Quote on Exxaro Tiles - IPO by Mr. Amarjeet Maurya, Angel Broking Ltd
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Below is quote on Exxaro Tiles - IPO by Mr. Amarjeet Maurya - AVP - Mid Caps, Angel Broking Ltd
Incorporated in 2008, Exxaro Tiles Ltd (ETL) is a midsized vitrified tiles manufacturer, based out of Gujarat. The company has two manufacturing facilities one each at Vadodara and Talod spread over 1.5 lacs sq. meters. The company’s products are divided into two broad categories. (A) Double Charge Vitrified Tiles & (B) Glazed Vitrified Tiles. ETL sells products under its own umbrella Brand “Exxaro”.ETL’s products are sold via its 2000+ dealer networks and has wide presence in the Tier I cities.
Outlook & Valuation: In terms of valuations, the post-issue FY2021 PE works out -35.2x to (at the upper end of the issue price band), which is low compared to peers (Somany Ceramics -43.7x & Kajaria Ceramics -52.7x). Further, Exxaro Tiles has a better revenue growth compared to its peers (over FY18-21). We believe this valuation is at reasonable levels.Thus, we recommend a subscribe rating on the issue.
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