Raymond - The Complete Man

Yes, they won’t be the same. I don’t know how the share capital amount adjustment will happen (perhaps any knowledgeable person can share the details). But the number of equity shares will be done as mentioned in my post above.

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In demerger, the company’s worth or market capitalization before and after the demerger matches. Equity or number of shares pre and post does not match.

Presentation from today’s investor meet, highlighting different segments and future strategy in all three verticals.
Covers some new initiatives in lifestyle like Sleepwear by launching SleepZ By Raymond and Innerwear in Park Avenue, and more insights about MPPL business on the engineering side.


Out of these three businesses, which has higher growth potential going forward and available at reasonable valuation?
When the new demerged business will be listed on exchanges for retail investor buy/sell?

Because of decrease the FV, no of share is increase but equity share capital will be same. EPS will decrease. ESC only change when fresh issue will happens.

This should be a good sign, if a proper succession plan is in place and even better if they disclose it…

There is already a succession plan in place for the Raymond group which is yet to be disclosed publicly. While specifics are confidential, rest assured, a well-considered and robust process is in place, maintains Raymond Chairman and MD.

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Systematix assign fair value of ₹1583 per share for Raymond Ltd (Ex-Lifestyle) which includes ₹1076 and ₹506 for real estate and engineering respectively. They value Raymond Lifestyle Limited (RLL) at ₹2293 per share of RLL.

Full Report: https://intra.systematixgroup.in/Institutional/IPOMail/Raymond%20-%20CU%20-%2006-07-2024%20-%20Systematix.pdf

This seems quite low multiples.

For example - Page Industries has an EV/EBITDA multiple of ~40+. Raymond in shirting is as big a brand as jockey in underwear. Both have premium positioning.
Similarly, DLF and Godrej Properties has an EV/EBITDA multiple of ~60+ - similar asset-light business model

Shouldn’t that dictate the potential value?

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Price discovery - Raymond Ltd (ex Lifestyle) is trading at Rs. 2000 today

what a great value unlock story this has been… been holding since Rs 440 for entire company…
now the RE + engg alone quoting at 2k… insane…


Depending on what the Lifestyle shares are listed at there could be some selling pressure on the original shares by DIIs and FIIs.

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