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Just Dial Financial Model Projections Complete

- Just Dial is an Indian online and offline local search company. Its revenue grew at a CAGR of 8.8% from FY15-FY18 through increasing search and other related services. - Operating profits declined in FY17 due to higher employee and other expenses but recovered in FY18 with operating margins of 21%. Net profits grew at a CAGR of 18% from FY15-FY18. - Just Dial is a zero debt company with most of its assets in cash/liquid investments and fixed assets. Its networth grew at a CAGR of over 20% from FY15-FY18 through retained earnings.

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rakhi narula
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78 views13 pages

Just Dial Financial Model Projections Complete

- Just Dial is an Indian online and offline local search company. Its revenue grew at a CAGR of 8.8% from FY15-FY18 through increasing search and other related services. - Operating profits declined in FY17 due to higher employee and other expenses but recovered in FY18 with operating margins of 21%. Net profits grew at a CAGR of 18% from FY15-FY18. - Just Dial is a zero debt company with most of its assets in cash/liquid investments and fixed assets. Its networth grew at a CAGR of over 20% from FY15-FY18 through retained earnings.

Uploaded by

rakhi narula
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Name of the company Just Dial

CMP (Rs.) 736


No. of outstanding shares (crore) 6.5 Equity Capital / FV
Market cap. (Rs. crore) 4,766 O/S Shares * CMP

Restated Restated Restated


P&L (Rs. crore) (March ending) FY15 FY16 FY17 FY18

Sale of search related services 588 675 697 768


Sales of other related services - 4 13 8
Other operating revenue 2 13 9 6
Revenue from operations 590 691 719 782
YoY Growth (%) 17.1% 4.0% 8.8%

Employee cost 309 377 441 442

Advertising and sales promotion 17 25 32 66


Rent 22 22 31 26
Communication costs 21 23 20 19
Internet and server charges 13 21 20 18
Others 42 52 66 46
Total other expenses 115 143 168 176

Operating profit 166 171 110 164


YoY Growth (%) 2.9% -35.8% 50.1%
OPM % 28.1% 24.7% 15.2% 21.0%

Other income 49 58 87 66
Depreciation 24 31 40 36
Finance cost - - - -

Business PBT 191 198 156 194


Exceptional items gain/(loss) - - - -
Reported PBT 191 198 156 194

Current tax 55 55 33 40
Deferred tax -4 2 3 11
Tax for earlier years 0 - - -
Total tax 52 56 35 51
ETR (%) 27% 28% 22% 26%

Reported PAT 139 142 121 143


Business PAT 139 142 121 143
YoY Growth (%) 2.1% -14.4% 18.0%

Business EPS (Rs.) 21.4 21.9 18.7 22.1


Core earnings (ex-other income) 103 100 54 95
Core EPS (Rs.) 15.9 15.4 8.3 14.6

BS (Rs. crore) (March ending) FY15 FY16 FY17 FY18

Gross fixed assets 171 245 302 329


Accumulated depreciation 78 106 146 180
Net fixed assets 92 139 156 149
Capital WIP - - 9 -

Liquid investments 773 704 964 1,143

Inventories - - - -
Trade receivables - 0 - -
Cash & Bank balances 42 34 53 58
Loans & advances 55 78 16 14
Other assets 3 3 68 47

Total assets 965 958 1,265 1,410

Share capital 70 69 70 67
Reserves & surplus 603 602 836 912
Shareholder's Equity | Networth 673 671 905 979

Long term debt - - - -


Short term debt - - - -
Total debt - - - -

Trade payables 14 20 14 21
Other liabilities 277 266 347 410
- Unearned revenue 201 211 274 333

Total liabilities 965 958 1,266 1,410


Check - - - -

CF (Rs. crore) (March ending) FY15 FY16 FY17 FY18

PBT 191 198 156 194


Depreciation 24 31 40 35
Non Operating Income -13 -17 -21 -23
Others -19 -13 -46 -23
Operating profit before WC changes 182 200 130 183
(Consumption)/ Release of WC 59 7 29 88
Cash generated from Operations 241 207 158 271
Taxes paid -56 -57 -22 -45
Net CFO 185 150 136 226
Capex -68 -95 -32 -21
Sale / (purchase) of investments -112 103 -107 -139
Non Operating Income 13 17 21 23
Others 8 -2 1 0
Net cash flow from investing activities -158 23 -118 -137

