Aegis Logistics (BSE:500003) - Share price, News & Analysis

Q: What is the Fair Price of 500003 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

500003 (₹212.65) is trading below our estimate of [[fair value]] (₹270.02)

500003 fundamental analysis
Snowflake Score
Valuation	4/6
Future Growth	5/6
Past Performance	4/6
Financial Health	6/6
Dividends	3/6

500003 Stock Overview

Aegis Logistics Limited, together with its subsidiaries, operates as an oil, gas, and chemical logistics company in the downstream oil and gas sector primarily in India.

Rewards

Trading at 21.2% below our estimate of its fair value

Earnings are forecast to grow 22.03% per year

Earnings grew by 60% over the past year

Risk Analysis

High level of non-cash earnings

Dividend of 1.18% is not well covered by earnings

Aegis Logistics Competitors

Great Eastern Shipping

BSE:500620

₹52.7b

India Infrastructure Trust

BSE:542543

₹64.4b

Petronet LNG

NSEI:PETRONET

₹309.8b

Reliance Industrial Infrastructure

NSEI:RIIL

₹11.9b

Price History & Performance

Summary of all time highs, changes and price drops for Aegis Logistics
Historical stock prices
Current Share Price	₹212.65
52 Week High	₹394.40
52 Week Low	₹167.45
Beta	0.56
1 Month Change	0.81%
3 Month Change	6.94%
1 Year Change	-39.10%
3 Year Change	6.33%
5 Year Change	12.13%
Change since IPO	14,981.59%

Shareholder Returns

	500003	IN Oil and Gas	IN Market
7D	5.6%	-2.8%	2.3%
1Y	-39.1%	13.2%	-0.9%

Return vs Industry: 500003 underperformed the Indian Oil and Gas industry which returned 13.2% over the past year.

Return vs Market: 500003 underperformed the Indian Market which returned -0.9% over the past year.

Price Volatility

Is 500003's price volatile compared to industry and market?
500003 volatility
500003 Average Weekly Movement	7.7%
Oil and Gas Industry Average Movement	6.6%
Market Average Movement	6.9%
10% most volatile stocks in IN Market	9.9%
10% least volatile stocks in IN Market	4.5%

Stable Share Price: 500003 is not significantly more volatile than the rest of Indian stocks over the past 3 months, typically moving +/- 8% a week.

Volatility Over Time: 500003's weekly volatility (8%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1956	451	Sudhir Malhotra	https://www.aegisindia.com

Aegis Logistics Limited, together with its subsidiaries, operates as an oil, gas, and chemical logistics company in the downstream oil and gas sector primarily in India. It operates through Liquid Terminal Division and Gas Terminal Division segments. The company operates a network of bulk liquid handling terminals, liquefied petroleum gas (LPG) terminals, filling plants, pipelines, and gas stations to deliver products and services.

Aegis Logistics Fundamentals Summary

How do Aegis Logistics's earnings and revenue compare to its market cap?
500003 fundamental statistics
Market Cap	₹73.73b
Earnings (TTM)	₹3.58b
Revenue (TTM)	₹46.31b

20.9x

P/E Ratio

1.6x

P/S Ratio

Is 500003 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
500003 income statement (TTM)
Revenue	₹46.31b
Cost of Revenue	₹38.82b
Gross Profit	₹7.49b
Other Expenses	₹3.91b
Earnings	₹3.58b

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	10.19
Gross Margin	16.17%
Net Profit Margin	7.72%
Debt/Equity Ratio	16.9%

How did 500003 perform over the long term?

See historical performance and comparison

Dividends

1.2%

Current Dividend Yield

25%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is 500003 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 500003?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for 500003. This is calculated by dividing 500003's market cap by their current preferred multiple.
What is 500003's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	₹73.73b

500003 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.8x
Enterprise Value/EBITDA	15.2x
PEG Ratio	0.9x

Price to Earnings Ratio vs Peers

How does 500003's PE Ratio compare to its peers?

500003 PE Ratio vs Peers

The above table shows the PE ratio for 500003 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	43x
500620 Great Eastern Shipping	8.2x	n/a	₹52.7b
542543 India Infrastructure Trust	11.7x	n/a	₹64.4b
PETRONET Petronet LNG	9.1x	3.9%	₹309.8b
RIIL Reliance Industrial Infrastructure	147.5x	n/a	₹11.9b
500003 Aegis Logistics	20.9x	22.0%	₹73.7b

Forward PE

Price-To-Earnings vs Peers: 500003 is good value based on its Price-To-Earnings Ratio (20.9x) compared to the peer average (43x).

