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All that you need to know about Galaxy Surfactants IPO -
All that you need to know about Galaxy Surfactants IPO
Nirmal Bang | Published: 29 Jan, 2018  | Source :

Valuation and Recommendation

Galaxy  Surfactants  has  shown  consistent  growth  in  sales  as  well  as profitability. Personal Care and Home Cleaning are matured markets which explain  the  muted  sales  growth  of  8%  CAGR  between  FY13-17  however due to economies of scale; EBITDA grew by 22% over the same period.  We believe the valuations are fair considering GSL’s strong financial strength in terms of healthy return ratios, free cash flow generation and sound asset turnover  ratios.  At  higher  band  the  issue  is  offered  at  35x  1HFY18 annualised  earnings.  We  like  the  company’s  strong  position  in  its  niche area  in  addition  to  strong  pedigree  of  management.  We  recommend investors to subscribe the issue for long term gains.

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About Nirmal Bang

Founded in 1986 by Nirmal Bang, the Nirmal Bang is recognized as one of the largest retail broking houses in India, providing an array of financial products and services. Their retail and institutional clients have access to products such as equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS. The Group is headed by Mr. Dilip Bang and Mr. Kishore Bang.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.