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 1 Rs730 EQLine Research and Services Pvt Ltd Vesuvius India | Capital Goods Research Team Con No: 9444119602 E-mail: [email protected] Website: www.eqinfotech.com Disclaimer The information herein, together with all estimates and forecasts, can change without notice. This report does not purport to be a complete solicitation of offers to buy or sell any securities. Visitors to the site are advised to consult experts or study prospectus and other legal offer documents issued by companies before taking any decisions based on information provided in the site. Neither http://www.eqinfotech.com or EQLine nor its Directors or Analysts or Employees accept any liability whatsoever nor do they accept responsibility for any financial consequences arising from the use of the research or information provided herein. EQLINE RESEARCH February 26, 2015 212/4B, Ramani Srinivasan IInd street, Venkateswara Nagar, New Perungalathur, Chennai 600063. Ph: +919444119602 2