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21. bangalore king  Oct 21, 2016 5:57:04 PM IST Reply

PNB Housing Finance Ltd IPO

Thumps up from Capital market


PNB Housing Finance''s EPS for FY2016 on post-issue equity works out to Rs 19.78. At the lower price band of Rs 750 per equity share of Rs 10 face value P/E works out to 37.9 times of FY2016 EPS of Rs 19.78 (on post-IPO equity). At the upper band of Rs 775 per equity share, P/E works out to 39.2 times of FY2016 EPS of Rs 19.78 (on post-IPO equity).

The book value of PNB Housing Finance is Rs 176.52 as of June 2016. Post-issue, the book value works out to Rs 313.95 per share at the lower band of issue price of 750 and Rs 316.39 per share at the upper band of issue price of Rs 775. The adjusted book value, net of net non-performing assets, at the upper band of issue price of Rs 775 works out to Rs 312.9 per share.

P/BV (post-issue) for PNB Housing Finance works out to 2.45 times and P/Adj BV at 2.48 times at the upper price band. Among the comparable peers, Gruh Finance is trading at P/BV of 13.7 times, Can Fin Homes is trading at P/BV of 5.3 times, Repco Home Finance is trading at P/BV of 4.9 times, HDFC is trading at P/BV of 4.0 times, Indiabulls Housing Finance is trading at P/BV of 3.4 times, LIC Housing Finance is trading at P/BV of 3.2 times and Dewan Housing Finance is trading at P/BV of 1.9 times. All BVs are as of June 2016.

At the price band of Rs 775 per share, PNB Housing Finance is offered at a P/E of 39.2 times (FY 2016 EPS on post-issue equity). Among the comparable peers, Gruh Finance trades at P/E (on EPS for FY2016) of 50.5 times, Repco Home Finance at 31.7, Can Fin Homes at 31.1, HDFC at 21.1, LIC Housing Finance at 18.4, Indiabulls Housing Finance at 18.4 and Dewan Housing Finance at 11.9.
21.1. M.S.Narayana  Oct 21, 2016 8:53:35 PM IST

PNB Housing Finance Ltd IPO

Capital Market has given the high ratings to the following recent IPOs
a) L&T infotech 48
b) L&T Tech services 49
c) ICICI pru ins 49
All the three have been listed below issue price and still struggling to cross issue price

Now Capital Market has assigned rating of 49 to PNB housing finance.
20. bangalore king  Oct 20, 2016 5:15:36 PM IST Reply

PNB Housing Finance Ltd IPO

At a price band of INR 750-775, the issue is priced at 4.6x
FY16 P/B (and at 2.5x adjusted for IPO funds) which is attractive
given its track record of growth, stable return ratios and robust outlook
on the housing finance industry. Management conducted restructuring
of entire business which began in FY11 and concluded in FY16, resulting
into significant improvement of the business. The outcome was a robust
62% loan book CAGR over FY12-16. Though the company''s ROE is
lower (at 17.6%) than the industry peers (22.4%) however growth in
AUM has been significantly higher (62% vs 20-25% for industry).
Valuation is at a reasonable discount to its peers, when considered on
the post issue book value.
19. bangalore king  Oct 20, 2016 12:13:47 AM IST Reply

PNB Housing Finance Ltd IPO

SME power !

Data showed shares of Vidli Restaurants, run by Mumbai-based Kamat group, has climbed 700 per cent over offer price. At present, the scrip trades at Rs 96 apiece against an offer price of Rs 10 a share. The stock got listed on February 15 this calendar.

Umiya Tubes, which is engaged in manufacturing of stainless steel decorative tubes and industrial pipes, has surged 413.40 per cent to Rs 53.65 apiece over its April 1 offer price of Rs 10. The stock got listed on April 1.
19.1. DURAISWAMY  Oct 20, 2016 7:54:18 AM IST

PNB Housing Finance Ltd IPO

18. bangalore king  Sep 29, 2016 4:30:00 AM IST Reply

HPL Electric & Power Ltd IPO

The government will sell 7% stake in Hindustan Copper as a part of this year’s disinvestment programme. The share sale will be done through the so-called offer for sale (OFS) route on Thursday at a base price of Rs 62 per share, five per cent discount to current market rate. Shares of Hindustan Copper on Wednesday closed at Rs 65.35 on the BSE.

