Share price performance

(Wholly owned subsidiary of Bank of Baroda)

Exhibit 1: Financial summary (Rs mn)

Year end: March FY13 FY14 FY15p FY16e FY17e FY18e

Net sales 2,287 2,445 2,850 3,597 4,354 5,134

Growth (%) 2.6 6.9 16.6 26.2 21.1 17.9

Operating margin (%) 12.4 12.4 13.0 14.0 14.5 15.0

PAT 71 84 137 234 316 415

Adjusted PAT 71 84 137 234 316 415

EPS (Rs) 6.9 8.2 13.3 16.9 22.8 30.0

Growth (%) -13.8 19.5 62.2 70.8 35.3 31.3

P/E(x) 7.9 7.5 17.6 14.0 10.4 7.9

ROE (%) 8.1 9.0 13.4 15.5 15.3 17.7

ROCE (%) 10.4 10.0 11.9 13.1 13.7 15.5

Debt/equity (x) 0.78 0.82 0.86 0.43 0.38 0.33

P/Bv (x) 0.6 0.7 2.2 1.3 1.1 1.0

Source: Company, BOBCAPSe

$Com panyName$

Salzer Electronics Ltd.

Electrifying future; initiate with BUY

We initiate coverage on Salzer Electronics (SEL) with a BUY rating

and a price target of Rs 330 implying 39% upside. SEL is mainly present in to industrial switchgear, wire & cable, building segment

and energy management, we expect these segment to grow at a

CAGR of 24%/16%/11%/35% respectively over FY15-18e. The strong growth is expected due to increasing contribution from

industrial switchgear and energy management segments, adding

new products to the portfolio.

A strong hand holding; as L&T owns 26%: L&T (Larsen and Tubro Ltd.)

the Indian Industrial Giant in the field of Engineering owns 26% in SEL, with

two directors on the board. We believe, this is a huge positive for the SEL to associate with L&T, as the company also has access to L&T’s local network

through more than 350 distributors and supplies 38% of its revenue to L&T.

SEL supplies ~60%/40% wire & cables/switchgears respectively to L&T.

Preferred supplier for Blue chip companies: SEL is a preferred supplier

to various blue chip companies like GE, Schneider, Nuclear Power Corporation

of India, Indian Railways. Also SEL is a market leader in Rotary Switches with the market share of ~40% (largest producer in Asia) which gives confidence

in the SEL’s revenue growth. We expect, overall revenue to grow at a CAGR

of 22% over FY15-18e.

Introduction of new products: SEL is planning to raise Rs 700mn (as per

BSE website) for investing in three different products (Three phase dry type

transformer, Latching relays, Capacitors) along with the technical tie-ups with multinationals. According to the management these products has good

growth opportunities.

Return ratios to improve gradually: Along with the high growth in revenue/earnings of ~22%/31% CAGR over FY15-18e, we expect return

ratios to improve to high teen over next three years.

Valuation: We expect, SEL’s strong growth in revenue/earnings led by change in product mix, introduction of new products, wide range of products

and increasing visibility for energy saving business. At CMP of Rs 238, the

stock trades at PE of 14x/10.4x/7.9x of FY16/17/18e respectively. We initiate the stock with the BUY rating and a target price of Rs330 (11x of FY18e).

Vaishali Parkar Kumar | [email protected] | +91 22 6138 9382

Price Price Target Up/Down (%)

Rs. 238 Rs. 330

Bloomberg Code

SZE. IN

Share Holding (%)

Promoters 29.18

FII 0.95

DIIs 2.67

Stock Data

Nifty 8,339

Sensex 27,531

52 week high/low 281/71

Maket Cap (Rs. bn) 2.46

Price performance (%) 1M 3M 6M 1Y

Absolute 2.1 5.0 37.1 207.3

Relative to Sensex 1.0 11.0 40.5 195.3

Relative Performance

39

SALZ.BO.

