Vallibel One PLC is a diversified investment holding company. The Company's segments include Investment Sector, Tiles Sector, Consumer Sector, Life Style Sector, Sanitaryware Sector, Plantation Sector, Bank & Finance, Hotel, Health Sector and Other. Its subsidiaries include Royal Ceramics Lanka PLC (RCL), L B Finance PLC, Greener Water Limited and Delmege Limited. RCL is engaged in manufacturing and marketing of floor and wall tiles. L B Finance PLC provides a range of financial services encompassing acceptance of deposits, granting lease facilities, hire purchase, mortgage loans, gold loans, personnel loans, factoring, margin trading, trade finance loans, microfinance and other credit facilities, real estate development and other related services. Greener Water Limited is an intended hotel operator. Delmege Limited is managing its subsidiaries, carrying out investment activities, and providing management and administration services to the companies within the Company.
VONE is the holding company of DP which consists various sectors such as tiles, financial services, FMCG, hospitality, etc.
Financial summary
| Mn | 2011/12 | 2012/13 | 2013/14 | 2014/15 | 2015/16 |
| Revenue | 26,606 | 33,110 | 48,448 | 43,450 | 47,668 |
| Operating profit | 4,660 | 4,267 | 5,136 | 7,546 | 10,975 |
| Operating profit margin | 17.5% | 12.9% | 10.6% | 17.4% | 23.0% |
| PAT to Equity holders | 2,025 | 2,154 | 1,560 | 2,891 | 4,228 |
| PAT margin | 7.6% | 6.5% | 3.2% | 6.7% | 8.9% |
| EPS | 1.9 | 2.0 | 1.4 | 2.7 | 3.9 |
Revenue has been growing at a compounded rate of over 15% while operating profit margin and profit for equity holder margin increasing by 5.5pp and 1.3pp during the period 2011/12 to 2015-16.
Historically the company was trading at a discounted PE to the market but with the current performance the trading price seems to be undervalued. When the stock is valued based on low-high-mid historical PE basis the stock can be valued in the range of Rs29.60 - Rs44.60 with the mid target of Rs36.20.
However market sentiment as well as investor sentiment on this stock has to be improved if it reaches to its true value.
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