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Trade Wings

BSE:509953
Snowflake Description

Proven track record and overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
509953
BSE
₹254M
Market Cap
  1. Home
  2. IN
  3. Consumer Services
Company description

Trade Wings Limited, together with its subsidiaries, provides travel and travel related services in India. The last earnings update was 9 days ago. More info.


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509953 Share Price and Events
7 Day Returns
-9.7%
BSE:509953
-1.9%
IN Hospitality
-2.2%
IN Market
1 Year Returns
-
BSE:509953
-15.2%
IN Hospitality
-3.1%
IN Market
509953 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Trade Wings (509953) -9.7% - - - - 10.2%
IN Hospitality -1.9% -5.4% -15.8% -15.2% 15.4% 36.4%
IN Market -2.2% -2.7% -4.1% -3.1% 22.1% 34.8%
1 Year Return vs Industry and Market
  • No trading data on 509953.
  • No trading data on 509953.
Price Volatility
509953
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Trade Wings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
  • It is not possible to calculate the future cash flow value for Trade Wings. This is due to cash flow or dividend data being unavailable. The share price is ₹80.45.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Trade Wings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Trade Wings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BSE:509953 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in INR ₹4.15
BSE:509953 Share Price ** BSE (2019-07-15) in INR ₹80.45
India Hospitality Industry PE Ratio Median Figure of 46 Publicly-Listed Hospitality Companies 21.81x
India Market PE Ratio Median Figure of 2,834 Publicly-Listed Companies 14.88x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Trade Wings.

BSE:509953 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BSE:509953 Share Price ÷ EPS (both in INR)

= 80.45 ÷ 4.15

19.38x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Trade Wings is good value based on earnings compared to the IN Hospitality industry average.
  • Trade Wings is overvalued based on earnings compared to the India market.
Price based on expected Growth
Does Trade Wings's expected growth come at a high price?
Raw Data
BSE:509953 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 19.38x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
India Hospitality Industry PEG Ratio Median Figure of 12 Publicly-Listed Hospitality Companies 1.68x
India Market PEG Ratio Median Figure of 534 Publicly-Listed Companies 1.29x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Trade Wings, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Trade Wings's assets?
Raw Data
BSE:509953 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in INR ₹-23.96
BSE:509953 Share Price * BSE (2019-07-15) in INR ₹80.45
India Hospitality Industry PB Ratio Median Figure of 66 Publicly-Listed Hospitality Companies 1.23x
India Market PB Ratio Median Figure of 3,668 Publicly-Listed Companies 0.96x
BSE:509953 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BSE:509953 Share Price ÷ Book Value per Share (both in INR)

= 80.45 ÷ -23.96

-3.36x

* Primary Listing of Trade Wings.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Trade Wings has negative assets, we can't compare the value of its assets to the IN Hospitality industry average.
X
Value checks
We assess Trade Wings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Hospitality industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Hospitality industry average (and greater than 0)? (1 check)
  5. Trade Wings has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Trade Wings expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Trade Wings has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
20.4%
Expected Hospitality industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Trade Wings expected to grow at an attractive rate?
  • Unable to compare Trade Wings's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Trade Wings's earnings growth to the India market average as no estimate data is available.
  • Unable to compare Trade Wings's revenue growth to the India market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
BSE:509953 Future Growth Rates Data Sources
Data Point Source Value (per year)
India Hospitality Industry Earnings Growth Rate Market Cap Weighted Average 20.4%
India Hospitality Industry Revenue Growth Rate Market Cap Weighted Average 11.2%
India Market Earnings Growth Rate Market Cap Weighted Average 17%
India Market Revenue Growth Rate Market Cap Weighted Average 9.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BSE:509953 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in INR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BSE:509953 Past Financials Data
Date (Data in INR Millions) Revenue Cash Flow Net Income *
2019-03-31 3,068 33 12
2018-03-31 2,902 30 4
2017-03-31 3,045 66 4

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Trade Wings is high growth as no earnings estimate data is available.
  • Unable to determine if Trade Wings is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BSE:509953 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Trade Wings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BSE:509953 Past Financials Data
Date (Data in INR Millions) EPS *
2019-03-31 4.15
2018-03-31 1.29
2017-03-31 1.46

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Trade Wings will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Check out Trade Wings's track record over time to understand how much the company has returned to shareholders and its earnings growth rate in the past.
  2. Trade Wings's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Consumer Services companies here
  3. Trade Wings's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Trade Wings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the India market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the India market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Trade Wings has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Trade Wings performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Trade Wings's growth in the last year to its industry (Hospitality).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Trade Wings has delivered over 20% year on year earnings growth in the past 5 years.
  • Trade Wings's 1-year earnings growth exceeds its 5-year average (222.3% vs 36.2%)
  • Trade Wings's earnings growth has exceeded the IN Hospitality industry average in the past year (222.3% vs 31.5%).
Earnings and Revenue History
Trade Wings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Trade Wings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BSE:509953 Past Revenue, Cash Flow and Net Income Data
Date (Data in INR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 3,067.89 12.45
2018-03-31 2,902.00 3.86
2017-03-31 3,044.80 4.39
2016-03-31 403.00 4.00
2015-03-31 374.97 -1.94
2014-03-31 349.41 3.35

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Trade Wings has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) due to its liabilities exceeding its assets.
  • Trade Wings used its assets more efficiently than the IN Hospitality industry average last year based on Return on Assets.
  • Trade Wings's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Trade Wings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Hospitality industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Trade Wings has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Trade Wings's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Trade Wings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Trade Wings's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Trade Wings's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Trade Wings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Trade Wings has negative shareholder equity (liabilities exceed assets) therefore debt is not covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Trade Wings Company Filings, last reported 3 months ago.

