YESBANK
189.65
2019-01-04
YES BANK LTD.
  • Ravneet Gill Interview Important points:-

    - the guidance provided by the new management is the most conservative with change in accounting policies according to IFRS with recoveries not being taken as part of the guidance, Rs10k cr is watchlist for NPAs and not stresed assets.

    - Yes Bank to remain Corporate facing bank (can gain when other banks are shifting towards retail) with diversified revenue streams, growth coming from retail and stress coming from structured finance (high risk high return), other segments are growing at healthy double-digit rates.

    - focus on making earnings and business more granular and predictable.

    - Bank to ficus on liability side and can wait for growth capital to come.

    - NIMs will be driven by cross-selling on corporate loans, fee based income (stil underpenetrated segment) and brining down CoF.

    - to stay away from real estate & infra projects

    Don't you think its a good idea to wait it out for some more time before buying?

Profitability metrics STANDALONE CONSOLIDATED
Asset Turnover 0.0649 0.0649
Current ratio 22 21.89
WC days 4123.72 4124.28
EBITDA (%) 93.53 93.57
FCF (Rs Cr.) 5184.92 5199.16
ROCE (%) 6.21 6.22
ROE (%) 16.4 16.44

Solvency metrics STANDALONE CONSOLIDATED
Cash Ratio 1.03 1.03
Div. payout (%) 14.72 150
Int. Coverage 1.49 1.5
LT D/E 10.7 10.7
Solvency Ratio 0.02 0.02

Valuation STANDALONE CONSOLIDATED
Beta 1.7556 0
Div. yield (%) 1 9
EV (Rs Cr.) 334423 334373
P/BV 2.73 2.73
P/E 16.62 16.59
PEG 1.01 0
P/S 3.46 3.46

Balance sheet metrics STANDALONE CONSOLIDATED
BV/share 111.85 111.82
3Y growth BV/s (%) -60 -60
Cash (Rs Cr.) 11425.8 11425.8
Total Debt (Rs Cr.) 275632 275582
Net block (Rs Cr.) 760.83 765.14

P&L metrics STANDALONE CONSOLIDATED
DPS 2.7 27.57
EPS 18.34 18.38
Net Income (Rs Cr.) 4224.56 4233.22
Operating profit (Rs Cr.) 13731.8 13673.2
No. of o/s shares 230.295 230.295
Revenue (Rs Cr.) 20267.4 20268.6
Total Income (Rs Cr.) 25491.2 25561.7

Cash Flow metrics STANDALONE CONSOLIDATED
CEPS (%) -9500 -9471
3Y growth CEPS -1.74 -1.7
CFF (Rs Cr.) 35747.9 35747.9
CFI (Rs Cr.) -8685.28 -8738.32
CFO (Rs Cr.) -21877.7 -21810.4
FCF (Rs Cr.) 5184.92 5199.16
3Y growth Op. CF (%) -1410 -1388

Growth metrics STANDALONE CONSOLIDATED
3Y growth dividends (%) -70 -70
1Q growth EBITDA (%) 0 0
3Y growth EBITDA (%) 71 71
4Q growth EBITDA (%) 0 0
1Q growth EPS (%) 0 0
3Y growth EPS (%) -62 -62
4Q growth EPS (%) 0 0
3Y growth Net inc. (%) 111 112
1Y growth Op. CF (%) -600 -597
1Q growth revenue (%) 0 0
3Y growth revenue (%) 75 75
4Q growth revenue (%) 0 0