INVESTMENT RESEARCH

FUNDAMENTAL COVERAGE - 3M INDIA LIMITED

th
Dated : 10 July 2017
BUY Investment Rationale
Price ` 13700 3M India is a 75% subsidiary of 3M Company, USA.
Fair Value 17200
Upside 26% 3m India has benefitted from increased focus in consumption business with the adoption of new
Div Yield - business models especially in the areas of automotive care and healthcare & has increased
Tenure 1 Year investment in new digital initiative. Company also laid down the foundation for robust e-commerce
Sensex 31715.64 plan to drive the sales of its products and solutions.
Nifty 9763.05
Group/Index B / S&P BSE During FY17, the company has recorded a modest growth of 10% in top line
500

Despite demonetization, which impacted its sales to some extent, company achieved sales targets for the
year. Every retail outlet, where popular product Scotch-Brite is sold, did not have PoS machines for
Stock Details consumers to swipe their cards. Company achieved 10% top line growth and above 20% growth in the
M.cap (` in cr) 15440 bottom-line in FY17.
Equity (` In cr) 11.27
52 wk H/L ` 15200/10055 Expects double digit growth in FY 18  E-commerce contribution to triple
Face Value ` 10.00
NSE code 3MINDIA Company exploring newer avenues to increase the reach of its products to consumers as well as
BSE code 523395 businesses through online channels.
Company's products sell on Amazon, Flipkart and Snapdeal & its sales is growing at over 70% each year.
Currently, ecommerce marketplaces contribute to 3% of co's sales and aiming at increasing it to 10%
in the next five years., tripling its contribution, as it looks at double-digit growth in the country with
locally designed products for industrial, consumers, health care and safety products
Key Valuation Ratios
RONW 20%
P/E 64.14 Strong R&D capabilities:
P/BV 12.6
EV/EBIDTA 35.60 3M is largely known for consumer products like Scotch-Brite and Post-it. 3M is a multi-sector, multi-
product company with core technology platforms. Today, company sell over 10,000 products in India
IN ` and looking at launching home decoration and festive decoration products for the upcoming festival
season.
Key Financial Data
EV (`in cr) 14888.81
BV (`in cr) 1088.20 Company's R&D lab is developing several new products across all verticals.
NW(`in cr) 1226.40
EPS (TTM) 213.60 Company working on many mega trends in the automotive sector. The product is still in the design stage
and working with car OEMs to bring it to the market. The automobile industry is set to grow 8% this
year, while company expects its growth to be in high-teen range (between 13% and 19%).
Share Holding Pattern Company also developed multi enzyme cleaners used for cleaning instruments (Surgical, Medical and
Dental Instruments including Endoscopes) in hospitals.
Promoter Others

25% Moreover, company doing this, both with its traditional Post-it range as well as a series of new
launches in second half of the year , including the repositionable whiteboard films, which will
75% transform collaboration in offices. Apart from this, company also developed infection prevention
products for hospitals and chronic wound care products in its healthcare division.

VALUATION (` In Cr except per share)

FY 18Est. Earnings 292.82
Equity Share Capital 11.27
FV 10.00
No. of Equity Shares 1.13
EPS(FY18 Est.) 260
Estimated P/E Ratio 66
Estimated Price/share 17200

Corporate Governance Transparency Ratio's

Year End 201703 201603 201503 201403
Tax Rate % 34.79 35.74 34.16 37.76
Receivable days 56.00 48.30 51.00 -
Source: Google Div. Payout % - - - -

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Quarterly and yearly Results:

The net sales have increased 11% Y-o-Y to ` 623.91 crore. All segments showed good growth. The OPM inclined by
449 bps to 21.7% due to decrease in purchase of stock in trade, other expenditure and employee cost to adjusted net
sales. The operating profit grew by 40% to ` 135.62 crore.
The other income has increased by 143% to ` 15.59 crore. The depreciation charges decreased by 8% to ` 11.46
crore. The PBT has increased by 55% to ` 138.44 crore. The tax outgo decreased by 91% to ` 48.05 crore. The
effective tax rate increased from 28.1% to 34.7% Y-o-Y. The PAT increased by 41% to ` 90.39 crore due to rise in
sales, OPM and other income

Performance for year ended March 2017

The net sales have increased 10% Y-o-Y to ` 2362.98 crore. The OPM declined by 12bps to 15.6%. The operating
profit grew by 10% to ` 368.77 crore.
The other income has increased by 177% to ` 49.47 crore . The depreciation charges decreased by 4% to ` 46.75
crore. The PBT has increased by 22% to ` 369.22 crore. The tax outgo increased by19% to ` 128.46 crore. The
effective tax rate came down from 35.74% to 34.79% Y-o-Y. The PAT increased by 24% to `240.76 crore.

