Strategy: Deep dives into five “turnaround” plays
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Amit Shah
Jan 15, 2014, 11:35:40 PM1/15/14
to amitk...@oneindia.in
THEMATIC:
Strategy: Deep dives into five “turnaround” plays
As highlighted in our 7 June 2013 note: (a) 85% of great Indian companies self-destruct; and (b) the average probability of a laggard company turning around over a five-year period is 2x the average probability of a great company staying great over this timeframe. Successful investing in ‘turnarounds’ is therefore, to put it mildly, important for investment success. In this note, we provide: (1) a framework for identifying turnarounds; (2) a list of 99 laggards from whom the turnaround plays will emerge; and (3) in-depth analysis of the five best turnaround plays in 2014, namely, Bharti, Ashok Leyland, Bajaj Electricals, Britannia and Wipro.
Strategy: Deep dives into five “turnaround” plays
As highlighted in our 7 June 2013 note: (a) 85% of great Indian companies self-destruct; and (b) the average probability of a laggard company turning around over a five-year period is 2x the average probability of a great company staying great over this timeframe. Successful investing in ‘turnarounds’ is therefore, to put it mildly, important for investment success. In this note, we provide: (1) a framework for identifying turnarounds; (2) a list of 99 laggards from whom the turnaround plays will emerge; and (3) in-depth analysis of the five best turnaround plays in 2014, namely, Bharti, Ashok Leyland, Bajaj Electricals, Britannia and Wipro.
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