Olam

Olam: Morgan Stanley reiterates O/W rating on Olam and favorably view Tata’s investment in grp’s Gabon Project. Key positives of development include, de-risking Olam's investment in space that was new by bringing in experienced strategic partner, significantly reducing execution risk, as Tata will be responsible for Project Management for first 3 yrs, and stake sale at an implied equity valuation premium of 154% reduces immediate pressure on Olam to raise equity for funding project.