Name of the company Just Dial

CMP (Rs.) 576

No. of shares outstanding 8.43
Market Cap. 4856

P&L (Rs. crore) (March ending) FY15 FY16 FY17 FY18

Sale of search related services 588 675 697 768

Sales of other related services - 4 13 8
Other operating revenue 2 13 9 6
Revenue from operations 590 691 719 782
YoY Growth (%) 17.1% 4.0% 8.8%

Employee cost 309 377 441 442

-
Advertising and sales promotion 17 25 32 66
Rent 22 22 31 26
Communication costs 21 23 20 19
Internet and server charges 13 21 20 18
Others 42 52 65 46
Total other expenses 115 143 168 176

Operating profit 166 171 110 164

YoY Growth (%) 2.9% -36% 50%
OPM % 28.1% 24.7% 15.3% 21.0%

Other income 49 58 87 66
Depreciation 24 31 40 36
Finance cost - - - -

Business PBT 191 198 157 194

Exceptional items gain/(loss) - - - -
Reported PBT 191 198 157 194

Current tax 55 55 33 40
Deferred tax -4 2 3 11
Tax for earlier years 0 - - -
Total tax 52 56 35 51
ETR (%) 27% 28% 22% 26%

Reported PAT 139 142 121 143

Business PAT 139 142 121 143
YoY Growth (%) 2.1% -14% 18%

Business EPS (Rs.)

Core earnings (ex-other income) 103 100 54 95

Core EPS (Rs.) 12.3 11.8

BS (Rs. crore) (March ending) FY15 FY16 FY17 FY18

Gross fixed assets 170 245 302 329
Accumulated depreciation 77 107 146 180
Net fixed assets 92 139 156 149
Capital WIP 6 9 9 -

Liquid investments 843 795 964 1,143

Inventories - - - -
Trade receivables - - - -
Cash & Bank balances 42 34 53 58
Loans & advances 11 14 16 14
Other assets 37 58 68 47

Total assets 1,033 1,048 1,265 1,410

Share capital 70 69 70 67
Reserves & surplus 685 670 836 912
Shareholder's Equity | Networth 755 739 905 979

Long term debt - - - -

Short term debt - - - -
Total debt - - - -

Trade payables 14 19 13 21
Other liabilities 264 289 347 410
- Unearned revenue 210 234 274 333

Total liabilities 1,033 1,048 1,265 1,410

Check -0 -0 -0 -0

CF (Rs. crore) (March ending) FY15 FY16 FY17 FY18

PBT 191 198 157 194

Depreciation 24 31 40 36
Non Operating Income -48 -71 -83 -63
Others 15 18 17 16
Operating profit before WC changes 182 175 130 183
(Consumption)/ Release of WC 58 30 29 88
Cash generated from Operations 240 205 158 271
Taxes paid 56 57 22 45
Net CFO 184 148 136 226

Capex -67 -95 -32 -21

Sale / (purchase) of investments -112 103 -107 -139
Non Operating Income 14 17 21 23
Others 7 - 1 -0
Net cash flow from investing activities -158 25 -118 -137
Increase/ (decrease) in debt - - - -
Issue of equity 2 0 1 1
Payment for buyback of equity shares - -165 - -85
Others -16 -17 - -

Net cash flow from financing activities -14 -181 1 -84

Net change in cash 13 -9 19 5

Cash at the start of the year 30 42 34 53

Cash at the end of the year 43 34 52 58

FCFF 117 53 104 205

Ratios FY15 FY16 FY17 FY18

Employee cost / net sales (%) 52% 55% 61% 56%

Total other expenses / net sales (%) 20% 21% 23% 22%
Advertising and sales promotion / net sales (%) 3% 4% 4% 8%
Rent / net sales (%) 4% 3% 4% 3%
Communication costs / net sales (%) 4% 3% 3% 2%
Internet and server charges / net sales (%) 2% 3% 3% 2%
Other expenses / net sales (%) 7% 7% 9% 6%

