Triveni Engineering: Huge Value Unlocking through Demerger: *Tgt Rs 90 in 3 months*

Valuation based upon FY16-17E:

Sugar Revenue(Cr)  2200
Value of Sugar Biz@
1.0xRevenue (Cr)     2200

Gear Biz Sales(Cr).    135
Value of Gear biz@
8xSales (Cr).              1000

Water biz Sales(Cr).   250
Value of Water biz @
1.2xSales (Cr).             300

Value of Triveni
Turbine stake(Cr).      900

*Total Value of co*. 4400cr
Long Term Debt.        528cr
*Net Value of co*.    3872cr
Discount before
Demerger@25%.        968cr

*FINAL NET VALUE*2904cr

Current Mktcap.        1480cr

*Potential for appreciation in next 3 months before record date: 90%*