Tuesday, December 29, 2009


We initiated the coverage of Uflex Ltd and set a target price of Rs.118.00.

It is a largest Integrated Flexible Packaging Company in Asia and One of its kind in the World, having a turnover of USD 600 million.

Uflex had issued Foreign Currency Convertible Bonds (FCCBs) of the nominal value of USD 85 million out of which FCCBs of nominal value of USD 68.6 million were outstanding.

It recently bought back FCCBs worth $47 million leaving $21.6 million FCCBs outstanding.

Uflex has sold 51% stake of the distillery unit that is part of the wholly owned subsidiary UBIO Chemicals.

Net sales and PAT of the company are expected to grow at a CAGR of 17% and 12% over 2008 to 2011E respectively.

To read the full report: UFLEX LIMITED