Motilal Oswal - Tata Chemicals Ltd. (TATACHEM) MOSL: TATA CHEMICALS (Buy)-Acquires residual stake in North American soda ash biz

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Motilal Oswal

Sumant Kumar

EUR 120.00 For Business Accounts Only

MOSL: TATA CHEMICALS (Buy)-Acquires residual stake in North American soda ash biz

Tata Chemicals: Acquires residual stake in North American soda ash biz

(TTCH IN, Mkt Cap USD2.3b, CMP INR650, TP INR811, 25% Upside, Buy)

Acquires balance 25% stake in North American business for USD195m

Tata Chemicals (TTCH) has acquired the remaining 25% stake in TATA Chemicals Soda Ash Partners Holdings (TCSAP) from the Andover Group, Inc. for USD195m (thus, valuing 100% stake at USD780m) through its wholly-owned subsidiary, Valley Holdings Inc.
With this acquisition, TTCH has increased its ownership in TCSAP to 100%, which is a move to simplify enterprise architecture. For FY19, TCSAP had a turnover of USD466m and EBITDA of USD101m. Thus, the deal is valued at 7.7x FY19 EV/EBITDA.

23/12/2019 8 EN

Underlying

Tata Chemicals Ltd.

Tata Chemicals is engaged in the production and selling of interests that focus on LIFE - living, industrial and farming essentials. Co.'s products are used in a wide range of pharmaceutical, food processing and industrial applications. Living essentials - Tata Salt, I-Shakti, Tata Salt Lite; Tata Salt Flavoritz, Tata Salt Plus, i-Shakti Dals and Tata Swach. Industry essentials - soda ash; sodium bicarbonate; chemicals: caustic soda, chlorine based products, bromine based products, gypsum, sodium tripolyphosphate, phosphoric and sulphuric acids; industrial salt; and cement: Tata Shudh. Farm essentials - fertilizers: Tata Paras urea, DAP, NPK, and SSP.

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INE092A01019 National Stock Exchange of India India

Provider

Motilal Oswal

Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.

Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.

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Analysts

Sumant Kumar

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MOSL: TATA CHEMICALS (Buy)-Acquires residual stake in North American soda ash biz

With a more favourable environment, TATA CHEMICALS improves to Slightly Positive

Monthly LMI Update Independent Investment Research

MOSL: TATA CHEMICALS (Buy)- Focus on sodium bicarb to capture impending demand

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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