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ICICI Securities Report
Godrej Industries Ltd. generates major value from its listed subsidiaries and associates viz. Godrej Consumer, Godrej Properties and Godrej Agrovet. As per our estimate target prices for Godrej Consumer, Godrej Properties and Godrej Agrovet and 55% holdco discount, Godrej Industries value works out to Rs 1,090/share.
At the current market prices of listed subsidiaries and associates, Godrej Industries value works out to Rs 1,260/share. Godrej Group is undergoing a group simplification via ownership realignment of shareholdings in the group. We believe further simplification (if any) of the group may result in value unlocking.
Further, it may result in lower holdco discount in the long term. At present, the stock trades at a discount of 62% to the combined market value of subsidiaries and associates.
We believe, the subsidiaries as well as associates of Godrej Industries, shall be the net beneficiaries of recovery in end-user industries.
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