Financials Coal India Limited

Equities

COALINDIA

INE522F01014

Coal

Market Closed - NSE India S.E. Other stock markets 07:43:47 2024-04-26 am EDT			5-day change	1st Jan Change
455.8 ^INR	+0.74%		+4.71%	+21.22%

Apr. 25	India seeks overseas help for lithium processing to avoid relying on China	RE
Apr. 16	Indian Equities Drags on Tuesday, Weighed Down by Rising Tension in West Asia, Further Delay in US Rate Cut	MT

Valuation

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,461,799	863,090	803,312	1,128,087	1,316,667	2,808,972	-	-
Enterprise Value (EV) ¹	1,137,440	605,825	665,514	843,150	960,763	2,414,103	2,411,848	2,342,720
P/E ratio	8.43 x	5.16 x	6.32 x	6.5 x	4.68 x	9.08 x	9.22 x	8.4 x
Yield	5.52%	8.57%	8.44%	9.29%	11.4%	5.51%	5.59%	5.94%
Capitalization / Revenue	1.47 x	0.9 x	0.89 x	1.03 x	0.95 x	1.98 x	1.88 x	1.73 x
EV / Revenue	1.14 x	0.63 x	0.74 x	0.77 x	0.69 x	1.7 x	1.62 x	1.44 x
EV / EBITDA	4.55 x	2.76 x	3.58 x	3.41 x	2.61 x	5.91 x	5.73 x	5 x
EV / FCF	11.5 x	-55.5 x	-146 x	2.9 x	4.47 x	17.6 x	12.2 x	9.83 x
FCF Yield	8.71%	-1.8%	-0.68%	34.5%	22.4%	5.67%	8.2%	10.2%
Price to Book	5.56 x	2.68 x	2.2 x	2.61 x	2.3 x	3.95 x	3.33 x	2.81 x
Nbr of stocks (in thousands)	6,162,728	6,162,728	6,162,728	6,162,728	6,162,728	6,162,728	-	-
Reference price ²	237.2	140.0	130.4	183.0	213.6	455.8	455.8	455.8
Announcement Date	5/30/19	6/26/20	6/14/21	5/25/22	5/7/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	995,469	960,803	900,260	1,097,135	1,382,519	1,421,978	1,491,258	1,622,979
EBITDA ¹	249,771	219,197	185,734	246,905	368,179	408,299	420,770	468,253
EBIT ¹	215,268	184,688	148,645	202,618	321,426	354,779	355,902	397,168
Operating Margin	21.62%	19.22%	16.51%	18.47%	23.25%	24.95%	23.87%	24.47%
Earnings before Tax (EBT) ¹	271,255	240,713	180,122	236,249	380,008	406,452	405,815	443,859
Net income ¹	174,618	167,142	126,999	173,581	281,652	309,583	304,861	334,751
Net margin	17.54%	17.4%	14.11%	15.82%	20.37%	21.77%	20.44%	20.63%
EPS ²	28.14	27.12	20.61	28.17	45.70	50.19	49.46	54.28
Free Cash Flow ¹	99,083	-10,916	-4,554	290,643	214,767	136,955	197,800	238,203
FCF margin	9.95%	-1.14%	-0.51%	26.49%	15.53%	9.63%	13.26%	14.68%
FCF Conversion (EBITDA)	39.67%	-	-	117.71%	58.33%	33.54%	47.01%	50.87%
FCF Conversion (Net income)	56.74%	-	-	167.44%	76.25%	44.24%	64.88%	71.16%
Dividend per Share ²	13.10	12.00	11.00	17.00	24.25	25.13	25.50	27.08
Announcement Date	5/30/19	6/26/20	6/14/21	5/25/22	5/7/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Maart	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	236,860	267,001	252,822	232,911	284,335	327,068	350,922	298,381	351,693	381,523	359,832	326,889	355,338	366,677
EBITDA ¹	51,649	63,821	48,439	39,423	68,255	90,788	122,508	72,802	103,887	68,981	105,138	83,372	98,959	102,616
EBIT ¹	42,490	52,940	38,033	30,079	57,842	76,665	112,571	62,031	63,869	-	93,755	35,486	61,578	70,983
Operating Margin	17.94%	19.83%	15.04%	12.91%	20.34%	23.44%	32.08%	20.79%	18.16%	-	26.06%	10.86%	17.33%	19.36%
Earnings before Tax (EBT) ¹	47,422	64,090	43,366	36,483	63,054	93,345	121,014	76,875	105,937	76,423	107,123	77,230	86,183	91,494
Net income ¹	30,854	45,868	31,698	29,369	45,584	66,929	88,329	60,436	77,556	55,332	79,710	58,863	69,748	77,241
Net margin	13.03%	17.18%	12.54%	12.61%	16.03%	20.46%	25.17%	20.25%	22.05%	14.5%	22.15%	18.01%	19.63%	21.07%
EPS ²	5.010	7.440	5.140	4.770	7.400	10.86	14.33	9.810	12.58	8.980	12.93	10.98	12.00	12.89
Dividend per Share	5.000	3.500	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/11/21	6/14/21	8/10/21	11/12/21	2/14/22	5/25/22	8/10/22	11/7/22	1/31/23	5/7/23	8/8/23	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	324,359	257,265	137,798	284,938	355,904	394,869	397,124	466,252
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	99,083	-10,916	-4,554	290,643	214,767	136,955	197,800	238,203
ROE (net income / shareholders' equity)	74.9%	57%	37%	43.6%	56.1%	47.8%	38.6%	36.1%
ROA (Net income/ Total Assets)	13.5%	11.8%	8.14%	10.2%	14.4%	13.4%	12%	12.1%
Assets ¹	1,290,984	1,415,209	1,560,528	1,710,141	1,957,222	2,309,974	2,531,439	2,773,871
Book Value Per Share ²	42.60	52.20	59.30	70.00	92.90	115.0	137.0	162.0
Cash Flow per Share ²	26.90	53.50	26.30	38.40	57.90	48.50	55.70	59.90
Capex ¹	67,872	52,381	110,152	120,232	152,068	167,503	172,126	174,514
Capex / Sales	6.82%	5.45%	12.24%	10.96%	11%	11.78%	11.54%	10.75%
Announcement Date	5/30/19	6/26/20	6/14/21	5/25/22	5/7/23	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Coal India Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

455.8 INR

Average target price

460.4 INR

Spread / Average Target

+1.00%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Coal

	1st Jan change	Capi.
COAL INDIA LIMITED	+21.22%	33.68B
CHINA SHENHUA ENERGY COMPANY LIMITED	+19.44%	104B
PT BAYAN RESOURCES TBK.	-5.15%	38.78B
SHAANXI COAL INDUSTRY COMPANY LIMITED	+19.96%	33.53B
YANKUANG ENERGY GROUP COMPANY LIMITED	+11.73%	20.45B
CHINA COAL ENERGY COMPANY LIMITED	+7.75%	18.4B
SHANXI LU'AN ENVIRONMENTAL ENERGY DEVELOPMENT CO., LTD.	-4.70%	8.62B
SHANXI COKING COAL ENERGY GROUP CO., LTD.	+6.48%	8.24B
HUAIBEI MINING HOLDINGS CO.,LTD.	+7.46%	6.64B
INNER MONGOLIA YITAI COAL CO.,LTD	+19.73%	5.4B

Other Coal