Financials ADF Foods Limited

Equities

ADFFOODS

INE982B01027

Food Processing

Market Closed - Bombay S.E. Other stock markets 03:30:50 03/05/2024 pm IST			5-day change	1st Jan Change
226.4 ^INR	+3.10%		+2.10%	+13.20%

29/02	ADF Foods Limited Receives an Order of Adjudication of Penalty from the Registrar of Companies - Gujarat and Adjudicating Officer	CI
31/01	Transcript : ADF Foods Limited, Q3 2024 Earnings Call, Jan 31, 2024

Valuation

Fiscal Period: March	2019	2020	2022	2023	2024	2025
Capitalization ¹	4,825	3,412	16,226	16,332	24,873	-
Enterprise Value (EV) ¹	4,825	3,412	16,226	16,332	24,873	24,873
P/E ratio	-	7.98 x	33.2 x	29 x	36.5 x	29.7 x
Yield	-	-	-	-	0.57%	0.66%
Capitalization / Revenue	2.09 x	1.25 x	-	3.63 x	4.89 x	4.06 x
EV / Revenue	2.09 x	1.25 x	-	3.63 x	4.89 x	4.06 x
EV / EBITDA	9.14 x	5.46 x	-	17.8 x	25.1 x	19.6 x
EV / FCF	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-
Price to Book	2.81 x	1.67 x	-	3.9 x	5.34 x	4.51 x
Nbr of stocks (in thousands)	1,00,114	1,00,114	1,04,831	1,09,864	1,09,864	-
Reference price ²	48.20	34.08	154.8	148.7	226.4	226.4
Announcement Date	22/05/19	11/05/20	20/05/22	06/05/23	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2022	2023	2024	2025
Net sales ¹	2,314	2,728	-	4,503	5,083	6,130
EBITDA ¹	527.8	625.3	-	918.5	989	1,269
EBIT ¹	-	-	-	-	966	1,241
Operating Margin	-	-	-	-	19%	20.24%
Earnings before Tax (EBT) ¹	-	553.1	-	754.6	944	1,145
Net income ¹	-	427.7	481	558.5	687	840.7
Net margin	-	15.68%	-	12.4%	13.52%	13.71%
EPS ²	-	4.272	4.666	5.124	6.200	7.625
Free Cash Flow	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-
Dividend per Share ²	-	-	-	-	1.300	1.500
Announcement Date	22/05/19	11/05/20	20/05/22	06/05/23	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3
Net sales ¹	-	1,231	1,124	-	1,321
EBITDA ¹	-	270.4	243.7	-	-
EBIT	-	-	-	-	-
Operating Margin	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	228.6	202.8	214	220.4
Net income ¹	185.2	160.9	150.4	159.8	161
Net margin	-	13.07%	13.38%	-	12.18%
EPS ²	-	1.486	1.370	1.454	1.470
Dividend per Share	-	-	-	-	-
Announcement Date	30/01/23	06/05/23	07/08/23	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-
ROE (net income / shareholders' equity)	14.6%	22.7%	-	14.7%	15.5%	15.8%
ROA (Net income/ Total Assets)	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-
Book Value Per Share ²	17.20	20.40	-	38.20	42.40	50.20
Cash Flow per Share	-	-	-	-	-	-
Capex ¹	-	-	-	-	120	400
Capex / Sales	-	-	-	-	2.36%	6.53%
Announcement Date	22/05/19	11/05/20	20/05/22	06/05/23	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for ADF Foods Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

226.4 INR

Average target price

199 INR

Spread / Average Target

-12.10%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
ADF FOODS LIMITED	+13.20%	298M
NESTLÉ S.A.	-5.94%	266B
MONDELEZ INTERNATIONAL, INC.	-3.51%	93.75B
KRAFT HEINZ	-1.70%	44.14B
THE HERSHEY COMPANY	+6.16%	40.42B
DANONE	-1.60%	39.92B
GENERAL MILLS, INC.	+7.31%	39.47B
ARCHER-DANIELS-MIDLAND COMPANY	-18.07%	29.26B
NESTLÉ INDIA LIMITED	-7.67%	28.39B
ASSOCIATED BRITISH FOODS PLC	+12.84%	25.04B

Other Food Processing