PHILIPS CARBON BLACK is expanding its carbon black capacity by 50,000 tonne to 410,000 tonne in FY2011 to capitalise on the rising carbon black demand in India. PHILIPS CARBON BLACK also intends to foray into the Vietnamese market by setting up a plant of a capacity of 50,000 tonne. The strong demand environment coupled with the hike in the price of carbon black in the domestic market adds to our confidence about the strong growth in the earnings of PHILIPS CARBON BLACK in the future.
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Phillips Carbon Black – Angel Broking Research Report
Phillips Carbon Black is well poised to benefit from the rising demand for tyres going ahead. Moreover, we expect Phillips Carbon Black’s power segment to start contributing substantially to its bottom-line in FY2011 and FY2012 and provide stability to its earnings. We have valued Phillips Carbon Black on the sum-of- the parts valuation methodology and arrived at a Target Price of Rs270 wherein we have valued Phillips Carbon Black’s carbon black segment at Rs144//share (1x FY2012E P/BV) and the power segment at Rs126/share (NPV method)
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