OPM (%) 28% 25% 15% 21%

EBITM (%) 32% 29% 22% 25%
EBDTM (%) 36% 33% 27% 29%
PBTM (%) 32% 29% 22% 25%
PATM (%) 24% 21% 17% 18%

RoE (%) 19% 15% 15%

Pre-tax RoCE (%) 19% 8% 14%
Pre-tax RoIC (%) -193% -121% -115%

EPS (Rs.) 19.70 20.55 17.46 21.24

Core EPS (Rs.) 14.65 14.48 7.75 14.03
DPS (Rs.) 2 2 - -
BVPS (Rs.) 107.10 107.17 130.26 145.30
Cash per share (Rs.) 126 120 146 178

Outstanding shares 7.05 6.9 6.95 6.74

P/E (x)
Core P/E (x)
EV/EBITDA (x)
P/BV (x)
Dividend yield (%)

Inventory days - - - -
Receivable days - - - -
Payable days 8 10 7 10
WC cycle -8 -10 -7 -10

Depreciation / Gross block (%) 14.2% 15.0% 14.7% 11.5%

Other income/Avg. liquid invt. 7% 10% 6%
 Source: Just Dial Consolidated Financial Statements

FY19 FY20 FY21 FY22 FY23E FY24E FY25E

876 909 648 633

6 21 18 9
9 23 10 5
892 953 675 647 747 904 1,196
14.0% 6.9% -29.2% -4.2% 15.5% 21.0% 32.3%

497 533 443 504 512 492 542

58 67 7 65
25 22 22 1
16 15 15 11
20 19 18 19
46 65 54 49
165 169 98 145 149 208 287

229 251 134 -2 235 412 653

39% 10% -47% -102%
25.7% 26.4% 19.8% -0.3% 31.4% 45.6% 54.6%

93 140 150 122 267 270 276

34 31 21 30 44 41 36
0 9 7 7 - - -

288 352 255 83 457 642 893

- - - -
288 352 255 83 457 642 893

60 65 45 0
21 14 -4 11
- - -0 1
81 79 40 12 114.31 160 223
28% 23% 16% 15% 25% 25% 25%

207 272 214 71 343 481 670

207 272 214 71 343 481 670
44% 32% -21% -67% 384% 40% 39%

140 164 88 -33 143 278 463

FY19 FY20 FY21 FY22 FY23E FY24E FY25E

 331 298 300 454.91 433 383 330
205 234 254 321.36
126 64 47 134
6 - - - 8 8 10

1,291 1,552 1,511 3,811 3,811 3,911 3,961

- - - - - - -
- - - - - - -
41 40 61 23
14 15 13 0 0 0 0
71 162 154 65 398 398 398

1,549 1,833 1,786 4,033 4,217 4,317 4,369

65 65 62 84 84 84 84
934 1,223 1,202 3,403 3,746 4,227 4,897
999 1,288 1,264 3,486 3,830 4,311 4,981

3 - - - - - -
1 - - - - - -
4 - - - - - -

85 25 15 15 17 20 27
461 520 508 532 615 744 983
405 336 330 338

1,549 1,832 1,787 4,033

-0 0 -0 -0

FY19 FY20 FY21 FY22 FY23E FY24E FY25E

288 352 255 83 457 642 893

34 52 42 30 44 41 36
-88 -137 -138 -95 -267 -270 -276
19 24 31 2 - - -
252 290 190 19 235 412 653
76 -70 -2 23 -394 -133 -246
328 221 188 43
52 68 49 4
276 153 139 39

-16 -2 -4 -15 -50 -50 -20

-84 -147 155 -2,195
24 23 23 23
0 - - -
-77 -127 174 -2,187
 4 -4 - -
2 4 1 2,166
-222 - -273 -
-0 -26 -19 -56