Reuters Code

As on 31st Dec. 2014

50

100

150

200

May

-14

Jun-

14

Jul-

14

Aug

-14

Sep

-14

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb

-15

Mar

-15

Apr

-15

May

-15

BSE Sensex Salzer Electronics

Source:-Bloomberg

Sector: AUTO ANCIALLARY

29th April, 2015

Initiating coverage

BUY

Initiating coverage

BUY

Sector: Electric Equipment

28th May, 2015

Salzer Electronics Ltd. | 1 June 2015

| Equity research | 2


Company Profile

Salzer Electronics Limited, (SEL) is into the manufacturing of Load Break Switches, Wiring Ducts,

Terminal Connectors, Selector Switches, Ammeter Switches, Voltmeter Switches, DC

Disconnectors, Electro Magnetic Relays and Magnetic Wires. SEL is a market leader in Rotary

Switches with the market share of ~40% (largest producer in Asia). Salzer has five

manufacturing plants in Tamil nadu and Himachal Pradesh.

Technical tie-ups with multinationals; reaping the fruits

SEL is keeping its competitive edge, through collaborations and tie-ups with multinationals. The

company has signed collaboration agreement with 1) M/s. Plitron Global Services, Inc, an affiliate

of M/s. Plitron Manufacturing Inc, Canada, for technical know-how for manufacture of improved

and higher capacity of Toroidal Transformers. 2) C3 Controls, USA for the development of

Contactors. This collaboration with full-fledged in-house R&D will help the company to bring

technologically advanced products. The R&D has been recognized by Ministry of Science and

Technology, Department of Science and Industrial Research, Government of India. SEL also has

certificates from various institutes.

ISO 9001 – 2008.

EMS Standards 14001.

OHSAS Management System 18001.

One of the first few companies in compliance of RoHS Directives for European markets.

IEC standard Certifying Body Testing Laboratory

Exhibit 2: From a single product company to manufacturing multiple products across

sectors

Source: Company, BOBCAPS




Exhibit 3: Revenue breakup as per business segment

Energy Saving,

2%

Industrial Switchgear

, 52%

Building segment,

5%

Copper business,

41%


Exhibit 4: Revenue breakup as per geography

India, 77%Europe,

13%

US, 3%

Asia (excl. India), 5%

Others, 2%


Exhibit 5: Key Management

R.Doraiswamy MD He is a qualified Electrical Engineer and Technocrat Entrepreneur

with over 2 decades of experience in foreign Collaboration & wide

global contacts.

D.Rajeshkumar Joint MD and CEO He holds an Electrical Engineer degree and a PG in Business

Management from US. He is responsible for driving the vision of

company

Source: Company




Investment rationale

Salzer Electronics Ltd (SEL) with the successful track record of twenty two years of

experience, and with international collaboration, manufacture various products like

Load Break Switches, Wiring Ducts, Terminal Connectors, Selector Switches,

Ammeter Switches, Voltmeter Switches, DC Disconnectors, Electro Magnetic Relays

and Magnetic Wires. The company is planning to add new products in its product

portfolio (Three phase dry type transformer, Latching relays and Capacitors) for

which the company is planning to raise Rs 700 mn. We expect SEL to grow at a CAGR

of 21.7% over FY15-18e led by largest supplier of rotary & load break switches to

Indian Railways, and preferred supplier to Nuclear Power Corporation, Schneider

Electric & GE Energy, change in product mix and introduction of new products.

A strong hand holding; as L&T owns 26%

L&T (Larsen and Tubro Ltd.) the Indian Industrial Giant in the field of Engineering owns 26%

in SEL, with two directors on the board. We believe, this is a huge positive for the SEL to

associate with L&T as the company also has access to L&T‟s local network through more than

350 distributors and supplies 38% of its revenue to L&T. SEL supplies ~60/40% wire &

cables/switchgears respectively.

Exhibit 6: Revenue breakup as per clients

Revenue from top 10

customers, 27%

Revenue from L&T, 38%

Revenue from others, 35%


Exhibit 7: Breakup of L&T’s share in revenue

Wire & cabels,

60%

Switchgear, 40%





Wide product portfolio to ensure revenue growth

SEL has four broad business segment 1) Industrial switch gear business 2) Building segment

business 3) copper business and 4) Energy management business. We expect overall revenue to

grow at a CAGR of 21.7% over FY15-18e.

