V A L U E. P I C k. Snowman Logistics Limited (SNOWMAN) Initiating Coverage. CMP: `76 Target: `116. Time Horizon 12 Months. Anand Rathi Research

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1 Initiating Coverage March 27, 215 Time Horizon 12 Months CMP: `76 Target: `116 V A L U E P I C k Key Data RISK MEDIUM Bloomberg Code SNLL IN NSE Code SNOWMAN Sector Logistics Industry Cold Chain Logistics Face Value (`) 1 BV per share (`) 18 Dividend Yield (%) N.A. 52 Week H/L(`) 75 / 135 Market Cap. (` mn.) 12,725 Shareholding Pattern (as on Dec 14) Dec-14 Sep-14 Listing Mar-14 Promoters 4.4% 4.4% 4.4% - FII 2.8% 1.6% 3.9% - DII 4.% 8.4% 15.% - Bodies Corporate 5.9% 4.9% 2.1% - Others 47.% 44.7% 38.6% - Total 1.% 1.% 1.% -, Bloomberg Analyst: Narendra Solanki narendrasolanki@rathi.com (In ` mn) FY13 FY14 FY15E FY16E Net Sales 1,534 1,974 2,625 EBITDA EBITDA Margin 22.4% 24.8% 24.7% 26.1% EPS (`) EV/Sales EV/EBITDA P/E (x) Price Performance CY12 CY13 CY14 YTD Absolute % -22% Relative - - 8% -25% Relative stock performance (Sep 14=1) 75 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 SNOWMAN NIFTY Anand Rathi Research

2 India s largest integrated cold chain logistics company Founded in 1993 and commenced operation in 1998, Snowman Logistics Limited (Snowman) is an integrated temperature controlled logistics services provider with an ability to service customers on a pan-india basis. Snowman is promoted by Gateway Distriparks Limited, a leading supply chain logistics company. The company operates primarily in warehousing (both Temperature Controlled Services (TCS) & Ambient) and transportation (both TCS & Ambient). Under TCS the company offers cold storage warehouses and reefer transportation services to its clients while Ambient services caters to non temperature controlled warehousing and transportation. During the latest financial year (FY-14), the company has reported a ~35% growth in sales at ~153.4 millions as against ~1137 million. Its EBITDA stood at ~38 million in FY-14 as against ~255 million. On segment basis, the company s revenue from warehousing business stood at ~766.3 million in FY-14 while transportation business contributed ~743.9 million. Snowman has currently warehouses at 23 locations across 14 locations. It operates 37 reefer vehicles of which 63 is owned and 37 leased for primary and secondary distribution. The company is currently has approx. 85, pallets capacity at its warehouses comprising 82, under TCS and remaining as ambient. It is also expanding capacity at 6 locations comprising mixture of both extension of existing capacities and new locations. In warehousing, the company follow a three-pronged business model Dedicated chamber, Guaranteed space and Pay and Park. According to the management, the current mix under these three models stood at approx. 25%, 25% and 5% respectively while overall utilization levels of warehouses ranges from 75% to 85% with some seasonality. 2 Anand Rathi Research

3 continued The company s majority of business comes from clients operating into niche business areas including Dairy products, Meat & Poultry, Sea food, Ready to eat, Fruits & Vegetables, Healthcare & Pharmaceuticals and Quick Service Restaurants (QSR). Currently organized players like Snowman Logistics Limited have less than 1% share combined in cold chain industry which is largely dominated by Government agencies and unorganized players. With a rising demand for integrated niche offering across the country, regionally well spread players like Snowman are expected to witness both increase volumes and gain market share. Going ahead, we believe Snowman to maintain its growth of more than 3% for next few years as cold chain markets penetrates deeper into the hinterland owing to better infrastructure availability and shifting consumer preferences. We initiate our coverage on Snowman Logistics Limited with a BUY rating target and a target price of 116 per share. 3 Anand Rathi Research

4 Backed by well known companies throughout its past and present Year Particulars 1993 Founded as Snowman Frozen Foods Ltd by Amalgam Foods Ltd Brooke Bond (India) Limited acquires a 23% stake Operations commence in 1 temperature controlled warehouses across India. 21 Mitsubishi Corporation and Mitsubishi Logistics Corporation jointly acquire a majority stake. 24 Nichirei Logistics Group Inc. (Japan), acquires a 15% stake. 26 Gateway Distriparks Ltd. (GDL) acquires majority stake by acquiring 6,861, equity shares from Amalgam Foods Limited s and by subscribing to fresh shares. 28 Its temperature controlled warehouses get ISO 22 (Food Safety Policy) certification. 21 IFC acquires a 2% stake. 211 Expansion of operations in major cities such as Mumbai, Bengaluru and Chennai. Set up of Mevalurkuppam, (near Chennai) and Bengaluru warehouses. 212 Set up of Taloja (near Mumbai) warehouse. 213 NVP acquired 14.28% stake. GDL acquires 5,142,5 shares in our Company from IFC. 214 GDL acquires 7,4, shares in the Company from Nichirei Logistics Group Inc. to increase its stake to 54.6%. 214 Got listed on stock exchanges through an IPO and raised 1,974 million. 215 Acquires two Bangalore based food processing start-ups. 4 Anand Rathi Research

