Financials KEC International Limited

Equities

KEC

INE389H01022

Construction & Engineering

Market Closed - NSE India S.E. Other stock markets 05:13:48 09/05/2024 pm IST			5-day change	1st Jan Change
736 ^INR	-0.14%		-1.71%	+24.92%

08/05	KEC International Posts Jump in Fiscal Q4 Consolidated Net Profit	MT
08/05	Transcript : KEC International Limited, Q4 2024 Earnings Call, May 08, 2024

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	77,062	47,690	1,05,625	97,424	1,17,322	1,89,217	-	-
Enterprise Value (EV) ¹	91,269	68,067	1,22,781	1,25,040	1,46,952	1,78,484	2,19,552	2,15,766
P/E ratio	15.5 x	8.43 x	19.1 x	29.3 x	66.6 x	51.5 x	24.5 x	17.6 x
Yield	0.9%	1.83%	0.97%	1.06%	0.66%	0.48%	0.63%	0.81%
Capitalization / Revenue	0.7 x	0.4 x	0.81 x	0.71 x	0.68 x	0.9 x	0.83 x	0.75 x
EV / Revenue	0.83 x	0.57 x	0.94 x	0.91 x	0.85 x	0.9 x	0.96 x	0.85 x
EV / EBITDA	7.94 x	5.51 x	10.8 x	13.8 x	17.7 x	14.7 x	12.7 x	9.63 x
EV / FCF	107 x	-57.2 x	18.5 x	-29.3 x	34.3 x	32.9 x	43.1 x	21.1 x
FCF Yield	0.93%	-1.75%	5.41%	-3.41%	2.92%	3.04%	2.32%	4.75%
Price to Book	3.16 x	1.7 x	3.14 x	2.69 x	3.11 x	4.63 x	4 x	3.32 x
Nbr of stocks (in thousands)	2,57,088	2,57,088	2,57,088	2,57,088	2,57,088	2,57,088	-	-
Reference price ²	299.8	185.5	410.8	379.0	456.4	736.0	736.0	736.0
Announcement Date	08/05/19	29/05/20	11/05/21	03/05/22	03/05/23	07/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,10,005	1,19,654	1,31,142	1,37,423	1,72,817	1,99,142	2,27,881	2,53,496
EBITDA ¹	11,499	12,344	11,412	9,035	8,297	12,146	17,339	22,406
EBIT ¹	10,328	10,872	9,887	7,456	6,682	10,292	15,587	20,660
Operating Margin	9.39%	9.09%	7.54%	5.43%	3.87%	5.17%	6.84%	8.15%
Earnings before Tax (EBT) ¹	7,435	7,903	7,559	3,994	1,610	4,265	9,930	14,133
Net income ¹	4,958	5,655	5,527	3,321	1,760	3,468	7,498	10,785
Net margin	4.51%	4.73%	4.21%	2.42%	1.02%	1.74%	3.29%	4.25%
EPS ²	19.28	22.00	21.50	12.92	6.850	13.49	30.01	41.84
Free Cash Flow ¹	853	-1,190	6,645	-4,268	4,284	6,628	5,095	10,249
FCF margin	0.78%	-0.99%	5.07%	-3.11%	2.48%	3.32%	2.24%	4.04%
FCF Conversion (EBITDA)	7.42%	-	58.23%	-	51.64%	52.19%	29.39%	45.74%
FCF Conversion (Net income)	17.21%	-	120.22%	-	243.39%	175.97%	67.96%	95.02%
Dividend per Share ²	2.700	3.400	4.000	4.000	3.000	3.520	4.600	5.958
Announcement Date	08/05/19	29/05/20	11/05/21	03/05/22	03/05/23	07/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	52,213	32,892	43,605	25,400	35,875	33,400	42,748	33,181	40,640	43,746	55,250	42,436	46,628	49,498	61,341
EBITDA ¹	-	2,987	3,546	1,599	2,530	2,390	2,517	1,684	1,780	1,999	2,835	2,444	2,869	3,402	4,184
EBIT ¹	-	2,607	3,165	1,217	2,144	1,997	2,098	1,291	1,381	1,590	2,420	2,026	2,455	3,074	4,293
Operating Margin	-	7.93%	7.26%	4.79%	5.98%	5.98%	4.91%	3.89%	3.4%	3.64%	4.38%	4.77%	5.27%	6.21%	7%
Earnings before Tax (EBT) ¹	-	1,988	2,657	585.5	1,008	1,223	1,178	371.1	265.7	114.3	858.7	467	1,005	1,316	2,512
Net income ¹	-	1,451	1,943	461.4	802.9	936.1	1,120	310.2	552.4	176	721.7	423.3	737.6	1,020	1,681
Net margin	-	4.41%	4.46%	1.82%	2.24%	2.8%	2.62%	0.93%	1.36%	0.4%	1.31%	1%	1.58%	2.06%	2.74%
EPS ²	-	5.640	7.560	1.790	3.120	3.640	4.360	1.210	2.150	0.6800	2.810	1.650	2.700	3.725	7.550
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	08/11/19	28/01/21	11/05/21	30/07/21	27/10/21	31/01/22	03/05/22	03/08/22	07/11/22	31/01/23	03/05/23	03/08/23	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	14,206	20,377	17,157	27,616	29,630	28,799	30,335	26,549
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.235 x	1.651 x	1.503 x	3.057 x	3.571 x	2.268 x	1.75 x	1.185 x
Free Cash Flow ¹	853	-1,190	6,645	-4,269	4,284	6,628	5,095	10,249
ROE (net income / shareholders' equity)	21.9%	21.6%	18%	9.52%	4.76%	9.99%	17.1%	21%
ROA (Net income/ Total Assets)	4.38%	4.6%	4.11%	2.19%	1.01%	1.6%	2.7%	3.5%
Assets ¹	1,13,298	1,22,856	1,34,613	1,51,929	1,75,051	2,35,400	2,77,685	3,08,152
Book Value Per Share ²	94.70	109.0	131.0	141.0	147.0	159.0	184.0	222.0
Cash Flow per Share	7.730	28.70	28.20	-	-	-	-	-
Capex ¹	1,134	2,065	1,801	1,431	1,783	2,181	2,517	2,349
Capex / Sales	1.03%	1.73%	1.37%	1.04%	1.03%	1.09%	1.1%	0.93%
Announcement Date	08/05/19	29/05/20	11/05/21	03/05/22	03/05/23	07/05/24	-	-

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 KEC International Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

736 INR

Average target price

724.8 INR

Spread / Average Target

-1.51%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Construction & Engineering

	1st Jan change	Capi.
KEC INTERNATIONAL LIMITED	+24.92%	2.27B
VINCI	+1.23%	69.84B
LARSEN & TOUBRO LIMITED	-7.11%	57.39B
QUANTA SERVICES, INC.	+25.19%	38.79B
CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED	+12.47%	30.81B
FERROVIAL SE	+7.27%	28.14B
CHINA RAILWAY GROUP LIMITED	+16.37%	20.69B
WSP GLOBAL INC.	+16.09%	19.87B
EMCOR GROUP, INC.	+77.45%	17.83B
CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED	+27.87%	17.22B

Other Construction & Engineering