CRISIL assigns fair value of Rs 829 for Symphony

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CRISIL assigns fair value of Rs 829 for Symphony

CRISIL Research has come out with its report on Symphony. The research firm has assigned fair value of Rs 829 for the stock.

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Watch CNBC-TV18 live only on MYTV >> ALSO READ See previous views by CRISIL Research See what other Experts & Brokerages are saying about Symphony See messages about Symphony Symphony BSE | NSE 29/05/12 Are Mutual Funds betting on Symphony?

CRISIL Research has come out with its report on Symphony . The research firm has assigned fair value of Rs 829 for the stock.

We have used the discounted cash flow method to value Symphony's standalone business and arrived at a fair value of Rs 829 per share. Considering the low visibility of Impco's financials, we have not assigned any value to it. We initiate coverage on Symphony with a valuation grade of 5/5.

The company's sales are highly seasonal as Q3 (March ending) and Q4 (June ending) contributed ~83% of the sales in FY10. It manufactures products through the year leading to high inventory build-up at end-Q2. Any drop in sales from the expected levels can put the company in a challenging situation.

Disclaimer: This report (Report) has been commissioned by the Company/Investor/Exchange and prepared by CRISIL. The report is based on data publicly available or from sources considered reliable by CRISIL (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. Opinions expressed herein are CRISIL's opinions as on the date of this Report.  The Data / Report are subject to change without any prior notice. Nothing in this Report constitutes investment, legal, accounting or tax advice or any solicitation, whatsoever. The Report is not a recommendation to buy / sell or hold any securities of the Company. CRISIL especially states that it has no financial liability, whatsoever, to the subscribers / users of this Report. This Report is for the personal information of the authorized recipient only. This Report should not be reproduced or redistributed or communicated directly or indirectly in any form to any other person or published or copied in whole or in part especially outside India, for any purpose.

To read the full report click on the attachment