IPO Review & Analysis Report

Tuesday, March 3, 2020 NEUTRAL
Incorporated in 2001, Antony Waste Handling Cell Limited (AWHCL) is engaged in offering Municipal Solid Waste (MSW) management services. The service range of the company includes solid waste collection, transportation, processing and disposal services to Indian municipalities. It has in-house expertise in landfill construction and management sector. Outlook & Valuation: AWHCL was unable to …
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Thursday, February 27, 2020 SUBSCRIBE
Outlook & Valuation: At the upper end of the price band, SBI Cards is valued at 45.5x of 9MFY2020 annualised earnings. Although the valuations are a bit on the higher side, we are positive on the future outlook of the company given favorable industry scenario, large untapped SBI Bank customers and strong financial track record. …
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Tuesday, December 17, 2019 0
In terms of valuations, the pre-issue P/E works out to 16.0x 1QFY2020 annualized earnings (at the upper end of the issue price band), which is lower compared to PPFL’s peers like Finolex Ind. and Supreme Ind. (trading at 23.3x and 40.9x of its 1QFY20 annualized earnings, respectively). Further, PPFL has highest ROE of 20.8% among …
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Saturday, November 30, 2019 SUBSCRIBE
Outlook & Valuation: At the upper end of the price band, USFB is valued at 2.8x its Q2FY2020 book value (Pre-IPO) and on post dilution basis at 2.3x of BV, which we believe is attractive considering similar businesses are trading at higher valuations. Moreover, experienced management, Pan-India presence, and pristine asset quality provides comfort. We …
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Thursday, November 21, 2019 NEUTRAL
Outlook & Valuation: At the upper end of the price band, CSB Bank demands Adj. PB multiple of 2.4x of Q2FY2020 Adj. book value, which we believe is expensive considering the investment concerns. Similar banks are trading at lower valuation than CSB and have better return ratio (DCB Bank at P/ABV of 1.73x, Federal Bank …
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Friday, September 27, 2019 SUBSCRIBE
At the upper end of the price band, IRCTC demands PE multiple of 18.8x of FY19 EPS. Recent tax reduction by Government to 25.2% and increase in revenue from service charge for online ticketing will improve profitability substantially going forward. There is also significant opportunity for the Company to ramp up the catering business given …
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Monday, August 5, 2019 Neutral
Outlook & Valuation: At the upper end of the price band, SWSL demands PE multiple of 19.57x FY19 EPS which we feel is expensive given no significant competitive or technology advantage. Lack of listed peers makes comparison difficult. High growth rate in Solar PV installation is expected to slow down post 2019. Considering the fact …
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Saturday, August 3, 2019 SUBSCRIBE
Outlook & Valuation: At upper end of the price band, SSFL is valued at 2.7x of FY2019 BV (Pre-IPO) and on post di lution basis at 2.4x of Book value, whereas close peers i.e. CreditAccess Grameen is trading at 3x FY2019 BV. Given SSFL’s successful exit from CDR in March 2017, healthy NIM, return ratio …
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Monday, July 29, 2019 Neutral
At the upper end of the price band, AIL is valued at PE multiple of 37.1x of FY19 EPS. AIL has no listed peers in India. International peers such as Trade Desk and Criteo trades at 129 & 14 PE respectively. Considering the inherent risk in the business, we have a NEUTRAL view. Investors with …
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Thursday, June 27, 2019 NEUTRAL
K.P.R. Agrochem Limited (K.P.R) is an agri-input Company focused on manufacturing, distribution and retailing of a wide range of crop yield enhancing and protection products. It has 3 manufacturing facilities. Fertilizers segment contributes around 60% of revenue, pesticides around 25% of revenue followed by chemicals & seeds contributing 10% & 5% of revenue respectively. …
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Friday, June 21, 2019 NEUTRAL
Outlook & Valuation: At the upper end of the price band, IndiaMart demands PE multiple of 33x of FY19 EPS (post adjustment on account of FVTPL expense). Considering the investment concerns, we believe investors should wait for price discovery before taking any investment decision. Hence, we have NEUTRAL view on the issue.
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Tuesday, April 23, 2019 Neutral
Outlook & valuation: In terms of valuations, PE works out to be 31x annualized FY19 EPS of `7 post listing (at the upper end of the issue price band) and there is no listed peer available with similar products for comparison. Moreover, NCL is operating at optimum level of utilization and company has not planned …
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