NSE: SBICARD - SBI Cards and Payment Services Limited

Yield per half year: +5.47%
Dividend yield: +0.69%
Sector: Financials

Reporting SBI Cards and Payment Services Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ₹					690.23	961.11	797.45	759.85		796.74
Выручка, млрд ₹	23.92	28.19	44.8	60.15	73.24	75.92	86.37	112.67	110.93	110.93
Чистая прибыль, млрд ₹	2.84	3.73	6.01	8.63	12.45	9.85	16.16	22.58	24.08	24.08
EV, млрд ₹				128.94	724.16	1 071.69	1 052.27	1 000	644.4	644.4
EBIT, млрд ₹	8.46	-11.37	-19.26	-34.49	-47.19	-55.9	-53.86	-59.51	58.66	58.66
EBITDA, млрд ₹	8.47	11.05	16.3	13.35	17.3	13.24	21.72	30.31	60.62	60.62
Баланс стоимость, млрд ₹	11.55	14.49	23.53	35.82	53.41	63.02	77.53	98.3	120.84	120.84
FCF, млрд ₹	8.07	-22.36	-29.13	-24.58	-41.45	6.35	-44.91	-67.64	-55.26	-55.26
Операционный денежный поток, млрд ₹	8.07	-22.35	-28.77	-23.65	-40.67	6.92	-43.91	-66.71	-54.52	-54.52
Операционная прибыль, млрд ₹	8.46	11	16.05	12.54	16.26	12	20.24	28.67	77.63	77.63
Операционные расходы, млрд ₹	9.42	18.37	29.34	37.89	39.6	40.28	47.12	60.77	33.3	33.3
CAPEX, млрд ₹	0.000469	0.0155	0.3553	0.9283	0.7792	0.5695	0.9992	0.934	0.7449	0.7449

	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Капитализация, млрд ₹											787.91		970.85				783.77				726.46
Выручка, млрд ₹															26.24	27.97	28.43	30.07	30.82	31.76	34.94	44.75	44.83	36.2
Чистая прибыль, млрд ₹															6.27	5.27	5.09	5.96	5.93	6.03	5.49	6.62	5.94	4.04
EV, млрд ₹														1 029.74		1 105.47	1 039.63	979.74	1 120.59	1 073.75	1 090.6	1 041.69	1 074.81	1 150.89
EBIT, млрд ₹															8.02	6.68	6.84	8	7.49	15.51	7.38	18.33	19	17.57
EBITDA, млрд ₹															8.41	7.07	7.25	8.45	7.97	15.98	7.88	18.84	19.49	18.08
Баланс стоимость, млрд ₹															83.73	89.19	94.59	98.3	104.24	110.58	116.53	120.84	120.84	130.9
FCF, млрд ₹									-10.36	-10.36		0.3018		0.2279		0.7716	0.8206	0.1411	0.9512	0.936	1.02
Операционный денежный поток, млрд ₹									-10.17	-10.17		0.3018		0.2279		0.7716	0.8206	0.1411	0.9512	0.936	1.02
Операционная прибыль, млрд ₹															8.41	7.07	6.84	8	7.49	8.09	7.38	18.33	19	17.57
Операционные расходы, млрд ₹															12.94	15.06	16.25	15.77	15.67	16.24	18.74	16.1	16.69	36.2
CAPEX, млрд ₹	0.0888	0.1351	0.1351	0.347	0.347	0.2321	0.1948	0.1948	0.1948	0.1948

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ₹	2.74	1.77	5.37	7.57	5.51	6.72	7.85	13.54	23.94	23.94
Short Term Investments ₹			1.8	-0.2301	-0.3493	-0.2904	0.2683	3.65	3.36	3.36
Long term investments ₹		0.0000	0.0000	0.0157	0.0146	11.79	15.11	25.56
Total Receivables ₹	69.16	1.32	1.55	2.95	2.34	1.34	5.85	1.42	2.43	2.43
Total Current Assets ₹	2.74	3.1	6.91	7.34	5.16	6.43	7.58	9.9	27.3	27.3
Чистые активы, млрд ₹		0.0361	1.1	1.36	2.44	2.19	3.24	98.3		3.24
Активы, млрд ₹	78.8	107.65	156.86	202.4	253.03	270.13	346.48	455.46	581.71	581.71
Short Term Debt ₹	55.88	77.49	97.24	103.86	143.66	132.67	166.9	228.97	398.91	398.91
Задолженность, млрд ₹	67.25	93.16	133.33	166.58	199.62	207.11	268.96	357.16	460.87	460.87
Чистый долг, млрд ₹	56.54	80.91	108.76	128.94	168.14	173.96	225	297.55	-23.94	-23.94
Долг, млрд ₹				136.51	173.65	180.68	232.85	311.1	398.91	398.91
Interest income ₹		18.88	27.68	35.94	48.45	49.28	48.66	61.53
Расходы на обслуживание долга ₹		5.28	6.86	8.84	12.38	9.77	10.26	16.48	25.89	25.89
Чист. проц. доходы, млрд ₹		13.6	20.82	27.09	36.07	38.84	38.39	45.05	79.27	61.53
Goodwill ₹		1.29	0.8801	1.63	2.75	3.95	2.19	2.47
Амортизация, млрд ₹	0.0084	22.42	35.56	47.85	64.48	69.13	75.58	89.81	1.97	1.97
Себестоимость, млрд ₹	6.03	6.86	7.87	12.51	14.07	15.1	19.2	24.94	44.34	44.34
Товарно материальные запасы ₹		100.8	139.26	174.62	223.79	15.5	18.75	24.47		24.47

