InCred Equities - Siemens Ltd

	Sep-23A	Sep-24F	Sep-25F	Sep-26F
Revenue (Rsm)	192,794	230,086	273,463	321,412
Operating EBITDA (Rsm)	24,874	31,547	38,558	48,533
Net Profit (Rsm)	19,622	26,317	32,158	39,650
Core EPS (Rs)	55.1	73.9	90.3	111.4
Core EPS Growth	55.5%	34.1%	22.2%	23.3%
FD Core P/E (x)	120.57	89.90	73.57	59.67
DPS (Rs)	12.0	14.0	14.0	14.0
Dividend Yield	0.18%	0.21%	0.21%	0.21%
EV/EBITDA (x)	92.04	72.02	58.43	45.83
P/FCFE (x)	141.49	104.23	96.73	69.90
Net Gearing	(58.4%)	(61.6%)	(62.9%)	(66.0%)
P/BV (x)	18.08	15.54	13.19	11.05
ROE	15.9%	18.6%	19.4%	20.2%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Sep-23A	Sep-24F	Sep-25F	Sep-26F
Total Net Revenues	195,540	230,086	273,463	321,412
Gross Profit	61,715	73,566	90,243	109,280
Operating EBITDA	24,874	31,547	38,558	48,533
Depreciation And Amortisation	(3,208)	(3,330)	(3,526)	(3,901)
Operating EBIT	21,666	28,217	35,032	44,632
Financial Income/(Expense)	(228)	(444)	(343)	(343)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	4,962	7,908	8,303	8,718
Profit Before Tax (pre-EI)	26,400	35,681	42,993	53,008
Exceptional Items
Pre-tax Profit	26,400	35,681	42,993	53,008
Taxation	(6,778)	(9,364)	(10,834)	(13,358)
Exceptional Income - post-tax
Profit After Tax	19,622	26,317	32,158	39,650
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	19,622	26,317	32,158	39,650
Recurring Net Profit	19,622	26,317	32,158	39,650
Fully Diluted Recurring Net Profit	19,622	26,317	32,158	39,650

(Rs mn)	Sep-23A	Sep-24F	Sep-25F	Sep-26F
EBITDA	24,874	31,547	38,558	48,533
Cash Flow from Invt. & Assoc.	1,526	4,134	4,434	4,474
Change In Working Capital	(4,162)	(2,413)	(4,568)	(5,050)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	3,208	3,330	3,526	3,901
Other Operating Cashflow	(4,734)	(7,464)	(7,960)	(8,375)
Net Interest (Paid)/Received
Tax Paid	(6,778)	(9,364)	(10,834)	(13,358)
Cashflow From Operations	13,934	19,770	23,156	30,125
Capex	(2,175)	(4,980)	(7,000)	(5,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	4,962	7,908	8,303	8,718
Cash Flow From Investing	2,787	2,928	1,303	3,718
Debt Raised/(repaid)
Proceeds From Issue Of Shares	(571)
Shares Repurchased
Dividends Paid	(4,272)	(4,984)	(4,984)	(4,984)
Preferred Dividends
Other Financing Cashflow	(228)	(444)	(343)	(343)
Cash Flow From Financing	(5,071)	(5,428)	(5,327)	(5,327)
Total Cash Generated	11,650	17,270	19,132	28,517
Free Cashflow To Equity	16,721	22,698	24,459	33,844
Free Cashflow To Firm	16,721	22,698	24,459	33,844

(Rs mn)	Sep-23A	Sep-24F	Sep-25F	Sep-26F
Total Cash And Equivalents	76,507	93,777	112,910	141,426
Total Debtors	48,047	57,341	68,151	80,101
Inventories	25,052	29,898	35,534	41,765
Total Other Current Assets	40,518	49,093	58,328	68,537
Total Current Assets	190,124	230,109	274,923	331,829
Fixed Assets	18,213	19,863	23,337	24,436
Total Investments
Intangible Assets	12,686	12,686	12,686	12,686
Total Other Non-Current Assets	1,627	1,627	1,627	1,627
Total Non-current Assets	32,526	34,176	37,650	38,749
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	75,527	90,136	107,129	125,913
Other Current Liabilities	16,166	21,858	25,979	30,534
Total Current Liabilities	91,693	111,994	133,108	156,447
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities
Total Provisions
Total Liabilities	91,693	111,994	133,108	156,447
Shareholders Equity	130,871	152,205	179,379	214,045
Minority Interests	86	86	86	86
Total Equity	130,957	152,291	179,465	214,131

	Sep-23A	Sep-24F	Sep-25F	Sep-26F
Revenue Growth	21.5%	19.3%	18.9%	17.5%
Operating EBITDA Growth	41.5%	26.8%	22.2%	25.9%
Operating EBITDA Margin	12.9%	13.7%	14.1%	15.1%
Net Cash Per Share (Rs)	214.91	263.42	317.16	397.27
BVPS (Rs)	367.62	427.54	503.87	601.25
Gross Interest Cover	95.03	63.61	102.13	130.12
Effective Tax Rate	25.7%	26.2%	25.2%	25.2%
Net Dividend Payout Ratio	21.8%	18.9%	15.5%	12.6%
Accounts Receivables Days	81.42	83.59	83.75	84.18
Inventory Days	63.69	64.07	65.17	66.50
Accounts Payables Days	200.89	193.16	196.49	200.49
ROIC (%)	32.0%	38.1%	44.0%	49.3%
ROCE (%)	17.5%	19.9%	21.1%	22.7%
Return On Average Assets	9.3%	10.9%	11.2%	11.7%

(91) 22 4161 1542 arafat.saiyed@incredresearch.com

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg