PGPGlass

Valuation

Valuation Rs.Million Price per Share (Rs.) Share Adjusted Valuation
DCF Valuation %
Price to Earnings %
Price to Book Value %
Price to Sales %
EV to EBITDA %
Blended Valuation (Rs.)

Period 4Q23 1Q24 2Q24 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
1 Local Sales - In House Production 0.0 0.0 0.0
- YoY%
Period 4Q23 1Q24 2Q24 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
2 Local Sales - Trading 0.0 0.0 0.0
- YoY%
Period 4Q23 1Q24 2Q24 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
3 Export Sales - In House Production 0.0 0.0 0.0
- YoY%
Period 4Q23 1Q24 2Q24 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
3 Export Sales - Trading 0.0 0.0 0.0
- YoY%
Period 4Q23 1Q24 2Q24 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
3 Other 0.0 0.0 0.0
nan
Expenses 4Q23 1Q24 2Q24 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
1 COGS 3,833.6 3,094.5 2,449.2
- As a % of sales -71.3% -75.7% -66.2%
Period 4Q23 1Q24 2Q24 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
2 Administration 336.5 305.5 116.4 59,245,081,755.00 59,245,081,755.00 59,245,081,755.00 59,245,081,755.00 59,245,081,755.00 59,245,081,755.00 59,245,081,755.00 59,245,081,755.00 59,245,081,755.00 59,245,081,755.00
- As a % of sales -6.3% -7.5% -3.1%
Period 4Q23 1Q24 2Q24 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
3 Selling & Distribution 232.7 128.6 114.3
- As a % of sales -4.3% -3.1% -3.1%
Period 4Q23 1Q24 2Q24 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
4 Capital Expenditure 105.5 84.3 165.7 0 00 0 00 0
- As a % of sales 2.0% 2.1% 4.5%


Fixed Assets - Cost 4Q23 1Q24 2Q24 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
1 Balance B/F 0.0 12,380.3 12,464.7 12,630.4
Capital Expenditure 105.5 84.3 165.7 222
Balance C/F 0.0 12,464.7 12,630.4
Depreciation 4Q23 1Q24 2Q24 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
1 Balance B/F 0.0 7,108.1 7,290.3 7,481.0
Depreciation charge 200.7 182.2 190.7
- As a % of sales 17.2% 13.8% 27.6%
Balance C/F 0.0 7,290.3 7,481.0 111 111 111 111 111 111 111 111 111 111
Net Book Value at end 5,272.2 5,174.4 5,149.4
2 Working Capital
Period 4Q23 1Q24 2Q24 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
2.1 Accounts and notes receivables 3,154.7 2,780.6 2,451.4
- As a % of sales 58.7 68.0 66.3
Four Qtr Cum. Revenue 3,699.7 7,786.4 13,164.2
Four Qtr Cum. COGS -2,449.2 -5,543.7 -9,377.3
Period 4Q23 1Q24 2Q24 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
2.2 Inventories 4,289.9 4,843.4 5,667.3
- As a % of COGS
Period 4Q23 1Q24 2Q24 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
2.3 Prepayments 26.1 47.9 35.2
- As a % of sales 0.5 1.2 1.0
Period 4Q23 1Q24 2Q24 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
2.4 Accounts payable 0.0 0.0 0.0
- As a % of COGS 0 0 0
Period 4Q23 1Q24 2Q24 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
2.5 Other nan nan nan
- As a % of COGS 0.0 0.0 0.0
Working Capital 42673.1
Change in Working Capital -412.7 -361.9
3 Interest Bearing Debt 4Q23 1Q24 2Q24 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
i. Balance B/F 1,017.1 -337.5 322.6 1,552.7
ii. Borrowings 0.0 660.1 nan
iii. Repayments 0.0 nan 1,230.1
iv. Balance C/F i+ii-iii=iv 623.0 322.6 1,552.7
v. Average Debt balance nan -7.5 607.6
vi. Interest expenses iv*vii=vi 65.4 20.2 27.9
vii. Blended Interest expenses rate 10.0 3.4 1.8 % % % % % % % % % %
3 Leases 4Q23 1Q24 2Q24 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
nan nan nan nan nan
nan nan nan nan
nan nan nan nan
nan i+ii-iii=iv nan nan nan
nan nan nan nan
nan iv*vii=vi nan nan nan
nan nan nan nan % % % % % % % % % %
4 Interest Income 4Q23 1Q24 2Q24 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
i. Cash & CE Balance C/F 183.0 125.7 151.2
ii. Interest Income 0.4 0.2 0.9
iii. Blended Interest income rate 0.2 0.1 0.6 % % % % % % % % % %
5 Tax 4Q23 1Q24 2Q24 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
i. Profit before tax 927.0 564.0 1,019.6
ii. Balance B/F 422.5 224.0 149.1 287.9
iii. Tax provision for the year 21.4 143.0 260.2
iv. Taxes paid (provision for the previous year) 286.0 217.9 121.4 260.2
v. Balance C/F 157.9 149.1 287.9
vi. Tax Rate % % % % % % % % % % % % %


