Aestimatus 6.

Maxwell Industries vs. Integrated Products Company:

Fight for the Top Spot in FMCG Industry

Team: INGLORIOUSS BANKERS

Member 1: Sourabh Mukherjee MBA19231
Member 2: Rishab Goyal MBA19270
 Bullish run of Integrated Products

• Net sales for Integrated products increased over the years.

• This led to the increase in the reported net profit, resulting in the rise of EPS, and
finally resulting in the rise in market price.

• As the company gained profit, the customer belief grew stronger in the company
which led to an increase in demand for company shares and ultimately rise in
prices.

• On the other hand the stock price of Maxwell industries fell due to an increase in
issued shares in 2017.
 Integrated vs Maxwell Dupont
Analysis
Maxwell Mar '15 Mar '16 Mar '17 Mar '18 Mar '19
Industries
 Performing dupont analysis, it also
ROA 0.283100422 0.266643753 0.249742004 0.230767998 0.229144507
boasts a better ROA, ROIC and ROE.
ROIC 0.384815962 0.378000703 0.285739127 0.268952602 0.265782277

ROE 0.312591974 0.298967779 0.224982003 0.21835087 0.215088269

 This shows that Integrated products Integrated

company is better valued than Maxwell Products Mar '15 Mar '16 Mar '17 Mar '18 Mar '19

Company
industries.
ROA 0.360974647 0.389942529 0.383092672 0.396407954 0.454128184

ROIC 1.014493202 0.746835443 0.74857597 0.798543404 0.852922624

ROE 1.158527484 0.658862876 0.69183359 0.740212014 0.78809244

 Integrated vs Maxwell Valuation

Integrated products is better valued as it also has a better PE ratio as can be seen below

Maxwell Industries Mar '15 Mar '16 Mar '17 Mar '18 Mar '19

PE ratio 27.14762302 26.83973835 33.35714286 27.77173913 29.22812193

Integrated Products Mar '15 Mar '16 Mar '17 Mar '18 Mar '19
Company
PE ratio 43.78696742 49.73587866 43.97349398 55.20463001 61.2195122

Integrated products also has a better leverage ratio than Maxwell Industries
Maxwell Industries Mar '15 Mar '16 Mar '17 Mar '18 Mar '19

Leverage 1.4379264 1.50379392 1.195738908 1.213642511 1.204455098

Integrated Products Mar '15 Mar '16 Mar '17 Mar '18 Mar '19
Company
Leverage 3.660366518 2.216913521 2.272881356 2.423886926 2.332549941
Can Maxwell Industries dethrone Integrated
Products in terms of Market Capitalization?

 If we take CAGR of SALES TURNOVER into account, Maxwell has a

CAGR of -0.01898 and Integrated Products has a CAGR of
0.031574849.

 And if we take CAGR of NET PROFIT into account, Maxwell has a

CAGR of 0.053439 and Integrated Products has a CAGR of
0.069420371.

 This clearly shows that Maxwell has a lot of catch up to do, and
Integrated Products is likely to extend the lead in the future.
Thank You