BSE:509953 Past Debt and Equity Data
Date (Data in INR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 -71.87 458.75 24.87
2018-03-31 -75.08 306.69 33.13
2017-03-31 -78.44 245.98 38.84
2016-03-31 -82.68 215.20 43.43
2015-03-31 -86.51 164.64 26.73
2014-03-31 -84.41 180.02 27.63
  • Trade Wings has negative shareholder equity (liabilities exceed assets), this is a more serious situation compared with a high debt level.
  • Irrelevant to check if Trade Wings's debt level has increased considering it has negative shareholder equity.
  • Debt is not well covered by operating cash flow (7.3%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.4x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Trade Wings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Trade Wings has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Trade Wings's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Trade Wings dividends.
If you bought ₹2,000 of Trade Wings shares you are expected to receive ₹0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Trade Wings's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Trade Wings's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BSE:509953 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
India Hospitality Industry Average Dividend Yield Market Cap Weighted Average of 28 Stocks 0.5%
India Market Average Dividend Yield Market Cap Weighted Average of 1447 Stocks 1.4%
India Minimum Threshold Dividend Yield 10th Percentile 0.3%
India Bottom 25% Dividend Yield 25th Percentile 0.6%
India Top 25% Dividend Yield 75th Percentile 2.2%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Trade Wings has not reported any payouts.
  • Unable to verify if Trade Wings's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Trade Wings's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Trade Wings has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Trade Wings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Trade Wings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Trade Wings has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Trade Wings's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Shailendra Mittal
COMPENSATION ₹750,000
AGE 66
TENURE AS CEO 3.2 years
CEO Bio

Dr. Shailendra Parmeshwarji Mittal, Ph.D, has been the Executive Chairman and Managing Director at Trade Wings Limited since April 1, 2012 and May 30, 2016 respectively. Dr. Mittal served as Chief Financial Officer at Trade Wings Limited from April 1, 2012 to May 30, 2016. Dr. Mittal served as the Chief Executive Officer of Trade Wings Limited. Dr. Mittal has been Director of Trade Wings Limited since June 30, 1988. Dr. Mittal completed Engineering & MBA from Wharton School and holds PhD & OPM from Harvard University.

CEO Compensation
  • Shailendra's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Shailendra's remuneration is lower than average for companies of similar size in India.
Management Team Tenure

Average tenure of the Trade Wings management team in years:

3.2
Average Tenure
  • The tenure for the Trade Wings management team is about average.
Management Team

Shailendra Mittal

TITLE
Executive Chairman & MD
COMPENSATION
₹750K
AGE
66
TENURE
3.2 yrs

Vishwanathan Nair

TITLE
Chief Financial Officer
COMPENSATION
₹594K
TENURE
3.2 yrs

Zurica Pinto

TITLE
Compliance Officer & Company Secretary
COMPENSATION
₹174K
TENURE
2.4 yrs
Board of Directors Tenure

Average tenure and age of the Trade Wings board of directors in years:

5.8
Average Tenure
58.5
Average Age
  • The tenure for the Trade Wings board of directors is about average.
Board of Directors

Shailendra Mittal

TITLE
Executive Chairman & MD
COMPENSATION
₹750K
AGE
66
TENURE
7.3 yrs

Doc Vaidhyanathan

TITLE
Independent Non-Executive Director
AGE
62
TENURE
16.3 yrs

Jyoti Gupta

TITLE
Additional Non-Executive Director
COMPENSATION
₹196K
AGE
35
TENURE
4.3 yrs

Jacinta Nayagam

TITLE
Independent Director
AGE
55
TENURE
3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (₹) Value (₹)
X
Management checks
We assess Trade Wings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Trade Wings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Trade Wings Limited, together with its subsidiaries, provides travel and travel related services in India. The company offers business and leisure travel services, such as in-bound and out-bound tours, conference and convention management, and foreign exchange services. It also owns and operates the Bogmallo Beach Resort, a five star resort with 126 deluxe rooms and suites located in South Goa; Rampart Row, a banqueting facility located in South Mumbai; and Joss, a fine dining restaurant in South Mumbai, as well as provides catering services. In addition, the company offers logistics services, including air freight, shipping, packers and movers, cross trade, and courier and parcel services; and training services in various fields, such as aviation, travel and tourism, hospitality, and logistics, as well as operates onlinetraveledu.com, an e-learning portal. Further, it is involved in real estate leasing, software development, and telecommunications businesses. The company was incorporated in 1949 and is based in Mumbai, India. Trade Wings Limited is a subsidiary of Narayani Hospitality & Academic Institution Private Limited.

Details
Name: Trade Wings Limited
509953
Exchange: BSE
Founded: 1949
₹253,950,000
3,000,000
Website: http://www.tradewings.in
Address: Trade Wings Limited
Bhogilal Building,
1st Floor,
Mumbai,
Maharashtra, 400023,
India
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BSE 509953 Equity Shares with Par Value 10 Mumbai Stock Exchange IN INR 13. May 2005
Number of employees
Current staff
Staff numbers
0
Trade Wings employees.
Industry
Hotels, Resorts and Cruise Lines
Consumer Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/15 12:36
End of day share price update: 2019/07/15 00:00
Last earnings filing: 2019/07/06
Last earnings reported: 2019/03/31
Last annual earnings reported: 2019/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.