Industrial switch gear business: SEL’s 52% contribution comes from industrial switch gear

business, which grew at 17% CAGR of FY11-15. This segment comprise of transformer, rotary

switches, isolators, contactors and OLR’s etc., which are R&D driven products. SEL has a large

product portfolio in this segment also the company is largest supplier of rotary & load break

switches to Indian Railways, and preferred supplier to Nuclear Power Corporation , Schneider

Electric and GE Energy. Along with the addition of new products, we expect this segment to grow

at a CAGR of 24% over FY15-18e with the EBITDA margin of ~17% led by more R&D led

products goes in this segment.

Exhibit 8: Industrial switch gear business to grow at a CAGR of 24% over FY15-18e

0

5

10

15

20

25

30

0

500

1000

1500

2000

2500

3000

3500FY12

FY13

FY14

FY15e

FY16e

FY17e

FY18e

(%)

Rs

mn

Industrial Switchgear revenue YoY Growth %


Exhibit 9: Preferred supplier to global partner in product lifecycle





Building segment business: SEL is also present in building segment business with 5%

contribution to revenue and products like modular switches, wire & cables, MCB’s and

changeovers. This segment mainly caters to the building segment and retail customers. So far

this segment has grew by 6% CAGR of FY11-15. We believe, along with the increase in the

construction space this segment of the industry can grow at 12-13%. We anticipate Building

business segment to grow at a CAGR of 11% over FY15-18e with the EBITDA margin of ~12%.

Exhibit 10: Building segment business to grow at a CAGR of 11% over FY15-18e

-40

-20

0

20

40

60

0

50

100

150

200

250

FY12

FY13

FY14

FY15e

FY16e

FY17e

FY18e

(%)

Rs

mn

Building segment revenue YoY Growth %


Copper business: Copper business contributes ~41% to revenue. Copper business comprise

wires & cables, flexible bus bars, enamelled wires, bunched conductor and tinned copper wires.

The segment has grew at 9% CAGR over FY11-15. The major contributor to revenue is L&T

(~38% of revenue out of which 60%/40% comes from wire & cable business/ switchgear

segment respectively) along with the access to L&T’s local network through more than 350

distributors. We expect copper business to grow at a CAGR of 16% over FY15-18e.

Exhibit 11: Copper business to grow at a CAGR of 16% over FY15-18e

-10

0

10

20

30

40

0

500

1000

1500

2000

FY12

FY13

FY14

FY15e

FY16e

FY17e

FY18e

(%)

Rs

mn

Wire & cabels revenue YoY Growth %





Energy management business: This segment is a new segment, where SEL is the sole

manufacturer in India. Energy management is mainly to save energy and it is ideal for Street

Lighting, Commercial Lighting, Large, Medium & Small Scale Industries and other Mass Outdoor

Lighting Application. SEL claims 30% energy saving under normal working conditions. It reduces

the power consumption by reducing the voltage to the lamps, taking care to maintain the lux

levels as per regulatory standards. SEL also gives the option of programmable time intervals in

which Energy Saving periods can be pre-set. CRISIL has rated SEL, Grade I ESCO operator for

street lights.

Energy management business has got good response from different states, it has successfully

installed energy saving instruments in Madurai Corporation, Coimbatore Corporation and Navi

Mumbai Corporation. This segment currently contributes ~2% of total revenue, which has

grew by 10% over FY11-15 we expect, going forward this segment can contribute healthy

growth of 35% CAGR over FY15-18e led by participation of different states (the talks is going

on with Karnataka, Jaipur, Gujarat Corporations and states).

Exhibit 12: Energy management business to grow at a CAGR of 35% over FY15-18e

-80

-60

-40

-20

0

20

40

60

0

50

100

150

FY12

FY13

FY14

FY15e

FY16e

FY17e

FY18e

(%)

Rs

mn

Energy management revenue YoY Growth %





Growing export opportunity

Exports contributes ~23% of total turnover, mainly to Europe (15%), US (2%) and others

(6%). The exports has grew at a CAGR 0f 39% over FY 11-15, which we expect exports to

grow at a CAGR of 27% over FY15-18e based on ~40 international distributors and plans to

expand in US, Africa and Middle east.

