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Everest Industries Ltd

BUY

- 1 of 29 - Tuesday, 12th December, 2017

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Target Price Rs 712 CMP Rs 526 SOTP

Index Details Everest Industries Ltd (EVI) is known as a roofing company but by FY20 65% of

its profits will come from newer building products and pre-engineered steel

buildings (PEB). In FY17, roofing/ boards & panels/ PEB accounted for 49%/ 15%/

36% of its revenues. Roofing solutions such as Everest Fiber Cement Roofing,

made of cement and cellulose fibres, can be used for residential, commercial and

industrial roofs. The boards and panels are used for ceiling/wall &

cladding/flooring. EVI provides end to end PEB solutions from design to

installation. Everest PEBs are widely used in making industrial, commercial and

residential applications.

Over FY17-20E we expect EVI’s CAGR of revenues/ EBITDA/ PAT to be 11%/ 53%/

173%. EVI benefits from a low base of FY17, which was impacted by demonetization

and high material costs. The EBITDA margin expansion and debt repayment will help

EVI to post ROE and ROCE of 16% and 22%, respectively, by FY20.

We initiate coverage on EVI as a BUY with a price objective of Rs 712, representing a

potential upside of 35% in the next 12 months. We arrived at the price target by

applying SoTP valuation based on the growth in different operating segments. Our optimism on EVI is driven by faster growth in higher margin segments, reducing debt levels and impressive increase in ROCE: -

EVI is focusing on newer avenues for growth. The Boards and Panels segment is seeing a growing demand with 13% margins (versus 6% in roofing). This will lead to a better profitability of the company.

The steel building segment suffered a setback in FY17 as contracts did not allow EVI to pass on the increased steel prices to clients. This has now been changed and new contract terms allow the of price hikes to be passed on to the customer. This averts the adverse impact on EVI performance. We expect the PEB segment to report an EBIT margin of 6% in FY18E.

The roofing industry has grown in lower single digits during FY11-16. We expect EVI to outperform the industry growth by introducing new products with technological advantage. This will increase its market share from the current 17%.

EVI has adequate capacity for its future endeavors so there are no large capex plans.

We expect EVI to pay off its debt by FY20 and turn net cash positive. This will lead to

savings in finance costs and improve the return ratios.

Sensex 33,227

Nifty 10,240

Industry Housing

Ancillary

Scrip Details

Mkt Cap (Rscr) 819.6

BVPS (Rs) 307

O/s Shares (Cr) 1.5

Av Vol 28,041

52 Week H/L 584/182

Div Yield (%) 0.4

FVPS (Rs.) 10

Shareholding Pattern

Shareholders %

Promoters 48.7

Public 51.3

Total 100.0

EVI vs. Sensex

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300

400

500

600

0

5000

10000

15000

20000

25000

30000

35000

40000

01-Apr-14 01-Apr-15 01-Apr-16 01-Apr-17

SENSEX Everest Ind.

Key Financials (Rs. in Cr)

Y/E Mar Net

Sales EBITDA PAT

EPS

(Rs.)

EPS

Growth (%) ROE (%)

ROCE

(%)

P/E

(x)

EV/EBITDA

(x)

2017 1,177 40 4 2.7 -88.1 1.2 5.1 83.6 13.2

2018E 1,293 106 60 38.9 1,333.2 15.4 18.8 13.5 8.6

2019E 1,453 128 73 47.6 22.1 15.8 21.6 11.1 6.7

2020E 1,604 144 85 55.4 16.6 15.8 22.0 9.5 5.5

- 2 of 29- Tuesday, 12th December, 2017


Company Background

Everest Industries was incorporated in 1934 as M/s Asbestos Cement Ltd. The company was

promoted by C.P. Cement Co Ltd (which in 1936 merged with other companies to form Associated

Cement Companies Ltd (ACC)) and Turner & Newall Ltd, UK. The company's object was to

manufacture asbestos cement sheeting products such as corrugated roofing sheets, corrugated

curved tanks, roofing extractors, etc., as well as accessories for roofing sheets. The products are

marketed under the brand name "EVEREST".

EVI was a pioneer in setting up facilities for the manufacture of asbestos cement roofing sheets in

India. It commissioned its first factory in May 1934 at Kymore in Madhya Pradesh. By 1956, the

company had set up four factories, in Mumbai, Kolkata and Podanur in Tamil Nadu.

In 1988, the ownership of the company by Turner & Newall International Ltd, UK, was transferred

to Eteroutremer S.A., Belgium, the holding company of the ETERNIT group. The name of the

company was changed to Eternit Everest Ltd. In 2002, Eteroutremer S.A. sold its share to ACC. In

2003, Eternit Everest Ltd.’s name was changed to Everest Industries Ltd. ACC sold 50% of the

shareholding in 2005 to M/s Everest Finvest (India) Pvt Ltd, a company led by the current

chairman Mr. Aditya Vikram Somani. ACC fully divested its remaining stake in EVI in 2007.

Somani group now owns 49% of the company.

EVI has a strong presence of over 80 years in the building solutions industry. It provides building

products and solutions for commercial, industrial and residential sectors to over 25 countries. The

product portfolio includes Roofing, Ceilings, Walls, Flooring, Cladding and Pre-engineered

buildings.

Business Profile

Source: EVI, Ventura Research



Milestones

FY94 Introduced Non-Asbestos Roofing

FY99 Established R&D Centre

FY03 Initiated exports of Boards

FY05 Introduced Hi-Tech Roofing with HIPP technology

FY06 Launched Solid Wall panels (Rapicon)

FY07 Initiated Fibre Cement Roofing and Boards plant at Bhagwanpur, Uttarakhand

FY08 Launched Roof light polycarbonate Roofing Sheets

FY09 Launched Cement planks; Smart Steel Buildings; upgraded the Roofing plant at Kolkata

FY10 Launched EPDM washers; upgraded the Oldest Roofing plant at Kymore

FY11 Launched Metal Roofing Sheets; Delivered 500th

pre-Engineered Building

FY12 Awarded LIMCA Book of Records for fastest construction in India (60,000 sqft in 90 days)

FY13 Delivered 1000th pre-Engineered Building

FY14 Initiated PEB plant in Gujarat; Established Odisha Roofing plant and Ranchi Metal Roofing

plant.

