Thursday, December 26, 2013


Wilmar: Latest was Nomura's note on speculations that Wilmar may do a stake purchase in Shree Renuka. As per a few news articles in India, Wilmar may be talking to Shree Renuka Sugars (SHRS IN) to buy a stake in the company. The stake purchase may trigger an open offer which implies >25% stake. Shree Renuka Sugars (SRS) has a market cap of ~US$200mn, with annual crushing capacity of 22mn MT (13mn MT in Brazil); However, it is loss making, and is trading at EV/EBITDA of 6x CY14F (sector average ~5.5x).

No comments:

Post a Comment