	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q3	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ₹												10.53	10.36	7.85	13.54	12.28	14.78	23.96	27.3	28.11	17.52
Short Term Investments ₹											-0.2683				-3.65				54.59
Long term investments ₹	0.00047		0.0146		0.0146	0.3953	11.79		11.03		15.11		19.15		25.56		28.87
Total Receivables ₹							1.34	3.44	3.44	5.85	5.85		3.89		1.42		3.23		2.43		4.78
Total Current Assets ₹						9.13	8.06	10.72	7.27	13.7	7.58		10.36		9.9		18		27.3
Чистые активы, млрд ₹		2.44	2.44	2.44	2.44	2.26	2.19		2.28		3.24		3.26		98.3
Активы, млрд ₹												368.57	415.81	429.87	455.46	479.16	503.88	555.76	581.71	595.13	618.72
Short Term Debt ₹															228.97				300.65
Задолженность, млрд ₹												284.84	326.62	335.28	357.16	374.92	393.3	439.23	460.87	-120.84	487.83
Чистый долг, млрд ₹												237.39	271.51	286.18	297.55	317.29	326.06	356.13	371.61	380.54	414.66
Долг, млрд ₹											232.85		281.86	294.03	311.1	329.57	340.83	380.09	398.91	408.65	432.18
Interest income ₹									11.73	12.73	12.66	13.87	14.84	16.09	16.72	18.04	19.02	20.82
Расходы на обслуживание долга ₹												3.08	3.68	4.64	5.07	5.71	6.05	6.95	7.24	7.67	7.88
Чист. проц. доходы, млрд ₹											9.99	10.79	11.17	11.45	11.65	12.33	12.97	13.87	21.39	22.43
Амортизация, млрд ₹												0.3916	0.3858	0.4103	0.4506	0.4756	0.468	0.5078	0.5163	0.4937	0.5035
Себестоимость, млрд ₹												6.78	6.95	8.55	9.55	10.11	10.93	12.98	10.32	9.63	9.86
Товарно материальные запасы ₹											6.89				24.47

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS		9.25	7.39	9.94	17.02	23.8	25.37		25.37
Цена акции ао			851.05	928.15	795.5	759.65	663.85	758.3	758.3
Число акций ао, млн	932.52	932.33	948.69	947.84	949.3	949	949.2		949.2
FCF/акцию	-31.23	-26.36	-43.69	6.7	-47.31	-71.27	-58.22		-58.22

	2018Q4	2019Q4	2020Q4	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
EPS							6.6	5.53	5.36	6.28	6.24	6.35	5.78	6.96	6.25	4.25
Цена акции ао				1034.09	1024.28	844.98	776.59	908.79	824.6	748.95	845.94	839.58	764.73
Число акций ао, млн	932.52	932.33	948.69		947.84				950.49				949.97
FCF/акцию	-7.54	-11.11							0.8633	0.1486	1	0.9857	1.07

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	24.58	25.74	25.55	24.09	23.31	15.62	23	25.69	21.98		21.98	16.88
ROA, %	3.6	3.46	3.83	4.26	4.92	3.64	5.24	5.63	4.64		4.64	4.26
ROIC, %					5.9	4.91	5.89	6.4			6.4	9.45
ROS, %		13.23	13.42	14.34	17	12.97	18.71	20.05	21.71	21.71	21.71	54.68
ROCE, %	73.28	-78.5	-81.85	-96.31	-88.34	-88.7	-16.06	-13.48	10.35		10.35	8.84
Рентаб EBITDA, %	35.42	39.2	36.38	22.2	23.62	17.44	25.15	26.9	54.65		54.65	61.10
Ebit margin, %					-48.03	-73.63	-62.36	-52.82	52.88		52.88
Чистая рентаб, %	11.87	13.23	13.42	14.34	17	12.97	18.71	20.05	21.71		21.71	54.68
Operation Margin, %		39.03	35.83	20.85	22.2	15.81	23.43	25.44	69.98	69.98	69.98	57.46
Доходность FCF, %					-6	0.6611	-5.63	-8.9