FY15 Achieved 100% utilization at Somnathpur plant in Orissa; Commenced full operations in

Narmada plant in Gujarat

FY16 Emerged as the 2nd largest PEB company in India, Boards & Panels domestic revenue

crosses Rs 100 crore mark


In 1994, EVI introduced non-asbestos roofing. In the roofing segment it offers a wide range of

products for residential, commercial and industrial roofing. It has launched new age products,

include the non-asbestos Fibre Cement Roofing Sheet – Everest Hi-Tech and Polycarbonate

roofing sheets. EVI has covered more than 1 billion sq. m. of roofs till date.

EVI operates in the boards and panels segment since 2003. It offers a range of Fibre Cement

based new-age building products and solutions which enable strong, light and rapid construction of

residential, commercial and industrial infrastructure. The range of products is manufactured using

high pressure steam curing (HPSC) technology which makes them resistant against moisture, fire

and termites.

In 2008, EVI introduced Smart Steel Buildings. With this technology, construction of a building can

be completed three times faster than by using conventional methods of construction, even in

seismic, hilly, coastal and high-wind areas. By 2011, EVI delivered its 500th pre-engineered

building. In 2016, EVI became the 2nd

largest Pre-Engineered Building Company in India.



Product Portfolio:

Portfolio


Roofing Segment (49% of FY17 sales)

EVI offers roofing solutions for all kinds of requirements. Everest roofing solutions such as Everest

Fiber Cement Roofing, made of cement and cellulose fibres can be used for residential,

commercial and industrial roofs. These roofs are manufactured using the latest European

technology. They are low in maintenance costs, easy to fix, fire resistant and economical.

Fibre Cement Roofing Hi Tech Roofing

Source: EVI, Ventura Research Source: EVI, Ventura Research

Everest Hi-Tech is a corrugated cement hi-tech roofing sheet reinforced with a blend of strong

factory fibres including High Impact Polypropylene. The imported fibres replace asbestos to give

them high-impact resistance. These pre-painted sheets are resistant to impacts of all weathers,

UV rays, algae and chemical corrosion.



Rooflight Roofing Accessories


Rooflight is a range of lightweight corrugated polycarbonate roofing sheets. They allow light to

transmit through them and reduce heat loads. This leads to energy conservation while enhancing

the quality of the work environment. The roofs are instilled with a UV protective layer which retains

transparency without yellowing over its lifetime.

EVI is involved in the manufacture of roofing accessories. It ensures quality and ensures

performance at full potential of its products. The roofing accessories include ridge caps, crimped

curve profile ridge caps, corner trims, rake trims, eave gutters, crimped curve eaves, stitching

fasteners, wall cladding fasteners, roofing fasteners, etc.

Normal Roof After Rooflight installation


Boards and Panels Segment: (15% of FY17 sales)

EVI offers a wide range of products under the boards and panels section. The boards and panels

can be divided as per their usage, i.e., ceiling, wall & cladding and flooring boards & panels. These

products are made from a mixture of OPC cement, treated cellulose fibres, silica quartz and fly

ash. The range of products is manufactured using high pressure steam curing (HPSC) technology

which makes them resistant to moisture, fire and termites. EVI offers a range of Fibre Cement

based new-age building products and solutions which enable strong, light and rapid construction of

residential, commercial and industrial infrastructure.



Boards & Panels – Ceiling

Standard Ceiling Designer Ceilings Grid System



EVI ceiling products provide thermal resistance and dimensional stability. The product profile

includes standard ceilings, designer ceilings, Tex ceilings and ceiling grid systems. Tex ceilings

are ceilings catering to the textile factories which enable high light reflectance as well as

temperature and humidity control. Everest Boards are used in false ceilings and in interior wall

linings in places like hotels, restaurants, residences and in all commercial spaces.

Boards & Panels – Wall & Cladding

Wall Boards Cement Wood Planks



Heavy Duty Wall Boards Rapicon Wall





Everest wall boards are made from HPSC technology, which makes them moisture, termite and

fire resistant. EVI also manufactures Everest Cement Wood Planks and Everest Heavy Duty

Boards which are used for cladding and facade solutions. Everest Rapicon walls are Sandwich

Wall Panels made from Aerated Cement Concrete sandwiched between Everest Boards. It is the

fastest wall building solution in India.

Boards & Panels – Floor

Floor Boards Heavy Duty Floor Boards Access Flooring



Everest Heavy Duty Boards are strong and durable boards. They find usage in Mezzanine flooring

solutions due to their high load bearing properties. The Access flooring consists of liftable floor

tiles and a grid of adjustable height pedestals, which ensure safety of working environment by

housing HVAC, power, voice, data cabling under the floor.

Steel Buildings and Products: (36% of FY17 sales)

EVI provides end to end PEB solutions from design to installation. Steel buildings score over

traditional constructions in reduced construction time, savings in cost and manufacturing under

controlled factory environment. EVI has executed more than 2,000 projects till date. The

construction time is reduced and the structures are executed three times faster than by using

conventional methods of construction, even in seismic, hilly, coastal and high-wind areas. Everest

Smart Steel Buildings are widely used in making industrial accommodations, site offices, sample

flats, schools & colleges, rooftop extensions and many such commercial and residential

applications.

PEB Primasteel Roofs





Everest uses high tensile steel plates and coils. Using the core strength of high tensile steel, its

Light Gauge Steel Frame (LGSF) system allows multiple applications across residential and

commercial sectors. Steel constitutes ~65-75% of the raw material costs. The structural design is

created by engineers who are equipped with best in class software like TEKLA, STAAD Pro, MBS

and AutoCAD. EVI also manufactures steel roofs; Everest Primasteel Roofs. They have anti-

corrosive and weather resistance properties.

