Transcorp Plc July 2013 Investor Newsletter

7/27/2019 Transcorp Plc July 2013 Investor Newsletter

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transcorp digest

Distinguished Stakeholders,

It is with great pleasure that I present thethird edition o our investor newsletter. Inkeeping with our commitment o ensuringworld-class stakeholder engagement, this

quarterly newsletter gives you up-to-dateinormation on the Group’s operational andnancial perormance. Over the last quarter,we have achieved a number o signicantcorporate milestones in line with the goalsenshrined in Transcorp’s 2013-2015 strategy.

These important developments are providing the bedrock or sustain-able, protable growth or the Group.

Result o Operations

Transcorp has successully adopted the International FinancialReporting Standards (IFRS) in compliance with recent regulatorydirectives o the Financial Reporting Council (FRC). At the company’sAnnual General Meeting (AGM) held in June 2013, our shareholdersapproved the audited nancial statements or the year ended Decem-

ber 31, 2012.Our nancial results reect the untiring eorts o the Transcorp lead-ership to imbibe a culture o excellent stewardship, execution andperormance across the Group. A well controlled expenditure prolecoupled with a deliberate income diversication strategy delivered avery impressive nancial perormance or the year. Prot beore taxa-tion (PBT) increased year-on-year by an unprecedented N1.6billionor 123% to close at N2.9billion against N1.3billion in prior year. As Istated in my report to members at the AGM, Year 2012 perormanceand the resolution o all the challenging legacy issues that conronted

Transcorp marked the beginning o a new era o growth and renewedhopes o ullling the aspirations o the company’s ounders.

In the current nancial year, our positive growth trend has continued. The company’s hal year results or the period ended 30 June 2013

bears testimony to this. The Group’s revenue or the six months wasN7.8billion with a gross margin o 79%. The PBT or the period is

volume 2, issue 2

in this issueQ&A with Adeoye Fadeyibi 2

News Highlights 3

Transcorp Records PBT o 2.9N Billion 4

Group News 5

About Transcorp 6

Stakeholder Reactions and Photo Gallery 8

Our Hal-Year Results 10

Share Price Review 12

N3.6billion, more than double the prot or the equivalent period o prior yearand almost the same (only 8% short) as ull year PBT o 2012. At Company level,PBT was N1.5billion or the rst six months o 2013. This represents a growth o N461million or 44% over equivalent period o the last nancial year. This impres-sive nancial result indicate the alignment o our day to day operations with the

Group’s redened corporate strategy o income diversication, cost optimizationand better risk management and control.

Business Growth and Expansion

Our successul hospitality business continues to position Transcorp as a leaderin that sector. The renovation, reurbishment and expansion o Transcorp HiltonAbuja is underway and our customers will be able to enjoy luxurious guest expe-rience with improved services and technology almost immediately. In addition,we are working on new hotel developments in Lagos and Port Harcourt. We havean aggressive timeline or the opening o these hotels as part o our overall strat-egy o increasing revenue base.

You will recall that at the Extra-Ordinary General Meeting (EGM) held on March28, 2013, the Shareholders authorized the Rights Issue o Shares to raise reshCapital. The Rights Issue was oversubscribed, a clear demonstration o Sharehold-ers’ renewed condence in the management and leadership o Transcorp. Funds

raised via the Rights Issue will be used to renance our investment in the acquisi-tion o Ughelli Power Plant (UPP) in Delta State. We continue to build our pipelineo strategic acquisitions in the sector in the bid to become a major provider o electricity to Nigerians.

Teragro, our agribusiness subsidiary is gradually taking its place as a leading juiceconcentrate producer in the country. The company’s recently concluded Interna-tional Audit or ISO 9001:2008 (Quality Management System – QMS) and FSSC22000:2005 (Food Saety Management System – FSMS) ended with ISO certica-tion, a process which will be completed over the next ew weeks with the NQAUK, the global assessment and accreditation body.

Capacity Building

In order to build capacity in our core business sector, we have headhunted twostrategic proessionals to strengthen our Power and Agriculture sector business-es. Mr. Adeoye Fadeyibi joined the group ater a successul career with the world

renowned General Electric company. Ade has since assumed duties as the Chie Executive Ofcer o Transcorp Ughelli Power Limited with the immediate ocus onUghelli Power Plant and other IPP slated or privatization by the government. Mr.Kumar Kota is a very experienced Food Technology specialist with a wealth o ex-perience in ruit juice and concentrates processing. He has also joined the Groupas the Plant Manager o Teragro’s Benruits in Makurdi. Please join me in wishingthe new members o the Transcorp amily a successul career with the group.