Increase/ (decrease) in debt - - - -


Issue of equity 2 -164 - -85
Others -16 -17 1 1
Net cash flow from financing activities -14 -181 1 -84

Net change in cash 12 -8 19 4.99

Cash at the start of the year 30 42 34 53


Cash at the end of the year 42 34 53 58

FCFF 117 55 104 205

Ratios FY15 FY16 FY17 FY18

Employee cost / net sales (%) 52.4% 54.6% 61.4% 56.5%


Total other expenses / net sales (%) 19.5% 20.7% 23.4% 22.5%
Advertising and sales promotion / net sales (%) 2.8% 3.7% 4.5% 8.5%
Rent / net sales (%) 3.8% 3.2% 4.3% 3.4%
Communication costs / net sales (%) 3.5% 3.3% 2.7% 2.4%
Internet and server charges / net sales (%) 2.2% 3.1% 2.8% 2.3%
Other expenses / net sales (%) 7.2% 7.5% 9.2% 5.9%

OPM (%) 28.1% 24.7% 15.2% 21.0%


EBITM (%) 32.3% 28.7% 21.8% 24.8%
EBDTM (%) 36.4% 33.2% 27.4% 29.5%
PBTM (%) 32.3% 28.7% 21.8% 24.8%
PATM (%) 23.6% 20.5% 16.9% 18.3%

RoE (%) 21.1% 15.4% 15.2%


Pre-tax RoCE (%) 20.7% 8.8% 13.6%
Pre-tax RoIC (%) -212.3% -151.7% -114.9%

EPS (Rs.) 21.4 21.9 18.7 22.1


Core EPS (Rs.) 15.9 15.4 8.3 14.6
DPS (Rs.) 2.0 2.0 - -
BVPS (Rs.) 104.0 103.7 139.8 151.2
Cash per share (Rs.) 125.8 113.8 157.0 185.3

P/E (x) 34 34 39 33
Core P/E (x) 38 40 70 38
EV/EBITDA (x) 24 24 34 22
P/BV (x) 7 7 5 5
Dividend yield (%) 0 0 0 0

Inventory days - - - -
Receivable days - 0 - -
Payable days 9 10 7 10
WC cycle -9 -10 -7 -10

Depreciation / Gross block (%) 14.1% 15.0% 14.7% 11.5%


Other Income / Avg. Liquid Investments 7.9% 10.4% 6.2%
Notes: 1. Source: Just Dial Annual Reports from FY15 to FY20 | Consolidated Financial Statements
2. Numbers in blue are input cells
3. Yellow cells indicate assumptions
4. P: Provisional and E: Expected
5. Text in green is user comments

FY19 FY20 FY21E FY22E FY23E

876 909
6 21
9 23
892 953 729 938 1,053 From working
14.0% 6.9% -23.5% 28.7% 12.2% copy-paste formula

497 533 460 453 502 From working

58 67
25 22
16 15
20 19
46 46
165 169 109 150 179 From working

229 251 159 336 372 copy-paste formula


39.2% 9.7% -36.6% 110.6% 10.8% copy-paste formula
25.7% 26.4% 21.9% 35.8% 35.3% copy-paste formula

93 140 109 125 156 Other Income % * Avg. Liquid Investment


34 31 31 35 39 Dep. Rate * Avg. GFA
0 9 0 0 0 Assume 0

288 352 238 426 488 copy-paste formula


- - 0 0 0 Assume 0
288 352 238 426 488 copy-paste formula

60 65
21 14
- -
81 79 59 106 122 ETR * Reported PBT
28% 23% 25% 25% 25% Assume current ETR

