Punjab National Bank's intrinsic value using Intellectual Capital analysis

Punjab National Bank

BSE : 532461

|

NSE : PNB

Industry : Bank Pub sector

|

ISIN : INE160A01014

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FreeFloat : 45.00%

|

FnO : Yes

|

LotSize : 7000

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Intellectual Capital (IC)	-110,370.70
Net Worth (NW)	46,388.23
Intrinsic Worth (IW)	-63,982.50
Market Cap (MC)	36,625.20
Economic Value Added	4,779.58

Discount Rate	%
Liquidity Premium	%

Knowledge Basis (IC/IW)	-172.50%
IC Gross Margin (EBITDA/IC)	-25.81%
IC Net Margin (NPT/IC)	8.08%
Knowledge Turnover (Sales/IC)	-0.46
Market to Intrinsic Value (MC/IW)	-0.57

As Of	Intrinsic Value	Market Price
30 Jun 2019	Rs. -138.97	Rs. 79.55
19 Sep 2019	-	Rs. 61.95

Fundamental - medium term		Technical - near term		Combined outlook
EVA > 0 : Yes	Sell	10 DMA : Rs. 63.12	Sell	Strong Sell
KB > 50% : No		50 DMA : Rs. 67.12
0 < M2IV < 1 : No		Vol-Price trend : Falling

Question 3 - Is this stock undervalued?

Question 2 - Does this business have significant knowledge assets?

Question 1 - Is this business generating enough profits to cover its cost of capital?

* EVA is a registered trademark of Stern Stewart and Co.

Quarterly Results (Rs. Cr)

Quarter

Type*

Sales

Income

EBITDA

EBIT

PBT

PAT

NPT

Sep-16
S
11830.36
14218.27
8728.79
8728.79
778.28
549.36
549.36

Dec-16
S
11984.16
14497.65
8472.10
8472.10
218.74
207.18
207.18

Mar-17
S
11886.53
14989.33
8681.29
8681.29
478.28
261.90
261.90

Jun-17
S
12136.36
14468.14
8889.83
8889.83
608.60
343.40
343.40

Sep-17
S
12299.29
14205.31
9122.40
9122.40
838.29
560.58
560.58

Dec-17
S
12175.48
15257.50
8848.49
8848.49
681.71
230.11
230.11

Mar-18
S
11384.63
12945.68
2287.90
2287.90
-6033.34
-13416.91
-13416.91

Jun-18
S
13113.17
15072.41
8104.75
8104.75
-316.56
-940.01
-940.01

Sep-18
S
12326.28
14035.88
6205.97
6205.97
-2146.20
-4532.25
-4532.25

Dec-18
S
13035.08
14854.24
9091.05
9091.05
346.02
246.51
246.51

Mar-19
C
13073.68
14962.73
1615.18
1615.18
-7160.00
-4715.40
-4613.40

Jun-19
C
13326.97
15426.93
10580.00
10580.00
1492.65
1032.23
1074.16

* C - Consolidated, S - Standalone