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V-Guard Industries Ltd.’s planned acquisition of Sunflame Enterprises Pvt. Ltd. is likely to be both earnings accretive (in FY24E) and discounted cash flow-accretive.
V-Guard’s two major segments – stabilisers and UPS and battery – are likely to grow at low-to-mid single digits in tandem with improving availability of electricity across urban and rural markets.
Acquisition of Sunflame, which operates in the growing kitchen appliance segment, offers strong growth tailwinds. It will also allow V-Guard to strengthen its presence in northern, eastern and western India as well as reduce the current over-dependence on V-Guard brand.
We also model synergies in raw material sourcing, branding and distribution.
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