Godrej Industries Q4 Review - At 55% Discount To Net Asset Value Versus Average Of 50%: ICICI Securities
The Godrej Industries Ltd. logo is displayed on a safe in the company’s showroom in Mumbai. (Photographer: Adeel Halim/Bloomberg)

Godrej Industries Q4 Review - At 55% Discount To Net Asset Value Versus Average Of 50%: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Godrej Industries Ltd. generates major value from its listed subsidiaries and associates viz. Godrej Consumer Products Ltd., Godrej Properties Ltd. and Godrej Agrovet Ltd.

As per our target prices for Godrej Consumer, Godrej Properties and Godrej Agrovet and 40% holdco discount, Godrej Industries Ltd.’s value works out to Rs 623/share.

At current market prices of the listed subsidiaries and associates, the company’s value works out to Rs 665/share.

The stock trades at a discount of 55% to combined market value of subsidiaries and associates.

We believe the subsidiaries as well as associates of Godrej Industries to be net beneficiaries of revival in economy.

Click on the attachment to read the full report:

ICICI Securities Godrej Industries Q4FY21 Result Update.pdf

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