Steel Building




Production Facilities:

Manufacturing Facilities

Building Products - Total Capacity 9,15,000 MTPA*

Location Products Capacity

Bhagwanpur,

Uttarakhand

Fibre Cement Roofing Sheets,

Boards & Panels

50,000 MTPA of fibre cement boards;

1,00,000 MTPA of roofing products

Lakhmapur,

Maharashtra

Fibre Cement Roofing Sheets,

Boards & Panels not known

Kolkata, West Bengal Fibre Cement Roofing Sheets not known

Kymore, Madhya

Pradesh Fibre Cement Roofing Sheets not known

Podanur, Tamil Nadu Fibre Cement Roofing Sheets 1,74,000 MTPA

Somnathpur, Odisha Fibre Cement Roofing Sheets 1,20,000 MTPA

* Including Dubai plant of Boards with 50,000 MTA capacity transferred

Steel Building Plants - Total Capacity 72,000 MTPA

Location Products Capacity

Bhagwanpur,

Uttarakhand

Pre-Engineered Buildings,

Smart Steel Buildings 40,000 MTPA of steel fabrication products

Dahej, Gujarat Pre-Engineered Buildings,

Smart Steel Buildings

30,000 MTPA of Pre-engineered building

with automatic paint line & shot blasting

Facility

Ranchi, Jharkhand Metal Roofing 15,000 MTPA




Key Management Personnel:

Management Personnel

Name Experience

Mr Aditya Vikram Somani Chairman

Mr Somani has more than 25 years of experience in real estate, construction, building products, textiles and information technology management.

Mr M L Gupta Vice Chairman

Mr Gupta has a long and varied experience of handling building products businesses.

Mr Manish Sanghi Managing Director

Mr Sanghi has been with EVI since 2001. He took charge as Managing Director in 2010.

Mr Y Srinivasa Rao Executive Director

Mr Rao joined EVI in 1997 and is experienced in handling manufacturing, project management, and technology transfer.

Mr B L Taparia Independent Director

Mr Taparia has more than 40 Years of experience in Legal, Secretarial, Finance and Accounts, Taxation and Corporate Governance.

Mr Nikhil Dujari Chief Financial Officer

Mr Dujari has more than 20 years of experience in business accounting, internal control, taxation, banking and treasury, audit, contract structuring.

Mr Neeraj Kohli Company Secretary

Mr Kohli has more than 27 years of experience in Corporate and Secretarial matters.

Mr Rahul Chopra Senior Vice President - Roofing

Mr Chopra has been with EVI for 30 years. He is an expert in rural marketing, market activation, brand building, and handling large sales forces.

Mr Manish Garg President & COO –Steel Buildings

Mr Garg has been with EVI for 10 years and is an expert in Design and Sales of Steel Buildings.

Mr Sanjay Joshi Senior Vice President - Boards & Panels

Mr Joshi has over 15 years of experience in the fields of Product Development, Sales & Marketing and Sales Force Effectiveness.




Key Investment Highlights:

Boards and Panels - Key Growth Driver:

EVI has more than 15 years of experience in the boards and panels sector. These products are

gaining popularity with increased acceptance by the customers. The limitation and lacunae of

plywood can be easily overcome with use of the boards and panels such as cement wood planks

and wall boards. EVI has a wide variety of products as per the specifications and end use. The

boards and panels are used to make ceilings, wall and floors. This is also known as dry

construction. Such methods ensure that the construction is lighter, faster and also becomes high

performance, particularly in terms of heat and sound insulation.

EVI has significant exports to the Middle Eastern markets. The exports declined 40% in volume in

FY17. The reduction in demand was due to low oil prices and local conflicts in these markets. The

oil prices have bottomed out and are moving higher and with domestic demand seeing an uptrend.

We expect EVI to grow at 22% CAGR (FY17-20E) in this segment. It is a high growth and high

profit generating segment. EVI expects to maintain the double digits growth momentum in this

segment.

The capacity stood at 1.5 lakh MT in FY17 and will increase to 2 lakh MT in FY18 after the Dubai

plant of Boards (with 50,000 MTA capacity) is transferred to India. The boards and panels sales

volume stood at ~1 lakh MT in FY17; and it is expected to grow at 18% CAGR (FY17-20E) to ~1.8

lakh MT in FY20E. This will result in a higher composition of boards and panels in the total

company revenues from 15% in FY17 to 22% in FY20E. We expect this segment to generate

~14% EBITM by FY20E.

Capacity Utilisation Segment Performance


Steel Buildings Segment - On the Road to Recovery:

The Steel buildings segment constitutes ~37% of EVI revenues. This segment grew by 8% CAGR

(FY15-17). In FY17, the segment was impacted by the rise in steel prices. The minimum import

prices (MIP) was imposed on steel, which led to a sudden rise of ~18% in steel prices. EVI was

unable to pass on the price hike to the customers; thereby resulting in losses.

60

70

80

90

100,000

140,000

180,000

220,000

FY16 FY17 FY18E FY19E FY20E

(%) (MT)

Capacity (LHS) sales (LHS) Utilisation (RHS)

-

5

10

15

-

75

150

225

300


(%) (Rs in cr)

Revenue (LHS) EBITM (RHS)

CAGR 18%



The steel purchases are made on a contract to contract basis due to the specification

requirements as per the contract. The company has modified the terms of contract, which now

include risk mitigation clauses. The prices of steel are currently on an uptrend and have increased

by ~30% in H1FY18. Nevertheless, we have not factored in any major risk due to the modified

terms of the contract; which will allow EVI to pass on the hikes.

However, this will have an impact on the overall sales in terms of lower growth in demand due to

higher costs. We expect the steel buildings segment revenues to increase by 12% CAGR (FY17-

20E).



Roofing - New Product Launches to Maintain Growth Momentum:

EVI has a market share of ~17% in the roofing industry. It has an advantage of being a veteran in

the roofing industry with an experience of ~80 years. The roofing segment accounts for ~50% of

revenues. EVI offers a wide range of products. However, this industry is facing a slowdown in

growth momentum. There is an increase in the ‘pakka’ roofs. Nevertheless, with modern

constructions where there are multistoried buildings for residential purposes, the demand for roofs

is likely to show a limited growth. The other users of roofs include warehouses and industries. EVI

has introduced new technology in the new products to cater to the changing demand of the

customers. EVI has an R&D facility, which gives it a cushion to make a transition towards the

others segments.

Everest Hi-Tech: A Non-asbestos Fibre Cement Roofing Sheet used for industrial purpose.

