Motilal Oswal is bullish on SRF recommended buy rating on the stock with a target price of Rs 5170 in its research report dated September 03, 2020.
Motilal Oswal 's research report on SRF
SRF incurred total capex of INR84b over the last 10 years, of which 57% was deployed toward the Chemicals segment. Of the total capex, 63% was incurred in the past 5 years itself. Additionally, on 31st Aug'20, the SRF board approved fund raise of INR7.5b through QIP and INR2.5b through issuance of listed redeemable secured non-convertible debentures by way of private placement. In this report, we analyse SRF's capex over the past decade and the company's plans in the future.
Outlook
We value SRF on an SOTP basis to arrive at Sep’22E target price of INR5,170. Maintain Buy.
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