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Phillips Carbon Black
BSE: 506590
NSE: PHILIPCARB
Phillips Carbon Black, RP Goenka group has lined up an investment of Rs 350 Crore to increase its present domestic carbon black capacity from 3.6 Metric Tonnes Per Annum (MTPA) to 4.1 MTPA by expanding Mundra facility and entered into joint venture (80% stake), to set up 1.15 MTPA carbon black capacity in vietnam by 2012. The company is also having installed power co-generation capcity of 60.5 MW which it is increasing to 74 MW (domestic) and 16 MW planned at vietnam facility.
The company recently raised Rs 100 crore QIB Placement 50 lakh shares of of the Company. The present share capital of the company stands at 2.85 crore of 10 each after considering 50 lakh shares issued in QIB and 15 lakh warrants convertable to shares issued to promotors the share capital shall be 3.5 lakh shares. The company reserve position 296 cr shall rise to 415 crore after the above transaction and the Book Value of Rs 130 (expected after the transactions).
Promotors is likely to hold 47.71%, Institutional Investors 15.71% Body corporated 12.25% leaving a general float of 24.33% alone.
in 2009-10 it completed its Greenfield project located in Mundra (Gujarat), with a carbon black capacity of 90,000 MT which has started operations from 17th October 2009 and put up a CPP of 16 MW in Mundra which has commenced commercial operation from 24th December 2009.
The value for replacement of asset (excluding cost of land) at Current Market Price for 4.60 lakh MT of Carbon black facility is around 1930 crore with 90 MW co-generation Rs 270 crore and cost of Investment at Rs 70 crore making an entreprise value of Rs 2270 crore . out of the above the company shall be financed by loan aroung 760 cr making an net entreprise value Rs 1510 crore.
Turnover expected at the full capacity at current product price is around Rs 2120 crore with PBIDT of 276 crore which is around 13% of OPM and ROI of 12.15%
as against the same the market capitalisation is Rs 650 crore at CMP of 196
so guess what will be price target be within 18 months from now.
at .8 entreprise value Rs 364 which discounts at PE 8 on the expected EPS 45 by 2012 on increased capital base.
Phillips Carbon Black Phillips carbon black own 12.14% in CEAT Ltd another RPG Group company
ReplyDeletePromotor holding in Phillips carbon black is 45.83 %
Promotor holding in CEAT is 48.46 %
There is wide speculation in the market that CEAT will be merged with PCBL on the basis of the synergies
The EBIDTA margin of PBCL is around 13% where as CEAT is around 8%.
The raw material carbon black in tyre mfg could be utilised without sales tax element
The turnover of the combined entity for 2010-11 will be Rs 5200 crore with EBIDTA of 413 Crore considering the expansion of activities undertaken by both the companies
If this happens then the company market capitalisation now (1146 crore) could vault to (3330 crore)
Phillips Carbon Black Limited (PCBL) is the largest Carbon Black producer in India and
ReplyDelete8th in the world ,having installed capacity of 360,000 MT and co-generation power
capacity of 60.5 MW spread over 4 locations as
PCBL has earned the distinction of being the second fastest growing carbon black
company in the world. 5 year CAGR for carbon black business (in volume) is 12.5% and
for power segment it is 56.2%. PCBL has a market share of approx. 40%.
Expansion in India
The following projects are under implementation, which will increase PCBL’s carbon
black capacity to 410,000 MT and co-generation power capacity to 76 MW during next 9
to 12 months :
Vietnam Project moving fast
----------------------------
PCBL is setting up Vietnam’s first carbon black plant through its joint venture in two
phases. The carbon black manufacturing capacity in the first phase will be 55,000 MT
and co-generation power plant will be 12 MW at a total outlay of US$ 63 million, which
is expected to be commissioned within next 24 months. PCBL’s shareholding in the JV is
80% and the remaining shares will be held by three tyre companies, which are majority
controlled by the Vietnamese Government. Vietnam is the world’s 4th largest rubber
producer and has become an attractive location for tyre manufacturers.
We have received approval for High Technology status for the Vietnam project , which
provides additional incentives to promote core industry in Vietnam. Land has already
been acquired. Discussion with lenders is in progress to tie up funding for the project.
Q2FY11 results
At a Board Meeting held in Kolkata on Wednesday (27 October), the Company’s Second
Quarter Results were approved. PBT during Q2FY11 has been in line with Q1FY11 at
Rs. 36.36 crore vis-a-vis Rs.39.19 crore in the corresponding quarter last year and the
Operating Profit (PBDIT) was Rs. 52.93 crore vis-à-vis Rs. 51.35 crore respectively.
Power revenue has been lower at Rs.14.53 crore in Q2FY11 compared to Rs.16.82
crore in Q2FY10.
During Q2FY11, production and dispatches of carbon black have been in line with the
first quarter.
The company has achieved 29% growth in volumes compared to corresponding quarter
previous year. The growth in export market has been by 200%, strengthening PCBL’s
presence amongst quality conscious consumers.
an update from the company to BSE dated 27.10.2010
Phillips Carbon Black Limited (PCBL) is the largest Carbon Black producer in India and
ReplyDelete8th in the world ,having installed capacity of 360,000 MT and co-generation power
capacity of 60.5 MW spread over 4 locations
:
PCBL has earned the distinction of being the second fastest growing carbon black
company in the world. 5 year CAGR for carbon black business (in volume) is 12.5% and
for power segment it is 56.2%. PCBL has a market share of approx. 40%.
Expansion in India
The following projects are under implementation, which will increase PCBL’s carbon black capacity to 410,000 MT and co-generation power capacity to 76 MW during next 9
to 12 months
Vietnam Project moving fast
PCBL is setting up Vietnam’s first carbon black plant through its joint venture in two
phases. The carbon black manufacturing capacity in the first phase will be 55,000 MT
and co-generation power plant will be 12 MW at a total outlay of US$ 63 million, which
is expected to be commissioned within next 24 months. PCBL’s shareholding in the JV is
80% and the remaining shares will be held by three tyre companies, which are majority
controlled by the Vietnamese Government. Vietnam is the world’s 4th largest rubber
producer and has become an attractive location for tyre manufacturers.
We have received approval for High Technology status for the Vietnam project , which
provides additional incentives to promote core industry in Vietnam. Land has already
been acquired. Discussion with lenders is in progress to tie up funding for the project.
Q2FY11 results
At a Board Meeting held in Kolkata on Wednesday (27 October), the Company’s Second
Quarter Results were approved. PBT during Q2FY11 has been in line with Q1FY11 at
Rs. 36.36 crore vis-a-vis Rs.39.19 crore in the corresponding quarter last year and the
Operating Profit (PBDIT) was Rs. 52.93 crore vis-à-vis Rs. 51.35 crore respectively.
Power revenue has been lower at Rs.14.53 crore in Q2FY11 compared to Rs.16.82
crore in Q2FY10.
During Q2FY11, production and dispatches of carbon black have been in line with the
first quarter.
The company has achieved 29% growth in volumes compared to corresponding quarter
previous year. The growth in export market has been by 200%, strengthening PCBL’s
presence amongst quality conscious consumers.