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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 target prices for Godrej Consumer, Godrej Properties and Godrej Agrovet and 50% holdco discount, Godrej Industries' value works out to Rs 654/share.
At current market prices of the listed subsidiaries and associates, the company's value works out to Rs 682/share.
The stock trades at a discount of 62% to combined market value of subsidiaries and associates.
We believe the subsidiaries as well as associates of Godrej Industries to be 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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