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• A leading Indian agricultural conglomerate with sugar, cogen,
distillation, bio-products and agri-input operations.
• Well positioned to take advantage of the sugar cycle, Sugar:
- South based: high yield, less sensitive politically
- Expansion and integration (cogen and distillery)
- Refining JV with Cargill: benefit from domestic/global trade
disparity
• FY12E - first full year of operations for the subsidiaries’ and
JV’s investments
• 63% stake in Coromandel International (CIL) - Benefit from
growing demand for agricultural nutrients and potential
sector deregulation
• Shareholding - Promoter 46%
• Valuation: SOTP method; value sugar business at Rs 113 per
share and CIL stake at Rs 255/share. Implied FY13E PE – 33.7x
CLICK HERE TO RETURN TO LIST OF UBS TOP PICK
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
• A leading Indian agricultural conglomerate with sugar, cogen,
distillation, bio-products and agri-input operations.
• Well positioned to take advantage of the sugar cycle, Sugar:
- South based: high yield, less sensitive politically
- Expansion and integration (cogen and distillery)
- Refining JV with Cargill: benefit from domestic/global trade
disparity
• FY12E - first full year of operations for the subsidiaries’ and
JV’s investments
• 63% stake in Coromandel International (CIL) - Benefit from
growing demand for agricultural nutrients and potential
sector deregulation
• Shareholding - Promoter 46%
• Valuation: SOTP method; value sugar business at Rs 113 per
share and CIL stake at Rs 255/share. Implied FY13E PE – 33.7x
CLICK HERE TO RETURN TO LIST OF UBS TOP PICK
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