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IFB Agro Industries Research Report - 16th Dec 2015

FMCG | Published on Mar 22nd 2013

IT

IFB Agro Industries (IFB), primarily present in West Bengal, is engaged in the business of manufacturing alcohol, bottling of branded alcoholic beverages as well as processed and packed marine foods, both for domestic and export markets. The companys expansion plans in the liquor segment coupled with scope for higher market penetration are expected to drive growth. IFBs presence in marine business provides ample opportunity in the domestic as well as export markets due to the niche product categorization and presence of fewer competitors. Moreover, the recent preferential allotment, where the promoter has pumped ~Rs18cr (~13% of the current market cap), reflects promoters confidence in the company. We initiate coverage with a Buy recommendation on the stock with a target price of Rs198.

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CMP 151
Target Price 198
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)355.31
MCAP NSE (Rs in Cr)357.18
P/E (x)10.95
EPS (Rs.)34.62
BV (Rs.)286.72
Div Yield (%)0.00
FV (Rs.)10.00
P/BV (x)1.32
EV/Sales (x)0.66
EV/EBITDA (x)9.68

Shareholding Pattern (%)

Promoter65.0
Public & Others34.0
Institution1.0
Corporate0.0
Foreign0.0
Grand Total100.0

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