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Tuesday, January 12, 2010

International Combustion (India) Ltd:Buy/sell/hold,growth prospects and recomendation,news and results,target price and analysis,views and outlook

Scripscan:International Combustion (India) Ltd

Story:International Combustion is a leading manufacturer of sophisticated plant and machineries like vibrating screens, feeders, sizers, conveyors, spiralling belt elevators, scooping belt conveyers, apron feeder, mining haulages etc for the core industries such as mining, steel, cement, petrochemical, construction, sugar, power, textile, paper, rubber, pharma, chemicals etc. It also offers complete grinding, classfication and drying system which can reduce many products by 95~98% or refine them below 10 microns. Under license from Danfoss Bauer, Germany, company markets comprehensive range of geared motors, gear boxes and electric motors. For FY09 it reported a topline of Rs 99 cr (up 5%) and bottomline of Rs 10 cr (down 15%) posting an EPS of Rs 41 on a very tiny equity of Rs 2.40 cr. Recently, company has acquired the global patent rights for the "Omni Screens" for all countries except South America from the collaborator M/s IMS of South Africa. Besides it has entered into a new agreement with ECUTEC to manufacture various new models of micro fine classifiers and Ball Mills for micro fine grinding, thereby enhancing the product range. However the management is not so aggressive and doesn’t have any major capex plan. Hence it’s a debt free company and infact holding liquid cash to the tune of Rs 18 cr that is equivalent to Rs 75 per share. So eventually one is getting the company at Rs 285 per share. To conclude although company may grow a CAGR of 10% still it’s a value buy at current levels. It’s a strong bonus candidate as well.Only long term investors are advised to keep accumulating at declines.


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