asian paints

FY 2013
03/31/2013

FY 2014
03/31/2014

FY 2015
03/31/2015

38.80

41.32

52.63

3.96

4.20

5.04

26.79
0.94

25.54
0.97

34.14
0.75

467,845.3
39.61

518,132.3
41.71

771,275.4
41.94

Return on Assets

17.82

16.40

16.42

Return on Invested Capital

30.78

26.99

25.45

EBITDA Margin
Operating Margin
Net Income Margin
asset turnover
Inventory turnover ratio (sales/inventory)

16.06
14.64
10.24
1.60
5.94

16.12
14.09
9.69
1.56
6.08

16.13
14.21
9.96
1.57
6.20

1 Year Growth
Revenue
EBITDA

13.29
13.04

15.70
16.15

11.32
11.36

EPS Diluted
Dividend per Share

12.66
15.00

9.45
15.22

14.40
15.09

-15.75
18.52
68.80

-9.23
18.47
20.58

56.96
19.28
-14.20

17.83

-61.01

80.78

Capital Expenditures in INR mln

6,437.8

2,510.1

4,537.8

Depreciation Expenses in INR mln

capex/dep

1,546.0

2,456.6

2,659.0

4.16

1.02

1.71

35,010.8

38,587.9

43,241.2

10.22%

12.06%

P/E
EV/Sales
EV/EBITDA
Dividend Yield
Enterprise Value
Dividend Payout Ratio

Total Debt
Capital
Cash From Operations
Capital Expenditures

Capital Employed

P/E ratio has been increasing over the years. This signifies that inorder to earn one rupee of return from asian paints a

The enterprise value of the company has also been increasing over the last three years with respect to the sales gener

The enterprise value of the company has also been increasing over the last three years with respect to the EBITDA gen
the dividend yield has also been declining over the past three years

the enterprise value is increasing at an increasing rate in he last 3 years particularly over the last one year wherein it in
the company is steadily increasing its dividend payout ratio

return on assets has declined over the last two years attributable to an increasing amount of fixed assets even though

return on capital employed has declined over the last two years attributable to an increasing amount of capital is empl
earnings are increasing too
the EBITDA margin has remained largely consistent over these last 3 years
the operating margin has remained largely consistent over these last 3 years

there is a marginal decline in the net income margin of the company over the last 3 years
the company has a very low asset turnover indicating that its not utilising its assets effectively to gen
the company has a scope to reduce its high inventory levels to improve this ratio and the efficiency of

the revenue has shown an increase over the years

the EBITDA revenue has shown an increase over the years

the company is giving good returns to the shareholders as the EPS is increasing at an increasing rate s
the DPS has remained largely consistent over these last 3 years even though the EPS is increasing

the company was paying off its debts in year 2013 and 2014, however in the year 2015 it has increase
the company is also increasing its capital base over the last 3 years which can be sen as an aggressiv
the CFO which was increasing in the year 2013 and 2014 has rastically declined in the year 2015

the company which experienced a decline in the capital expenditure has increased the same b
the company which experienced a decline in the capital expenditure has increased the same by over

even though the company has increased its capex in the last year, its depreciation has not shown a si
the company is replacing and creating new assets at a rate greater than its relevant depreciation

the company is expanding aggressively and hence is increasing its capital base at a

AP
2014-15
52.63

Nerolac
2014-15
46.49

5.04

3.04

34.14

26.31

0.75

0.64

771,275.4
41.94
16.42
25.45
16.13
14.21
9.96
1.57
6.20

114,831.31
27.53
11.78
15.79
12.63
10.72
7.68
1.53
64.7569822271

P/E
EV/Sales
EV/EBITDA
Dividend Yield
Enterprise Value
Dividend Payout Ratio
Return on Assets
Return on Invested Capital
EBITDA Margin
Operating Margin
Net Income Margin
asset turnover
Inventory turnover ratio (sales/inventory)

1 Year Growth
Revenue
EBITDA
EPS Diluted
Dividend per Share
Total Debt
Capital
Cash From Operations
Capital Expenditures
Capital Expenditures in INR mln
Depreciation Expenses in INR mln
capex/dep
Capital Employed

2014-15

1.71

2014-15
12.45
22.81
31.65
27.27
-24.59
10.7
57.83
-28.09
-926.8
527.2
1.7579666161

43,241.2

16,627.90

11.32
11.36
14.40
15.09
56.96
19.28
-14.20
80.78
4,537.8
2,659.0

BERGER
2014-15
48.56

49.23

3.22

3.77

28.49

29.65

0.66

0.68

147,744.13
32.74
9.97
15.05
12.08
9.94
6.12
1.63
6.007283139

344,616.94
34.07
12.72
18.76
13.61
11.62
7.92
1.58
25.66

2014-15
11.69
19.33
6.26
13.64
-2.24
7.24
9.09
-33.54
-1615.2
873.3
1.8495362418

11.82
17.83
17.44
18.67
10.04
12.41
17.57
6.38
665.27
1,353.17
1.77

13,408

24,425.60

RANK
Higher PE than industry which means AP is overvalued

Higher EV/Sales than industry means it costs more to buy th

company sales which makes it overvalued

Higher ratio makes AP overvalued as this ratio looks at a firm as a

potential acquirer

It measures how much "bang for your buck" you are getting from
dividends. In this case AP is ideal for investors

Higher EV indicates more established the firm is and hence better

suited for investor
Higher Div payout ratio makes the shareholders happy.
Indiactes that AP is more profitable than its competitors
AP is using its money well to generate returns.
Higher measure of AP's operating profitability
Higher percentage of operating profit
AP has higher profit margins than its competitors.
Higher ability to generate sales from its assets
indicates less efficiency of AP

1
1
1
1
1
1
1
1
2

Good growth of AP's revenue YoY.

Growth in EBITDA
Mediocre EPS to investors
Increase in AP's debts.

3
3
2
2
3
1
3
3
3
3
3
1