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Banco Products (India) (Banco) is among the leading manufacturers of radiators and gaskets in the country with five manufacturing units. In July 2010, the company acquired 51% stake in Lake Cement (a cement manufacturer), a diversification into unrelated business which led to sharp correction in the stock price. In May, 2014, the company exited the cement business at ~52% premium for US$17.7mn and is now expected to use the proceeds for acquisition in auto component related business in Europe which will further strengthen its foothold in global auto component market. Additionally, the commercial vehicle (CV) industry which contributes ~80% to the companys domestic revenue is also witnessing revival, which poses a huge growth potential for the company. On account of growth potential with revival in CV industry and potential acquisition plans, we initiate coverage on the company with a Buy recommendation with a target price of Rs172 on a target PE of 9.0x FY2016E earnings.Download Full Report
|Investment Period||12 Months|
|MCAP BSE (Rs in Cr)||1,397.47|
|MCAP NSE (Rs in Cr)||1,398.18|
|Div Yield (%)||2.35|
Shareholding Pattern (%)
|Public & Others||27.0|