Everest Super: A special water repellent and anti-fungal properties.

Everest Rooflight and Everest Decoroof: Polycarbonate roofing sheets that save on

electricity consumption cost by allowing sunlight to enter the building.

60

66

72

78

84

40,000

51,000

62,000

73,000


(%) (MT)


-2.0

1.0

4.0

7.0

10.0

300

400

500

600


(%) (Rs in cr)






We expect the roofing segment revenues of the company to grow at a CAGR of 5% (FY17-20E)

on a low base. The management expects the roofing industry to grow at ~3-4%. FY17 was an

aberration impacted by demonetisation. We expect EVI to keep its momentum in this segment

while actively trying to move its dependence from the roofing segment to the steel building

segment which involves the new age technology.

Strong Brand Recall:

The EVEREST brand has a strong recall value with its customers. The existence of the brand

dates back to 1934, when the company was incorporated by the erstwhile promoters C.P. Cement

Co Ltd (which subsequently, in 1936, merged with other companies to form Associated Cement

Companies Ltd (ACC)) and Turner & Newall Ltd, U.K. Turner & Newall Ltd was a UK based

company which brought its ~6 decades of rich experience in using asbestos to India. It is the

oldest roofing brand in India.

The transition of EVI into non-harmful asbestos based products under the brand, and other fibre

based non-asbestos products, has ensured a strong brand recall of EVI. ‘Everest’ today is a brand

synonymous with roofing in India. Its products are installed over 1 billion sqm of industrial and

residential roofs in India.

Key Customers


70

75

80

85

90

500,000

575,000

650,000

725,000


(%) (MT)


-

2

4

6

8

480

540

600

660


(%) (Rs in cr)




Widespread Distribution Network:

Over the years, EVI has built a widespread distribution network. It has 42 sales depots, 6,000

dealers, with ~1,000 dealers in urban areas and ~5,000 dealers in the rural area. The company

also exports to more than 35 countries. EVI’s building products and solutions are available in more

than 1,00,000 villages and 600 cities in India and also in many countries globally. It has designed

and erected more than 2,000 Pre-Engineered steel buildings across 275 cities in India.

EVI has plants at 8 locations. The pan - India presence helps reduce logistics cost and reduces

the lead time. It also reduces the shipping and forex expenses as a lot of the fibres used are

imported. This gives it a cost advantage.

Distribution Network




Large Product Offering:

EVI has a strong portfolio of products and solutions to offer. Its product range caters to different

demands of the consumer. It has invested in R&D, to ensure adoption of newer technologies. The

products are technologically superior with resistance to moisture, fire and termites. They also have

anti-corrosive and weather resistance properties. It exports to countries in Asia, Africa, Europe

and Australia. This suggests that the products are suitable and accepted in diverse weather

conditions.

Change in Product Mix to Boost Profitability:

EVI has been a roofing company since inception. The roofing segment constitutes ~49% of its

total revenues. The other two segments – boards and panels and steel buildings are relatively

new and constitute ~15% and 36%, respectively. The company has decided to reduce its

dependence from the roofing segment to the steel buildings segment. EVI is actively focusing on

high growth and high margin products. With the roofing industry growing at a slower pace, the

boards & panels and steel building industry is expected to be the revenue and profit growth driver.

Revenue Mix Revenue Proportion


We expect the revenues of the roofing / boards & panels/ steel building segments to grow by 5%/

25%/ 12% CAGR FY17-20E, respectively. The growth in the boards and panels segment will

increase its share in the total revenues of the company. We expect EVI to recover from the losses

in the steel buildings segment. The EBIT of the steel building and the boards & panels segments

are expected to drive total EBIT.

632 575 604 635 667

198 180 217 298 348

483 423

471 520

589

-

600

1,200

1,800


(Rs in Cr)

Roofing Boards & Panels Steel Building

48% 49% 47% 44% 42%

15% 15% 17% 21% 22%

37% 36% 36% 36% 37%

0%

25%

50%

75%

100%





EBIT Mix EBIT Proportion


Government Policies to Promote Housing Sector:

In the domestic roofs scenario, as per the population census of 2011, 54% of the Indian

population still lives in houses made of kuccha roofs. The major growth driver for roofing-

“Housing for All” - the Pradhan Mantri Awas Yojana, aims at providing affordable housing for the

poor. Under this scheme, the Government of India has planned to build ~20mn homes by 2022,

with central assistance of ~Rs 2tn.

The Government has identified 500 more cities and towns in 9 states under this plan to be

covered in the first 3 phases. With an increase in allocation to Rs 230bn in budget FY18 for the

Pradhan Mantri Awas Yojana - Gramin and proposal to complete 10 mn houses by 2019 for the

homeless people living in ‘kuchha’ houses, the demand for the rural economy is expected to

increase. This will give momentum to the otherwise slow growth in the industry.

Government Housing Schemes


46 27 33 41 45

26

23 29

41 49

20

-3

28

32 37

-7

28

63

98

133


(Rs in cr)


50% 58%

37% 36% 35%

29%

49%

32% 36% 37%

22%

-7%

31% 28% 28%

-10%

12%

34%

56%

78%

100%





Strengths & Opportunities

1. EVI has adequate capacity to maintain its growth trajectory. It has the necessary state-of-the-

art manufacturing facilities, which offer significant logistic advantages over competitors, in both

in the Building products and Steel Buildings segments.

2. The macro economic factors such as the government’s push towards affordable housing and

industrial expansion, etc. will drive demand for the housing ancillary sector.

3. Inclusion of Fibre Cement products in the lower GST slab will make these products more

competitive in the market.

4. EVI has a sizable market share and is amongst the leading companies in its sectors. In the

roofing industry EVI has a market share of ~17% while in the boards and panels industry, it has

a market share of ~25%. EVI is one of the largest players in the Pre-Engineered Buildings

industry in India

5. The increasing commodity prices have benefitted the roofing segment. The AC/ fibre cement

roofs are priced higher in comparison to the steel roofs. The raw material prices of steel give it

a pricing advantage in the roofing segment. The price advantage of the steel roofs over AC

roofs reduced due to the recent uptrend in the steel prices. The tapering price differential in the

steel roofs and AC / fibre cement roofs tilt the balance in favour of EVI.

