Motilal Oswal has come out with its report on Tatva Chintan Pharma Chem. The research firm has recommended to ”Subscribe” the ipo in its research report as on July 15, 2021.
Broker Research
July 16, 2021 / 02:14 PM IST
Motilal Oswal IPO report on Tatva Chintan Pharma Chem
Tatva Chintan Pharma Chem Ltd (TCPCL) is a specialty chemicals manufacturer, with a diverse portfolio of structure directing agents (SDAs; 40% of revenues), phase transfer catalysts (PTCs; 27%), electrolyte salts (ES; 1%) for super capacitor batteries (SCB) and pharmaceutical/ agrochemical intermediates and other specialty chemicals (PASC; 30%).
Valuation and Outlook
The issue is valued at 45.9x FY21 P/E on post issue basis, which appears reasonable compared to peers (avg. P/E of 59x), as it enjoys higher earnings growth (62% CAGR vs. avg. 38% CAGR for peers over FY18-21). Hence, we recommend Subscribe.
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