Feb 15, 2017 01:17 PM IST | Source: Moneycontrol.com

Accumulate Monte Carlo Fashions; target of Rs 453: KR Choksey

KR Choksey has recommended accumulate rating on Monte Carlo Fashions with a target price of Rs 453 in its research report dated February 13, 2017.

Accumulate Monte Carlo Fashions; target of Rs 453: KR Choksey

KR Choksey's research report on Monte Carlo Fashions

Monte Carlo fashions Ltd. declared its Q3FY17 results with Net Sales for Q3FY17 stood at INR 2887.4 Mn which de-grew by 17.8% y-o-y, below our expectation. EBIDTA stood at INR 530.1Mn with 18.4% margin. EBIDTA margin was down as compared to Q3FY16 by 361bps yoy. PAT stood at INR 339.4Mn and PAT margin was at 11.8%.

Outlook

We forecast around 5% growth in FY18E & FY19E. EBIDTA and PAT margins to be stable in FY18E & FY19E. We value the company at EPS of INR 36.9 it’s FY19E and recommend “ACCUMULATE” rating on the stock with a target of INR 453 and a potential upside of 14.1%.

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