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India Equity Research Reports, IPO and Stock News
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• Leading global pipe company – 2.0 MT capacity by FY12E,
accreditations from 50 large global oil/gas/utility companies
• Positive outlook for SAW pipes as Oil & Gas capex picks up
• Apollo to invest Rs13.05bn for equity stake (fresh issuance) in
Welspun Corp; improves investor perception on alleged
corporate governance concerns
• Healthy new order accretion likely – order book of 650,000
tonne imparts 7-8 months visibility
• Backward integration on plate and coil mill - lower its
dependence on buying or importing plates and HR coils
• Stake acquisition in Saudi Pipe Company should help penetrate
the local market; 35% acquisition in Leighton Contractors
(India) to tap huge infra opportunity
• Forecast 21% sales and EPS growth in FY12, EBITDA margin of
17.2%, ROCE of 28.6% and ROE of 19.4%
• Shareholding: Promoter 41%
• Valuation: DCF using UBS’s VCAM tool (assume a WACC of
15.4%, terminal sales growth of 1.2%). Implied FY13E PE – 8x
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