-217 -27 -291 2,109

-17 -1 22 -38

58 41 40 62
41 40 62 23

260 151 135 24

FY19 FY20 FY21 FY22 FY23E FY24E FY25E

56% 56% 66% 78% 69% 54% 45%

19% 18% 15% 22% 20% 23% 24%
7% 7% 1% 10%
3% 2% 3% 0%
2% 2% 2% 2%
2% 2% 3% 3%
5% 7% 8% 8%

26% 26% 20% -0.3% 31.4% 45.6% 54.6%

32% 38% 39% 14% 61% 71% 75%
36% 40% 41% 17% 67% 75% 78%
32% 37% 38% 13% 61% 71% 75%
23% 29% 32% 11% 46% 53% 56%

21% 24% 17% 3% 9% 12% 14%

20% 19% 9% -1% 5% 9% 13%
-87% -80% -44% 11% -69% -127% -129%

31.92 41.96 34.60

21.62 25.29 14.28
- - -
154.14 198.42 204.25
205 245 254

6.48 6.49 6.19

- - - - - - -
- - - - - - -
 35 9 8 8 8 8 8
-35 -9 -8 -8 -8 -8 -8

10.2% 9.7% 7.1% 7.9% 10% 10% 10%

8% 10% 10% 5% 7% 7% 7%
 Restated Restated Restated
(Rs. crore) FY15 FY16 FY17 FY18 FY19

Revenue 590 691 719 782 892

YoY growth (%) 17.1% 4.0% 8.8% 14.0%

Employee cost 309 377 441 442 497

Employee cost / net sales (%) 52.4% 54.6% 61.4% 56.5% 55.8%

Total business listings (mn) 15.0 16.3 17.9 21.8 25.7

YoY growth (%) 8.7% 9.8% 21.8% 17.9%

Paid campaigns 331,200 368,800 435,360 445,110 500,838

YoY growth (%) 11.4% 18.0% 2.2% 12.5%

Paid campaign / total listing 2.21% 2.26% 2.43% 2.04% 1.95%

Realization per campaigns per month (Rs.) 1,484 1,561 1,376 1,464 1,483
YoY growth (%) 5.2% -11.9% 6.4% 1.3%

No. of employees 9,533 11,142 11,334 11,452 12,691

Incremental addition 1,609 192 118 1,239
YoY growth (%) 16.9% 1.7% 1.0% 10.8%

Revenue per employee per month (Rs.) 51,557 51,667 52,836 56,887 58,539
YoY growth (%) 0.2% 2.3% 7.7% 2.9%

Employee cost per month (Rs.) 26,991 28,227 32,416 32,133 32,644
YoY growth (%) 4.6% 14.8% -0.9% 1.6%

Productivity (x) 1.91 1.83 1.63 1.77 1.79

Other Expenses 115 143 168 176 165

Other expenses / net sales (%) 19.5% 20.7% 23.4% 22.5% 18.6%

OP 166 171 110 164 229

OPM (%) 28.1% 24.7% 15.3% 21.0% 25.7%
 FY20 FY21 FY22 FY23E FY24E FY25E

953 675 647 747 904 1196

6.9% -29.2% -4.2% 15.5% 21.0% 32.3%

533 443 504 512 492 542

55.9% 65.6% 77.9% 68.6% 54.4% 45.4%

29.4 30.4 31.9 35.09 38.60 42.46

14.4% 3.4% 4.9% 10% 10% 10%

536,236 457,360 461,495 484,570 533,027 612,981

7.1% -14.7% 0.9% 5% 10% 15%

1.82% 1.50% 1.45% 1.38% 1.38% 1.44%

1,481 1,230 1,168 1,285 1,414 1,626

-0.1% -16.9% -5.0% 10% 10% 15%

12,423 11,162 13,343 14,277 13,991 14,691

-268 -1,261 2,181 934 -286 700
-2.1% -10.2% 19.5% 7% -2% 5%

63,933 50,408 40,405 43,615 53,851 67,827

9.2% -21.2% -19.8% 7.9% 23.5% 26.0%

35,750 33,088 31,479 29,905 29,307 30,772

9.5% -7.4% -4.9% -5% -2% 5%

1.79 1.52 1.28 1.46 1.84 2.20

169 98 49 149 208 287

17.7% 14.5% 7.6% 20% 23% 24%

251 134 94
26.4% 19.8% 14.5%
 Phase 1 Forecast
Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27
(Rs. crore) 0 1 1 1 1 1