Graphical presentation Q4 FY 2016-17 & FY 2017 Results:

Standalone Results ` in crores

Quarterly & Yearly Results

Quarter Ended Year Ended

% Change % Change % Change
Q4 FY 17 Q3 FY 17 Q4 FY 16 FY 17 FY 16
Revenue 648.29 598.99 585.48 8.23% 10.73% 2457.84 2223.75 10.53%
Analysis

EBITDA 151.20 76.88 103.35 96.67% 46.30% 418.22 354.26 18.05%

EBITDA % 23.32% 12.83% 17.65% - - 17.02% 15.93% -
PBT 138.43 64.86 89.49 113.43% 54.69% 369.21 303.10 21.81%
PBT% 21.35% 10.83% 15.28% - - 15.02% 13.63% 10.21%
PAT 90.39 42.43 64.31 113.03% 40.55% 240.75 194.76 23.61%
PAT % 13.94% 7.08% 10.98% - - 9.80% 8.76% 11.84%
EPS 80.24 37.67 57.09 113.01% 40.55% 213.72 172.89 23.62%

SEGMENT WISE BREAKUP(STANDALONE) ` in crores

SEGMENT WISE BREAKUP OF

Quarter Ended % change % change Year Ended % change

Segment Wise
Q4 FY 17 Q3 FY 17 Q4 FY 16 Q-0-Q Y-0-Y FY 17 FY 16 Y-0-Y
Industrial 277.10 249.57 248.90 11.03% 11.33% 1057.70 962.36 9.91%
REVENUE

Health care 92.60 93.71 86.89 -1.18% 6.57% 373.55 323.77 15.38%
Safety Graphics 174.79 153.13 145.04 14.14% 20.51% 615.33 537.61 14.46%
Consumers 61.18 64.45 57.7 -5.07% 6.03% 249.15 225.34 10.57%
Energy 39.31 34.58 30.64 13.68% 28.30% 133.48 127.51 4.68%
Others 3.31 3.55 16.30 -6.76% -79.69% 28.63 47.16 -39.29%
Inc. from operations 648.29 598.99 585.47 2457.84 2223.75

Company Overview

Company is the lagship listed Company of 3M Company, USA in India. 3M Company, USA holds 75% equity stake in
the Company. 3M Company, USA is a diversified technology Company with a global presence in the following
businesses: Industrial; Safety and Graphics; Electronics and Energy; Health Care; and Consumer. 3M is among the
leading manufacturers of products for many of the markets it serves. Most 3M products involve expertise in product
development, manufacturing and marketing, and are subject to competition from products manufactured and sold by
other technologically oriented companies.

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OPPORTUNITY, RISK AND CONCERNS

OPPORTUNITIES & THREAT

3M’s globally competitive cost positions and well crated business strategies have enabled it to retain its leading
market positions. Company strongly believes in the 3M™ brand equity and its ability to provide its customers with
innovative solutions. The Company is operating in a highly competitive market which may exert pressure both on the
top line as well as the bottom line of the Company. As the Company’s products involve expertise in product
development, manufacturing and marketing, are subject to competition from products manufactured and sold by
other technologically oriented companies both within India and outside India. In addition, Inflation, rupee
depreciation, high commodity prices and hardening interest rates remain key challenges

RISKS & CONCERNS

1. Impact of increase in duties on the products of the Company & consequent increase in the cost of goods sold.
2. Prices of inputs are expected to rise significantly. Whilst the Company continues to pursue cost reduction
initiatives, increase in price of input materials and rupee depreciation could impact the Company’s profitability
3. Fluctuations in exchange rates with reference to currencies in which the Company transacts.

Valuation Conclusion

Company exploring newer avenues to increase the reach of its products to consumers as well as businesses through
online channels. Company earns around 3 % of its sales from e-commerce channels and aiming at increasing it to
10% in the next five years.
Company is now eyeing a foray in India's defense sector & recently bagged a $64 million contract in the United States
for the army in the area of soldier protection. The company is currently working with the Indian government on
soldier protection program. It is already working with some defense manufacturing entities.

3m India has benefitted from increased focus in consumption business with the adoption of new business
models especially in the areas of automotive care and healthcare & has increased investment in new digital
initiative. Company also laid down the foundation for robust e-commerce plan to drive the sales of its products
and solutions, which would enhance margins as well as profitability, going forward.

Estimating the share price of the company as per P/E valuation, putting the estimated P/E of FY18E at 66x &
the estimated EPS at ` 260, the estimated share price for next 1 year tenure turns around to be ` 17200.
Therefore, we recommend to BUY.

