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Refex Industries

NSEI:REFEX
Snowflake Description

Flawless balance sheet with outstanding track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
REFEX
NSEI
₹575M
Market Cap
  1. Home
  2. IN
  3. Capital Goods
Company description

Refex Industries Limited engages in refilling and distributing refrigerant gases in India. The last earnings update was 53 days ago. More info.


Add to Portfolio Compare Print
  • Refex Industries has significant price volatility in the past 3 months.
REFEX Share Price and Events
7 Day Returns
15.2%
NSEI:REFEX
1%
IN Trade Distributors
-3.6%
IN Market
1 Year Returns
-21.5%
NSEI:REFEX
-26.3%
IN Trade Distributors
-32.1%
IN Market
REFEX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Refex Industries (REFEX) 15.2% -29.1% -28.5% -21.5% 83.3% 272%
IN Trade Distributors 1% -34.2% -31% -26.3% -23.1% -76%
IN Market -3.6% -25.1% -30.2% -32.1% -24.1% -15.2%
1 Year Return vs Industry and Market
  • REFEX outperformed the Trade Distributors industry which returned -26.3% over the past year.
  • REFEX outperformed the Market in India which returned -32.1% over the past year.
Price Volatility
REFEX
Industry
5yr Volatility vs Market

Value

 Is Refex Industries undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Refex Industries to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Refex Industries.

NSEI:REFEX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 13.7%
Perpetual Growth Rate 10-Year IN Government Bond Rate 6.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NSEI:REFEX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year IN Govt Bond Rate 6.5%
Equity Risk Premium S&P Global 7.9%
Trade Distributors Unlevered Beta Simply Wall St/ S&P Global 0.86
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.861 (1 + (1- 35%) (3.09%))
0.918
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.92
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 6.48% + (0.918 * 7.85%)
13.69%

Discounted Cash Flow Calculation for NSEI:REFEX using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Refex Industries is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

NSEI:REFEX DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (INR, Millions) Source Present Value
Discounted (@ 13.69%)
2020 449.92 Est @ 4.42% 395.75
2021 472.58 Est @ 5.04% 365.62
2022 498.43 Est @ 5.47% 339.18
2023 527.20 Est @ 5.77% 315.56
2024 558.75 Est @ 5.98% 294.17
2025 593.02 Est @ 6.13% 274.62
2026 630.00 Est @ 6.24% 256.62
2027 669.76 Est @ 6.31% 239.96
2028 712.36 Est @ 6.36% 224.49
2029 757.93 Est @ 6.4% 210.09
Present value of next 10 years cash flows ₹2,916.00
NSEI:REFEX DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= ₹757.93 × (1 + 6.48%) ÷ (13.69% – 6.48%)
₹11,193.55
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ₹11,193.55 ÷ (1 + 13.69%)10
₹3,102.77
NSEI:REFEX Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ₹2,916.00 + ₹3,102.77
₹6,018.77
Equity Value per Share
(INR)
= Total value / Shares Outstanding
= ₹6,018.77 / 15.48
₹388.93
NSEI:REFEX Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in NSEI:REFEX represents 1.00134x of BSE:532884
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.00134x
Value per Share
(Listing Adjusted, INR)
= Value per Share (INR) x Listing Adjustment Factor
= ₹ 388.93 x 1.00134
₹389.45
Value per share (INR) From above. ₹389.45
Current discount Discount to share price of ₹37.20
= -1 x (₹37.20 - ₹389.45) / ₹389.45
90.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Refex Industries is available for.
Intrinsic value
>50%
Share price is ₹37.2 vs Future cash flow value of ₹389.45
Current Discount Checks
For Refex Industries to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Refex Industries's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Refex Industries's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Refex Industries's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Refex Industries's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NSEI:REFEX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in INR ₹35.76
BSE:532884 Share Price ** BSE (2020-04-03) in INR ₹37.15
India Trade Distributors Industry PE Ratio Median Figure of 86 Publicly-Listed Trade Distributors Companies 12.76x
India Market PE Ratio Median Figure of 2,614 Publicly-Listed Companies 9.41x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Refex Industries.

