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Fundamental Analysis of GMM Pfaudler
Anyways, here are my notes.
I might be wrong in my calculations and may have messed up so please point it out if you find any stupid mistakes. I've also omitted details from those excel screenshots so please ask any details about the annual reports if you want. I also haven't dived into the details of GMM Pfaudler's subsidiary called Mavag AG yet.
In case you don't wanna click on that ghostbin link, here's the text.
GMM PFAUDLER [NSE: GMMPFAUDLR]
April 2020 Analysis
IntroductionGMM Pfaudler a subsidiary of Pfaudler Inc. and is engaged in the manufacturer of glass lined equipment and other process equipments. GMM Pfaudler is the largest producer of glass lined equipment (GLE) in India and the parent Pfaudler is the market leader and inventor of GLE worldwide. GMM Pfaudler was established in 1962 as Gujarat Machinery Manufacturers. In 1987, Pfaudler Inc., USA subscribed to 40% equity to form a joint venture and then further increased their stake to 51% in 1999 which resulted in the name of the company being changed to GMM Pfaudler Ltd. It has about 55% market share in Glasslined Equipment. Dr. Ashok Patel set up GMM in 1962 and Tarak Patel, his son, the current MD of the company and took this position in 2015. GMM Pfaudler has a factory at Karamsad, Gujarat, 450 Kms north of Mumbai.
It acquired Mavag AG, Switzerland in January 2008.
Its parent, Pfaudler Inc., has been through several acquisitions. It became part of National Oilwell Varco post in 2012 and then became part of Deutsche Beteiligungs AG (DBAG) in 2015, a German private equity company.
GMM Pfaudler has two wholly owned subsidiaries:
- GMM Mavag AG
- Mavag AG
AnalysisIn the FY19 annual report, they've announced the acquisition of Industrial Mixing Solutions Division from Sudarshan Chemical Industries Ltd. and this will supposedly help them in the industrial mixing space.
GMM Pfaudler primarily serves the following industries
- Specialty Chemical
GMM Pfaudler's product portfolio consists of
- Glass Lined Equipment
GMM Pfaudler is the largest manufacturer of GLE equipment in India. In FY19, 68% of the revenue came from this segment. It manufactures Glass Lined Reactors & Storage Tanks & Pipes, Columns, Condensors etc.
In FY19, GMM Pfaudler was able to hit a new high of 200 EUs produced in a single month. In FY19, they manufactured 1860 EUs vs 1552 EUs in FY18 vs 1290 EUs in FY17.
This is a oligopolistic industry with only a handful of competitors and none of them have the competitive edge that GMM Pfaudler has. Competitors include HLE Glasscoat (which is listed), De Dietrich, Standard Glass, and Sachin Glass. It looks like De Dietrich is the biggest competitor to Pfaudler globally.
- Heavy Engineering
The HE business accounted for 13% of the total revenue. It exported stainless steel reactors received through the Pfaudler network. It manufactures heat exchangers, pressure vessels, and columns.
- Mixing Systems
The MS business accounted for 5% of the total revenue. This should improve because of the acquisition of IMSD of Sudarshan Chemicals. It manufactures High Efficiency Agitators and Magnetic Drive Agitators.
- Engineered Systems
The ES business accounted for 6% of the total revenue. It manufactures evaporation systems, heating & cooling systems, biotech systems.
- Filtration & Drying
The F&D business accounted for 8% of the total revenue. It manufactures Agitated Nutsche Filters, Funda Filters, Paddle Dryers, Spherical Dryers.
GMM Pfaudler spent 0.35% of its turnover on R&D in FY19 and FY18.
The company's primary raw material is steel and any fluctuation in its price will impact the profitability of the company. In addition, uncertain monsoons are also a risk for the company. The company admits that this is a cyclical business. The parent company, Pfaudler Inc., is owned by a PE fund company called DBA which sounds fishy. However, it seems like Tarak Patel was given liberty to pursue non-GLE business verticals after Pfaudler Inc was acquired by DBA and the relationship with the parent prior to this was strained.
The list of customers include Divi's Labs, Cipla, IPCA, Jubilant Life Sciences, Glenmark Pharma, Lupin, Sun Pharma, Excel Crop, Ion Exchange, Dr Reddy's, Natco Pharma etc.
The order book of the company had a healthy backlog as of FY20 Q3. One of the concalls also indicated that they are operating at peak capacity and they've had to miss a few orders from customers because of this. They are investing in capex and have ordered a new gas furnace.
Well, according to the FY20 Q3 concall, the third biggest competitor in India, De Dietrich is going out of business and hasn't made much money for the past 10 years.
Tarak Patel seems to be milking money from the company. His remuneration increased by
- 52% in FY17
- 20% in FY18
- 54% in FY19
They have a pending disputed amount of ₹8.28 crores which is about 11% of the company's cash equivalents.
According to Axis' research report dated Apr 2017, the GLE business is a high entry barrier business as the process of making GLE requires skilled staff and the produced vessles must be resistant to corrosion, pressure, and heat. However, the typical life of GLE is 7-10 years and so growth is primarily driven by new projects.