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Multi Commodity Exchange (MCX) IPO Views - 16th Dec 2015

Miscellaneous | Published on Feb 22nd 2012

IT

MCX currently has zero debt on its book, and major capex to fuel growth has already been incurred by the company. Secondly, the company reported investment and cash worth Rs1,324cr at the end of 9MFY2012, which works out to Rs260/share. On an annualized basis, the stock will be trading at 15.1x and 18.1x at the lower and upper band on FY2012E earnings, respectively, which we believe is fair compared to global peers, which trade at 18x-19x TTM earnings; further, the recent off-market deals value MCXs Indian peers, NSE and BSE, at 22x-24x 9MFY2012 annualized earnings. We believe MCX being the only major commodity exchange in India and the worlds fifth largest exchange can witness strong growth in revenue and profitability going ahead, which makes its valuation much more attractive than global peers. Hence, we recommend Subscribe to the issue on account of its relatively fair valuations.

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