NSEI:REFEX PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BSE:532884 Share Price ÷ EPS (both in INR)

= 37.15 ÷ 35.76

1.04x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Refex Industries is good value based on earnings compared to the IN Trade Distributors industry average.
  • Refex Industries is good value based on earnings compared to the India market.
Price based on expected Growth
Does Refex Industries's expected growth come at a high price?
Raw Data
NSEI:REFEX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 1.04x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Asia Trade Distributors Industry PEG Ratio Median Figure of 47 Publicly-Listed Trade Distributors Companies 0.94x
India Market PEG Ratio Median Figure of 400 Publicly-Listed Companies 0.8x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Refex Industries, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Refex Industries's assets?
Raw Data
NSEI:REFEX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in INR ₹40.30
BSE:532884 Share Price * BSE (2020-04-03) in INR ₹37.15
India Trade Distributors Industry PB Ratio Median Figure of 129 Publicly-Listed Trade Distributors Companies 0.55x
India Market PB Ratio Median Figure of 3,613 Publicly-Listed Companies 0.63x
NSEI:REFEX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BSE:532884 Share Price ÷ Book Value per Share (both in INR)

= 37.15 ÷ 40.30

0.92x

* Primary Listing of Refex Industries.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Refex Industries is overvalued based on assets compared to the IN Trade Distributors industry average.
X
Value checks
We assess Refex Industries's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Trade Distributors industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Trade Distributors industry average (and greater than 0)? (1 check)
  5. Refex Industries has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Refex Industries expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Refex Industries has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
2.8%
Expected Trade Distributors industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Refex Industries expected to grow at an attractive rate?
  • Unable to compare Refex Industries's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Refex Industries's earnings growth to the India market average as no estimate data is available.
  • Unable to compare Refex Industries's revenue growth to the India market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
NSEI:REFEX Future Growth Rates Data Sources
Data Point Source Value (per year)
India Trade Distributors Industry Earnings Growth Rate Market Cap Weighted Average 2.8%
Asia Trade Distributors Industry Revenue Growth Rate Market Cap Weighted Average 3.5%
India Market Earnings Growth Rate Market Cap Weighted Average 19.2%
India Market Revenue Growth Rate Market Cap Weighted Average 8.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NSEI:REFEX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in INR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NSEI:REFEX Past Financials Data
Date (Data in INR Millions) Revenue Cash Flow Net Income *
2019-12-31 7,440 553
2019-09-30 6,761 468
2019-03-31 4,611 442 316
2018-03-31 769 -44 9
2017-03-31 377 41 5

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Refex Industries is high growth as no earnings estimate data is available.
  • Unable to determine if Refex Industries is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NSEI:REFEX Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Refex Industries Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NSEI:REFEX Past Financials Data
Date (Data in INR Millions) EPS *
2019-12-31 35.76
2019-09-30 30.24
2019-03-31 20.44
2018-03-31 0.61
2017-03-31 0.29

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Refex Industries will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether Refex Industries is trading at Refex Industries'san attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  2. Refex Industries's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Capital Goods companies here
  3. Refex Industries's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Refex Industries's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the India market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Asia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Refex Industries has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Refex Industries performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Refex Industries's growth in the last year to its industry (Trade Distributors).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Refex Industries has delivered over 20% year on year earnings growth in the past 5 years.
  • Refex Industries's 1-year earnings growth exceeds its 5-year average (130% vs 53.4%)
  • Refex Industries's earnings growth has exceeded the IN Trade Distributors industry average in the past year (130% vs 30.2%).
Earnings and Revenue History
Refex Industries's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Refex Industries Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NSEI:REFEX Past Revenue, Cash Flow and Net Income Data
Date (Data in INR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 7,440.48 553.36 205.20
2019-09-30 6,761.47 468.19 208.29
2019-03-31 4,610.51 316.30 201.27
2018-03-31 768.58 9.37 144.70
2017-03-31 377.18 4.56 135.08
2016-03-31 779.53 53.15 143.11
2015-03-31 846.63 30.20 141.42
2014-12-31 174.92 5.90 131.09
2014-09-30 202.57 12.09 130.69
2014-06-30 229.60 17.97 1.33
2014-03-31 245.21 11.79 130.00
2013-12-31 235.88 -128.80 211.42
2013-09-30 213.97 -136.35 211.63
2013-06-30 186.37 -155.55 -0.36

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Refex Industries made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%).
  • Refex Industries used its assets more efficiently than the IN Trade Distributors industry average last year based on Return on Assets.
  • Refex Industries has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Refex Industries's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Trade Distributors industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Refex Industries has a total score of 6/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Refex Industries's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Refex Industries's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Refex Industries is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Refex Industries's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Refex Industries's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 72.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Refex Industries Company Filings, last reported 3 months ago.

