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A small analysis of BRWN;
Current Assets = 7823.78Mn
Current Liabilities = 4740.4Mn
Hence positive working capital.
Share holders equity as at 31-12-10 = 12070Mn
Revenue = 9749 Mn
Other Income = 2519.5 Mn (could not find any related data)
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Equity Holders = 2523.56 Mn
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Annualized Equity Holders = 2523.56/3*4 = 3364.75Mn
Announced EPS for 9 months = 35.61
Ordinary Shares = 70.875 Mn
Calculated Annualised EPS = 3364.75/70.875 = 47.47
Trading sector PE = 9.10
Sector Valuation - 47.47*9.10 = 431.98/-
Current Price = 380/-
Current PE = 380/47.47 = 8.0
Current ROE = 2523.56/12070 = 20.9%
Looks very under valued to me..
Browns Future plans include entering areas such as; Forestry, Hotels & Eco-tourism and Real estate development. This would eventually result in additional revenue being generated for the company. Also Galoya plantations project can be considered as a future investment as it will start suger production in 2011. The PP which raised 4.1 Bn rupees also included in cash flows.
Since Last Qtr profits = 1219.1 Mn, if we take the growth rate as 10% over the qtr = 1341 Mn. Then the Annulaised earnings would be 3864.57.
Then the projected EPS = 3864.57/70.875 = 54.53.
Hence Projected valuation over a 10% qtr PAT growth = 496.2/-
But the only problem I found was to identify the other income figure, cuz if we take it out.. theres nothing much as a gain..
But this is a good med-long term hold considering the growth of the company and industry as well.
Current Assets = 7823.78Mn
Current Liabilities = 4740.4Mn
Hence positive working capital.
Share holders equity as at 31-12-10 = 12070Mn
Revenue = 9749 Mn
Other Income = 2519.5 Mn (could not find any related data)
-----------------------------
Equity Holders = 2523.56 Mn
-----------------------------
Annualized Equity Holders = 2523.56/3*4 = 3364.75Mn
Announced EPS for 9 months = 35.61
Ordinary Shares = 70.875 Mn
Calculated Annualised EPS = 3364.75/70.875 = 47.47
Trading sector PE = 9.10
Sector Valuation - 47.47*9.10 = 431.98/-
Current Price = 380/-
Current PE = 380/47.47 = 8.0
Current ROE = 2523.56/12070 = 20.9%
Looks very under valued to me..
Browns Future plans include entering areas such as; Forestry, Hotels & Eco-tourism and Real estate development. This would eventually result in additional revenue being generated for the company. Also Galoya plantations project can be considered as a future investment as it will start suger production in 2011. The PP which raised 4.1 Bn rupees also included in cash flows.
Since Last Qtr profits = 1219.1 Mn, if we take the growth rate as 10% over the qtr = 1341 Mn. Then the Annulaised earnings would be 3864.57.
Then the projected EPS = 3864.57/70.875 = 54.53.
Hence Projected valuation over a 10% qtr PAT growth = 496.2/-
But the only problem I found was to identify the other income figure, cuz if we take it out.. theres nothing much as a gain..
But this is a good med-long term hold considering the growth of the company and industry as well.
