InCred Equities - Siemens Ltd

	Sep-24A	Sep-25F	Sep-26F	Sep-27F
Revenue (Rsm)	222,397	263,627	306,927	343,504
Operating EBITDA (Rsm)	31,040	36,741	45,956	52,211
Net Profit (Rsm)	27,181	30,729	37,542	42,763
Core EPS (Rs)	76.4	86.3	105.5	120.1
Core EPS Growth	38.5%	13.1%	22.2%	13.9%
FD Core P/E (x)	69.19	61.20	50.10	43.98
DPS (Rs)	10.0	12.9	15.8	18.0
Dividend Yield	0.19%	0.25%	0.30%	0.34%
EV/EBITDA (x)	57.51	47.85	37.63	32.47
P/FCFE (x)	161.53	94.15	100.11	68.32
Net Gearing	(62.3%)	(68.2%)	(71.5%)	(74.7%)
P/BV (x)	12.25	10.47	8.89	7.59
ROE	19.1%	18.4%	19.2%	18.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Sep-24A	Sep-25F	Sep-26F	Sep-27F
Total Net Revenues	222,397	263,627	306,927	343,504
Gross Profit	72,471	85,415	102,207	115,417
Operating EBITDA	31,040	36,741	45,956	52,211
Depreciation And Amortisation	(3,296)	(3,782)	(4,032)	(4,282)
Operating EBIT	27,744	32,958	41,924	47,929
Financial Income/(Expense)	(605)	(659)	(706)	(790)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	9,253	9,227	9,515	10,649
Profit Before Tax (pre-EI)	36,392	41,526	50,733	57,787
Exceptional Items
Pre-tax Profit	36,392	41,526	50,733	57,787
Taxation	(9,211)	(10,797)	(13,191)	(15,025)
Exceptional Income - post-tax
Profit After Tax	27,181	30,729	37,542	42,763
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	27,181	30,729	37,542	42,763
Recurring Net Profit	27,181	30,729	37,542	42,763
Fully Diluted Recurring Net Profit	27,181	30,729	37,542	42,763

(Rs mn)	Sep-24A	Sep-25F	Sep-26F	Sep-27F
EBITDA	31,040	36,741	45,956	52,211
Cash Flow from Invt. & Assoc.
Change In Working Capital	(6,706)	2,326	(2,373)	(2,004)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	675	2,109	2,762	3,092
Net Interest (Paid)/Received
Tax Paid	(8,314)	(10,797)	(13,191)	(15,025)
Cashflow From Operations	16,695	30,379	33,156	38,274
Capex	(1,022)	(2,298)	(2,474)	(2,550)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(4,030)	(8,105)	(11,896)	(8,195)
Cash Flow From Investing	(5,052)	(10,403)	(14,370)	(10,745)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(3,568)	(4,609)	(5,631)	(6,414)
Preferred Dividends
Other Financing Cashflow	(1,633)	(2,807)	538	256
Cash Flow From Financing	(5,201)	(7,416)	(5,093)	(6,159)
Total Cash Generated	6,442	12,559	13,692	21,370
Free Cashflow To Equity	11,643	19,975	18,786	27,529
Free Cashflow To Firm	11,643	19,975	18,786	27,529

(Rs mn)	Sep-24A	Sep-25F	Sep-26F	Sep-27F
Total Cash And Equivalents	95,679	122,572	151,319	185,405
Total Debtors	44,098	62,115	72,317	80,935
Inventories	26,305	33,224	38,681	43,291
Total Other Current Assets	35,489	36,836	42,886	47,996
Total Current Assets	201,571	254,747	305,203	357,627
Fixed Assets	18,944	17,460	15,902	14,169
Total Investments	653	1,318	1,535	1,718
Intangible Assets	12,576	12,576	12,576	12,576
Total Other Non-Current Assets	20,339	20,563	23,940	26,793
Total Non-current Assets	52,512	51,917	53,953	55,256
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	47,004	57,781	67,272	75,288
Other Current Liabilities	31,345	43,336	50,454	56,466
Total Current Liabilities	78,349	101,117	117,726	131,755
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	11,301	9,153	10,398	11,443
Total Non-current Liabilities	11,301	9,153	10,398	11,443
Total Provisions	10,772	16,612	19,341	21,645
Total Liabilities	100,422	126,883	147,464	164,843
Shareholders Equity	153,567	179,687	211,598	247,946
Minority Interests	94	94	94	94
Total Equity	153,661	179,781	211,692	248,040

	Sep-24A	Sep-25F	Sep-26F	Sep-27F
Revenue Growth	13.7%	18.5%	16.4%	11.9%
Operating EBITDA Growth	24.8%	18.4%	25.1%	13.6%
Operating EBITDA Margin	14.0%	13.9%	15.0%	15.2%
Net Cash Per Share (Rs)	268.76	344.30	425.05	520.80
BVPS (Rs)	431.37	504.74	594.38	696.48
Gross Interest Cover	45.86	50.01	59.39	60.66
Effective Tax Rate	25.3%	26.0%	26.0%	26.0%
Net Dividend Payout Ratio	13.1%	15.0%	15.0%	15.0%
Accounts Receivables Days	74.81	73.53	79.93	81.42
Inventory Days	62.52	60.96	64.10	65.59
Accounts Payables Days	108.79	107.31	111.48	114.07
ROIC (%)	28.4%	30.5%	37.7%	39.8%
ROCE (%)	19.5%	19.8%	21.4%	20.9%
Return On Average Assets	11.6%	11.1%	11.4%	11.2%

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg