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Old 07-08-2015, 02:07 PM
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Default Power Mech Ltd. IPO

Issue Period 7/8/2015-11/8/2015
Price Band Rs. 615 -640
Issue Size (Rs.) Rs.260.4 -273.21 crore
Issue Size (Volume) 42,69,000
Minimum Bid Quantity 20 shares
Maximum Retail Subscription Rs. 1,92,000 (15 lots)
Industry Power Infrastructure
Listing BSE,NSE
Registrar Karvy Computershare

Parameter FY 14 #
P/E ## 13.8
P/B ## 3.4
PEGProfit ## .4
NPM (%) 5.62
ROE (%) 24.9
ROCE (%) 33.1
OCF/Sales .021
# Using Consolidated statements at upper price
@ annualized data
## post issue OS shares

thin NP margin, miniscule OCF/Sales, struggling power sector,capital intensive business
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Old 07-08-2015, 03:08 PM
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Order book good enough for next 2yrs Debt not too high Reasonable valuation.
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Old 07-08-2015, 04:04 PM
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Originally Posted by kkseal View Post
Order book good enough for next 2yrs Debt not too high Reasonable valuation.

(1) Increase in a/c receivable is 2.3 times NP.
(2) Peers like Sunil hitech, BGR,Techno Elecric all trade at lower PE multiple except L&T.
(3) thermal power sector is already in doldrums and receiving the payment from govt. entities is not an easy task-the sole reason for high a/c receivables.
Bhel, NTPC and other SEBs themselves are struggling.
(4)debt/equity is low at .5 but total liab/NW is 2.5
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Old 07-08-2015, 11:19 PM
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Check/calculate the current ratio (stricter would be Quick ratio - which excludes inventory- and strictest OCF/Current Liabilities). Infra likely to see an upturn in 3rd/4th qtr and this 1 would have garnered some working cap/pared debt through IPO proceedings.
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Old 08-08-2015, 03:15 PM
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mad

Originally Posted by kkseal View Post
Check/calculate the current ratio (stricter would be Quick ratio - which excludes inventory- and strictest OCF/Current Liabilities). Infra likely to see an upturn in 3rd/4th qtr and this 1 would have garnered some working cap/pared debt through IPO proceedings.

FY 14 :Current R is 1.1 and quick ratio is 1.03.

current Issue size: Rs. 273 crore

From October 2014 prospectus

Object of the issue: (1) working capital requirement :Rs. 120 crore
(2) Loan repayment: Rs. 24.5 crore

From July 15 prospectus
(1) WC requirement:Rs. 105 crore
(2) GCP: NA

seems they raised the price band at 11th hour that too with some motive and may be with some op. plan.
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Old 08-08-2015, 04:10 PM
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Liquidity looks good enough to me (Can't expect much better in infra space currently) CR & QR close hence not much inventory (as one would expect for an EPC-O&M player) Asset light Moreover they'll be debt free and garner enough working cap through this issue.
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Old 10-08-2015, 10:58 AM
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Anyone Looking to go Long on this IPO?






If yes....then please DON'T..........After careful analysis and the price band....This does not look interesting in terms of Risk and Return Basis......Not at least on IPo.....
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