PI Industries Ltd.

NSE: PIIND | BSE: 523642 | ISIN: INE603J01030 |Industry: Agrochemicals
|Expensive Star
2197.20 39.05 (1.81%)
NSE Oct 30, 2020 15:31 PM
Volume: 533.0K

PI Industries Ltd.    
07 Aug 2020
Nirmal Bang Institutional
We maintain Accumulate on PI industries (PI) after raising our PE-based target price (TP) by 18.2% to Rs1972 post results- in line vs. NB estimates, but above the street's. We have also tweaked our base case EPS forecast to build in the 8.97% equity dilution post the recent QIP. Our new TP is based on 33x PE on our proforma FY22E-23E average EPS estimate assuming potential earnings from proposed investments on capacity building through M&A; to be funded using the Rs20bn equity raised through a QIP last month. Management has a crack team working full time on potential targets in non-agro CSM, especially in pharma space, including overseas assets and expects to invest the QIP funds in full over the next 15-18 months (2H...
Nirmal Bang Institutional released a Accumulate report for PI Industries Ltd. on 30 Oct, 2020.
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