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ICICI Securities Report
Godrej Industries Ltd. generates major value from its listed subsidiaries and associates viz. Godrej Consumer Products Ltd., Godrej Properties Ltd. and Godrej Agrovet Ltd.
As per our estimate target prices for Godrej Consumer, Godrej Properties and Godrej Agrovet and 50% holdco discount, Godrej Industries' value works out to Rs 656/share.
At current market prices of listed subsidiaries and associates, Godrej Industries' value works out to Rs 622/share. The stock trades at a discount of 60% to combined market value of subsidiaries and associates.
We expect subsidiaries as well as associates of Godrej Industries to be the net beneficiaries of revival in economy. We also expect these businesses to benefit with value migration from unorganised to organised sector.
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