ITCs tobacco business is going cheap but Kotak Institutional Equities thinks market has it wrong

Image for article ITCs tobacco business is going cheap but Kotak Institutional Equities thinks market has it wrong
News Source : The Times of India

News Summary

  • Kotak Securities estimates ITC’s tobacco business is valued at just 11X forward earnings, suggesting potential undervaluation.
  • The brokerage sees stronger growth in non-tobacco businesses.
  • Kotak Securities believes separating tobacco from faster-growing non-Tobacco operations could unlock substantial value for shareholders.
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ITCs tobacco business appears to be getting little credit from the market, with Kotak Securities reverseSoTP valuation suggesting the business is valued at around 11X its oneyear forward earnings.

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