6. Everest has successfully executed large complex projects with challenging time constraints,

which has gained the company a lot of respect and fame. Implementation of GST is also going

to give the organised sector and branded Steel Buildings makers a competitive edge.

7. The size of the company gives it a commanding position in the procurement of raw materials

such as cement. Being a large purchaser of Cement, the company is able to get the best

negotiated prices from the suppliers.

8. EVI has invested in a strong design team, training and software development to ensure strong

designed buildings at optimised cost. The company invests in training of erection teams in

safety and speed.



Risks

1. EVI has a portfolio of foreign currency debt as a result of which it is subject to currency and

interest rate risks. The company’s export portfolio (which accounts for about ~5% of net

revenue) acts as a natural hedge on this front.

2. 50% of the company’s revenue comes from a single segment - Roofing. The company has

decided to reduce its dependence from the roofing segment. EVI is exploring opportunities and

building an expertise in other segments such as boards and panels and steel buildings.

3. The demand for the roofing products are primarily in the rural area for residential roofs apart

from the industrial roofs. India being an agrarian country, there is a greater dependence on the

monsoon and good agricultural produce.

4. There are concerns that exposure to Chrysotile fibre leads to health risks and as such, its

usage is banned in certain countries. Chrysotile or White Asbestos Fibre is a naturally

occurring mineral and it constitutes less than 10% of Asbestos Cement Roofing sheets. EVI’s

production process is fully automated and there is no exposure of the workers to the fibre. This

has been established through different studies by organizations like National Institute of

Occupational Health (NIOH).

5. The company’s products face competition in the form of roofing tiles and metal roofing, gypsum

boards, plywood, wood substitutes, and brick & mortar construction.



Industry:

Roofing Industry:

The growth in the domestic construction industry, especially in the rural areas and the expansion

of capacities in the industrial sector is the driving force for the roofing industry. The roofing industry

is bifurcated in two parts- domestic roofs of houses, buildings, etc. and industrial roofs of factories,

storage facilities, etc.

The roofing industry has undergone a big change over the course of 7 decades. The earlier pucca

roofs were made from asbestos material. Asbestos being hazardous to life, non-asbestos material

roofs were developed. This has further progressed into fibre cement roofs and steel roofs. There is

a wide spectrum of roofing materials, which are used for different structural, aesthetic, economic

and performance reasons.

The growing domestic construction industry and the booming industrial sector are together seen

as the major driving forces behind the increased demand for roofing products in India. The country

has seen steady growth in roofing demand for both residential and non-residential applications

over recent years.

Nearly 70% of the Indian population stays in the rural area and thus rural development has been a

major focus of the government. The government initiatives in the affordable housing through

Pradhan Mantri Awas Yojana will drive demand from the rural industry. It is envisaged that ~2

crore dwelling units will be built and these are expected to be completed by 2022. The growth in

GDP and agricultural economy in will boost the sector.

Roof Scenario in India as per Census 2011


Pucca Kuccha



Boards & Panels Industry:

Traditionally, the Indian Boards & Panels industry consisted of wood based products like plywood,

MDF, particle boards. The recent developments in the form of fibre cement boards and gypsum

boards are capturing the consumer attention. The industry size is estimated to be ~350bn MT.

There are 4 significant players in the industry producing identical or similar products with an

annual capacity of 396,000 MT

Fibre cement boards (FCB) and gypsum boards have gained acceptance by the consumers on the

grounds of cost effectiveness and fire, water and termite resistance. These boards are available in

various finishes and textures. The Fibre cement boards market in India has almost doubled in the

last 2 years owing to increasing demand for the modern quick-to-install building materials.

However, the consumption of Fibre Cement Boards in India is still at an abysmally low level of 0.28

kg per person versus the likes of 12.5 kg per person in Australia and 3.4 kg per person in USA.

These boards are used for ceilings, walls and floors. These boards offer ease in installation and

help improve the aesthetics. The requirement for fast construction has led to increase the share of

Fibre Cement Boards and Dry Wall systems in all infrastructure projects, hospitality and sanitation

projects, prefab construction as well as modern realty projects. The difference in the cost of

construction between on-site and readily installable materials has been narrowing. Boards and

Panels are less labour intensive and are readily available at affordable prices. Government has

taken the Smart Cities initiative to enhance the life of citizens of India by providing basic

infrastructure and amenities for the individuals. The Boards & Panels segment can add immensely

to accomplishing the dream of Smart Cities. The unveiling of the smart cities will improve the

infrastructure activity fueling growth for new age ready to install and green building products.

Growth Drivers


Boards

&

Panels

Fast paced execution

Affordable Cost

Labour Efficient Modular

Construction

Smart City Initiatives



Steel Building Industry:

The steel buildings industry is a very revolutionary concept as compared to the conventional

construction methodology. Steel buildings require a whole new approach to construction. This

technique is gaining popularity especially for constructing cost effective and time bound projects.

While globally, the PEB market is expected to grow at 12% CAGR FY16-20E, the domestic

demand is also growing. ~60% of the non-residential low-rise buildings in USA are pre-

engineered.

India is one of the fastest growing large economies. India is the world’s 4th largest producer of

crude steel. The projected steel capacity build-up in India is likely to increase to ~USD 208.3 billion

by 2030. MOU’s for ~488.6MT of capacity increase have been signed in various states. This

makes the Indian PEB market very attractive. Government policies for development of

infrastructure will drive the demand for Steel Buildings Industry. This concept has been gaining

momentum in India and the scope of growth is certain, looking at India’s huge infrastructural

requirements. The domestic industry has been growing in double digits for the last few years. The

estimated size of the steel building industry is ~Rs 5,000 crore. Domestic market is estimated to

grow at a CAGR of ~15% over the next 5 years.

Steel buildings are popular in the warehouse constructions. Agri-warehousing forms 10% of total

warehousing in India. Industrial warehousing needs are also on a rise.

