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 firms traded in NSE & BSE.
TIINDIA is one in all India’s main producers of a variety of precision-engineered and metal-formed merchandise for main industries equivalent to Automotive, Railway, Development, Mining, Agriculture, and many others. The Firm can also be a number one producer of bicycles in India, with a spread of iconic manufacturers and a robust market presence.
Valuation:
TIINDIA affords a strong progress story pushed by: a) affordable progress within the core enterprise and b) leveraging sturdy cashflows of the core enterprise (TI-1) to systematically incubate future progress platforms (TI-2) and opportunistic acquisition of harassed property (TI-3) at engaging costs. Therefore, we advocate a BUY ranking within the inventory with a goal value (TP) of Rs.3230, 50x FY24E EPS.
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