5 Offering an end to end logistic solution to customers. Snowman Logistics Warehousing Transportation Distribution Services Services Distribution centre Port Facilities Customer Dedicated Facility Infrastructure Multi-facility Blast Freezer (- 4 C) Freezer (- 25 C to 425C) Fully Palletized 1% power backup. Reefer Services Point to point service Part cargo consolidation & movement Chilled, Frozen & Ambient movement Real-time location update Infrastructure 37 plus fleet size Real-time Vehicle Tracking Real-time Temperature logging Plugin support at facility Infrastructure 37 plus fleet size Real-time Vehicle Tracking Real-time Temperature logging Plugin support at facility 5 Anand Rathi Research

6 Three pronged business strategy and catering to niche segments to help in maintaining high margins and utilization levels Dedicated Chamber Pay & Park Business Strategy Guaranteed Space Segments of service offerings Seafood Confectionaries Fruits & Vegetables Dairy QSR Poultry Ready to cook Ice-Cream Niche segments (Pharma, X-ray, photo imaging) Dedicated chamber: The entire chamber capacity is sold on a dedicated basis while charging the rent irrespective of client using capacity or not. This is usually for very large clients. Guaranteed space: A certain number of pallets are guaranteed to the customer, which can be used whenever required. In a case where customer fails to utilize its allotted capacity fully, Snowman can use this capacity for its pay-and-park customers. Pay and park: Under this model, customers pay for the capacity and store their products. This is for short term and small clients. 6 Anand Rathi Research

7 Wide & expanding reach spread across the hinterland Temperature Controlled Major Warehouse Ahmedabad Bengaluru Chandigarh Chennai Cochin Delhi Hyderabad Kolkata Kolkata Mumbai Pune Surat Visakhapatnam Location Changodar, Ahmedabad Virgonagar, Bengaluru Mubarakpur (near Chandigarh) Mevalurkuppam, (near Chennai) Ezhupunna (near Cochin) Palwal (near Delhi) Medak, (near Hyderabad) Serampore (near Kolkata) Howrah, Kolkata Taloja (near Mumbai) Mulshi (near Pune) Ichhapore, Surat Autonagar, Visakhapatnam Snowman s Major Warehouse Locations and Distribution reach, Bing Maps 7 Anand Rathi Research

8 has helped company grow at faster rates. Snowman s revenue ( Mn.) and EBITDA margins (RHS) 16 28% 16 Revenue break up in segments ( Mn.) 12 26% % % 4 FY-1 FY-11 FY-12 FY-13 FY-14 2% FY-13 FY-14 Revenue EBITDA Margin (RHS) Warehousing Transportation Snowman has reported a compounding growth of 45% from FY-1 to FY-14, its sales grew from million to 1534 million during the period. The growth in sales during the period was mainly due to increase in number of warehouses which subsequently led to increase in capacity. Its EBITDA margins during the period grew from 22.5% in FY-1 to 26% in FY-15. On operational basis, the contribution to revenue from its two key segments is almost equally distributed with 5% variation on either side. Revenue from warehousing segment grew ~81% to 766 million while its transportation segment grew ~51% to 744 million. 8 Anand Rathi Research

9 With fast growing warehousing industry 4 Total Organized warehouse capacity (Mn. Tons) 24 The potential growth for the organized and unorganized market: Central Warehousing Corporation (CWC) State Civil Supplies Cooperative Sector Private Sector Source: Govt. of India, Company, Anand Rathi Research State Food Warehousing Corporation Corporations of India (FCI) (SWCs) Organised Unorganised The Indian warehousing capacity is largely concentrated with either government entities or unorganized players. The unorganized players accounts for around 85% of the market while organized (modern) warehouses accounts for the remaining 15%. This 15% share includes almost all of the cold chain industry players which is still at a nascent stage in India despite being one of the largest producer of perishables. Due to lack of facilities available, India stores only two percent of its horticulture products in temperaturecontrolled conditions, while China stores 15 percent and Europe and North America stores 85 percent of their products in such conditions. 9 Anand Rathi Research