207 272 178 319 366 copy-paste formula


207 272 178 319 366 copy-paste formula
44.4% 31.6% -34.5% 79.1% 14.7% copy-paste formula

31.9 42.0 27.5 49.3 56.5 copy-paste formula


140 164 96 226 249 copy-paste formula
21.6 25.3 14.9 34.8 38.5 copy-paste formula

FY19 FY20 FY21E FY22E FY23E

331 298 323 373 408 Prev. GFA + Prev. CWIP + Capex - Curr. CWIP
205 234 265 300 339 Prev. Acc. Dep + Dep. Expense
126 64 58 73 69 copy-paste formula
6 - 25 25 10 (-)Half of Capex

1,291 1,552 1,572 1,997 2,447 keep constant. Will revisit at end

- - - - - Inv. Days * Revenue / 365


- - - - - TR Days * Revenue / 365
41 40 51 50 50 Balancing Figure | Take from Cash Flow
14 15 15 15 15 Keep Constant
71 162 162 162 162 Keep Constant

1,549 1,832 1,883 2,322 2,753 copy-paste formula

65 65 65 65 65 Keep Constant
934 1,223 1,401 1,720 2,087 Prev. R&S + PAT
999 1,288 1,466 1,785 2,151 copy-paste formula

3 - - - - Keep 0
1 - - - - Keep 0
4 - - - - copy-paste formula

30 25 19 24 27 TP Days * Revenue / 365


516 520 398 512 574 Prev. Value / Prev. Revenue * Curr. Revenue
405 336

1,549 1,832 1,882 2,321 2,753 copy-paste formula


- - - - - copy-paste formula

FY19 FY20 FY21E FY22E FY23E

288 352 238 426 488 From P&L


33 52 31 35 39 From P&L
-88 -137 -109 -125 -156 (-) From P&L
16 24 - - - Keep 0
248 290 159 336 372 copy-paste formula
80 -70 -128 120 65 (Prev. Curr. Assets + Curr. Current Liab) - (Curr. Curr. Assets + Prev. Curr
328 221 31 455 437 copy-paste formula
-52 -68 -59 -106 -122 (-) From P&L
276 153 -28 349 315 copy-paste formula
-16 -2 -50 -50 -20 Imp
-84 -147 -20 -425 -450 Prev. Investments - Curr. Investments
88 23 109 125 156 From P&L
-64 - - - - Keep 0
-77 -127 39 -350 -314 copy-paste formula

4 -4 - - - Curr. Total Debt - Prev. Total Debt


-221 4 - - - Curr. Equity Cap. - Prev. Equity Cap.
-0 -26 - - - Keep 0
-217 -27 - - - copy-paste formula

-16.97 -0.96 11.38 -1.42 0.57 copy-paste formula

58 41 40 51 50 copy-paste formula
41 40 51 50 50 copy-paste formula

260 151 -78 299 295 copy-paste formula

FY19 FY20 FY21E FY22E FY23E

55.8% 55.9% 63.1% 48.2% 47.7% copy-paste formula


18.6% 17.7% 15.0% 16.0% 17.0% copy-paste formula
6.5% 7.0%
2.8% 2.3%
1.8% 1.6%
2.2% 2.0%
5.2% 4.8%

25.7% 26.4% 21.9% 35.8% 35.3% copy-paste formula


32.3% 37.8% 32.6% 45.4% 46.4% copy-paste formula
36.1% 40.1% 36.9% 49.1% 50.1% copy-paste formula
32.3% 36.9% 32.6% 45.4% 46.4% copy-paste formula
23.2% 28.6% 24.5% 34.0% 34.8% copy-paste formula

20.9% 23.8% 12.9% 19.6% 18.6% copy-paste formula


19.7% 19.3% 9.3% 18.5% 16.9% copy-paste formula
-86.6% -80.0% -69.4% -189.4% -131.2% copy-paste formula

31.9 42.0 27.5 49.3 56.5 copy-paste formula


21.6 25.3 14.9 34.8 38.5 copy-paste formula
- - - - - copy-paste formula
154.2 198.8 226.4 275.7 332.2 copy-paste formula
205.6 245.8 250.7 316.1 385.6 copy-paste formula

