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Finquest Sec. - Raymond Ltd. - Company Update March 14, 2014




Finquest Securities Pvt Ltd


14 Mar 2014





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At the CMP, RYMD is trading at a P/E of 6.4x and an EV/EBIDTA of 5.1x FY15E earnings. We value RYMD at 12x FY15E earnings arriving at a target price Rs 515. The company's ~ 125 acres Thane land could fetch Rs.20-23bn (implying valuation of Rs. 348-389 per share) at a conservative valuation of Rs 170-190 mn per acre. However we do not factor the land valuation in arriving at our target price. We believe any sale of land would substantially reduce the debt thereby strengthening the balance sheet. Any form of real estate value unlocking would be value accretive.

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