Exhibit 13: Export to grow in healthy phase

0

20

40

60

80

-

500

1,000

1,500

2,000

FY12

FY13

FY14

FY15e

FY16e

FY17e

FY18e

(%)

Rs

mn

Exports revenue YoY Growth %


Exhibit 14: Salzer’s product portfolio is internationally certified





Proposed new projects

SEL is raising funds of Rs 700mn for new product development 1) three phase dry type

transformer, 2) latching relays and 3) capacitor. We expect this new product development can

take SEL to next league in terms of growth and it will also help SEL to improve upon its EBITDA

margins.

Exhibit 15: New products to expand the product portfolio

Three phase dry type

transformer Latching relays Capacitors


Three phase dry type transformer is mainly used in large MW UPS, renewable energy

business, railways, power generation and marine industry. The company expects this segment to

grow at a CAGR of 35% over next five years. SEL is in talk with MNCs like Schneider, ABB, GE to

supply three phase dry type transformer. SEL is in talk with Austrian company for collaboration.

Latching relays is new kind of relays which used in smart meters which will make electricity

reading easier to the customers. Smart Meter usually involve real-time or near real-time sensors,

power outage notification, and power quality monitoring. Smart meters has potential benefits to

the householders a) an end to estimated bills, which are a major source of complaints for many

customers b) a tool to help consumers better manage their energy. According to SEL latching

relays has huge potential as every individual meter may require this system for automatic meter

reading. SEL expects this segment to grow at a CAGR of 40% over 5 years.

Capacitors is widely used in electronic units for power conditioning, power factor correction,

motor starter application, smoothing, filtering, bypassing etc. it is widely known for energy saving.

IEEMA (Indian Electrical and Electronics Manufacturers Association) estimates this segment to

grow at a CAGR 30%.




Key risk

Currency Exposure: SEL exports ~23% of total revenue where it has a currency exposure. The

Company has adopted an open policy for hedging aligned with external environment and

business exigencies. Any adverse movement in currency may affect the company.

Work in highly competitive environment: SEL being working in electronics space, it is

working in highly competitive environment. With its strong R&D, collaboration with MNCs and

product innovation SEL is maintaining its niche position.

High working capital risk: SEL has high working capital cycle of ~120 days which is in line

with the industry. Such a high working capital cycle may deteriorate SEL’s cash flow. However,

the company is taking majors like long term contracts and reducing debtors to reduce the high

working capital risk.

Revenue concentration risk: SEL’s 27% revenue comes from top 10 customers and ~38%

revenue comes from L&T. To reduce such high concentration risk from few customers, SEL is

spreading its reach to other countries.




Valuation:

We expect, SEL’s revenue/earnings to grow at a CAGR of 22%/31% respectively over FY15-18e

led by change in product mix, introduction of new products, wide range of products and

increasing visibility for energy saving business. We further believe that the company will improve

on its return ratios and ~200 bps expansion in EBITDA margins. Being associated with L&T (26%

stake hold by L&T in salzer) and preferred supplier for blue chip companies like GE, Schneider,

Nuclear Power Corporation of India gives comfort about the revenue growth.

At CMP of Rs 237, the stock trades at PE of 14x/10.4x/7.9x of FY16/17/18e

respectively. We initiate the stock with the BUY rating and a target price of Rs330

(11x of FY18e).

Exhibit 16: One year forward PE

0

5

10

15

20

253/2

4/2

011

7/2

/2011

10/1

0/2

011

1/1

8/2

012

4/2

7/2

012

8/5

/2012

11/1

3/2

012

2/2

1/2

013

6/1

/2013

9/9

/2013

12/1

8/2

013

3/2

8/2

014

7/6

/2014

10/1

4/2

014

1/2

2/2

015

5/2

/2015

(x)

