Financials Blue Star Limited

Equities

BLUESTARCO

INE472A01039

Electrical Components & Equipment

Market Closed - Bombay S.E. Other stock markets 06:00:50 2024-05-13 am EDT			5-day change	1st Jan Change
1,421 ^INR	+0.47%		-1.83%	+50.39%

May. 07	Indian air conditioner maker Voltas misses Q4 profit view on surging expenses	RE
May. 03	Transcript : Blue Star Limited, Q4 2024 Earnings Call, May 03, 2024

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	65,320	44,367	90,289	101,240	132,696	292,179	-	-
Enterprise Value (EV) ¹	67,756	46,515	88,691	101,872	134,701	261,285	288,197	287,103
P/E ratio	34.4 x	31 x	90 x	60.3 x	33.1 x	61.2 x	50.7 x	40.7 x
Yield	1.47%	2.17%	0.43%	0.95%	0.87%	0.56%	0.57%	0.65%
Capitalization / Revenue	1.25 x	0.83 x	2.12 x	1.67 x	1.66 x	2.7 x	2.5 x	2.12 x
EV / Revenue	1.29 x	0.87 x	2.08 x	1.69 x	1.69 x	2.7 x	2.47 x	2.08 x
EV / EBITDA	19.6 x	16.4 x	37 x	29.4 x	27.3 x	39.3 x	33.2 x	27.1 x
EV / FCF	42.2 x	12.5 x	31 x	-80.8 x	-119 x	343 x	91.5 x	71.5 x
FCF Yield	2.37%	7.98%	3.23%	-1.24%	-0.84%	0.29%	1.09%	1.4%
Price to Book	7.46 x	5.07 x	10.2 x	9.93 x	-	11.1 x	9.56 x	8.2 x
Nbr of stocks (in thousands)	192,628	192,628	192,628	192,628	192,628	205,615	-	-
Reference price ²	339.1	230.3	468.7	525.6	688.9	1,421	1,421	1,421
Announcement Date	5/2/19	5/12/20	5/6/21	5/5/22	5/4/23	5/2/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	52,348	53,602	42,636	60,456	79,773	96,854	116,862	137,838
EBITDA ¹	3,465	2,828	2,398	3,465	4,928	6,649	8,690	10,596
EBIT ¹	2,963	1,948	1,475	2,605	4,080	5,673	7,549	9,297
Operating Margin	5.66%	3.63%	3.46%	4.31%	5.11%	5.86%	6.46%	6.74%
Earnings before Tax (EBT) ¹	2,511	2,060	1,452	2,498	5,554	5,572	7,694	9,538
Net income ¹	1,901	1,432	1,004	1,677	4,005	4,150	5,772	7,135
Net margin	3.63%	2.67%	2.35%	2.77%	5.02%	4.28%	4.94%	5.18%
EPS ²	9.870	7.435	5.210	8.720	20.80	20.77	28.02	34.93
Free Cash Flow ¹	1,606	3,714	2,863	-1,261	-1,130	838.7	3,149	4,016
FCF margin	3.07%	6.93%	6.71%	-2.09%	-1.42%	0.88%	2.69%	2.91%
FCF Conversion (EBITDA)	46.34%	131.33%	119.38%	-	-	12.74%	36.24%	37.9%
FCF Conversion (Net income)	84.49%	259.25%	285.29%	-	-	21.01%	54.57%	56.29%
Dividend per Share ²	5.000	5.000	2.000	5.000	6.000	7.985	8.043	9.260
Announcement Date	5/2/19	5/12/20	5/6/21	5/5/22	5/4/23	5/2/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	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	2025 Q1
Net sales ¹	11,239	16,116	10,520	12,397	15,062	22,476	19,703	15,762	17,882	26,238	22,260	18,262	21,148	31,572	28,979
EBITDA ¹	815.6	1,018	422.3	707	905.9	1,430	1,233	855.9	1,047	1,792	1,450	1,108	1,408	2,270	2,114
EBIT	556.5	769.6	221.8	-	681.4	1,199	1,013	610.7	-	-	-	754	1,122	2,047	1,834
Operating Margin	4.95%	4.78%	2.11%	-	4.52%	5.33%	5.14%	3.87%	-	-	-	4.13%	5.31%	6.48%	6.33%
Earnings before Tax (EBT)	488.2	1,033	194	472.1	699.6	1,132	1,012	575.8	804	3,171	-	862.5	1,091	2,051	1,811
Net income ¹	367.2	679.7	126.9	313.6	475	761.6	742.5	426.4	584.1	2,252	833.5	598.5	867.1	1,498	1,320
Net margin	3.27%	4.22%	1.21%	2.53%	3.15%	3.39%	3.77%	2.71%	3.27%	8.58%	3.74%	3.28%	4.1%	4.74%	4.56%
EPS	1.905	3.530	0.6600	1.635	2.470	3.960	3.860	2.215	3.030	11.64	-	3.900	5.475	7.250	6.400
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	1/29/21	5/6/21	8/4/21	10/28/21	2/2/22	5/5/22	8/4/22	11/3/22	1/31/23	5/4/23	8/3/23	-	-	-	-

¹INR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,436	2,148	-	631	2,005	-	-	-
Net Cash position ¹	-	-	1,599	-	-	4,408	3,982	5,075
Leverage (Debt/EBITDA)	0.7029 x	0.7595 x	-	0.1822 x	0.4069 x	-	-	-
Free Cash Flow ¹	1,606	3,714	2,863	-1,261	-1,130	839	3,149	4,016
ROE (net income / shareholders' equity)	22.5%	17.2%	12%	17.6%	23.6%	22%	20.4%	21.6%
ROA (Net income/ Total Assets)	-	4.22%	-	-	-	6.45%	7.1%	8.15%
Assets ¹	-	33,951	-	-	-	61,885	81,289	87,544
Book Value Per Share ²	45.40	45.40	46.00	52.90	-	128.0	149.0	173.0
Cash Flow per Share ²	-	-	-	-	-	16.50	25.30	32.20
Capex ¹	1,028	860	635	2,179	3,604	3,407	3,267	2,513
Capex / Sales	1.96%	1.61%	1.49%	3.6%	4.52%	3.59%	2.8%	1.82%
Announcement Date	5/2/19	5/12/20	5/6/21	5/5/22	5/4/23	5/2/24	-	-

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 Blue Star Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,421 INR

Average target price

1,454 INR

Spread / Average Target

+2.30%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Heating, Ventilation & Air Conditioning Systems

	1st Jan change	Capi.
BLUE STAR LIMITED	+50.39%	3.48B
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WATSCO, INC.	+11.55%	17.81B
LENNOX INTERNATIONAL INC.	+8.75%	17.62B
A. O. SMITH CORPORATION	+4.52%	12.67B
NIBE INDUSTRIER AB	-18.64%	10.64B
AAON, INC.	+3.51%	6.35B

Heating, Ventilation & Air Conditioning Systems