10 and lack of cold storage availability in the countr. 7 Cold Storage availability in India 3 Region wise cold storage capacity in India West, 7.8% Central, 6.% South, 6.8% North, 52.1% East/ North East, 27.3% No. of Cold Storage Source: CrossTree, Anand Rathi Research Installed Capacity (' Tons) (RHS) Source: Govt. of India, Company, Anand Rathi Research India has reported a production of about 28 million tons of horticulture produce in year 213. However, adequate cold storage facilities are available for just about 1% of its entire production whereas, of the total annual production, about 35% is wasted before it reaches for final consumption. As per government estimates during the peak production period, gap between the demand and supply of cold storage capacity is approx million tons. While the existing cold storage capacity is concentrated in terms of both number and capacity in the northern region of the country and primarily in Uttar Pradesh and West Bengal which contain around 65 percent of the cold storage units in the country and the rest are spread across India. 1 Anand Rathi Research

11 Presents a high growth opportunity for cold chain logistics industry. Growth of Indian Cold Chain industry Cold Chain Industry key segments Transport 12% F 214F 215F 216F 217F Storage 88% Value Bn. Capacity (Mn. Tons)- RHS To improve the availability of perishables across the country, Government has introduced several policy measures like capital subsidy, accelerated depreciation, exemption of taxes along with others. India s cold chain industry has started to show signs of turnaround as several private players have ventured into the business after sustained government push and increase in urbanization. The industry has added capacity at growth rate of ~14% per year since 29 which currently stood at 3 million ton and is expected to continue to grow at ~13% until 217 achieving 5 million ton capacity. 11 Anand Rathi Research

12 Growth drivers for Cold Chain services Increasing play for organised players who can invest in building scale in cold chain. With growth driver present across various sectors Drivers in the TCL industry Drivers for increased penetration in Cold Chain Organized Retail Food Processing Food Joints / Outlets Reduction of wage Integration Consumption of Perishable products Perishable exports/importsand increase in consumption Increasing population Increase in per capita consumption Retention of freshness & Quality Technology improvement High growth of niche segments Wider spread of availability 12 Anand Rathi Research

13 ranging from both growing consumption of perishables, QSR Food services outlets ( ) Food Service and QSR industry ( Bn.) QSR industry size ( Bn.) Food Service Industry size ( Bn.) Standalone Leisure (RHS) Retail (RHS) Source: Logistics Times, CrossTree, Anand Rathi Research Source: Logistics Times, CrossTree, Anand Rathi Research With increasing urbanization and growth of organized retail, food servicing and food processing sector are boosting the growth of cold chain industry in India. This has led the trend to shift towards establishing multipurpose cold storages and providing end to end services to control parameters throughout the value chain. Quick Service Restaurants (QSR) in India is expected to grow at 3% per year while food service industry to grow at 1% per annum. In value terms, QSR market is likely to be around 95 billion while food service industry at 675 billion. 13 Anand Rathi Research

14 to high margins niche and specialized offerings Pharmaceutical Industry Production ( Bn.) Segment Growth outlook Seafood 12.5% Confectionaries 14% Fruits & Vegetables High growth Dairy 1% QSR 3% Poultry 14% Ready to cook 1% Ice-Cream 19% Niche segments High growth Source: Anand Rathi Research Pharmaceutical industry is one of the largest and niche users of temperature controlled industry. India, which is world leader in export of bulk drugs and generic drugs coupled with large distribution requirements for internal demand. Over the years, change in lifestyle and increase in awareness has contributed to shifts in types of disease and preventive care. This has led to increase in demand of temperature sensitive drugs which relies on companies offering end to end temperature controlled services. Along with niche players, demand for TCS is expected to remain healthy in near future. 14 Anand Rathi Research

15 Snowman, being a leader in temperature controlled services is well poised to benefit from this opportuinity. Revenue ( Mn.) projection and EBITDA margins 38 28% % 19 26% 95 25% FY-14 FY-15E FY-16E FY-17E Revenue EBITDA Margin (RHS) Source: Anand Rathi Research Currently organised players like Snowman Logistics Limited have less than 1% share in cold chain industry which is still largely dominated by Government agencies and unorganized players. With a rising demand for integrated niche offering across the country, regionally well spread players like Snowman are expected to witness both increase volumes and gain market share. Snowman has currently 85, pallets capacity which is expected to cross 1,, pallets by FY-16 and from there on it plans to add 25, pallets per year capacity for few more years. We have taken note of this and have included it into our forecast, we believe Snowman to continue to grow at higher rate and is well placed to lead cold chain logistics industry amongst its peers. We believe the stock is currently trading at attractive valuation owing to the long term prospects. 15 Anand Rathi Research 24%

