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Disa India Research Report - 16th Dec 2015

Capital Goods | Published on Sep 25th 2012


Disa India (Disa), an 86.5% subsidiary of Disa Holding AG, is a market leader in manufacturing modern foundry equipment with a 70% market share in India. As per the June 2010 amendment of Securities Contract (Regulations) Act, all listed companies should have a minimum of 25% public shareholding by June 2013. Since the promoters stake in Disa is at 86.5%, we believe that the company may opt for delisting rather than diluting its stake considering the company has tried delisting in the past. If the delisting doesnt get through, still the stock is trading at an attractive valuation of 12.8x its CY2013E EPS, owing to the companys collaboration with Wheelabrators technologies, continuous expansion and improving order book. We initiate coverage on the stock, with a Buy recommendation and a target price of Rs3,353.

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CMP 2,678
Target Price 3,353
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)673.73
MCAP NSE (Rs in Cr)0.00
P/E (x)60.21
EPS (Rs.)74.11
BV (Rs.)716.36
Div Yield (%)0.06
FV (Rs.)10.00
P/BV (x)6.23
EV/Sales (x)4.27
EV/EBITDA (x)65.21

Shareholding Pattern (%)

Public & Others12.0
Grand Total100.0

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