Income Statement Notes 1Q24 2Q24 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
1. Combined Revenue 4,086.6 3,699.7
2. COGS 3,094.5 2,449.2
3. Gross Profit 1-2=3 992.1 1,250.5
4. Administration Expenses From CA 2 305.5 116.4
5. Selling & Distribution Expenses From CA 3 128.6 114.3
6. Depreciation 182.2 190.7
7. Amortisation
Other Operating Expenses 25.9 26.8 52.7
8. Operating Income 3-4-5-6-7=8 584.0 1,046.6
9. Interest Expenses From OA 3vi
10. Interest Income From OA 4ii 0.2 0.9
Other (Expenses)/Income 0.0 0.0 0.0
11. Profit Before Tax 8-9+10=11 564.0 1,019.6
12. Tax Expenses From OA 5iii 143.0 260.2
13. Profit After Tax 11-12=13 421.0 759.4
14. Other 0.1 1.7 1.8
15. Net Income 13-14 421.1 761.0
Cash Flow Statement Notes 1Q24 2Q24 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
1. Profit Before Tax 564.0 1,019.6
2. Depreciation 182.2 190.7
3. Change in Working Capital -412.7 -361.9
4. Income Tax Paid -217.9 -121.4
Other -51.7 26.2 -25.5
5. Net Cash Flow from / (used in) Operating Activities 63.9 753.2
6. Capital Expenditure 84.3 165.7
Other 0.2 4.7 4.9
7. Cash Flows from Investing Activities -84.2 -161.0
8. Borrowings 800.7 2,160.7
9. Debt Repayments -1,080.4 -944.2
10. Lease Additions
9. Lease Repayments -256.7 -6.1
Other -8.6 -1,533.4 -1,542.0
10. Net Cash flows from / (used in) Financing Activities -288.3 -316.9
Other nan nan 0.0
11. Net Increase/(Decrease) in Cash and Cash Equivalents -308.6 275.4
12. Balance adjustments as per company 256.7 6.1 6.1
13. Cash and CE at Start 177.6 -130.3 4Q 177.6
13. Cash and CE at End -131.0
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Balance Sheet Notes 1Q24 2Q24 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
Assets
1. Property Plant and Equipment - Net Book value 5,174.4 5,149.4
2. Right-of-use assets 41.7 41.0 41.0 41.0 41.0 41.0 41.0 41.0 41.0 41.0 41.0 41.0 41.0 41.0
3. Intangible assets 2.5 4.2 4.2 4.2 4.2 4.2 4.2 4.2 4.2 4.2 4.2 4.2 4.2 4.2
4. Investment in an associate 3.4 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3
5. Other financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
6. Deferred income tax assets nan nan 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
nan nan nan nan nan nan nan nan nan nan nan nan nan nan nan
7. Non Current Assets 5,221.9 5,196.8
8. Inventories From OA 2ii 4,843.4 5,667.3
9. Trade and Other Receivables From OA 2i 2,780.6 2,451.4
10. Prepayments From OA 2iii 47.9 35.2
Other Receivables 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
12. Other financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
13. Income tax recoverable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
14. Cash and Cash Equivalents From CFS 13 125.7 151.2
15. Current Assets 7,797.6 8,305.1
Total Assets 13,019.5 13,502.0
Equities and Liabilities
1. Stated capital 1,526.4 1,526.4 1,526.4 1,526.4 1,526.4 1,526.4 1,526.4 1,526.4 1,526.4 1,526.4 1,526.4 1,526.4 1,526.4 1,526.4
2. Reserves 8,080.0 102.8 104.4 104.4 104.4 104.4 104.4 104.4 104.4 104.4 104.4 104.4 104.4 104.4 104.4
Retained Earnings 8,501.1 7,683.3
nan nan nan nan nan nan nan nan nan nan nan nan nan nan nan
4. Equity attributable to equity holders of parent 1+2+3=4
5. Non-controlling interest nan nan 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
6. Total Equity 4+5 10,130.3 9,314.2
7. Long Term Debt From OA 3iv 14.3 15.0
8. Financing and Lease Payables From OA 3iv nan nan
8. Deferred income tax liabilities 625.1 657.1 657.1 657.1 657.1 657.1 657.1 657.1 657.1 657.1 657.1 657.1 657.1 657.1
9. Retirement benefit obligation 174.4 177.1 177.1 177.1 177.1 177.1 177.1 177.1 177.1 177.1 177.1 177.1 177.1 177.1
nan nan nan nan nan nan nan nan nan nan nan nan nan nan nan
10. Non Current Liabilities 813.8 849.3
11. Current Maturities of Long Term Debt 6.5 6.5
12.Trade Payables From OA 2iv 0.0 0.0
13. Amounts due to related parties 322.6 1,552.7 nan nan nan nan nan nan nan nan nan nan nan nan
14.Income Tax Liabilities From OA 5v 149.1 287.9
15. Other Accruals From OA 2v 0 0
16. Other 48.9 92.7 92.7 92.7 92.7 92.7 92.7 92.7 92.7 92.7 92.7 92.7 92.7 92.7
Bank overdraft 256.0 5.4 5.4 5.4 5.4 5.4 5.4 5.4 5.4 5.4 5.4 5.4 5.4 5.4
Current Liabilities 764.9 1,895.0
Total Equity and Liabilities 11,708.9 12,058.4

