Vesuvius India - EQInfotech.com

EQLine Research and Services Pvt Ltd
Capital Goods
February 26, 2015
Vesuvius India
Discontinuing Coverage
CMP
Vesuvius India has given good returns in the past year, appreciating by ~75%.
After assuming top-line CAGR of 7.5% and bottom-line CAGR of 11.2% for
CY2014-CY2016E, the valuation in our view is expensive at 20.2x PE for
CY2016E. In comparison, its peer Orient Refractories Ltd trades at 13.5x PE for
FY2017E. We had initiated coverage on the stock on August 9, 2011 at the price
of Rs365, delivering 100% return. Going forward, we do not expect any notable
upside in the stock and hence drop our coverage on the same (from February 25,
2015).
EQLINE RESEARCH
212/4B, Ramani Srinivasan IInd street, Venkateswara Nagar, New Perungalathur, Chennai 600063. Ph: +919444119602
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Rs730
EQLine Research and Services Pvt Ltd
Vesuvius India | Capital Goods
Research Team Con No: 9444119602
E-mail: [email protected]
Website: www.eqinfotech.com
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EQLINE RESEARCH
February 26, 2015
212/4B, Ramani Srinivasan IInd street, Venkateswara Nagar, New Perungalathur, Chennai 600063. Ph: +919444119602
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