Revenue 647 747 904 1,196 1,375 1,574

Growth % 16% 21% 32% 15% 15%
Input the assumptions - Be conservative
EBIT -32 190 371 618 344 394
EBIT Margin -5.0% 25.5% 41.1% 51.6% 25.0% 25.0%

Tax rate % 15% 25% 25% 25% 25% 25%

NOPAT -27 143 278 463 258 295

Capital turnover ratio 0.2 0.20 0.21 0.24 -2.0 -2.0

CTR = Revenue / (FA + WC)

New Capital Invested (Capex + WC) 9 444 183 266 90 100

(-)(Curr. Revenue - Prev. Revenue)/CTR
Core RoCE -1% 5% 9% 12% -50% -50%
Core RoCE = EBITM*CTR
Depreciation 30 44 41 36 55 63
Dep. Rate % (Dep / Revenue) 5% 5.9% 4.5% 3.0% 4.0% 4.0%

OPM % -0.3% 31.4% 45.6% 54.6% 29.0% 29.0%

FCFF -6 631 502 765 403 458

Time Weighted FCFF - 631 502 765 403 458

Discount rate % 18% Usually assumed to be the expected rate of return

Terminal Growth Rate % 4% Usually assumed as long term inflation rate - thumb rule

Enterprise Value 3,903 Value of Complete Operations for All Capital Holders
Less: Total Debt -
Add: Cash & Investments 3,834
Equity Fair Value 7,736
Fair value / Share (Rs.) 918
CMP 575
Return Potential 60%
 Phase 2 Forecast
Mar-28 Mar-29 Mar-30 Mar-31 Mar-32 Mar-33 Mar-34 Mar-35 Mar-36
1 1 1 1 1 1 1 1 1

1,795 2,037 2,302 2,590 2,901 3,234 3,590 3,967 4,364

14% 14% 13% 13% 12% 12% 11% 11% 10%
Be conservative
449 509 576 647 725 809 897 992 1,091
25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0%

25% 25% 25% 25% 25% 25% 25% 25% 25%

337 382 432 486 544 606 673 744 818

-2.0 -2.0 -2.0 -2.0 -2.0 -2.0 -2.0 -2.0 -2.0

110 121 132 144 155 167 178 188 198

-50% -50% -50% -50% -50% -50% -50% -50% -50%

72 81 92 104 116 129 144 159 175

4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0%

29.0% 29.0% 29.0% 29.0% 29.0% 29.0% 29.0% 29.0% 29.0%

519 585 656 733 815 903 995 1,091 1,191

519 585 656 733 815 903 995 1,091 1,191

Sensitivity Analysis
thumb rule TGR In Row
918 3% 4% 5% 6% 7%
Discount 13%
Rate 14%
In 15%
Column 16%
17%
Phase 3 Forecast
Mar-37
1

8,848 Terminal Value | Prev. FCFF*(1+TGR)/(DR - TGR)

8,848
 Curr 1 Year F 2 YF
FY22 FY23E FY24E
(All figures in Rs. Crore) Market Cap Net Debt EV
EV/EBITDA EV/EBITDA EV/EBITDA
JustDial 4856 523 5379 -2490.3 22.9 13.1
Peer 1
Peer 2
Peer 3
Peer 4
Average

Target Multiple
Target Mcap
Target Price / Share
3 YF Curr 1 Year F 2 YF 3 YF
FY25E FY22 FY23E FY24E FY25E
EV/EBITDA P/E P/E P/E P/E
8.2 68.6 14.2 10.1 7.2

15
5000
1000.0