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Kesoram Industries Research Report - 16th Dec 2015

Diversified | Published on Jul 16th 2010

IT

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.

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CMP 300
Target Price 437
Investment Period

Stock Info

MCAP BSE (Rs in Cr)1,599.54
MCAP NSE (Rs in Cr)1,597.79
P/E (x)NM
EPS (Rs.)-67.78
BV (Rs.)36.23
Div Yield (%)0.00
FV (Rs.)10.00
P/BV (x)3.77
EV/Sales (x)1.57
EV/EBITDA (x)46.47

Shareholding Pattern (%)

Promoter49.0
Public & Others21.0
Foreign14.0
Corporate11.0
Institution5.0
Grand Total100.0

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