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Wednesday, March 7, 2012

Williamson Magor & Company Ltd:Buy/sell/growth prospects and recommendation,news and results,target and analysis,view and outlook,multibagger

Scripscan:Williamson Magor & Company Ltd

Story:Williamson Magor is an interesting play.It holds about 1.16 crore shares of Mcleod Russel which offers a value at current market price of about Rs 265 crore.Apart from that, they are holding 1.68 crore shares of Eveready Industries, the market value of which is about Rs 40 crore. They also hold Kilburn Engineering, Mcnally Bharat, and even Williamson Magor Financial Services and all others.Totalling all these investments the value comes to about Rs 350 crore for all these stocks. The company's balance sheet also shows Rs 40 crore as land at book value.All these assets may not get monitised today,tommorow or even in the next decade, but even if the present value is taken the land is estimated at about Rs 200 crore. Then, they have a building with gross value of about Rs 40 crore.The value of the same now should be close to 150crs.If one takes all these assets into account, the current valuation works out to about Rs 700 crore, while the debt of the company is just Rs 100 crore. Thus the NAV comes to over 600 plus whereas the present price of the counter is only 40 bucks.Williamson Magor Group also has floated a joint venture company for cultivation of Jatropha, which is a biodiesel crop. Over 3 lakh acre is already being developed for cultivation of this crop. In this 50:50 joint venture, 50% is held by a UK-based company. Williamson Magor company holds 16% stake in that company and commercial harvest of Jatropha will start in March 2012. A processing plant in about 25 acres in Assam is already being set up. Magor was an investment arm till now, but we will also see the manufacturing operations with a minority stake held in that JV also coming in.All said and done it can surprise one as far the upside goes in the longer run.Downside too looks fairly limited from present levels.

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