A total of 64.76 million shares have been put on the block, a fifth of which will be reserved for retail investors. Retail bidding will take place on Friday and those applying in the retail segment (up to Rs 2,00,000) will be offered a 5% discount on the allotment price.

The sale is part of the government''s asset sale plan to raise funds to help plug its deficit. For the year to March 2017, it plans to raise Rs 56,500 crore from such sales.
18.1. GoodFortune  Sep 29, 2016 8:57:20 AM IST

HPL Electric & Power Ltd IPO

How to apply this ofs?
18.2. dpcdsl  Sep 29, 2016 1:25:37 PM IST

HPL Electric & Power Ltd IPO

In OFS one can place order "to buy" through his broker either in NSE or BSE with 100% upfront cash margin.
17. bangalore king  Sep 29, 2016 4:17:52 AM IST Reply

ICICI Prudential Life Insurance Company Ltd IPO

Billionaire investor Rakesh Jhunjhunwala had put in an application worth Rs 750 crore in the just-closed IPO for ICICI Prudential Life Insurance. The Rs 6,000-crore offer was subscribed 10 times, within which the high-networth individual (HNI) portion, worth about Rs 810 crore, was subscribed 28 times. The celebrated investor, who invests through his firm Rare Enterprises, is expected to get shares worth about Rs 27 crore, since the HNI part was highly oversubscribed and the allotment is on a proportionate basis, market sources said.
17.1. AMRISHIPO  Sep 29, 2016 7:27:32 AM IST

ICICI Prudential Life Insurance Company Ltd IPO

The king had invested in indigo shares

the shares were high at rs 1394 and went to low of 698 he lost money in inter globe aviation i
issue price 765
16. bangalore king  Sep 26, 2016 2:05:28 PM IST Reply

HPL Electric & Power Ltd IPO

FII 2 HNI 0.07 retail 1.55 times

bach ke rehna re baba !
15. bangalore king  Sep 24, 2016 7:29:12 PM IST Reply

ICICI Prudential Life Insurance Company Ltd IPO

Endurance Techno''s Rs1000 crore IPO may open on October 4: Issue may witness huge fancy
PNB Hsg. Fin''s Rs 2500 crore IPO may enter into the market in second week of October
Rakesh Jhunjhunwala''s huge bid added attraction on last day of ICICI Pru Life Insurance IPO

Good News for Investors:- As per the market reports, SEBI is mulling over decreasing IPO listing gap from 6 days to 4 days and also considering to increase investment limit for retail investors from Rs2 lakh to Rs5 lakh.
14. bangalore king  Sep 21, 2016 9:59:41 PM IST Reply
13. bangalore king  Sep 17, 2016 7:34:20 PM IST Reply

ICICI Prudential Life Insurance Company Ltd IPO

Customers who hold ICICI Bank shares as on September 07, 2016 can apply in ICICI Bank Shareholder Reservation Portion. Customers who apply in ICICI Bank Shareholder Reservation Portion* for bid amount upto 2 lac can also apply in Retail or HNI category in the Net Offer, whereas customers who apply for a bid amount of more than 2 lac under ICICI Bank Shareholder Reservation Portion cannot apply in Retail or HNI category in the Net Offer.
12. bangalore king  Sep 17, 2016 9:30:49 AM IST Reply

ICICI Prudential Life Insurance Company Ltd IPO

solid anchor list !

