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Wednesday, December 9, 2009

Mangalam Cement Ltd:Future growth prospects and outlook,buy/sell/hold?news/views and analysis

Scripscan:Mangalam Cement Ltd
Code:502157
cmp:120

Story:Mangalam Cement - part of the BK Birla Group - has grown aggressively over the past three years, thanks to robust demand conditions. The More Pictures octogenarian industrialist had recently willed this company to granddaughter Vidula Jalan. However, his grandson Kumarmangalam Birla, who will inherit BK Birla controlled Kesoram Industries and Century Textiles, will own a 17.7% stake in Mangalam Cement via these entities and account for a significant portion of the promoter holding.Mangalam's capacity was 2 million tonne at the end of FY 09, double the level from two years ago. The company invested Rs 198.6 crore as capex during this period and its cash flow was Rs 277 crore. Despite the capex, Mangalam Cement's leverage ratio was just 0.17 at the end of March '09, compared to 0.48 two years earlier.Its key markets are Rajasthan, UP and Delhi, where demand conditions have remained strong thanks to government-funded projects and rural housing projects, and price realisations have also remained higher on a y-o-y basis. The board of Mangalam Cement had earlier given its in-principle approval for setting up a new cement plant with a capacity of 1.5 million tonne at its existing plant site in Rajasthan's Kota district. In addition, the company plans to set up a captive power plant with a capacity of 17.5 MW, for which it has placed orders.The cost of this expansion project is estimated at Rs 750 crore, which would be financed via internal accruals to the tune of Rs 300 crore and the remainder by debt. Given the strong cash flows of Mangalam Cement, financing this project over the next two years should not be a problem. The Mangalam Cement stock is possibly one of the cheapest in the sector right now, trading at just 2.6 times its trailing 12 months earnings. Also, it trades at just 1.2 times its book value for the year ended March '09, coupled with a high dividend yield of 4.6%. This stock provides an attractive investment opportunity for long-term investors.

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