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INEOS ABS (India) Research Report - 16th Dec 2015

Miscellaneous | Published on Oct 05th 2011

IT

Ineos ABS India (INEOS), an 83% subsidiary of Ineos Global Group, is Indias leading manufacturer of an engineering plastic named acrylonitrile butadiene styrene (ABS). On the back of capacity expansion and product development, the top line of the company is expected to grow at a CAGR of 19% during CY2010-12E. The business of the company is to be transferred to ‘Styrolution’, a 50/50 JV between BASF and INEOS and as specified in the company release on BSE, ‘an indirect change in control of INEOS ABS India Limited is expected’, which may trigger an ‘Open Offer’ in the next one year, in our view. The stock is attractive at 12.7x PE and 0.9x EV/Sales for CY2012E. We recommend Buy on INEOS ABS India with a target price of Rs702, based on a target P/E of 16x and implied EV/Sales of 1.1x for CY2012E.

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CMP 559
Target Price 702
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)1,039.04
MCAP NSE (Rs in Cr)1,032.09
P/E (x)14.93
EPS (Rs.)39.56
BV (Rs.)313.85
Div Yield (%)0.68
FV (Rs.)10.00
P/BV (x)1.88
EV/Sales (x)0.74
EV/EBITDA (x)15.11

Shareholding Pattern (%)

Promoter75.0
Public & Others17.0
Institution5.0
Corporate2.0
Foreign1.0
Grand Total100.0

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