NSEI:REFEX Past Debt and Equity Data
Date (Data in INR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 623.90 17.75 48.77
2019-09-30 623.90 17.75 48.77
2019-03-31 427.29 3.85 38.74
2018-03-31 111.00 412.03 6.97
2017-03-31 101.63 349.53 7.65
2016-03-31 97.07 368.16 2.47
2015-03-31 43.92 91.88 6.25
2014-12-31 20.34 112.69 3.46
2014-09-30 20.34 112.69 3.46
2014-06-30 13.71 113.25 12.02
2014-03-31 13.71 113.94 12.02
2013-12-31 7.00 322.61 20.79
2013-09-30 7.00 322.61 20.79
2013-06-30 1.92 336.31 11.30
  • Refex Industries's level of debt (2.8%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (545.9% vs 2.8% today).
  • Debt is well covered by operating cash flow (2489.8%, greater than 20% of total debt).
  • Refex Industries earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Refex Industries's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Refex Industries has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Refex Industries's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Refex Industries dividends.
If you bought ₹2,000 of Refex Industries shares you are expected to receive ₹0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Refex Industries's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Refex Industries's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NSEI:REFEX Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
India Trade Distributors Industry Average Dividend Yield Market Cap Weighted Average of 27 Stocks 1%
India Market Average Dividend Yield Market Cap Weighted Average of 1419 Stocks 2%
India Minimum Threshold Dividend Yield 10th Percentile 0.4%
India Bottom 25% Dividend Yield 25th Percentile 1%
India Top 25% Dividend Yield 75th Percentile 4.1%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NSEI:REFEX Past Annualized Dividends Data
Date (Data in ₹) Dividend per share (annual) Avg. Yield (%)
2011-01-10 0.000 0.000
2010-08-30 0.000 0.000
2009-07-01 0.100 0.367
2009-05-04 0.100 0.342

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Refex Industries has not reported any payouts.
  • Unable to verify if Refex Industries's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Refex Industries's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Refex Industries has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Refex Industries's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.4%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Refex Industries afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Refex Industries has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Refex Industries's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
T. Jain
COMPENSATION ₹1,800,000
AGE 43
TENURE AS CEO 13.8 years
CEO Bio

Mr. T. Anil Jain has been the Managing Director of Refex Industries Limited since July 01, 2006. Mr. Jain has extensive experience in Air-conditioner Products and spares. He is a Co-Promoter and serves as a Partner in M/s. Refex Pro Acoustics. Mr. Jain serves as the Chairman of Refex Industries Limited. He has been a Director of Refex Refrigerants Limited since September 13, 2002. He also serves as Director of M/s. Sherisha Technologies Pvt Ltd. He is a B.Com graduate.

CEO Compensation
  • T.'s compensation has been consistent with company performance over the past year, both up more than 20%.
  • T.'s remuneration is lower than average for companies of similar size in India.
Management Team

T. Jain

TITLE
Chairman & MD
COMPENSATION
₹2M
AGE
43
TENURE
13.8 yrs

U. Lalitha

TITLE
Chief Financial Officer
AGE
47
TENURE
5.2 yrs

S. Gopalakrishnan

TITLE
Compliance Officer & Company Secretary
AGE
78
Board of Directors Tenure

Average tenure of the Refex Industries board of directors in years:

1.8
Average Tenure
  • The average tenure for the Refex Industries board of directors is less than 3 years, this suggests a new board.
Board of Directors

T. Jain

TITLE
Chairman & MD
COMPENSATION
₹2M
AGE
43

Pillappan Amalanathan

TITLE
Additional Independent Director
TENURE
0.1 yrs

Dinesh Agarwal

TITLE
Non-Executive Director
AGE
39
TENURE
3.8 yrs

Jamuna Ravikumar

TITLE
Independent Director
COMPENSATION
₹35K
TENURE
1.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (₹) Value (₹)
X
Management checks
We assess Refex Industries's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Refex Industries has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Why Refex Industries Limited (NSE:REFEX) Looks Like A Quality Company

See our latest analysis for Refex Industries How Do You Calculate Return On Equity? … The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Refex Industries: 74% = ₹316m ÷ ₹427m (Based on the trailing twelve months to March 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … Combining Refex Industries's Debt And Its 74% Return On Equity In Summary Return on equity is one way we can compare the business quality of different companies.

