Feb 15, 2017 03:24 PM IST | Source: Moneycontrol.com
Buy Essel Propack; target of Rs 293: Centrum
Centrum is bullish on Essel Propack has recommended buy rating on the stock with a target price of Rs 293 in its research report dated February 08, 2017.
Centrum's research report on Essel Propack
Essel Propack Ltd. (EPL) Q3FY17 consolidated results were impacted by demonetization and consolidation of Essel Deutschland (EDG). Consolidated revenue grew by 18% to Rs 588 crore (including EDG), however on a comparable basis (ex. EDG) revenue grew 7.7% to ₹537 crore mainly impacted by India business.
We initiated coverage on EPL on 17th Jan at Rs 244 with a Buy Rating. Q3 numbers appear to be a temporary blip as we believe that long term growth triggers are still intact. We continue to rate the stock at Buy and maintain our target price of Rs 293 (18x Sept’18 EPS). In the post result concall, the management expects India growth to recover to ~15% and improved traction in America and East Asia-Pac (EAP) region going ahead.
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