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
ROE, %	7.49	5.9	5.39	6.07	5.69	6.08	5.25	6.01	5.16	3.38	16.88
ROA, %	1.7	1.27	1.19	1.31	1.24	1.23	1.04	1.16	1.01	0.6663	4.26
ROS, %	23.89	18.83	17.92	19.84	19.25	18.99	15.71	14.8	13.26	11.17	54.68
ROCE, %	9.58	7.49	7.23	8.13	7.19	3.37	1.5	3.51	3.45	3.01	8.84
Рентаб EBITDA, %	32.05	25.27	25.52	28.1	25.84	50.31	22.56	42.11	43.48	49.93	61.10
Ebit margin, %						48.84	21.11	40.95	42.38	48.54
Чистая рентаб, %	23.89	18.83	17.92	19.84	19.25	18.99	15.71	14.8	13.26	11.17	54.68
Operation Margin, %	32.05	25.27	24.07	26.6	24.3	25.49	21.11	40.95	42.38	48.54	57.46
Доходность FCF, %			0.1047				0.1398

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E				55.45	97.62	51.19	31.1	27.76		27.76	36.87
P/BV				12.92	15.25	10.67	7.15	5.53		5.53	3.60
P/S				9.42	12.66	9.58	6.23	6.03		6.03	11.27
P/FCF				-16.65	151.27	-17.76	-11.23	-14.42	-14.42	-14.42	8.25
E/P				0.018	0.0102	0.0203	0.0297	0.0302	0.0302	0.0302	0.21
EV/EBITDA			5.61	23.58	44.2	48.44	33	10.63		10.63	40.11
EV/Ebit				-20.59	-19.17	-19.54	-16.8	10.99	10.99	10.99
EV/S				9.89	14.12	12.18	8.88	5.81	5.81	5.81	13.78
EV/FCF				-17.47	168.69	-23.43	-14.78	-11.66	-11.66	-11.66	12.34
Debt/EBITDA			5.94	5.65	7.45	10.72	10.27	6.58	6.58	6.58	17.87
Netdebt/Ebitda	7.32	6.67	9.66	9.72	13.14	10.36	9.82	-0.3948	-0.3948	-0.3948	-1.53
Debt/Ratio				0.6863	0.6689	0.672	0.683	0.6858	0.6858	0.6858	0.30
Debt/Equity				3.25	2.87	3	3.16	3.3	123.12	123.12	267.45
Debt/Net Income				13.95	18.35	14.41	13.77	16.57	16.57	16.57	13.96
Бета						0.41	-0.409	1.6	1.31	1.31	1.08
Индекс Альтмана				3.87	4.77	3.29	2.59	1.91	1.98	1.98	0.82

	2020Q4	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
P/E				37.54	39.25	153.84	30.22	36.09	32.5	31.37	27.8	28.81	33.29	36.87
P/BV			10.38		9.35	8.29	6.94	7.71	6.76	6.3	5.55	0.9697	5.62	3.60
P/S				8.05	8.86	27.57	6.06	6.85	6.18	5.76	4.7	4.44	4.58	11.27
P/FCF						955.12				715.3				8.25
E/P	0.0027	0.004				0.0065				0.0076				0.21
EV/EBITDA			30.77		26.7	34.06	31.43	140.68	22.7	22.75	17.86	17.28	17.9	40.11
EV/Ebit									69.23	147.86	56.84	56.57	65.49
EV/S								36.36	33.81	31.21	23.28	23.98	31.79	13.78
EV/FCF								1178.08	1147.17	1073.84				12.34
Debt/EBITDA			21.47		26.24	40.54	36.83	41.37	21.33	48.21	21.17	20.97	23.91	17.87
Netdebt/Ebitda				28.23	38.42	39.45	35.22	39.83	20.41	45.17	19.72	19.52	22.94	-1.53
Debt/Ratio								0.6878	0.6764	0.6839	0.6858	0.6867	0.6985	0.30
Debt/Equity								3.16	3.08	3.26	3.3	3.38	3.3	267.45
Debt/Net Income								55.55	56.52	69.22	60.22	68.74	106.86	13.96

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	0.471	0.9448	0.9448	0.9448	1.01	1.01	0.9383	2.13	3.63		3.63
Дивиденд						1		2.5	2.5	2.5	2.5
Див доход, ао, %						0.1374	0.0994	0.2999	0.659	0.6913	0.6913	1.46
Дивиденды / прибыль, %		33.28	25.34	15.72	11.7	8.11	9.53	13.17	9.42	15.06	15.06	18.24

	2016Q4	2017Q1	2017Q2	2017Q4	2018Q1	2018Q2	2019Q4	2020Q1	2020Q2	2020Q3	2022Q1	2023Q1	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	0.2362	0.2362	0.2362	0.2362	0.2362	0.2362	0.2523	0.2523	0.2523	0.2523
Дивиденд									1		2.5	2.5
Див доход, ао, %									0.1744		0.2959	0.3338	1.46
Дивиденды / прибыль, %	16.53	16.53	16.53	10.28	10.28	12.54	5.81	30.2	6.42	12.24			18.24

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2022	2023	2024	CAGR 5
Персонал, чел	3774	3774	3907

	CAGR 5

	CAGR 5