16 The private equity deals and its valuations of existing small private players too indicate the large growth opportunity. Historical Private Equity (PE) deals Company Name Date of Amount Investor / Fund Announcement Raised (Mn.) Stake/Valuation Sales (Mn.) Shree Shubham Logistics (Kalpataru Power) 2-Feb-15 IPO (DRHP Filed) 2,1-3,78 (FY-14) IG Supply Chain 11-Feb-15 IG International 1,5 - - VRL Logistics 22-Dec-14 IPO (DRHP Filed) 1, Gati Kausar (Gati Limited) 27-Oct-14 Mandala Capital $ 24 Upto 3% 35.8 (FY-14) Brattle Foods 27-Oct-14 Future Supply Chain $ 2 1 Allfresh Supply Management 1-Oct-14 Aspada Investment $ Schedulers Logistics 9-Jun-14 Aspada Investment $ Shree Shubham Logistics (Kalpataru Power) 15-Apr-14 Tano Capital (FY- 14) Star Agriwarehousing 3-Apr-14 Temasek 2,5 ~26%-3% - ThinkLink Supply Chain 7-Jan-14 Aspada Investment $ Lawrencedale Agri Processing 17-Apr-13 Aspada Investment - - Star Agriwarehousing 23-Feb-12 IDFC Alternatives 1,5 ~26%-3% - RR Enterprises 1-Jan-11 Kuehne+Nagel (K+N) Coldex (Swastik) 23-Dec-1 India Equity Partners $ Siesta Logistics 22-Dec-1 Ashmore Alchemy $ Sical Logistics 1-Dec-1 Coffee Day $ 35.4 ~53% - Coldstar Logistics 18-May-1 Tuscan Ventures 1,5 1% (FY-13) Flyjac Logistics Pvt Ltd 1-May-1 Hitachi Transport System $ Source: Public websites, Anand Rathi Research 16 Anand Rathi Research

17 Valuation and Recommendation: Currently organized players like Snowman Logistics Limited have less than 1% share combined in cold chain industry which is largely dominated by Government agencies and unorganized players. With a rising demand for integrated niche offering across the country, regionally well spread players like Snowman are expected to witness both increase volumes and gain market share. Going ahead, we believe Snowman to maintain its growth of more than 3% for next few years as cold chain markets penetrates deeper into the hinterland owing to better infrastructure availability and shifting consumer preferences At CMP the stock is trading at 4x times FY-16E and 26x FY-17E earnings. We initiate coverage on Snowman Logistics Limited with a BUY rating and a target price of 116 per share Relative stock performance (Sep 14=1) 75 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 SNOWMAN NIFTY Source: Bloomberg, Anand Rathi Research (In mn) FY-13 FY-14 FY-15E FY-16E EPS ( ) P/E (x) P/B (x) ROE 15% 1% 4% 7% ROCE 8% 8% 7% 9% EV/EBIDTA (x) Anand Rathi Research

18 Consolidated Financials: (In ` mn) FY-13 FY-14 FY-15E FY-16E Net Sales 1,137 1,534 1,974 2,625 Operating Expense 882 1,154 1,487 1,94 EBITDA Other Income Depreciation EBIT Interest PBT Tax (46) (88) PAT Margins FY13 FY14 FY15E FY16E Sales Growth % 85.2% 34.9% 28.7% 33.% Operating Margin % 22.4% 24.8% 24.7% 26.1% Net Margin % 16.7% 14.7% 8.9% 12.2% (In ` mn) FY-13 FY-14 FY-15E FY-16E Liabilities Equity Share Capital 1,29 1,241 1,664 1,664 Reserves & Surplus ,548 2,869 Long-Term Liabilities Other Long-term Liabilities Deferred Tax Liability (47) (164) (164) (164) Short-term Liabilities ,266 Total 2,394 3,721 5,94 6,542 Assets Net Fixed Assets 1,895 2,924 3,241 4,665 Long-Term L&A Other Non-Current Assets Current Asset ,493 1,77 Total 2,394 3,721 5,94 6, Anand Rathi Research

19 Key Risks: Sudden loss of key clients may impact company s topline growth and our projections. Extreme volatile crude prices may increase cost for the company and impact profitability. 19 Anand Rathi Research

20 Rating and Target Price history: 175 SNOWMAN rating history & price chart SNOWMAN rating details Date Rating Target Price (`) Share Price (`) 27-Mar-15 BUY Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 SNOWMAN NIFTY Source: Bloomberg, Anand Rathi Research Source: Bloomberg, Anand Rathi Research NOTE: Prices are as on 26th March, 215 close. 2 Anand Rathi Research

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