For the rest o the year

Transcorp plans to make the nal payment or the acquisition o UPP this quarter(i.e. Q3) and take over the operations and management o the plant immediately.We have mapped out appropriately phased-plans to stabilize and reurbish theplant or efciency. Also, oundation laying ceremonies or the new hotel devel-opments are expected to take place in the third and ourth quarters o the year.We hope to complete the construction in 24 to 36 months thereater.

I welcome you to enjoy this edition o our newsletter and the deep insight itprovides to our company and aspirations. We will be glad to receive your eed-

back and reactions.

Thank you.

Obinna Uudo,

President/CEO

rom the president/ceo



TRANSCORP DIGEST • www.transcorpnigeria.com2

Adeoye Fadeyibi is the CEO o Transcorp Ughelli Power Limited(TUPL), a subsidiary o TransnationalCorporation o Nigeria Plc.

q. Lets meet Adeoye Fadeyibi.

a. My undergraduate studiesbegan at the University o Lagos butdue to educational strikes in the earlynineties, I moved to the United States

o America to complete these at the New York State University. There, I earned a degree in Mechanical Engineering. My keypower sector encounter began in General Electric (GE). Atera ew short jobs, I elt like I ound a niche in Power- GE PowerService. My roles increased rom Design Engineer to TurbineServices Engineer all the way through to heading the opera-tions and sales team and becoming a Director on the Boardo GE Nigeria. This experience spanned 2000-2013. PowerGeneration is denitely my orte.

q. Ughelli Power Plc is a power generation company

unbundled rom the Power Holding Company o Nigeria

during the privatization o Nigeria’s power assets. Why

did Transcorp choose Ughelli and what is the current

situation o the plant?

a. Although I hadn’t joined the Transcorp Group when Tran-sorp submitted the bid and emerged the preerred bidder orUghelli Power Plc, but I’d like to appreciate the leadership o Transcorp and members o the consortium or their oresightand or obviously doing their groundwork. Not only had I

worked at the plant as a GE employee a decade ago so know itwell rom an asset/inrastructure stand point, I would say thatUghelli is one o the leading thermal plants being sold underthe initial privatization process. The plant ranks high based onthree key selective criteria – 1) Gas- rom an input perspec-tive, there is uel to run the equipment; 2)Generating Units(quality and ability to reurbish)-there are a good number o experienced Nigerian personnel already at the plant. Althoughthe units are only running at about 20%-30% o installedcapacity, we have the right strategy to reurbish and bringback the plant to optimal generation. 3.) Transmission andDistribution- Importantly, we have inrastructure in place to

evacuate the power.

q. What plans do you have towards ensuring that the

Ughelli Power Plant is transormed? How long do you

anticipate this will take?

a. We have developed a clear, ambitious and achievablecapacity target. Over the next 3-5 years, we would move theplant rom its current generating capacity o 20%-30% to85-100% o installed capacity. We would also be investing ingreen eld expansions bringing in new generation. I’m excitedabout the opportunity o bringing the plant to 1.5GWU whichwill exceed anything the plant has ever generated. Localiza-

tion is a key component in our strategy to sustain high level o perormance –rom human capital to supply chain. The ocusis to avoid short cuts. Put the investment upront in people i.e.

trainings, certications and supply chain management. Theseare countable and competitive. The Government has been

working closely with us through the transitional committeemade up o the BPE, TUPL and PHCN to ensure a smooth andtimely takeover.

q. During Obama’s visit to Arica he pledged the sum o

$9billion towards the US Power Arica initiative, how does

TUPL plan to access part o these unds?

a. Obama’s visit to Arica and his intent to ocus on xingArica’s power is strategic. . Heirs Holdings committed the sumo $2.5billion o investment and nancing in energy to gener-ate an added 2000MW over the next ve years to the Obama

Power Arica Initiative. As you are aware, Heirs HoldingsLimited ounded by Tony O. Elumelu, CON is Transcorp’s strate-gic investor. Since their investment in Transcorp in 2011, HeirsHoldings has succeeded in providing the strategic direction to Transcorp’s businesses based on sound corporate governance.

q. How will your success be measured?

a. It’s simple as ar as this asset is concerned. Unlike mostpeople, I have a simple scorecard. I am measured on a ewthings in order o importance: 1.) Deliver on capacity targets-timely, under or within budget. 2.) Sustain this capacity – Bydoing this, I satisy two sets o people-my board and most im-

portantly, Nigerians who use this power on a daily basis. 3.)Build a world class organization whereby in a couple o years,i you walk into Ughelli Power Plant, you will probably not beable to spot the dierence between our plant and any o theworld’s best rated plants.

q.Is Transcorp planning to venture into other

strategic acquisitions within the Power sector?

a. I don’t doubt this is in the strategy, however, the onlyvery clear mandate that I have rom my Board is to ocus ondelivering on this signicant asset, the Ughelli Power Plant.

