: Reliance Industries Ltd: BUY, Target Rs3198.
Reliance Industries Ltd
CMP Rs2,346, BUY
Target price Rs3,198, Upside 36.3%
SOTP valuation under base case
Segment | Parameter | Rs mn | US$mn | Rs/share |
Refining | 8x FY10 EBIDTA | 910,955 | 22,774 | 627 |
Petchem | 8x FY10 EBIDTA | 662,510 | 16,563 | 456 |
E&P | DCF for KG D6 and EV/Boe for others | 1,409,281 | 35,232 | 970 |
RPL | 70% @ Rs217 (EV/EBDITA of 9x FY10 E) | 683,550 | 17,089 | 470 |
Reliance Retail | DCF (sales of US$150/sqft) | 348,219 | 8,705 | 240 |
SEZ | Rs40mn/acre (7,500 acres) | 225,000 | 5,625 | 155 |
Total |
| 4,239,515 | 105,988 | 2,918 |
Net Debt |
| 247,415 | 6,185 | 170 |
Net Value |
| 3,992,100 | 99,802 | 2,747 |
Treasury stock |
| 654,390 | 16,360 | 450 |
Total value |
| 4,646,490 | 116,162 | 3,198 |
CMP (Rs) |
|
|
| 2,346 |
Upside (%) |
|
|
| 36.3 |
Source: India Infoline Research
Warm Regards,
India Infoline Research Team
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