11. bangalore king  Sep 15, 2016 11:02:08 PM IST Reply

HPL Electric & Power Ltd IPO

HPL is a weak franchise, given: (a) market leadership in electric meters
(20% share; 43% of revenue) which is a commoditised product; Havells
exited this long back; and (b) cash conversion cycle is weak at 150 days
given SEBs form 31% of business. We have corporate governance
concerns given: (a) Group companies use Havells as part of their
corporate names against which Havells has filed a case; and (b)
worrying related-party transactions (34% of net worth over FY11-15 and
57% in 1HFY16). Switchgear and lighting portfolios are weak given
predominant presence in changeover switches that is facing market
decline and LED lamps which is a fragmented market. Our fair value of
~Rs12bn equity value (on relative benchmarking) implies ~50%
discount to peers given weak franchise.
Competitive position: WEAK Changes to this position: NEUTRAL
Leader in meters, a commoditised and relationships-based market
HPL is market leader in electric meters (43% revenue; FY15). Bulk of the
business comes from SEBs, which is a hyper-competitive (tender-based)
segment. Players like Havells have exited this business given commodity nature
and dependence on ties with people in authority. Genus and Secure are top
names in the space. Government’s smart city plans are a potential large
opportunity, but competitive intensity will hinder cash generation.
IPO to fund low-RoCE, capital-intensive business, not expansion
HPL’s FY12-15 RoCE of 11% was very low due to weak capital employed
turnover of 1.4x and working capital cycle of 150days as 31% of revenue comes
from SEBs. So, despite 17% revenue CAGR over FY11-15, PAT declined by 2%
as interest cost tripled over FY11-15. The worrisome aspect is IPO proceeds are
to be used for deleveraging (FY15 net debt:equity at 1.4x) rather than funding
capacity expansion. Utilisation presently is ~80%.
Group companies use Havells as a part of their corporate names; large
related-party transactions
Havells Private Ltd and Havells Electronics are promoter group entities doing
electrical business using Havells as a part of their corporate names. We see this
as a risk for HPL if Havells, which has filed a case against the companies for the
use of the word Havells as part of a trade mark or corporate names, wins this
case. Also, related-party transactions at 34%/57% of net worth over FY12-
15/1HFY16 are a key concern.
11.1. analog  Sep 16, 2016 7:46:04 AM IST

HPL Electric & Power Ltd IPO

I am a reliability and warranty engineer. I have experience of using more than 1000 energy meters from HPL and i feel they are not at all reliable.
10. bangalore king  Sep 13, 2016 10:09:22 AM IST Reply

L&T Technology Services Ltd IPO

Mumbai: HPL Electric and Power Ltd, which manufactures electrical equipment such as meters, switchgears, wires and cables, will launch its initial public offering (IPO) on 22 September, said three people aware of the development.

The company is looking to raise between Rs.350 crore and Rs.400 crore through its IPO, said the first of the people, requesting anonymity as he was not authorized to speak to the media. “The IPO will open on 22 September and close on 26 September. The anchor book will be opened on 21 (September),” he said, adding that the price band will be finalized in a couple of days.

The anchor book is the portion of the IPO that bankers allot to institutional investors on a discretionary basis. Anchor book subscription typically opens a day before the IPO opens.

SBI Capital Markets Ltd, ICICI Securities Ltd and IDFC Bank Ltd are financial advisers to the issue.

“HPL Electric & Power Ltd has filed a draft red herring prospectus with capital markets regulator Securities and Exchange Board of India (Sebi) for its initial public offering (IPO) on February 25th, 2016. The company has received the Sebi clearance in May 2016 which is valid for a year. The timing of opening the IPO will be decided by company in consultation with BRLMs (book running lead managers),” the company said in an emailed response.
9. bangalore king  Sep 3, 2016 6:19:57 PM IST Reply

L&T Technology Services Ltd IPO

L&T Techno Services'' mega IPO with offer price of Rs 850 to Rs 860 to open on September 12
ICICI Prud Life Ins'' Rs 5200 crore IPO is likely to open on September 19
DHFL''s NCDs issue closed on the second day with robust response
GNA Axles'' Rs 150 / 200 crore issue may open on Second week of September
SREI Infra Fin''s Rs1000 crore NCDs issue to open on September 7

RBL - After the listing, Merrill Lynch bought 30 lakh shares taking the stock prices to
Rs316. RBL may repeat history of Yes Bank, so the stock attracted investors.
8. bangalore king  Aug 12, 2016 7:09:46 PM IST Reply

S P Apparels Ltd IPO

According to IndiaNivesh Securities Ltd, which had rated the issue a subscribe, there is no other company in the listed space which caters to this niche segment of children’s wear since it is smaller than menswear and womenswear but is growing faster than both.

In a note on 2 August, the brokerage firm said that at upper price band of Rs.268 the stock is available at 19.4 times FY16 earnings per share (EPS) of Rs.13.8 post capital raising, which is at par to its peers such as Kitex Garments Ltd.
7. bangalore king  Aug 11, 2016 7:07:28 PM IST Reply

Dilip Buildcon Ltd IPO

Solid buying at NSE today !

