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Motilal Oswal Report
Reliance Industries’ Annual General Meeting continued to focus on the next gen business. It discussed various opportunities, growth levers and strategic initiatives in the consumer business in detail. Key highlights include new strategic partnership with Global Tech (Google), Jio’s new offerings, Oil to Chemicals business etc.
The stock is trading at 11.1 times FY22E consolidated Enterprise Value /EBIDTA and 17.3 times FY22E consolidated Earning Per Share. Using SOTP, we refining and petrochemical segment at 7.5 times to arrive at a valuation of Rs 615 per share for the standalone. We ascribe equity valuation of Rs 905 per share and Rs 500 per share to Reliance Jio and Reliance Retail, respectively. We reiterate Buy with a target price of Rs 2,020 per share.
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