Steel Building Projects


Pre-Engineered Buildings

- Construction of Factory Buildings

- Warehouse construction

- Navigation Hangers

- Military Buildings

- Offices, Schools, Hospital

- Residential complexes

Smart Steel Buildings

- Commercial Buildings

- Office Buildings

- Industrial Utility Buildings

- Automobile Showrooms



Financial Performance - Q2FY18

In Q2FY18, EVI’s net revenues grew by 15% YoY to Rs 259 crore; the increase in revenues was

driven by 8% YoY growth in the building products segment to Rs 153 crore and 24% YoY growth

in the steel buildings segment to Rs 107 crore.

The sales volume of building segments in Q2FY18 were 1,28,970 MT (+6% YoY). The sales

volume of steel buildings was 14,000 MT (+37% YoY) while the orderbook stood at 26,518 MT

valued at ~Rs 250 crore.

EVI reported positive EBITDA of Rs 11 crore against a YoY loss of Rs 3 crore. Material costs

increased by 600bps while the favourable performance was led by 1,000bps savings in other

expenses. EBITDAM grew by 571bps to 4% (over YoY loss).

At the EBIT level, the building products segment reported an EBITM at 10% and the steel

buildings segment at 2% compared to EBIT losses in both segments in Q2FY17. The PAT turned

positive at Rs 4 cr as against a loss of Rs 8 cr in Q2FY17.

Quarterly Financial Performance (Rs in cr)

In Rs Cr 2QFY18 2QFY17 FY17 FY16

Net Sales 259 226 1,177 1,313

YoY Growth (%) 15 -21 -10 7

Total expenditure 248 229 1,137 1,230

EBITDA 11 -3 40 84

Margin (%) 4.4 -1.3 3.4 6.4

Depreciation 6 7 25 26

EBIT (Ex. Other Income) 5 -10 15 58

Other Income 2 2 9 13

EBIT 8 -8 24 71

Margin (%) 3.1 -3.3 2.1 5.4

Finance Cost 2 5 19 20

Exceptional Items - - - -

PBT 6 -12 5 51

Margin (%) 2.3 -5.5 0.4 3.9

Prov. For Tax 1 -5 1 16

Adjusted PAT 4 -8 4 35

Margin (%) 1.7 -3.4 0.4 2.7

EPS 2.9 -5.0 2.7 22.9




Financial Outlook

We expect EVI to grow revenues at a CAGR of 11% for FY 17-20E on a low base of FY17. The

company was adversely impacted in FY17. The management is positive about the growth

prospects. We expect the performance to improve, led by a) Strong volume growth in the boards

and panels segment; b) Recovery in the steel building segment with the company reporting a

positive EBIT in FY18 itself; c) The new product launches to lead the growth in the roofing

segment.

The favourable change in the product mix will enhance the profitability of the company, thereby

resulting in EBITDM expansion (FY17-20E) by 600bps and PATM expansion (FY17-20E) by

500bps.

Revenue to Gain Momentum Return Ratios to Recover


EVI has no immediate capex plans as it has adequate capacity to maintain the company’s growth

trajectory. It has a debt of ~Rs 130 crore as on September 2017 and the net debt position was

~Rs 120 crore. With no major capex plan in the radar, EVI is likely to pay off its debt by FY20E

with internal accruals. This will result in savings in interest expenditure.

EVI to Pay Off Debt by FY20


-

2.5

5.0

7.5

10.0

-

400

800

1,200

1,600

FY15 FY16 FY17 FY18E FY19E FY20E

(%) (Rs in cr)

Revenue (LHS) EBITDAM (RHS) PATM (RHS)

-

5

10

15

20

25

FY15 FY16 FY17 FY18E FY19E FY20E

(%)

ROE ROCE

-

0.5

1.0

1.5

2.0

-250

-180

-110

-40

30

FY15 FY16 FY17 FY18E FY19E FY20E (%) (Rs in cr)

Net Debt (LHS) Interest Cost to sales (RHS) Debt/ Equity Ratio (RHS)



Valuation

We initiate coverage on Everest Industries as a BUY with a price objective of Rs 712. This

represents a potential upside of 35% from the CMP of Rs 526. Currently, the stock trades at 18x/

15x/ 13x its earnings estimates for FY18/ FY19/ FY20. We have assigned a PE multiple to each

segment in a Sum of The Parts (SoTP) Valuation to arrive at the target price. The multiples given

to each segment are based on the growth in the profitability of the segments in the next two years.

SoTP Valuation based on FY20 Estimates

Rs in cr PAT Multiple Total

Roofing 29 5 145

Boards & Panels 33 20 656

Steel Buildings 24 15 353

Total Value

1,153

Value per share (Rs)

748

Target Price (Rs) PV (for 4 months @ 15%p.a.) 712

We are optimistic about the company due to:

Favourable product mix to boost revenues.

Improvement in the operating margins with increased focus on high margin products.

Balance sheet to get stronger with repayment of loans from internal cash accruals.

Undervaluation of the company compared to growth expected over FY18-20.



Stock Performance and PE Chart

FY17 was highly impacted by the adverse macroeconomic conditions, such as demonetisation.

EVI reported a decline in financial performance with the PAT declining 88% YoY. The market

price, however, did not bear the brunt as EVI traded in the range of Rs 201-318 per share. Hence,

the PE chart, which is based on the next 4 quarters EPS, is skewed.

EVI has been trading at a PE ranging between 7x and 20x from Q2FY17 till date. Considering the

different segments, we have valued the company on a Sum of The Parts (SoTP) basis. The

company is trading at 13x FY20E EPS of Rs 55.

Share Price and P/E

Source: Ventura Research

-

10

20

30

40

-

150

300

450

600 1

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EVI PE



Peer Comparison

Peers

Company Name Everest Industries Visaka Industries HIL

Business The company offers a complete range of roofing, ceiling, wall, flooring & cladding products and pre-engineered steel buildings for industrial, commercial and residential applications.

The company offers building products - cement asbestos products and fibre cement flat products (V-Boards and V-Panels) and Synthetic yarns for the textile segment.

HIL Limited (formerly Hyderabad Industries Limited) is a pioneer of green building materials, producing roofing solutions, panels, walling blocks, plywood substitutes, high-quality pipes and fittings, and industrial insulation.

