Promoter integrity is something you have to factor in in your analysis or valuation. I have done both by quantifying it and building it into my WACC. I think the best offsetting factor for the promoter integrity is heavy Capex (almost doubling capacity) which was undertaken in FY19 because so far the argument was that they weren’t interested in investing in this business.
I missed the train according to my valuation so I don’t have any ownership interest. However I’ll just leave my analysis here for you guys to reviewShriJagadamba_IC.pdf (1.0 MB) SJP_Model_2020_v1.xlsx (83.8 KB)
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