IPO Views Reports

Monday, August 5, 2019
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 …
Saturday, August 3, 2019
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 …
Monday, July 29, 2019
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 …
Thursday, June 27, 2019
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. …
Friday, June 21, 2019
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.
Tuesday, April 23, 2019
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 …
Thursday, April 4, 2019
Polycab India Ltd (PIL) manufactures and sells a diverse range of wires & cables. The company’s key products in the wires & cables segment include power cables, control cables, instrumentation cables, solar cables, building wires and flexible cables. In the year 2009, the company diversified into engineering, procurement and construction (EPC) business. Further, it also …
Friday, March 29, 2019
Rail Vikas Nigam Ltd. (RVNL) is a wholly owned Government Company, a Miniratna (Category – I) Schedule ‘A’ Central Public Sector Enterprise. RVNL is a project executing agency working for and on behalf of MoR (Ministry of Railways). It undertakes rail project development, mobilization of financial resources and implementation of rail projects pertaining to strengthening …
Saturday, March 16, 2019
EMBASSY Office Parks REITs (Embassy REIT) is the owner of a high quality office portfolio that serves as essential corporate infrastructure to multinational tenants and has significant embedded growth prospects. Embassy REIT’s Portfolio comprises seven best-in-class office parks and four prime city-center office buildings totaling 32.7msf as of December 31, 2018, with strategic amenities, including …
Tuesday, March 12, 2019
MSTC was incorporated in 1964 as a trading company to deal in the export of scrap and since than it has grown into a large diversified, multi-product services and trading company. It was a canalizing agency for import of ferrous scrap until 1992, however after de-canalization, MSTC has established itself as one of the leading …
Monday, September 24, 2018
Aavas Financiers (Aavas) started operations in March 2012 as a retail affordable housing finance company. The company lends to the low-ticket, high yield segment and targets low-income rural and semi urban self-employed customers. Aavas operates from a network of 165 branches spread across eight states (Rajasthan, Gujarat, Maharashtra, MP, Haryana, Delhi, UP and Chhattisgarh) of …
Friday, September 21, 2018
Garden Reach Shipbuilders and Engineers Limited (GRSE), a shipbuilding company, primarily caters to the shipbuilding requirements of the Indian Navy and the Indian Coast Guard. GRSE was incorporated in Calcutta on February 26, 1934. GRSE is a Schedule B company conferred with Mini Ratna-Category I status since September 2006. The company has three divisions i.e. …

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