Olam

Olam: Barclays rates at Overweight with TP $1.80. Notes its portfolio of defensible niche products and projects is providing an attractive risk/reward at current levels. Geographic and product diversification, and relatively high margin vs peers, provides some additional comfort to the investment case. The top-5 projects in Olam's portfolio alone could add another $0.75-1.00/share in DCF value. House says concerns overdone, valuation discount vs peers unjustified. Valuations at 8.7x 2014E PE implies a 35% discount vs peers.