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Page Industries Limited: What is the Intrinsic Value?
In October 2022, Mr. Kumar was looking at adding Page Industries to his equity portfolio. He approached Mr. Paibir of P3 Investment Solutions in Goa, India, for advice. Mr. Kumar wanted to know the fair value of Page Industries’ equity shares. An equity analyst was tasked with analyzing Page Industries and suggesting a price level for long-term investment. This exercise addresses several key issues in estimating a firm’s fair value that makes it unique. First, a comparative analysis of Page and its peers on key financial factors is used. The next issue is modelling for future growth to estimate revenue, profits, cash flows, and computation of intrinsic value. Finally, the exercise addresses the challenges in estimating fair multiples to value a firm using the relative valuation method. -
Indigo Paints IPO: Listing Exit or Long-Term Investment?
In January 2021, Indigo Paints Limited launched an initial public offering of ordinary equity shares to list the company on a stock exchange. It was one of the most subscribed public offers in recent times in India. The company was in the business of manufacturing and selling decorative paints. A retail investor from Mumbai, India received an allotment of Indigo shares and wondered if the grey market premium indicated a fair value for the stock. He understood that initial public offerings were generally underpriced, but wondered what the company’s intrinsic value actually was. He sought input from his friend, who was an independent financial advisor, to help him understand the value proposition that the initial public offering would bring to Indigo Paints Limited. The two friends consulted all relevant financial statements and began their calculations.