| Author |
Message |
subu76
Senior Member
Joined: 25/Feb/2008
Online Status: Offline
Posts: 5709
|
   Posted: 17/Aug/2009 at 9:34pm |
Hi FutureBull,
I am not sure about Ennore Foundary.
Ennore Coke belongs to the Shriram group (of Shriram Transport finance fame). In the Shriram EPC report (another Shriram company) they mentioned that Ennore coke has given them a big order.
I found out that Ennore coke has a small market cap.....it was a bit mystifying.
Wondering if you have any idea.
|
 IP Logged |
|
|
|
 |
|
deveshkayal
Senior Member
Joined: 04/Sep/2006
Online Status: Offline
Posts: 3903
|
Posted: 18/Aug/2009 at 1:02pm |
|
Deutsche Bank intitiated with a target price of 4150.
1. A low cyclical business
2. Adding capacities at a fast pace
3. New ventures are very profitable
4. Operational captive coal block a competitive advantage
5. Cost savings, volume growth in steel and power drives PAT
6. Stock performance does not capture low cyclicality
7. Our TP of INR 4150, based on SOTP and DCF approach, implies 33% upside potential
– TP implies exit P/E of 19.7x FY10e for power and 10xFY10e for steel - a discount to peers
– Only large power utility trading at a near 20% discount to NPV
8. Headline P/E is misleading due to conservative accounting policies
9. Key risks include: delays in implementation, imposition of a regulatory cap on spot power rates
below INR 4/unit and fall in global fuel prices by over 40% from current levels.
|
|
"You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beat the guy with a 130 IQ. Rationality is essential"- Warren Buffett
|
|
IP Logged |
|
|
|
kulman
Senior Member
Joined: 02/Sep/2006
Location: India
Online Status: Offline
Posts: 9319
|
Posted: 18/Aug/2009 at 4:42pm |
Originally posted by deveshkayal
Deutsche Bank intitiated with a target price of 4150.
7. Our TP of INR 4150, based on SOTP and DCF approach, implies 33% upside potential
|
Hmmm...so SOTP is back in vogue!
Originally posted by deveshkayal
9. Key risks include: delays in implementation, imposition of a regulatory cap on spot power rates
below INR 4/unit and fall in global fuel prices by over 40% from current levels. |
One major key risk is that Deutsche has recommended to buy.
Disclosure: The author has no positions. The author is not against either JSPL or DB.
Edited by kulman - 18/Aug/2009 at 4:43pm
|
|
Life can only be understood backwards—but it must be lived forwards
|
|
IP Logged |
|
|
|
Hitesh Shah
Senior Member
Joined: 12/Oct/2008
Online Status: Offline
Posts: 3656
|
Posted: 18/Aug/2009 at 5:06pm |
Originally posted by kulman
....
Disclosure: The author has no positions. The author is not against either JSPL or DB.
|
 . Sitting firmly on the fence or on the sidelines is a position. I think where SOTP really ran a ground was in the valuation of real estate and land banks.
|
|
IP Logged |
|
|
|
kulman
Senior Member
Joined: 02/Sep/2006
Location: India
Online Status: Offline
Posts: 9319
|
Posted: 18/Aug/2009 at 5:27pm |
Originally posted by Hitesh Shah
Sitting firmly on the fence or on the sidelines is a position.
|
Hmmm....sitting firmly on fences can be very painful at times.....e.g.
While on the subject, Charlie Munger once said,“You don't have to pee on an electric fence to learn not to do it!”
|
|
Life can only be understood backwards—but it must be lived forwards
|
|
IP Logged |
|
|
|
Hitesh Shah
Senior Member
Joined: 12/Oct/2008
Online Status: Offline
Posts: 3656
|
Posted: 18/Aug/2009 at 5:52pm |
|
Talking of painful, if you look at the .pdf presentation that Devesh cited a few pages earlier, you will find that JSPL has won a few Golden Peacocks, and if you remember the posts in the Satyam thread .....
|
|
IP Logged |
|
|
|
deveshkayal
Senior Member
Joined: 04/Sep/2006
Online Status: Offline
Posts: 3903
|
Posted: 18/Aug/2009 at 8:11pm |
Originally posted by kulman
One major key risk is that Deutsche has recommended to buy.Disclosure: The author has no positions. The author is not against either JSPL or DB.
|
I think Deutsche was among the rare financial companies who was unaffected by the crisis. Correct me If I am wrong .
|
|
"You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beat the guy with a 130 IQ. Rationality is essential"- Warren Buffett
|
|
IP Logged |
|
|
|
kulman
Senior Member
Joined: 02/Sep/2006
Location: India
Online Status: Offline
Posts: 9319
|
Posted: 18/Aug/2009 at 9:13pm |
Originally posted by deveshkayal
I think Deutsche was among the rare financial companies who was unaffected by the crisis. Correct me If I am wrong . |
Oh really? Great!
All the best to DB and DK.
|
|
Life can only be understood backwards—but it must be lived forwards
|
|
IP Logged |
|
|
|
Active Topics
Memberlist
Calendar
Search
Help
Register
Login
