Financials Gujarat Gas Limited

Equities

GUJGASLTD

INE844O01030

Natural Gas Utilities

Market Closed - NSE India S.E. Other stock markets 05:10:30 08/05/2024 pm IST			5-day change	1st Jan Change
546.2 ^INR	+1.46%		-0.06%	+18.36%

07/05	Gujarat Gas Posts Gains in Fiscal Q4 Consolidated Net Profit	MT
07/05	Gujarat Gas Appoints CFO	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,01,951	1,58,915	3,78,236	3,46,432	3,16,384	3,76,033	-	-
Enterprise Value (EV) ¹	1,19,710	1,70,318	3,82,726	3,50,129	3,09,574	3,74,656	3,59,803	3,50,179
P/E ratio	24.4 x	13.3 x	29.6 x	26.9 x	20.7 x	32.8 x	26.6 x	22.7 x
Yield	0.68%	0.54%	0.36%	0.4%	1.45%	0.94%	1.04%	1.34%
Capitalization / Revenue	1.31 x	1.54 x	3.84 x	2.11 x	1.89 x	2.39 x	2.26 x	1.98 x
EV / Revenue	1.54 x	1.65 x	3.88 x	2.13 x	1.85 x	2.39 x	2.16 x	1.85 x
EV / EBITDA	12.2 x	10.4 x	18.3 x	16.9 x	12.9 x	20 x	15.7 x	13.3 x
EV / FCF	28.6 x	20.7 x	42.3 x	119 x	24 x	56.4 x	37.8 x	30.2 x
FCF Yield	3.5%	4.84%	2.36%	0.84%	4.16%	1.77%	2.64%	3.31%
Price to Book	4.62 x	4.79 x	8.38 x	6.15 x	4.5 x	4.81 x	4.21 x	3.75 x
Nbr of stocks (in thousands)	6,88,390	6,88,390	6,88,390	6,88,390	6,88,390	6,88,390	-	-
Reference price ²	148.1	230.8	549.4	503.2	459.6	546.2	546.2	546.2
Announcement Date	06/05/19	05/06/20	01/06/21	10/05/22	10/05/23	06/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	77,544	1,03,003	98,542	1,64,562	1,67,594	1,56,902	1,65,238	1,88,797
EBITDA ¹	9,846	16,343	20,878	20,763	23,920	18,764	22,593	26,072
EBIT ¹	6,966	13,163	17,470	16,914	19,637	14,021	17,781	20,739
Operating Margin	8.98%	12.78%	17.73%	10.28%	11.72%	8.94%	10.76%	10.98%
Earnings before Tax (EBT) ¹	5,956	12,080	17,048	17,134	20,247	15,346	19,120	22,326
Net income ¹	4,184	11,988	12,777	12,856	15,284	11,437	13,290	16,297
Net margin	5.4%	11.64%	12.97%	7.81%	9.12%	7.29%	8.04%	8.63%
EPS ²	6.080	17.41	18.56	18.68	22.20	16.61	20.30	23.99
Free Cash Flow ¹	4,185	8,244	9,038	2,954	12,888	6,460	8,950	11,804
FCF margin	5.4%	8%	9.17%	1.8%	7.69%	4.18%	5.42%	6.25%
FCF Conversion (EBITDA)	42.5%	50.45%	43.29%	14.23%	53.88%	34.79%	39.62%	45.28%
FCF Conversion (Net income)	100%	68.77%	70.74%	22.98%	84.32%	55.71%	67.34%	72.43%
Dividend per Share ²	1.000	1.250	2.000	2.000	6.650	5.148	5.749	7.377
Announcement Date	06/05/19	05/06/20	01/06/21	10/05/22	10/05/23	06/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	30,109	36,145	51,444	46,694	39,765	36,843	39,286	37,815	39,507	40,760	40,764
EBITDA ¹	7,229	4,210	2,375	6,974	6,427	5,823	5,603	3,880	4,213	4,791	5,099
EBIT	-	-	1,406	5,954	5,363	4,730	-	2,729	-	2,672	4,971
Operating Margin	-	-	2.73%	12.75%	13.49%	12.84%	-	7.22%	-	6.55%	12.19%
Earnings before Tax (EBT) ¹	6,378	3,343	1,619	5,867	5,418	4,974	-	4,200	-	3,340	4,490
Net income ¹	4,767	2,491	1,229	4,443	4,044	3,716	3,705	2,160	2,403	2,950	3,129
Net margin	15.83%	6.89%	2.39%	9.51%	10.17%	10.09%	9.43%	5.71%	6.08%	7.24%	7.68%
EPS	6.920	3.620	1.790	6.450	5.870	5.400	-	3.140	-	4.300	5.600
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	05/08/21	28/10/21	08/02/22	10/05/22	10/11/22	13/02/23	10/05/23	02/08/23	-	-	-

¹INR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	17,760	11,403	4,490	3,697	-	-	-	-
Net Cash position ¹	-	-	-	-	6,810	11,384	15,936	25,854
Leverage (Debt/EBITDA)	1.804 x	0.6977 x	0.2151 x	0.178 x	-	-	-	-
Free Cash Flow ¹	4,185	8,244	9,038	2,954	12,888	6,460	8,950	11,804
ROE (net income / shareholders' equity)	21.2%	43.4%	32.6%	25.4%	24.1%	15.1%	16.7%	17.3%
ROA (Net income/ Total Assets)	6.24%	15.9%	15.6%	14.2%	14.9%	11.4%	12.7%	12.9%
Assets ¹	67,084	75,415	82,026	90,632	1,02,574	1,01,800	1,04,874	1,26,771
Book Value Per Share ²	32.00	48.20	65.50	81.80	102.0	114.0	127.0	145.0
Cash Flow per Share	6.080	20.60	24.00	24.10	34.50	23.70	-	-
Capex ¹	5,376	5,956	7,513	13,663	10,867	10,876	10,339	10,640
Capex / Sales	6.93%	5.78%	7.62%	8.3%	6.48%	7.03%	6.26%	5.64%
Announcement Date	06/05/19	05/06/20	01/06/21	10/05/22	10/05/23	06/05/24	-	-

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 Gujarat Gas Limited

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

546.2 INR

Average target price

509.9 INR

Spread / Average Target

-6.65%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Natural Gas Distribution

	1st Jan change	Capi.
GUJARAT GAS LIMITED	+18.36%	4.44B
THE HONG KONG AND CHINA GAS CO LTD	+2.51%	14.7B
ENN ENERGY HOLDINGS LIMITED	+25.13%	10.29B
KUNLUN ENERGY COMPANY LIMITED	+11.79%	8.65B
ENN NATURAL GAS CO.,LTD.	+10.05%	7.95B
CHINA RESOURCES GAS GROUP LIMITED	+2.54%	7.75B
GRUPO ENERGÍA BOGOTÁ S.A. E.S.P.	+33.42%	6.07B
SOUTHWEST GAS HOLDINGS, INC.	+19.64%	5.46B
UGI CORPORATION	+0.73%	5.15B
BROOKFIELD INFRASTRUCTURE CORPORATION	-3.15%	4.85B

Natural Gas Distribution