Feb 17, 2017 10:50 AM IST | Source: Moneycontrol.com

Buy Bata India; target of Rs 584: Geojit BNP Paribas

Geojit BNP Paribas is bullish on Bata India has recommended buy rating on the stock with a target price of Rs 584 in its research report dated February 14, 2017.

Buy Bata India; target of Rs 584: Geojit BNP Paribas

Geojit BNP Paribas' research report on Bata India

Q3FY17 revenue was well above estimates with 4% YoY growth in spite of demonetisation shadowing demand. PAT (adjusted for one-time VRS expenses) grew 33% YoY while margins were better than estimates at 11.8%.

Outlook

We marginally increase our FY17E and FY18E revenue estimates by 3% each, factoring better than expected Q3FY17 and signs of demand pickup. PAT estimates have increased by 19% & 16% respectively on higher EBITDA margins. We rollover our valuations to FY19E, and revise upwards our target price to Rs 584 and upgrade to Buy.

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