Segments Roofing: Cement Asbestos Sheets, Fibre Cement Sheets

Roofing: Cement Asbestos Sheets

Roofing: Fibre cement Sheets and coloured steel sheets

Boards & panels: Fibre Cement Sheets

Fibre cement boards: V Boards & V Panels

Building solutions: AAC, FOB & C-Boards, Dry Mix and Pipes and Fittings

Steel Buildings & Metal Roofing

Synthetic yarn Thermal insulation solution

Installed capacity

Roofing Roofing Sheets: 7,15,000 MTA

Roofing Cement asbestos: 8,02,000 MTA

Roofing solutions Fibre cement sheets: 11,50,000 MTA Coloured steel sheets: 26,700 MTA

Boards & panels: 1,50,000 MTA

Fibre cement sheets: 1,29,750 MTA

Building solutions Solid wall panels: 78,000 MTA AAC blocks: 8,25,000 CuM FOB & C-boards: 54,000 MT Dry Mix: 72,000MT Pipes & Fitting: 7,555MT

Steel Buildings: 72,000 MTA Synthetic Yarn: 41 MURATA Twinjet Spinning Machines: 11,000 tonnes of yarn p.a.

Others Insulation for energy intensive industries: 4,800MT Wind Power: 9.35MW

Promoter Name Mr Adityavikram R Somani Dr G Vivekanand & family Mr C.K. Birla

Promoter Holding

48.66% 41.23% 40.99%

Dealers 6,000 6,000+ 6,500

No of plants 6 Building Product plants; 3 Steel Building plants

11 manufacturing facilities 20 manufacturing capacities

Market cap Rs 790 cr Rs 998 cr Rs 935 cr

Key Financial Data (FY16) {FY17 was impacted by demonetisation and hence is not representative}

Revenue Rs 1,313 cr Rs 1,005 r Rs 1,098 cr

EBITDA Rs 84 cr Rs 95 cr Rs 101 cr

PAT Rs 35 cr Rs 24 cr Rs 40 cr

ROCE 14% 15% 12%

ROE 10% 7% 9%




Comparison of Financial Performance of Peers with Estimates

Rs in Cr Sales EBITDA PAT EBITDA Margin

PAT Margin

EPS ROE (%)

P/E (x)

P/BV (x)

EV/ EBITDA

(x)

Indian Peers

HIL

FY17 1,054 102 55 9.7 5.2 73.2 11.4 11 0.9 5.9

FY18E 1,188 126 58 10.6 4.8 76.8 11.1 16 1.5 8.5

FY19E 1,363 157 82 11.5 6.0 109.3 14.9 11 1.4 6.0

Everest Industries

FY17 1,177 40 4 3.4 0.4 2.7 1.2 84 1.7 13.2

FY18E 1,293 106 60 8.2 4.6 38.9 15.4 14 1.7 8.6

FY19E 1,453 128 73 8.8 5.0 47.6 15.8 11 1.5 6.7

Pennar Engineered Building Systems Limited

FY17 503 51 24 10.1 4.9 7.1 10.9 18 17.3 6.9

FY18E 562 52 22 9.3 4.0 6.4 9.1 15 11.1 6.6

FY19E 666 69 31 10.4 4.7 9.1 11.8 11 9.3 5.0

Visaka Industries

FY17 971 119 41 12.2 4.2 25.7 10.0 25 0.9 5.1

FY18E Not available

FY19E Not available

Source: Ventura Research, 4 Traders

In the building products segment, HIL Ltd is a listed peer company while Pennar Engineered

Systems Ltd is a listed peer in the steel building segment.

Attractive Valuation along with High Growth




Financials and Projections

Y/E March (Rs in cr) FY17 FY18E FY19E FY20E Y/E March (Rs in cr) FY17 FY18E FY19E FY20E

Profit and Loss statement

Per Share Data (Rs)

Net Sales 1,177 1,293 1,453 1,604 Adj. EPS 2.7 38.9 47.6 55.4

% Chg.

9.8 12.3 10.4 Cash EPS 19.0 55.0 62.1 70.3

Total Expenditure 1,137 1,187 1,325 1,459 DPS 0.1 0.5 0.5 0.5

% Chg.

4.4 11.6 10.1 Book Value 307 312 344 384

EBITDA 40 106 128 144 Capital, Liquidity, Returns Ratio

EBITDA Margin % 3.4 8.2 8.8 9.0 Debt/ Equity (x) 0.6 0.3 0.2 0.2

Other Income 9 9 9 9 Current Ratio (x) 1.2 1.2 1.3 1.5

PBDIT 49 115 137 153 ROE (%) 1.2 15.4 15.8 15.8

Depreciation 25 25 22 23 ROCE (%) 5.1 18.8 21.6 22.0

Interest 19 11 10 8 Dividend Yield (%) 0.4 0.9 0.9 0.9

Exceptional Items - 1.7 - - Valuation Ratio (x)

PBT 5 77 105 122 P/E 83.6 13.5 11.1 9.5

Tax Provisions 1 17 31 37 P/BV 1.7 1.7 1.5 1.4

Reported PAT 4 60 73 85 EV/Sales 0.5 0.7 0.6 0.5

Minority Interest - - - - EV/EBITDA 13.2 8.6 6.7 5.5

PAT 4 60 73 85 Efficiency Ratio (x)