PE(x) Avg

5 yr mean = 9. 3x Current = 17x

Source: BOBCAPSe, Bloomberg

Exhibit 17: Peer comparison- key financials and margins

Companies Sales PAT EBITDA margin(%) EPS

Rs (mn) Rs (mn) FY16e FY17e FY18e FY16e FY17e FY18e

Salzer 2850 137 13.97 13.97 14.47 16.89 22.85 29.99

Havells India 51,961 4,649 13.7 14.1 11.2 9.4 11.4 20.6

KEI Industriies 16,023 116 10.3 11.3

7.7 13.6

Crompton Greves

1,34,806 2,443 6.4 7.3

8.2 29.0

Techno Electric 6,975 875 25.1 24.4

23.9 29.6

Source: Company, BOBCAPS, Bloomberg

Exhibit 18: Peer comparison – key valuation metrics

Companies Price Mkt. cap PE(x) ROE(%)

Rs/share Rs (bn) FY16e FY17e FY18e FY16e FY17e FY18e

Salzer 221 3.1 13.1 9.7 7.4 15.5 15.3 17.7

Havells India 269 167.5 28.7 23.6 13.0 27.6 29.4 31.8

KEI Industriies 72 5.3 9.4 5.3

15.1 16.5

Crompton Greves 170 106.6 20.7 5.9

12.3 15.2

Techno Electric 418 47.7 17.5 14.1

13.3 14.5

Source: Company, BOBCAPS, Bloomberg




Financial Summary

Revenue/earnings to grow ~22%/31% CAGR over FY15 to FY18e

SEL has grew at a CAGR of 12% over FY12-15. SEL operates in diversified segments Industrial

switchgear, building segment, copper business, and energy management services which we

expect to grow at a CAGR of ~22% over FY15-18e led by 1) wide range of products, 2) entry in

new product segment, 3) changing in product mix, 4) increasing visibility for energy saving

services. We further expect earnings to grow at a CAGR of 31% over FY15-18e.

Exhibit 19: Salzer’s revenue growth expected at ~22% CAGR over FY15-18e

Segment wise breakup FY15 FY16e FY17e FY18e

Industrial Switchgear 1,489 1,907 2,383 2,860

Wire & Cables 1,156 1,364 1,569 1,788

Building Segment 147 165 185 203

Sale of services 58 81 109 141


Exhibit 20: Revenue growth expected at ~22% CAGR over FY15-18e

0

5

10

15

20

25

30

-

1,000

2,000

3,000

4,000

5,000

6,000

FY12 FY13 FY14 FY15e FY16e FY17e FY18e

(%)

Rs.

Mn

Net sales YoY Growth %


Exhibit 21: EPS to grow at 31% CAGR over FY15-18e

0.0

10.0

20.0

30.0

40.0


Rs/

share

EPS





EBITDA margins to expand with new products introduction: Salzer is planning to bring

new products in its product portfolio. Management is very positive about the growth of new

products, change in product mix (increasing contribution of industrial switches and addition of

new products like three phase dry type transformer, latching relays, capacitors). We expect,

EBITDA margins to improve ~200 bps along with the EBITDA growth at a CAGR of 27.5% over

FY15-18e.

Exhibit 22: Margin expansion by 200 bps over FY15-18e

0.0

5.0

10.0

15.0

20.0

0

200

400

600

800

1000


(%)

Rs.

Mn

EBITDA EBITDA margin %


Return ratios to improve gradually: With the investment of Rs 700mn in the three new products and expansion of industrial switch gear segment along with the improvement in EBITDA margins, we expect return ratios to improve to high teens over a period of time.

Exhibit 23: Improving ROE & ROCE

0

5

10

15

20


(%)

ROE ROCE


WCC to remain high due to nature of business: SEL’s WCC to remain high in the range of ~120 days as the company gets short term orders. SEL is trying to convert this short term orders into the long term contract, which may ease their working capital cycle.

