Tag: demerger

Suven creates value through demerger

The pharmaceutical component of the company which was carve-out in January got listed today , This is another demerger which was value accretive Pre Demerger Mkt cap was less than INR 3000 crore now separate companies have combined market cap ~INR 5000 crore

You can read a previous analysis of the company here

As far as scorecard is concerned , we would be removing both components (companies) from score card. The Pharmaceutical component at today’s trading price
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My rational

Life science component though close to … Read the rest

IIFL Demerger Analysis

The ability to destroy your ideas rapidly instead of slowly when the occasion is right is one of the most valuable things. You have to work hard on it. Ask yourself what are the arguments on the other side. It’s bad to have an opinion you’re proud of if you can’t state the arguments for the other side better than your opponents. This is a great mental discipline.

—Charlie Munger

Nirmal Jain, co-founder of IIFL did this in 1999 when their firm realized that opening their paid research to world wide web would bring more clients compared to their current subscription model. They disrupted their own business

Source – Excerpt from Stay Hungry Stay Foolish

The binary decision paid off and in coming years they became of one of most successful broking business in India. My interest in the IIFL group rose due to an interesting remark made by one of the most astute investors in the world

IIFL, for example, in spite of an average 14% return on equity (ROE) and a 30% annual growth in book value per share over the past ten years, even at its current price of around 700 rupees per share is selling at … Read the rest