Forward
*Can be 2x: TFCI*
1) Available@ 0.73xBV
2) Tdg @ 6xFY20Eeps
3) Only NBFC with Nil Provision in Q3
4) Q4 also should have Zero Provision
5) *PE Funds may acquire 15%~ stake in near future*
Important Clarification
TFCI has not gone up due to Cox and King exposure overhang of 100 Crores as there is perception that this exposure big negative. However, it may come as surprise that Cox and King already fully covered. TFCI has decent security ( hotel property) from Cox and King. As per latest proceedings in IBC ( where fair Value of security is assessed), total shortfall was determined at 44.19 Cr.
Against it, TFCI already made Provision of 16 Cr in Q2 ( total Provision 22 Cr). Balance 28 Cr already adjusted special Reserves as permitted under Ind-As
Hence, exposure to Cox and King fully covered and no Provisioning pending
TFCI appears screamingly Undervalued