Noble: IIFL maintains Sell Call with TP $1.13. Note that Agri segment not so resilient, cannot blame cotton alone. Weak margin in other energy products, besides carbon credits. metals, minerals and ores (MMO) segment faces double whammy. Noble currently trades at 13.1x FY12 P/E, vs Olam and Wilmar.
Hence, Noble’s motivation for a separate listing of its agri business is difficult to justify, if the company has an equally strong business outlook for its energy and MMO segment.
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