Price to Earnings Ratio vs Industry

How does 500003's PE Ratio compare vs other companies in the IN Oil and Gas Industry?

Price-To-Earnings vs Industry: 500003 is expensive based on its Price-To-Earnings Ratio (20.9x) compared to the Indian Oil and Gas industry average (11.8x)

Price to Earnings Ratio vs Fair Ratio

What is 500003's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

500003 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	20.9x
Fair PE Ratio	8.5x

Price-To-Earnings vs Fair Ratio: 500003 is expensive based on its Price-To-Earnings Ratio (20.9x) compared to the estimated Fair Price-To-Earnings Ratio (8.5x).

Share Price vs Fair Value

What is the Fair Price of 500003 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 500003 (₹212.65) is trading below our estimate of fair value (₹270.02)

Significantly Below Fair Value: 500003 is trading below fair value by more than 20%.

Price to Earnings Growth Ratio

PEG Ratio: 500003 is good value based on its PEG Ratio (0.9x)

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Future Growth

How is Aegis Logistics forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

Future Growth Score

5/6

Future Growth Score 5/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

22.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: 500003's forecast earnings growth (22% per year) is above the savings rate (6.7%).

Earnings vs Market: 500003's earnings (22% per year) are forecast to grow faster than the Indian market (17.4% per year).

High Growth Earnings: 500003's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: 500003's revenue (20.7% per year) is forecast to grow faster than the Indian market (11.5% per year).

High Growth Revenue: 500003's revenue (20.7% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: 500003's Return on Equity is forecast to be low in 3 years time (18.4%).

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Past Performance

How has Aegis Logistics performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

13.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 500003 has a high level of non-cash earnings.

Growing Profit Margin: 500003's current net profit margins (7.7%) are higher than last year (5.8%).

Past Earnings Growth Analysis

Earnings Trend: 500003's earnings have grown by 13.2% per year over the past 5 years.

Accelerating Growth: 500003's earnings growth over the past year (60%) exceeds its 5-year average (13.2% per year).

Earnings vs Industry: 500003 earnings growth over the past year (60%) exceeded the Oil and Gas industry 40.6%.

Return on Equity

High ROE: 500003's Return on Equity (17%) is considered low.

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Financial Health

How is Aegis Logistics's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: 500003's short term assets (₹11.8B) exceed its short term liabilities (₹11.7B).

Long Term Liabilities: 500003's short term assets (₹11.8B) exceed its long term liabilities (₹6.0B).

Debt to Equity History and Analysis

Debt Level: 500003's net debt to equity ratio (10.3%) is considered satisfactory.

Reducing Debt: 500003's debt to equity ratio has reduced from 33.2% to 16.9% over the past 5 years.

Debt Coverage: 500003's debt is well covered by operating cash flow (68.7%).

Interest Coverage: 500003's interest payments on its debt are well covered by EBIT (20.9x coverage).

Balance Sheet

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Dividend

What is Aegis Logistics's current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

1.18%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: 500003's dividend (1.18%) is higher than the bottom 25% of dividend payers in the Indian market (0.43%).

High Dividend: 500003's dividend (1.18%) is low compared to the top 25% of dividend payers in the Indian market (1.89%).

Stability and Growth of Payments

Stable Dividend: 500003's dividend payments have been volatile in the past 10 years.

Growing Dividend: 500003's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (24.5%), 500003's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: 500003 is paying a dividend but the company has no free cash flows.

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Management

How experienced are the management team and are they aligned to shareholders interests?

4.1yrs

Average management tenure

CEO

Sudhir Malhotra

0.083

Tenure

Mr. Sudhir Omprakash Malhotra serves as the Group President and Chief Operating Officer of Aegis Logistics Limited. He serves as Chief Executive Officer of Aegis Logistics limited since May 28 2022. 0. He...

Leadership Team

Experienced Management: 500003's management team is considered experienced (4.1 years average tenure).

Board Members

Experienced Board: 500003's board of directors are considered experienced (6.3 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/06/27 00:00
End of Day Share Price	2022/06/27 00:00
Earnings	2022/03/31
Annual Earnings	2022/03/31