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Quarterly Results (` in cr except per share)

Particulars LTM 201703 201612 201609 201606
Net Sales 2347.20 623.91 576.23 565.50 581.57
EBITDA 418.20 151.21 76.90 86.36 103.76
Depreciation 46.80 11.46 11.73 11.80 11.76
Op Income 371.50 139.75 65.17 74.56 92.00
Misc.Inc (Exp.) 49.50 15.59 11.86 11.14 10.88
Interest Exp 2.30 1.31 0.31 0.31 0.35
EBT 369.20 138.44 64.87 74.26 91.66
Taxes 128.50 48.04 22.44 26.04 31.94
Net Inc(Reg) 240.80 90.39 42.43 48.21 59.72
Extraord. Items - - - - -
Rep Net Inc 240.80 90.39 42.43 48.21 59.72
EPS 213.60 80.20 37.65 42.78 52.99

Income Statement and Estimates ( ` in Cr except per share)

Particulars 201403 201503 201603 201703 2018E 2019E 2020E
Sales 1708.43 1808.47 2139.60 2362.98 2652.34 3010.25 3438.89
Oth. operating Income 33.91 31.83 - - - - -
Total Inc. from operations 1742.34 1840.30 2139.60 2362.98 2652.34 3010.25 3438.89
Operating EBITA 63.30 153.52 287.52 322.03 370.96 437.07 512.72
Profit & Loss
Total Inc. from operations 1742.34 1840.30 2139.60 2362.98 2652.34 3010.25 3438.89
TOTAL EXPENDITURE 1631.44 1637.18 1803.15 1994.20 2233.27 2527.10 2881.79
EBITDA 110.90 203.12 336.45 368.78 419.07 483.15 557.10
Depreciation (47.60) (49.60) (48.93) (46.75) (48.11) (46.08) (44.38)
Rep. profit before othrinc.,
63.30 153.52 287.52 322.03 370.96 437.07 512.72
fin.cost,tax & excp. Item
Goodwill amortization - - - - - -
Rep. profit before othrinc.,
fin.cost,tax & excp. Item
63.30 153.52 287.52 322.03 370.96 437.07 512.72
OTHER INCOME 19.94 14.48 17.83 49.47 81.86 103.09 137.07
Profit from ordinary act.
Before Fin.Cost ,TAX & 83.24 168.00 305.35 371.50 452.82 540.16 649.78
Exp.Items
Net financials
Interest income - - - - - - -
Interest expenses (14.17) (3.42) (2.25) (2.27) (2.32) (2.52) (2.96)
Net Financial Items (14.17) (3.42) (2.25) (2.27) (2.32) (2.52) (2.96)
Reported Pre-tax profit 69.07 164.58 303.10 369.23 450.50 537.64 646.82
Reported Tax charge (26.08) (56.22) (108.34) (128.47) (157.67) (188.17) (226.39)
Reported Net profit 42.99 108.36 194.76 240.76 292.82 349.47 420.43
Minorities - - - - - - -
P/L OF ASSOCIATE CO. - - - - - - -
Rep. NP after min. Int. 42.99 108.36 194.76 240.76 292.82 349.47 420.43
Extra Ordinary income - - - - - - -
Rep.Net Income after
extra ordinary items
42.99 108.36 194.76 240.76 292.82 349.47 420.43

EPS and Dividend

Dividend Paid - - - - - - -
Retained earnings 42.99 108.36 194.76 240.76 292.82 349.47 420.43
Reported EPS 38.15 96.15 172.81 213.63 259.83 310.09 373.05
DPS - originally declared 3.00 0.60 0.20 0.40 0.40 0.40 0.42

Number Of Shares
Opening Balance 11.27 11.27 11.27 11.27 11.27 11.27 11.27
Issued during the Period - - - - - - -
Closing Balance 11.27 11.27 11.27 11.27 11.27 11.27 11.27
FV 10.00 10.00 10.00 10.00 10.00 10.00 10.00
Wtd. Avg. no. of shares 1.127 1.127 1.127 1.127 1.127 1.127 1.127
Note:- The figures shown in the brackets means NEGATIVE.

