Sharekhan on Man Industries - Target of Rs 66
Sharekhan has recommended a buy rating on Man Industries with price target of Rs 66 in its report.
"Assuming a substantial discount to the average multiple, we have valued Man Industries taking the average of 5x one-year forward PE multiple and 2x one-year forward EV/EBIDTA multiple. In our valuations, we have not considered the value of its real estate portfolio as the realty business is at a very nascent stage. However, we have valued the real estate projects of the group at Rs103.4 crore (considering the group’s 58% stake in the projects) and if this value is included in our estimates the same could add about Rs 19 to the sum-of-the-parts valuations. We recommend a 'Buy' on the stock with a price target of Rs 66," says Sharekhan's report.
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