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A Holistic Look At Refex Industries Limited (NSE:REFEX)

I've been keeping an eye on Refex Industries Limited (NSE:REFEX) because I'm attracted to its fundamentals. … For those interested in understanding where the figures come from and want to see the analysis, read the full report on Refex Industries here. … NSEI:REFEX Income Statement, August 16th 2019 Next Steps: For Refex Industries, I've compiled three pertinent factors you should further examine: Future Outlook: What are well-informed industry analysts predicting for REFEX’s future growth?

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Did You Miss Refex Industries's (NSE:REFEX) Magnificent 1342% Share Price Gain?

The Refex Industries Limited (NSE:REFEX) share price has had a bad week, falling 17%. … See our latest analysis for Refex Industries To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. … Over half a decade, Refex Industries managed to grow its earnings per share at 93% a year.

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Why You Should Like Refex Industries Limited’s (NSE:REFEX) ROCE

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Refex Industries: 0.63 = ₹273m ÷ (₹1.6b - ₹1.2b) (Based on the trailing twelve months to March 2019.) Therefore, Refex Industries has an ROCE of 63%. … Do Refex Industries's Current Liabilities Skew Its ROCE? … Refex Industries boasts an attractive ROCE, even after considering the boost from high current liabilities.

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Is Refex Industries Limited's (NSE:REFEX) ROE Of 74% Impressive?

The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Refex Industries: 74% = ₹316m ÷ ₹427m (Based on the trailing twelve months to March 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … Does Refex Industries Have A Good Return On Equity? … Combining Refex Industries's Debt And Its 74% Return On Equity Refex Industries has a debt to equity ratio of just 0.0042, which is very low.

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Read This Before Selling Refex Industries Limited (NSE:REFEX) Shares

So shareholders might well want to know whether insiders have been buying or selling shares in Refex Industries Limited (NSE:REFEX). … Refex Industries Insider Transactions Over The Last Year. … The good news for Refex Industries share holders is that an insider was buying at near the current price.

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Refex Industries Limited’s (NSE:REFEX) Investment Returns Are Lagging Its Industry

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … Understanding Return On Capital Employed (ROCE). … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

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A Closer Look At Refex Industries Limited's (NSE:REFEX) Impressive ROE

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … Our data shows Refex Industries has a return on equity of 8.4% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

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Could Refex Industries Limited's (NSE:REFEX) Investor Composition Influence The Stock Price?

The big shareholder groups in Refex Industries Limited (NSE:REFEX) have power over the company. … With a market capitalization of ₹329m, Refex Industries is a small cap stock, so it might not be well known by many institutional investors. … We can zoom in on the different ownership groups, to learn more about REFEX

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Refex Industries Limited (NSE:REFEX): A Look At Return On Capital

Your equity share is granted in return for the capital provided to the business to operate, and in order for an investment to be successful the business has to create earnings from the funds that make up this capital. … To understand Refex Industries’s capital returns we will look at a useful metric called return on capital employed. … What is Return on Capital Employed (ROCE)?

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Company Info

Description

Refex Industries Limited engages in refilling and distributing refrigerant gases in India. The company operates in two segments, Refrigerant Gases and Solar Power. The company primarily refills hydro fluorocarbons, which are non-ozone depleting refrigerant gases used automobile air conditioners, room air conditioners, and refrigeration equipment. It also generates and distributes solar power; and sells solar accessories. The company was formerly known as Refex Refrigerants Limited and changed its name to Refex Industries Limited in November 2013. Refex Industries Limited was incorporated in 2002 and is based in Chennai, India.

Details
Name: Refex Industries Limited
REFEX
Exchange: NSEI
Founded: 2002
₹574,902,788
15,475,176
Website: http://refex.co.in
Address: Refex Industries Limited
Bascon Futura SV IT Park,
New No. 10/2, Old No. 56L,
Chennai,
Tamil Nadu, 600017,
India
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BSE 532884 Equity Shares Mumbai Stock Exchange IN INR 20. Aug 2007
NSEI REFEX Equity Shares National Stock Exchange of India IN INR 20. Aug 2007
Number of employees
Current staff
Staff numbers
0
Refex Industries employees.
Industry
Trading Companies and Distributors
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/06 13:13
End of day share price update: 2020/04/03 00:00
Last earnings filing: 2020/02/13
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.