Economic TimesLean R·
ITC’s tobacco business is going cheap but Kotak Institutional Equities thinks market has it wrong
ITC’s tobacco business appears to be getting little credit from the market, with Kotak Securities’ reverse-SoTP valuation suggesting the business is valued at around 11X its one-year forward earnings.According to Kotak Securities, the implied one-year forward P/E of ITC’s tobacco business is around 11X, based on depressed FY2027-28E earnings per share compared with FY2026 levels. The brokerage said this valuation implies that the market either expects the tobacco business’ earnings to remain st…
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