800
700
600
500
400
300
200
100
0
101.36
77.69
58.62
14.28
Mar '15
Mar '14
Mar '13
Mar '12
Mar '11
625.62
600
500
400
300
200
100
0
76.93
Mar '15
58.97
Mar '14
44.49
10.84
Mar '13
Mar '12
Mar '11
1200
1106.8
1011.29
1000
824.33
800
600
400
212.78
156.66
200
124.95
101.36
62.64
0
Mar '15
149.9
81.96
58.62
97.53
19.13
14.28
Mar77.69
'14
EBITDA
Mar '13
PBT
Mar '12
PAT
Mar '11
Ratios
2.43
2.5
2
1.7
1.75
1.75
1.5
0.86
1
0.5
0
Mar '15
Mar '14
Mar '13
Mar '12
Mar '11
1.64
1.6
1.4
1.2
1.09
1.04
0.8
0.56
0.6
0.4
0.2
0
Mar '15
Mar '14
Mar '13
Mar '12
Mar '11
0.67
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
0.01
0.02
0.04
Mar '15
Mar '14
Mar '13
0.05
Mar '12
Mar '11
10
10
8
6
5
3
Mar '14
Mar '13
2
0
Mar '15
Mar '12
Mar '11
27.68
25
20
15
11.23
10
6.49
5
0
5.08
1.59
Mar '15
Mar '14
Mar '13
Mar '12
Mar '11
18.81
18
16
14
12
10
9.9
5.76
6
4
2.29
2
0
7.12
Mar '15
Mar '14
Mar '13
Mar '12
Mar '11
6.72
6.54
5.36
5.17
Mar '14
Mar '13
5.72
4
3
2
1
0
Mar '15
Mar '12
Mar '11
3.16
2.37
2.5
2
1.84
1.66
1.65
Mar '14
Mar '13
1.5
1
0.5
0
Mar '15
Mar '12
Mar '11
Investment Rationale
Post exit by Bajaj group in Aug 2014, the
company has seen acceleration in its
growth in sales and tie-ups/contracts.
It caters to world renowned companies
like Mercedes Benz India, BMW by
assembling engines and axles for them.
A debt free balance sheet gives the
company enough cushion to raise funds
for its future expansion plans.
Future Prospect
Foreign collaboration for new MPV
postponed but not cancelled
Promoters increased their stake as Bajaj
ends decade old alliance
Company is also setting up two
manufacturing facilities, one each in
Madhya Pradesh and Gujarat to
manufacture auto-components
Conclusion &
Recommendations
The stock does not seem expensive from P/E,
P/BV, Market Cap/Sales or EV/EBITDA from FY17
perspective.
However if the current market sentiments do not
improve soon, it could underperform in the
extremely short term before improving later on.
Q&A
Thank You
Madhur Telang (171)