Thank you.

q&a with adeoye adeyibi



With luxurious rooms, outstanding facilities and

amenities to cater for travellers from all over the

world, visit us today and experience

hospitaty lk nv befor!

www.transcorpnigeria.com

...more hotel projects underway...

transcorp hilton abuja • transcorp hotels, calabar




group news

transcorp records

pbt o n2.9 billion

Transnational Corporation o Nigeria Plc held an Extraordinary

General Meeting (EGM) on Thursday, March 28, 2013 at Orien-tal Hotel, Lekki Road, Victoria Island, Lagos or the purpose o approving a Rights Issue that will enable its Shareholders takeup rights o one new share or every two shares held.

At the meeting, Shareholders o the Company approved anincrease in the Authorized Share Capital o the Company beincreased rom N18,000,000,000.00 (Eighteen Billion Naira) toN22,500,000,000.00 (Twenty-two Billion, ve hundred MillionNaira) by the creation o 9,000,000,000 new ordinary shares o 50 kobo each. Shareholders authorised the Board o Directorsto issue up to 13,000,000,000 Ordinary Shares rom the Com-pany’s share capital by way o Rights Issue.

The President/CEO o Transcorp, Obinna Uudo conrmed that‘the Company would immediately undertake all the neces-sary actions to give eect to the resolutions’. The Rights Issuerepresents one in a series o strategic corporate moves gearedtowards the realization o Transcorp’s vision o creatingsustainable value or its stakeholders.

Tony O. Elumelu, CON, the Chairman o Transcorp on the suc-cessul outcome o the EGM expressed optimism about Trans-corp’s uture:

‘Transcorp is now better positioned to ocus on investments inour selected sectors and to move at an even more acceleratedpace in closing all transactions. The resolutions and approvalby our esteemed Shareholders demonstrate your continuingcommitment and support to move the Company orward. Webelieve we have taken a step in the right direction to deliverlong-term value to all our shareholders. We appreciate yourcontinued trust, and thank you or being a valued shareholder.”

The 7th Annual General Meeting o Transnational Corpora-

tion o Nigeria Plc (Transcorp) was held on June 21, 2013 atthe Congress Hall, Transcorp Hilton Hotel, Abuja. The auditedaccounts o the Company prepared in accordance with Inter-national Financial Reporting Standards were approved by theShareholders. In addition, the Chairman o Transcorp, Tony O.Elumelu, CON was re-elected.

During the meeting, the Chairman stressed the signicantprogress made by the company in terms o improved opera-tional and nancial perormance. He stated that a oundationhas been built or sustainable growth based on sound corpo-rate governance and listed the acquisition o Ughelli PowerPlC and the aggressive expansion o Transcorp’s hospitality

business as achievements worthy o note. As the Chairmanaptly stated ‘We want to build a business that lasts, whoseshares you can give to your heirs.”

The President/CEO, Obinna Uudo presented the company’s2012 audited accounts showing a PBT o N2.9 billion whichrepresents an increase by N1.6 billion on previous year’s re-sults signiying a growth o 123% rom N1.3 billion. He attrib-uted this unprecedented growth to the signicant reductionin administrative expenses and a quantum increase in invest-ment income. The cost optimization exercise instituted at theCompany’s corporate centre continues to yield desired results.According to Uudo ‘This is indeed the beginning o a new era

or Transcorp – an era o accelerated and sustainable growth.”

transcorp’s

shareholders approve

rights issue

news highlightsmarch 2013 Transcorp holds Extra-Ordinary General Meeting or RightsIssue Approval

april 2013 Transcorp holds Completion Board Meeting

may 2013 Transcorp’s Rights Issue Opens

Transcorp released its Audited Financial Statements or theyear ended December 31, 2013

june 2013 Transcorp’s Rights Issue Closes Transcorp holds 7th Annual General Meeting



Heirs Holdings Limited is the single largest investor in theUS-led pan-Arican power initiative- Power Arica.