11-Aug-2016       DBL       Dilip Buildcon Limited       ABU DHABI INVESTMENT AUTHORITY       BUY       15,00,000       249.18       -
11-Aug-2016       DBL       Dilip Buildcon Limited       EAST BRIDGE CAPITAL MASTER FUND LIMITED       BUY       11,67,883       242.17       -
11-Aug-2016       DBL       Dilip Buildcon Limited       SWISS FINANCE CORPORATION (MAURITIUS) LIMITED       BUY       7,30,000       250.04       
7.1. Septa  Aug 11, 2016 8:02:10 PM IST

Dilip Buildcon Ltd IPO

thank u for sharing the info that is solid buy from some big Fiis
7.2. STOCKT  Aug 11, 2016 11:59:29 PM IST

Dilip Buildcon Ltd IPO




6. bangalore king  Aug 6, 2016 7:22:09 PM IST Reply

RBL Bank Ltd IPO

Ujjivan FinanceServices Ltd
(Rs. 463.00) : Expensive Finance!
Ujjivan Finance Services Ltd (Ujjivan) - is a Bengaluru based company started operations as an NBFC in 2005 with the mission of providing a full range of financial services to the economically active poor who are not adequately served by financial institutions. Ujjivan operations is spread across 24 states&union territoriesand 209 districts across India, making it as one of the largest MFI in terms of geographical spread serving 2.77 million active customers through 469 branches and 7,786 employees. Factors such as growing pipeline of IPO''s due to bull rally, successful
listing of its rivalEquitas, stellar numbers from listed micro-finance major Bharat Financial Inclusion Limited (formerly SKS Micro-finance) and sharp growth being witnessed in general in the
NBFC/microfinance industry thanks to huge NPA''s and credit growth issues plaguing PSU banks
have fueled an euphoria in the share prices of listed NBFC/microfinance companies and the rally
is on the verge of burst. Ujjivan now trades at more than 4 times to its book value and has risen
more than 150% (within two months of listing) from its IPO price. Once Ujjivan converts into Small
Finance Bank (SFB), cost of operations will eat into margins and the phenomenal growth being
shown in the last few quarters will tend to moderate. Book profits and stay away.

RBL Bank will offer Rs1100 crore worth fresh equity and 17568408 shares through OFS
How and when will be DilipBuildcon and S.P.Apparels'' IPOs ?
Prabhat Telecom''s got listed at 19% premiums on BSE-SME platform.
Sheela Foam will file DRHP with Sebi for Rs510 crore IPO
Godrej Agrovet, BSE, NSE, PNB Housing Finance and InvIT all set for IPO

Dilip listing
Listing :- The shares will be deposited in
account on August 10 and listing may take
place on August 11. It may get listed around
Rs240-145 and spurt to Rs250 after listing.
It is advisable to book profit once it crosses
Rs260 level.

SP listing
The shares may be deposited in account on August 10 and may get listed on August
11 around Rs280-285. Be cautious if it crosses Rs300 level as it may slip in discount after listing.

With raising Rs8,000 crore fund in the first six months of Calendar year, the primary market is
setting up new records and moving forward. It is believed that Indian primary market has given
higher returns compared to Indian Secondary Market, and markets in US and Europe. Total 41
companies have come up with IPOs in 2016 till now and have given average 41% return, which is
four times of Sensex. In comparison, primary market in US has given average 19% and European
primary market has given 9% return.
Till now, Sebi has given nod for IPO to 15 companies which will raise Rs6,000 crore and as
many as 9 companies are waiting for Sebi''s pproval for IPO. Apart from that six companies had
obtained Sebi nod but it has got lapsed.

• Advanced Enzyme (540025) :- The issue got listed at 1210 and went up to Rs1242 and came
down to Rs1168 before closing at 1214 on listing day. It spurted and closed at Rs1423 on Friday.
It is advisable to book profit on upward movement.

• Prabhat Telecoms (540077) :- The issue with offer price of Rs51
got listed and closed at 61.20. It went closed at Rs71.70 on Friday. It
has given 40% return to investors.

• RBL Bank IPO :- The issue has got delayed and now it may
come up in third week of August. The reason for delay is violation of
norms regarding pending cases against banks in past as well as violation
of norms in allotment of Rs600 crore shares to certain investors.
The bank is trying to come up clean with settlement and ratification
of mistakes. It will offer fresh equity of Rs1100 crore and 17568408
crore shares through OFS. Rs1500 crore issue may open on
August 19 and close on August 23. The issue offer price could
be Rs 225 and lot size could be 55/60.