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BALANCE SHEET
Particulars 201403 201503 201603 201703 2018E 2019E 2020E
Equity & Liabilities
Shareholders' Fund
Share Capital 11.27 11.27 11.27 11.27 11.27 11.27 11.27
Reserves and Surplus 688.16 796.45 976.81 1215.13 1507.95 1857.42 2277.85
Minority Interests - - - - - - -
Total Shareholders' Fund 699.43 807.72 988.08 1226.40 1519.22 1868.69 2289.12
Non-Current Liabilities
Long-term Borrowings 6.74 7.54 5.72 4.62 3.87 3.12 2.41
Other LT Liabilities - - - - - - -
Deferred Tax Liability - - - - - - -
Long term Provisions 10.96 18.54 14.49 21.91 23.66 25.56 27.60
Total Non-Current Liab. 17.70 26.08 20.21 26.53 27.53 28.68 30.01
Current Liabilities
Short term Borrowings 108.45 - - - - - -
Trade Payables 129.43 156.68 225.69 399.84 424.37 481.64 550.22
Other current liability 129.95 128.28 138.02 188.45 214.84 243.83 278.55
Short term Provisions 2.76 9.34 56.79 57.33 64.21 71.91 80.54
Total current Liab. 370.59 294.30 420.50 645.62 703.42 797.39 909.32
Total Equity & Liab. 1087.72 1128.10 1428.79 1898.55 2250.18 2694.75 3228.45
Assets
Non-Current Assets
Fixed Assets
Tangible fixed Assets 425.30 389.05 350.42 317.59 290.70 271.71 261.72
Intangible Fixed Assets - - - - - - -
Non-current Invest. - - - - - - -
Long term L&A 16.08 33.09 0.21 0.18 0.20 0.20 0.20
Other Non current Ass. 6.07 1.34 47.84 45.79 46.40 51.30 59.60
Deferred tax receivables 12.89 9.66 8.37 7.80 8.78 9.87 11.11
Total Non-Current Assets 460.34 433.14 406.84 371.36 346.07 333.08 332.62
Current Assets
Current Investments - - - - - - -
Inventories 258.24 295.57 292.38 331.78 371.33 421.44 481.44
Trade Receivables 265.18 249.12 317.15 407.92 450.90 511.74 584.61
Cash & cash Equiv. 59.70 113.91 370.88 744.16 1030.91 1370.67 1763.81
Short Term L&A 44.29 32.52 0.70 0.62 0.60 0.60 0.60
Other current Assets 0.00 3.85 40.85 42.70 50.39 57.19 65.34
Total current Assets 627.41 694.97 1021.96 1527.18 1904.13 2361.65 2895.80
Total Assets 1087.72 1128.10 1428.79 1898.55 2250.18 2694.75 3228.45

Cash & cash equivalents 59.70 113.91 370.88 744.16 1030.91 1370.67 1763.81
Other int. bearing assets - - - - - - -
Interest-bearing debt 245.14 135.82 143.74 193.07 218.71 246.95 280.96
Net interest-bearing debt 185.44 21.91 (227.14) (551.09) (812.20) (1123.72) (1482.85)
Net gearing (%) 26.51% 2.71% - - - - -

Investments
Tangible assets
Gross capex (47.28) (5.23) (10.92) 13.92 (21.22) (27.09) (34.39)
Sale of fixed assets 0.06 0.26 1.73 - - - -
Net capex (47.22) (4.97) (9.19) 13.92 (21.22) (27.09) (34.39)
Depreciation tangibles (47.60) (49.60) (48.93) (46.75) (48.11) (46.08) (44.38)
Note:- The figures shown in the brackets means NEGATIVE.

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CASH FLOW ANALYSIS

Particulars 201403 201503 201603 201703 2018E 2019E 2020E
EBIT 83.24 168.00 305.35 371.50 452.82 540.16 649.78
Depreciation 47.60 49.60 48.93 46.75 48.11 46.08 44.38
Dep. (ex goodwill) 47.60 49.60 48.93 46.75 48.11 46.08 44.38
Mov. in Inventories (33.03) (37.33) 5.05 (39.40) (39.55) (50.11) (60.01)
Move. in Debtors (9.67) 2.25 (49.73) (90.77) (42.98) (60.84) (72.87)
Move. in Creditors 5.24 27.24 59.32 174.15 24.53 57.27 68.58
Movement in Short term L&A 8.06 3.93 (12.30) 0.08 0.02 - -
Other W.C Inc./decrease 45.02 19.90 11.16 - - - -
Change in W.C 15.62 15.99 13.50 44.06 (57.97) (53.69) (64.30)
Tax paid (26.08) (56.22) (108.34) (128.47) (157.67) (188.17) (226.39)
Operating Cash Flow 120.38 177.37 259.44 333.84 285.28 344.37 403.48
Net interest (14.17) (3.42) (2.25) (2.27) (2.32) (2.52) (2.96)
Cash Earnings 106.21 173.95 257.19 331.57 282.96 341.86 400.52
Gross CapEx (47.28) (5.23) (10.92) 13.92 (21.22) (27.09) (34.39)
Sale of fixed assets 0.06 0.26 1.73 - - - -
Net CapEx (47.22) (4.97) (9.19) 13.92 (21.22) (27.09) (34.39)
Free CF pre dividend 58.99 168.98 248.00 345.49 261.75 314.77 366.13
Dividend - - - - - - -
Free CF post Dividend 58.99 168.98 248.00 345.49 261.75 314.77 366.13
Net acqui./disposals - - - - - - -
Net cash flow 58.99 168.98 248.00 345.49 261.75 314.77 366.13

