Tube Investments of India Ltd. – Murugappa Group
Tube Investments of India Ltd (TIINDIA) is a flagship Firm of the famend Murugappa Group, India’s main enterprise conglomerate. Established in 1900, with its Headquarters in Chennai, the Group has 29 companies, with ten listed corporations traded in NSE & BSE.
TIINDIA is one in every of India’s main producers of a variety of precision-engineered and metal-formed merchandise for main industries resembling Automotive, Railway, Building, Mining, Agriculture, and so on. The Firm can also be a number one producer of bicycles in India, with a spread of iconic manufacturers and a powerful market presence.
Valuation:
TIINDIA gives a strong development story pushed by: a) cheap development within the core enterprise and b) leveraging sturdy cashflows of the core enterprise (TI-1) to systematically incubate future development platforms (TI-2) and opportunistic acquisition of burdened property (TI-3) at engaging costs. Therefore, we advocate a BUY ranking within the inventory with a goal worth (TP) of Rs.3230, 50x FY24E EPS.
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