DCF Enterprise Value

Period Notes 3Q24E 4Q24E FY24E 1Q25E 2Q25E 3Q25E 4Q25E FY25E FY26E FY27E FY28E FY29E
1. EBIT From FF 6
2. Tax From OA 4
3. Depreciation From OA 1
4. Amortisation From OA 1.1 - to be created
5. Capital Expenditure From CA 4
6. Changes in Working Capital From OA 2
7. Free Cash Flow 1+2+3+4+5+6=7
8. Terminal Value Calculation
9. Total Free Cash Flow 7+8=9
10. Discount factor Calculation
11. Present Value of Free Cash Flows 7*10=11
12. DCF Enterprise Value sum of 11
13. Net (Debt)/Cash Calculation 517.6
14. Pension Underfunding From BS
15. Other User input cell
16. Other User input cell
17. DCF Valuation - Equity Value 12+13+14+15+16=17
18. Number of Shares 950.1
19. Price per Share (Rs.)

Weighted Average Costs of Capital (WACC)

Symbol User Input Reference Source for Reference
1. Risk Free Rate Rf % 18.8% SL 10yr bond yield
2. Long term cost of debt Kd % 25.0% Weighted avg. int. rate
3. Equity risk premium Rp % 10.0% External Source
4. Beta B % 125.0% CSE
5.Tax Rate t % 30.0% SL tax rate
6. Debt Weighting Wd % 50.0%
7. Equity Weighting We % 50.0%
8. Cost of Equity Ke 1+(3*4)=8 25.0%
9. WACC Dr (6*(2*(1-5)))+(7*8)=9 21.0%
10. Terminal Growth Rate % 5.0%
Notes Price to Earnings Price to Book Value Price to Sales
1. Earnings/Book Value/Sales 517.6
2. Adjusted Multiple
3. Valuation (Rs. Millions) 1*2=3
4. Number of Shares (Millions) 950.1 950.1 950.1
5. Price per Share(Rs.)
Peer Multiples Notes Price to Earnings Price to Book Value Price to Sales
Peer
Peer
Peer
Peer
Peer
6. Average
7. Adjustment
8. Adjusted Multiple
Date Research Organisation Recommendation Target Price (Rs.)
nan nan nan nan

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