Arican business leader, Tony O. Elumelu, CON through hisArican Investment company, Heirs Holdings has committedUSD 2.5b as part o his commitment to deliver aordable andaccessible power to the Arican continent.

Power Arica is a multi-stakeholder partnership between theUS, the governments o Ghana, Tanzania, Kenya, Liberia, Nige-ria and Ethiopia and the Arican private sector with the sharedobjective o accelerating investment in Arica’s power sectorover the next ve years. The initiative was launched in SouthArica during Obama’s town hall at the University o Cape Town.

Earlier this year, through its investee company, TransnationalCorporation o Nigeria (Transcorp), Heirs Holdings Limitedwill acquire an ownership stake in the Ughelli Power Plc, own-ers o Nigeria’s largest power asset, which Transcorp plans torestore to its ull generating capacity o 1000 megawatts.

“The investment we are making demonstrates our intentto become a signicant player in the power sector. It alsoshows in a clear and meaningul way that Arican capital canand should be part o the solution to Arica’s challenges. Weneed more Arican companies to step up and get involved inArica’s development. Heirs Holdings’ investment in Power

Arica is not just about creating value or shareholders. Wewant to conduct business in this strategic sector or the longterm, in a way that links economic return to social benets – a

key component o what I call Aricapitalism’.

According to Elumelu, power is the single biggest obstacleto Arica’s development and as such, it is the most catalyticand strategic investment anyone can make in Arica. Hedescribes President Obama’s ocus as ‘so timely—and sonecessary’. ‘Doubling Arica’s generating capacity will doubleArica’s GDP, and move us toward sustainable, domesticallyled growth’ he said.

He urther added, ‘Given itseconomic importance, thepower sector also presents

an attractive investmentopportunity or long-terminvestors: there is littlecompetition, and so thereturn, when it comes, willbe high. It will be similar toreturns that early investorsin Arican telecommunica-tions realized beore thesector became saturatedand highly competitive’.

group news

executive appointments

adeoye adeyibimanaging director/chie executive ofcer,

transcorp ughelli power limited

Ade has broad experience in Power Gener-ation and related services, mostly garneredrom General Electric (GE) - the interna-tional leader in power generation servicesand equipment. Whilst at GE, he worked inseveral capacities ranging rom Turbines Technical Adviser and Service ManagerInstallations, Arica to Portolio Manager-Sub-Saharan Arica and Acting Service Director - Arica, Indiaand Middle East.

Also at GE, he played a key role in structuring deals or GEArica projects and was responsible or power plant installa-tion projects across the continent. Ade was also in charge o the ollowing GE Projects-NLNG Bonny Island Nigeria, NNPCWarri Renery Nigeria, Akenerji Power Plant Kemalpasa, Turkey, the 18 X 9E Nigeria Integrated Power Project, and1227MW Combined cycle project at Hadjret En Nouss, Algeria.

Ade has a degree in Mechanical Engineering rom NewYork State University. He has attended several technical andmanagement trainings rom the General Electric PowerSystems University and Management Learning Programs.

elumelu’s heirs holdings commits usd2.5

billion to obama’s power arica initiative

okaima ohizuaexecutive director o transnational hotels

and tourism services limited

Okaima joins Transcorp as ED, THTSL. Priorto this, she has served in various capaci-ties within the nancial services sectorwith institutions such as Heirs Holdings,UBA, where she was Director or CustomerService and Citi Group where she was Assis-tant Vice President and Head o ElectronicBanking & Implementation.

Okaima is passionate about achieving excellent quality servicedelivery at all times. She is a qualied lawyer rom the Univer-sity o Benin, the Nigerian Law School and has an AdvancedManagement Program rom the Pan-Atlantic University-Lagos Business School.




Transnational Corporation o Nigeria plc (Transcorp)was incorporated on 16 November 2004 with theobjective o creating a truly Nigerian conglomeratewith the ability to compete successully on a globalscale. One o the ounding goals included setting up acompany capable o mobilizing local and internationalcapital in the development o world-class enterprises,under strong Nigerian management and leadership.

