October 15, 2016 . Equities Desk

Well positioned to grow organically and inorganically

CRISIL is a global analytical company and India’s foremost provider of ratings, data and research, analytics and solutions, with a strong track record of growth and innovation. It was incorporated in 1987 as India’s first credit rating agency. Presently, it is majorly owned by Standard and Poor’s (S&P), the world’s leading provider of independent credit risk research and benchmarks, and a part of McGraw Hill Financial (formerly The McGraw-Hill Companies). S&P currently owns 67.2% stake in the company.

Valuvation & View

CRISIL remains the preferred bet for its proven management capability, robust business model, healthy margins, strong return ratios and high free cash generation & dividend payout. We initiate coverage on CRISIL with BUY rating and price target of Rs2,489 valuing it at its five-year mean of 38.0x CY18E EPS.

Research Report CRISIL Ltd

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