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    Engineers India buyback to create value for its shareholders

    Low valuation and buyback to support EIL stock in the near term

    Jitendra Kumar Gupta
    December 29, 2020 / 10:27 AM IST
    Engineers India buyback to create value for its shareholders

    PRO Only Highlights
    -      Quarterly performance largely backed by improved realisations
    -      Medium-term triggers China plus and protectionist measures for tyre industry
    -      Valuations not inexpensive; but improved medium-term outlook

    Highlights - Buyback to create value for existing shareholders - Improve return ratios and effective use of surplus cash - Buyback to be earnings-accretive and thus impact valuation positively - Stock trading at 10 times earnings and offering good 4.5% dividend yield We found deep value in Engineers India (CMP: Rs 78, M Cap: Rs 4925 crore) when it was available at around Rs 60 a share in September this year, trading at 8 times its fiscal 2022 estimated earnings and offering close to 8...

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