Today, Transcorp is a publicly quoted conglomeratewith a diversied shareholders base o about 290,000investors, the most prominent is Heirs Holdings Limit-ed, a pan-Arican proprietary investment company. The Trranscorp portolio comprises strategic investmentsin the hospitality, agriculture and energy sectors. Ournotable businesses include Transcorp Hilton Hotel,Abuja; Transcorp Hotels, Calabar; Teragro CommoditiesLimited, operator o Teragro Benruit juice concentrateplant- Nigeria’s rst-o –its-kind juice concentrate plant;

Transcorp Ughelli Power Limited and Transcorp EnergyLimited, operator o OPL281.

our vision

To create sustainable value or our stakeholders in ourchosen markets.

our mission

To build a conglomerate o successul businessesunderpinned by execution, excellence and entrepre-neurship.

our core values (h.e.i.r.)

Humility: The quality o being modest and respectul

Our business environment is constantly evolving, andwe are continuously learning and adapting. We areopen to learning rom others , no matter who they are.

Excellence: A quality which is unusually good and

so surpasses ordinary standards

We are committed to achieving maximum value-addin whatever we do. we believe in continuous improve-ment to ensure sustained high-quality perormance.

Integrity: A concept o consistency o values,actions, methods, measures, principles, expecta-

tions and outcomes

Integrity denes who we are and how we interact withothers. We will demonstrate honesty and truthulnessin all that we do.

Resilience: The ability to manage and learn rom

difculties and bounce back ater adversity

We welcome challenges, see them as opportunitiesand they make us stronger. We see complexity as anopportunity to showcase our ability. We consistentlylook or solutions and never give up.

Teragro Commodities Limited

The agribusiness subsidiary o Transcorp, Teragro CommoditiesLimited is a ull value-chain enterprise with the objective o creat-ing value in agricultural raw materials using technology to develop,manuacture, distribute and market them to international stan-dards and specications, thus positioning them or competivenesswithin Nigeria and global markets.

Our world-class ruit concentrate production plant, with a capacityo 26,500 metric tonnes per annum, is located at industrial layoutin Makurdi, the capital o Benue State. Ours is a story o a success-

ul public-private-partnership that has provided opportunities or job creation or Benue State and other local markets contributing tothe development o the Nigerian economy as a whole.

The Teragro plant is complete with an extraction unit, product re-ceiving and juice preparation units, juice concentration unit, con-centration and aseptic lling units, ruits nectar unit and steriliza-tion sections. The plant produces orange, pineapple and mangoconcentrates, as well as mango puree. The concentrate is producedusing the utmost hygienic and proessionally sound international-standard technology.

Over the next two years, Teragro plans to install a world-class

production plant which is estimated to be ve times larger (in sizeand capacity) than the existing acility. Ongoing discussions arebeing held with several state governments or joint ventures in rice,cassava, tomato, cocoa and palm production.

about transcorp

agriculture

our businesses






stakeholder reactions

Tony, your record at UBA speaks or itsel and I have no doubt you

would bring the same experience and resourceulness to bear in this

new venture as the chairman o Transcorp. We the shareholders are

looking orward to the signicant value that you are bound to create

in this Organisation.”

Dr. Paul Chukwuma Mbagwu

“

On behal o ofcers, ratings and civilian sta o Eastern Naval

Command, I wish to express our proound appreciation to you and

your entire sta or the assistance rendered to the Nigerian Navy

(NN) during the recently concluded amiliarization tour to Calabar

by the National President Naval Ofcers Wives Association, Mrs.

Vivian Ienyiwa Ezeoba and her entourage between 19-20 February

2013. It is pertinent to state that the level o comort provided by

the use o your acilities demonstrated your commitment to

sustaining the special relationship that exists between the

Command and Transcorp Hilton International Hotels.

Once again, I thank you or the assistance and looking orward to a

more improved working relationship with Transcorp Hilton Hotels.

Please accept assurances o my esteemed regards.”

Jo Aikhomu, Rear Admiral, Flag Ocer Commanding o theEastern Naval Command, Nigerian Navy

“

Transcorp Management and team!!! Congrats on your unprecedented

perormance. We look orward to the appreciation o the value o thecompany’s shares.”

Dan Amanze, Shareholder

I am happy about the current progress o the corporation under the

able leadership o the CEO in the person o Mr. Obinna Uudo. I pray

things continue the way it is..”

Lawrence Ezenyi, Shareholder

“

“



photo gallery

photos rom the 7th agm

photos rom the iso certifcation auditat teragro

l-r Obinna Uudo, President/CEO, Tony O.