* Insight into upcoming issues:-
• Sheela Foam :- Sleep-well mattress manufacturing company
has filed DRHP with Sebi for Rs510 crore IPO. It will dilute
51% stake through OFS. The company with 12 manufacturing
units boasts 20/23% market share. Lead managers are Edelweiss
and ICICI Securities.
• Godrej Agrovet Ltd :- After acquiring two companies last
year, the company is coming up with IPO.
• PNB Housing Finance :- Punjab National Bank promoted finance company has filed DRHP
with Sebi for Rs2500 crore issue. PNB will bring down its stake from 51% to 37%.
• BSE :- It will come up with Rs500 crore IPO to dilute 30% stake.
• NSE :- It will provide exit route to shareholders through IPO in beginning of next year.
• IL&FS :- It is planning to get its Infrastructure Investment Trust (INVIT) listed in October

Grey market movement

RBL Bank premiums and application form rates highly volatile
Grey Market movement fizzles out with closing of DilipBuildcon and SP Apparels issues

Dilip BUildcon :- The premiums had come down to seller circuit of 12/15 from premiums of 35/
40. However, more than expected response in HNI category spurted the premiums to 30/32 and
now it is around Rs27/29.
SP Apparels :- Not much fancy as it is getting listed in ''T'' group. The premiums of 13-15 due
to 2.5 times subscription are not likely to sustain till listing.
RBL Bank :-Though RBL Bank''s issue is not announced officially, premiums and application
rates have gone volatile in the grey market. The premiums have spurted from Rs40/45 to 55/57.
Minimum application rates are around 800/850.

6.1. Khemka  Aug 6, 2016 7:58:09 PM IST
6.2. Earthking  Aug 7, 2016 1:54:33 PM IST

RBL Bank Ltd IPO

Keep update us sir ... Nice work ...
6.3. rahulagaa  Aug 10, 2016 10:07:43 AM IST

RBL Bank Ltd IPO

Sir, should we apply for RBL AND CL EDUCATE?
5. bangalore king  Aug 4, 2016 1:42:28 AM IST Reply

Dilip Buildcon Ltd IPO

Final figures

QIB 9.7
HNI 79
RII 2.3
4. bangalore king  Aug 1, 2016 10:30:51 PM IST Reply

S P Apparels Ltd IPO

Exports knitted garments for infants to UK

After a huge jump in net profit in FY 2016, the shares are being offered at 20 times EPS !!

be VERY careful !
4.1. bangalore king  Aug 1, 2016 10:44:11 PM IST

S P Apparels Ltd IPO

In November 2006, the selling shareholder NYLIM India Fund, was issued 18 lakh equity shares at Rs 200 per share. After adjusting for inflation adjusted rate of return, the selling shareholder is exiting 50% at loss. !!
3. bangalore king  Jul 30, 2016 6:31:01 PM IST Reply

Dilip Buildcon Ltd IPO

RBL Bank''s Rs712 crore issue will open on August 11 around Rs225

PNB Housing Finance has filed application for Rs2500 crore issue and Godrej Group is also planning to come up with issue of Godrej
Agrovet (GAVL). Sebi Chairman UK Sinha said, "Considering the number of DRHPs filed, it seems the current financial year will set a record
of sort." Till now atleast 10 companies have filed DRHP.

Advanced Enzyme

The issue is going to be listed on August 1 on BSE and NSE. It is believed the stock with offer price of Rs896 will get listed around
Rs1200-1225 and may cross Rs1250 on good market sentiments. It will create volatility in the market. It is better to book profit if the prices cross Rs1225/1250


It may get 3 to 3.5 times subscription in retail category. It will get highest subscription in QIB category. Subscription in HNI is likely to be average.
Listing may take place on August 11 between Rs240 to Rs250.

Looking to the fundamentals & technical parameters and offer price, this IPO is average. However, considering Rs. 10800 Cr. Orders (next two
years order book), excellent execution track record, efficiency, visible growth in Infra - Road construction, investors can apply this issue for medium to long term investment.

