Voith Paper Fabrics India Limited(522122) : A German MNC availaible at CMP 458 at PE multiple of 15 cheap among the listed MNCs

Voith Paper Fabrics India Limited (VPFV), a subsidiary of VP Auslandsbeteiligungen GmbH, belongs to the Voith Group of Companies, Germany. The Group has its presence in more than 50 countries around the world.

Keeping the area of core competence in view, VPFV has continued to upgrade its products. Today the focus is on paper machine clothing (PMC), fibre-cement sheet making felts and hi-tech textile processing felts.

With the entry into forming fabric business, currently VPFV is the only Indian manufacturer in a position to supply the entire range of machine clothing to paper manufacturers. 

Financial Historical Performance

(in Cr.)	2013	2012	2011	2010	2010
Income Statement
Revenue	61.13	59.45	55.86	51.83	26.25
Other Income	6.51	6.86	5.64	3.71	1.80
Total Income	67.64	66.32	61.50	55.54	28.05
Expenditure	-45.64	-45.01	-42.03	-39.99	-20.63
Interest	0.00	-0.02	-0.23	-0.01	--
PBDT	22.00	21.28	19.24	15.54	7.42
Depreciation	-2.67	-2.68	-2.65	-2.73	-1.40
PBT	19.33	18.60	16.59	12.81	6.02
Tax	-6.47	-5.58	-5.06	-4.24	-2.05
Net Profit	12.86	13.02	11.53	8.57	3.97
Equity	4.39	4.39	4.39	4.39	4.39
EPS	29.28	29.64	26.26	19.51	9.04
CEPS	35.34	35.74	32.28	25.73	12.23
OPM %	35.99	35.83	34.85	30.01	28.29
NPM %	21.04	21.90	20.64	16.54	15.

  Manufacturing unit : one plant at Faridabad(Haryana)

Auditors : S.R.Batliboi (EY)

Company is expected to deliver EPS of 33-35 for year 2014-15 at current price of 458  forward PE multiple is 13 .All MNC company enjoy very high PE multiple this being small company it should have PE multiple of 17-20 and stock should be around 550-700.At current price stock looks undervalued investor with long term horizon of 1-2 years should consider investing in stock at current levels. 


Visit: http://www.voithpaperfabricsindia.com/