Expansion of aluminum business to lead to increased profitability VEDANTA (VEDL) RECENTLYannounced a demerger of its existing businesses into six listed entities.
This demerger is designed as a straightforward vertical split, where for every one share of VEDL, shareholders will also receive one share in each of the five newly listed compa nies. We view this demerger, expected to be completed within 1215 months, as a positive development. It offers investors opportunities to invest in standalone businesses, providing a pure-play approach. However, it's important to note that this demerger does not address the debt concerns of Vedanta Resources (VRL), the parent company, which still needs to repay $4.2 billion in debt by FY25E.
Despite this, our target price remains unchanged at 249 based on FY25E earnings. The stock has experienced a 21% correction since our previous downgrade. We are upgrading VEDL to a 'HOLD' rating.
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Denne historien er fra October 03, 2023-utgaven av Financial Express Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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