Moneycontrol
Feb 17, 2017 02:47 PM IST | Source: Moneycontrol.com

Buy Indo Count Industries; target of Rs 202: Systematix

Systematix is bullish on Indo Count Industries has recommended buy rating on the stock with a target price of Rs 170 in its research report dated February 16, 2017.

 
 
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Systematix's research report on Indo Count Industries


Indo Count’s (ICNT) 3QFY17 net revenue remained flat yoy but de-grew by 12% qoq to Rs5bn (8% below estimate). The muted revenue growth was mainly due to extension of summer, elections and holiday season in US. EBITDA stood at Rs1bn, down 11/13% yoy/qoq, while OPM was down by 270bps and stood at 20.3% (20bps lower than estimate), mainly due to an increase in employee and other expenses.


Outlook


We estimate ICNT’s revenue/net profit to post a CAGR of 10/14% during FY16-19e. We revise the target price to Rs 202 (earlier Rs 208), valued at 11x (average EPS for FY18e and FY19e) and maintain a Buy rating.

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