Financials Adani Wilmar Limited

Equities

AWL

INE699H01024

Food Processing

End-of-day quote NSE India S.E. Other stock markets 06:00:00 2024-05-08 pm EDT			5-day change	1st Jan Change
330.9 ^INR	-1.81%		-5.85%	-6.76%

May. 03	India markets regulator puts six Adani companies on notice for violations	RE
May. 02	Transcript : Adani Wilmar Limited, Q4 2024 Earnings Call, May 02, 2024

Valuation

Fiscal Period: March	2022	2023	2024	2025	2026
Capitalization ¹	671,804	527,475	431,948	-	-
Enterprise Value (EV) ¹	653,375	513,696	417,717	473,282	482,618
P/E ratio	75 x	90.6 x	282 x	48.4 x	39.1 x
Yield	-	-	-	-	-
Capitalization / Revenue	1.24 x	0.9 x	0.81 x	0.78 x	0.7 x
EV / Revenue	1.21 x	0.88 x	0.81 x	0.85 x	0.78 x
EV / EBITDA	37.6 x	30.9 x	36.8 x	24.2 x	21.5 x
EV / FCF	105 x	-3,221 x	3,464 x	76.5 x	34.8 x
FCF Yield	0.96%	-0.03%	0.03%	1.31%	2.88%
Price to Book	8.83 x	6.46 x	5.12 x	4.68 x	4.19 x
Nbr of stocks (in thousands)	1,299,679	1,299,679	1,299,679	-	-
Reference price ²	516.9	405.8	332.4	332.4	332.4
Announcement Date	5/2/22	5/3/23	5/1/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2022	2023	2024	2025	2026
Net sales ¹	542,136	584,462	512,616	555,625	621,332
EBITDA ¹	17,363	16,610	11,353	19,546	22,498
EBIT ¹	14,272	13,025	7,714	15,702	18,184
Operating Margin	2.63%	2.23%	1.5%	2.83%	2.93%
Earnings before Tax (EBT) ¹	10,588	7,889	2,624	11,340	14,424
Net income ¹	8,037	5,821	1,480	8,919	11,055
Net margin	1.48%	1%	0.29%	1.61%	1.78%
EPS ²	6.890	4.480	1.140	6.867	8.500
Free Cash Flow ¹	6,243	-159.5	136	6,188	13,881
FCF margin	1.15%	-0.03%	0.03%	1.11%	2.23%
FCF Conversion (EBITDA)	35.96%	-	1.25%	31.66%	61.7%
FCF Conversion (Net income)	77.68%	-	10.72%	69.38%	125.56%
Dividend per Share	-	-	-	-	-
Announcement Date	5/2/22	5/3/23	5/1/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	149,604	147,316	141,500	154,380	139,450	129,281	123,691	134,388	133,338
EBITDA ¹	4,257	4,431	2,539	6,052	3,588	1,304	2,334	2,674	5,252
EBIT	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	2,603	-	-	1,292	-676.8	836	-	3,256
Net income ¹	2,343	1,936	487.6	2,462	936.1	-789.2	-4.5	-	2,409
Net margin	1.57%	1.31%	0.34%	1.59%	0.67%	-0.61%	-0%	-	1.81%
EPS	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-
Announcement Date	5/2/22	8/3/22	11/3/22	2/8/23	5/3/23	8/2/23	-	-	-

¹INR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2022	2023	2024	2025	2026
Net Debt ¹	-	-	39,220	41,334	50,670
Net Cash position ¹	18,429	13,778	-	-	-
Leverage (Debt/EBITDA)	-	-	3.594 x	2.115 x	2.252 x
Free Cash Flow ¹	6,243	-160	136	6,188	13,881
ROE (net income / shareholders' equity)	14.7%	7.38%	1.54%	9.7%	10.8%
ROA (Net income/ Total Assets)	4.64%	2.75%	1.29%	3.4%	3.8%
Assets ¹	173,225	211,488	98,165	262,324	290,921
Book Value Per Share ²	58.50	62.80	65.00	71.10	79.30
Cash Flow per Share	-	-	-	-	-
Capex ¹	5,356	6,793	8,850	8,283	7,438
Capex / Sales	0.99%	1.16%	1.71%	1.49%	1.2%
Announcement Date	5/2/22	5/3/23	5/1/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Adani Wilmar Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

332.4 INR

Average target price

374.2 INR

Spread / Average Target

+12.61%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
ADANI WILMAR LIMITED	-6.76%	5.17B
NESTLÉ S.A.	-2.18%	275B
MONDELEZ INTERNATIONAL, INC.	-1.70%	95.5B
KRAFT HEINZ	-2.00%	44.01B
THE HERSHEY COMPANY	+9.84%	41.41B
DANONE	+1.98%	41.13B
GENERAL MILLS, INC.	+8.54%	39.91B
ARCHER-DANIELS-MIDLAND COMPANY	-12.79%	31.14B
NESTLÉ INDIA LIMITED	-5.30%	29.23B
ASSOCIATED BRITISH FOODS PLC	+14.24%	25.25B

Other Food Processing