PAT margin (%) 0.4 4.6 5.0 5.3 Inventory (days) 73 73 73 73

Other opr Exp/ Sales (%) 96.6 91.8 91.2 91.0 Debtors (days) 33 33 33 33

Tax Rate (%) 18.2 22.5 30.0 30.0 Creditors (Days) 53 53 53 53

Balance Sheet

Cash Flow Statement

Share Capital 15 15 15 15 Profit Before Tax 2 77 105 122

Reserves and Surplus 335 386 450 526 Depreciation 25 25 22 23

Minority Interest - - - - Working Capital Changes 23 25 -23 -22

Long Term Borrowings 92 49 34 19 Others 10 -15 -31 -37

Deferred Tax Liability 31 32 32 32 Operating Cash Flow 61 112 73 86

Other Non-Current Liabilities - - - - Capital Expenditure -15 -29 -14 -14

Total Liabilities 473 481 530 592 Other Investment Activities 1 21 9 9

Gross Block 610 643 656 670 Cash Flow from Investing -14 -8 -4 -4

Less: Acc. Depreciation 273 298 320 343 Changes in Share Capital 0 - - -

Net Block 337 345 336 327 Changes in Borrowings -57 -82 -15 -15

Capital Work in Progress 5 - - - Dividend and interest -29 -20 -19 -18

Non-Current Investments 28 16 16 16 Cash flow from Financing -85 -102 -34 -33

Net Current Assets 57 75 133 204 Net Change in Cash -38 2 35 49

Long term Loans & Advances

47 45 45 45 Opening Cash Balance 49 11 13 47

Total Assets 473 481 530 592 Closing Cash Balance 11 13 47 96



Disclosures and Disclaimer

Ventura Securities Limited (VSL) is a SEBI registered intermediary offering broking, depository and portfolio management services to clients. VSL is a member of BSE and NSE. VSL is a depository participant of NSDL. VSL states that no disciplinary action whatsoever has been taken by SEBI against it in last five years except administrative warning issued in connection with technical and venial lapses observed while inspection of books of accounts and records. Ventura Guaranty Limited is the holding Company of VSL; Ventura Commodities Limited and Ventura Allied Services Private Limited are subsidiaries of VSL. Research Analyst (RA) involved in the preparation of this research report and VSL, disclose that neither RA nor VSL nor its associates (i) have any financial interest in the company which is the subject matter of this research report (ii) holds ownership of one percent or more in the securities of subject company (iii) have any material conflict of interest at the time of publication of this research report (iv) have received any compensation from the subject company in the past twelve months (v) have managed or co-managed public offering of securities for the subject company in past twelve months (vi) have received any compensation for investment banking, merchant banking or brokerage services from the subject company in the past twelve months (vii) have received any compensation for products or services from the subject company in the past twelve months (viii) have received any compensation or other benefits from the subject company or third party in connection with the research report. RA involved in the preparation of this research report discloses that he / she has not served as an officer, director or employee of the subject company. RA involved in the preparation of this research report and VSL discloses that they have not been engaged in the market making activity for the subject company. Our sales people, dealers, traders and other professionals may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein. We may have earlier issued or may issue in future, reports on the companies covered herein with recommendations/ information inconsistent or different than those made in this report. In reviewing this document, you should be aware that any or all of the foregoing, among other things, may give rise to or potential conflicts of interest. We may rely on information barriers, such as "Chinese Walls" to control the flow of information contained in one or more areas within us, or other areas, units, groups or affiliates of VSL. This report is for information purposes only and this document/material should not be construed as an offer to sell or the solicitation of an offer to buy, purchase or subscribe to any securities, and neither this document nor anything contained herein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This document does not solicit any action based on the material contained herein. It is for the general information of the clients / prospective clients of VSL. VSL will not treat recipients as clients by virtue of their receiving this report. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of clients / prospective clients. Similarly, this document does not have regard to the specific investment objectives, financial situation/circumstances and the particular needs of any specific person who may receive this document. The securities discussed in this report may not be suitable for all investors. The appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives. Persons who may receive this document should consider and independently evaluate whether it is suitable for his/ her/their particular circumstances and, if necessary, seek professional/financial advice. And such person shall be responsible for conducting his/her/their own investigation and analysis of the information contained or referred to in this document and of evaluating the merits and risks involved in the securities forming the subject matter of this document. The projections and forecasts described in this report were based upon a number of estimates and assumptions and are inherently subject to signif icant uncertainties and contingencies. Projections and forecasts are necessarily speculative in nature, and it can be expected that one or more of the estimates on which the projections and forecasts were based will not materialize or will vary significantly from actual results, and such variances will likely increase over time. All projections and forecasts described in this report have been prepared solely by the authors of this report independently for the Company. These projections and forecasts were not prepared with a view toward compliance with published guidelines or generally accepted accounting principles. No independent accountants have expressed an opinion or any other form of assurance on these projections or forecasts. You should not regard the inclusion of the projections and forecasts described herein as a representation or warranty by VSL, its associates, the authors of this report or any other person that these projections or forecasts or their underlying assumptions will be achieved. For these reasons, you should only consider the projections and forecasts described in this report after carefully evaluating all of the information in this report, including the assumptions underlying such projections and forecasts. The price and value of the investments referred to in this document/material and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide for future performance. Future returns are not guaranteed and a loss of original capital may occur. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice. We do not provide tax advice to our clients, and all investors are strongly advised to consult regarding any potential investment. VSL and the RA involved in the preparation of this research report and its associates accept no liabilities for any loss or damage of any kind arising out of the use of this report. This report/document has been prepared by VSL, based upon information available to the public and sources believed to be reliable. No representation or warranty, express or implied is made that it is accurate or complete. VSL has reviewed the report and, in so far as it includes current or historical information, it is believed to be reliable, although its accuracy and completeness cannot be guaranteed. The opinions expressed in this document/material are subject to change without notice and have no obligation to tell you when opinions or information in this report change. 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The opinions and projections expressed herein are entirely those of the author and are given as a part of the normal research activity of VSL and are given as of this date and are subject to change without notice. Any opinion, estimate or projection herein constitutes a view as of the date of this report and there can be no assurance that future results or events will be consistent with any such opinions, estimates or projection. This document has not been prepared by or in conjunction with or on behalf of or at the instigation of, or by arrangement with the company or any of its directors or any other person. Information in this document must not be relied upon as having been authorized or approved by the company or its directors or any other person. Any opinions and projections contained herein are entirely those of the authors. Neither the company nor its directors or any other person accepts any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection therewith. The information contained herein is not intended for publication or distribution or circulation in any manner whatsoever and any unauthorized reading, dissemination, distribution or copying of this communication is prohibited unless otherwise expressly authorized. Please ensure that you have read “Risk Disclosure Document for Capital Market and Derivatives Segments” as prescribed by Securities and Exchange Board of India before investing in Securities Market. Ventura Securities Limited Corporate Office: 8th Floor, ‘B’ Wing, I Think Techno Campus, Pokhran Road no. 02, Off Eastern Express Highway, Thane (West) 400 607 SEBI Registration No.: INH000001634

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