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Outlook and Valuation: We have valued MEPs projects using the free cash flow to equity holders (FCFE), applying a 14% discount rate. Considering (1) toll rate hike across Mumbai 5 Entry points project, (2) regular churn of new shorter duration projects, and (3) 5 projects getting completed by September 2016, we arrived at a consolidated F..

Company background: Adlabs Entertainment Ltd (AEL) is promoted by Manmohan Shetty and Thrill Park Ltd. AEL owns and operates Imagica – The Theme Park, which is one of the upcoming theme parks in India. It features a diverse variety of rides and attractions of international standards, food and beverages (F&B) outlets, and retail and me..

Jul 02nd 2013

Hindustan Copper

Government of India is divesting 37,119,152 shares (4.01% of equity capital) in Hindustan Copper Ltd. (HCL). It has set a floor price of Rs70 for the issue. HCL is the only vertically integrated copper producer in India. However, at the OFS price of Rs70, the stock is available at a valuation of 21.0x PE and 11.9x EV/EBITDA based on FY201..

Jun 12th 2013

MMTC Ltd

Government of India is divesting 9,33,12,000 shares (9.33% stake) in MMTC. It has set a floor price of `60 (72% discount to CMP) for the OFS. We recommend investors to AVOID subscribing to shares due to expensive valuation. MMTC is a trading company with a Five Star Export House status. However, at the current price, the stock is trading ..

Mar 21st 2013

SAIL

The Promoter (Government of India), proposes to sell 24,03,96,572 equity shares of face value of Rs10 each representing 5.8% of the total paid up equity share capital of the company. SAIL has fixed the OFS floor price at Rs63 per share (at a 1.4% discount to its closing price as on March 21, 2013). We expect SAIL operational and financial..