RATIO ANALYSIS
Particulars 201403 201503 201603 201703 2018E 2019E 2020E
Return on assets - 9.78% 15.23% 14.47% 14.12% 14.13% 14.20%
Return on equity - 14.38% 21.69% 21.74% 21.33% 20.63% 20.22%
ROCE - 19.25% 30.45% 27.91% 26.00% 24.97% 23.99%

EBIT Margin - 9.13% 14.27% 15.72% 17.07% 17.94% 18.90%

Pre tax margin - 8.94% 14.17% 15.63% 16.98% 17.86% 18.81%
Net Profit Margin - 5.89% 9.10% 10.19% 11.04% 11.61% 12.23%

Total asset turnover - 1.66 1.67 1.42 1.28 1.22 1.16

Fixed asset turnover - 4.52 5.79 7.07 8.72 10.70 12.89
Equity turnover - 2.44 2.38 2.13 1.93 1.78 1.65

Current Ratio - 2.36 2.43 2.37 2.71 2.96 3.18

Quick Ratio - 1.36 1.74 1.85 2.18 2.43 2.66
Cash Ratio - 0.39 0.88 1.15 1.47 1.72 1.94

Receivable Days - 51.00 48.30 56.00 59.09 58.36 58.18

Inventory Days - 91.87 89.28 86.43 87.01 86.68 86.33
Payable Days - 45.90 58.22 84.11 99.34 96.17 95.66
Conversion Cycle (Days) - 96.97 79.36 58.32 46.77 48.87 48.86

Financial Leverage Effect - 1.87 1.73 1.53 1.43 1.38 1.33

Debt to Capital - 0.14 0.13 0.14 0.13 0.12 0.11
Debt to Equity - 0.17 0.15 0.16 0.14 0.13 0.12
Note:- The figures shown in the brackets means NEGATIVE.

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Disclosures & Disclaimers

Disclosures :

1) Business Activity :

Rudra Shares & Stock Brokers Limited is engaged in the business of providing broking services & distribution of
various financial products. RUDRA is also registered as a Research Analyst under SEBI(Research Analyst)
Regulations, 2014. SEBI Reg. No. INH100002524.

2) Disciplinary History :

There has been no instance of any Disciplinary action, penalty etc. levied/passed by any regulation/administrative
agencies against RUDRA and its Directors. Pursuant to SEBI inspection of books and records of Rudra, as a Stock
Broker, SEBI has not issued any Administrative warning to Rudra.

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The Research report is issued to the registered clients. The Research Report is based on the facts, figures and
information that are considered true, correct and reliable. The information is obtained from publicly available media
or other sources believed to be reliable. The report is prepared solely for informational purpose and does not
constitute an offer document or solicitation to buy or sell or subscribe for securities or other financial instruments
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Sr. No. Disclosures Yes/No

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financial interest in the subject company.

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conflict of interest at time of publication of the research report.

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ownership of one per cent or more securities of the subject company.

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past twelve months.

b) Rudra or its associates have managed or co-managed public offering of securities for the No
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Disclaimers:

This Research Report (hereinafter called report) has been prepared and presented by RUDRA SHARES & STOCK BROKERS
LIMITED, which does not constitute any offer or advice to sell or does solicitation to buy any securities. The information presented in
this report, are for the intended recipients only. Further, the intended recipients are advised to exercise restraint in placing any
dependence on this report, as the sender, Rudra Shares & Stock Brokers Limited, neither guarantees the accuracy of any information
contained herein nor assumes any responsibility in relation to losses arising from the errors of fact, opinion or the dependence
placed on the same.
Despite the information in this document has been previewed on the basis of publicly available information, internal data , personal
views of the research analyst(s)and other reliable sources, believed to be true, we do not represent it as accurate, complete or
exhaustive. It should not be relied on as such, as this document is for general guidance only. Besides this, the research analyst(s) are
bound by stringent internal regulations and legal and statutory requirements of the Securities and Exchange Board of India( SEBI)
and the analysts' compensation was, is, or will be not directly or indirectly related with the other companies and/or entities of Rudra
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