Exhibit 24: WCC to remain high in short term

0

20

40

60

80

100

120

140


No. of D

ays

Debtors Days Inventory Days Creditors Days WCC





Exhibit 25: Income statement (Rs mn)

Y/E Mar (Rsmn) FY13 F14 F15p F16e F17e F18e

Net sales 2,287 2,445 2,850 3,597 4,354 5,134

growth (%) 2.6 6.9 16.6 26.2 21.1 17.9

COGS 1,574 1,682 1,959 2,418 2,905 3,400

Staff Cost 123 131 155 193 234 276

R&D Cost 9 8 9 12 14 17

SG&A Cost 297 321 355 472 571 673

EBITDA 285 302 372 502 630 768

growth (%) (1) 6 23 35 25 22

Depreciation 87 75 71 86 103 109

EBIT 198 227 300 416 527 660

Other income 14 9 10 11 11 11

Interest paid 118 119 123 112 112 112

Extraordinary/Exceptional items - - - - - -

PBT 94 117 187 315 426 560

Tax 24 32 50 81 110 144

Minority interest - - - - - -

PAT 71 84 137 234 316 415

Non-recurring items - - - - - -

Adjusted PAT 71 84 137 234 316 415

growth (%) (14) 20 62 71 35 31 Source: Company, BOBCAPSe

Exhibit 26: Balance sheet (Rs mn)


Cash & Bank balances 105 114 90 476 472 560

Other Current assets 1,387 1,455 1,771 2,033 2,400 2,780

Investments 49 49 49 49 49 49

Net fixed assets 662 684 834 1,077 1,091 1,088

Goodwill - - - - - -

Other non-current assets 13 25 7 7 7 7

Total assets 2,216 2,327 2,751 3,642 4,019 4,483

Current liabilities 589 544 718 846 974 1,111

Borrowings 705 796 926 837 837 837

Other non-current liabilities 21 21 28 19 19 19

Total liabilities 1,316 1,360 1,672 1,702 1,830 1,967

Share capital 103 103 103 139 139 139

Reserves & surplus 798 864 977 1,802 2,050 2,377

Shareholders' funds 901 967 1,079 1,940 2,189 2,516

Total liabilities 2,216 2,327 2,751 3,642 4,019 4,483





Exhibit 27: Ratios

Y/E Mar FY13 F14 F15p F16e F17e F18e

Per share data (Rs)

EPS 6.9 8.2 13.3 16.9 22.8 30.0

CEPS 15.3 15.5 20.3 31.1 40.8 51.0

DPS 1.4 1.8 3.1 4.9 6.6 8.6

BV 87.6 94.0 105.0 188.7 212.8 244.6

Profitability ratios (%)

Gross margins 25.8 25.8 25.8 27.4 27.9 28.4

Operating margins 12.4 12.4 13.0 14.0 14.5 15.0

Net margins 3.1 3.5 4.8 6.5 7.3 8.1

Valuation ratios (x)

PE 7.9 7.5 17.6 13.1 9.7 7.4

P/BV 0.6 0.7 2.2 1.2 1.0 0.9

EV/EBITDA 3.3 3.4 7.5 5.3 4.2 3.4

EV/Sales 0.4 0.4 1.0 0.7 0.6 0.5

RoE 8.1 9.0 13.4 15.5 15.3 17.7

RoCE 10.4 10.0 11.9 13.1 13.7 15.5

RoIC 5 5 8 11 14 17 Source: Company, BOBCAPSe

Exhibit 28: Cash flow statement (Rs mn)


Profit after tax 71 84 137 234 316 415

Depreciation 87 54 75 71 86 103

Chg in working capital (190) (129) (126) 35 (202) (204)

Total tax paid (0) 2 - - - -

Cash flow from operations (33) 12 86 340 201 315

Capital expenditure (128) (75) (40) (500) (100) (100)

Change in investments (1) 0 (0) - - -

Cash flow from investments (129) (75) (40) (500) (100) (100)

Free cash flow (161) (63) 46 (160) 101 215

Issue of shares - - - 36 - -

Net inc/dec in debt 135 91 130 (89) - -

Dividend (incl. tax) (14) (18) (32) (50) (68) (89)

Other financing activities 0 0 18 641 (0) 0

Cash flow from financing 121 73 116 538 (68) (89)

Inc/(Dec) in Cash & Bank bal. (41) 9 162 378 33 126





Disclaimer BUY. We expect the stock to deliver >15% absolute returns.

HOLD. We expect the stock to deliver 5-15% absolute returns.

SELL. We expect the stock to deliver <5% absolute returns.

Not Rated (NR). We have no investment opinion on the stock.

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