Post our initiation on Cairn Energy with a BUY on 28th March, several meetings with investors have highlighted that the ongoing dispute with the Indian Government over a retrospective tax bill has acted as a deterrent for Cairn’s investment case. However, we believe a successful outcome of the International Arbitration proceedings currently ongoing would be free upside given that we believe the market is not attributing any value for its 9.8% stake in Cairn India. We reiterate our BUY o
11 Apr 2017
Indian tax case deterrent for investors but free upside
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Indian tax case deterrent for investors but free upside
Capricorn Energy PLC (CNE:LON) | 176 14.1 4.8% | Mkt Cap: 161.7m
- Published:
11 Apr 2017 -
Author:
Jessica Saadat -
Pages:
7
Post our initiation on Cairn Energy with a BUY on 28th March, several meetings with investors have highlighted that the ongoing dispute with the Indian Government over a retrospective tax bill has acted as a deterrent for Cairn’s investment case. However, we believe a successful outcome of the International Arbitration proceedings currently ongoing would be free upside given that we believe the market is not attributing any value for its 9.8% stake in Cairn India. We reiterate our BUY o