Financials Sula Vineyards Limited

Equities

SULA

INE142Q01026

Distillers & Wineries

End-of-day quote NSE India S.E. Other stock markets 06:00:00 2024-05-12 pm EDT			5-day change	1st Jan Change
482.3 ^INR	+1.22%		-12.01%	-3.25%

May. 08	Indian winemaker Sula Vineyards' Q4 profit slips on mounting expenses	RE
May. 08	Sula Vineyards Limited Reports Earnings Results for the Fourth Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: March	2023	2024	2025	2026
Capitalization ¹	30,893	40,706	-	-
Enterprise Value (EV) ¹	32,582	48,753	42,416	42,316
P/E ratio	36 x	49.9 x	39.9 x	33.4 x
Yield	1.43%	1.54%	1.76%	1.34%
Capitalization / Revenue	5.98 x	8.2 x	6.37 x	5.57 x
EV / Revenue	6.31 x	8.59 x	6.64 x	5.79 x
EV / EBITDA	20.7 x	27.7 x	22 x	18.9 x
EV / FCF	168 x	76.8 x	37.6 x	47.4 x
FCF Yield	0.59%	1.3%	2.66%	2.11%
Price to Book	5.81 x	8.46 x	6.73 x	6.04 x
Nbr of stocks (in thousands)	84,258	84,400	-	-
Reference price ²	366.6	482.3	482.3	482.3
Announcement Date	5/3/23	5/8/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2022	2023	2024	2025	2026
Net sales ¹	-	5,163	5,677	6,412	7,381
EBITDA ¹	-	1,575	1,758	1,925	2,235
EBIT ¹	-	1,316	1,442	1,606	1,924
Operating Margin	-	25.49%	25.4%	25.05%	26.07%
Earnings before Tax (EBT) ¹	695.4	1,140	1,258	1,364	1,693
Net income ¹	521.4	840.3	933.1	1,015	1,214
Net margin	-	16.28%	16.44%	15.83%	16.45%
EPS ²	-	10.18	11.05	12.10	14.45
Free Cash Flow ¹	-	193.7	634.6	1,128	893
FCF margin	-	3.75%	11.18%	17.59%	12.1%
FCF Conversion (EBITDA)	-	12.3%	36.09%	58.6%	39.96%
FCF Conversion (Net income)	-	23.05%	68.01%	111.13%	73.56%
Dividend per Share ²	-	5.250	8.500	8.500	6.467
Announcement Date	5/19/22	5/3/23	5/8/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	1,132	1,085	1,349	2,089	1,273
EBITDA ¹	308.2	303.5	408.5	678	363.7
EBIT	-	-	333	593	251
Operating Margin	-	-	24.68%	28.39%	19.71%
Earnings before Tax (EBT)	-	-	291	554	189
Net income ¹	-	136.8	210	410	160.3
Net margin	-	12.61%	15.57%	19.63%	12.59%
EPS ²	-	1.620	2.600	-	1.700
Dividend per Share	-	-	-	-	-
Announcement Date	5/3/23	8/9/23	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2022	2023	2024	2025	2026
Net Debt ¹	-	1,689	2,215	1,710	1,610
Net Cash position ¹	-	-	-	-	-
Leverage (Debt/EBITDA)	-	1.072 x	1.26 x	0.8883 x	0.7205 x
Free Cash Flow ¹	-	194	635	1,128	893
ROE (net income / shareholders' equity)	-	18.1%	17.4%	17.5%	19.2%
ROA (Net income/ Total Assets)	-	10.2%	9.85%	12.1%	13.7%
Assets ¹	-	8,200	9,473	8,388	8,861
Book Value Per Share ²	-	63.10	65.20	71.70	79.80
Cash Flow per Share ²	-	10.70	14.30	19.50	17.60
Capex ¹	-	689	584	515	533
Capex / Sales	-	13.35%	10.29%	8.06%	7.3%
Announcement Date	5/19/22	5/3/23	5/8/24	-	-

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 Sula Vineyards Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

482.3 INR

Average target price

628.5 INR

Spread / Average Target

+30.31%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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