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Kesoram Industries (Kesoram) is a diversified player with presence in cement and tyre manufacturing. The companys cement and tyre businesses are currently trading at attractive valuations coupled with being at a substantial discount to their peers and replacement costs. We have valued the cement business at a EV/tonne of US $65, which is at a considerable discount to the replacement costs of US$80/tonne. This gives an implied enterprise valuation of Rs1.4cr/tpd to the tyre business , which is at 35-63% discount to the peers such as Apollo Tyres (Rs3.8cr/tpd) and JK Tyre (Rs2.2cr/tpd). We e Initiate Coverage on the stock, with a Buy recommendation.Download Full Report
|MCAP BSE (Rs in Cr)||2,105.56|
|MCAP NSE (Rs in Cr)||2,109.08|
|Div Yield (%)||0.00|
Shareholding Pattern (%)
|Public & Others||21.0|