Buy Reliance Industries, target price Rs 2325: Motilal Oswal

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Buy Reliance Industries, target price Rs 2325:  Motilal Oswal


Motilal Oswal has buy call on Reliance Industries with a target price of Rs 2325. The current market price of Reliance Industries Ltd. is Rs 1955.6.

Reliance Industries Ltd., incorporated in the year 1973, is a Large Cap company (having a market cap of Rs 1354442.14 Crore) operating in Diversified sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated sales of Rs 123997.00 Crore, up 6.71 % from last quarter Sales of Rs 116195.00 Crore and down -19.05 % from last year same quarter Sales of Rs 153179.00 Crore. Company reported net profit after tax of Rs 14819.00 Crore in latest quarter.

Investment Rationale
Using SOTP, the brokerage value the Refining and Petrochemical segment at 7.5x FY23E EV/EBITDA to arrive at a valuation of INR780/share for standalone. It ascribes an equity valuation of INR900/share to RJio and INR645/share to Reliance Retail. Reiterate Buy, with Target Price of INR2,325/share.


Promoter/FII Holdings
Promoters held 49.1 per cent stake in the company as of Sept 30, 2020, while FIIs held 27.2 per cent, DIIs 13 per cent and public and others 10.6 per cent.





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