23 18 27 15 13 copy-paste formula
25 19 33 12 9 copy-paste formula
15 13 20 8 6 copy-paste formula
5 4 3 3 2 copy-paste formula
0 0 0 0 0 copy-paste formula

- - - - -
- - - - -
12 9 9 9 9
-12 -9 -9 -9 -9 copy-paste formula

10.2% 9.7% 10.0% 10.0% 10.0%


7.6% 9.8% 7.0% 7.0% 7.0% Imp
0
urr. Curr. Assets + Prev. Curr. Liab.)
Restated Restated Restated
(Rs. crore) FY15 FY16 FY17 FY18

Revenue 590 691 719 782


YoY growth (%) 17.1% 4.0% 8.8%

Employee cost 309 377 441 442


Employee cost / net sales (%) 52.4% 54.6% 61.4% 56.5%

Total business listings (mn) 15.0 16.3 17.9 21.8


YoY growth (%) 9% 10% 22%

Paid campaigns 331,200 368,800 435,360 445,110


YoY growth (%) 11.4% 18.0% 2.2%

Paid campaign / total listing 2.21% 2.26% 2.43% 2.04%

Realization per campaigns per month (Rs.) 1,484 1,561 1,376 1,464
YoY growth (%) 5.2% -11.9% 6.4%

No. of employees 9,533 11,142 11,334 11,452


Incremental addition 1,609 192 118
YoY growth (%) 16.9% 1.7% 1.0%

Revenue per employee per month (Rs.) 51,557 51,667 52,836 56,887
YoY growth (%) 0.2% 2.3% 7.7%

Employee cost per month (Rs.) 26,991 28,227 32,416 32,133


YoY growth (%) 4.6% 14.8% -0.9%

Productivity (x) 1.91 1.83 1.63 1.77

Other Expenses 115 143 168 176


Other expenses / net sales (%) 19.5% 20.7% 23.4% 22.5%

OP 166 171 110 164


OPM (%) 28.1% 24.7% 15.2% 21.0%
FY19 FY20P FY21E FY22E FY23E

892 953 729 938 1,053 Paid Campaigns * Real. Per campaign * 12 / 10^7
14.0% 6.9% -23.5% 28.7% 12.2% copy - paste formula

497 533 460 453 502 No. of Emp * Cost per Emp. Per month * 12 / 10^7
55.8% 55.9% 63.1% 48.2% 47.7% copy - paste formula

25.7 29.4 33.8 38.9 44.7 (1+YoY Growth)*Prev.Value


18% 14% 15.0% 15.0% 15.0% Imp

500,838 536,236 455,801 533,287 586,615 (1+YoY Growth)*Prev.Value


12.5% 7.1% -15.0% 17.0% 10.0% Imp

1.95% 1.82% 1.35% 1.37% 1.31% copy - paste formula

1,483 1,481 1,332.9 1,466.2 1,495.6 (1+YoY Growth)*Prev.Value


1.3% -0.2% -10.0% 10.0% 2.0% Imp

12,691 12,423 11,923 11,723 11,823 prev. value + inc. addition


1,239 -268 -500 -200 100 Imp
10.8% -2.1% -4.0% -1.7% 0.9% copy - paste formula

58,539 63,929 50,957 66,700 74,205 copy - paste formula


2.9% 9.2% -20.3% 30.9% 11.3% copy - paste formula

32,644 35,750 32,174.6 32,174.6 35,392.1 (1+YoY Growth)*Prev.Value


1.6% 9.5% -10.0% 0.0% 10.0% Imp

1.79 1.79 1.58 2.07 2.10 copy - paste formula

165 169 109 150 179 Other Exp. % * Revenue


18.6% 17.7% 15.0% 16.0% 17.0% Imp

229 251 159 336 372 copy - paste formula


25.7% 26.4% 21.9% 35.8% 35.3% copy - paste formula
mpaign * 12 / 10^7

r month * 12 / 10^7

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