Triveni Engineering: TP Rs 90 in 3 months:
1) Holds shares of Triveni Turbine worth Rs 900 cr vs mktcap of Rs 1420cr
2) Demerging Sugar &allied business , post which TEIL will have engineering biz and Triveni Industries Ltd (TIL) comprising 7 sugar factories, 105MW power and 160KLPD distillery would be listed. Shareholders will get one share each of both companies
3) Q1 PAT 49cr vs Loss of 89cr. Q1 Eps 1.88 vs -3.46
4) SUGAR BUSINESS: Unrealised profit of inventory
as on 30th June is 187cr( only sugar, excluding distillery, power).
FY17E EBIT 390CR, PBT 290CR, PAT 225CR. EPS 9
Even if Sugar (TIL) gets PERatio of 8( prevailing industry is 10), TIL (sugar biz) should be Rs 70-72 once it is listed (in Nov16)
TEIL (engineering biz) should quote 40 in Nov16 ( will also have TTL shares worth Rs 35/ share). Detailed report on engineering prospects separately afterwards.
Our Top Pick in Sugar industry
1) Holds shares of Triveni Turbine worth Rs 900 cr vs mktcap of Rs 1420cr
2) Demerging Sugar &allied business , post which TEIL will have engineering biz and Triveni Industries Ltd (TIL) comprising 7 sugar factories, 105MW power and 160KLPD distillery would be listed. Shareholders will get one share each of both companies
3) Q1 PAT 49cr vs Loss of 89cr. Q1 Eps 1.88 vs -3.46
4) SUGAR BUSINESS: Unrealised profit of inventory
as on 30th June is 187cr( only sugar, excluding distillery, power).
FY17E EBIT 390CR, PBT 290CR, PAT 225CR. EPS 9
Even if Sugar (TIL) gets PERatio of 8( prevailing industry is 10), TIL (sugar biz) should be Rs 70-72 once it is listed (in Nov16)
TEIL (engineering biz) should quote 40 in Nov16 ( will also have TTL shares worth Rs 35/ share). Detailed report on engineering prospects separately afterwards.
Our Top Pick in Sugar industry
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