Why you should pay attention to Ganesh Benzoplast (Latest pick of Anil Goel & Malabar Fund) Explained by Dhruv Bajaj
Correction:
We made a big oversight by missing out on the JV announcement that dhruv talked about in the video.
The company has already announced its JV partners - Confidence Petroleum & BW LPG who will have 55% stake in the venture.
This is a big announcement considering their indigenous LPG consumption capacity which will ensure that the company will not only have very high capacity utilisations from the start, but also ensure that the operations are handled more efficiently due to the experience of its JV partners.
What are the implications of this announcement-
*On the risk front*: The risk of inability to find a JV partner & potential operational inefficiency due to lack of experience is eliminated significantly.
On Key tracking points- Since the announcement is already public since last 2 months, therefore that information is already priced in.
On valuation front- We will revise the potential of this project from 200 Crs to 400 Crs as we believe that throughout expected will increase to industry standard of 70X Vs 36X conservative estimate & since we have modelled FY27, for our calculations instead of FY26, when the plant will become operational, therefore the company's portion of the overall EBITDA will still be 130 Crs (i.e.400 Crs*70%*45%) Valuations scenario will remain unchanged .
We apologise for the oversight & thank you for all the love showered upon us.
We are also thankful to our community members for bringing this point to our notice.
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