Motilal Oswal: RIL AGM 2020- Complete Report
Mukesh Ambani at a Reliance Industries AGM. (Source: BloombergQuint)

Motilal Oswal: RIL AGM 2020- Complete Report

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

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 value 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.

Click on the attachment to read the full report:

Motilal Oswal Reliance Industries Update.pdf

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