Elumelu, CON, Chairman and Chinedu Eze,

Company Secretary o Transcorp during theCompletion Board Meeting o the Company.

Cross section o Shareholders during the AGM

Management Staf o Teragro, Qualiex

Consultants and the NQA Auditor, UK at

the Exterior o the Teragro Plant

Cross section o Proessional parties

during the Completion Board Meeting

The Company Secretary, Chinedu Eze, reading

the Notice o AGM during the Annual General

Meeting

L to R; Dipo Olabiyi o Qualitex Consulting,

Musa Bamayi QC/QA Manager, Teragro Kumar

Kota, Plant Manager, Teragro,

Mr. Tunji Timothy, Qualitex Consultant,

Mr. Yemi Sodipo, NQA Auditor UK, Dr. Jide Adedeji CEO,Teragro, Tim Age Production

Manager,Teragro, Mark Abuh, CFO, Teragro and

Titus Ubah Mantenance Manager, Teragro

l-r Obinna Uudo, President/CEO, Transcorp,

Dr. Umar Farouk, National President o the

Advancement o the Rights o Nigerian

Shareholders (AARNS) and Chairman o

Transcorp, Tony O. Elumelu, CON

Chairman o Transcorp with Shareholdersduring the Extraordinary General Meeting o

Transcorp

L to R, Kumar Kota, Plant Manager, Teragro,

Tunji Timothy, Qualitex Consultant, Mr. Yemi

Sodipo, NQA Auditor UK and Dr. Jide Adedeji,

CEO, Teragro







TRANSCORP DIGEST t i i12

corporateinormation

share price review

Transnational Corporation o Nigeria Plc

38 Glover Road,(Formerly 22B)Ikoyi, Lagos Telephone: +234-1-9033946-50Email: [email protected]: www.transcorpnigeria.com

subsidiaries

Transnational Hotels and Tourism Services Limited

Owners o Transcorp Hilton Hotel1 Aguiyi Ironsi StreetMaitamaAbuja Telephone: +234-9-461 3000; +234 803901 3000Email: [email protected]: www.transcorpnigeria.com

Teragro Commodities Limited

Km 5 Naka RoadMakurdi Industrial EstateMakurdiBenue State Telephone: +234 7034328483Email: [email protected]: www.trasncorpnigeria.com

Transcorp Energy Limited

38 Glover Road(Formerly 22B)Ikoyi, Lagos

Telephone: +234-1-9033946-50Email: [email protected]: www.transcorpnigeria.com

Transcorp Ughelli Power Limited

38 Glover Road (Formerly 22B)Ikoyi, Lagos Telephone: +234-1-9033946-50Email: [email protected]: www.transcorpnigeria.com

registrar

Arica Prudential Registrars Plc

220B Ikorodu RoadPalmgrove, Lagos TEL: 01-8931504, 01-7450427, 01-8401153ino@aricaprudentialregistrars.comwww.aricaprudentialregistrars.com

Transcorp shares have recorded an improved perormance in 2013. The stock price closed the 2012 nancial year at N1.05 per share andopened the current year at the same price.

As at July 2013, the stock returned about 28.5%; although, it hadaccumulated up to 86.7%, when the share price hit a 2-year high o

N1.96 per share on February 12, 2013. The perormance recorded bythe stock is in tandem with the return delivered by the aggregatemarket over the same period.

Besides the stock’s yield, the volume o transactions was quiteimpressive with a staggering average daily volume 49.9 million. Thisattests to the increasing investor appetite or the stock.

Furthermore, the stock currently trades at a price-to-book (P/B)multiple o 1.2x versus an estimated P/B multiple o 3.4x or majorequities in the conglomerates sub-sector o the Nigerian Stock Ex-change (NSE). This represents a discount o 183%. Thereore, a P/Bmultiple valuation basis, this implies that the stock has the poten-

tial to appreciate by more than 100% over the next ew quarters; allother actors held constant.

Although, analysts are o the opinion that investors are only lookingor a better recovery in earnings or them to take more aggressivebets on the stock. On this, management believes and has demon-strated there is immense potential or the company and its stock.Recent investments in various high growth sectors like power,agriculture, oil and gas are necessary actors or sustained growthin revenue and prots. The sufcient actors will include the proes-sional and efcient management o these investments. This actorhas been taken into cognizance with the crop o talented memberso Transcorp’s management team.

Now is the time to join the Transcorp train beore the last availablespaces are taken up.

Documents

Transcorp Plc July 2013 Investor Newsletter