SP Ipo

Subscription :- It may get 1.5 to 2 times subscription in retail. Discovery price could be Rs268.
Allotment :- Allotment may take place on August 9, fund may be unblocked on August 10 and shares may be deposited in account on August 11. Full and firm allotment is possible.
Listing :- Listing could be on August 12 around Rs268. However, the company is going to be listed in ''T'' Group so 5% circuit will be applicable. Therefore, there will not be high volatility.
As IPO size is Rs. 240 cr. i.e. less than Rs. 250 cr. This IPO will be listed in ''T'' segments hence listing gain will be limited. It is average & risky issue for retail investors. One can apply for long term investment in this Issue.

Now a days Grey Market has been witnessing new trend. The premiums touches the top with announcement of the new IPO but the effect withers as the issue opening day comes nearer.
Parag Milk, Mahanagar Gas, Quess Corp, L&T Infotech, Advanced Enzyme and Dilip Buildcon are the live examples of the same. On the other hand, the craze for minimum applications is also
subsiding. It is believed that RBL Bank issue may create some movement in the market.

Advanced Enzyme :- The premiums touched Rs400 but came down to 310 on opening day, but 116 times subscription spurted the premiums to 340/345 but now it is at sellers'' rate of 315/
320. High volatility expected on listing on August 1.
Dilip Buildcon :- The premiums touched 38/40 but came down to 20/22. Minimum application forms do not have buyers even at Rs350/450. No deals are taking place.
SP Apparels :- There is no deals in this issue as the issue is going to get listed in ''T'' group with 5% circuit. So it is lacking fancy.
2. bangalore king  Jul 26, 2016 10:15:15 PM IST Reply

Dilip Buildcon Ltd IPO

READ all of YOU very carefully !

Too much to wonder and worry

Dilip Buildcon’s (DBL) high order book and standalone revenue CAGR
over FY11-15 (53%/ 57%) has not yielded sufficient cash (cum. pre-tax
CFO/EBITDA of 40%). Higher-than-industry receivable and inventory
days result in industry-leading cash conversion cycle (112 days). Whilst
growth prospects appear strong, we are surprised and uncertain of
sustainability of industry-high EBITDA margins (FY15: 22% vs 10-14%
for peers); meaningful unwinding of working capital is unlikely given
changes in NHAI payment rules hence standalone debt/ equity (FY15:
2.5x vs <0.8x for peers) poses risks to net margins. IPO proceeds
should help reduce debt but equity will be needed to fund the recently
won NHAI BOT project (`3bn needed). Corporate governance concerns
emanate from pending litigations against promoters and media
articles suggesting political connectivity and questionable behavior.

Competitive position: MODERATE Changes to this position: STABLE

A fast growing contractor with a burgeoning order book
DBL’s order book has remarkably elevated at >50% CAGR over FY11-15 and
DBL now ranks amongst the largest road EPC contractors in India (Sep-15 book
of `103bn). Though its book-to-bill is only marginally above peer average, its
order book to net worth is materially higher (10x). An analysis of orders won
from NHAI indicates that DBL has bid well below NHAI’s indicative cost.
Revenue CAGR of 57% over FY11-15 is well ahead of peers.

Strong order book, but can the balance sheet support it?
DBL’s inventory and receivable days are well above peers. So, its cash
conversion has been less than ideal (pre-tax CFO/EBITDA: 38% over FY11-
1HFY16) and leverage is higher (2.5x D/E in FY15 vs 0.2-0.8x for peers). Bulk
of IPO proceeds of up to `4.3bn will be utilized to retire debt and fund working
capital. Internal accruals will need to increase materially to fund its new large
NHAI BOT project (`3bn of equity required).

High margins weighed down by interest cost
DBL’s 2x peer-set margins are driven primarily by superior gross margins.
Given road dependence (standard NHAI jobs, high competition, limited
sourcing advantages), limited scope of bonus claims and high dependence on
sub-contracting, we find margins too high. High standalone leverage and
finance cost (15% of average debt in FY15) have rendered PAT margins in line
with peers, maintaining high risk to net margins.

Reduced IPO size; no progress in leverage, cash, corporate governance
Reduced fund-raise of `4.5bn from `6.3bn has lowered fresh funds into the
company more than for exiting investors/promoters. We believe money raised
from minorities should be used to strengthen the balance sheet or protect from
future shocks of growth, margins, and cash (very frequent in this industry).

"""""" Valuation should be at discount to peers for corporate governance issues
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